...Internal and External Factors in Management Lorenita Borrero, Darlene See, Irene Malta, James Ortega MGT/230 June 14, 2012 Devin Daugherty Internal and External Factors in Management British Petroleum is a major world-wide company with a focus on finding energy sources to meet the needs of people everywhere. BP, like its many competitors, operates within the bounds of the four functions of management; planning, organizing, leading, and controlling. Management within the BP also has to deal with different business landscapes to make sure their company stays competitive. These landscapes would be globalization, technology, innovation, diversity, and ethics. BP has internal factors that can be corrected within these categories that can lead to its success; however they also come with external factors that the company has little control over. However not a rule, an organization is can have a factor that affects both the internal and external factors that affect the four functions of management. Globalization is described as “allowing a company to maximize its profits by trying to become the best in the world (Bateman, 2011).” British Petroleum saw the advantage in globalizing because of the world demand for natural resources. This was an internal factor that leads to the globalization of the company. One of the internal factors that helped BP in its globalization efforts was the company becoming public in 1995. This allowed it to become 12th largest producer of crude...
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...is to make students conversant with a set of management guidelines which specify the firm’s product-market position, the directions in which the firm seeks to grow and change the competitive tools it will employ, the strengths it will seek to exploit and the weaknesses it will seek to avoid. Strategy is a concept of the firm’s business which provides a unifying theme for all its activities. Course Syllabus Group I: Defining Strategic Management, Characteristics of Strategic Management Types and Hierarchy, Formulation of Strategy: Various Stages and Components of Strategic Management, Determination of various objectives like corporate, divisions and departmental objectives: Vision, Mission and Purpose, Environmental Scanning: Internal & External environment, Types of Strategies, Guidelines for crafting strategies, Tailoring strategies to fit specific Industry. Group II: Strategic Analysis and Choice: Environmental Threat and Opportunity Profile (ETOP), Organizational Capability Profile – Strategic Advantage Profile, Corporate Portfolio Analysis – SWOT Analysis, Synergy and Dysergy – GAP Analysis, Porter’s Five Forces Model of Competition, Mc Kinsey’s 7s Framework, GE 9 Cell Model, Distinctive competitiveness – Selection of matrix while considering all models discussed above, Implementation of strategy: Analysis and development of organizational policies-marketing, production, financial, personnel and management information system, Strategy implementation:...
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...is to make students conversant with a set of management guidelines which specify the firm’s product-market position, the directions in which the firm seeks to grow and change the competitive tools it will employ, the strengths it will seek to exploit and the weaknesses it will seek to avoid. Strategy is a concept of the firm’s business which provides a unifying theme for all its activities. Course Syllabus Group I: Defining Strategic Management, Characteristics of Strategic Management Types and Hierarchy, Formulation of Strategy: Various Stages and Components of Strategic Management, Determination of various objectives like corporate, divisions and departmental objectives: Vision, Mission and Purpose, Environmental Scanning: Internal & External environment, Types of Strategies, Guidelines for crafting strategies, Tailoring strategies to fit specific Industry. Group II: Strategic Analysis and Choice: Environmental Threat and Opportunity Profile (ETOP), Organizational Capability Profile – Strategic Advantage Profile, Corporate Portfolio Analysis – SWOT Analysis, Synergy and Dysergy – GAP Analysis, Porter’s Five Forces Model of Competition, Mc Kinsey’s 7s Framework, GE 9 Cell Model, Distinctive competitiveness – Selection of matrix while considering all models discussed above, Implementation of strategy: Analysis and development of organizational policies-marketing, production, financial, personnel and management information system, Strategy implementation:...
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...Management and Ochsner Hospital In today’s society it takes strong leadership and management skills to not only run a successful business, but a prosperous life as well. Frequently, individuals think of managers as the front-runners of the companies and organizations. Nevertheless, strong management and leadership go far beyond being profitable and widely recognized. Organizations develop a number of assets in to achieve effectiveness and to reach set goals and ideas. Internal and external factors affect the four functions of management and if approached productively can lead to a productive outcome. Four Functions of Management The four functions of management are planning, organizing, leading, and controlling (Bateman, 2011). Planning is fairly self-explanatory. Leaders must conclude what the objective is and how to accomplish it. Organizing is the act of conjoining the right combination of people and assets to attain the set goal. Leading includes stimulating members of the business to want to encounter the goal and to do so in both an appropriate and a profitable way. Lastly, controlling is the ongoing performance of studying the outcomes, keeping what works, and eliminating what is not working to successfully meet and possibly exceed the organization’s specified goals. Internal and External Factors The four functions of management significantly affect both...
