Chudrapthc part B
Psomas, EL & Fotopoulos, CV 2010, ‘Total quality management practices and results in food companies,’ International Journal of Productivity and Performance Management, vol. 59, no. 7, pp. 668-687.
Psomas and Fotopoulos (2010) in the journal have outlined total quality management and productive maintenance as the strategic framework for the management of the assets in the food industry. The strategy is fully implemented and adhered to by considering the ISO 55000, which guides how to go about the quality of the food products. The authors have outlined the particular strategies in ensuring that practices undertaken in the food industry are maintained at high standards as well as giving and review of generating performance and maintenance operations when it comes to packaging assets in the food industry. The strategy is geared to ensuring that all customers’ demands are met in the packaging of food products.
The journals propose management of the quality as a strategic framework in ensuring that companies in the food industry can deliver acceptable quality to the customers. Psomas and Fotopoulos (2010) have also incorporated total maintenance as an approach in which assets can be managed for the effective operation of the companies in the food industry. Through these strategic frameworks, the organization can attain the stabilization required in the reduction of wastes therefore cost-effective. As from the study, the possible implication of the total quality management and productive maintenance are evaluated in considering packaging assets in the food sector.
Talib, F, Rahman, Z & Qureshi, MN, 2016, ‘Survey on the use of total quality management tools and techniques in Indian service industries: an empirical analysis,’ Int. J. Quality and Innovation, vol. 2, no. 2, pp. 105-119.
Talib, Rahman, & Qureshi, (2016) have outlined continual monetization of the assets in the food industry as an ideal framework for the management of the assets in the food sector. Companies that rea involved in the production of food requires smooth operations, which mainly results from the effective management of assets generation data. The authors have outlined various approaches on how to go about implementing management frameworks on the critical assets of the company. One of the primary roles in the monetization framework is to collect information generated assets operation, which is then analyzed to provide business value. The author states that from the business value of machines, companies can evaluate and monitor their machines performance in various locations in certifying their working conditions and the life span.
The articles provide a procedure on how to go about testing and analyzing the business value of the machine being used in food production. Talib, Rahman, & Qureshi, (2016) suggest that through machine-to-machine connection systems, the operators will be able to gather quality and a tremendous amount of information that can be useful in evaluating assets. The information is relevant to the topic under study because it provides the way to forwarding on managing and monitoring assets in the food industry.
Van Heerden, MA &Vlok, PJ 2015, ‘Proposing a Holistic Physical Asset Management Strategy to Implement in Food and Beverage Industries in South Africa,’ Food Science and Quality Management, vol. 35, pp. 83-99.
Van Heerden and Vlok (2015) have outlined the functionality of the production line assets framework continually as an ideal strategy in the management of the assets in the food sector. Due to the increased demand for the high quality food and beverage products, quality features has become top priority features that are demanded from all the companies that yearn for success in the food industry. The authors also state that for the companies to meet current consumer demand for high quality products, production cost has to be reasonable, and the good have to be timely delivered. For all the process to go as planned, there must be continuous functionality of the production line assets. The assets management system is required to ensure that all international standards are adhered to, as the company gains a competitive advantage. Having a standardized asset management framework helps the companies in the food industry to respond constructively to the demand for high quality products and also cop-up with emerging trends. The authors fully incorporate how production line assets should be managed, as companies try to meet global standards for high quality products. Van Heerden and Vlok (2015) presents viable information on food strategic asset management, hence useful in jotting down literature review.
Nasir Uddin, M 2010, ‘Impact of knowledge management and inter-organizational system on supply chain performance: the case of Australian Agri-food industry.’
Nasir Uddin (2010) presents management of knowledge as the framework for the assets management in the food industry. Market development and profitability are always motivated by cost competitiveness issues in the agriculture-food sector in Australia. The author outlines how the level of knowledge asset management, relationship structure, and inter-organization systems affects the supply chain and performance in general in the food industry in Australia. The supply chain in Australian agriculture and food industry is based on market classifications with production operations adversarial, resulting in limited profitability issues and lack of appropriate innovation in product development business customer-based insights. Nasir Uddin (2010) developed marketing literature in agribusiness and supply chain management concepts from knowledge-based, resource-based view and transaction cost economics. The author outlines comprehensive data acquired on researching eight of the companies in the agriculture-food industry in Australia. Knowledge asset management according to the Nasir Uddin (2010) among the predictive factor, it is the most reliable predictor when it involves supply chain performance evaluation. Among other predictive factors that can be used in analyzing the performance of the supply chain in agriculture and food industry in Australia are environmental management practices, negotiation power, inter-firm relationship strength, and price uncertainty. The article provides an analysis of the critical elements in the asset management in the food industry, that is knowledge asset management and supply chain, which are very useful in the development of the literature review on food strategic asset management.
