...Setting Business Objectives Business owners use a variety of management tools or techniques to improve their company’s business operations. Setting objectives is a specific management tool that creates a target for business owners to achieve. Objectives can be company-wide goals, specific to the division or department and individual employee expectations. Business owners often use performance management to follow up on objectives and measure the company’s overall achievement effectiveness. Business owners often set the tone for their organization. The company’ mission, vision and values are usually an extension of the owner’s personal characteristic traits. Business owners can set objectives to ensure all employees are on the same page when working in the company. Employees need to understand the purpose behind the business to maximize production efficiency. Business owners can also set objectives to ensure employees meet the minimum level of expected behavior in the business. Business owners who set objectives just to have them on a list are not usually making these objectives a priority in the company. Business objectives should be clear, measurable and realistic. Clear objectives provide a well understood objective definition to owners and employees. Measurable objectives ensure business owners can review the objective to ensure it was achieved in the best way possible. Realistic goals can help business owners avoid the frustration of failing to meet specific objectives. Objectives...
Words: 447 - Pages: 2
...In general sense, enterprise pursues multiple objectives rather than a one objective. Strategic manager will be identified a set of main business objectives. These will be pursued by a large cross-section of enterprises. Profitability, productivity, efficiency, growth, technological, dynamism, stability, self-reliance, survival, competitive strength, customer services, financial solvency, product quality, diversification, employee satisfaction and welfare and so on are the major objectives of enterprise. Enterprise looks for balance of these objectives in appropriate and suitable manner. Important business objectives are listed below: ECONOMIC OBJECTIVES: Survival The survival refers to the function of the nature of ownership, nature of...
Words: 965 - Pages: 4
...1. What is a social enterprise? Social enterprises are private organisations that are run along business lines, but where any profits are reinvested into the community, or into social or environmental projects 2. How do the aims of a social enterprise differ from those of a PLC? Examples of social enterprises include cooperatives, credit unions and housing associations. These businesses are run like any other commercial business however all profits earned by the business go back to the business to help achieve its social or environmental objectives. The aims of social enterprise are to achieve its social or environmental goals that have been set out. The aims of a plc are different in the sense that they have set out targets of which they need to achieve to make `money (profit) for the company. 3. What happens to the profits made by the Fifteen Foundation? All profits generated by the restaurant go straight back into the scheme to help train other disadvantaged young people 4. Explain the difference between an aim and an objective. A business aim is the goal set out for the business to achieve, the business objective is when the business will achieve the targets set out and how long it will take them to so. 5. Why might winning the “green crown” be likely to increase Dell’s sales? Winning the green crown would be likely to increase Dell’s sales as it would mean that they have the most environmentally friendly products and people would want...
Words: 597 - Pages: 3
...Ethical Objectives The way the business responds to such issues is depend on their ethics Definition of ethics – individual’s moral beliefs and values about what is right and what is wrong, good or bad that guide his behavior. It is code of behavior that is acceptable to a person/organization to follow in a given society. It is a value judgment that may differ in importance and meaning between different individual. Ethics are based on individual beliefs and social standards; vary from person to person, from situation to situation and from culture to culture. Social standards of individual influence by; - The behavior af parents and other adults - Influenced by peers - Experience shapes our lives and contributed to aur ethical beliefs and our behavior How employees (managers) make a decisions is depends on their moral and belief. Business ethics is a term used to refer to ethical and unethical behaviors by employee of commercial organizations. Ethical behavior – behavior which is conforming to generally accepted social norms concerning beneficial and harmful actions. Ethical objectives – are targets based on a moral code(ethical code) for the business, for example ‘doing the right thing’. The growing acceptance of corporate social responsibility has led to businesses adopting an ‘ethical code’ to influence the way in which decisions are taken. Ethical code – a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees...
