The entire process of management includes certain key management functions like planning, organizing, leading and controlling. Management is defined as a process which involves responsibility for economical and efficient planning & control of operations of an organization in the fulfillment of given objectives.
There are many advantages of accounting and we will discuss that in this article. Accounting is viewed as the language of business, and therefore it offers several advantages to management. Accounting demands recording transactions and compiling them in reports. Correct accounting is essential for the success of a business.
Scientific management attempts to have the maximum from methods, men, materials, machines and money. The main features of scientific management are: Minimize Wastage, Discards Traditional Management, Increases the Productivity of Employees, Importance to Specialization, etc.
The history of management thought can be grouped into three basic approaches: classical approach to management theory, behavioural approach to management theory and management science approach. Management has grown in leaps and bounds from a virtually trivial subject in the past centuries, to one of the most essential topics.
Competency mapping is a technique of evaluating the good and bad points of an employee or organization. Competency mapping is a process of finding out important competencies necessary to execute successfully a given job at a given point of time. Once the competency mapping process is completed, the map becomes an input for several other HR processes. This articles lists the steps in competency mapping process.
The Behavioral approach to management advanced due to the fact that the managers found that following the ideas of the classical approach failed to attain total efficiency and workplace harmony. The behavioral approach to management featured what the classical advocates neglected – the human factor. The behavioral approach to management featured individual behavior & group processes, and accepted the significance of behavioral processes at work. The behavioral approach has been divided into 2 branches: the Human relations approach and the behavioral science approach.
Accounting helps the management to achieve several objectives. This article discusses about the main objectives of accounting. Some important objectives are: to keep accounting records, ascertain the profit or loss, calculate the financial position, communicate the accounting information, prove credit worthiness, aid logical decision making, efficiently wtilize the resources
It is actually extremely tough to determine manufacturing performance. Dimensions employed to measure manufacturing performance are quality, delivery, flexibility and cost performance. Quality Performance Quality is a multifaceted term and it can be looked at from various viewpoints like characteristics, serviceability, aesthetics, reliability, conformance, performance, durability and perceived quality. However for manufacturing the conformance dimension …
Marketing is the process of communicating the worth of services or goods to consumers, with the intention of selling the product or service. Marketing is an approach to link what services and products you are offering with consumers who want and require such services and products. Marketing is an essential organizational function for gaining customers.
A manufacturing process means transforming an array of inputs into those outputs which are needed by the market. Any manufacturing process consists of a number of links in a production chain. At each and every stage value is added in the course of production. The various processes available to choose from have their own attributes regarding market, production planning, costs and organisation. Different manufacturing process types are: Job shop production, batch production and flow shop production.