...Chapter 1 The Problem and Its Settings Introduction Competence is defined as the skills, knowledge and other attributes that lead to success in a chosen area. One of the major factors for students to ponder upon after graduation in college is whether they became competent to the different challenges of the global market. Acquiring techniques or knowledge for new trends is a head start for being a competent employee which can be learned through quality education. Job qualification for Hotel industry is essential in finding a competitive work in the Philippines or even in other countries. Due to the rampant growth in hospitality industry, there has been a major concern for the Hotel and Restaurant Management students to be highly competitive or highly qualified in terms of hotel and restaurant preferences and standards. The job market in the hospitality industry is very competitive, employers will always want new graduates who are ready to “jump in” and start working immediately. Equipped with knowledge on the new trends for today’s hospitality industry, in order to be competitive in this market, newly graduates must possess the maximum skills required to perform efficiently and effectively in the hospitality industry. Industry professionals often claim that what educators teach in the classroom is out dated (Kang, Wu, & Gould, 2005). Technology, the workforce, hospitality and tourism products, and customers are constantly changing. As a result, relevant competencies...
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...Time Management ProcessPolicy.com Definition Time Management is the process of planning and allocating time for specific work related activities to increase employee efficiency and productivity. The Business Value: Increased employee efficiency and productivity PP The Value Time Management enables the effective management of employee's time using accurate working time recording, monitoring and analysis. Only through analysis of the data that you can begin to understand employee behavior, identify working trends and discover where work can be made for efficient. Time Management Strategies An employee's behavior in performing a list of tasks, whether simple or complex, is described as a queue processing strategy: * First In, First Out (FIFO) * Cycling Downhill * Prioritizing by Importance * Prioritizing by Urgency First In, First Out (FIFO) This strategy describes the principle of ordering the tasks in order of their arrival. Cycling Downhill This strategy describes the principle of a completing the most difficult task first, then the next most difficult task following in the list, and so on. The effort spent on the completing the top difficult tasks enables an easier and less stressful effort to complete the rest of the tasks. Prioritizing by Importance This strategy describes the principle of a completing the most important task first, then the next most important task following in the list, and so on. Prioritizing by Urgency This strategy...
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...Contents What transferable skills should students develop during their time at university? 1 1. Introduction 1 2. Research Objectives 1 3. Summary of Findings 2 4. Commentary on findings 2 Oral Communication 2 Fluency in a Second Language 3 Presentation skills and time management 3 Skills considered of least importance 3 5. Recommendations 3 What transferable skills should students develop during their time at university? 1. Introduction Transferable skills can be described as ‘skills developed in one situation which can be transferred to another situation’ e.g. problem-solving, decision-making, or communication skills. These skills are also known as ‘soft skills’, ‘key skills’ or ‘generic skills’ and are essential in all areas of life, not just in learning or work situations. In recent years Higher Education institutions have begun to identify particular transferable skills they wish their own graduates to develop during their time in third-level education. However, an essential part of identifying important skills for students to develop is to seek the opinions of students themselves. The focus of this HEA-funded project is on modern language students. Hence this survey was conducted with this student cohort only, rather than with a cross-section of the student body. Most surveys undertaken to ascertain students’ opinions on the important transferable skills for them to develop, have been surveys of diverse student populations. It is interesting to note that...
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...Nature and the Importance of Operation Management 2 Task 2: The Link between Operation Management and Strategic Planning 4 Task 3: Organizing a Typical Production Process 6 Task 4: Application of Relevant Technique to the Production of an Operational Plan for an Organization 7 Conclusion: 9 References: 10 Introduction Operation management is a part of overall function of a business organization. It means planning, organizing, staffing, leading and controlling the resources of a company those are used to make goods or services of that particular organization. So it can also be said as a part of management function. Operation management is important for any kinds of company including for- profit, not-for-profit, social, commercial etc. IT performs the prime managerial activities of any organization. Weather the organization is service oriented or profit oriented to achieve goals it needs to manage its resources like human, technological, informational etc. organizational management makes the way for a better combination of these resources. In this assignment the nature and importance of operation management will be described. The importance of organization management for an organization, its operation in a selected organization and evaluation of operational management of a selected organization by using a process model also will be described. There is a link between operation management and strategic management it will also be explained. The importance of Three Es’,...
