...Functional Areas of Business University of Phoenix Group ID: ON13MBA08 Course ID: MGT / 521 Dr. Jyotirmay Deb Week 2 09/09/2013 The manager area in a business is very important in the fact that the managers work alongside many of the elements in the business. Managers help the human resource officers of a business in the hiring process of employees. For example they are responsible for the filing of tax forms and the interviewing process. They must understand the laws and business codes and ethics of hiring someone into a business. The managers then in turn are help accountable for the training of the employees at the business. They can not only train the employees, but use many of the new ideas that the employee is bringing to the table to help sell to the company in advancement into new and better goals. The managers of a business are there to oversee projects (project mangers / functional managers). These projects can be very valuable in building ongoing accounts and establishing new ones with clients nationally and internationally. Managers can be held accountable for the inventory at a business. The receiving and itemizing of new and old inventory is very important when dealing with a business. This could be the difference between profit and loss (“The Duties of a Business Manager”, 2013). I will be focusing on a Functional Manager in a business. Functional managers are responsible for ensuring...
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...ARTICLE IN PRESS Int. J. Production Economics 106 (2007) 323–345 www.elsevier.com/locate/ijpe Organizational structures and the performance of supply chain management Soo Wook Kimà College of Business Administration, Seoul National University, San 56-1, Sillim-dong, Kwanak-gu, Seoul, Republic of Korea Accepted 12 July 2006 Available online 26 September 2006 Abstract The objective of this paper is to suggest a set of best organization structures for efficient supply chain management. For this, this paper derives organization types for supply chain management according to the formalization and centralization level of an independent department responsible for supply chain management (SCM) activities, and hierarchical relationship in organizational position and operational responsibility between the SCM department and existing other functional departments. And then, this paper identifies organizational characteristics, which have significant influences on SCM performance by investigating the difference in performance across the proposed organization types. From the results of empirical test, this paper finds that even though too excessive formalization and centralization of the SCM department within a firm may interrupt complete SC integration and performance improvement, a certain range of control by the SCM department is inevitable to build the fundamentals of integrated supply chain management, and thus the temporary pursuit of intensive control focused organization type such...
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...of organizational structure, control and culture? When would a company decide to change from a functional to a multidivisional structure? Between the structures, the controls and the culture is a relationship that works like a chain that is locked to itself. Organizational structure specifies procedures, controls, and decision-making authority. It is critical to match organizational structure to the company strategy. The structure have the purpose of manage the firm’s daily work routines, explore new resources and competitive possibilities, distribute resources. This is a chain because every company is made by employees of different levels, background, and history and believes. Thru the interaction between them and the company structure and function is where we can find the culture. The controls are created by the structure that the organization have created with the purpose of motivate employee's. Organizational controls provide guide strategy implementation, identify differences between actual & expected results, suggest which corrective actions to take. The organizational culture is shaped by the people through shared values and norms. The controls are used for example in the interaction with internal and external resources. There are different control establish in different areas that the structure have design and in must company’s you can observe and notice the difference in culture thru the organization structure and which controls are presented in each area of the...
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...Strategy and Planning What is Strategy? The term ‘strategy’ proliferates in discussions of business. The term ‘strategy’ is derived from the Greek word ‘stratēgia’, which means the “art of the troop leader”: a plan, course of action, or a set of decisions creating a pattern or a common link. All the successful business enterprises today constantly take in new information about their markets, customers, and operating environments. Then, management uses that knowledge and data to shape new strategic directions, to reorganise how they respond to marketplace demands, and to ensure that their views regarding all aspects of the business are fresh and viable. Strategy is the direction and scope of an organisation over the long-term, which achieves advantage for the organisation through its configuration of resources within a challenging environment to meet the needs of markets and to fulfil stakeholder expectations. What is the difference between Tactics and Strategy? Strategy differs from tactics. Tactics are schemes for specific manoeuvres, whereas strategy is the overall plan for deploying resources to establish a favourable position. An organisation’s strategy consists of the combination of competitive moves and business approaches that managers employ to please customers and achieve organisational objectives. Strategy is a plan or course of action denoting a pattern which evolves a direction for the organisation. It relates to pursuing those activities which move an...
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...relationship between the different departments inside the company occurred as result of the changes in the division’s market and the management team. The natural differences between functional groups, the absence of mechanisms for bringing them together, and the historical competitive atmosphere of the division are the reasons why these poor relationships were developed. * MEPD’s employees do not have a common understanding of the division objectives, strategies, and business philosophy. They differ about what the primary markets are and about realistic profit and growth expectations. * The General Manager, Guido Spichty, is not involved enough in the problems that arise from differences in the goals of functional departments; even though he started attending the Product Development meetings since 2009, and he often became involved in the discussion of a new product, particularly its technical aspects. Spichty still lacked on his managerial skills because his strong personality and superior intellect almost always assured that he was a dominant force in meetings. 2. The MEPD’s strategy was affected by 3 managerial decisions that impacted the company’s performance. These strategic moves were: * The disintegration of mechanisms that existed in the past. Like the case of marketing groups, which were previously located at the plant and then they were moved to Bienne because of a decision made by Guido Spichty. This decision affected the communication between marketing...
