THE STEP BY STEP APPROACH
THE STEP BY STEP APPROACH – BASIL SPRINGER COLUMN WHICH APPEARS IN THE BARBADOS ADVOCATE’S BUSINESS MONDAY ON MAY 24, 2010
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“Peace I leave with you, my peace I give unto you: not as the world giveth, give I unto you. Let not your heart be troubled, neither let it be afraid” – John 14:27
Every so often I reflect on my PhD thesis (1968) with the expectation that I shall be blessed to extend my thought processes to a current application to which the spirit of my efforts can be applied. The purpose of the thesis was to develop and discuss automatic computer simulation procedures for controlling variable factors (finding optimum conditions or “success”) when the response or output from the system is stochastic (subject to random error), albeit from a theoretical mathematical and statistical perspective.
In my thesis, there is a common philosophy adopted which may be captured in the phrase “systematic and evolutionary approach”. It is recognised that the longest journey to success begins with the first step and that we should adopt a step by step approach (systematic) to progress. In addition, it is recognised that the information gleaned from the immediately preceding steps should be incorporated in the decision making process which determines the length and direction of the next step (evolutionary).
In the case of a cricket team let us consider the following scenario. The eleven players selected in a given team (except for debutantes) all have historical statistical averages e.g. average runs per innings in a given form of the game; T20I, ODI or test cricket. The number of runs scored by a batsman (the response), in any given innings, is random within the context of the statistical distribution of batting performances, in the sense that it cannot be predicted precisely for a given innings. However, we would expect that the average number of runs per innings for an individual selected as a specialist batsman would be higher than the average number of runs per innings for an individual not selected as a specialist batsman. An estimate of the average team score per innings over a series, say, could be the sum of the batting averages of the eleven players.
Controlling the variable factors so as to exceed the average score (optimum conditions) therefore becomes the management challenge.
What are these variable factors? I suggest that they include discipline, fitness, practice, attitude, determination, earnings, complacency, leadership, selection policies and on-the-field management. There are, of course, similar arguments that can be made and statistics that can be compiled for the bowling and the fielding aspects of the game. The management of these factors is therefore critical to ensure that a team is comfortable punching in at least its own weight category. Success in management of these factors will result in the sustainable performance of the cricket team within boundaries of its own cricketing capability.
In the case of a business enterprise let us consider the following scenario. An enterprise is established to sell goods or services to local, regional and ultimately global target markets. Each enterprise will have a profile of revenue, profit and return on investment, say, which constitutes the response. The response is random, within the context of the statistical distribution of enterprise revenues, profits and returns on investment in the sense that they cannot be predicted precisely for a given enterprise. Controlling the variable factors so as to exceed the target profile (optimum conditions) therefore becomes the management challenge.
What are these variable factors? I suggest that they include discipline, attitude, determination, adversity quotient, leadership and management. In addition, the governance system, which embraces the pillars of a business, marketing, operations, human resources, ICT and finance, is paramount to ensure that an enterprise can compete comfortably in the global environment. Success in management of these factors will result in the sustainable performance of the enterprise within the boundaries of its own competitiveness.
It was reported in the Nation newspaper last week that Barbados is set to become the home of the first film distribution company in the English-speaking Caribbean. Last Wednesday, Caribbean Tales Worldwide Distribution Inc. (CTWD) was launched to present Caribbean film-makers to the international community.
CTWD was established to ensure that film-makers in the Caribbean could effectively have their work marketed and distributed. Independent film producers have no centralised channel through which to market content, and content buyers have no centralised entity from which to acquire content.
Frances-Anne Solomon, chief executive officer of CTWD, said: “There is an explosion of film products coming out of the region and there is a need for a focused distribution strategy to ensure that this content gets the best deals on the international market.” CTWD held its first board meeting under the chairmanship of Dr. Keith Nurse and is now on the way to delineating and implementing its first year action plan. CTWD will be participating in the international Caribbean Studies Association Conference to be held in Barbados this week. CTWD is part of the Barbados Business Enterprise Corp. (BBEC) family which provides Shepherding and Seed & Venture Capital services. Once a systematic evolutionary approach is adopted, BBEC feels confident that CWTD will rise to the pinnacles of success.
On Thursday evening the BBEC family had a social networking session which is pictorially recorded on our Facebook page. The features of the evening were Went Caribbean’s tasty delicacies and Marita Greenidge’s BBEC version of a Jeopardy game where the Jeopardy categories were the first five businesses which have qualified for BBEC Venture Capital.
Peace. I don’t leave you the way you’re used to being left-feeling abandoned, bereft. So don’t be upset. Don’t be distraught.
(Dr. Basil Springer GCM is Change-Engine Consultant, Caribbean Business Enterprise Trust Inc. – CBET – Columns are archived at www.cbetmodel.org)