DOCSLIB.ORG

Implementing Best Purchasing and Supply Management Practices Lessons from Innovative Commercial Firms

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Implementing Best Purchasing and Supply Management Practices Lessons from Innovative Commercial Firms DOCUMENTED BRIEFING R Implementing Best Purchasing and Supply Management Practices Lessons from Innovative Commercial Firms Nancy Y. Moore, Laura H. Baldwin, Frank Camm, Cynthia R. Cook Prepared for the United States Air Force Project AIR FORCE Approved for public release; distribution unlimited The research reported here was sponsored by the United States Air Force under Contract F49642-01-C-0003. Further information may be obtained from the Strategic Planning Division, Directorate of Plans, Hq USAF. ISBN: 0-8330-3007-8 The RAND documented briefing series is a mechanism for timely, easy-to-read reporting of research that has been briefed to the client and possibly to other audiences. Although documented briefings have been formally reviewed, they are not expected to be comprehensive or definitive. In many cases, they represent interim work. RAND is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND® is a registered trademark. RAND’s publications do not necessarily reflect the opinions or policies of its research sponsors. © Copyright 2002 RAND All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from RAND. Published 2002 by RAND 1700 Main Street, P.O. Box 2138, Santa Monica, CA 90407-2138 1200 South Hayes Street, Arlington, VA 22202-5050 201 North Craig Street, Suite 102, Pittsburgh, PA 15213 RAND URL: http://www.rand.org/ To order RAND documents or to obtain additional information, contact Distribution Services: Telephone: (310) 451-7002; Fax: (310) 451-6915; Email: [email protected] FOREWORD Thirty years ago, true supply chain management was almost unknown within American industry. Manufacturers usually made most of the parts that went into their finished products. When they needed to buy materials or services, they relied on purchasing departments that were seen primarily as order takers and order placers. These departments had little visibility, had little perceived value to the bottom line, and enjoyed little respect from other parts of the organization. That scene has changed dramatically. Although few companies are as strategic as they need to be, and few apply best practices to maximum benefit, almost every company today understands the link between supply management principles and strategic goals. More and more companies now understand the concept of becoming lean—the ability and competitive necessity of getting waste out of processes. They understand why integrating suppliers into new product development is important. Over time, the tactical purchasing function has given way to supply management processes in which highly trained professionals take a systemic, strategic approach to the drivers of total value. The reason for the change? A changing world. As demands increased for better quality, faster delivery, and better overall value, a few visionary leaders began to deliberately distinguish between the things that created value and the things that did not. What they discovered was that the supply chain was a huge opportunity waiting to happen. Their companies adopted best practices such as supplier development, cost management, supplier integration, strategic sourcing themselves and value engineering to stay ahead of competitors and position for future success. Other companies resisted change too long and were forced to make traumatic adjustments when competitive and economic challenges left them two choices: manage more efficiently or fail. (A burning platform is always an effective catalyst for improvement.) Whatever the reason for change, companies that implement purchasing and supply management best practices find that they can make their total iii dollars go 20 percent to 30 percent further. Imagine saving 20 percent or more of the Air Force’s annual purchased costs—that is $7 billion or more annually to spend on research and development, new systems, human resources, and other areas of vital importance to national defense. The good news is that supply chain best practices can work for any organization that wants to eliminate waste, improve quality, move more quickly, and make dollars go further. One does not have to be in business, nor does one have to wait for a crisis. Air Force leadership has recognized this by taking several courageous first steps to enhance its purchasing and supply management capabilities. It has further demonstrated its commitment by commissioning RAND to report on the key practices of innovative commercial firms. Besides the thorough and insightful findings of the report, RAND makes two critical points: First, the Air Force has distinct needs that cannot be satisfied by a one-size-fits-all approach; second, change will be difficult. We agree wholeheartedly. No two organizations are alike, and no two organizations will apply purchasing and supply management best practices in exactly the same way. Whether a commercial firm, not-for-profit agency, or government entity, every organization must be guided by its structure, mission, history, culture, and strategic goals. It is also true that change is seldom easy. Old ways die hard, even when there is wide agreement that change is needed. We have seen organizations struggle helplessly to implement change, and we have seen organizations transformed into powerhouses through their ability to innovate and adapt. IBM, which spends some $40 billion a year with suppliers—nearly the same amount as the Air Force—is a good example of the latter. Until the mid-1990s, IBM made most of the parts used in its finished