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...knowledge and analysis of the general and competitive organizational environment so as to take right decisions. They should conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats), i.e., they should make best possible utilization of strengths, minimize the organizational weaknesses, make use of arising opportunities from the business environment and shouldn’t ignore the threats. Strategic management is nothing but planning for both predictable as well as unfeasible | | |contingencies. It is applicable to both small as well as large organizations as even the smallest organization face competition and, by formulating| |and implementing appropriate strategies, they can attain sustainable competitive advantage. | Strategic Management is a way in which strategists set the objectives and proceed about attaining them. It deals with making and implementing decisions about future direction of an organization. It helps us to identify the direction in which an organization is moving. Strategic management is a continuous process that evaluates and controls the business and the industries in which an organization is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors;...
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...CHAPTER 7 IMPLEMENTING STRATEGIES: MANAGEMENT AND OPERATIONS ISSUES CHAPTER OUTLINE | |The Nature of Strategy Implementation | | |Annual Objectives | | |Policies | | |Resource Allocation | | |Managing Conflict | | |Matching Structure with Strategy | | |Restructuring, Reengineering, and E-Engineering | | |Linking Performance and Pay to Strategies | | |Managing Resistance to Change | | |Creating a Strategy-Supportive Culture | | |Production/Operations Concerns When Implementing...
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...KENYATTA UNIVERSITY, SCHOOL OF BUSINESS, DEPARTMENT OF BUSINESS ADMINISTRATION MBA: STRATEGIC MANAGEMENT Company Mission, Social Responsibilities and Ethics External Environment Internal Environment Strategic Analysis and Choice Possible? Desired? Long Term Objectives Generic & Grand Strategies Short Term Objectives Functional Tactics Policies Organizational Structure, Leadership and Culture Strategic Control and Innovation IMPLEMENTATION OF STRATEGY TOPIC: STRATEGY IMPLEMENTATION WAMBUGU JOHN KAMAU STRATEGY IMPLEMENTATION THROUGH SHORT-TERM OBJECTIVES, FUNCTIONAL TACTICS, REWARD SYSTEMS, AND EMPLOYEE EMPOWERMENT Introduction Strategy implementation is the manner in which an organization should develop, utilize, and amalgamate organizational structure, control systems, and culture to follow strategies that lead to competitive advantage and a better performance. Steps in Implementing the Firms Strategies Managers shift focus from strategy formulation to implementation successfully by doing the following right: * Identify short-term objectives: * Initiate specific functional tactics. * Outsourcing nonessential functions * Communicate policies that empower people in the organization. * Design effective rewards. How are Short-Term objectives used in Strategy Implementation? Short-term objectives are measurable outcomes achievable in one year or less. Short-term objectives provide much more specific...
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...1. What is the difference between a. and a. Week Activity and What I Learned This week's learning topics were Software Reengineering and Software Documentation. Since there are no discussion assignments and programming assignments, I focused on understanding the contents of reading assignments. Here are the key notes I learned from reading assignments. Software re-engineering Software reengineering updates legacy systems to improve maintainability. Compared to completely redeveloping software, the main benefits of reengineering are reduced risk and cost. While redeveloping essential software involves high risks, such as incorrect system specifications and development problems, reengineering can significantly reduce costs, potentially by a...
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...I. Introduction 2 II. Definition 3 A. Difference between translation and conversion 3 B. Role of FASB No. 52 4 1. Determine the functional currency: 4 2. Determine whether the functional currency of the subsidiary is also its home currency. 4 a) If the functional currency is the home currency, 4 b) If the functional currency of the subsidiary is not its home currency, 5 III. Reasons for Translation 5 A. Recording direct business transactions 5 B. Reporting operations conducted through a foreign enterprise 6 C. Measuring the enterprise exposure to the effects of currency fluctuation 7 D. Communicating with foreign audiences-of-interest 7 IV. Financial statement effects of alternative translation rates 7 A. Exchange rates used in translation 7 1. Current rate: 7 2. Historical rate: 7 3. Average rate: 8 B. Risks associated with fluctuations of exchange rates 8 1. Currency transaction risk 9 2. Currency translation risk 9 V. Foreign Currency Translation Methods 9 A. Single rate method 10 1. Current rate method 10 B. Multiple rate method 11 1. Current/noncurrent method 11 2. Monetary/nonmonetary method 11 3. Temporal method 12 VI. Foreign Currency Transactions 13 A. Exchange rate mechanisms 13 1. Independent float: 13 2. Pegged to another currency: 13 3. European monetary system: 13 B. Foreign currency markets 13 1. Exchange Rate 13 2. Types of Exchange rates 14 a) Spot rate: 14 b)...
