...Four Functions of Management For BMGT 364 Professor Vaughn Jenkes Theresa Scott A man sits at his desk biting on his pen hair tussled and sweating bullets. He is reading over his monthly finance report. It is just not making sense to the man he does not understand why he is not making a profit. Unfortunately, this is the scene for many managers of organizations. When operating a business its best to have a concise plan because, it could be crucial to the company’s success or failure Managers needs to have a clear understanding of the four functions of management. The four functions of management are planning, organizing, leading, and controlling. An Analysis of the four functions of management will reveal how understanding and knowing how to apply these four functions can be critical to an organization’s success or failure. Applying these functions can bring in a profit for the company and helps management control the company properly. Planning is a preliminary step it requires management to look ahead and map out a plan to be followed. Planning will map out when how and who is going to perform a task in the organization. When planning management focus on how to achieve goals and objectives of the company. To help them to prepare they can use planning tools such as the forecasting tool. Forecasting is useful because it gives the organization the ability to understand the future makeup of the organizational environment which helps the owner produce...
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...Internal and External Factors Paper J.Simpson; Eileen Reyes; Kevin Fears; Ashley Brown; Brittany Team A University of Phoenix MGT/230- Steven Friloux November 23, 2015 Internal and External Factors Paper Introduction The four management functions are influenced by internal and external factors. In our learning team’s paper, we will discuss some of the factors that affect the functions of management in a global environment. From internal factors, such as leadership styles and company procedures, to external factors like political and economic risks, it is obvious that delicately managing employees, in order to affectively address those functions, is of utmost importance. Explain how internal and external factors affect the four functions of management (planning, organizing, leading, and controlling). Internal factors are factors that affect the workings inside the business like accounting functions, leadership style, management changes, and procedures on how the business operates. Internal factors are important to how you run a business. The basic universal language are the accounting principles. You must understand the function of this to know how to run the business. A company’s leadership style impacts organizational culture. Leaders have to be able to communicate effectively. Also, the strength of the employees is an important internal factor. Hard-working and talented workers produce better results for a business. Procedures deal with how you execute...
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...MANAGMENT ACCOUNTING Launchbreak LTD 1. Be able to analyse cost information within a business 1.1 classify different types of cost 1.2 use different costing methods 1.3 calculate costs using appropriate techniques 1.4 analyse cost data using appropriate techniques 2. Be able to propose methods to reduce costs and enhance value within a business 2.1 prepare and analyse routine cost reports 2.2 use performance indicators to identify potential improvements 2.3 suggest improvements to reduce costs, enhance value and quality 3. Be able to prepare forecasts budgets for a business 3.1 explain the purpose and nature of the budgeting process 3.2 select appropriate budgeting methods for the organisation and its needs 3.3 prepare budgets according to the chosen budgeting method 3.4 prepare a cash budget 4. Be able to monitor performance against budgets within a business 4.1 calculate variances, identify possible causes and recommend corrective action 4.2 prepare an operating statement reconciling budgeted and actual results 4.3 report findings to management in accordance with identified responsibility centres COMPANY BACKGROUND Launchbreak LTD is a small manufacturing company that makes cakes, which are sold to supermarkets and grocery stores. You work as an accounts manager at Launchbreak LTD, reporting to the general manager. 1.1(a) Managment accounting is one kind of accounting which is designated to provide business leaders...
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...There are four functions of managment which are planning, organizing, leading and controlling. Managers use these functions everyday in order to maintain balance within the work place. It is said that the functions must be performed efficiently for the success of ones business. All of these functions together are call the management process. Planning is a important part of management it actually is the first and base part of the process. With planning understanding where the company is trying to go with its goals and depending on how big the manangment is some stategies may get completely changed or modified. The business in which I work has a lot to do with planning ahead of time. You have to know what the consumer is going to be looking for and whats in and whats not. My business is selling Nikes and Jordans in which everyone has there own taste, but planning out the right product to bring in the building is a big deal. My job has plenty of examples of planning that we use like marketing planning, project planning, and sales planning. Organizing happend to be an very good function to a certain person within an organization. To be an effective manager organizing must become an very important role in duty as a manager. As a manager you have to know how to organize not only all your duties such as paper work and cleaning, but also you have to know how to manage the people you have with in your company. With people you have to know their strengths adn weaknesses to...