Words: 1869 - Pages: 8
...CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS TO BUSINESS Working Capital Management Strategies Working capital strategies has in the past been a responsibility designated to those managers in the accounting and finance departments. However, today’s economy is changing those roles and many managers who traditionally were not part of this process are being called upon to take proactive steps in reducing the risk associated with working capital. Working capital may be a foreign term to some managers and so we should first begin by defining this term. Generally working capital represents those current assets such as cash, marketable securities, accounts receivable, inventory and pre-paid expenses. Furthermore net working capital would take the calculation further and reduce working capital by the current liabilities such as accounts payable, short term borrowings and accrued liabilities. Understanding these terms is crucial because a company’s daily activities typically result in dramatic fluctuations in the accounts comprising working capital. The manager’s ability to anticipate the fluctuation and proactively make decisions to curtail the negative impact of such fluctuations will help maintain liquidity even in the toughest of circumstances. A company’s ultimate long-term success is based upon all departments within the organization coming together to fulfill its business purpose or mission. The same ideology should be used in managing the company’s working capital...
Words: 1027 - Pages: 5
...CHAPTER 2 Business Ethics and Corporate Social Responsibility CHAPTER OBJECTIVES 1 Explain the purpose of paying for whistleblowers. 2 Define ethics and describe sources of ethical guidance. 3 Discuss attempts at legislating ethics. 4 Explain the importance of creating an ethical culture, describe a code of ethics, and support the importance of linking pay to ethical behavior. 5 Explain human resource ethics and describe ethics training. 6 Describe the concept of corporate social responsibility. 7 Explain why everyone is not on board with regard to corporate social responsibility. 8 Explain corporate sustainability. 9 Describe a social audit. 10 Describe possible difficulties for corporate social responsibility to succeed in the global environment. KEY TERMS Ethics: Discipline dealing with what is good and bad, or right and wrong, or with moral duty and obligation. Human resource ethics: Application of ethical principles to human resource relationships and activities. Profession: Vocation characterized by the existence of a common body of knowledge and a procedure for certifying members. Corporate social responsibility (CSR): Implied, enforced, or felt obligation of managers, acting in their official capacity, to serve or protect the interests of groups other than themselves. Social audit: Systematic assessment of a company’s...
Words: 3911 - Pages: 16
...A business plan for the creation of training services to health care professionals on how to care for patients with Alzheimer disease Name: Institution: Introduction Alzheimer is considered as a kind of illness that leads to some problems with the memory. Thus, the thinking characters often do grow slowly and become dangerous over time. It is also seen that the signs and symptoms do frequently increase slowly and become bad over time. Studies conducted by the Alzheimer Association showed that the disease is the most widespread form of dementia. A common term used in describing the memory loss as well as other intellectual potentials that are grim enough to meddle with one’s daily life. Thus, it is also evident that Alzheimer disease accounts for 65 to 85 percent of the dementia illnesses (Chui, 1996). Consequently, this business proposal will highlight on the mission statement along with the objective of my business plan concerning the creation of the training services to health care professionals on how to care for patients with Alzheimer disease. Mission statement Our mission will be to provide education as well as training for the health care professionals with the necessary skills on how to take care of patients with Alzheimer disease. Other options * To offer the educational prospects to the elder persons, the general community...
Words: 475 - Pages: 2
...Research of Objective-C October 9, 2012 Introduction There is little doubt in today’s dynamic and fast moving technology market that Objective-C is a powerful, high-level, flexible programming language that has been around since the early 1980s and has the staying power to last a long time. Objective-C is an extension of the programming language C developed by Brad Cox and Tom Love to support the object oriented features of Smalltalk another programming language. Objective-C is the main language from which Apple’s MAC OS X for Desktops and laptops and iOS for iPhones and iPads are derived. There have been variants to this language as well, Objective-C++ and Objective-C 2.0 which proves the sustainability of this language. Due its portability, Objective-C has shown its flexibility and the ability to adapt to the ever changing and fast moving arena of mobile devices especially from Apple. What is Objective-C? Objective-C is a reflective programming language which aims to provide object orientated concepts and Smalltalk messaging to C. GNU Compiler Collection (GCC) provides a compiler for Objective-C, however due to the rich library support on OpenStep based operating systems (Mac OS X, IPhone, GNUstep) it is typically only used on these platforms. Objective-C is implemented as an augmentation to the C language. It is a superset of C which means that any Objective-C compiler can also compile C. To illustrate what Objective-C looks like as a language I will show you...
