...Principles of Management Unit 1 Individual Personalities and Temperaments In reviewing several source articles it became quite clear that the various different types of personalities can make or break a particular position within an organization. The ability of a personality to accept critical feedback equates to a higher emotional intelligence and being better able to serve an employer (Laff, M. 2006). The differences in personalities in different positions directly correlate to how employees respond in their positions. A CEO will respond differently to a situation over a district or regional manager position. In turn this relates to how subordinates will respond to the manager or CEO (Krell, E. (2005). According to Laff (2006) the big number for resiliency rate is 84%. What this means is that achieving a lower number means the personality is less likely to listen and/or accept any form of criticism. Interestingly enough higher executive positions fall below this number. Whereas, district or regional managers fall at the 84% which indicates they are at the very high end of being able to take the criticism, move it forward in a constructive manner, along with subordinate positions feeling like they can address issues with these types of personalities. Social interaction also plays into how well a manager can be effective in their position. A study stated that “’people with certain personality characteristics will gain more’ says Paula Caligiuri, a professor...
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...the state-owned commercial banks and financial institutions, according to the central bank statistics, will disburse Tk 44.97 billion in 2010. Twenty-nine private commercial banks will distribute Tk 174.78 billion while nine foreign commercial banks will disburse Tk 7.07 billion to the entrepreneurs. Besides, the country’s non-banking financial institutions have made commitment to disburse Tk 13.13 billion as SME loans during the current calendar year. The loans will be given to more than 60 SME sectors such as light engineering, handicraft, flower, fish processing, handloom, rice-mill, jamdani, Rajshahi silk, khadi, bio-gas and compost fertiliser. Credit Mangement Policy by Bangladesh Bank and Its Implementation by Bank Asia Limited In: Business and Management Credit Mangement Policy by Bangladesh Bank and Its...
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...Management by objective (MBO) Management by Objective is a tool that allows managers and employees to come together for the purpose of agreeing upon a set of objectives to achieve the company’s short, medium, or long term future (www.word.com/defination/mangement). The theory intrigued me because management by objective theories can help promote a great team. The overall well-being of the company works better with healthy communication between management and employee’s. I currently manage people clarifying their goals and stimulating theory can be a challenge. Management by objective is an essential part of the mangers daily activities. The Theory for management by objective is to improve planning, better understanding between management and employee, participation in the goal setting process, better informed employees, improved appraisal system and better organization of functional task grouping (Ford, McLaughlin, Nixdorf o 1980). The concept of job planning is a key theory of management by objective because it sets a range of performance systems to assist the employees to stay on track (www.1000ventures.com). When you plan you give your employees an expected result from beginning to end. Better understanding between you and your employees is important because if your employee does not understand what is needed from them they cannot possible meet the company’s needs. If the communication is unclear there is room for error Communication is an essential part...
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...Management (IM224/IM245), Bachelor of Sc. (Hons.) Information System Mangement (IM225/IM245), Bachelor of Sc. (Hons.) Records Management (IM226/IM246) and Bachelor of Sc. (Hons.) Resources Center Management (IM227/IM247). Sampling is the process of selecting a few (a sample) from a bigger group (the sampling population) as the basis for estimating or predicting the prevelence of an unknown piece of information, situation, or outcome regarding the bigger group (Ranjit Kumar, 2014). When selecting the sample, reseacher avoid to being bias for all the respondent. Sampling techique used by the researcher are stratified sampling. Stratified sampling is to partition the population into 4 groups it is IM224, IM225, IM226 and IM227 based on factor that may influence the variable that is being mesasured. These group are called as satra. An individual group is called as a satrum. For this study, first, researcher partititon the population into 4 groups, second, researher obtain a simple random sample of each group its called as satrum and thridly, researcher will collect data on each sampling unit that was radomly sampled from each group(satrum). Population All final year students of Faculty Information Management of UiTM Puncak Perdana Group (Strata) 4 courses Faculty of Information Management IM224, IM225, IM226 and IM227 Obtain a Simple Random Sample 186 students from each courses of the Faculty of Information Mangement Sample 4 x = 744 selected students 3.4 Pre-test A pre-testing a...