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...Written Exam: 70 Internal Assessment: 30 Time: 3 Hours Project Economics and Management Paper Code: 3.1 Unit-1 Concepts of projects; project identification; formulation, analysis, risk, planning, design, report and appraisal; location of an enterprise; factory design and layout. Unit-II Understanding financial analysis; ratio analysis; fund flow analysis; breakeven analysis; social cost-benefit analysis; budgeting and planning process. Unit-III Sources of development finance; institutional finance to entrepreneurs; working capital management; incentives and subsidies; policies governing entrepreneurship; role of a consultancy organization. Unit-IV A review of project performance; post evaluation approach; community participation in projects; SWOT analysis; managing risk and exposure. Suggested Readings: 1. 2. 3. 4. Note: 1. 2. Four case studies will be discussed in a paper by the concerned teacher in the class. Instructions for External Examiner: The question paper will have two sections. Section ‘A’ shall comprise eight questions (two questions from each unit). The candidates will be required to attempt four questions (selecting one question from each unit). Section ‘B’ will contain one CASE STUDY which will be compulsory. All five questions will carry equal marks. Chandra, P., Project Planning Analysis, Selection, Implementation and Review, Tata McGraw Hill, New Delhi. Hedemey, J.W., Control and Management of Capital Projects, John Wiley, New York. Wysocki, R.K., R. Bick...
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...External/Internal Factors Paper Yolonda Washington, MGT/330 July 20, 2011 Tom Vincent External/Internal Factors Paper In our economy various external and internal factors affect the four functions of management. The four functions as discussed are planning, leading, organizing, and controlling. After reviewing the four functions the first functions is planning, and it is considered to be the main function for the business. “Planning communicates strategic value for the business; leading gives the employee’s motivation to do something good for the company and themselves, organizing develops the central point for the company and gives a more concrete way of building on dynamics, and controlling develops the center point for the company and how changes may come” (Bateman & Snell, 2009). The external function focuses on the market, social contact, HR, other competitors and many more external functions on the outside of the company. Another focus that may be important is supply and demand according to (Bateman & Snell, 2009). After analyzing the external function it has a major impact on all four functions for the company. Planning can become vital for the company when implementing new structures. Organizing can become more complex when adapting to innovative changes for the business. Controlling can become more contingent on the business for changing external factors and amend new management technology. However, the leading functions can help motivate externally...
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...primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002) Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the de... ... middle of paper ... ...egulator or auditor is going to insist that a company implement a good management accounting system. (Garrison, Noreen, & Brewer, 2010) The choice of how to collect and utilize information in a company is strictly management’s decision and is a part of the company’s competitive strategy. Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock...
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...Apple- Internal and External Factors Julietta Parker, Takesha Lee, Doan Clark, Dewey Privett, Brian Green October 08, 2012 MGT/230 Management Theory and Practice James De Clue Apple- Internal and External Factors Apple Inc. is an electronically based Fortune 500 company founded in 1976 by Steven Wozniak and Steven Jobs (Sanford, 2011). It is a corporation that designs, manufactures, and sells iPod, iPhone, iPad, and Mac. Over the years Apple has made drastic strides. A little bit more of an introduction into why Apple and factors covered would have better prepared the reader. Globalization Globalization definitely has evolved into an essential factor for big business organizations to exceed above the competitors. In the 1970’s the creation of an electronic device known to us now as a computer, would have come out of a garage to being a media mogul company that is worth millions. Globalization had a huge impact to Apple’s income. Financial statements display that Apple’s worldwide sales take the lead in technology sales and are ongoing to increase. This shows they have exceptional global management an example of that is, Apple had been attempting to market their products in Korea with the merchandise for many years. Only now are they able to have a product in their market that is acceptable to the MPEG-1 Layer 3 advances. So availability of technology is a factor for consideration for the plan as it allows or limits growth in a region? This allowed them to open...
