...Abstract The assignment/paper is an ethics exercise with two different cases to analyze and determines what direction/decision I would take in each case. The first case is to justify my decision to allow a top performing staff member, Kay, to apply for a different position within the company. Kay and I both are aware that I would not be allowed to replace her due to budget cut and a friend of the boss is also applying for the position. The second case is Marty has miss applied an expense for a local community development committee dinner meeting. Case 1: Stephanie Lyncheski, after careful consideration and working through the Checklist for Making Ethical Decisions matrix (Schermerhorn Jr., 2010), I have made my decision to allow Kay Smith to apply for a new position within the company. I know that I would not be allowed to replace Kay due to budget cuts and she is a high performer for my group. The decision is what is best for the company and Kay. I want to walk you through my decision process to provide you an understanding of why I believe it is the best decision to allow Kay to apply for the new position within the company. I utilized the Checklist for Making Ethical Decisions matrix with the steps below: • Step 1: Recognize the ethical dilemma. • Step 2: Get the facts. • Step 3: Identify your options. • Step 4: Test each option: Is it legal? Is it right? Is it beneficial? • Step 5: Decide...
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...of managerial accounting -- The process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions. Unlike financial accounting, which produces annual reports mainly for external stakeholders, management accounting generates monthly or weekly reports for an organization's internal audiences such as department managers and the chief executive officer. These reports typically show the amount of available cash, sales revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts, raw material and inventory, and may also include trend charts, variance analysis, and other statistics. Also called managerial accounting. Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist manage- ment in the formulation and implemen- tation of an organization’s strategy. Management accounting’s essential compo- nent is the formulation and implementation of strategy to help an organization succeed. Role of managerial accounting and the management accountant in a business or organization --- Managerial accountants record financial information for their companies that is used by the organization’s management team to aid in the decision-making process. Managerial...
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...Relationship Management and Key Account Management [Name of writer] [Name of institution] Table of Contents Introduction 1 Customer Relationship Management 1 Customer Relationship Management in Business to Business 1 Customer Relationship Management in Business to Customer 2 Issues related to CRM in B2B and B2C 2 Customer Privacy 3 Technical Immaturity 4 Ownership and Accountability 4 Importance of Customer Loyalty 5 Conclusion 5 References 7 Customer Relationship Management and Key Account Management Introduction This paper intends to focus on the importance and need of customer relationship management for business organizations. The paper will focus the role of customer relationship management in business to business marketplace. In addition to this, the paper will incorporate the role of customer relationship management in business to customer marketplace. The paper will further illustrate the issues which are associated with customer relationship management in business to business marketplace. Issues related to customer relationship management in business to customer marketplace will also be included in the paper. Positive and negative impacts of relations on business dealings will also be discussed in the paper. All of these discussions will help in understanding proper role of customer relationship management in the both B2C and B2B marketplace. Customer Relationship Management CRM i.e. Customer Relationship Management is referred...
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...Management Information System (MIS) Term Paper: Business Process Management (BPM) Professor: Dr.Ijaz A.Qureshi Abstract: A business process model consists of a set of activity models and execution constraints between them. A business process instance represents a concrete case in the operational business of a company, consisting of activity instances. Business Process Management has been referred to as a holistic management approach to aligning an organization’s business processes with the wants and needs of clients. It promotes business effectiveness and efficiency while striving for innovation, flexibility and integration with technology. BPM attempts to improve processes continuously. It is argued that BPM enables organizations to be more efficient, more effective and more capable of change than a functionally focused, traditional hierarchical management approach. Business Process Management includes methods, techniques and tools to support the design, enactment, management and analysis of operational business processes. It can be considered as an extension of classical workflow Management systems and approaches. Business Process Management has received much attention in the industrial engineering and management literature and its benefits are well known. Hence, there is confusion among public managers about how business process management concepts should be implemented. Business Process Management (BPM) has been identified...
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...Functional Areas of Business Barbara Butkiewicz MGT/521 June 6, 2014 Rodney Klein Functional Areas of Business Barbara Butkiewicz MGT/521 June 6, 2014 Rodney Klein Abstract Operating a business is a complex task which involves many facets. The MBA Overview Model defines eleven functional areas of business, including management, law, human resource management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. In order to succeed in business, the organization must bring together the functional areas accordingly to achieve organizational goals. A critical role in any business is the manager. The manager plays an important part in utilizing each area to align the organization collectively towards economic prosperity. In this paper, I will examine the role of the manager in each of the functional areas of business. A business organization is a very complex structure. In order to be successful, a business needs to coordinate and organize many areas within the organization to achieve its mission. According to the University of Phoenix’s MBA Overview Model (2014), the functional areas of business include management, law, human resource management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. An essential component to any business that intertwines the functional areas is the manager. The role of the manager...