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...and also reporting practices. The facilities have to report the financial information factually and fairly. With professional financial management and reporting practices, these facilities carry the high expectations to upholding ethical standards and behavior. The financial data helps to aid in the assessment of the timing, amounts, and uncertainties of flows of cash, and as well as furnishing data about the facilities economic resources, claims towards the resources, equity, and changes within the claims and resources. The manager’s most important challenge is to solving problems strategically. As to the development of a variety of academic disciplines, and to aid managers to responding to the challenge of developed problem solving, principles of management are categorized into a system of functions that are summarized as planning, organizing, leading, and controlling. * Planning is the function of which the management that includes setting goals and determines the course of action to achieving these goals. Planning requires that managers be good decision makers and it requires them to be aware of environmental conditions that the organization is facing as well as forecast future conditions. Strategic planning includes competitive threats and opportunities, along with the weaknesses and strengths within the facility. Tactical planning is the intermediate planning that is developed to design relatively specific and concrete ways to implementing the strategic plan. Operational...
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...Hugo's aim was to create a consortium of academic and private organisations with each having a strong motivation to succeed. He held strong veiw's about mangement processes and organisational structures. He believed that company’s should not employee more than 500 people at a time and that decision making should be democratic and also involve employees from all aspects of the team. The Riversimple company designs energy-efficient automobiles, including the Morgan LIFEcar and the Riversimple Urban Car. (hybarn). The name LIFECar was coined by the team at OSCar Automotive Ltd. The name LIFECar summarises key design principles advocated by RiverSimple. LIFECar stands for Lightweight Integrated Fuel `Efficient Car. Hugo Spowers (founder of OSCar Automotive Ltd and Managing Partner at RiverSimple LLP), sought to demonstrate with the LIFECar project that significant gains in fuel efficiency could be achieved with readily available technology. In order for this project to take place, and with the initial and far-sighted support of the Morgan Motor Company, he formed the LIFECar consortium of Cranfield University, Linde, Oxford University and QinetiQ; together they received support from BERR, formerly the DTI, to part fund the project. Key elements of the design (as the name suggest) include the lightweight structure and the integrated whole system design of the vehicle around the characteristics of a fuel cell. LIFECar combines a hydrogen fuel cell with...
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... This course is an introduction to the fundamental principles of food and beverage services management emphasizing how food service professionals create and deliver guest-driven service, enhance value, build guest loyalty, and promote repeat business. Students learn theoretical and practical skills for effective management of food and beverage service operations relating to front and back of the house, leadership, management principles, service skills, service styles (French, Russian, American), and training of personnel. : CO# | Description | PO1 | PO2 | PO3 | PO4 | PO5 | PO6 | PO7 | PO8 | PO9 | PO10 | PO11 | PO12 | PO13 | PO14 | 1 | Describe basic management principles and concepts as applied to food service professionals. | | | | | | | | | | | | | | | 2 | List and discuss the duties of the different job responsibilities of food servers, caterers/banquet servers, room service attendants, beverage servers and bartenders, as well as various management positions in food & beverage. | | | | | | | | | | | | | | | 3 | ...
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...accounting is introduced internally, while money related bookkeeping (financial accounting) is applied externally. Although financial management is of extraordinary significance to present and potential investors. Management accounting is fundamental for directors to settle on present and future financial situations. Financial accounting is exact and should hold fast to Generally Accepted Accounting Principles (GAAP), but management accounting is frequently all the more a speculation or assessment, since most managers don't have time for precise numbers when a choice should be made. Some other differences could include the purpose of information in which for management accounting it is to aid planning, control and decision making while for financial accounting it is to record financial performance and position in a set period. Another is if they have legal requirements and here financial accounting does have some legal requirement although it would only be for limited companies while management accounting does not. Both these accounting methods use financial accounting but mangement accounting uses non-financial as...