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...Accounting is considered as the major helping hand to form a successive management which needs to report and analyse the business transactions. Accounting is a pathway of measuring success through the designing projects as measuring the outcomes of the projects in line with the target goal of the organisations (Elliot, Barry & Elliot, Jamie, 2004). Organisations maintain their financial reports with the help of accounting theories and policies. The international financial reporting standards also help to keep the accounting practice effectively, efficiently, and correctly. The efficient management will be built if the organisation follows the international reporting standards accurately. As a mandatory course unit of myself I need to prove my understanding about the financial systems and auditing through this report. I will gradually demonstrate my understanding on the purpose, use, importance of accounting records, accounting systems, computerised accounting system, manual accounting systems, business risk, audit risk, internal and external control systems, importance of auditing, and planning audit assignment as well as preparing audit report in the body part of my report. Task One Purpose and Use of Different Accounting Records Accounting records represents the management of all source of information in different records books. These records are ledger, journals, bank statements, adjusting journals, statement verification, invoice, brochure, and etc. The purpose and...
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... Identify advantages and disadvantages of internal and external equity for the organizations. Explain how each plan supports that organization’s total compensation objective and the relationship of the organization’s financial situation to its plan. Format your paper consistent with APA guidelines. Introduction All organizations value the compensation as a vital factor when trying to recruit and retain the appropriate staff. This will also help reduce turnovers within a company. The importances of external and internal equity are highly recommended. This paper will illustrate the total compensation plan for an organization focused on external equity and internal equity. This paper will also identify the advantages and disadvantages of internal and external equity for the organizations. By doing this I will explain how each plan supports the organizations total compensation objectives as well as the relationships of the organization’s financial situation to its plan. Internal and external equity Intel is an organization that practices using internal equity. Internal Equity method undertakes the job position in the organisational hierarchy (2007 Payroll.Naukrihub.com). This process aims to help balance the compensation provided to a job profile. This helps ensure that there is fairness between job rankings, job classifications, and level of management. Intel using this to ensure that their employees are being compensated fairly...
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...APJEM Arth Prabandh: A Journal of Economics and Management Vol.1 Issue 2, May 2012, ISSN 2278‐0629 THE LINK BETWEEN INTERNAL MARKETING AND HUMAN RESOURCE MANAGEMENT SEYED MEHDI MOUSAVI DAVOUDI*; RAVNEET KAUR** *Student of Executive MBA, Faculty of Management and Economics, Semnan University, Semnan, Iran. **Faculty of management, JIMT, Radaur, India. ABSTRACT Pinnacle Research Journals 59 http://www.pinnaclejournals.com This paper attempts to demonstrate the important linkage between internal marketing (IM) and human resource management (HRM). As a result, first of all, the present paper reviews the relevant literature about IM. In the next step, the elements of IM are introduced. Then, the main objectives of IM are clarified. Further, the relevant literature of HRM and the link between IM and HRM are described. Thereafter, by proposing a model, this paper illustrates the linkage between IM and HRM which leads to firm’s superior performance. This paper states that Marketing and Human Resource management departments should be aligned and integrated with each other. In other words, it is necessary, to have a market-oriented HR managers in order to make an impact on the success of an organization. HR managers should apply the same strategies that marketing managers use to promote products and services outside the organization...
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...CONCEPTS OF STRATEGIC PLANNING AND IMPLEMENTATION TO CREATE SUSTAINABLE, COMPETITIVE ADVANTAGE FOR AN ORGANIZATION. OTHER TOPICS INCLUDE ENVIRONMENTAL SCANNING, STRATEGIC ANALYSIS, CORPORATE SOCIAL RESPONSIBILITY, IMPLEMENTATION AND EVALUATION, AND RISK MANAGEMENT. POLICIES FACULTY AND STUDENTS/LEARNERS WILL BE HELD RESPONSIBLE FOR UNDERSTANDING AND ADHERING TO ALL POLICIES CONTAINED WITHIN THE FOLLOWING TWO DOCUMENTS: UNIVERSITY POLICIES: YOU MUST BE LOGGED INTO THE STUDENT WEBSITE TO VIEW THIS DOCUMENT. INSTRUCTOR POLICIES: THIS DOCUMENT IS POSTED IN THE COURSE MATERIALS FORUM. UNIVERSITY POLICIES ARE SUBJECT TO CHANGE. BE SURE TO READ THE POLICIES AT THE BEGINNING OF EACH CLASS. POLICIES MAY BE SLIGHTLY DIFFERENT DEPENDING ON THE MODALITY IN WHICH YOU ATTEND CLASS. IF YOU HAVE RECENTLY CHANGED MODALITIES, READ THE POLICIES GOVERNING YOUR CURRENT CLASS MODALITY. COURSE MATERIALS BARNEY, J. B. (2007). GAINING AND SUSTAINING COMPETITIVE ADVANTAGE (3RD ED.). UPPER SADDLE RIVER, NJ: PEARSON PRENTICE HALL. MINTZBERG, H., GHOSHAL, S., LAMPEL, J., & QUINN, J. B. (2003). THE STRATEGY PROCESS: CONCEPTS, CONTEXTS, CASES (4TH ED.). UPPER SADDLE RIVER, NJ: PRENTICE HALL. PEARCE, J. A., II, & ROBINSON, R. B. (2011). STRATEGIC MANAGEMENT: FORMULATION, IMPLEMENTATION, AND CONTROL (12TH ED.). BOSTON, MA: MCGRAW-HILL/IRWIN. PLEASE PRINT AND BRING A COPY OF THIS COURSE SYLLABUS FOR REVIEW AND TO CLARIFY THE EXPECTATIONS AS WE MEET IN THE FIRST CLASS. PLEASE REMEMBER THAT THIS SYLLABUS...
