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Effective URL: https://www.expert-reach.com/en-US/Banking-and-Financial-Services/Don-t-Let-Finance-Run-the-Factory?utmsource=expert-reach
Submission: On October 21 via manual from US — Scanned from DE
Effective URL: https://www.expert-reach.com/en-US/Banking-and-Financial-Services/Don-t-Let-Finance-Run-the-Factory?utmsource=expert-reach
Submission: On October 21 via manual from US — Scanned from DE
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2. Banking & Financial Services
3. Banking & Financial Services
4. Don't Let Finance Run the Factory
DON'T LET FINANCE RUN THE FACTORY
WILLIAM A. LEVINSON
Nov 10, 2021 - 01:00 PM
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Why should you attend?
John Bunyan's The Holy War, as quoted by Rudyard Kipling, depicts perfectly this
presentation's theme: "For here lay the excellent wisdom of him that built
Mansoul, that the walls could never be broken down nor hurt by the most mighty
adverse potentate unless the townsmen gave consent thereto." Regardless of how
strong an organization's financial strength, personnel, capital, and technology
might be, dysfunctional financial performance metrics can undermine it to the
extent that it goes out of business. Tom Peters' Thriving on Chaos includes the
quote, " "Cost accounting is the number one enemy of productivity" while the
title of Industry Week's Patricia Panchak's article "Did Finance Gut
Manufacturing?" speaks for itself. Henry Ford added, "…it is control by finance
that breaks up service because it looks to the immediate dollar."
While generally accepted accounting procedures must be used to prepare financial
statements and tax returns, traditional cost accounting is indeed totally
unsuited to managerial decision making and can drive dysfunctional behavior such
as generation of unsaleable inventory to "absorb overhead." Cost accounting
treats inventory as an asset, which it might indeed be on paper, but it ties up
money, increases cycle times, and gives quality problems a place to hide. This
presentation will show how to use relevant metrics for effective decision
processes.
Areas Covered in the Session:
* Traditional cost accounting methods are mandatory for tax and financial
reporting, but their application to managerial decision processes can make
them more destructive to organizational performance than many forms of poor
quality.
* ·Suzanne Berger's "How Finance Gutted Manufacturing." Boston Review, April 1,
2014 describes how investors broke up Timken, a major manufacturing firm.
Henry Ford, in contrast, rightly bought out his stockholders because he did
not want them to dictate how he ran his business. Ford added, "And that is
the danger of having bankers in business. They think solely in terms of
money. They think of a factory as making money, not goods. They want to watch
the money, not the efficiency of production. …The banker is, as I have noted,
by training and because of his position, totally unsuited to the conduct of
industry."
* Dysfunctional financial incentives to give credit to every customer,
regardless of whether he or she was creditworthy, ruined the giant retail
chain W.T. Grant.
* Allocation of overhead, which is actually a sunk cost, to the product can
encourage a company to offshore American jobs and lose money in the bargain.
* Dysfunctional performance metrics encourage purchasing managers to buy large
quantities of inputs that are not immediately needed. Benjamin Franklin wrote
of this more than 200 years ago, "You call them goods; but, if you do not
take care, they will prove evils to some of you. You expect they will be sold
cheap, and, perhaps, they may for less than they cost; but, if you have no
occasion for them, they must be dear to you." Henry Ford put this into
practice by buying only what he needed when he needed it.
* Inventory is Not an Asset (even if must be treated by one by the accounting
system). It ties up capital, increases cycle time, and gives defects a place
to hide.
* Variable costs often aren't. Labor is, unless overtime is being paid, a
fixed cost regardless of what the cost accounting system calls it. Treatment
of labor (and, even worse, overhead costs) as variable costs could easily
result in the decision to turn down marginally profitable work—that is, the
revenue from each item sold exceeds the cost of making it—because it would
generate a loss on paper.
* Marginal profit equals marginal revenue minus marginal cost—that is, the
money realized from the sale of one additional item minus the out of pocket
cost of making the item in question. If we are paying people for eight hours
a day, the marginal labor cost is actually zero and the marginal overhead
cost also is zero.
* Book value is a dangerous illusion. Henry Ford said that (again despite what
the cost accounting system might require) an asset is worth exactly what we
can do with it.
* Use Henry Ford's key performance indicators for managerial decisions. These
are simply (1) waste of the time of things, (2) waste of the time of people,
(3) waste of material, and (4) waste of energy. Their suppression will
improve productivity and profitability, along with the bottom line results we
want the cost accounting system to report.
Who will benefit:
* Manufacturing and quality professionals and practitioners; people with
responsibility for continual improvement and lean manufacturing
WEBINAR EVENTS
ATTEND LIVE WEBINAR
NOV 10, 2021 - 01:00 PM
Duration: 60 Minutes
Single Attendee
$ 249
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Group of 3 to 5 +1 Thumb Drive or 5 online Recorded version
$ 399
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Group of 6 to 10 +1 Thumb Drive or 10 online Recorded version
$ 799
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TRAINING CD-DVD
Physical CD-DVD of recorded session will be despatched after 72 hrs on
completion of payment
$ 599
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RECORDED VIDEO
Recorded video session
$ 349
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Enroll Now
SPEAKER: WILLIAM A. LEVINSON,
William A. Levinson, P.E., is the principal of Levinson Productivity Systems,
P.C. He is an ASQ Fellow, Certified Quality Engineer, Quality Auditor, Quality
Manager, Reliability Engineer, and Six Sigma Black Belt. He is also the author
of numerous books on quality, productivity, and management.
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