Development in Management Practices: A Comprehensive Overview

This report provides an overview of key management practices, including Total Quality Management (TQM), Just-in-Time (JIT) inventory management, and technological innovation. The report highlights the principles and challenges associated with TQM, emphasizing its focus on customer satisfaction and employee involvement. It discusses JIT as a method to reduce waste and costs by optimizing inventory. The report also explores the impact of technological innovation on business operations and examines environmental sustainability issues and the shift towards a post-capitalist economic model, including the use of information technology for improved customer relationship management. The conclusion emphasizes the importance of these practices for enhancing productivity and achieving profitability in a competitive market. References from academic sources are included to support the findings.

DEVELOPMENT
IN THE
PRACTICE OF
MANAGEMENT

TABLE OF CONTENT
 INTRODUCTION
 TQM
 JIT
 TECHNOLOGICAL INNOVATION AS A DRIVER OF CHANGE
 ENVIRONMENTAL AND SUSTAINABILITY ISSUES
 END OF CAPITALISM AND POST CAPITALISM
 CONCLUSION
 REFERENCES

INTRODUCTION
Practice of management refers to the working methods as well
as innovations that is mainly used by the managers to improves
the effectiveness and appropriateness of working systems.
There are several management practices which are used by
business organization so that optimum utilization of resources
are to be presented that gives successful outcomes in future
terms.

TQM
 Total quality management refers to a management practice
that includes the improvement process of employee-
employer relations, consumer-business relation to get the
qualitative outcomes within the production of good and
services. It has several principles such as customer focused,
total employee involvement, communication, fast decision
making, systematic approach, process centered etc.

CONTINUE…
 By implementing a practice of TQM there are several
challenges which are faced by an organization. While
implementing TQM, business firm includes high cost to
provide training and development session to their employees
so that they perform their task by maintain quality.

JIT
 Just in time defines as an approach of management where
companies materials are only ordered and received that are
needed within manufacturing process. The main purpose of
this method is to reduce the cost by saving the cost on
overhead inventory expenses.

CONTINUE…
 Waste within an organization occurs due to overproduction
of products and services. The main cause of this type of
waste is to incur high cost that will affect company overall
production process. Due to overproduction the stock of
company is out dated that reflects as a waste and due to this
firm will face major loss.

TECHNOLOGICAL INNOVATION AS A DRIVER OF CHANGE
 Technological innovation defines as a new and improved
good and processes whose technology is different from
previous one. It basically involved product innovation and
process innovation that have been developed and design for
market.

ENVIRONMENTAL AND SUSTAINABILITY ISSUES
 Environment refers to a surrounding or condition in which
living being such as human, animals, plants are lived and
operated. There are several causes of environment issues
such as global warming, more carbon footprints etc.

END OF CAPITALISM AND POST CAPITALISM
 Company use information technology for effectively
develops the methods in customer relationship management.
Information technology helps business firm to improve their
communication, inventory management, decision making
also includes customer’s relationship management.

CONCLUSION
 From the above presentation it is to be concluded that development in
practices of management is very crucial for business enterprise because it
helps in minimizing the wastage and enhancing the productivity. Due to
implementing practices of management company will gain high
profitable results. In terms of adopting TQM, just in time, technological
innovation, environmental sustainability and end of Capitalism Company
will generate profitable results in competitive marketplace.

REFERENCES
 Akao, Y., 2020. Hoshin Kanri: Policy deployment for
successful TQM. CRC Press.
 Bamana, F., Lehoux, N. and Cloutier, C., 2019. Simulation
of a construction project: assessing impact of just-in-time
and lean principles. Journal of Construction Engineering
and Management, 145(5), p.05019005.
 Rajaraman, V., 2018. Introduction to information
technology. PHI Learning Pvt. Ltd..