...Business Man 1 Intro to Bus Man as science - Study Unit 1 & 2 Man science uses a scientific approach to solver many problems. Used in variety of orgs to sove different types of problems. Encompasses a logicical mathematical approach to problem solving 1.1 Man science process • Observation - Identification of a problem that exists in the system or organization. • Definition of the Problem - problem must be clearly and consistently defined showing its boundaries and interaction with the objectives of the organization. • Model Construction - Development of the functional mathematical relationships that describe the decision variables, objective function and constraints of the problem. • Model Solution - Models solved using management science techniques. • Model Implementation - Actual use of the model or its solution. 1.2 Factors of production Natural resources i.e. crude oil Capital i.e. investors Labour i.e. technical and academic Entrepeneurship i.e. takes capital and link labour and natural resouces combined with risk to provide goods and services. Knowledge i.e. to determine wants and needs quickly and to respond to them with products and services. 1.3 3 Most NB Economic systems = Capatalism, Socialism and Communism 1.3.1 Capatalism Free market system Built on principles of private ownership Is based on the right to make a profit, right to compete and the right to own property. System is market driven and the solutions to a country's economic problems...
Words: 9542 - Pages: 39
...1 Case Study : Sinosteel Strengthens Business Management with ERP Applications SUMMARY: China’s state owned strategic resources enterprise Sinosteel Corporation uses Oracle Enterprise Resource Management (ERP) to strengthen its business management and global reach. Case: Sinosteel Corporation (abbreviated as Sinosteel) is a central enterprise under the administration of the State-Owned Assets Supervision and Administration Commission. There are 76 subsidiaries under the administration of Sinosteel, among which 53 are in China and 23 abroad, the revenue from core businesses reaches RMB 111 billion in 2008. Chinese currency is called the Renminbi (RMB), and it is currently trading at .146 US dollars in 2009. Sinosteel is mainly engaged in developing and processing of metallurgical mineral resources, trading and logistics of metallurgical raw materials and products, and related engineering technical service and equipment manufacture. It is a large multinational enterprise with core businesses engaging in resources development, trade & logistics, engineering project and science & technology, equipment manufacturing and specialized service, providing comprehensive auxiliary service for steel industry, especially steel mills. Sinosteel is organized as decentralized, multi-business unit firm. Like most rapidly growing global firms, Sinosteel has grown through the acquisition of hundreds of small companies, and many medium to large size companies. In the...
Words: 1481 - Pages: 6
...Page » Business and Management Business Strategy In: Business and Management Business Strategy Section B: Strategic Management (50 Marks) Objectives: (a) To develop an understanding of the general and competitive business environment, (b) To develop an understanding of strategic management concepts and techniques, (c) To be able to solve simple cases. Contents 1. Business Environment General Environment–Demographic, Socio-cultural, Macro-economic, Legal/political, Technological, and Global; Competitive Environment. 2. Business Policies and Strategic Management Meaning and nature; Strategic management imperative; Vision, Mission and Objectives; Strategic levels in organisations. 3. Strategic Analyses Situational Analysis – SWOT Analysis, TOWS Matrix, Portfolio Analysis – BCG Matrix. 4. Strategic Planning Meaning, stages, alternatives, strategy formulation. 5. Formulation of Functional Strategy Marketing strategy, Financial strategy, Production strategy, Logistics strategy, Human resource strategy. 6. Strategy Implementation and Control Organisational structures; Establishing strategic business units; Establishing profit centres by business, product or service, market segment or customer; Leadership and behavioural challenges. 7. Reaching Strategic Edge Business Process Reengineering, Benchmarking, Total Quality Management, Six Sigma, Contemporary Strategic Issues. The Nature of Strategic Management The...
Words: 380 - Pages: 2
...Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management Business And Management ...
