What Management Is

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What Management Is
Question 1
An ‘External Orientation’ rather than an ‘Inward Focus’ is useful in understanding the concept of value. Describe ‘Value Creation’ from the context of Low-Cost Airlines (No-Frill airlines). Compare it with how the Indian Railways creates value.
Answer 1
Value creation is a term which cannot be defined / quantified specifically and measured accurately or attributed a particular definition. It has a distinct and broad view and originates from the customers point of view rather than monetary value which originates from the organizations financials. An external orientation is important and useful to understand value rather than an inward focus.
Value Creation from the context of low-cost airlines in India
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Managing all India Railway Enquiry Call Centre, Tourism Portal: For a customer, access to a product or service is more important than its ownership. This process begins with sharing information with customers and providing them with tools like toll free numbers and website addresses. * Safety Audit: Modernize railways train control, operational and safety systems and networks. * Expansion of passenger ticketing and PRS network through Internet / modern technology based ticketing. * The customer today has access to a range of services including travel reservations and getting tickets delivered to his / her choice of address. * Add-on services like Budget hotels information provided on website. * Complaint Management System * Running of Special Train, Special Charters / Coach and promotion of Value added tours, * Manufacturing Packaged Drinking Water for Indian Railway Passengers, * Rail Tour Packages: Includes all Inclusive packages with confirmed Rail reservation, hotel accommodation, road transportation, meals, sightseeing etc. for important tourist destinations across India.
Freight Operations Information System (FOIS):
The market share of IR in the total freight traffic has declined in the last 20 years mainly due to the inability of IR to carry all the traffic offered to it. This inability arises from the fact that IR has been consistently facing severe shortage of Rolling Stock for