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...chain management which brings customer satisfaction and profitability. Many retailers especially supermarkets and grocery stores use different strategies in order to achieve an effective supply chain management. Faced with predictable variability, a company’s goal is to respond in a manner that balances supply with demand to maximize profitability (Chopra & Meindl, 2013: 247). Inventory management is the activity of planning and controlling accumulation of inventory which occurs because of local mismatches between supplier and demand (Slack, et al. 2012). Inventory management is one of the building blocks of total supply management and a good indicator of the effectiveness of supply chain management (Basu&Wright, 2008) Stock rotation is an innovative inventory management practice, commonly used in retail, especially in food stores such supermarkets and groceries, of moving products with an earlier sell-by date to the front of a shelf and of moving products with a later sell-by date to the back. (Gustafsson et al. 2006). In this assignment, it is going to be analysed how 7-Eleven achieves the performance objectives; cost, dependability, flexibility, speed and quality via innovative inventory management and stock rotation and further compare this using the importance-performance matrix. The author studied industry journals, including a case study of 7-Eleven’s, and emphasised the impact of stock rotation and inventory management on supply chain management. ...
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...that you can be successful in this course. 4201 Wilshire Blvd., Suite #610 ♦ Los Angeles, CA 90010, CA, U.S.A. ♦ T: (323) 938-4428 ♦ F: (323) 938-4-4429 ♦ E: www.iau.la MGT 620a Operations Management & Supply Chain Syllabus Class Details Name: Email: Phone: Room: Method: Steve B. Young, Ph.D. (A.B.D.) syoung18@verizon.net (818) 360-6115 LA-Classroom C Hybrid Term/Year: Days: Time: Start Date: End Date: Spring Session 1 / 2015 Wednesdays 6:00pm-10:00pm January 05, 2015 February 27, 2015 Instructor’s Biography Steve Young graduated from Western Michigan University with a Bachelor of Science in Engineering and Business. He spent time as an HR director and consultant with many Aerospace firms. Steve has worked in numerous management positions for Boeing, Lockheed Martin, Eco Polymers, Hughes, and PM-10 Consultants specializing in the area of Human resource, business management, and business operations. Steve received his MBA from West Coast University with an emphasis in management and is looking to receive his PhD from Walden University in Applied Management and Decision Making with specializations in Organizational Change and Leadership in 2008. Steve is a senior faculty member and has been teaching for the University of Phoenix in their Undergraduate and Graduate Business Management Program for over 14 years. Steve has been involved in two successful starts up companies since 1985 that are still operating today in a growth environment. He functions as a consultant in...
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...Beneficial outcomes 7 Summary 8 Conclusion 9 Introduction: Time is considered to be a dimension. Where this dimension is made up of seconds and it is used as a measurement unit. It is astonishing what people can achieve in their daily lives just by having used their time effectively. The ability and the knowledge of using time are referred to as time management. Now a day’s time management is essential and required while undergoing a task and the person who is working on a task should have acquired the skills of time management to eliminate defects and time wastage. An inspiring quote which emphasizes on the importance of time management is: “Time stays long enough for those who use it” and from this quote we can sense the deep meaning of time management skills. Reflection is defined as deliberately examining and considering the advantages and disadvantages of a personal experience. Reflecting on your personal work will help in learning from past experience; also it allows for personal and professional growth. A reflective essay is a way of writing in which the writer illustrate and describe his or her personal experience. Reflective writing is done by describing the facts which made up the experience and by evaluating the whole experience after it have been done by looking on what when well and what did not. This essay is going to reflect the time management skills used by me which allowed me to overcome my graduation project and presentation. (Quotations...
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...Running head: The Importance of Management 1 The Importance of Management Chelsea Winslow MGT330: Management of Organizations Paul Verlasky THE IMPORTANCE OF MANAGEMENT 2 Introduction Management is crucial in developing the operations of organizations. The structure of an organization is the foundation that an organization positions itself on and determines the success of the organization. Without management, organizations would lack defined purpose and goals. Management in organizations has led to studies of various theories of management. There are numerous theories and ideas that have shaped management principles within organizations. Despite the ever changing environment of organizations, there are five core functions that have remained intact. These functions are: leading, planning, staffing, organizing and controlling. Every organization and its needs are unique and specific to that organization. Every organization will have a different approach and way of operating, but these five core functions are the constant in the implementation of each organization’s goals. These core functions can be observed in one of the retail industry leaders, Macy’s. As a former employee of this organization, I observed these five functions of management in the achievement of their goals. Also, as a former employee of this organization, I believe I can elucidate more on the process of application of these functions in various situations...