Words: 2068 - Pages: 9
...| Peter F. Drucker is the management scholar. He is thought to be the establishing father of current management. Peter Drucker, whose life crossed the previous century (1909 – 2005), was an exceedingly instructed native of the world: an innovative soul who composed thirty-nine books including numerous fantastic chips away at business management. He was a man of numerous parts: a sharp eyewitness, a long lasting understudy, an educator, mentor of eminent corporate pioneers, and the organizer of an official school in Claremont, California, that bears his name. Peter Ferdinand Drucker was an author, management advisor and college teacher. His written work concentrated on management related writing. Peter Drucker made well known the term information specialist and is thought to have unknowingly introduced the learning economy, which viably challenges Karl Marx's reality perspective of the political economy. George Orwell credits Peter Drucker as one of the main journalists to foresee the German-Soviet Pact of 1939. Much has been said and composed of his accomplishments, but then there is a lesser-known side to Peter Drucker; that other side is the subject of this paper. He was hesitant about his own reasoning of life. He additionally emphatically protested being known as a ‘management master’ – a sobriquet frequently attached to him. As opposed to being a supplier of answers, Drucker constantly remained an examiner: his showing strategy was Socratic. What mattered most was the...
Words: 3933 - Pages: 16
...Techniques in Performance Appraisal Encourage Discussion Research studies show that employees are likely to feel more satisfied with their appraisal result if they have the chance to talk freely and discuss their performance. It is also more likely that such employees will be better able to meet future performance goals. Employees are also more likely to feel that the appraisal process is fair if they are given a chance to talk about their performance. This is especially so when they are permitted to challenge and appeal against their evaluation. Constructive Intention It is very important that employees recognize that negative appraisal feedback is provided with a constructive intention, i.e., to help them overcome present difficulties and to improve their future performance. Employees will be less anxious about criticism, and more likely to find it useful, when the belief is that the appraiser's intentions are helpful and constructive. In contrast, other studies have reported that "destructive criticism" - which is vague, ill- informed, unfair or harshly presented - will lead to problems such as anger, resentment, tension and workplace conflict, as well as increased resistance to improvement, denial of problems, and poorer performance. Set Performance Goals It has been shown in numerous studies that goal-setting is an important element in employee motivation. Goals can stimulate employee effort, focus attention, increase persistence, and encourage...
Words: 4601 - Pages: 19
...as defined by executive leadership. Team does their own work scheduling, training, rewards and recognition, etc. Minnesota-based 3M is among an increasing number of companies that involve employees in the daily management of their business through work teams. These teams are empowered to take corrective actions to resolve day-to-day problems. They also have direct access to information that allows them to plan, control and improve their operations. In short, employees that comprise work teams manage themselves. At 3M, the movement toward self-managed or directed work teams has been driven more by initiative and need than by corporate directive. Now most of 3M's manufacturing facilities, while at different levels of empowerment and different degrees of involvement, employ a team-based approach. In 1994, 3M's new Brockville, Ontario, facility came on-line as the organization's first "greenfield" site. It was designed and built to operate with self-directed work teams. Many work groups in line divisions and staff groups are moving more and more into self-direction. 3M's commercial office supply division, dental products division, finance, logistics and quality management services are becoming increasingly team-based and self-directed. Business Week recently reported that self-managed/directed work teams are, on average, 30 to 50 percent more productive than their conventional counterparts. The following are some examples of organizations that attribute major productivity...
