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Planning, Directing, and Controlling
A clever sign hanging on the wall of a business establishment: "The Managers are paid to manage the work-- If There Were No Problems we wouldn't require Managers." This suggested that all organizations have problems, and it is management's responsibility to deal with those problems. While there is some truth to this characterization, it is possibly more reflective of a "not so impressive" organization that is moving from one crisis to another. The True managerial talent goes beyond just dealing with the problems at hand.
What exactly the term managing means? Managing requires number of skill sets. Among those skills are leadership, vision, and the ability to procure and mobilize financial and the human resources. All of these tasks should be executed with an understanding of how actions influence the human behaviour within, and external to, organization. In addition, good managers must have endurance to tolerate challenges and setbacks while trying to forge ahead. To effectively manage an operation also requires follow through and execution. But, each management action is predicated upon some particular decision. Thus, good decision making is critical to being a successful manager.
Financial Perspective How do we produce value for our shareholders? This perspective covers traditional measures e.g. growth, liability, shareholder value. But these are set on
It is a spontaneous source of finance that is commonly extended to business organization depending on the custom of the competition and trade prevailing within the organization and
The decisions about long-term investment are depends on judgments on future cash flows, the improbability of such cash flows and the opportunity cost also of the funds to be invest
Feedback Control System Feedback is information about actual achievements or actual results produced within the organization (e.g. management control reports) with the purpose
Selective Inventory Management The inventory of an industrial firm generally comprises thousands of items with diverse prices, usage and lead time, as well as procurement and/o
Various stages of product life cycle Typically the life cycle of a manufactured product will consist of the following stages: 1) market research : before any investment in
1) What is the difference between decreasing marginal returns and negative marginal returns? 2.) "A firm in monopolistic competition maximizes its profit by producing where it
SK 2 Chapter 10: Master budgeting Objective How organisations strive to achieve their financial goals by preparing a number of budgets that together form an integrated business pla
Conceptual understanding: defining in identifying relevant information Business application - Dave burgers is in the fast food restaurant business. One component of it's market
Activity Based Management (ABM) Also referred to as activity based cost management (ABCM). This is used to describe the cost management application of ABC. To implement A
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