IT

Examples of IT in the following topics:

• Information and Risk Trade-Off

  • IT risk relates to the business risk associated with the use, ownership, operation, involvement, and adoption of IT within an enterprise.
  • Information technology (IT) risk involves the business risk associated with the use, ownership, operation, involvement, influence and adoption of IT within an enterprise.
  • Risk is the product of the likelihood of an occurrence times its impact (Risk = Likelihood x Impact).
  • IT risk management can be viewed as a component of a wider enterprise risk management (ERM) system.
  • ERM should provide the context and business objectives on the management of IT risk.

• A Brief Definition

  • Promotion – how the producer communicates the value of its products – is one of the market mix elements.
  • Promotion – how the producer communicates the value of its products – is one of the market mix elements.
  • There are five elements an organization may choose to include in its promotional mix or promotional plan.

• Cooperatives

  • The company shares its financial success each year with its members who get a refund each year based on their eligible purchases.
  • A cooperative (also known as a co-op) is a business owned and is controlled by those who use its services.
  • Individuals and firms who belong to the cooperative join together to market products, purchase supplies, and provide services for its members. " If run correctly, cooperatives increase profits for its producer-members and lower costs for its consumer-members.
  • The company shares its financial success each year with its members who get a refund each year based on their eligible purchases.
  • A cooperative (also known as a co-op) is a business owned and controlled by those who use its services.

• Functions of Money

  • As a result, it is a basis for quoting and bargaining prices.
  • It is necessary for developing efficient accounting systems, but its most important use is that it provides a method to compare the values of dissimilar objects.
  • Gold also had a constant value due to its special physical and chemical properties, which made it cherished by men.
  • It must be fungible.
  • Moreover, it must be predictably usable as a medium of exchange when it is retrieved.

• Keep it simple

  • ‘We just study our utility bills and look in our garbage bins to see the amounts of waste being produced,' one practitioner explained to me, ‘then we make a note where it comes from.
  • We don't make maps. ' When it was suggested that collecting waste data, determining its origins, and recording it (to make improvements) is indeed a form of process mapping, he (and several others) conceded.
  • Don't overload your waste-reduction process map with symbols, technical jargon or academic markings that render it incomprehensible.
  • Most business will find it difficult to profit from a map that only a handful of employees understand.

• Putting benefit perception and service together

  • Its customers do not have to purchase the solvents they need to conduct their operations nor do they have to pay for costly application equipment or high disposal fees.
  • Instead, Safechem focuses on the benefits its customers seek by travelling to the place where its customers work and applying their needed solvents for them.
  • By selling square metres of cleaning' rather than gallons of solvents, Safechem: (1) extends the life of its materials, (2) focuses on the benefits its customers seek, and (3) reduces waste and costs by reusing its materials instead of having to make (or buy) more.
  • Clean Harbors Environmental Services in North America offers its customers similar services.

• Introduction to Resource Extension Part 2

  • ‘If it appreciates, buy it.
  • If it depreciates, lease it. ' John Paul Getty, Billionaire
  • In other words, when a well-designed product reaches the end of its useful life it would be returned to its manufacturer to be reused, repaired or remanufactured to facilitate job creation, reduce waste and further its profit potential.
  • Since it's not necessary to own a carpet to obtain these benefits, Interface looked into how it could retain ownership of its products and the value of the materials, labour and energy that went into making them.
  • Moreover, the customer is not responsible for the costs of disposing the old carpeting because Interface takes it back to its factory and uses it to make new carpets.

• Laying the groundwork

  • Experienced practitioners suggest using post-it notes to start the process.
  • Displaying work processes on post-it notes and rearranging them on a big board makes it easy to move and add new information.
  • You're bound to miss something if you go it alone.

• The final word on people

  • With few exceptions, the role of every business is to serve customers what they want, where they want it and the way they want it.
  • No business should ever lose sight of the fact that every decision it makes and every action it takes must be customer-oriented.

• It doesn't add up, it multiples