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Management and Supervision
Management is making a business run efficiently and strategy is making sure that you are in a great position not only for today, but in the future.
4,076 Questions
How the management accountant must tailor the information provided for the various level?
haha...good question
The Operational Period Briefing?
Objectives and Goals: Outline the objectives and goals for the upcoming operational period, ensuring everyone understands the tasks and outcomes to be achieved.
Roles and Responsibilities: Clarify individual roles and responsibilities within the team, promoting clear communication and collaboration.
Safety and Risk Assessment: Highlight potential risks and safety measures to be followed during the operational period, ensuring the well-being of all team members.
Resource Allocation: Discuss the allocation of resources such as manpower, equipment, and supplies, optimizing their use for maximum efficiency.
Communication and Updates: Establish communication protocols, including reporting procedures, channels for updates, and points of contact, to maintain a seamless flow of information throughout the operational period.
What are the primary objectives of managers?
Here are a few to get you started:
1. Control costs and/or generate revenue
2. Develop or approve plans and processes
3. Assign and monitor tasks
4. Reorganize and hire or fire people as needed
5. Help new people get started and understand the objectives
6. Make sure deadlines are meet
7. Resolve conflicts and staff issues
8. Guide, motivate and recognize the team
9. Support the team and fight for them
10. Escalate issues or concerns to upper management
11. Help the staff develop their job skills and career
12. Inform the staff of decisions made at higher levels
13. Forecast future needs and growth of the team
14. Develop budgets and hold people accountable
Example of an Acquisition Strategy?
Answer 1: Acquisition strategy, from a Project Management perspective, is the procurement strategy for the components/services used in a project.
There are some golden rules which can be treated as the Strategies for Successful Merger or Acquisition Deal.
Before entering in to any merger or acquisition deal, the target company's market performance and market position is required to be examined thoroughly so that the optimal target company can be chosen and the deal can be finalized at a right price.
Answer 2: What the above means is that you should look at a company carefully so that you don't pay more than it's worth.
What are the contributions of Peter Drucker to management thought?
Business Guru Peter Drucker Investment U E-Letter: Issue # 487
Thursday, November 17, 2005 Business Guru Peter Drucker: Three Lessons and His Contributions to the Marketplace
by Mark Skousen, Chairman, Investment U
A giant has died. Peter Drucker, the world's #1 financial guru, passed away last Friday at his home in California at the glorious age of 95 (in keeping with Lin Yutang's favorite question, "What is your glorious age?").
Drucker was a genius whose ideas can help you be a better money manager, businessman and citizen.
I met and interviewed Peter Drucker for Forbes in the early 1990s. For years, he refused me an interview. He was known to be feisty and stubborn. Then one day, he suddenly changed his mind.
When I arrived at his home in Claremont, CA, I was surprised by his modesty. For a man who made millions consulting with CEOs of multinational corporations, I was shocked to see him living in a modest and unpretentious home. He had no secretary, and never did.
Peter Drucker could be unpredictable and cantankerous. When I asked him a question, he said, "Who cares? Ask me a better question!" Finally, I said, "Well, what do you want to talk about?" He then started talking about Japan, and warned that the Japanese were headed for trouble and a long slump because they had become too bureaucratic and arrogant. He was right, as he was on many of his predictions.
Investors who followed Drucker's wise advice avoided Japan as an investment (now, Japan is making a comeback after a 15-year slump). Below, you'll find three more bits of Peter Drucker's wisdom you can apply to your own investing strategies today… 1. Invest Like Peter Drucker by Investing in Entrepreneurial Companies
Invest in companies that are entrepreneurial, and avoid companies that are too bureaucratic.
Drucker, an Austrian economist, was a big believer in entrepreneurship, innovation and capital formation. He favored companies that took big risks and spent lots of capital on R&D. He hated companies that had nothing better to do than repurchase their stock, or pay out big dividends.
He was born in Austria in 1909, and his roots stayed with him all his life. His favorite economist was fellow Austrian Joseph Schumpeter, a believer in entrepreneurship and a dynamic model of capitalism ("creative destruction"). Drucker would probably love our top three candidates for the new "Benny" award - Steve Jobs at Apple Computers; Pierre Omidyar, founder of eBay; and John Mackey, CEO of Whole Foods Markets.
