...The Application of the Profit Function in a Business’s Growth Differential Calculus May 24, 2014 The application of calculus in a business is extremely important since calculus is considered as the study of changes. Its complexity in the study of changes has become one of the humankind’s greatest tool for analyzing changes in the marketplace. The profit function was created with the main purpose for businesses to understand how the changes in revenues and in costs would generate a profit or not profit at all. A profit can be generated when the amount of revenues is higher than the amount of costs. When a business starts, is normal to not gain any profit at all, in fact, most of the time, a business tends to lose money in its first year. However with that information, a business can analyze the money loss of that year and determine any gaps or holes that prevents the maximization of the profit and have a more prosperous result for the following year. For instance, if a company suffer a loss in profit, they can analyze the profit function to determine the main reason of why there was not a positive profit. If they see that the problem of the profit function was a low revenue then they can regulate the sale of products or services and price control, or if the problem lies in the cost function, they can adjust or lower the costs and expenses made by the business. The graph of a profit function can show at what time of the year the company tends to...
Words: 529 - Pages: 3
...The four functions of business are Planning, Organizing, Leading, and Controlling (Norman, 2014). Planning involves deciding where to take a company and selecting steps to get there. Location of a company is very important to the success of that business. Is the community willing and able to provide support to the company? Does the area have the infrastructure and materials to maintain and help the business to grow? Planning is not only the where but also who and the what. Who are the people to hire as managers and workers that will enable the company to provide an excellent product at a marketable price? The people and the location are connected because workers who are satisfied with their quality of life are more likely to work better. When people are committed to the company and the area where they live, innovation in generating a better and more cost effective product is possible. The product is what of planning. The product must be acceptable to the community. Is the community behind the investment in infrastructure the area must make to ensure the company will locate there? Globalization affects many aspects on the functions of operating a business. Over the last two years Hertz has expanded their market and began operating a branch of their worldwide reservation center in Guatemala. There is already an established branch in Dublin, Ireland. Extending employment in various countries are mainly due to lower operational cost, reduced wages and sustaining market...
Words: 1126 - Pages: 5
...As with any other business, an organized collection of relevant data is a critical element to a firm’s success. No matter what form of business one is involved in - whether it be a sole proprietorship, partnership, or corporation - having at least one quality database is a must if he or she expects favourable results. With effective and efficient databases, companies are able to deliver great service or produce the required units of merchandise on a timely manner. It is an established fact that running a business is no easy feat. This is especially true for a relatively new one, which is still struggling to make a name for itself while trying to generate more capital for its operations. Because of the sheer number of challenges an emerging proprietor faces, he or she needs as much help as he/she can have when it comes to managing his/her business. Databases provide great help for this very problem. Listed below are the several purposes databases generally try to serve to a typical business: * It helps organize important information – information is a key factor to any business, and having systematically arranged records help the user know what needs to be done, how it must be done, and who it is being done for. * It helps save time – with a database, instead of spending precious time going through piles of papers just to search for the necessary information, the user is just a query away from retrieving what is needed. * It aids the communication among employees...
Words: 489 - Pages: 2
...Functional Areas of Business Brittanie Nye MGT 521 April 4, 2014 Doris Blanton Functional Areas of Business There are four main management functions within a business: planning, organizing, leading, and controlling. Planning is the “management function that involves setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate activities." Organizing “involves arranging and structuring work to achieve the Organization’s goals”. Leading involves working with and through people to achieve organizational goals. Controlling is the “management function that involves monitoring, comparing, and correcting work performance” (Robbins & Coulter, 9). Organizing The manager’s role in organizing involves arranging and organizing work to meet the goals of the business. Managers are responsible for breaking down the strengths of the team members and delegating tasks to reach the goals of the business. By breaking down the tasks, it allows the manager to see what has been accomplished towards meeting the goals of the organization (Robbins, 265). Organizing the business may be achieved by separating into departments. Separating the business into departments would allow people to ensure that all employees are focusing on their part of the plan. “Communication and inter-personal relationships are closely related to organizational factors which lead to job satisfaction and better performance (Jo & Shim...