products. Highly vertical and closely guarded, the company went to great lengths to prevent its own suppliers from knowing how their parts were being used or how they fit into overall business strategies. This lack of supply chain integration was common within the computer industry during the 1970s. So was the need for top-level secrecy. By the 1990s, however, the game had changed. Most of IBM’s competitors were reducing costs by outsourcing and integrating their own capabilities with iv the technological expertise that existed among their suppliers. One day, IBM could no longer compete. Hanging onto the old ways had prevented it from leveraging its huge global purchases, from eliminating waste in its processes, and from taking advantage of innovative thinking. IBM’s story has become a textbook example of how purchasing and supply management best practices can change an organization almost overnight. In a few short years, IBM climbed up from a burning platform to a new level—that of a lean, highly integrated company whose hallmarks were speed, efficiency, and innovation. In 1999, the company won Purchasing magazine’s Medal of Professional Excellence, one of the most respected purchasing awards given. How did IBM do it? In one word: leadership. IBM’s top leaders had a vision and a commitment to strategic intent, strategic thinking, and complementary actions. IBM’s senior leaders hired people who were experts in their fields and gave them the tools they needed to succeed. Leaders understood the link between incentives and success, and they held each decisionmaker accountable for measurable results. They recognized how difficult change would be but never allowed difficulty to become an excuse for inaction. This description of leadership should sound familiar; it is the model the Air Force has used for decades. This leadership style, along with the Air Force’s more centralized command structure, represents a huge advantage in speed and agility over any decentralized commercial entity. Leadership is one reason we believe that the Air Force is well positioned to implement best practices in purchasing and supply chain processes. In addition, the Air Force has a strength that distinguishes it from any other commercial or government organization: the best capabilities in the world. When it comes to achieving its goals, the Air Force is without peer. There is no doubt that if leadership believes that purchasing and supply management best practices will help achieve strategic goals, best practices will be implemented successfully. We know from experience that change is most difficult when there is no perceived crisis. We also know from experience that crises arise only when change is not made in time. The Air Force has a window of opportunity to pave the way for the war fighters of the future. A body of knowledge exists in private industry, in government, and within the Air Force’s cadre of prime suppliers to v become leaner, more flexible, and more efficient, and to provide new capabilities that today are only dreamed of. It is a dream worth pursuing. R. David Nelson (Vice President, Global Purchasing, Delphi Automotive Systems; he was formerly Vice President, Worldwide Supply Management, Deere & Co.) Jonathan R. Stegner (Director, Supply Management Strategic Sourcing, Deere & Co.) vi PREFACE The Air Force has been looking for ways to substantially improve the readiness and reliability of its equipment, the responsiveness and quality of services, and the quality of life for its personnel, particularly in the post- Cold War environment. Because of budget pressures, it has also been actively seeking savings, primarily to pay for force modernization. Our study sponsor, the Deputy Assistant Secretary of the Air Force for Contracting (SAF/AQC), believes that the private-sector revolution in purchasing and supply management (PSM) practices is
Load more

Recommended publications
  • Line Management Factsheet
    Line Management Factsheet 1. Introduction Research has shown that front line managers are critical to the success of any business because they have a considerable influence on the behaviour of employees and their overall attitude towards the organisation. Therefore it is essential that line managers are: • Recruited and selected to ensure they have the right skills and qualities to motivate employees and deal with difficult situations • Trained so that they can carry out their duties effectively and also develop their own careers • Given a balanced workload that allows the necessary time to focus on performance management • Coached by senior managers so that they can develop their management skills, play an active role in decision making and discuss any problems they may be facing 2. What is a line manager? Line managers are known by a number of different names: • manager • supervisor • team leader • project leader Line managers have responsibility for managing individual employees or teams. The line managers, in turn, then report to a higher level of management on the performance and well-being of the employees or teams they manage. Line managers tend to perform the same tasks as their teams or have recent experience of the work. The terms ‘line-manager’ and ‘front-line manager’ are sometimes used interchangeably, however, ‘front-line manager’ tends to be more specific and normally refers to line managers in the lower layers of the management hierarchy (for example, team leader, supervisor roles). This means that front- line managers only manage employees who have no supervisory responsibilities, and not other managers. The number of employees that a line manager is responsible for can vary from one or two in smaller organisations, up to as many as 30 in a larger business.
