...BSB 203/BALM 111/BCD 130 SMALL BUSINESS MANAGEMENT/PRINCIPLES OF MANAGEMENT CAT 1 Answer all Questions 1. To organize in an effective manner, managers have certain guidelines to use and make useful decisions. Explain the principles of organization that can be used by a manager. (10 marks) There are various principles that guide managers in their daily operations. They include: i. Principle of equity- this principle is geared towards ensuring all workers especially in a joint effort are treated equally to manage joint projects. This principle allows managers to develop standard ways of evaluating worker performance. ii. Esprit de corps-this is the principle that fights for unity and morale among workers. This principle allows the manager to develop motivational programs geared at motivating productivity and loyalty to the organization. iii. Principle of initiative-this principle advocates for managers to allow for initiative patterns that allow their employees to come up with new ways. The principle allows the manager to delegate duties and allow new techniques of handling problems. iv. Principle of remuneration-this principle should allow the manager develop a good payment system because money is an important motivator. We should never forget that there is no perfect remuneration system. v. Principle of unity of direction-this principle advocates for similar objectives for people conducting one task in a single plan. The manager is able to develop...
Words: 1565 - Pages: 7
...Human Resource Management and Project Management Throughout this paper I will be discussing Human Resource Management principles compared to Operations Management principles, Project Management principles compared to Operations Management principles, and the importance of professional service organizations in standardizing a profession. Human resources management evolved from the task-oriented nature of personnel administration in the 1980s and 1990s to a strategy-focused extension of the organization in the 2000s (About SHRM, n.d.). HR management is driven by several business principles, particularly the "Ten C" collection of HR management principles developed by HR management expert Alan Price, author of "Human Resource Management in a Business Context." Price's 10 principles are "comprehensiveness, credibility, communication, cost effectiveness, creativity, coherence, competence, control, change and commitment (About SHRM, n.d.)." Based on these principles, they seem to tie directly in to the same principles as Operations Management. In Operations Management you have to have credibility to be effective in your role, communication is a must to make the business run smoothly and properly, you would need to be cost effective so that your business is being profitable, many times you need to be creative in completing tasks to get to your final objective, you need to be competent in what you do, have control over all complications that may arise, be open to change, and be...
Words: 944 - Pages: 4
...PRINCIPLES OF MANAGEMENT Business Principles of Toyota Motor Corporation Toyota follows certain well-defined business principles guiding its functioning. These are: 1. Honour the language and spirit of law of every nation and undertake open and fair corporate activities to be a good corporate citizen around the world. 2. Respect the culture and customs of every nation and contribute to economic and social development through corporate activities in local communities. 3. To provide clean and safe products and to enhance the quality of life everywhere. 4. Create and develop advanced technologies and provide outstanding products and services that fulfil the needs of customers worldwide. 5. Foster a corporate culture that enhances individual creativity and teamwork value, while honouring mutual trust and respect between management and labour. 6. Pursue growth and harmony with global community through innovative management. 7. Work with business partners in research and creativity to achieve stable, long-term growth and mutual benefits and be open to new partnerships. These principles, will guide the company in its global vision 2010. This global vision envisages continuous innovations in future, use of environment friendly technologies, respecting and working with different sections of society and establishing an interactive relationship with society. Based on www.toyota.co.jp/en/enviornmental_rep/03 /rinen.html on 17.10.2006 CHAPTER L E A R N I N G OBJECTIVES 2 After...
Words: 13855 - Pages: 56
...BASIC RETAIL PRINCIPLES Category Management The principles outlined in the category management section are based on many years experience in retailing and proven fundamentals. They are presented in a format to encourage you the retailer to work on these principles within your business. By the very nature of retailing, markets and customers will change over time. Retailers must understand and mange this information through category management. Due to the limited amount of time available in the review, the principles will be limited in there scope to generic retail principles. Managing your retail business through category management improves your knowledge and ability to react quicker to the customer’s wants and needs. As a retail owner you need to have at least 15 categories based on product groupings within your store. You can also break down each category into sub categories for further analysis. The categories that you establish will be the basis of ongoing management across key performance indicators (KPI’s) that you want to manage within your business. The categories you chose should be based on product types or groupings. If you are in food for example your categories would be your menu offer for example: sandwiches, cold drinks, coffee, cakes, salads, donuts. If you are in home wares categories like: gadgets, dinnerware, saucepans, kitchen ware, and glass ware are some examples. How good is your collection of data? To collect information on categories you need to...