Words: 3679 - Pages: 15
...provide different types of information about the jobs and human attributes needed for jobs (Spector, 2012). There are two different categories of job analysis; they are job oriented and person oriented (Spector, 2012). Job oriented emphasizes the responsibilities needed for a job, whereas, person oriented concentrates on the individual particular characteristics needed for the job. The author will further discuss a job with Trinity Teen Solutions, specifically life coach for struggling teen girls and young women. Life Coach Job Analysis Life Coaching is a profession that compliments consulting, mentoring, therapy, and counseling. According to "What Is Life Coaching?" (2012), the coaching process addresses specific personal projects, business successes, general conditions and transitions in the client's personal life, relationships or profession by examining what is going on right now, discovering what your obstacles or challenges might be, and choosing a course of action to make your life be what you want it to be. The person-oriented approach best describes the characteristics needed for a life coaching position. The employee’s knowledge, skills, and abilities are all necessary requirements for life coaching. The knowledge of life coaching for troubled teen is the use of Functional Job Analysis Functional job analysis method benefits in determining the proper skills needed to be a successful life coach....
Words: 918 - Pages: 4
...Performance Management Byron S. Salter HRM/531 April 26, 2015 Dr. Deborah Burgess TO: Traci Goldman, Manager, Atwood and Allen Consulting FROM: Byron S. Salter DATE: April 26, 2015 SUBJECT: Performance Management Hello Traci, I am delegated with the duty of developing a performance management plan, using the current organizational strategy to increase performance and identify performance gaps. Landslide Limousine is anticipating to have a -$50,000 revenue for the first year and expecting revenue growth of 5% each year. With 25 employees, Mr. Stonefield is estimating a 10% turnover rate annually for the business. It is essential to develop a performance plan to maximize performance and minimum the turnover rate. To develop a strategic performance plan, I will expound on the alignment of the performance management framework to the organizational business strategy and the organizational performance philosophy. I will also complete a job analysis process to identify the skills needed for the employees and define the methods for measuring the employee’s skills. Additionally, the performance management plan will include a process for addressing skill gaps and develop the approach for delivering effective performance feedback. Performance Management Framework to the Organizational Strategy According to Cascio (2013), “[p]erformance management requires willingness and a commitment to focus on improving performance at the level of the individual or team every day” (p....
Words: 1740 - Pages: 7
...g?blogID=5649485182751853952#editor/target=post;postID=821891962334217847 LO2 Understand issues of large-scale food production Production: project design and management; product quality and saleability Packaging: role of packaging in demand and acceptance; technological developments; materials; environmental issues; distribution channels Equipment: appliances and their versatility; new equipment requirements; staff training; operating procedures Technology systems: types eg testing and evaluation equipment, analysis software and hardware, temperature controls and recording, storage monitoring, stock rotation systems LO3 Be able to investigate food quality using subjective and objective tests Subjective tests: tests eg taste, colour, texture, smell, flavour, overall acceptability. Objective tests: physical; chemical; microbiological and organoleptic techniques LO4 Understand responses of customers to new products Evaluation techniques: market research; questionnaires; focus groups; tasting panels; pilots; sampling; validity Process: identifying opportunity; selecting sample; establishing procedure; recording and analysing results UNIT 30: NEW PRODUCT DEVELOPMENT IN FOOD Learning outcomes...
Words: 749 - Pages: 3
...Management by objectives. MBO strategy has three basic parts: 1. All individuals within an organization are assigned a special set of objectives that they try to reach during a normal operating period. These objectives are mutually set and agreed upon by individuals and their managers. 2. Performance reviews are conducted periodically to determine how close individuals are to attaining their objectives. 3. Rewards are given to individuals on the basis of how close they come to reaching their goals. MBO has six stages: 1. Define corporate objectives at broad level. 2. Analyze management tasks and devise formal job specifications, which allocate responsibilities and decisions to individual managers. 3. Set performance standards. 4. Agree and set specific objectives. 5. Align individual targets with corporate objectives. 6. Establish a management information system to monitor achievements against objectives. The 8 key result areas where managers must pursue clear objectives are: • Marketing. • Innovation. • Human organization. • Financial resources. • Physical resources. • Productivity. • Social responsibility. • Profit requirement. MBO Key Advantages and Disadvantages: Advantages - MBO programs continually emphasize what should be done in an organization to achieve organizational goals. - MBO process secures employee commitment to attaining organizational goals. Disadvantages...
Words: 324 - Pages: 2