Words: 1083 - Pages: 5
...1. BUSINESS FUNCTIONS 2.1 General management The general manager is responsible for effective planning, delegating, coordinating, staffing, organizing, and decision making to attain desirable profit making results for an organization. The general manager is responsible to see that all the other managers are doing what they are suppose to do, when they are suppose to do it. In Suni Oil the general manager is also the owner. I found that as one of the strong points of Suni Oil because he knows what he wants done, and he knows how to do that. Another important task of the general manager is to keep everyone motivated and focused. I learnt that it’s very important to have a good relationship with your co-workers. The general manager plan, delegate, organize and control. 2.2 Human resource management Human resource management is the process by which an optimal fit is made among the employee, job, business and environment so that employees reach their level of satisfaction and performance and the business meets its goals. Suni Oil is still a relative new business and doesn’t have a HR yet. There are talks to appoint a HR within the next year. The HR will be responsible to see that all the workers are satisfied and that they will reach their goals. In short the HR will be like a “compliment and complaint box” for Suni Oil’s workers. 2.3 Operations management Operations management is an area of management concerned with overseeing, designing, and redesigning...
Words: 690 - Pages: 3
...Microblogging tools such as Twitter have a useful information function in business. ‘The Internet is becoming the town square for the global village of tomorrow’ (Gates 2003). Over the past decade we have witnessed this statement slowly coming to fruition. We are in the age of social media, networking, and more specifically in the business world; microblogging. How has this changed business so far, and what are its prospects for the future? I will be looking at its wide ranging effects, positive and negative, and plan on evaluating the story so far. I intend to analyse the applications for the small and large businesses, including the use of SMM (social media marketing) whilst looking at the pitfalls that people and companies have, and will continue to, come across. Many small businesses are taking advantage of the social networking scene by using it as their primary medium for updating their customers. It presents a unique opportunity to keep connected to customers, wherever they may be. Not only does the consumer benefit through keeping in touch with the stores products and availability, but they may also take advantage of ‘twitter only’ promotions. According to a recent survey of 1000 users of social networking, ‘44% of those following brands on twitter said they did so because of the exclusive deals the firms offered to users’ (Economist, 2010). Straight away it can be seen how the ever important business-consumer relationship is working. In return for free, willing...
Words: 1317 - Pages: 6
...Fuctional Area of Business MGT/521 01/21/2013 Master in Business Administration (MBA) is the next step in business degree. It will help me understand the business world & business practice for better future career opportunities. Most businesses consist of number of different deparment, which has specific job or task to do that is called functional area of a business such as accounting/finance, marketing, operations, human resources and administration. This degree will help me understand each department of business and what roles managers play in each deparment. All business will carry out each functions but not every business will have a separate deparment that is responsible for each function. All businesses need to be well organized to achieve their aims and objectives. Certain tasks, or functions, must be done regularly and these are usually grouped into specific types of activities. All businesses will carry out each of these functions but not every business will have separate deparment that is responsible for each functions. It is all depends on the size of organizations. All functional are of business are very much important to organization. Few functional areas that interest me are Human Resource and Finance. Human Resources is important department. The main purpose of Human Resource deparment is to recruit, select, train and develop staff. This means that they have to find right people at right place at right time and it is the responsibility of Human...
Words: 1232 - Pages: 5
...The Roles and Functions of Law Cathi Stark LAW/421 December 23, 2013 John Koenig The Roles and Functions of Law The purpose of this paper is to inform about the roles and functions of the law. It will also show and define the function and roles of law as they apply to business and society. There will also be examples from real life experiences of the writer, myself. This week in class we were instructed to review the Commerce Powers from chapter two in our text book. There was a case review within the chapter that specifically outlines some of the roles and functions of the law. This case, Cipollone v. Liggett Group, Inc., et al., 505 U.S. 504 (1992), will be referenced through this paper. The basic function and roles of the law in business and society is for the benefits of the people and the protection of their rights. Laws are created to ensure we are safe and protected in all aspects of our lives, both personal and professional. In business, laws are designed to regulate activity at the local, state and federal levels. In case of Cipollone v. Liggett there is discussion of statute and enactment of laws. This case is based on a suit that Cipollone took against the cigarette manufactures, Liggett for the death of his mother. The study states that “Congress chose specifically to regulate a certain type of advertising (tobacco), federal law is supreme to any state law that attempts to regulate that same category of advertising.” (Melvin, 2011, p. 33) The Constitution...