Words: 3061 - Pages: 13
...Principles Mandatory September 2011 The Nestlé Management and Leadership Principles Principles Mandatory September 2011 Issuing authority Chief Executive Officer Target audience All employees Approver Executive Board of Nestlé S.A. Repository All Nestlé Principles and Policies, Standards and Guidelines can be found in the Centre online repository at: http://intranet.nestle.com/nestledocs Copyright All rights belong to Nestec Ltd., Vevey, Switzerland. © 2011, Nestec Ltd. In case of doubt or differences of interpretation, the English version shall prevail. Design Nestec Ltd., Corporate Identity & Design, Vevey, Switzerland Production Altavia Swiss Paper This report is printed on BVS, a paper produced from well-managed forests and other controlled sources certified by the Forest Stewardship Council (FSC). Table of contents 3 4 5 6 7 CEO message Nestlé – A people-inspired company Leading the “Nestlé way” A decentralised and aligned organisation A mutual commitment The Nestlé Management and Leadership Principles 1 2 The Nestlé Management and Leadership Principles CEO message Nestlé – over its long historical development from a small town operation to the world’s leading Nutrition, Health and Wellness company – has demonstrated an exceptional capability to adapt to an ever-changing external environment. The core values and principles that have guided this journey and are fundamental to our Company’s success are articulated in the Nestlé Management...
Words: 1525 - Pages: 7
...SAT | | Principles of Accounting (11:30-1:00), Textile | Investment Theory | Financial Management | Operations Management | MON | Research Method | Legal Environment of Business | Strategic Management | | | | TUES | Principles of Accounting (10:00-11:30), Textile | Legal Environment of Business | | | | WED | | Strategic Management | Operations Management | | | | THURS | | Research Method | Operations Management | Investment Theory | | | FRI | | | | | Legal Environment in Business (7:30-9:30) | Class Schedule | 9:30 To 11:00 | 11:00 To 12:30 | 12:30 To 2:00 | 2:30 To 4:00 | 6:00 TO 8:00 | 8:00 TO 10:00 | SAT | | Principles of Accounting (11:30-1:00), Textile | Investment Theory | Financial Management | Operations Management | MON | Research Method | Legal Environment of Business | Strategic Management | | | | TUES | Principles of Accounting (10:00-11:30), Textile | Legal Environment of Business | | | | WED | | Strategic Management | Operations Management | | | | THURS | | Research Method | Operations Management | Investment Theory | | | FRI | | | | | Legal Environment in Business (7:30-9:30) | Class Schedule | 9:30 To 11:00 | 11:00 To 12:30 | 12:30 To 2:00 | 2:30 To 4:00 | 6:00 TO 8:00 | 8:00 TO 10:00 | SAT | | Principles of Accounting (11:30-1:00), Textile | Investment Theory | Financial Management | Operations Management | MON | Research Method | Legal Environment of Business | Strategic Management | | ...
Words: 271 - Pages: 2
... The key to understanding finance is learning the four elements of financial management and their relationship to one another. It is important that all financial records are up to date because this helps keep track of how an organization, so they know if they have a profit or a loss. There are four elements of financial management are planning, controlling, organizing and decision making. The first one is planning it allows an organization to set goals and guidelines to ensure success and accomplishments in set goals. The second element of financial management is controlling. Controlling allows an organization to ensure that all rules and regulations within the organization are being followed. The third element of financial management is organizing. Organization is important because it guarantees that the organization is working at its best and it is organized while directing the medical office to work and fix problems that may come. The last element of financial management is decision making. All decision relies on information, and evaluation. Decision making works along with the planning, controlling and organizing by gathering information and helping to make a decision. Financial management is important in healthcare financial plans. Companies can not function without the proper financial planning. Generally Accepted Accounting Principles (GAAP) gives guidelines for organizations to follow in regards to their financial report. Misconduct, fraudulent...