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... say manufacturing of packing boxes, a problem will arise what price of each box you should quote to the buyer. Many factors are considered while fixing the price of a product/item such as competitors’ price etc. One of the basic factors is the cost of its production. Cost is essential not only to fix price but also to ascertain the margin of profit. Knowledge of the cost determination is also necessary to keep a check on the cost of product/control on wastages, etc. The accounting used to study the various aspects of cost is known as cost accounting. In this lesson, you will learn about meaning, importance, limitations etc. of cost accounting. Notes OBJECTIVES After studying this lesson, you will be able to: state the meaning and scope of cost accounting; explain the objectives of cost accounting; differentiate between cost accounting and financial accounting; state importance of cost accounting; explain limitations of cost accounting. 27.1 MEANING AND SCOPE OF COST ACCOUNTING Cost accounting is the process of determining and accumulating the cost of product or activity. It is a process of accounting for the incurrence and the control of cost. It also covers classification, analysis, and interpretation of cost. In other words, it is a system of accounting, which provides the information about the ascertainment, and control of costs of products, or services. It measures the operating efficiency of the enterprise. It is an ACCOUNTANCY 95 MODULE - 6B Elementary...
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...manufacturing of packing boxes, a problem will arise what price of each box you should quote to the buyer. Many factors are considered while fixing the price of a product/item such as competitors’ price etc. One of the basic factors is the cost of its production. Cost is essential not only to fix price but also to ascertain the margin of profit. Knowledge of the cost determination is also necessary to keep a check on the cost of product/control on wastages, etc. The accounting used to study the various aspects of cost is known as cost accounting. In this lesson, you will learn about meaning, importance, limitations etc. of cost accounting. OBJECTIVES After studying this lesson, you will be able to: state the meaning and scope of cost accounting; explain the objectives of cost accounting; differentiate between cost accounting and financial accounting; state importance of cost accounting; explain limitations of cost accounting. 27.1 MEANING AND SCOPE OF COST ACCOUNTING Cost accounting is the process of determining and accumulating the cost of product or activity. It is a process of accounting for the incurrence and the control of cost. It also covers classification, analysis, and interpretation of cost. In other words, it is a system of accounting, which provides the information about the ascertainment, and control of costs of products, or services. It measures the operating efficiency of the enterprise. It is an 27 COST ACCOUNTING : AN INTRODUCTIONACCOUNTANCY ...
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...Chapter 2 Review of Related Literature This chapter is divided into four parts: (1) Co-curricular Activities, (2) Time Management, (3) Academic Performance, (4) Tourism Education. Part One, Co-curricular Activities, presents the definition, role of co-curricular activity in student, scope of co-curricular activity in school, its importance and benefits. Part Two, Time Management, discusses how to manage your time wisely, its effect in academic performance and co-curricular activities, why time management is important, and its benefits. Part Three, Academic Performance, provides meaning or definition, importance of academic performance, positive factors affecting academic performance, and the factors resulting to academic performance failure. Part Four, Tourism Education gives the definition of tourism education, its importance, information about tourism education. Co-curricular Activities According to Mc Kown (1952) these activities are as old as education itself. They wereknown as used in different forms under different educational settings.The history reveals that the term was called Extra-curricular Activities before four-five decades. It includedathletics, music, oratorical competitions, clubs for students, debating, dramatics, honour awards, special day celebrations etc. These activities were organized mostly by the students themselves. “Co curricular activities were mainly organized after school hours and so were the extra curricular but they are not an integral part...
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...ch1 1. The advent of project management has been most profound in A. Automobile manufacturing B. Construction C. Information technology D. The U.S. Department of Defense E. Film making 2. A professional organization for project management specialists is the A. PMI B. AMA C. MIS D. IPM E. PMBOK 3. Which of the following is not considered to be a characteristic of a project? A. An established objective B. A clear beginning and end C. Complex tasks D. Only for internal use E. Never been done before 4. Which of the following activities is not considered a project? A. Developing a new software program B. Designing a space station C. Preparing the site for the Olympic Games D. Production of automobile tires E. Developing a new advertising program 5. From among the following activities, which is the best example of a project? A. Processing insurance claims B. Producing automobiles C. Writing a term paper D. Completing a college degree E. All of these are good examples of projects 6. Which of the following constraints is not typically found in managing projects? A. Time B. People C. Cost D. Performance E. Both B and D are not typical constraints 7. Which of the following choices is not one of the stages of a project life cycle? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering 8. In which of the following stages are project objectives established, teams formed, and major responsibilities assigned? A. Conceptualizing B. Defining C. Planning D. Executing...