2. Spend Less, Save, and Invest More
You can never save and invest too much. Drucker disliked big spenders, heavy borrowers and governments that couldn't balance budgets. The smart investor always lives within his means, and uses his savings productively - either in expanding his business, or investing in other people's successful businesses (i.e., buying quality stocks).
He blamed Keynesian economics for an unhealthy anti-saving mythology, causing "under-saving on a massive scale" in the West, both by individuals and government.
Government, Drucker said, is only good at three things: Inflation, taxation and making war! He once bluntly told a U.S. president, "government is obese, muscle-bound and senile." Yet he wasn't against government, per se. He wanted a strong, healthy, vigorous government. To accomplish this goal, he recommended privatization of many state services. In fact, Peter Drucker and Robert Poole (founder of Reason magazine) invented the term "privatization." Drucker was a longtime supporter of privatizing pension plans, both by government and corporations (he preferred defined-contribution plans like 401k's and IRA's, rather than defined-benefit plans such as Social Security and corporate pensions).
3. Be an Optimist - Look for Bull Markets Around the World
Be an optimist. Drucker was encouraged by the collapse of the Soviet Marxist model in the early 1990s, which helped developing countries privatize, denationalize and open up their domestic economies to foreign capital. He recommended investing in emerging market economies. Not surprisingly, stock markets have boomed in Russia, Eastern Europe, Asia and Latin America.
In the U.S., he was a big supporter of tax cuts, especially tax breaks for capital investment and entrepreneurship. The corporate income tax, said Drucker, is the "most asinine of taxes" and should be abolished.
Business According to Peter Drucker: the Ideal "Social Institution"
Finally, he felt that the private sector - major corporations and nonprofit institutions - was the only "free, non-revolutionary way" to a stable, prosperous society. Business and private charities provided a superior alternative to socialism and big government. According to Drucker, only business could assume the social responsibilities such as job security, training and educational opportunities, and social benefits such as health care, retirement, paid vacation, etc. When he first suggested the private sector as the ideal "social institution" after World War II, Peter Drucker was considered a renegade. (Even General Motors thought he was nuts.) But once again, he was proven right.
What is the role of world bank in promoting international business?
8. International Efforts
Corruption is an international problem that requires international solutions. Much corruption occurs in international business, including international government procurement, where the Bank has a special interest. To be successful, efforts to reduce this kind of corruption must deal with it at its source in capital-exporting countries as well as in developing countries. Work along these lines is being carried out by international organizations, particularly regional organizations, and by international business groups. Acts of internal corruption often have international ramifications, as is the case when their authors flee to another country to avoid detection or prosecution or try to launder the proceeds abroad. Bank secrecy laws in some countries may hinder efforts of national investigators to trace the proceeds of bribery or other corrupt actions. Efforts are under way to improve international cooperation in the detection and prosecution of corruption and money laundering. Governments that are starting to deal with corruption have much to learn from those that have already mounted successful campaigns against it. Here too international organizations have started to collect the experiences of their members and to organize training and other programs aimed at sharing these experiences and developing the skills of the officials charged with dealing with corruption in their member countries.
Most of the efforts of international organizations are directed at the criminalization of corruption. Only to the extent that bribery is punished as a crime can the full government machinery, including police and the judiciary, be mobilized to fight it. Most common forms of corruption, such as bribery of public officials, are a criminal offense in most countries. Only the United States has enacted a statute specifically to criminalize international bribery. Regional international organizations, such as the Organization of American States and the Council of Europe, are drafting international conventions to establish minimum standards in defining corruption as a criminal offense. In addition, the OECD is drafting an international convention whose signatories would criminalize international bribery of foreign public officials.
As has been explained in the preceding chapters, the Bank's efforts to help its member countries combat corruption will focus on economic and policy reform and institutional strengthening. These efforts will complement those of other international organizations and business groups. The Bank's borrowers can benefit from the mutually reinforcing combination of the assistance the Bank is offering on economic and sector reform and institutional strengthening and the assistance the other organizations are offering on detecting and prosecuting corruption and related matters.
