Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Department of Industrial and Systems Engineering | en_US |
| dc.creator | Lee, Kwok-wah | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/4803 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | - |
| dc.rights | All rights reserved | en_US |
| dc.title | A dynamic financial planning system for business performance improvement | en_US |
| dcterms.abstract | Textile manufacturing is an intricate collection of production processes with cost components that are very difficult to systematically quantify or allocate. Each individual process may form parts of many different production processes where there are thousands of material inputs as well as output combinations. Historically, the textile manufacturing business is less automated and relies heavily on human judgment and experience. The subjectivity and reliance on human factors add complexity to the process of standardizing the performance measures. The determination of relevant Key Performance Indicators relies heavily on the experience and knowledge of the planners. Very often the Key Performance Indicators cannot provide a meaningful or complete linkage to the financial results. Identifying key drivers is therefore complex and important. Apparel production is a collection of processes with specialized terminologies for interpretation. These specialized terms may not be comprehensible to people in the organization that are unfamiliar with operations. However, these are the people who often evaluate operational efficiency with respect to corporate targets. As a result, a dynamic financial planning system is proposed to decipher the complicated production process and enable performance enhancement. Hence, with a predefined language, measurements can be devised to measure the efficiency of the drivers. Corporate taxonomy is the predefined language created to bridge the gap by breaking down corporate goals into different components that literally describe and relate to each functional level of the corporation. The development of key operational drivers can solve challenges in measuring and benchmarking performance, but the development of taxonomy builds the infrastructure of the corporation. After the model is constructed, it will be shared and opened up for participants to revise and modify for continuous improvements. The model leverages the corporation's existing information technology infrastructure in order to maximize the impact, shorten the implementation lead-time and minimize cost. The planning model provides an analysis tool for operation and corporate to plan for their business. It also provides a platform for inexperience staff to understand their business quickly. New comers are able to understand the key levers and the consequences of selecting them as well as other alternatives and scenarios. With clearer goals, better communication, measurable objectives and cooperation among operating units, substantial operational efficiency improvement has been achieved, which results in a 50 per cent savings in planning time and millions of US dollar cost reduction. The knowledge is not limited to the operation level. Other areas of the business can leverage the knowledge to make other business decisions. The cost drivers approach can be applied to other business simulations such as merger and acquisition (M & A) in similar industries, conducting competitive analysis, evaluating new set ups, and in preparing the annual business plan. The result shown that the construction of an M & A model takes about a week to complete where previously may need several weeks. The due diligence process can be shortened and allow improvement in key decision process. The long-term implication for the corporation is on improving and fine-tuning the organization knowledge, encouraging the information sharing and improving the transparency. Eventually, this leads to the improvement of the corporate overall competitiveness and the return on assets. | en_US |
| dcterms.extent | x, 96 leaves : ill. ; 30 cm | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2005 | en_US |
| dcterms.educationalLevel | All Master | en_US |
| dcterms.educationalLevel | M.Sc. | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.LCSH | Strategic planning | en_US |
| dcterms.LCSH | Business enterprises -- Finance | en_US |
| dcterms.LCSH | Financial planners | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b1810003x.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 3.31 MB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/4803