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...Chapter 1 6 1. INTRODUCTION TO RISK MANAGEMENT 6 1.1. Risk Management-An Overview 6 1.2. IMPORTANCE OF THE RESEARCH 7 1.3. RISK MANAGEMENT EMERGANCE-REASONS AND FACTS 8 1.4. RESEARCH METHODOLOGY 9 1.5. LIMITATION OF RESEARCH 10 CHAPTER 2 11 2. LITERATURE REVIEW 11 2.1. DEFINITION OF RISK MANAGEMENT 11 2.2. DIFFERENT TYPES OF RISKS IN BUSINESS 12 2.3. CONSTRAINTS 14 2.4. RISK ASSESSMENT 14 2.5. HISTORY OF RISK MANAGEMENT 15 2.6. PROCESS OF RISK MANAGEMENT 15 2.7. Enterprise Risk Management 16 2.8. ERM&CRO 18 2.9. BANKING RISK 19 2.10. Credit risk management in UK banking sector 19 CHAPTER 3 21 3. ANALYSIS AND DISCUSSION 21 3.1. ECONOMIC CRISIS AND BANKS OF UK 21 3.2. Minimizing the moral difficulties involved in the originate and distribute model of banking. 22 3.3. Transparency of risk in financial products is essential if regulation is to work 22 3.4. Reform Basel ii so that it is not so pro-cyclical 23 3.5. RISK MANAGEMENT AND COSTS OF BANKING CRISIS 24 3.6. Costs of Risk 25 3.7. SIGNIFICANCE OF REGULATORY STYLE 26 3.8. KEY WAYS TO MITIGATE BUSINESS RISK 27 3.9. Risk dash board every bank needs 28 3.10. ROYAL BANK OF SCOTLAND 29 3.11. RISK MANAGEMENT AT KENYA COMMERCIAL BANK (KCB) 29 3.12. Risk management in hotel and tourism industry in India and in the whole world 30 3.13. The management of risk in agricultural sector in the United States of America 31 3.14. THE ROLE OF INTERNAL AUDITORS IN RISK MANAGEMENT 33 4. CONCLUSION AND RECOMMENDATION...
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...• Requires resources (often from various areas). • Should have a primary sponsor or customer. • Involves uncertainty. Describe several projects with which you are familiar. Students like to hear about their instructor's experiences and share their own. You can also discuss the triple constraint of project management¾balancing scope, time, and cost goals. Use a visual example that will help students remember scope, time, and cost. (I describe a Far Side coffee mug I have that shows Einstein wearing thick spectacles (specs are like the project scope) and looking puzzled at an equation he wrote on a chalkboard. At the end of a complicated math proof is the conclusion that time = $.) Give examples of each constraint on various projects with which you are familiar. Some of these examples should have a stronger emphasis on scope, and others should be more focused on time and cost. The project management course itself can be used as an effective example of a project. The time and cost of the course are fairly inflexible, so the main constraint you can control is the scope. What is Project Management? There are several important concepts in this section. Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements. Figure 1-2 provides a great visual framework for discussing this definition. Review the other definitions. Students appreciate seeing a...
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...Strategic Management: Strategy is a long-term plan framed to gain a competitive advantage. Strategic management is a domain wherein strategies are transformed in to actions. It even comprises decisions made based on priorities, say, tasks to which time is devoted like resource allocation. These plans and decisions are aligned to goals of an organization. (Amason, A. 2010) Strategic management focuses on clients to know their expectations and serve them brilliantly. It involves action plans to reduce attrition and to retain the best talent. Its scope involves the functions and activities which make the organization innovative and pioneering. (Karami, A. 2007) Need for Strategic Management: Need for its strategic management arises to fulfill the priorities of an organization few of which include: o To accelerate its growth in this global business. o To augment the operational excellence of the organization. o To become globalized. It aims towards value creation to all shareholders at the same time even being centered towards society. (Amason, A. 2010) Executive Summary: Strategic Management involves formulation and implementation of strategies to improve the performance and to gain competitive advantage. It involves decisions and acts that managers undertake in order to attain the desired goals. Strategies are planned means to attain end results. Strategic management is long term in nature and gives a direction to the organization. Before...
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