Current international initiatives
Although corruption of national officials is a criminal offense in most countries, transnational bribery generally is not. Making international corruption a crime will require changing laws or adopting new ones, as well as mechanisms to enforce them. Both will require parliamentary support and enforcement machinery. Except for the United States, which adopted the Foreign Corrupt Practices Act in 1977, countries have been reluctant to act unilaterally for fear of jeopardizing the business interests of their nationals by subjecting them to more stringent standards of behavior than their foreign competitors. International organizations provide a forum in which to agree on common definitions and standards and to coordinate actions. Regional organizations have sponsored international conventions making bribery (including international bribery) a crime.The Bank will lend its voice in support of these efforts.
The Organization of American States' Convention. The most advanced effort so far is the Organization of American States' (OAS) Inter-American Convention Against Corruption, adopted in Caracas, Venezuela, March 29, 1996. Twenty-three of the OAS' thirty-five members have signed the convention. The convention is now in force between the countries that have ratified it: Bolivia, Costa Rica, Ecuador, Mexico, Paraguay, Peru, and Venezuela. The convention is open to ratification by all OAS member states, and any other state may accede to it.
Building on the convention, the OAS General Assembly adopted a comprehensive Plan Against Corruption at its meeting in Lima, Peru, in June 1997. Under this plan the OAS will provide support to its member countries and cooperate with local populations and other international organizations-including the Bank, the Inter-American Development Bank (which is also preparing a plan of action), and the OECD-in preventing and controlling corruption.
OECD Working Group on Bribery. The OECD initiative, begun in 1994, encourages member states to end the tax deductibility of bribes and criminalize the bribing of foreign officials. In 1996 the OECD Council adopted a recommendation on ending tax deductibility for foreign bribery, and member states, within the framework of their laws, are now amending legislation to reflect this recommendation. At its ministerial-level meeting in May 1997, the OECD Council endorsed the Revised Recommendation on Combating Bribery in International Business Transactions, prepared by the OECD Working Group on Corruption (in which the Bank participates as an observer). In particular, the ministers reaffirmed their commitment to criminalizing bribery of foreign public officials in an effective and coordinated manner. They recommended that member countries submit criminalization proposals to their legislative bodies by April 1, 1998, and seek their enactment by the end of 1998. They also decided to open negotiations on a convention to be completed by the end of 1997 with a view to its entry into force as soon as possible in 1998. Ministers also urged the prompt implementation of the 1996 recommendation on ending tax deductibility for foreign bribery.
In related work, at the May 1996 High Level Meeting the OECD's Development Assistance Committee recommended that members "introduce or require anticorruption provisions governing bilateral aid-funded procurement." Many countries have followed the same path as the Bank in making more explicit the action that will be taken if bribery is found.
The European Union. On May 21, 1997, the European Commission (EC) adopted a Communication to the Council and the European Parliament on a Union Policy against Corruption. This communication sets out the EC's comprehensive policy on corruption inside the EU as well as in its relations with nonmember countries. The communication deals with a wide range of actions, including the ratification of conventions criminalizing the corruption of EC officials and officials of member countries, eliminating the tax deductibility of bribes, reforming public procurement, accounting, and auditing systems, and so on. In the case of nonmember countries, the communication proposes to "establish a coherent anticorruption strategy in the area of its cooperation with third countries which benefit from EC assistance or have concluded cooperation or assistance agreements with the EC," and to establish special anticorruption programs, particularly in the applicant countries of Central and Eastern Europe.
The Council of Europe. The Council of Europe Programme of Action Against Corruption, prepared by the Multidisciplinary Group on Corruption and adopted by the Committee of Ministers in November 1996, serves as the basis for the preparation of a convention on corruption under which parties would agree to legislate (if necessary) to criminalize certain corrupt behavior. In addition, the Multidisciplinary Group on Corruption has undertaken work on the administrative and civil law aspects of corruption. The Council of Europe also provides technical assistance to its Eastern European member countries, and the Bank will participate in some of its activities.
The United Nations. In December 1996 the United Nations (UN) General Assembly adopted a Declaration against Corruption and Bribery in International Commercial Transactions, as recommended by the UN Economic and Social Council. Although not legally binding, the declaration's wording on criminalizing foreign bribery and ending its tax deductibility signifies broad political agreement in the international community on this matter. In February 1996 the UN General Assembly recommended that the Economic and Social Council take steps to prevent illicit payments.