Words: 776 - Pages: 4
...Master’s of Business Administration (MBA) overview and the Effective Research and Writing at University of Phoenix Modules are two introductory tools used to help emphasize the importance of the MGT/521 course. They are also guides and directional maps to steer new students to the appropriateness of understanding the necessities to achieve success in this MBA program. The MBA overview encompasses multiple concentration of the program as each tab delves into the specifics of what each focus entails. Effective Research and Writing Modules take a similar pathway as it describes the didactic approach to produce a graduate student quality research paper with the proper American Psychological Association (APA) writing style. This paper will demonstrate the summary of the interest of two functional areas of business. In addition, an explanation of the role managers would have within these areas of business will be described. With the use of supporting peer-review articles from University of Phoenix, an effort will be made to illustrate in detail the appropriate use of the aforementioned points to give the readers the clear understanding of the MBA student’s perspective. Furthermore, students pursue furthering his or her education for various reasons, for example, career growth, personal goal or to start a new career, therefore it is significantly important for each student to use the necessary tools in the most efficient and effective manner to achieve his or her ultimate success of...
Words: 1104 - Pages: 5
...Master in Business Administration (MBA) is the next step in business degree. It will help me understand the business world & business practice for better future career opportunities. Most businesses consist of number of different deparment, which has specific job or task to do that is called functional area of a business such as accounting/finance, marketing, operations, human resources and administration. This degree will help me understand each department of business and what roles managers play in each deparment. All business will carry out each functions but not every business will have a separate deparment that is responsible for each function. All businesses need to be well organized to achieve their aims and objectives. Certain tasks, or functions, must be done regularly and these are usually grouped into specific types of activities. All businesses will carry out each of these functions but not every business will have separate deparment that is responsible for each functions. It is all depends on the size of organizations. All functional are of business are very much important to organization. Few functional areas that interest me are Human Resource and Finance. Human Resources is important department. The main purpose of Human Resource deparment is to recruit, select, train and develop staff. This means that they have to find right people at right place at right time and it is the responsibility of Human Resource to train and develop them to make sure that they...
Words: 987 - Pages: 4
...Business Processes and Functions Business processes and functions are very important for every company of their business. Functions are things that the organisation does such as production, sales, marketing, research and billing. Businesses have organised themselves around their functions, and functions divisions fail to recognise that many of the business processes that operate crow that artificial boundaries thus created. Business processes are the way that how to do and achieve the business functions. Business process is a set of related activities that collectively realise a business goal, and is a collection of related, structured activities that produce a specific service or product for the final consumer. Business processes also are valuable business assets, and companies need manage and maintain these business processes in the same way as any other assets, such as plant and machinery. Business processes can be divided into three types, which are management processes, operational processes, and supporting processes. Business processes are analysed by mapping of processes and sub-processes, which have their own attributes, down to activity level. Business processes are designed to add value for customer to increase effectiveness and efficiency. Business process orientation is a recent development in organising and can be described in term of an organisation that is oriented towards processes, customers and outcomes as opposed to hierarchies. A business process oriented...
