...The Importance of 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...
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...HND in Business Unit 15 - Managing Business Activities to Achieve Results Module Handbook 2013/14 Module Leader: Andy Humphries 01244 656371 Email: a.humphries@west-cheshire.ac.uk CONTENTS | PAGE NO. | 1 | WELCOME AND INTRODUCTION | 3 | 2 | MODULE RATIONALE | 3 | 3 | LEARNING OUTCOMES | 3 | 4 | OUTLINE CONTENT | 3 | 5 | TEACHING AND LEARNING APPROACH | 4 | 6 | ASSESSMENT | 5 | | | | 7 | EQUAL OPPORTUNITIES | 9 | 8 | ACADEMIC SUPPORT | 9 | 9 | EVALUATION | 10 | 10 | SCHEME OF WORK | 10 | 11 | READING/LEARNING RESOURCES | 12 | 1 WELCOME AND INTRODUCTION The overall function and direction of an organisation is determined by the nature of its corporate strategy. Strategy provides the goals, objectives and guidelines for the structure and operations of the organisation. It is by means of structure that the purpose and work of the organisation are carried out. Some structure is necessary to make possible the effective performance of key activities and to support the efforts of staff. Structure provides the framework of an organisation and its pattern of management. The manager needs to understand the importance and effects of organisation strategy and structure. The aim of this unit is to provide learners with the understanding and skills to manage their | activities in the business workplace to improve their effectiveness and efficiency. | This unit focuses on the effective and efficient planning and management...
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...Excellence in Business Comm., 10e (Thill) Chapter 1 Achieving Success Through Effective Business Communication 1) Communication is the process of A) transferring information and meaning. B) listening actively. C) writing messages. D) speaking to others. E) none of the above. Answer: A Explanation: A) Communication is the process of transferring information and meaning between senders and receivers, using one or more written, oral, visual, or electronic media. The other answers are only part of the communication process. Diff: 2 Page Ref: 3 Skill: Concept Objective: 1 AACSB: Communication Abilities Learning Outcome: Discuss the challenges and importance of business communications. 2) When it comes to communication skills, employers express particular frustration with A) experienced workers who shun new technologies. B) recent college graduates who haven't learned how to adapt to a professional environment. C) employees whose first language is not English. D) male workers. E) employees who believe they are tech-savvy. Answer: B Explanation: B) Not all situations call for the same type of communication skills. If you learn to write well, speak well, listen well, and recognize the appropriate way to communicate in any situation, you will gain a major advantage that will serve you well throughout your career. The other groups of employers are not necessarily going to have trouble communicating in a professional environment at all times. Diff: 1 Page Ref: 3 Skill: ...
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...Excellence in Business Comm., 10e (Thill) Chapter 1 Achieving Success Through Effective Business Communication 1) Communication is the process of A) transferring information and meaning. B) listening actively. C) writing messages. D) speaking to others. E) none of the above. Answer: A Explanation: A) Communication is the process of transferring information and meaning between senders and receivers, using one or more written, oral, visual, or electronic media. The other answers are only part of the communication process. Diff: 2 Page Ref: 3 Skill: Concept Objective: 1 AACSB: Communication Abilities Learning Outcome: Discuss the challenges and importance of business communications. 2) When it comes to communication skills, employers express particular frustration with A) experienced workers who shun new technologies. B) recent college graduates who haven't learned how to adapt to a professional environment. C) employees whose first language is not English. D) male workers. E) employees who believe they are tech-savvy. Answer: B Explanation: B) Not all situations call for the same type of communication skills. If you learn to write well, speak well, listen well, and recognize the appropriate way to communicate in any situation, you will gain a major advantage that will serve you well throughout your career. The other groups of employers are not necessarily going to have trouble communicating in a professional environment at all times. Diff:...