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...1.0 WHAT ARE THE ELEMENTS OF STRATEGIC MANAGEMENT? Strategic management consists of the analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages. The strategic management process is made up of four elements: situation analysis, strategy formulation, strategy implementation, and strategy evaluation. These elements are steps that are performed, in order, when developing a new strategic management plan. Situation Analysis The situation analysis provides the information necessary to create a company mission statement. Situation analysis involves "scanning and evaluating the organizational context, the external environment, and the organizational environment" (Coulter, 2005). This analysis can be performed using several techniques. Observation and communication are two very effective methods. To begin this process, organizations should observe the internal company environment. This includes employee interaction with other employees, employee interaction with management, manager interaction with other managers, and management interaction with shareholders. In addition, discussions, interviews, and surveys can be used to analyse the internal environment. Organizations also need to analyse the external environment. This would include customers, suppliers, creditors, and competitors. Several questions can be asked which may help analyse the external environment. It examines the company’s relationship with its customers and...
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...Critical examination on the difference between managing a small organization to a big formal organization as an entrepreneur By James Muhowa, Social Science Student Successful entrepreneurs are opportunists who, through their creativity, drive and vision, create economic or social value. They challenge conventional wisdom by practicing disruptive innovation — innovation that creates new markets through the application of a different set of values. They change the rules of the game by questioning the status quo and upping the stakes. It follows that an entrepreneurial organization can be defined as: An organization that places innovation and opportunism at its heart in order to produce economic or social value (Meta, 2013). The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield (Say, 1803) whether a charity or a profit oriented organization, there is a need to use a businesslike approach is the organization is to endure overtime, so should every manager (Armstrong, 2009). A businesslike approach to management is one that focuses on allocating resources to business opportunities and making the best use of them to achieve the required results. All organizations, large or small, are today struggling to develop in an external operating environment which is epitomized by turbulence and uncertainty. Indeed, the natural cycle for most is from this entrepreneurial state, via growth, to protection, atrophy, crisis and...
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...of Phoenix CIS/207 Business Intelligence Systems or (BIS) for short is a wonderful support information system that is and should be used in all business organizations. Business Intelligence Systems assists organization managers and professionals in determining the analysis of current and past activities, and aids them to predict future events in the organization or business. This leaves room and time for strategic planning processes in the organization. Business Intelligence Systems mostly carries the weight of strategic and well analyzed decision making. This is a system that any business organization should take into consideration, due to the fact that it promotes the opportunity for organizations to acquire, extract, and analyze data for beneficial information. Business Intelligence Systems gives organization managers and professionals the ability to acquire and determine solutions to a vast amount of future organization scenarios and complications. This aids in the rendering of the best possible result or outcome so that upper management in an organization can take action. Utilizing Business Intelligence Systems is the best way for higher management in organizations to make or determine accurate decisions for their organizations; the ability for upper management to use this system leads any organization to success. Most organizations tend to capitalize due to the benefits brought by utilizing the Business Intelligence System. Any organization can benefit from a system...
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...Answers for mid-term examination Chapter 1: 1- List and describe four reasons why information systems are so important for business today? Answer: - Capital Management - Foundation of doing business - Productivity - Strategic opportunity and advantage 2- Describe five technology and business trends that have enhanced the role of information systems in today’s competitive business environment: Answer: (chapter 1: page 8) - Internet growth and technology convergence - Transformation of the business enterprise - Globalization - Rise of the information economy - Emergence of the digital firm 3- Describe the capabilities of a digital firm. Why are digital firms so powerful? Answer: - Digital firm is one in which nearly all of the organization’s significant business relationships with customers, suppliers, and employers are digitally enabled and mediated. - Digital firms are so powerful because all companies can use internet technology for e-commerce transactions with customers and suppliers, for managing internal business process, and for coordinating with suppliers and other business partners. E-commerce includes e-commerce as well the management and coordination of the enterprise. And also digital management of key corporate assets. 4- What is information system? Distinguish between a computer, a computer program, and an information...
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...KNOWLEDGE MANAGEMENT THROUGH STRATEGIC MANAGEMENT PROCESS ABSTRACT Knowledge Management (KM) is the key factor for the organizational success and survival. In the competitive business environments, knowledge management involve strategic management processes. The processes consist of formulating stages, implementation stages, and controlling stages. With a systematic strategic management approach, organizations are able to generate competitive advantage and achieve organizational objectives. This paper provides an approach for organization to manage KM through strategic management process. KM currently is a discipline which is growing very fast. Therefore to support business viability and competitiveness, organization needs to integrate fragmented landscape of KM with strategic management process. Keywords: Knowledge Management, Strategic Management. 1.0 INTRODUCTION According to Webb (1998), KM is the process of identification, optimization and active management of intellectual assets to create value, increase productivity and gain and sustain competitive advantage. Meanwhile, Murray (1998) said KM is a strategy that turns an organization’s intellectual assets and the talents of its members to produce new productivity, value and increase competitiveness. Therefore, we can conclude that KM is a discipline, designed to provide strategy, process, and technology to increase organizational learning. A part from that, strategy is the major plan to be undertaken and allocating...