Words: 264 - Pages: 2
...Name: Course name: Instructor’s name: Date: Business management plan Business success requires a breadth of knowledge and abilities and, in bringing together theory and practice. A business plan is an essential tool not only for those starting a business but also for those with existing businesses. A business plan is a guide to what a business will do, what it aims to achieve, how it will be accomplished and most importantly whether there is someone with the ability to do that. The business plan provides a complete description of a business idea, explaining its sales and marketing strategies, the management team, prediction of financial forecasts and operations. In short, a business plan enables a business idea to be transformed from the initial conception stage towards a fully reasoned and realistic plan of action (Blyth, M, 2013). A business plan also operates as a working document and essential management tool as it shows clearly how the business will proceed and the strategies it will employ. It enables possible obstacles to be avoided or minimized, targets to be focused upon and achieved, and effective structure to be put in place for a business strategies and finance. The business plan should be used as a guiding factor when it comes to decision making. It should be reviewed, modified and developed as the business evolves and progresses. It’s true that businesses that implement their business plan and keep it up to date can monitor their growth and are in a better...
Words: 2092 - Pages: 9
...systems to produce behavioural norms (Uttal 1983). Strategic management consists of the analysis, decisions, and actions an organistion undertakes to sustain a competitive advantage (Gregory 2005) . Scholars, such as a Drucker, argue that “culture eats strategy for breakfast”, meaning organisational culture is far more significant and influential compared to strategic management. No matter how brilliant your strategy is, it won’t be accomplished if it is not supported by your ogranisation’s culture. However, some scholars argue that due to the intermittent challenges facing organisations in the contemporary business enivornment, culture can often be influenced by strategy. An organisation’s culture is extremely influential to business success. The organisation’s values and beliefs affect marketing, productivity and customer interaction. A strong organisational culture is achieved through the use of language, rituals and symbols to communicate key values throughout the organisation. A weak organisational culture exists when core values are not clearly defined, not clearly communicated or not widely accepted within the organisation. This can lead to inconsistant customer experiences and a unfavourable business reputation. (1) presents a strong organisational culture as a competitive advantage, “ A strong culture helps you attract and keep top talent, ensure delivery on your brand promise and referring new business”. Mathew and Ogbonna conducted a study on the organisational culture...
Words: 1461 - Pages: 6
...and Ronald MacAlpine. They provided maintenance services for bus services and the company considerably grew over the years. By 1997, this company had grown to be the largest in the Australian market for automobile parts mostly brakes and steering parts. Consequently, they became a preference for General Motors Holden and Mitsubishi. Toyota came on board later on in 2003. MetalEx started off as a family business but as time went by some of its shares belonged to bank and insurance companies. They counted up to 7% of decisions. The companies had faced a lot of problems by 1995. However, the company had a turnaround in 1996. A new plan for the business was made. This plan was meant to put MetalEx back on its feet. By 2000 the business had transformed with the purchase of new assets and businesses. The purpose of the acquisition of the new businesses was to establish a pacific rim beachhead for the German parent company, Greothe Industries. At that same time, the rationalized business would bring forth cash flow, infrastructure and economies of scale for the expansion of the business into the rapidly growing markets of China, Indonesia, The Phillipines, and later on India. However, in 2014, this company faced a worse situation than it was in earlier. Dollar fluctuations and increase in costs led to lose of a large client base. There was also a increase in costs of production due to...
Words: 3172 - Pages: 13
...deliver long-term sustainable shareholder value. The Board is committed to ensure good corporate governance practices are applied throughout the Company and its subsidiaries (“the Group”). This Statement sets out the key aspects of how the Company has applied the Principles and Recommendations of the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”) during the financial year ended 31 March 2014 and any non-observation of the Recommendations of MCCG 2012, including the reasons thereof, has been included in this Statement. Principle 1 – Establish Clear Roles and Responsibilities 1.1 Clear Functions of The Board and Management The Board leads the Group and plays a strategic role in overseeing the Group’s corporate objectives, directions and long term goals of the business. The Board is responsible for oversight and overall management of the Group. The Board Committees are established to assist the Board in discharging its responsibilities. The Board delegates specific responsibilities to three (3) principal Committees, namely the Audit Committee, the Nomination Committee and the Remuneration Committee. All committees have written terms of references and operating procedures and the Board receives reports on their proceedings and deliberations. The Chairman of the respective Committees shall report the outcome of their meetings to the Board. Minutes of all Board Committee meetings are circulated to the Board members so that they are kept abreast of proceedings...