Silviu C., & Marian S 2015, ‘Mathematical and Economic Modeling of the Results of Correlation Between Indicators of Profitability and Asset Management,’ Finanţe: Provocările viitorului, vol. 1, no. 17, pp. 68–73.
Silviu and Marian (2015) state that regardless of the sector in which companies operate on, the always strive to have a favorable market position and be able to generate a considerable financial outcome which involves proper management of the profit indicators framework in strategic management of assets. Financial considerations are made available through the sustainability and existence of companies activities. Silviu and Marian (2015) narrowed down their evaluation on the food industry in Dolj, Romania to ascertain the factors that affect profitability in this sector. The information outlined the article gives a clear description of the correlation that existing between the management of assets and indicators of the profitability. The analysis of the food industry in the Dolj, Romania is as from 2012 to 2013, and the information is analyzed mathematically and economically by use of mathematical software and SPSS statistical. The data is comprehensive in trying to deduce the relationship between the profitability indicators and asset management in the food industry. The information is very relevant when it comes to analyzing the possible correlation between the companies’ profitability in the food industry.
Shabnam J., Mehdi F., & Mahdi H 2015, ‘A hybrid BSC-DEMATEL- FIS approach for performance measurement in Food Industry,’ Iranian Journal of Optimization, vol. 7, no. 2, pp. 849–862.
Shabnam, Mehdi, and Mahdi (2015) suggest that the balanced scorecard approach is the appropriate framework for strategic management of assets in the food industry. The authors state that organization performance is a very complicated idea given that performance in its context is a multifaceted concept whose elements are distinctively prioritized by the managers and in most cases it mutually inconsistency. Balanced scorecard approach is an effective evaluation concept in the multi-criteria way when it comes to companies’ performance measurements. The authors also show that although a balanced scorecard approach is a widely known framework for in the business community, the implementation of the approach is still an issue. In the article hybrid experts’ systems are analyzed which includes a composition of balanced scorecard approach, fuzzy inference system and DEMATEL (Decision Making Trial and Evaluation Laboratory) in evaluating organization that is involved in the production of food.
Sources: ARKIEVA
The technique that is graph-based theory was applied in examining critical criteria of balanced scorecard approach ideas. In the article, authors outline that Organizational asset management, customer satisfaction, innovation management, and profit are important in considering the evaluation of food production companies’ performance. From the information provided, critical aspects on how to strategically manage assets in the food industry can be analyzed; therefore it is relevant to the topic.
Asset management: management systems: requirements; ISO 15001 2014, First edition, 2014-01-16., ISO Copyright Office, Geneva, Switzerland.
The articles focus on the management system as a probable way of managing assets in the companies that operate in the food industry. Assets show the actual value of corporates, have to be governed by the ISO 15001. The effective management of assets is very critical to the organization in the food industry in that it aids in attaining set objectives financially and quality of the products. Companies in the food industry are embracing asset management system an assurance that all set goals can be reached sustainably and consistently. The management system provides the companies with a chance to examine asset performance as far as the food industry is concerned and also evaluate the functionality of the asset management system. Management systems: requirements; ISO 15001 (2014) requires the organization considering financial aspects of the business activities and ensuring that asset management objectives are aligned with set goals, helps in promoting efficiency and effectiveness within the organization. The benefits that are accrued on the management of assets is that it helps in improving the financial performance of the company and also possible risks in organization operations are managed. The article is relevant to the topic under research as it outlines that need for asset management by the companies in the food industry in the promotion of financial endeavors and prevention of risks.
Make it safe: a guide to food safety 2010, CSIRO Publishing, Collingwood, Victoria.
The guide is focused on food safety as a framework on which food assets can be managed. A guide to food safety (2010) outlines that all individuals involved in production or preparation of the food for retail or commercial consumption requires a sound understanding of safety risks associated with certain food products and most crucial how the risk can be compacted. Failure to manage risks in food safety has a devastating negative impact on the customers and companies that are involved in the production. Make It Safe offers procedure on how the companies in the food industry can manage and implement safety hazards control measures. Make it safe: a guide to food safety (2010) shows that most of the business in the Australia beverage and food sector, are small scale food provide the business amount to about two-thirds of total business activities in the country. The stakeholder in the food industry is required to gain knowledge of developing robust food safety systems in all of their operations. The guide is appropriate because it offers some insight into what has to be promoted when any business activities are conducted in the food industry. From the manual, we can be able to develop a literature basis on the strategic management of assets in the food sector.