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...Aligning Sourcing and procurement strategy to corporate strategy/strategic supplier selection analysis, Collaboration methods and mechanisms INTRODUCTION Organizations are operating in an environment characterized by continuous economic, social, natural and political disruptions to their sources of supplies and services/ consumers and markets. To survive in this turbulent and highly competitive market place, these organizations must continually monitor their competitive positions alongside their internally controllable functional strategies to ensure they are proactively aligned with the overall corporate strategy. To succeed therefore in this fact evolving global competitive business environment, an innovative business concept Supply Chain Management was introduced to help align the functional strategies with the overall business strategies and suppliers. During World War I and II, the success of a firm was not dependent on what it could sell, since the market was almost unlimited. Instead, the ability to obtain from suppliers the raw materials, suppliers and services needed to keep the factories and mines operating was the key determinant of organizational success. Consequently, attention was given to organization policies, strategies and procedures of the supply chain functions which resulted to activities termed logistics, souring, procurement, material management. By the open of 1970’s, organizations faced two most challenging problems: an international shortage of almost...
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...The Effects of Changes in Foreign Exchange Rates By: Benjamin T. Givens INTRODUCTION Over the past few decades, different generally accepted accounting principles (GAAP) have been developed in various countries. These differences have arisen in response to the unique legal, regulatory, litigious, social, economic, religious, and cultural environments of the countries they were created in (Wiecek and Young, 1-2). The increase in globalization coupled with related regulations has given rise to the need for a common set of global accounting standards – International Financial Reporting Standards (IFRS). Leading the charge, the International Accounting Standards Board (IASB), formerly known as the International Accounting Standards Committee, has begun a movement toward harmonization and convergence of GAAP. More than 100 countries currently use IFRS, so if your business goals include global expansion, it is critical to educate yourself about the impact of IFRS on your financial reporting processes and business now (U.S. GAAP vs. IFRS). This paper will focus specifically on the differences and similarities between IFRS and U.S. GAAP with respect to accounting for the effects of changes in foreign exchange rates. The guidance related to accounting for foreign currencies in U.S. GAAP is included in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 830, Foreign Currency Matters. In IFRS, the guidance related to accounting for foreign...
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...1. Provide an overview of the six business objectives of information systems. Answer: These are: Achieve operational excellence through higher levels of efficiency and productivity; create new products, services and business models; increase customer and supplier intimacy that can reduce costs and increase profits; improve decision making for employees and managers; increase the competitive advantage of a firm; ensure the firm survives in a changing environment. ________________________________________ 2. Explain the difference between computer literacy and information literacy. Answer: Computer literacy narrowly focuses on the use of computer hardware and software to process raw data. Information literacy includes a broader awareness of how information technology combined with behavioral approaches can be used to solve business problems and create information that is useful to the business and its employees. ________________________________________ 3. Briefly describe how information systems influence organizations, people, and technology. Answer: Information systems help organizations formalize their business processes and culture. People who understand how to operate information systems are necessary as are people who can understand how to use the information from the system to achieve business objectives. Technology provides the foundation upon which a business can build its information system. ________________________________________ 4. Outline...
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...Chapter 1: Strategic Leadership: Managing the Strategy-Making Process for Competitive Advantage I. Overview a. Strategy: set of related actions that managers take to increase their company’s performance b. Strategic Leadership: about how to most effectively manage a company’s strategy-making process to create competitive advantage c. Strategy Formulation: selecting strategies d. Strategy Implementation: putting strategies into action II. Strategic Leadership, Competitive Advantage, and Superior Performance e. Superior Performance i. Two reasons why maximizing shareholder value is the ultimate goal 1. Provide a company with risk capital a. Risk Capital: capital that can’t be recovered if a company fails 2. Shareholders are legal owners of a corporation ii. Shareholder Value: returns that shareholders earn from purchasing shares in a company 3. Comes from capital appreciation and dividend payments iii. Measuring Profitability 4. Return on Invested Capital (ROIC) b. ROIC= (profit/capital invested) iv. Measure Profit Growth by the increase in net profit overtime 5. Can grow profits if: c. Sell products in markets that are growing rapidly d. Gain market share from rivals e. Increase the amount sold to existing customers f. Expand overseas ...
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...5100 Rockhill Road, Kansas City, MO 64110-2499, USA c Katholieke Universiteit Leuven, Naamsestraat 69, 30000 Leuven, Belgium b a r t i c l e in fo Keywords: New product development process Cross-functional structure Structural ambidexterity Derivative innovation performance Breakthrough innovation performance abstract Based on a survey study of 155 U.S. firms, we conducted a firm-level assessment of the impact of different kinds of structures (i.e., functional versus cross-functional) in different kinds of new product development (NPD) processes (i.e., incremental versus radical) on different kinds of firm innovation performance (i.e., derivative versus breakthrough). We observe that most firms opt for similar structures for their incremental and radical NPD processes. At the same time, though, we find strong evidence that (1) firms that apply a cross-functional structure for the radical NPD process perform significantly better in terms of breakthrough innovation performance than firms that apply a functional structure for the radical NPD process and (2) firms that apply a functional structure for the incremental NPD process perform significantly better in terms of derivative innovation performance than firms that apply a cross-functional structure for the incremental NPD process. These latter findings point to the...
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