    [Show full text]
  • Police Chief Magazine - View Article
    Police Chief Magazine - View Article Strategic Management in Policing: The Role of the Strategic Manager By Kim Charrier, Strategic Manager, Phoenix Police Department, Arizona Strategic management is a process by which managers choose a set of actions that will allow their organization to attain one or more of its long-term goals and achieve superior performance. Successful police executives are driving organizational change through strategic management-an ongoing process that seeks opportunities to enhance operational efficiencies by identifying internal issues and external influences that hinder organizational sustainability. It focuses on management's responsibility for implementation to create a customer-focused, high-performance learning organization. Strategic managers integrate strategic planning with other management systems. Executives know that community policing, external and internal environments, political influences, homeland security, and new technologies are molding the profession into a more engaging system. Today, policing has evolved into a highly complex structure that requires dynamic leadership paradigms and an organization that is adaptable to a fast- paced world. To be successful in today's law enforcement environment, police executives must set the course with strategic management. Known as the "institutional brain" of a modern public organization, strategic management takes into account systems-thinking approaches while tapping into human emotions that drive organizational change.1 Strategic management is a systems
    [Show full text]
  • Principles of MICROECONOMICS an Open Text by Douglas Curtis and Ian Irvine
    with Open Texts Principles of MICROECONOMICS an Open Text by Douglas Curtis and Ian Irvine VERSION 2017 – REVISION B ADAPTABLE | ACCESSIBLE | AFFORDABLE Creative Commons License (CC BY-NC-SA) advancing learning Champions of Access to Knowledge OPEN TEXT ONLINE ASSESSMENT All digital forms of access to our high- We have been developing superior on- quality open texts are entirely FREE! All line formative assessment for more than content is reviewed for excellence and is 15 years. Our questions are continuously wholly adaptable; custom editions are pro- adapted with the content and reviewed for duced by Lyryx for those adopting Lyryx as- quality and sound pedagogy. To enhance sessment. Access to the original source files learning, students receive immediate per- is also open to anyone! sonalized feedback. Student grade reports and performance statistics are also provided. SUPPORT INSTRUCTOR SUPPLEMENTS Access to our in-house support team is avail- Additional instructor resources are also able 7 days/week to provide prompt resolu- freely accessible. Product dependent, these tion to both student and instructor inquiries. supplements include: full sets of adaptable In addition, we work one-on-one with in- slides and lecture notes, solutions manuals, structors to provide a comprehensive sys- and multiple choice question banks with an tem, customized for their course. This can exam building tool. include adapting the text, managing multi- ple sections, and more! Contact Lyryx Today! [email protected] advancing learning Principles of Microeconomics an Open Text by Douglas Curtis and Ian Irvine Version 2017 — Revision B BE A CHAMPION OF OER! Contribute suggestions for improvements, new content, or errata: A new topic A new example An interesting new question Any other suggestions to improve the material Contact Lyryx at [email protected] with your ideas.
    [Show full text]
  • Influence of Collaboration As a Conflict Management Style on Academic Performance in Secondary Schools in Makueni Sub-County, Makueni County, Kenya
    International Journal of Education and Research Vol. 5 No. 2 February 2017 Influence of Collaboration as a Conflict Management Style on Academic Performance in Secondary Schools in Makueni Sub-County, Makueni County, Kenya Authors: (1) Elizabeth Ndunge Muindi, (2) Dr Jonathan Muema Mwania & (3) Dr Joseph K. Metet Abstract The study sought to explore the impact of collaboration as a conflict management style on academic performance in secondary schools in MakueniSub-county of Makueni County. It was guided by the poor performance of secondary schools students in their KCSE in Makueni sub-county despite the high marks the students scored in their KCPE. The population includes 18 principals and 54 teachers in the named sub-county. A random sample of 18 schools out of the 46 schools in the sub-county was selected for the study , that is, 18 schools where the 18 principals of the selected schools and 3 teachers from each of the 18 schools to make a total of 54 teachers. This was achieved through probability and porposive sampling respectively. The study employed the use of questionnaires to collect information on the impact of collaboration as a conflict management style on Academic performance.The findings indicated that most of the principals advanced their conflict management strategy by collaborating with others to make the performaqnce of their schools a success since collaboration as a conflict management style significantly influences students’ performance in secondary schools. This is because as the study indicated, there is no statistically significant difference between the mean responses of the respondents on the influence of collaborating as a conflict resolution style and students’ performance.