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...Process Managment Description Process Management includes a myriad of activities: insuring that a product or service is of high quality, choosing the appropriate design and technology for producing a good or service, planning and controlling the flow of materials or customers so that lead times are minimized, and distributing finished goods or services. Relevant decisions range from how much material to order for making a product, to determining how much capacity is needed to provide a good level of service, to evaluating which technology will best meet a company's needs. In short, this course focuses primarily on developing and applying tools and techniques to ensure that the right products and resources are at the right place at the right time so as to maximize profit within a business process or supply chain. The “products” could be either goods, services, or both; and the “resources” could be either material, people, money, information, or any combination of the four. In the first part of this course, we will focus on process design and improvement issues by studying the relationships between key process parameters such as capacity and throughput, and by analyzing processes in order to identify and eliminate bottlenecks. And, in the second part of the course, we will focus on process coordination issues by studying methods for the efficient planning and controlling of critical resources. Specific objectives are: • To describe an operating system or a business process...
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...brainpower into our mission of making the Adidas Group the global leader in the sporting goods industry. Why?Because we want to create as much value for all our stakeholders as possible. No matter whether you are an athlete, a fashionista, a (potential) employee or any other stakeholder, we strive to create value for you. Read on to find out how. RISK MANAGMENT FACTORS We acknowledge that in our daily business we are exposed to various risks and that it is necessary to take certain risks in order to be competitive and ensure sustainable success. Our risk and opportunity management principles and system provide the framework for our Group to conduct business in a well-controlled environment We define risk as the potential occurrence of an external or internal event (or series of events) that may negatively impact our ability to achieve the Group’s business objectives or financial goals. Opportunity is defined as the potential occurrence of an external or internal event (or series of events) that can positively impact the Group’s ability to achieve its business objectives or financial goals. We have summarized risks in four main categories: Strategic, Operational, Legal & Compliance and Financial. Opportunities are classified in two main categories: Strategic & Operational and Financial. The Adidas AG Executive Board has the overall responsibility to operate an effective risk and opportunity management system that ensures comprehensive and consistent management of all...
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...The Roles of Managers in Functional Areas of Business Maureen Glidewell MGT 521 1/30/14 Shirley Fitzgerald Managers are a key element in the operation of any business or organization. The success of any business is going to depend on managers and the employees that they manage. While different types of business will dictate different job functions for a manager, all managers will have the same fundamental roles, planning, organizing, leading and controlling, in whatever functional area of business they are working. The most important role that a manager plays in any functional area of business is that of planning. Planning in a business involves setting goals and formulating strategies to meet those goals. Planning is necessary at any level of management and provides a roadmap for the organization to follow to meet the organizations goals in the most efficient manner. A manager is responsible for taking the goals of the organization and providing direction to the employees to meet the goals in the most efficient manner. Anticipating areas in the business that may hinder the organization from meeting its goals is a vital activity for managers and key to keeping employees productive. Proper planning will help to keep the business running efficiently and effectively and give purpose to the organization. (Thorn, 2012) Planning will reduce uncertainty as external forces that may affect the business have been taken into account during planning. Proper planning by management...
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...MANAGEMENT: Necessary Functions University of Phoenix MGT300 Management: Necessary Functions There are four main functions of management, these are planning, organizing, leading and controlling. An effective manager must be able to employ all these functions to be successful. It is also important to involve staff in decision making, this makes for more effective and efficient results. It is also imperative that you use these functions in all aspects of your career, one need not be in managment to employ these functions to be a more productive employee. In my experience as a Medi-Cal (California's version of Medicaid) supervisor for the Transitional Assistance Department I utilized all of these functions. With a department of this size and ever changing regulations it is imperative to make changes quickly and have employee "buy-in". I made an active effort to involve staff in these functions as they were the individuals that would be completing the work. I have found that employee's that are involved in the decision making process tend to carry out the changes with better efficiency and understanding of the process. This also tends to stop the bickering about changes that must be made. I recently changed positions and am now working for the State of California Department of Health Care Services in the Medi-Cal Eligibility Branch. I now am responsible for ensuring that changes or new regulations are implemented timely and accurately. This is a large...