Words: 815 - Pages: 4
...of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT University Swinburne University of Technology The University of Ballarat The University of Melbourne Victoria University WESTERN AUSTRALIA Curtin University of Technology Edith Cowan University Murdoch University The University of Notre Dame Australia University of Western Australia SINGAPORE Nanyang Technological University Singapore Management University Page 3 3 3 3 3 4 4 4 4 4 5 5 5 6 6 6 7...
Words: 16200 - Pages: 65
...21 principles of enterprise architecture for the financial sector Thiago Souza Mendes Guimarães (tmendesg@br.ibm.com ) IT Architect IBM China 20 November 2012 The article lists the most relevant architectural principles for an IT department to follow in the financial market, with details about each principle. These principles are essential for an IT department to take on a strategic role in the company and to indicate actual value generation in IT decisions within an environment where pressure and business decisions are critical. Structure of these principles This article was developed with the purpose of proposing certain principles that must drive an enterprise architecture initiative. The main motivation that led to the development of this list is the difficulty of implementing enterprise architecture in an environment as hostile as the financial market. There is great pressure on the technology segment, which is usually not perceived as strategic. An even greater challenge is showing that IT decisions can add value and differentials to businesses. This list was organized and developed based on the selection and adjustment of the most relevant principles established throughout my experience in the financial market. Despite being selected within the financial segment context, most of these principles apply to any type of industry after only a few minor adjustments. Definitions Principles are high-level definitions of fundamental values that guide...
Words: 5320 - Pages: 22
...The Core of Management Thought and Practice “The Concept of Rationality in Decision Making” Rationality is a thinking process that employs logical, objective, and systematic methods in reaching a conclusion or solving a problem. It is the brain that works in order for the people to think more critically and it can consume more energy. Before you make a decision there are certain steps or methods that should be followed to come up with a right decision. A certain comprehensive process should be followed to limit faults. However, there are situations that people prefer to follow their intuitions which are too risky in making logical decisions. In order to maintain a rational way of thinking, ponder before making a decision. Try to test first the possibilities that would happen if you will choose the decision. Weigh its advantages and disadvantages in order to test what would benefit you more. Never trust your instincts. Given the definition and explanation of rationality, we can relate it to managers who are responsible in making a decision in a company. The most crucial and interesting job of a manager is decision making. When they decide managers prioritize the welfare of the company than their personal interest. Is Management a Science or Not? One of the continuing questions in the field of management is whether it is really considered a science or not. Many management gurus were explaining why they consider management as a science or how it is insufficient...
Words: 2194 - Pages: 9
...formally authorizes the project which includes naming the project manager and determining the authority level of the project manager. (PMBOK, 2008).The project charter which is an output of the charter process is an input to identifying the stakeholders. When stakeholders have been identified, then a stake holder’s register is created. This is the start of a project management’s road map. Issuing an approved charter moves the project to the following phases: * Initiation- clearly establish why the project is being initiated and specifically what must be accomplished * Defining the project- Identifies customer and states the principal business reasons for instigating a project. * Planning the project- impact statement, identifies the influence that the project will have on other processes such as operations, technology, and business * Running the project to completion The charter's emphasis on the philosophies, requirements, constraints, and dependencies aids the discovery of decisions that can be controlled and ultimately affect successful project completion. Configuration Instructions...