    [Show full text]
  • STRATEGIC SUPPLY MANAGEMENT STRATEGIC SUPPLY STRATEGIC SUPPLY MANAGEMENT PRINCIPLES, THEORIES and PRACTICE MANAGEMENT PRINCIPLES, THEORIES and PRACTICE ‘Cousins Et Al
    9780273651000_COVER.qxd 11/29/07 2:43 PM Page 1 PRINCIPLES, THEORIES STRATEGIC SUPPLY MANAGEMENT SUPPLY STRATEGIC STRATEGIC SUPPLY STRATEGIC SUPPLY MANAGEMENT PRINCIPLES, THEORIES AND PRACTICE MANAGEMENT PRINCIPLES, THEORIES AND PRACTICE ‘Cousins et al. have drawn from their extensive experience in industry, and crafted a book that provides deep contextual insights into why supply chains are the foundation for competitive strategy, the dynamics that drive economic change, and most importantly, the importance of relationships as the glue that keeps supply chains functioning properly. Executives and students will benefit from the frameworks, examples, and discussions in this book, which AND should be on everyone who has an interest in global competitiveness’ bookshelves.’ Rob Handfield, Bank of America University Distinguished Professor of Supply Chain Management, PRACTICE North Carolina State University Development of supply chain strategies has become a major growth industry in its own right; most organisations now see managing their supply chain as a key strategic issue. The main tenet of this book is that supply needs to be thought about as a dynamic strategic process, and not as a bureaucratic business function. Strategic Supply Management: principles, theories and practice traces the development of purchasing and supply management from its origins as a tactical commercial function into a key strategic business process. Integrating conceptual models, including the strategic supply wheel, with a host of practical examples, the authors illuminate the philosophy, concepts and techniques of supply management. They also contrast the traditional, conventional concepts of purchasing and supply management with new ideas, radical concepts, and examples of interesting practice. BENN LAWSON COUSINS PAUL Designed to provide a comprehensive course structure for teaching and studying this wide-ranging and constantly developing topic, this book guides the reader through the subject with clarity and logic.
    [Show full text]
  • Next Generation Procurement Achieving Growth and Creating Sustainable Value 2 | Procurement Advisory Procurement Advisory | 3 Table of Contents
    Procurement Advisory Next generation procurement Achieving growth and creating sustainable value 2 | Procurement Advisory Procurement Advisory | 3 Table of Contents The Future of Procurement 04 Our View of Procurement in ASEAN 06 Driving Procurement Excellence 08 Bringing Benefits to You 10 Offerings that can Promote Excellence 12 and Innovation 4 | Procurement Advisory The Future of Procurement The role of Procurement functions must be bold, vigilant and The changing role of Procurement collaborative. They must move will see an increasing demand for is fast changing to keep beyond the traditional role of a buyer employees with strong analytical and pace with business and deliver more strategic value. strategic thinking skills, able to more This new strategic role will require effectively manage business and demands. Best-in-class Procurement’s increased collaboration vendor relationships against a backdrop Procurement functions with both business and suppliers. of a limited talent pool. are evolving to become …internally To attract and retain talent, it business partners, Collaboration with internal business is essential to develop a talent units alone is insufficient against management plan. This should shifting their focus to the backdrop of a global drive for be implemented through ongoing strategic and sustainable productivity and continuous savings. investment in Procurement training There is a need for organizations to academies and certification programs. value creation and take on a cross functional sourcing Such initiatives should also articulate preservation - to deliver approach entailing close collaboration clear retention strategies and robust bankable dollars. with key stakeholders across Business, career pathways for both existing and Finance and other areas. new Procurement professionals.
