Shadow

Tag: management

Businesses require different functionality in today’s world

Businesses require different functionality in today’s world

Business
Environmental sustainability and maintaining an acceptable image in the minds of a public that is aware of what is happening in the business world, and adapting business organizational structures to the knowledge businesses created by modern technology are some of the other major issues. Knowledge Businesses When industrialization started, capital equipment was the major strategic asset of a business. The equipment enabled large volume production at costs much less than with manual labor, thus conferring a competitive advantage to businesses using them. The situation is different for today's businesses. Fast changing developments in modern technology result in new products that make traditional products obsolete. Additionally, businesses that know how to leverage the ever-chan...
Is business management art or science

Is business management art or science

Business
Business management involves extremely varied scenarios and one standard approach cannot work in all situations. A scientific approach seeks to impart precision to the process of decision-making by using mathematical and statistical tools to analyze available information and make predictions about future. At the same time, managers have to deal with people on several fronts and an "artistic" skill to deploy their insights into the social and political dimensions of each situation can help them achieve desired results. What Are the Management Sciences? Operations Research (OR) has traditionally been described as management science. It uses mathematical techniques like modeling, statistical analysis, digital certificate and mathematical optimization to suggest the best possible sol...
Is time management critical for success in business

Is time management critical for success in business

Business
Organizations can provide an environment where its people can manage their time effectively. Time management training should be supplemented with creating conditions where employees have specific goals, and the resources to pursue these goals in a timely and cost effective manner. Time Management: A Misnomer Many have argued that time cannot be "managed"; time follows its inevitable course whatever we do. What can be managed are the tasks that people accomplish in the available time. Viewing the issue in this perspective can lead to better results. "Time" management will then involve identifying the "right" tasks to be completed, which in turn will require clarifying the goals to be achieved and the specific tasks involved in achieving those goals. Once the goals and tasks are...
Cost management is key to business profitability

Cost management is key to business profitability

Business
An understanding of cost behavior not only helps cost management as such but also supports strategic and tactical decision-making across the entire spectrum of business operations. Projects, processes and regular operations can all benefit from cost management, leading to overall business performance improvement. Cost Analysis for Decision Support Information When cost accounting started during the industrialization era, the emphasis was on finding the direct costs of making a product or providing a service to help in setting prices. Establishment costs such as rent and administrative expenses tended to be ignored and had to be recovered through the high margins in the selling prices. Emphasis then turned to ascertaining the "full" cost of producing something. Complex and labo...
Economics and personal finance – Tips if lost job during COVID-19 pandemic

Economics and personal finance – Tips if lost job during COVID-19 pandemic

Career
Economics and personal finance - It may be cruel, but it is not illegal. Being fired, laid off, or just having the company close its doors during the COVID-19 pandemic is not new, and is, unfortunately, becoming more common. Everyone around seems to be in dilemma, except for those to whom the present condition is just another drain on diminishing resources and loss of dignity. Practical Steps to Dealing With the Loss of Job and Loss of Dignity First of all, with respect to economics and personal finance, stop playing the "what if" game. It's doubtful any employee could have truly predicted when the axe would fall. Stop blaming yourself and/or others. It's a waste of personal energy and time when efforts need to be conserved for the rocky road ahead. No sugar plum coating here – t...
Financial wealth management and business planning

Financial wealth management and business planning

Business
Financial wealth management - When an entrepreneur decides to start a small business, the first step is to write effective financial wealth management and business plan. If the business owner wants to attract investors or needs a loan to get started, it is essential. The plan should be comprehensive and cover all aspects. This article looks at the different aspects as well as where the future entrepreneur can get help to write a successful business plan. Strategic Planning and the Business Plan The business plans or financial wealth management is a means of strategically planning for the strengths and weaknesses of the business. It’s important that the entrepreneur have a good understanding of the business. By strategically planning, financial wealth management and taking an unbi...