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...Internal and External Factors Paper David Munoz, Raymond Richards, Noemie Neipert, Donald Robertson University of Phoenix MGT/230 - MANAGEMENT THEORY AND PRACTICE MU12BSB05 Dr, Zeneo Williams 08/20/2012 Internal and External Factors Paper Internal and external factors can play a big part on management in negative or positive ways. This paper will cover some of the factors that arise both internally and externally within a company that can and will affect individuals in management positions. This paper will cover factors dealing with globalization, technology, innovation, diversity and ethics. Furthermore this paper will explain how factors in some of the categories mentioned can affect some aspects in the four functions of management. According to Bateman (2011), Management is broken down into four functions planning, organizing, leading and controlling (Chapter 1). An overall definition of management is working with people and resources to achieve organizational goals. Performing these actions can be made more difficult by factors within a company and factors external to that company. A large worldwide company such as Toyota must keep a lot of factors in mind while also attempting to accomplish these goals. Managers play a vital role in adapting to situations within companies such as Toyota they must be aware of changes and situations on a global scale. Some examples will be provided on how managers have to deal with planning, organizing, leading...
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...“Strategic Management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce II & Robinson, 2013, p. 3). The process of Strategic Management consists of nine (9) steps. The first three (3) steps are crucial for an organization’s success: formulating company mission, conducting analysis on internal capabilities and assessment of the external environment factors influencing the company operations. This paper will begin the strategic planning process for ABC Financial Corporation. The paper will outline the ABC Financial Corporation's research approach that will be used for the strategic plan to validate vision statement as well as the sources that will be utilized in performing an external and internal environmental analysis. The organization’s vision statement “presents a firm’s strategic intent designed to focus the energies and resources of the company on achieving a desirable future” (Pearce II & Robinson, 2013, p. 34). The value of the mission statement “is its specification of the firm’s ultimate aims” (Pearce II & Robinson, 2013, p. 42). ABC Financial Corporation’s vision statement is “to be recognized for the unparalleled customer experience” (ABC Vision, 2013, para. 1). ABC’s mission statement reads “With our position of trust and our tradition of integrity, our shared mission is to know our customers and anticipate their needs; advocate and advise; innovate and surprise”...
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...Strategic Business Continuity and Internal Risk Assessment Details Due Points Objectives 1.1 Identify key firm capabilities. 1.2 Describe the components of sustainable competitive advantage. 1.3 Analyze the influence of the organization on strategic business continuity. Readings Read Ch. 3 of Strategic Management: Competitiveness and Globalization, Concepts and Case. Participation Participate in class discussion. All Days 1 Discussion Questions Respond to three discussion questions. Days 3, 4, 5 3 Weekly Summary Write a 300-350 word summary of how this week’s material relates to you professionally and to organization. Post to Weekly Summary Thread. Day 7 1 Learning Team Instructions Create the Learning Team Charter. Select one of the following Virtual Organizations to use throughout the course for strategic plan development: • Riordan Manufacturing • Huffman Trucking • McBride Financial Services Day 7 Individual Internal Risk Assessment Resource: University Library’s Datamonitor 360 Access the University Library’s Datamonitor 360 and look up one of the following companies: • Wal-Mart Stores, Inc. • Jet Blue Airways Corporation • Hewlett-Packard Company • The Home Depot Prepare a 1,050- to 1,750-word paper identifying the key capabilities of your selected company. • Discuss the firm’s strengths and weaknesses in marketing, human resources, management, research and development,...
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