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... Westpac directly emphasises the importance of customers to their business by indicating that their main objective is to cater for customer needs, which suggests that customers are a highly valued asset within the company. ANZ’s mission communicates a similar message. This notion of the importance of customers is not communicated as directly in NAB’s mission, which alternatively provides a level of insight into the competitiveness and ambition that drives NAB to achieve an improved market positioning. Furthermore, Westpac’s vision communicates a similar level of customer importance that is reflected in its mission statement. This is again unlike NAB’s vision, which fails to communicate the importance of customers and alternatively focuses on the business’s quantitative objectives. ANZ’s vision reflects elements of Westpac’s and NAB’s visions by emphasising the importance of customers as well as its international business interests. Furthermore, NAB and ANZ’s company values emphasise the importance of ethical behaviour in all areas of the business; however, Westpac does not touch on this notion. Also, ANZ and Westpac both highlight the underlying concept of a collaborative approach to work, i.e. working as one team. In addition to this, all three company values communicate the importance of treating customers with respect. However, only NAB and Westpac offer an insight into the competitiveness and ambition that drives them to meet objectives. NAB refers to this as a “will to...
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...Regent College Higher Education Assignment front sheet Qualification Pearson BTEC Level 5 HND Diploma Business Student name Unit number and title Unit 15: Managing Business Activities To Achieve Results Assessor name Loganathan Ramasamy Date issued Completion date Submitted on 13/10/2014 30/01/2015 30/01/2015 Assignment title Managing Business Activities To Achieve Results Learning Outcome Learning outcome Understand the importance of business processes in delivering outcomes based upon business goals and objectives Be able to develop plans for own area of responsibility to implement operational plans Assessme nt Criteria 1.1 1.2 1.3 LO1 In this assessment you will have the opportunity to present evidence that shows you are able to: Evaluate the interrelationship between the different processes and functions of the organisation. Justify the methodology to be used to map processes to the organisation’s goals and objectives. Evaluate the output of the process and the quality gateways. Task Evidence no. (Page no) 2.1 2.2 LO2 2.3 2.4 Design plans which promote goals and objectives for own area of responsibility. Write objectives, which are specific, measurable, achievable, realistic and time based to align people and other resources in an effective and efficient way. Implement appropriate systems to achieve objectives in the most efficient way, on time, to budget and meeting organisational standards of quality. Carry out work activities meeting the operational...
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...management has come to mean more than avoiding errors. It is also seen as an approach to the way processes should be managed and, more significantly, to improve. This is because quality management focuses on the very fundamental of operations and process management – the ability to produce and deliver the products and services that the market requires, in both the short and the long term. This research paper will discuss the importance of effective operations management in achieving the objectives of Plas Newydd Care Ltd and how the existing operation management processes meet the organisation’s overall strategic management objectives. In this paper also will discuss the importance of quality management in achieving British Telecom’s objectives. Importance of effective operations management in achieving organizational objectives Operations management includes the examination, assessment, analysis and re-design of a new structure with subsequent review of its suitability to ensure it is able to achieve what it is able to achieve what is supposed to. Business...
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...International Marketing 1 The Scope and Challenge of International Marketing Objectives What you should learn from Module 1 What is meant by international marketing. To understand the scope of the international marketing task To comprehend the importance of the self-reference criterion (SRC) in international marketing. To be able to identify and manage the factors influencing internationalisation of companies. To evaluate the progression of becoming an international marketer. To see how international marketing concepts influence international marketers. To appreciate the increasing importance of global awareness. 1.1 The Internationalisation of Business 1.2 International Marketing Defined 1.3 The International Marketing Task 1.4 Environmental Adjustment Needed 1.5 Self-reference Criterion: An Obstacle 1.6 Becoming International 1.7 International Marketing Orientations 1.8 Globalisation of Markets 1.9 Developing a Global Awareness 1.10 Orientation of International Marketing Summary The first section of International Marketing offers an overview of international marketing and a discussion of the global business, political and legal environments confronting the marketer. International Marketing is defined as Performance of Business activities beyond national borders. The task of international marketer is explained. Key obstacles to international marketing are not just foreign environments but also our won self reverence criteria (SRC) and ethnocentrism. This...
