(BlacKRock Inc) Operations & Project Management.

Part 1: Review and Critique of Operations

Management Part 2: Project Life Cycle

(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations

Management Part 2: Project Life Cycle

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(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

Table of Contents

Operations vs. operations management.................................................................................................4

The relationship between operations and other business functions.......................................................4
The operation process in a service sector and manufacturing sector organization.................................5
Approaches to operations management.................................................................................................5
The volume of output vs. a variety of output......................................................................................5
Variation in demand output vs. customer visibility during the production of output.........................6
Use of Six Sigma and Lean principles to improve efficiency and effectiveness........................................7
Lean production...................................................................................................................................8
The business process reengineering....................................................................................................8
Total quality management...................................................................................................................9
Taylor's theory.....................................................................................................................................9
Contemporary developments in operations management......................................................................9
Apply the concept of continuous improvement in an operational context...........................................10
Improving the effectiveness and efficiency of the operations function.............................................10
Assessment of KAIZEN model on BlacKRock Inc....................................................................................11
Application of Lean principles within a cycle of continuous improvement............................................12
The impact that technology has had upon operational functions and information flow of BlackRock Inc
...............................................................................................................................................................13
References.................................................................................................................................................14
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

Operations vs. operations management

Operation is the term employed about the set of interactive or interrelated activities that

are meant to transform the inputs being used in an undertaking into outputs (Voss, 2010).

Operations management, on the other hand, is used about the activities that are used in

the course of managing a business as a means of creating the highest possible level effectiveness

and efficiency in the organization (Voss, 2010). It encompasses processes of transformation of

material along with labor into goods and services meant to guarantee that the organization has

realized optimal profits. The core attributes that are undertaken in the course of operations

management entail resource utilizations from the different components of the business like

human resources, technology, equipment, and materials with the sole mission of ensuring

profitability for the organization (lark, et al., 2012).

The operation function, on the other hand, entails the planning and oversight that is

characterized by verifying that the budget figures are balancing and that when calculated, they

have taken into consideration the anticipated deficits with the projection of a balance at the end

of the fiscal year. It highlights the significance of balancing costs with revenue as a way of

aiding the organization to realize the most optimal profits (Slack and Brandon-Jones, 2018). 

The relationship between operations and other business functions

The operation process is made of rules, instructions as well as principles that are to be

followed by human resources. The review of the operation procedures equips an employee with

the core basis of an organization's operations. Some of the issues that are attained by employees

following assessment of the organization's process include the code of conduct that is to be

followed, the process of assessment and measurement of quality of work, the duties and
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

obligations accorded to the employees as well as the underlying organizational structure (Reid

and Sanders, 2019). Additional issues that are determined through a review of an organization's

operations include the integrated employee reward schemes as well as punishment processes,

available employee benefits, and professional development opportunities (Reid and Sanders,

2019). 

The operation process in a service sector and manufacturing sector organization

The operations process in the case of the services sector is tasked with the responsibility

of ensuring the effective production of services in an organization and further ensure that clients

have uninterrupted access to the services (Albliwi, Antony and halim Lim, 2015). It explicitly

addresses the decisions by the management to create and further use the intangible products. The

decisions are interlinked with the people, processes, systems, and information on the production

and effective delivery of these services. The underlying assertion is that the contribution made by

the service sector is significant in any economy and cannot be ignored or overlooked when it

comes to the issue of the significance (Albliwi, Antony and halim Lim, 2015). It is the degree of

diversity evident in the service sector that offers the foundation of decisions made by the

operations managers.

Approaches to operations management

The volume of output vs. a variety of output

The volume of output is used about the overall quantity of product that is required to

meet specific demand. In the cases whereby the output is high, there is repetitions of the same

process are high, leading to high specialization by the organization and thus low costs per unit

produced. Conversely when the volume needed is low, it follows that there will be minimal
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

repetitions in its operations, implying low specialization that translates to high cost per unit for

every production cycle (Fera, et al., 2013). 

In the case of the variety of input, it is used about the assortment of products that an

organization will be developing for its clients. In this regard, when there are high levels of

diversification of the products, there will be demand for increased flexibility that is characterized

by high levels of complexity as the organization needs more investment and skills to meet the

different needs of its numerous clients (Fera, et al., 2013). When these attributes are examined, it

becomes evident that the process will lead the organization to incur high costs. In the case of low

diversity in an organization, it becomes evident that the operations process will be characterized

by simple demands. In this case, expertise will be higher since employees focus on specific

products demanded by the clients thus lower operations cost and more reliable production of

goods.

Variation in demand output vs. customer visibility during the production of output

The variation of demand out refers to output that is customized to meet the needs of

specific clients. When the variation in demand is high, it implies that the organization has to have

the required superior flexibility needs to ensure accurate prediction of customer needs,

translating into low costs production utilization and thus the high cost per unit. When the demand

variation is low, it implies that the production process is going to be stable and regular, implying

effective utilization of the production process and thus the low cost per unit (Maylor, Turner and

Murray-Webster, 2015).

