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Q: What is the term for the process whereby the person who is help responsible for the actions of a business?
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Continue Learning about Management

What kind of process is inventory management?

Inventory management is the process whereby a company oversees the constant flow of records which are used for accessing any taxes due on any inventory type.


What are the Differences between cost control and cost reduction?

Cost Control - a method whereby costs are managed and monitored to ensure they do not grow beyond the projected amount.Cost Reduction - a method whereby costs are reduced from the projected amount


What is continuity of supply?

Continuity of supply refers to the uninterrupted flow in making something unavailable. This is applicable especially in a scenario whereby the original supply had been cut.


Definition of formal planning?

Is whereby an objective or goal is set and then a strategy is put into action to accomplish that objective or goal. Formal planning helps the management and the organization set a benchmark through which they use to measure their performance.


What is often the most difficult and unappreciated process in project management?

Estimating and Planning. This is the process whereby you or in the worst case scenario others determine the cost, duration and resources required by your project. In some cases the seeds of project failure are sown at this stage if you don't get it right and forget or overlook work packages effort. In complex projects, if you don't do enough testing as you go along, expecting it to all come together right at the end is like asking for a miracle. Blindly using data and metrics from previous projects (e.g. it took 2 weeks last time, so I will plan for 2 weeks this time) is also asking for trouble. Just throwing in risks and contingency effort/money will not help you, because trying to just throw resources at problems can make the problem even worse and take longer to fix (read the 'Mythical Man Month' book). Estimating and Planning is by far the most difficult and unappreciated process in project management, probably followed by Change Management and then Stakeholder Management.