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...Chapter ---Planning, Class XII commerce, Subject Business Studies NAME OF THE TEACHER –SHIKHA(PGT COMMERCE) Meaning of Planning – Deciding about all the aspect is called planning. A problem about taking decision on these matters rises when there are more than one possible answers.. therefore it can be said to be a process of choosing . Definition of planning : According ot koontz and O’donnell,” Planning is deciding in advance What to do , how to do it, when to do it, and who is to do it.” Characteristics of planning 1 Planning focuses on achieving the objectives: Management begins with planning and planning begins with the determining of objectives. In the absence of objectives no organization can ever be thought about. 2 Planning is the primary function of Management: Planning is the first important function of management. The other functions –organising, staffing, directing and controlling come later. In the absence of planning no other function of management can be performed. 3 planning is continuous: Planning is the process which begins with the beginning of business itself and ends with the ending of the business. It means that as long a business exists, the planning process is continuous. For example , a company plans to sell one lakh units in the coming year. Suddenly, many competing companies enter the market. This will naturally affect the previous position of the company and , therefore ,it shall have to revise its planning. 4. Planning is Futuristic:...
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...Chapter ---Planning, Class XII commerce, Subject Business Studies NAME OF THE TEACHER –SHIKHA(PGT COMMERCE) Meaning of Planning – Deciding about all the aspect is called planning. A problem about taking decision on these matters rises when there are more than one possible answers.. therefore it can be said to be a process of choosing . Definition of planning : According ot koontz and O’donnell,” Planning is deciding in advance What to do , how to do it, when to do it, and who is to do it.” Characteristics of planning 1 Planning focuses on achieving the objectives: Management begins with planning and planning begins with the determining of objectives. In the absence of objectives no organization can ever be thought about. 2 Planning is the primary function of Management: Planning is the first important function of management. The other functions –organising, staffing, directing and controlling come later. In the absence of planning no other function of management can be performed. 3 planning is continuous: Planning is the process which begins with the beginning of business itself and ends with the ending of the business. It means that as long a business exists, the planning process is continuous. For example , a company plans to sell one lakh units in the coming year. Suddenly, many competing companies enter the market. This will naturally affect the previous position of the company and , therefore ,it shall have to revise its planning. 4. Planning is Futuristic:...
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...| The Importance of Business Strategy | MT460/04 | | Management Policy and Strategy Unit 2 Business Planning The Strategic Management Concept The concept of strategic management involves several different aspects of business. In the simplest terms, a company generates objectives and goals by which it would like to operate. The manner in which those goals and objective are accomplished and the strategic decisions made regarding those fall into the concept of strategic management. There are several different key elements in the strategic management process. A company must first set a high level overview of what it would like to accomplish. This may include its mission statement, objective and subjective goals and also company philosophies. The company must then study itself to determine its strengths and capabilities as well as its internal makeup. This is called doing an internal analysis. After conducting an internal analysis, an external analysis must also be completed. This includes studying factors that are typically outside the realm of control for a company. This will aid in understanding the current market conditions as well as trends by competitors to help align business focus. Being able to understand the external environment will help a company be better suited for change if needed when situations arise in the external environment. Devising a plan and creating a vision for a company’s long term goals is vital for creating a direction towards...
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...View Full Essay | Managing Activities to Achieve Results | Table of Contents Introduction 1 Body 2 Evaluate the importance of business processes in delivering outcomes based upon business goals and objectives. 2 Appendix 22 Bibliography 26 Body Evaluate the importance of business processes in delivering outcomes based upon business goals and objectives. Structure of an organisation is the way the people and different departments are set out. XXX School’s structure is shown in Appendix 1. It’s is widely split into Thai and foreign areas with different departments that interact daily to fulfil its processes and functions. There is evidence to suggest it uses the matrix model. For example XXXX the Head of English Kindergarten department is also responsible for undertaking the project of improving the schools website. Mullins (2005:a) notes culture as ‘the collection of traditions, values, policies, beliefs, and attitudes that constitute a pervasive context for everything we do and think in an organisation’. Due to the being both foreign native speakers and Thai teachers present in the school, a divide in beliefs, values, policies, traditions and processes is present. The two ‘sides’ maybe well undertake tasks in a different way, however there is one belief that is clearly paramount throughout the school. The most important belief is the service and relationship provided to the customer (customer being the student and their parents) is everyone’s number one...