The variability of output to meet customer demand, on the other hand, is used to offer an

indication of the degree to which the operations process is exposed to the clientele. When
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

visibility is high, it follows that the duration between production and consumption is

significantly short and fast. It is additionally characterized by a good communication process,

with customers being in control of the quality of the process, translating into high production

costs per unit (Kavadias, 2014).

Lean Six-sigma is used in the context of a quality program that focuses on the

improvement of an organization's customer experience. In most organizations, it is used to imply

a measure of quality that tries to attain near-perfection especially considering it is a disciplined,

data-driven model and methodology that seeks to eliminate defects by driving towards the six

standard deviations from the mean and the closest specification limit in any process

(Drohomeretski, et al., 2014).

Use of Six Sigma and Lean principles to improve efficiency and effectiveness
The implementation of lead six sigma is undertaken based on the DMAIC model which is

made of 5 phases that are followed in sequence and encompass: defining, measuring, analysis,

improving, and controlling (DMAIC) (Antony, Rodgers and Gijo, 2016). Each of these stages

tends to identify the specific undertaking that the project management team ought to implement

via a platform that is characterized by the use of the necessary tools.

In the first stage encompassing the definition, the underlying objective of this phase is to

shed light on any issues that are to be solved, the requirements as well as the mission of the

project (Antony, Rodgers and Gijo, 2016).

The second stage of the model that encompasses the measuring is informed by the need

to ensure there has been an effective examination of an organizational capacity to undertake the

project under consideration (Antony, Rodgers and Gijo, 2016).

(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

The third stage which encompasses analysis involves the analysis of constraints that are

established under the measurement phase to ensure there is a comprehensive determination of the

underlying assumptions relating to the sources of fluctuations of the measures that have been

collected and authenticated (Antony, Rodgers and Gijo, 2016).

In the case of the improvement phase, the focus is on the development of solutions that

seek to eliminate the underlying causes of the fluctuations that are noted in the analysis phase,

thus allowing for authentication and normalization of the solutions identified (Drohomeretski, et

al., 2014).

When it comes to the control, the underlying mission is for the establishment of s

standard measurement constraints that will be used to ensure that the solutions that have been

created can deal with any underlying challenges as needed including the assessment of any

emergent system complication (Drohomeretski, et al., 2014).

Lean production

Lean production is used to refer to one of the contemporary management strategies that

are used to ensure that the production process has been streamlined thus guaranteeing a waste

reduction in the organization coupled with the overall improvement in the efficiency of the

business. Lead production emphasis the identification and elimination of any non-value adding

undertaking in the organization that may result in inefficiency and thus wastage for the clients

(Jasti and Kodali, 2015).

The business process reengineering

The business process reengineering is used about the reorganization of the business

depending on the overall organizational structure, thus ensuring there has been the creation of
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

superior business performance. The underlying objective of business reengineering is to aid

businesses rebrand and enhance their efficiency and effectiveness in line with their vision,

mission as well as a strategic focus (Habib, 2013).

Total quality management

The use of total quality management in an organization is founded on the organization

and quality-centered model that seeks to enhance stakeholder participation and is meant to

deliver long term triumph via satisfaction of the clientele and meeting the interest of the diverse

levels of stakeholders in the organization (Gharakhani, et al., 2013). The objective of TQM is to

guarantee the improvement of the quality of the products as well as the satisfaction of the

customers as most effectively as possible. The main attribute that defined TQM is the fact that it

offers a comprehensive model for the management and improvement of each component related

to quality besides motivating participation of all the sections of the organization besides

stakeholders towards the attainment of the holistic objective (Gharakhani, et al., 2013

Taylor's theory

Taylor's theory of scientific management encompasses the management model that is

founded on analytical processes and joining work processes to improve the overall productivity

of labor. According to Taylor, decisions that are founded on traditional experiences as well as

regulations ought to be substituted through binding the appropriate sequence following the

completion of the assessment of the operations of the stakeholders in the process (Taylor, et al.,

2014).

Contemporary developments in operations management

Flexibility specialization is used in the context of an example of an industrial

organization whereby respective firms focus on specializing in some products although they can
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

change within short notice to the production of a different product. One of the notable attributes,

in this case, is that such flexibility could make it viable to create small batches of each of the

involved products (Marketbusinessnews, 2020). The core requirement, in this case, is for the use

of advanced flexible technology that ought to be operated by employees who exhibit an

extensive range of skills and who have the capability of surmounting the conventional job

limitations.

Mass customization, on the other hand, entails the process that involves the delivery of

extensive market goods as well as services that tend to be modified to meet the needs of

respective customers. It acts as marketing as well as a manufacturing strategy that focuses on the

combination of the flexible as well as personalization of tailor-made products having the low unit

costs linked with mass production (Hu, 2013).

Agile manufacturing is deemed to be the newest strategy being employed by the small

manufacturing entities whereby based on this model people is progressively getting products

customized to meet their expectation (Dubey and Gunasekaran, 2015). In this form of

manufacturing, every good, product, or service is being tailored in one way or another to meet

the customer's taste. The underlying assertion is that agile manufacturing tends to embrace the

utilization of technology as well as tools that make it possible for designers, marketers, and

engineers to share data on the production capacities a well as challenges in the manufacturing

process (Dubey and Gunasekaran, 2015).

