Dollars and Sense: Process Improvement Approach to Logistics Financial Management

By Marygail K. Brauner; Ellen M. Pint et al. | Go to book overview

PREFACE

In applying Velocity Management (VM) to improve such key logistics processes as order and ship, repair, and stockage determination, the Army has uncovered anecdotal evidence that some delays and errors in these processes can be traced to the performance of the logistics financial management process. Improvements to the speed and accuracy of basic logistics processes should not be hampered by a financial management system that is slow and inaccurate, that creates errors and delays, and that places obstacles in the path of efficiency and effectiveness. Recognizing the need to improve the performance of the logistics financial management process, the Velocity Group (VG) formed a Financial Management Process Improvement Team (FM PIT). This report documents analysis con ducted in support of the FM PIT. Following the VM methodology of Define-Measure-Improve (D-M-I), the research to date has focused on defining the process, conducting exploratory measurements to test the utility of some candidate metrics, and suggesting improvements to financial management processes.

A second RAND report by Ellen M. Pint et al., Right Price, Pair Credit: Criteria to Improve Incentives for Army Logistics Decisions (forthcoming), documents research on improving financial incentives to use resources wisely. It develops criteria for evaluating financial policies and draws implications for financial management policy.

The research documented here is being conducted in the Military Logistics Program of the RAND Arroyo Center under the direction of John Dumond. The Arroyo Center is a federally funded research and development center sponsored by the United States Army. The

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Dollars and Sense: Process Improvement Approach to Logistics Financial Management
Table of contents

Table of contents

  • Title Page *
  • Preface iii
  • Contents v
  • Figures ix
  • Tables xi
  • Summary xiii
  • Abbreviations and Acronyms xix
  • Chapter One - Introduction 1
  • Chapter Two - Defining the Unit Financial 9
  • Chapter Three - Measuring the Financial Management Process 29
  • Chapter Four - Improving the Financial Management Process 51
  • Appendix A - Velocity Management 65
  • Appendix A - The Benefits of Stock Funding 75
  • Bibliography 79
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