Words: 6032 - Pages: 25
...corporate style to manage these units in order to add value, and potentially more value than other parents could add and prevent these businesses being handicapped by the centre. Essentially, putting one's eggs in different baskets" may reduce the risk in the overall portfolio but requires that the firms management possess the strong capabilities necessary to successfully execute this strategy. This in mind, the Goold and Campbell style that I would adopt is the strategic control style based on . Because the company has many unrelated businesses, in many industries and in many geographic regions, it is quite unlikely that corporate centre management would be adept at the capabilities required to manage these businesses. Most corporate managers have experience in only one industry (or a few) and none realistically can be an expert in the wide variety of unrelated industries represented in a conglomerate. The business units' management is close to the markets in the different regions, familiar with the different cultures that exists in those markets, and is more likely to have intimate specialist knowledge of their particular businesses. They also need to be flexible and nimble at business-level decision making. As such at the centre we will focus on financial control,...
Words: 1364 - Pages: 6
...Table of Contents Executive Summary 3 Industry Analyses 4 Definition of the Business 5 Purpose of the Business 6 Map into the future 6 Supporting growth and securing funds (Attracting Investors) 6 Management of cash flow 6 Attract and Motivate Employees 7 Business Feasibility 8 Justification of the Business 9 Economic Benefits 9 Social Benefits 9 Personal Benefits 9 Organization and Management 11 Mission Statement 11 Everybody’s Bookstore Mission Statement 11 Cooperate Goals 12 Managerial Competence 12 Organizational Chart 13 Everybody’s Bookstore Organization Chart 14 General Manager 14 Financial Controller 14 Marketing Manager 14 Human Resource Manager 15 Human Resource Management 16 Recruitment and Selection 16 Training 17 Compensation 17 Performance Management 17 Conditions of Employment 18 Operational Considerations 19 Location 19 Layout of Store 19 Staff 19 Basic Operations 20 Utilities 20 Marketing Arrangements 22 Financial Considerations 23 Implementation Schedule 24 Appendix I 25 Appendix II 26 Appendix III 27 Appendix IV 28 Appendix V 29 Appendix VI 30 Appendix VII 31 References 34 Credits and Acknowledgements 35 Executive Summary Everyone's Bookstore is a start-up used book store in the Papine area of Kingston, Jamaica. The main goal of the company's management is to acquire local market share in the used book store industry through low prices, a dominant selection of products, a competitive variety of...
Words: 7096 - Pages: 29
...org/ijbm International Journal of Business and Management Vol. 5, No. 9; September 2010 A Study of the Impact of Business Process on the ERP System Effectiveness Wen-Hsien Tsai (Coresponding author) Department of Business Administration National Central University, Jhongli, Taoyuan 320, Taiwan E-mail: whtsai@mgt.ncu.edu.tw Shu-Ping Chen Department of Business Administration National Central University, Jhongli, Taoyuan 320, Taiwan E-mail: irwin26@mail2000.com.tw Elliott T.Y. Hwang Department of Information Management Chung Yuan Christian University, Jhongli, Taiwan 320, Taiwan E-mail: eliott01@ms3.hinet.net Jui-Ling Hsu Department of International Trade Feng Chia University, Taichung 407, Taiwan E-mail: jlhsu@fcu.edu.tw Abstract An ERP implementation takes many years to complete and requires a large amount of IT investment and their effectiveness is hard to evaluate. Companies implement ERP systems to integrate the business processes of a company, and help organizations obtain a competitive advantage. In each ERP implementation stage, Business Process Reengineering (BPR) plays different important roles. This study examined the process problems (system process / business process), BPR and performance of ERP systems by using the questionnaire survey and AVOVA analysis. We also examined the relationship between degree of BPR and ERP system performance using regression analysis. Keywords: Enterprise Resource Planning (ERP), Business Process Reengineering (BPR), Information...