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...THE STRATEGIC FIT BETWEEN THE PROCESS TECHNOLOGY AND MARKET REQUIREMENTS OF MULTIMETAAL BV GROUP NO: 2 Rijksuniversiteit Groningen Faculty of Economics and Business Duisenberg Building Plaza, Nettelbosje 2 9747 AE Groningen Tel: 050-363 7970 Fax: 050-363 7970 WORD COUNT: 3559 DATE: 18/12/2013 BRENDA CARMELINO MENDIOLA | S2592924 | b.carmelino.m@student.rug.nl | EDZARD VAN DER PLOEG | S1889370 | e.van.der.ploeg.1@student.rug.nl | HENK MEINDERS | S2214032 | h.j.meinders@student.rug.nl | LISSETTE VALDIVIA | S2596849 | l.valdivia.f@student.rug.nl | WOUTER OSINGA | S2561263 | w.osinga.1@student.rug.nl | PREFACE The subjoined research paper is written for the specialization course Operations and Supply Chains at the University of Groningen at the faculty economic and business. The research paper enterprise is Multimetaal B.V. located in Den Helder. The main subject of the specialization course Operations and Supply Chains is the reconciliation process between market requirements and operation resources, described in the model of Slack and Lewis. The research paper addresses the fit between the development on operations technology and the market requirements. Our group wants to thank Multimetaal and especially Pim Hulsebos and Menno Bijl for their openness and enabling our research. Further we want to thank our research supervisor Ms. Scholten for providing guidance. EXECUTIVE SUMMARY Since the new software brings a better fit between the...
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...PUNJAB TECHNICAL UNIVERSITY KAPURTHALA Scheme and Syllabus of Masters in Business Administration (MBA) Batch 2012 onwards By Board of Studies Business Administration Punjab Technical University Scheme of (MBA) Batch 2012 Onwards First Semester Course Code Course Title Load Allocation L T P 4 1 4 4 4 4 3 3 28 1 1 1 1 2 2 7 - Contact Hours: 36Hrs. Marks Distribution Internal 40 40 40 40 40 40 40 280 External 60 60 60 60 60 60 60 50 470 Total Marks 100 100 100 100 100 100 100 50 750 Total Marks 100 100 100 100 100 100 100 50 750 Total Marks 100 100 100 100 100 100 100 50 750 Credits MBA 101 MBA 102 MBA 103 MBA 104 MBA 105 MBA 106 * MBA 107 * MBA 108 Principles and Practices of Management Organizational Behaviour Accounting for Management Quantitative Techniques Managerial Economics Business Communication Information Technology for Management Viva Voce Total Course Title 5 5 5 5 5 5 5 2 37 Credits Second Semester Course Code Contact Hours: 34 Hrs Load Marks Distribution Allocation L T P Internal External 4 1 40 60 4 1 40 60 4 4 4 4 3 27 1 1 1 1 6 40 40 40 40 40 280 60 60 60 60 60 50 470 MBA 201 MBA 202 MBA 203 MBA 204 MBA 205 MBA 206 BTHU 101* MBA 207 Business Environment Production and Operation Management Human Resource Management Marketing Management Financial Management Research Methodology Human Values and Professional Ethics Viva Voce Total Course Title 5 5 5 5 5 5 3 2 35 Credits Third Semester Course Code Load Allocation L T P 4 1 4 4 4 4 4 3 27 1 1 1 1 1 6 Marks...
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...• Conduct an internal and external environmental analysis for your proposed business. • Use the information obtained from your internal and external analysis, as well as the lesson learned from the Considerations of a Strategic Plan: List assignment. • Create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table. • External forces and trends considerations: • Legal and regulatory • Global • Economic • Technological • Innovation • Social • Environmental • Competitive analysis • Internal forces and trends considerations: • Strategy • Structures • Processes and systems • Resources • Goals • Strategic capabilities • Culture • Technologies • Innovations • Intellectual property • Leadership • Write a 1,400-1,750-word synopsis in which you analyze at least seven of the forces and trends from the list above. Your analysis must include the following: o Include economic as well as legal and regulatory forces and trends. o Critique how well the organization adapts to change. o Identify issues and/or opportunities: o Identify the major issues and or opportunities that the company faces based on your analysis above. o Generate a hypothesis surrounding each issue and research questions to use...
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