(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

Apply the concept of continuous improvement in an operational context

Improving the effectiveness and efficiency of the operations function

KAIZEN is used about an approach employed in the creation of continuous improvement

that is founded on the notion that small, ongoing positive change can generate significant

improvements. It is the basis of lean manufacturing and was created in the manufacturing sector

to curtail the underlying defects, do away with waste, enhance productivity, and promote

employees' purpose as well as accountability, and further advance innovation (Rouse, 2020).

Assessment of KAIZEN model on BlacKRock Inc

BlacKRock Inc is an American company that has been engaging in the provision of risk

management, investment management as well as advisory services for their institutional as well

as retail clients globally. The products and services the company is involved in include single as

well as multi-asset class portfolios investing in fixed incomes, equities, alternatives, and

instruments of the money market. Through the introduction of the KAIZEN model, the company

will be in a superior state of ensuring excellent services for its clients.

The first step that BlacKRock Inc needs to undertake first is to ensure that it has involved

its employees, seeking their assistance in the identification of issues and challenges faced by

their current and prospective clients and assessing how they can help resolve them (Rouse,

2020). Through this process, BlacKRock Inc creates the buy-in that is central to client

satisfaction.

The second step BlacKRock Inc needs to undertake in integrating the KAIZEN model in

its operations is trying to find the existing solutions. The assertion is that through the extensive

feedback collected from the company's employees, they will be able to gather the challenges as

well as the possible opportunities both the company as well as customers (Rouse, 2020).
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

Creating solutions to the investment issues faced by both the company as well as their

clients is the additional intervention that BlacKRock Inc can adopt when using the KAIZEN

model. This is supported by the fact that using the model will increasingly aid the company

leadership to encourage the employees' present solutions to the issues faced by both the

company, the current as well as prospective clients (Rouse, 2020). From the suggestions

presented by the employees, BlacKRock Inc's management will pick the most effective and

applicable ideas that have been presented.

The KAIZEN model creates the basis under which BlacKRock Inc will be testing the

solution. The idea in this phase is that through the solutions that are to be provided by the

employees, the company will be rolling out the selected solution with all the stakeholders in

participation (Rouse, 2020). Subsequently, the company will either develop pilot programs or

take other steps that will be assessing the solution at the company as well as among its clients.

Analyzing the results is the other attribute that is to be attained via the application of the

KAIZEN model. In this case, BlacKRock Inc at different intervals will examine the progress

with explicit plans for parties that are to be the point of contact for their clients as well as the best

ways of ensuring the ground remains level when it comes to keeping their employees engaged

(Rouse, 2020).

Standardization as the other component advocated for under the KAIZEN model follows

that if BlacKRock Inc realizes there are positive outcomes for its customers used in the pilot

testing, they should adopt the solution for their entire client base (Rouse, 2020).
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

Application of Lean principles within a cycle of continuous improvement

BlackRock Inc through the adoption of the lean principles will manage to enhance their

overall productivity and attain the desired continuous improvement.

The first principle that will be implemented will be the definition of value for the

customer since it is imperative to what value the customer would be willing to pay for which can

be attained via the use of qualitative and quantitative techniques (Do, 2017).

Mapping out the value stream is the additional lean principle to be employed by

BlacKRock Inc whereby through the use of the customer's value as the foundation and

subsequently identifying the activities that could be used to promote these values (Do, 2017).

Next is the creation of a flow whereby BlacKRock Inc will adopt such strategies as

breaking down huge steps, leveling out the workload, reconfiguring the production process,

ensuring the creation of cross-functional departments as well as offering training to the

employees to ensure they are multi-skilled and adaptive (Do, 2017).

Creating the pull as the other principle is the additional strategy to be used whereby the

objective will be to curtail the inventory as well as work in progress operations and at the same

time ascertaining that there the needed materials and information are available for the smooth

flow (Do, 2017).

The impact that technology has had upon operational functions and information flow of
BlackRock Inc
ERP as a process that is used by a company in the management as well as the integration

of vital components of the business will be used to ensuring that the leadership of the company
(BlacKRock Inc) Operations & Project Management. Part 1: Review and Critique of Operations
Management Part 2: Project Life Cycle

can integrate areas as planning, inventory, procurement, marketing, sales, and human resources

to ensure they have accomplished their set objectives (Azevedo, Romão and Rebelo, 2014.

The new product development entails the activity of developing new and in other cases

improved products from the company's portfolio to increase the satisfaction of its clientele

(Gmelin and Seuring, 2014)

Supply chain management encompasses a combination of art along with science in

ensuring the improvement of ways in which the company tends to source its raw materials/ skills

for the delivery of their products (Stadtler, 2015).

Customer relationship management as the other intervention employed by BlacKRock

Inc is used in ensuring the company helps the business reach and further effectively

communicate both effectively and efficiently with the clients, especially when it comes to the

management of their information (Khodakarami and Chan, 2014). Through this technology,

BlacKRock Inc will be focusing on the locating, attracting new customers, retaining the old ones,

ensuring effective engagements of its clients and further cutting on their overall marketing costs

and expand their portfolio.

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