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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.
Budgets An essential planning component is budgeting. Budgets sketch the financial plans for an organization. There are number of budget types. Operating Budgets -- A plan
Control Control includes a comparison of actual performance with the plan so that deviation from the plan can be identified and corrective action taken. It can be define
what is Computerized Processing Systems
Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making
LIMITATIONS OF ABC ANALYSIS However ABC analysis is a basic tool for exercising selective control over many inventory items, it does not, in its current form, allow precise con
In the current corporate world, this is a common practice of companies along with surplus cash to lend to another company for a short period generally ranging from 60 days to 180 d
1 Describe the impact of different types of standards on motivations, and specifically, the likely effect on motivation of adopting the labor standard recommended for Geeta & Compa
Consortium Lending: As the financial needs of a single unit are more than a single bank can cater to, then more than one bank comes together to finance the unit jointly spreading
Implementation of the Decisions Once alternative courses of action have been chosen, they must be implemented as part of the budgeting procedure. The budget is a financial plan
Explain what is meant by traditional costing system. Support with example.
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