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...the implications of a new product on operations managment the implications of a new product on operations managment By: Mwenya Musakanya SN: 14100042 BS343 PRODUCTION AND OPERATIONS MANAGEMENT By: Mwenya Musakanya SN: 14100042 BS343 PRODUCTION AND OPERATIONS MANAGEMENT Contents 1 Introduction 2 2 New Products and Product Design 2 2.1 Factors to Consider in Product Design 3 2.1.1 Design for Manufacture 3 2.1.2 Product Life Cycle 3 3 Process Selection 4 3.1 Process Decisions 4 3.2 Factors to Consider in Process Design 5 3.2.1 Choice of Technology 5 3.2.2 Process Planning 5 4 Capacity Planning 5 4.1 Process of Capacity Planning 6 4.2 Importance of Capacity Planning for New Products 7 5 Quality Control 7 5.1 Methods that can be used to control Quality 7 5.1.1 Verification of the Design Quality 8 5.1.2 Product Quality Control 8 5.1.3 Supplier Quality Control 8 5.1.4 Early Warning Mechanism 8 6 Forecasting 9 6.1 Methods used in Forecasting 10 6.1.1 Short Term Forecast 10 6.1.2 Long Term Forecast 10 7 Conclusion 10 8 References 12 Introduction New product launches are highly complex and can pose major challenges to companies. But then, managing the relationship between product generations and diversity can greatly increase the chances for success for a company. Traditionally, new products have offered great opportunities for companies to innovate, connect with their customers and provide value added services and products. When...
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...Task 1 Assessment for Supply Chain Management B. I named my microcomputer company GigaJet. I don’t know if it is true for everyone that opens a business, but I find that naming a business is a very difficult task. The company name is reflective of what I wanted shareholders to feel when they saw and used the product; a microcomputer that has a lot of storage, “Giga”, and is fast and can go anywhere, “Jet”. Within the simulation each business was required to pick two segments to manufacture the microcomputers for. At GigaJet I chose to focus the manufacturing of our products to supply the workhorse and traveler customers. I chose these two segments because they had similar customer needs and wants, as well as a high potential demand. The next step within the simulation was to choose which markets to sell the microcomputers to. I developed a simple spreadsheet to analyze what markets would be the best fit for the company’s long term success. This spreadsheet was developed by multiplying the potential demand in each segment by the price that customers were willing to pay. From the following spreadsheet, I determined that the best markets for GigaJet to sell to were in the North American and European markets. |North America|Europe|Asia|South America|Total| Workhorse|$17,985,000|$19,377,500|$12,410,000|$13,905,000|$63,677,500| Mercedes|$19,288,000|$13,836,000|$16,960,000|$9,424,000|$59,508,000| Traveler|$12,041,600|$8...
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...Assessment Criteria Evidence (To provide evidence of Achieving Assessment Criteria Learner should provide the following ) 1.1 Discuss the role of strategic marketing in an organization. For AC1.1, learners need to show that they understand the difference between strategic and tactical marketing. They need to use established models and definitions to develop theirdiscussion. 1.2 Explain the processes involved in strategic marketing. For AC1.2, learners will be expected to understand and explain the processes involved in strategic marketing. This will involve looking at a range of processes and learners may wish to draw on their own experiences in the workplace to amplify their points. 1.3 Evaluate the links between strategic marketing and corporate strategy For AC1.3, learners are expected to understand that the process of strategic marketing does not take place in a vacuum. They will need to show that they can evaluate the links between strategic marketing and corporate strategy and provide examples of those links. 2.1 Assess the value of models used in strategic marketing planning. For AC2.1, learners need to research the models used in strategic planning. They will need to make judgments and assess the value of the models for strategic marketing planning. 2.2 Discuss the links between strategic positioning and marketing tactics. For AC2.2, learners need to understand that when strategic plans are put into operation, dayto-day tactical decisions have to be made. In...