    [Show full text]
  • Defining Assets When Purchasing an Existing Business By: Evan L
    Defining Assets When Purchasing An Existing Business By: Evan L. Randall, Esq. and Jessica A. Neville, Esq. Thousands of businesses are purchased every year. The motivations for purchasing a business are as varied as the number of buyers: to expand the buyer’s existing business with a similar operation or to create new opportunities through a complimentary business. Perhaps the buyer seeks to change careers or add income to an existing one. And there is always the notion that buying an existing business avoids some of the risk associated with opening a new business. Business purchases are typically structured in one of two ways: a stock transfer or an asset purchase. A stock purchase involves buying the stock (or membership interest) of the company that owns the business. Typically, liabilities are assumed as well. An asset purchase involves just the assets of a company. In either format, determining what is being acquired is critical. This article focuses on some of the important categories of assets to consider in a business purchase: real estate, personal property, and intellectual property. Real Estate For many businesses (especially retail and restaurants) the real estate may be the most substantial asset. The seller either owns or leases the property, and there are different considerations for each alternative. If real estate is part of the sale, it will likely represent the bulk of the purchase price. If the business operates in leased premises, the seller would assign the lease to the buyer, and it is very likely that the landlord will need to consent to the assignment.
    [Show full text]
  • The Devsecops Product Line Management Playbook
    THE DEVSECOPS PRODUCT LINE MANAGEMENT PLAYBOOK Version 2.0 May 2021 Executive Summary and Approval The DevSecOps Product Line Management (PLM) Playbook details how the Office of Information and Technology (OIT), Development, Security, and Operations (DSO) leadership expects Product Lines to implement Lean-Agile and DevSecOps practices while moving from a project centric to a product centric focus. As the Department of Veterans Affairs (VA) continually strives to improve project and product management effectiveness and efficiency, VA welcomes any insight that users can provide. Users should send their comments and suggestions for improvements to the PLM Playbook to the Agile Center of Excellence (ACOE), [email protected] for review and consideration. The PLM Playbook applies to all IT products aligned to Product Lines in the Software Product Management, Infrastructure Operations, and Product Engineering groups within the DevSecOps organization. Others outside of DevSecOps may use the Playbook for situational awareness as needed. The DevSecOps PLM Playbook 2.0 is approved by: X Daniel McCune Executive Director, Software Product Manag... X Reginald Cummings Executive Director, Infrastructure Operations X Drew Myklegard Executive Director, Product Engineering i Revision History Version Date Description 1.0 July, 2020 First Issuance 2.0 May 2021 Added PLM Maturity Level 2 Table of Contents Product Line Management Playbook Overview ...................................................................... 1 Introduction ........................................................................................................................
    [Show full text]
  • Supply Chain Intelligence
    Vision Supply Chain Intelligence Michael P. Haydock SAS Institute Supply chain intelligence reveals opportunities to reduce costs and units. Managers responsible for the results stimulate revenue growth and it enables companies to understand want control over most, if not all, supply chain functions producing those results. the entire supply chain from the customer’s perspective. Procurement is a good example, where the trend for each division to do its own strate- SAS Supply Chain Intelligence is a new Driving Forces Create the Need gic sourcing began to emerge. Logistics is initiative that provides the capability to For Supply Chain Intelligence another example, where each division extract, sense, and analyze information A prominent management style throughout moved its own goods from manufacturing about a supply chain. It enhances an exec- the 1990s was to drive down into an organ- through to the consumer. To help these utive’s ability to reason through business ization the responsibility and authority to autonomous divisions do their jobs, compa- outcomes and prescribes the best course drive a division’s profits. The smaller the nies purchased enterprise resource planning of action for focusing an organization on division, the further down into the organi- (ERP) systems and supply chain manage- the highest impact activities. Modeling a zation one could drive the responsibility ment systems highly targeted to solve a few supply chain is, at best, a complex for profits. In organizations effective at specific challenges, such as inventory man- endeavor, because in doing so we model using this management style, each agement, materials requirements planning, an organization’s processes, costs, and employee felt responsible for the success invoicing, transportation routing systems, objectives.
