Monday, November 18, 2019

Total cost minimization Essay Example | Topics and Well Written Essays - 750 words - 1

Total cost minimization - Essay Example This essay paper provides a detailed discussion about information gathering, individual and teamwork, written communication skills, communication tools, professionalism, relationship, economics and project management in relation to Ford Company and its bid to minimize its total cost Information gathering It has been necessary for Ford to conduct an internal investigation and gather information. The investigations have been to assess performance levels, safety concerns, employee misconduct, harm to property, sexual harassment, attitude, employee capability, and theft cases. Internal investigations are done to resolve challenges or avoid moral hazards. This has helped Ford company avoid substantial legal and financial costs. A poorly done internal investigation could lead to negative effects such as negative publicity, distraction of employees from their work, a leeway to moral hazards among employees and negative impact on employee morale. These negative effects will create unnecessar y costs. The company has been thorough when it comes to internal investigation and corrective measures, and has managed to reduce the costs related to the mentioned effects. Prior to engaging in any investigation, the technical team select among the alternatives methods, the cheapest and most effective, to reduce costs involve (Banham, Russ & Newman 24) 6. Individual and teamwork 6b. Individual and teamwork Working as an individual is beneficial amongst few persons who are productive when doing a task as an individual. However, Teamwork is fundamental for entrepreneurs. Henry Ford, the founder of Ford Company was a great achiever because he believed in teamwork. In 1947 Ford Henry said that working together eventually boosts success. This allowed the management team to ride on an indefinite mandate to set up skilled and motivated task force. It is cheaper to harmonize the goals of employees with that of the Ford Company, than to face individual employees. The sense of team spirit wi ll automatically influence employees who appear incorrigible. Ford’s success is likely to rely on teamwork. (Hitt & Michael, p 15) Communication Skills a. written Communication is fundamental for success of an organization. Communication channels define the path that information follows from one employee to another. Ford Company has an effective communication channels both for external and internal communication between employees. Henry ford, founder of Ford Company considers listening as secret to success. Ford’s human resource department considers poor listeners as expensive employees. In bid to minimize communication related cost, verbal communication is preferred when exchanging personal information within the Company. Written communication is also preferred when handling Company related information, which requires verification. Consequently, the company has a programme designed to develop employees writing and listening skills. Additionally, they are trained on co st effective use of the available communication resources (Hitt & Michael 21) 7c. Communication tools Ford Company has been using several communication tools to inform their customers on various products on offer. Among them are advertisement, sales endorsement, publicity, personal vending and public relation. Companies use various combinations of these tools for marketing purposes. Whereas promotion involves fee payment, sales promotion, public relations, and personal vending are not. In the company’s attempt to minimize cost, it has resorted to use of communication tools such as sales endorsement, publicity, personal vending and public relations. They have involved a great utilization of the internet resources to reach their clients in various geographical locations. The internet resource has played a very significant role in valuable time administration because numerous

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