Financial Action Task Force. The Financial Action Task Force on Money Laundering has been active in addressing money laundering and expanding the list of offenses, including corruption, that constitute money laundering. The task force's forty recommendations include nondrug predicate offenses and require the criminalization of money laundering based on "serious offenses." This recognizes that it is practically impossible to distinguish between drug trafficking proceeds and their laundering and any other type of dirty money. Each jurisdiction is responsible for determining which crimes should be designated as money laundering offenses. This opens the way for countries to include corruption as an offense. Originally targeted at OECD countries, the forty recommendations are now also being addressed to middle-income countries in the hope that governments adopt them and cooperate with other authorities in international efforts to control money laundering. In this way national efforts can be supported by international action and vice versa.
International Business Initiatives. In March 1996 the International Chamber of Commerce (ICC) issued revised Rules of Conduct to Combat Extortion and Bribery in International Business Transactions. The rules prohibit extortion and bribery for any purpose. They also recommend implementation of the 1994 OECD recommendation on curbing bribery in international business. The rules are not binding on ICC members, but corporations may endorse them voluntarily. To promote the new rules, the ICC has set up a standing committee of business executives, lawyers, and academics. ICC national committees mobilize support for the rules in their countries.
Nongovernmental organizations. NGOs around the world are participating in the efforts of local governments and other entities to curb corruption. Among the international NGOs, Transparency International (TI), based in Berlin, Germany, aims to curb corruption through international and national coalitions encouraging governments to establish and implement effective laws, policies, and anticorruption programs; build public support for anticorruption programs and enhance public transparency and accountability in international business transactions and public procurement; and encourage all parties to international business transactions to operate at the highest levels of integrity, guided by TI's Standards of Conduct. Transparency International has more than seventy national chapters that fight corruption at the national level, has contributed significantly to making corruption a public issue in the press and elsewhere, and is cooperating with international organizations (including the Bank) in actions against corruption.
Bank actions at the international level
The Bank's efforts to fight international corruption will focus on ensuring that its member countries derive the greatest benefit from the synergy between its activities and those of other international actors. To this end the Bank will work closely with other development finance institutions and the IMF and bring its experience to bear in deliberations with other organizations active in the fight against corruption. The Bank will:
What are the difference between managerial functions and managerial roles?
First/ The Basic four Managerial functions are
1- Planning Setting performance objectives and deciding how to acheive them.
2- Organizing Arranging tasks, people and other resources to acomplish the work.
3- Leading Inspiring people to work had to acheive high performance.
4- Controlling Measurin performance and taking actions to ensure desired results.
Second/ The managerial roles according to mintzberg are
Interpersonal roles Informantional roles Decisional roles
1- Figurehead. 1- Monitor. 1- Entrepreneur.
2- Leader. 2- Disseminator. 2- Disturbance handler.
3- Liaison. 3- Spokesperson. 3- Resource allocator.
4- Negotiator.
What are the factors in today's business environment?
• (Market-related) strong competition, expansion of global markets, electronic markets blooming on the Internet, innovative marketing methods, opportunities for outsourcing with IT support, and need for real time on-demand transactions
• (Consumer demand-related) wanting customization, wanting quality, diversity of products, and speed of delivery, and customers becoming powerful and less loyal
• (Technology-related) more innovations, new products and services, obsolescence rate is increasing, information overload is increasing
• (Societal) growth of government regulations and deregulation are growing, work force becoming more diversified, older, and composed of more women; homeland security and terrorist attacks are prime concerns; compliance with the Sarbanes-Oxley Act and other reporting-related legislation is a must; social responsibility of companies is increasing.
What is Theory Y in human relations psychology?
Theory X posits that people do not like to work and will avoid doing so if the opportunity presents itself. Because of this, most people need to be coerced into completing their required job duties and punished if they do not
What is the benefits of scientific management theory?
Scientific Management Theory is a theory of management concerned with the physical efficiency of an individual worker. The main objective was to improve economic efficiency and labor productivity. They wanted to be fair to the workers for a days work. To explain how the individual's motivation works strictly as a function of economic reward. :)
What is a political legal environment?
