Application Exercise # 1 (Common to session1 to 5) (50 marks) A. Draw a flow chart of any one function/process in your organization. (Marketing, Operations, Finance, Accounting, Human Resources and Information Systems) Use special symbols to draw the flow process chart for the above question Analyze the flow chart drawn above using the basic question. (How, What, When, Where & Who)
Suggest improvements for increasing the efficiency or effectiveness of the above chosen function.
B. For the function/process chosen, measure WIP and throughput and calculate cycle time of the operation applying Little’s law.
Analyze reduction possibility of cycle time
C. For the function/process chosen, identify all possible sources of variability. For any one source of variability, list the likely reasons. Identify the corrective action to ensure the permanent removal of these reasons from the system.
Solution A: The process that I am choosing is of broking account opening in our new Wealth Advisory co. 1) Account opening forms sent to the client along with all the other necessary forms with cross marked at places where the client needs to sign, for client convenient since the form has more than 25 signatures including other additional documents which are not part of the account opening form. – Day 1 2) The form would be with the client for 3-4 days since it had too many signatures and the form was very confusing. – Day 1 - 4 3) After the form is received from the client, the form is scrutinized and its sent back to client since the signatures are missed the next day. – Day 6 4) After 2 days forms received again after all the necessary changes. – Day 8. 5) Day 9 – Day 11 the form is with SA as WIP since there are other internal process that needs to be fulfilled before the form goes for account opening like PSE limit, brokerage charges, EA mapping etc. 6) Day 12 the form reaches the account opening unit.
7) Day 13 the form is checked by the account opening unit and is returned to SA on Day 14 with other discrepancies that are there in the form which needs to be rectified before the account is opened. 8) Day 15 the form goes to the client back for further rectification. 9) Day 18 – The form is received from the client and is sent to the account opening unit the same day. 10) Day 19 – The form reaches the account opening unit. 11) Day 20, the account opening form is checked for completion and sent for data entry. 12) Day 21 all the linkages is done and the account is opened. The flow chart for the above process is as drawn below:
SYMBOL Description DAYS Account opening form (AOF) sent to the client along with other forms. 0
D The AOF is with the client since the form has more than 25 signatures. 4
The form received by the Service Advisor (SA) & he/she scrutinises the form. 2 The AOF is sent back to client for missing signatures. 1 D The AOF is with the client for additional / missed out signatures. 2 The AOF is received by SA for Account opening. 1
SA checks and does other internal processing. 2 AOF sent to operations for account t opening. 1
Operation checks the form for completion. 2
AOF sent back to SA and SA sends it back to client for rectification. 1 D AOF with the client pending for signatures....
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