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...Business Administration and Business Management: The Difference Between Degrees by Fred Decker, Demand Media * Bit.ly * Blogger * Delicious * Digg * Instapaper * Posterous * Stumbleupon * Tumblr * Yahoo! Bookmark * x Degrees in business management are designed to instill leadership skills. Related Articles * The Requirements for an Undergraduate Business Administration Degree * Differences Between an MBA & a Bachelor's in Business Administration * The Difference Between a Master's in Public Affairs & a Master's in Public Administration * The Difference Between a Post Graduate Diploma & an MBA Business management and business administration degrees are the passports to positions in the highest levels of most fields. Even in highly technical professions such as engineering or health care, complementing a professional degree or certification with a graduate business degree can be a prerequisite for a promotion. Business management and business administration degrees have many similarities, but there are differences as well. Business Management Degrees Undergraduate and graduate degrees in business management train students to take a leadership role. The core curriculum of most programs will include a grounding in the humanities, as well as specialized coursework in areas such as conflict resolution, critical thinking, personnel development and managing performance. Management...
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...Business Ethics and Efficiency RWT1 Table of Contents Executive Summary 3 Subject and Purpose 3 Introduction 5 Discussion 5 Ethics and Economic Efficiency 6 Organization Goodwill and Competitive Advantage 7 Risk Management and Credit Facility 9 Recommendation 9 Conclusion 10 References 12 Executive Summary Due to increased globalization and competition in industry, organizations are facing tough challenges in the keeping their business operations sustainable and ethical so that they continue to grow and develop in a successful manner. When we talk about driving the organization towards success it is not any different from steering a car or vehicle in the right direction towards the required destination. That is why roadmaps and directions are developed and changed constantly so that the organizations and management are able to keep their business current and follow the latest trends and requirements as demanded by the external environmental factors that are constantly changing. It is extremely important that on its way to growth and improvement, the organizational management must look out for any new developments like technological advancement, globalization, new regulations, and laws or policies with regards to their business industry in order to maintain the performance and reputation of the business. On their way towards growth many leaders and management often ignore and forget the importance of business ethics and corporate...
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...MANAGEMENT ACCOUNTING (Author’s name) (Institutional Affiliation) Management accounting combines finance, accounting and management with other leading edge techniques necessary for managing a successful business. The fact that organizations are made of people the management structure must accomplish its objectives by working through the people. Since the director’s of companies cannot execute their company’s strategies on their own, they have to rely on people and thus create an organization structure that allows decentralization of management responsibilities. According to Hoskin & Macve (1990, pg. 17), management invented modern business. Early forms of management accounting integrated both decision-making and analysis, going beyond financial and operational performance data. Chandler stated that before managerial, there was no equivalent of the modem multi-unit organization as there was nothing remotely like the divisional Wed corporation (Chandler 1977, pg.18). Chandler states that the managerial revolution invents something new which it is frequently misunderstood as the "modern business enterprise". This did nothing less than overturn the old economic world which is a world within which he tells much basic economic theory is still distressingly rooted. The new form of management was accelerated by industrial revolutions in the 19th century. After the 20th century the impending requirements by financial accounting in most organizations developed...
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...Running head: RISK MANAGEMENT AND THEIR INFLUENCES Risk Management and Their Influences on Corporate Governance University of Maryland University College Graduate School of Management& technology Executive Summary Implementing a risk management process in line with organizational or business goals and objectives is vital for successfully managing or mitigating risk. Risk identification, analysis, handling, and monitoring should be addressed by all stakeholders. The process should be implemented in accordance with a pre constructed Risk management plan. A well developed risk assessment will make use of the considerable number of assessments, planning, and formal risk identification performed to provide a picture of the composite or overall risk associated with an organization. Also an effective risk mitigation strategy will provide a significant increase in the confidence level that a business or organization will meet its cost, schedule, and performance requirements. Introduction Risk is an important concept that plays a major role in the success of a business and organization. Risk is defined as the exposure to injury or loss. Every decision that we make as human beings contain some form of risk and most of the time the weight of the risk determine whether we will follow through with an action or not. Risk Management is a systematic way to keep those risks in check and a way to limit those risks in impacting the...
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... Significance to the business model 4 Summary 5 The Employment Relationship 6 Overview 6 Evolving Frameworks and Models 6 Recommendations 7 Legal Context 8 Overview 8 National Legislation & its importance to Australian business 8 Impact of Legislation on the Business 9 Recommendations to Bytes Electrical 10 References 11 Bibliography 11 Executive Summary The purpose of this report is to identify the importance of strategic human resource management to Bytes Electrical. This role of strategical management in regards to a businesses most important assets – its employees, is heavily influenced by a number of stimuli outlined in this report, including the evolution of human resource management to what it is today, the employment relationship and the environment and legal context that the business must operate within. By outlining these influences on Bytes Electrical, this shall allow for the management team to clearly understand the importance of HRM in today’s context. The result of this report is to highlight and convey a summary of these influences and present a number of recommendations to Bytes electrical to ensure the continued and/or increased productivity and efficiency of the business. By presenting these recommendations it allows for the business to identify problem areas within the entity and implement these proposals as it see’s fit. The Evolution of HRM Human resource management is an ever-changing business function and is considered...
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