Words: 6246 - Pages: 25
...Management Is My Business By: Course: MGT 330 Professor: Date: Our five senses are essential to our everyday life. They help us navigate, explore and experience things that are new and common to us. Without them we would miss out on a lot of things in life and opportunities. Also, there are ways to overcome certain circumstances where as if one of our senses didn’t function properly, like a stuffy nose or watery eyes. The five functions of management are like our five senses in the business world. Without them, managers and teams all over the world would be clueless on how to manage an organization properly and effectively. If used properly they can lead to positive and long-lasting outcomes within an organization. I’ve been working within my family’s business since the day we bought it back in 2005. We own a 100 room hotel with a bar and restaurant. The main entity that we operate is the hotel, which is independent or non-franchised; the other two are leased out. The hotel consists of four main departments; they are management, front desk, housekeeping and maintenance. In order to get the business up and running to our standards we had to do a lot of trial and error and come up with new ways to make money and save some too. We had to do some planning and come up with some organizational goals. Then we had to organize departments, jobs and responsibilities involved in each department. Next, we had to hire a staff to fill the positions created from organizing. After...
Words: 2387 - Pages: 10
...business plan analysis Quality training Quality training Table of Contents; 1) Executive Summary 1 2) Company Description 2 3) Market Analysis 4 4) Marketing/Sales Strategy 5 5) Research & Development 7 6) Staffing and Operations 8 7) Financial Projections 9 8) Sales Pipeline 14 9) Funding Requirements 15 10) Appendices 16 1.Report Summary quality Training is providing good training services but as per the business plan analysis we are determining the strengths and weaknesses of the given business plan on basis of the following measures ; * Purpose of the business plan * Product or service and its advantages * Market opportunity * Management team * Track record, if any * Financial projections * Funding requirements Financial projections should be summarised and highlighted. The following format is suggested as a guide: | Year 1 | Year 2 | Year 3 | Sales | | | | Exports | | | | Net Profit before Tax | | | | Investment | | | | Employment | | | | After analysing that business plan we found out that potential Clients often make a provisional judgement based on the market statements and provided information, and that their decision to read the main body of the business will depend on the information presented here. 2.Company Description The quality training is a family owned business so it has many risks and disadvantages in the market and they have not yet...
Words: 1226 - Pages: 5
...1.2. Differentiate between leadership and management. According to the extract how can leaders become more effective? Discuss. Leadership and management are two terms which have been used hand in hand and sometimes are often used interchangeably to describe positions in which one may direct a group of people. The might sound similar but they have different meaning and are one of the most researched topics in business management today. Today’s groups, organizations, and teams need both effective leaders and effective managers to run a successful operation. While some obvious similarities (i.e. they both involve influencing constituents or employees; authority and power are generally given with both positions) can be found between leadership and management, there are also some striking differences (i.e. management is often more task-oriented; leadership is often considered more inspirational and visionary). Management refers to roles which typically involve the supervision of employees. The depth or reality of a manager’s responsibility may differ depending on his position, for example a human resources manager has to ensure that his subordinates arrange and carry out recruitment to occupy vacant company positions, while a finance manager has to organize the collection of commercial trends and aid decision making of the higher-ups based on analyses. The manager is responsible for creating and executing plans based on organization’s goals set by the superiors and to measure...
Words: 8685 - Pages: 35
...Assignment On Contents Introduction Managing Communication Knowledge and Information refers to the combination of external and internal factors that influence the organization. There are several factors of the customer and the communication system, such as managing communication, communication knowledge, information, technology and other activity also the market, social and economic trends competitions and owner is improved. TASK 1 a) Outline the key decisions that need to be taken by AppiTaxi in order to implement its expansion nationally and internationally. Determination can be classified into various types depending on a number of ways. One of the most common and basic method of determining the classification is the action and effect of the decision on the company or organization in the range of types of the determination of classification judgment top decision deals with the operation. The overall plan is planning to include several separate groups in the next period, large organizational units of the detailed planning activities. In this way, covers the planning and the specific decisions that can have other details equilibrium. As per the AppiTaxi, We are sequentially arranged level decisions and plans can be categorized in the following: * Strategic Planning: The top-level strategic decisions. The following decision problem is the basic direction and long-term goals, philosophy and values. These decisions are structured at least most of the imagination;...
Words: 2133 - Pages: 9