Words: 1167 - Pages: 5
...Common Principles and Practices Used to Successfully Manage the 21st Century Technology-Intensive Organization. VIJENDRA KALYAN CHAKRAVARTHI NANDURI CWID: 50116137 Assignment #1 TMGT 599 01W Management of Technology in Organizations Presented to: Dr. Jerry D. Parish, Professor of Technology Management October 8 Abstract Effective use of Technology provides a competitive edge. Technology is a means, not an end. People are the most important resources. Most projects fail due to poor management. The lessons learned from the traditional business management practices and principles which lead for the today’s technology – intensive organizations are * Imbalance between technology generation and technology diffusion in the Industries * Requirements of international facility location and technology transfer * Technology will be useful only when it is used. * More emphasis needs to be placed on adoption, adaptation, and exploitation of technology. Technology refers to the theoretical and practical knowledge, skills, and artifacts that can be used to develop products and services as well as their production and delivery systems...
Words: 2601 - Pages: 11
...ADVANCED PERSPECTIVE OF TOTAL QUALITY MANAGEMENT Author: Salvatore Moccia Universidad de Valencia Abstract Purpose: The purpose of this paper is to analyze the relation between personal values and the principles of Total Quality Management and thus to propose a tentative framework of relationships. Design/methodology/approach: The paper is conceptual. It reviews some lists of values present in literature, and summarizes them in a more comprehensive list. Then it follows the definitions of these values according to some philosophical models, and the analysis of their implications in the business life in general. Thus, tries to explain the relation between them and the principles of TQM, passing through the two mediating variables passion and trust. Findings: A model of quality management based on personal values is proposed. Research limitations: The lack of empirical data that can validate the model, and the lack of specific hypothesis of investigation. Practical Implications (if possible): Considering the emphasis placed on personal values, the model can have some practical implications in the field of recruitment, promotion, and leadership. Originality/value: The model fills the gap between personal values and the principles of Total Quality Management, being the first attempt to present a comprehensive model of interactions. A novel framework that can provide a basis for further research into the profound nature of quality management has been proposed. Furthermore, some implications...
Words: 7633 - Pages: 31
...(BIS) came up with 7 high-level principles on business continuity and was issued to various financial industry participants as guidelines. The 7 principles provide a comprehensive overview of the necessary steps for business continuity planning. Financial industry participants are required to develop respective business continuity planning in accordance to the 7 high-level principles. There are various incidents within the last decade that has resulted in major operational disruption to financial industry. However, with the guidance of the 7 high-level principles, most of the participants were able to cope with crisis well and survive through the crisis. In this report, several case studies were researched and commented on their business continuity planning. Subprime crisis which caused the collapse of Lehman Brothers has caused a significant stir in the financial industry. Many counterparties ended up with huge exposure and default due to the fall of Lehman Brothers. However, Euroclear was able to manage the crisis well after it activated its crisis management plan which has been developed before the crisis. Similarly, terrorist’s attack on New York World Trade Center has not only caused major security issues but has also significantly affecting the financial industry. Bank of America and Deutsche Bank were the direct victims of the terrorist attack. Both banks remained sound operation and survived through the crisis due to well business continuity planning. Besides, Hurricane...
Words: 2887 - Pages: 12
...Sam Pat Business Plan Argosy University, Washington DC TO: Dr. Mike Fox , 7897XB Course Facilitor FROM: Sam Pat Date: March 24, 2012 Subject: Business Plan for Enron Corporation The purpose of the business plan is to discuss and identify organizational cultural problems which exist in Enron Corporation. The researcher will provide a solution by defining the ideal principles of organizational culture. Also, the researcher will provide an action plan that will transform Enron Corporation into a learning organization. Finally, the researcher will discuss the rationale for selecting and recommending the ideal principles of organizational culture. Enron’s Problems Managers and senior leadership ignored established policies and process for personal gain. Employees were encouraged by leadership to engage in unethical behavior and business practice. Enron’s employees violated local, federal, and states regulatory policies and laws. Enron’s leaders threat to fire employees who did not want to go along with the existing states of affairs. Employees were harassed and discriminated against. The company did not use the checks and balance system that was in place. Employees did not receive any diversity or career development training (Stein, 2007; Werther, 2003). Management excluded employees from the decision-making process and once the new process or business practice was decided on employees did not receive the full scope of information necessary to carry out...
Words: 1263 - Pages: 6
