In this chapter, the various working capital and processing methods used to run profitable automobile industry-related businesses are discussed. Defining the problem statements, making sample selections, and demonstrating general principles for capital management have been demonstrated. The structures, classifications, affecting factors, benefits, and scarce resources for working capital were elaborately illustrated. Working capital policies, classifications, various investment sources, principles for capital management policies, and analysis techniques have also been described in the chapter.
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According to the book “Managers in a Post-Industrial Society,” a modern manager must learn cutting-edge tactics for “cost-cutting” and productivity growth in order to deal with the crises of slowdowns and recessions. This goes hand in hand with sustainability, a change in organisational mindset, and maintaining market share through improved quality and efficiency. To succeed in heterogeneous settings, managers need to have specialised skills and cutting-edge operational managers. Global interdependence, flatter and leaner organisations, fast and ever-changing technology, mergers and acquisitions, spin-offs, closures, and regular market disruptions are some of the aspects that define the business environment of today. Every organisation needs to be quick, flexible, and adaptable in order to accept and carry out changes. Traditional corporate operations and management methods must be replaced with a conscientious framework that includes all stakeholders. Successful operations strategies must incorporate process innovation and value chain creativity. The difficulties facing operations employees are too dynamic and fundamentally different from those of the past(Horney et al., 2010; Varghese, 2015). A tremendously complicated world has been made possible by a number of elements, including technology, easy access to information, a rapidly changing global economy, and extremely demanding consumers. Because of SMAC (Social Media, Mobility, Analytics, and Cloud Computing), consumer needs and concerns are now multi-dimensional.
Any project failure results in wasted effort, money, time, resources, etc. Therefore, it is crucial to undertake measures to reduce failure rates. The yearly survey by Innotas in 2016 stated that the failure rate of software projects was greater than 50% in its executive summary. A software product's failure can be caused by a number of factors. These explanations can be broadly characterised as development tactics that the developers attempted but were unable to execute successfully. Less than 80%, but more than 50%, of software initiatives are unsuccessful. The most common causes of software project failure, according to the literature, are inefficient management and poor communication, which account for 50% and 57% of unsuccessful projects, respectively. According to a global study of software developers conducted in 2015, almost 48% of the developers cited incorrect requirement recognition or a change in requirement as the main cause of unsuccessful software projects. These failures are estimated to cost more than USD 45 billion yearly. The primary causes of software project failures include cost overruns, timetable delays, disgruntled stakeholders, and dissatisfied consumers. However, the requirements of a software product are what really matter. The components that must be present before the product may be developed are known as requirements. These are the prerequisites or qualifications that a framework must fulfil in order to satisfy a customer agreement, a specification document, or a legally binding document. The list of features that any system must have to meet the needs of its customers and other stakeholders is a well-framed requirement.