Archon & Goldfield Quality Improvement in Real Estate - Term Paper Example

? COMPANY ANALYSIS QUALITY IMPROVEMENT IN REAL E Background and History of the Company The line of business that I own and manage is Real E and the name of corporation that I own is Archon & Goldfield, Inc. The business model of the company is inspired from one of the most renowned US real estate firm, Cushman & Wakefield. Needless to say that the company offers similar products and services namely buying, selling, leasing, financing, site selection, valuing and managing assets. In addition, it also offers advisory services such as portfolio management, research, and strategic planning. Vision – The vision of the company is to become one of the most reliable and preferred real estate firms. The company aims to provide most innovative and creative services to our valued customers consistently. Mission – Mobilizing and delivering best services on basis of our vast knowledge, human resource talent, and by taking most informed decisions. The core values of the company are, Trust and collaboration Respect Integrity Identification of Active Quality Programs The company implements quality assurance and control systems based on latest available technologies and ISO standards that are widely recognized internationally. The decision to adopt ISO standards were made keeping in mind future overseas expansion. The company carries out extensive research to identify the necessary areas of improvement related to quality assurance and control concept. The process involves surveying the active quality programs of other private real estate firms. The company has dedicated research department that works with talented employees in respective domains. The company’s active quality programs, primarily centered on internal control and quality assurance, are strategically planned keeping in mind all the current legal aspects. One of the most challenging tasks for a real estate firm is to acquire land without any hassles. The success of the firm will depend on how effectively the company identifies controls, manages and improves their active quality programs. Thus, processes must be repeatable and measurable and only then areas of further improvement could be identified and necessary steps may be taken for improvement. Some of the active quality programs initiated by the company are, Deming Cycle Analysis – The cycle may be broken into four phases namely Plan, Do, Study and Act. As discussed earlier, the company has dedicated department for research and analytical activities that specializes in this sort of activities (Evans, 2013, pp.157-158). Seven QC Tools – The Company uses these tools, as per requirement client requirements, to chart and identify logical sequences of activities, flow of information and materials. Lean Sigma – The Company integrates improvement methods in order to increase efficiency, reduce defects, wastes, and variances. Brief Explanation of Job As the owner of Real Estate Corporation, it is my responsibility to oversee every active operations of business. In broader perspective, my job includes business planning (drawing business strategy), planning Human Resource and marketing strategies; ensure efficient customer service and management of financial resources. More specifically, as the owner of corporation it is my duty to constantly motivate managers and employees with effective leadership skills targeted at maintaining employee commitment. All projects are passed after my final approval but they are initially analyzed by the project manager. The finance manager prepares annual budget after consulting with me and other co-founders. I am also the Executive CEO of the company that helps me to regularly communicate with employees of all stages of hierarchy, understand their problems, appreciate new ideas, and create a more cooperative environment. The constant interaction with all levels of the company helps to enforce greater control and responsibility over business. Identification of Major Processes of Engagement The company provides commercial real estate services to customer group consisting of occupiers, owners, and investors. As the owner of the company, the major processes where I am engaged includes, financing decision, strategic planning, valuing and managing assets. As the CEO of the company it is also my responsibility to ensure that all processes and operations are executed properly. Identification of Improvement Opportunity Traditionally the company relied on Deming Cycle to plan, study, act, and do activities. However, with the passage of time, the amount of data has increased significantly and the complexity in implementing business strategies has also increased. Given such a scenario, it is implied that if careful planning is not done based on informed decisions, the company’s course of action could adversely impact major processes. An alternative of this process is the “Six Sigma DMAIC” methodology. The method focuses set of tools, techniques, and strategies for improvement of overall process. By using this method the company is expected to improve the quality of outputs of all processes. It will allow identification of defects and errors and minimize inconsistency in business processes. Hence, from the above discussion it is clear that the company definitely has improvement opportunity (Gopalakrishnan, 2012, pp.11-13). Proposal for Process Improvement After identifying necessary improvement opportunity it is advisable that appropriate proposal for improving respective process should be recommended. As discussed earlier, the Six Sigma methodology is superior process improvement initiative. The improvement process follows DMAIC: Define (D) – Describing problem in operational terms and sub-divides specific problem statements for simplicity and effective problem identification with current process. Measure (M) – It uses a set of statistical models in order to measure the output throughput and efficiency of existing process with the objective of improving the processes further. Analyze (A) – It focuses on revealing the causes of defect, errors, etc. and applies trial and error approach to verify and understand how current process can be brought nearest to perfection. Improve (I) – This stage aims to develop concrete implementation plan mainly generated by brainstorming, and also evaluates various alternatives before selecting particular process. Control (C) – Finally, when required process is improved accordingly this phase ensures that performance is not declined and improvements are maintained. This is done by appropriately training concerned departments and employees and maintaining checklist. Periodic work and performance reviews will also ensure necessary control over processes. In addition to the above proposed process improvement method, the company may also adopt the concept of “kaizen” (or continuous improvement) by keeping the overall business strategy under consideration. References Evans, J. R. (2013). Quality & performance Excellence. 7. United States: Cengage. Gopalakrishnan, N. (2012). Simplified Six Sigma: Methodology, Tools, and Implementation. New Delhi: PHI Learning Pvt. Ltd. Read More