Industrial Management

MAR-APR 2014

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march/april 2014 3 Small revolution By Fariborz Ghadar and Kathleen Loughran Nanotechnology, the new frontier of conflict, already has attracted considerable investment by governments and private industry worldwide. When perfected, advanced nanotechnology will streamline production and reduce manufacturing costs in significant ways. It is expected that as early as 2015, the industry's global output will reach $2.4 trillion. And a report by the National Science Foundation predicts unprecedented reassessment of global markets, economies and industries if nanotechnology matures to achieve even a fraction of its promise. Managing soft risk By Monica Ospina Companies that are expanding into low-wage locations need to look beneath the surface to find hard-to-measure risks – also known as soft risks – that can derail success. A proper audit that provides solutions to these challenges can make the difference between initiating a growing enterprise or presiding over an overseas disaster. Improving business forecasting By Sunil Lakhani and Brian H. Kleiner Forecasting, although fraught with peril, helps companies prepare for the future. Making the wrong choices can cost your company in a host of ways, from excess inventory to not enough products in the supply chain pipeline. Identifying and ameliorating biases can help eliminate unnecessary errors, leading to improved results and better corporate performance. Contributors in this issue Creative risk management can cheat time By Dan Carrison The story behind the construction of the home stadium for the NFL's Denver Broncos provides a couple of lessons that management gurus should take to heart. First, when faced with seemingly insurmountable deadlines, it might be a good idea to partner with your adversary. And second, when conditions on the ground aren't optimal, instead of waiting for the perfect time, go ahead and move forward with the project anyway. SEMS Says Brian K. Smith discusses the many opportunities afforded to participants at the upcoming IIE Annual Conference, while Warren A. Boldrin gives a preview of his featured speech for the SEMS Engineering Management track at the conference. What you don't know can hurt you By Esteban Tristan and Matthew S. O'Connell The rate of serious injuries and fatalities in the workplace has not declined as fast as minor injury rates – mainly because safety training programs assume that all employees react the same. New research shows that incorporating personal factors, or a person's "safety DNA," into training your workforce and hiring new employees can reduce your organization's injury rate dramatically. 5 8 12 contents industrial management march/april 2014 6 22 26 18 IM MarApr 2014.indd 3 3/24/14 12:11 PM

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