    [Show full text]
  • Purchasing and Supply Chain Management 1 : Section 1
    The Strategic Context for Competent Procurement 1. Introduction This study note is set in the context of the examination of those elements in the organisation that either have a significant impact on purchasing and supply management strategies or thinking and approaches that can make significant contributions to corporate strategy and the achievement of overall organisational corporate objectives. This section of module A attempts to examine the facets of organisational and business level strategy and seeks to set them in the context of purchasing and supply chain management in respect of their ability to aid or facilitate effectiveness and competence for the organisation. 2. Strategic Context Strategy is a very wide subject; there are many aspects to consider in the development of strategies and in making strategic decisions. No single definition exists for the term ‘strategy’. An investigation of the meaning of strategy has provided a summary of some of the definitions found in various texts: “ Strategy is not a detailed plan or program of instructions; it is a unifying theme that gives coherence and direction to the actions and decisions of an individual or organisation.” Grant 1998. A strategy according to this author is a plan for deploying resources in order to gain a better position for instance, competitively in the market. Strategy also can define what business the company is in or is to be in and the kind of company it is or is to be. “ What business is all about is . competitive advantage . .. The sole purpose of strategic planning is to enable a company to gain as efficiently as possible, a sustainable edge over its competitors.
    [Show full text]
  • Supply Chain Management Best Practices, Second Edition
    (continued from front flap) $60.00 USA/$72.00 CAN Praise for the First Edition of three parts: Part I briefly introduces supply chain management with examples of best-in- SUPPLY CHAIN MANAGEMENT Best Practices class supply chains in various industries and Blanchard proven methods for measuring the performance “Supply chain management is fast becoming a core competency within successful companies. of a supply chain. Part II presents the traditional Dave Blanchard’s comprehensive exploration of SCM best practices hits the mark. It’s chock-full CHAIN MANAGEMENT SUPPLY core processes of supply chain management of real examples of journeys taken to achieve supply chain excellence. Practitioners worldwide can and discusses the best practices being followed learn much from the insightful conclusions arrived at in the book.” SUPPLY CHAIN — Rick Blasgen, President and CEO by specific trend-setting companies within Council of Supply Chain Management Professionals (CSCMP) SUPPLY CHAIN the global marketplace. Finally, Part III reveals the strategies, solutions, and technologies used “As a journalist, Dave Blanchard has an exceptional ability to look at supply chain best practices MANAGEMENT from the inside out. His broad perspectives on the burning issues in supply chain management, by leading companies to design their extended Best Practices coupled with his diligent research, make this book a must-read for anyone interested in improv- MANAGEMENT enterprises, including up-to-the minute tips on ing and enhancing their supply chains.” going green and lean in your supply chain. — C. John Langley Jr., PhD, Professor of Supply Chain Management Second Edition Georgia Institute of Technology Get your company on the supply chain “best etween inventory management, distribu- “Combining his talents as a journalist and supply chain management professional, David has practices” track and achieve supply chain tion, warehousing, and transportation excellence with the world-class guidance found taken some of the best practices in our field and presented them in an easy-to-read format.
    [Show full text]
  • Use of Strategic Marketing Management Tools in Contemporary Enterprises
    Marketing i Zarządzanie nr 5 (46) 2016, s. 9–16 DOI: 10.18276/miz.2016.46-01 ISSN: 2450-775X | http://wnus.edu.pl/pl/miz/ Paweł Cegliński Uniwersytet Mikołaja Kopernika w Toruniu Wydział Nauk Ekonomicznych i Zarządzania e-mail: [email protected] Use of strategic marketing management tools in contemporary enterprises JEL codes: M10, M30 Keywords: strategic management, strategic marketing, management tools Abstract. This article aims at a brief presentation of problems with the use of strategic marketing management tools in enterprises, which are becoming a basic category of stra- tegic management. The author has resigned from analysing specific management solutions and focused mainly on theoretical issues with a wide scope of reference. First, the author presents a terminology network, which is slightly disregarded in the Polish literature. Next, the author makes an attempt to outline basic problems, including the problems connected with the preferences of managerial choices and the advantages of their proper use. The au- thor’s comments are intended to trigger further detailed empirical research. Introduction The quickly changing modern and complex business environment makes it even more difficult for enterprises in the market to conduct their activities. The enter- prises face even greater requirements and are forced to be active (Andruszkiewicz, 2007). It can be noticed that the increase of the degree of strategic plans usage correlates positively with the increase of environment instability (Brews, Purohit, 2007). This, in turn, is a presumption that their character will evolve all the time. 10 Paweł Cegliński A basic task of strategic management is to build and maintain competitive advantage of an enterprise, which should make it possible to achieve above-average results of its business activities.
    [Show full text]