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...Introduction There is an old controversy going on which is “Is management an art or a science?”. Management is everywhere. It can be found in offices , schools, banks, Hospitals etc. Whether it be a profit or non-profit organization, it is required for the smooth transition of the business. There is no agreed definition for the term management but according to Harold Koontz, Management is defined as “the art of getting things done through others and with formally organized groups” (Koontz, 1954)..To be effective in management, A manager should have should have undergone necessary training and Should possess some individual skills. This essay seeks to explore the question ‘Is management an art or a science? This essay will analyze whether management from the perspective of an art and a science. .Management as an art Ayn Rand (1905-1982) defines art as “a selective re-creation of reality according to an artist’s metaphysical value-judgments. If those who believe that management were an art, they are those people who believe that there is no specific way to learn management and it just takes two things i.e. personality and ability to learn and understand management. Additionaly these people would also believe that people can’t be taught to be effective managers, throughout the years they become better through experience and training. But For Schein, (2001) People’s attention towards the environment becomes more clear ,provoke them to question long-held beliefs, encourage developing...
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...Scenario 1 While looking at the Risk Corporation’s case and who is potentially liable we found some issues that may have contributed to damages done to the stockholders. Issues included: Breaking Wisconsin Disclosure Law, Shareholders filed a Derivative Action, and because of certain actions Risk Corp. lost money due to the data breach. There are several relevant laws & principles that pertain to Risk Corporation. The Business Judgement Rule could be used as a defense for Tom Lawless in response to the derivative action. The business judgement rule states that directors and officers are immune from personal liability if their actions are reasonable when made but prove to be detrimental to the corporation. Next, the Duty of Loyalty may have been broken when Lawless didn’t put the corporation's interest ahead of personal interests. This happened when the Risk Corp. didn’t disclose the potential conflict of interests regarding cyber break-ins. The Duty of Care is relevant because the directors and officers have a duty to exercise reasonable care in conducting corporate affairs. And lastly Shareholder litigation is seen here when the shareholders filed a derivative action after the discovery of the data breach and the decline of stock prices of the Risk Corporation. Scenario 2 A shareholder is part owner of a corporation based on the percentage of the corporation's stock the shareholder owns. Shareholders have the right to vote to approve any fundamental corporate changes...
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...Notes of: Principles Of Management By: Faheem Ali Khokhar MBA-92 Reg: 1146106 Managerial Roles: A role is an organized set of behaviors. Managers acvt in specific ways when they interact with others in the course of performing the four management functions. Henry Mintzberg (1973) has identified ten Sub roles common to the work of all managers. He argued that all managers take on these patterns , or roles in order to be effective in their jobes. The ten roles are divided into three groups: informational, interpersonal and decisional. Informational Roles: It involves gathering information from inside and outside the organization and communicating it also inside the organizationm and outside the organization while making contacts and building relationships inside and outside the organization. Monitor: Collecting information from organizations, both from inside (staff, employees etc) and outside (customers, competitors, partners, suppliers etc) of the organization. Managers when working within the organization and also outside the organization while meeting with them or communicating with them, he or she gets information, ideas, innovations which is laked by your organization which you don’t know and in this way Manager perform his role as Monitor (scans the whole information) Disseminator : Sharing the outside information to inside the organization for improving performance quality or in any other means. Communicating information to organizational members or transmitting...
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...Operations Management Operations Management Customer Complaints & Quality Manangement at Hotel – The Manor Group 8 – Section B Sukhmeet Singh Sikka PGP15114 Harshit Jain PGP15082 Kanika Verma PGP15085 Nakul Yadav PGP15092 Pratika Saini PGP15100 Vikas Srivastava PGP15119 Customer Complaints & Quality Manangement at Hotel – The Manor Group 8 – Section B Sukhmeet Singh Sikka PGP15114 Harshit Jain PGP15082 Kanika Verma PGP15085 Nakul Yadav PGP15092 Pratika Saini PGP15100 Vikas Srivastava PGP15119 Importance of Customer Complaints: Customer complaints are an important source of improvement for any industry especially the service sector. It offer the industry an opportuinity to correct immediate problems and pave way for preventing long term issues. Also, in addition to this they also provide constructive ideas for improving the products and services, adapting to the new market market practices and updating the services. In case of service industry, occasional problems with service of merchandise are, to some extent, inevitable, dissatisfied customers are not. Companies can learn to recover from mistakes. A good recovery can turn angry, frustrated customers into loyal ones. Recognizing the importance of responding fairly and efficiently to buyer disappointment in the marketplace, many businesses have established effective and innovative systems for resolving consumer complaints...