Political environment is where the government bodies intervene in situations where society does not adhere to the governmental Acts, so therefore politically there always have to be some form of governance.
Who is the editor in chief of India today?
I think it is Jaydeep Basu. I don't have his email though, I am also searching.
What are the contributions of Henry Fayol to management thought and practice?
14. Esprit de corps. Harmony, cohesion among personnel.
Out of the 14, the most important elements are specialization, unity of command, scalar chain, and, coordination by managers (an amalgam of authority and unity of direction).
what are the basic concepts of management and recognizing problems faced in operating a business enterprise?
What is an acceptable definition of economy?
An economy (or "the economy") is the realized social system of production, exchange, distribution, and consumption of goods and services of a country or other area. A given economy is the end result of a process that involves its technological evolution, civilization's history and social organization, as well as its geography, natural resource endowment, and ecology, among other factors. These factors give context, content, and set the conditions and parameters in which an economy functions.
Why is international business so important to a country?
Expansion globally has proven to be quite profitable as well as increase the overall value in a company.
International business allows for an increase in profit potential, access to needed raw materials, access to cheap labor, access to financial resources, and access to new markets.
How management is an art strugling to become science?
I think that management is science in theory,but when you devote yourself into it and love it from the bottom of your heart,management is an art.It's an art about emotion,skills,human nature and life.
Who is higher in position CEO or COO?
The Chief Executive Officer (CEO) is the highest rank in a top management position. Often the owner of the business takes up that position. The term "President" and "CEO" are used in a single entity based businesses, where as the term "Mnaging Director" is normally used in a business with multiple entities.
Chief Operating Officer or Chief Operations Officer or Chief of Operations (COO) is the second ranking top management position. The position is created to assist the CEO in strategic and day to day operations of the company. In a multiple entity organization, this position is equivalent to a Vice President position dealing with Operations. In the governmental format it is equivalent to an Executive Director position.
Developing strategic plans and fine tuning the existing operating processes for quality and efficiency is the primary objective of the COO while representing the company at all respect as a "face" for the company. A COO takes up a lot of work load to meet the company's vision and mission; and a frequent traveler to attend meetings and conferences worldwide.
The role of a COO may vary depending on the nature of a business and the size of it. Normally this position is created when a business faces a growth potential and the workload of the CEO gets beyond capacity.
What are polands major industries?
The major industries in Poland are coal mining, iron and steel production and machine building. Poland has textile/glass production and food processing industries also.
What is Adam Smith's Absolute Advantage Theory?
The theory of "Absolute Advantage" is defined by the ability of a nation, business entity or persons to produce goods and services at much lower prices compared to that of their competitors or other entities. Any entity can also be considered to have absolute advantage in more than one product or service.
Knowledge of the organizational behavior of a company is useful for supervisors when managing employees. The information could be used to create incentives and goals as well as provide workers with feedback.
Are shareholders owners of company?
The company is not always the property of the shareholders. The company is in part the property of the shareholders if it is a publicly traded company.
What are the 7m's of management?
Measurement is the process observing and recording the observations which have been obtained in a study hard work. You will find two main issues that will be regarded in this article.
1st, you should understand might tips associated with measuring. In this article most of us contemplate two associated with main description concepts. In Levels of Measurement, When i make clear this is with the several main degrees of measurement: affordable, ordinal, phase along with proportion. Subsequently most of us proceed on to the consistency associated with measurement, including thought associated with legitimate score principle along with a range of consistency estimators.
Minute, you should understand the several types of procedures which you may use in interpersonal research. Most of us contemplate several extensive groups of size. Survey research includes the structure along with setup associated with interviews along with questionnaires. Running entails thought with the main strategies of creating along with employing the range. Qualitative research has an presentation of the wide range associated with non-numerical measurement solutions. As well as inconspicuous procedures provides a range of measurement techniques in which will not intrude upon as well as interfere with the situation with the research.
What best describes the term Strike?
Generally speaking a strike means a labor strike. This is an action when a labor union and the owners of a company cannot agree on the terms of a new labor contract. The Union workers generally walk picket lines and do not go to work as usual. In modern days, important labor -management disputes are settled by arbitration.