Words: 5538 - Pages: 23
...popular in various countries.Inorder to capture that popularity many individuals and organizations opened Nabisco company with different logos at their native countries with manufacturing basic products such as biscuit,cookies,snacks,chocolate etc.One of those individuals who took inspiration from the original company and established it at his home country was S.M.Nur. S.M.Nur was a non-bengali pakistani who opened Nabisco in 1953 at dhaka,East Pakistan(now Bangladesh) in an area about 3 ekors.But after the liberation war in 1971 which witness the birth of Bangladesh many non-bengali pakistani went out from Bangladesh and S.M.Nur was one of them.For that in 1972 Nabisco was undertaken by ‘Khaddo and Shilpo’ sector.But in 1983 for better function former president Hossain Mohammad Ershad given Nabisco under private sector.Then a private company named ‘Bhaia Group’ was overtaken Nabisco for future functions.At present one of the brothers from ‘Bhaia Group’ Momen Ali is the managing director of Nabisco. Nabisco is one of the oldest and famous biscuit company in Bangladesh.It has no branches other than the factory at dhaka in Bangladesh.The Nabisco company in Bangladesh is so iconic that the particular place where Nabisco factory is situated is called ‘Nabisco Mor’ for the identification of that area. Products At the beginning Nabisco only produced various kinds of Biscuit and after making a solid place in market then they introduce various flavoured Chocolates to the customer...
Words: 864 - Pages: 4
...Experiment……………………………………………………………..6-7 Hypothesis, Observation Results and Conclusion……………………………..9-10 As i continue my research in this class I would like to give an example what Avian Ecology is before I start to elaborate on my research. Avian Ecology is a classic study to see if birds segregate themselves by habitat and food. Although there are many field methods available for conducting avian ecological research; bird counts are a good way to estimate population size, detect changes in population size or species diversity, and determine the cause of the changes in environmental or habitat and plenty of data and research is collected. I will also analyze what type of environment theses birds like to be in and how do they function in certain areas as well as the type of food these birds like and dislike. I will be collecting my data and research in Bay St Louis, MS. This area has a lot of birds and a great place for doing research on the studies of birds. Since this time our research has to be in an area in Mississippi instead of being in our own back yards I had go to my dad’s home to observe these different types of birds and to watch their activities. The different types of birds that I have observed are the northern mocking bird, blue jay, a house wren, mourning doves, red bellied wood pecker and a few others just to name a few. As I was starting on my...
Words: 2438 - Pages: 10
...HRM 320 Final Exam Question | Answers 1. (TCO 1) HR has moved from an administrative function to a transformational function. This change is based on automating HR functions through an HRIS system. Explain how HR evolved throughout this process. Describe the trends that HR is facing, and will face, through technology. (Points : 30) 2. (TCO 2) Organizations are now relying more and more on HR’s ability to provide employee data. Explain how HR is now able to provide the organization employee information through technology and move towards meeting organizational goals. Provide an example. (Points : 30) 3. (TCO 3) Explain how HR technology can improve efficiency and effectiveness in HR functions. How, specifically, can HR technology support the business? Provide an example. (Points : 30) 4. (TCO 4) Some people have criticized companies for “pushing” HR’s work onto employeesthrough self-service technology. Provide your assessment of self-service technology, from a strategic standpoint. How would you thoroughly defend this technology advancement? (Points : 30) 5. (TCO 5) Compensation, benefits, staffing, and performance management are four major components of the HR responsibilities. Thoroughly review each component, and specifically explain how technology can impact these functions, both from an operational standpoint and an HR standpoint. (Points : 30) 6. (TCO 6) What should be the key considerations for a small but fast-growing organization...
Words: 335 - Pages: 2
...failure of an earlier ERP project, a new project called BMIS was envisioned. Highlights of BMIS project: • Vision: Functional councils of Methods, quality, Work and material planning, procurement created for role and direction determination. • Team: Best employees from various functions along with BTS (Business transformation services) with an employee to consultant ratio of 10:1. • Implementation strategy: Progressive and phased approach, beginning with Mirabel plant near Montréal. • Procurement function restructure: improvement of inventory visibility and anticipated substantial savings in product costs($ 22 million) and procurement overhead($7.1 million) • First Rollout challenges: lack of documentation, system functionality, substandard training material, tight training schedules and lack of role clarity during training. • Go Live: Power users and super users supported the move initially. Later on, if support staff was not able to resolve issues, the legacy systems were used to conduct business. • Stabilization: The project did not disrupt production schedules and the company delivered one more plane than planned during the period. There was overall saving of $ 1.2 billion. Procurement functions changed even though lots of others were de-scoped. • Next milestones: Two additional programs were implemented eventually with better rate of success at...
Words: 263 - Pages: 2