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...Assignment Questions Question #1: (250 each part) a) Provide a brief description of the models of HRM discussed in the first chapter of the textbook, and explain how each one related to strategic human resource management. First there is the Fombrun, Tichy and Devanna model which “emphasizes the fundamental interrelatedness and coherence of HRM activities” (Bratton & Gold, 2012, pg. 18, para. 3). There are four main components consisting of selection, appraisal, development and rewards that attribute to the HRM cycle. This model ignores different stakeholder interests, situational factors and management’s choice, but gives strength to the “coherence of internal HR policies and the importance of ‘matching’ internal HR policies and practices to the organization’s external business strategy” (Bratton & Gold, 2012, pg. 18, para. 3) Second, is the Harvard model, which addresses the issue of management’s goals and the specific HR outcomes. The Harvard model has six components: situational factors, stakeholder interests, HRM policy choices, HR outcomes, Long-term consequences and a Feedback loop. Each of the components are a result of the previous which effects the HR outcomes and the long term consequences; and the feedback loop carries the outputs directly into the organization and to the stakeholders. The Guest model looks at labour management in the context of goals, employee behaviour, performance and long-term financial outcomes. “Managers are advised to consider...
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...The problem with worker motivation has existed since the relationship of workers & owners first developed and these problems are likely to exist in the future as well. This has been a common subject for research by many theorist such as: Fredrick Taylor, Abraham Maslow, Douglas McGregor, Frederick Hertzberg, Karl Marx and Harry Braverman. I will discuss the critical and mainstream theories around the topic of worker motivation and then give examples to link them to current times, this will then lead to a conclusion supported by facts and theories. The main stream theorist I would like to draw upon first is Fredrick Taylor and his theory of scientific management. He linked productivity with economic reward and put forward the concept that worker are motivated primarily through pay or ''economic reward''. This concept of Fredrick has been accepted by management all over the world and still holds true for many business where productivity is linked to sales and then to economic rewards. [ (Locke, 1982, pp. 14-24) ]. Mayo conducted experiments between 1927 and 1937, that later came to be known as hawthorn experiments and came to the conclusion that physical, economic and social environment can effect workers productivity. These experiments were criticized by a number of theorist including Alex Cary, in the ''American sociological review (1976)'', and as such I won't be using them extensively for this essay. Abraham Maslow on the other hand came up with a more general approach to...
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...http://www.scribd.com/doc/39376533/The-Performance-Appraisal-System-of-Rahimafrooz Letter of Transmittal Mrs. Kamrun Ahmed Course Coordinator Management Information System Department of Business Administration Southeast University. Subject: Submission of Transmittal Dear Mrs. Kamrun Ahmed With a great respect, we are informing you that we have prepared a project report on “The Information System use in a Superstore”. For the project completion, we have selected the superstore “Agora”.We feel great pleasure for submitting this report to you, which will definitely help us to complete the MBA. During the preparation of this report, we have experienced a lot that will greatly help us in our further studies and carrier life. It has enlightened our practical knowledge about the information system use in the practical world of business, the strategies they follow to maintain the problem in the superstore although the experience we got from here will help us to contribute these techniques in our practical life. We tried our level best to develop a good report. We would like to thank you for giving us such an opportunity to do this report on this topic. Thank you Sincerely yours Name Student ID. Md. Hafizullah 2011110004011 Sayeed 20111100040 Rukhsana Akter Rumi 2011110004015 Umma...
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...Personal Leadership Personal Leadership Personal Leadership Style Dai Meeks 1 Personal Leadership 2 Personal Leadership Style Understanding yourself is essential to be a good manager and leader, a primary characteristic of effective leaders is they know who they are and what they stand for. Reflection (A1a) The seven habits profile reveals that I overall have several qualities of a highly effective person. My emotional and life balance are great indicator I have been able to manage life without burning myself out. I am married with four children. I work a full time job and now going back to school. I have been fortunate enough to have an awesome support system that allows me to balance family and work. I prefer to be proactive and plan for issues opposed to reacting to them. Prior to starting any project I think about the end result and the effects on the future. When prioritizing I tend to complete the most important tasks. Seeing others happy is more important to me so I often compromise to insure everyone gets a little of something they want. When there is a breakdown in communication, I try to understand other people’s point of view. I am creative and seek to find solutions that are outside of the box and value other people’s opinions. Making sure I take time for myself and family is extremely important to me. Based on the results of the seven habits profile my leadership style is very authentic, team oriented, and driven to help others succeed. Leadership Practices...
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