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...To:Dr Raju From:Sharifa Al'Busaidi Subject: SOWT Analysis of Wish You Wood Toy Store Date:10/11/2015 Introduction Wish you Toy store is a store that sells hand-crafted kids toys. It is located is a special location, yet has limited customers. To enhance potential growth, it launched an online store with a partnership with Amazon.com.At the beginning, the purchase rate was high. However, it started going down because of the competitive prices of Amazon itself. This business brief discusses toys store in terms of d strengths, weaknesses, opportunities and threats. It also discusses possible strategies to overcome weaknesses and threats and enhances strengths and opportunities. Strengths The key strength is the special location in the main shopping strip. The location brought loyal and regular customers. It also sells original and unique toys which are rare these days. It also offers entertainment and fun for families and people who pass by the shop. In addition, having a particular web site has helped the shop to obtain more customers and keep regular ones updated about the new items. Weaknesses One of the store major weaknesses is the limitation of customers. Many customers' purchases are seasonal. Mostly they buy during occasions like Christmas and Birthdays. Others come to enjoy browsing the items but not purchasing them. Although the store has its own website, it remained on dealing and communication with the same in store customers. Opportunities Targeting...
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...Functions of Management Milton Jones MGT 330 August 9, 2011 Yvonne Jordan Four Functions of Management The essential responsibility to any business lies in the hands of their managers. How these managers provide the planning, organizing, leading and controlling, reflects on the success of reaching company goals and continuing to maintain competitive advantage. Maintaining these four functions requires managers to form groups of employees who will help to complete each plan successfully. According to (Bateman, & Snell, 2007), “In the business world today, the great executives not only adapt to changing conditions but also apply—fanatically, rigorously, consistently, and with discipline—the fundamental management principles. These fundamentals include the four traditional functions of management: planning, organizing, leading, and controlling. They remain as relevant as ever, and they still provide the fundamentals that are needed in start-ups as much as in established corporations. But their form has evolved.” Planning The very first function in the management process is known as planning. Basically, the determination of success or failure for any manager lies within each manager’s planning procedure. According to (Bateman, & Snell, 2007), “Planning is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals. Planning activities include analyzing current situations, anticipating the future, determining objectives...
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... Their website can be accessed at www.freshdirect.com. FreshDirect tailors cuisine, perishables and dishes for its clients by means of an assembling practice known as Just-In-Time lessening waste and enhancing quality and freshness. FreshDirect is prominent for its resource usage of local agriculture offering organic, natural nourishment supplying commodities the consumer would purchase in their local supermarket. BACKGROUND/HISTORY Founded in 1999 by Jason Ackerman and Joseph Fedele, they ascertained learning from failed attempts of other online grocers. Ackerman, who worked in finance, sought out Fedele, who worked at Fairway grocery. In a Bloomberg TV interview last year, Ackerman said, “[W]e really founded on two guiding principles. First was to rethink how we get product from the farm to a customer's table in a much more efficient way which lends itself to deliver better quality products at better prices. And second, because we know so much about our customers, is to use that information to deliver a much more personalized, better experience.” [ (Goldberg, 2010) ]. The Key Executives for FreshDirect, LLC are Mr. Jason Ackerman, Co-Founder and Mr. Steve Druckman, Chief Marketing Officer. The company is based in Long Island City, New York. Total Profit and Loss for this company is not readily available to the general public since it is a privately held company; in a 2010 article from Daily Finance, Rick Braddock, who was the CEO at the time stated, “The company...
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