...Tutorial 1 Page 39 : E1-14 Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014. Revenues during 2014—camping fees $140,000 Revenues during 2014—general store 47,000 Expenses during 2014 150,000 Accounts payable 11,000 Notes payable $ 60,000 Supplies on hand 2,500 Cash on hand 20,000 Share capital—ordinary 20,000 Original cost of equipment 105,500 Fair value of equipment 140,000 Retained earnings ? Instructions (a) Determine Bear Park’s net income for 2014. (b) Prepare a statement of financial position for Bear Park as of December 31, 2014. Page39: E1-16 Presented below is information related to Williams and Douglas, Attorneys at Law. Retained earnings, January 1, 2014 $ 23,000 Legal service revenue—2014 340,000 Total expenses—2014 211,000 Assets, January 1, 2014 85,000 Liabilities, January 1, 2014 62,000 Assets, December 31, 2014 168,000 Liabilities, December 31, 2014 80,000 Dividends—2014 64,000 Instructions Prepare the 2014 retained earnings statement...
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...CASE STUDY: STAFFING ❖ TIME CONTEXT ➢ IN THE YEAR OF 2008, DURING THE MONTH OF APRIL UP TO DECEMBER ❖ VIEWPOINT ➢ MR. JUAN CARLOS PANGAN , DEPARTMENT HEAD, THINKS THAT WE SHOULD FOCUS NOT JUST ON THE TECHNICAL WORK OF THE PEOPLE BUT OF COURSE IN HANDLING AND SUPERVISING THE EMPLOYEE, HE ALSO THINKS THAT, SUPERVISORS SHOULD UNDERGO ON RANDOM TRAINING AND SEMINARS TO BOOST THIER KNOWLEDGE AND ABILITY IN HANDLING DOWN PEOPLE. ❖ STATEMENT OF THE PROBLEM ➢ HOW CAN MR. PANGAN IMPROVES THE PERFORMANCE OF HIS SUPERVISORS AND HOW CAN HE UPLIFT THE RATE OF FAILURE IN SELECTING SUPERVISORS? ❖ OBJECTIVES ➢ S.R.O TO IMPROVE THE PERFORMACE OF HIS SUPERVISORS WITHIN 6-8 MONTHS AND WITHIN THAT PERIOD CRITERI MUST BE FOLLOWED ON SELECTING SUPERVISORS. ❖ AREAS OF CONSIDERATION ➢ THE CAUSE OF POOR PERFORMANCE OF MR. PANGAN’S SUPERVISORS IS THAT THEY CONCENTRATED ON A TECHNICAL WORK RATHER THAN SUPERVISING THE WORK OF THE PEOPLE THAT’S WHY THEY HAVE POOR RATE IN SELECTING SUPERVISORS BECAUSE MOST OF HIS SUPERVISORS DIDN’T KNOW HOW TO MANAGE THEMSELVES. ❖ A.C.A ➢ 1. UNDERGO TARINING AND SEMINARS (TEAM BUILDING) ADVANTAGES: THEY MIGHT BOOST THEIR KNOWLEDGE IN MANGAING AND HANDLING DOWN THEIR SUBORDINATES AND THEY MIGHT HAVE A GOOD WORKING REALATIONSHIP BETWEEN THIER SUBORDINATES. DISADVANTAGES: SUPERVISORS MIGHT BE LAZY TO GO TO THE VENUE BECAUSE IT MIGHT BE FAR FROM THEIR HOME AND...
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...HOW SUPPLY CHAIN MANAGEMENT HAS CHANGED THEY WAY WE DO BUSINESS Marlie A. Selke Embry Riddle Aeronautical University WW LGMT 536 – Purchasing for Logistics & Supply Chain Management Professor Dr. Mohammed Arif September 30, 2013 TABLE OF CONTENTS Abstract 3 History of Supply Chain Management 4 Why is Supply Chain Management Important to Business 5 Innovation 7 How to Maintain a Competitive Advantage 8 Skill Set Requirements 11 Future of Supply Chain Management 13 Conclusion 16 References 17 TABLE OF FIGURES Figure 1.1 Creating Additional Value by Thinking Differently About Categories 14 Abstract This research paper addresses the effects that supply chain management has on businesses. Supply chain management is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. Supply chain activities include everything from product development, sourcing, production, information systems, as well as logistics. An effective supply chain management works with cross-functional teams (e.g. requirements form marketing or engineering) to achieve organizational goals through effective planning and management. This paper will take a look at the history of supply chain management, discuss why it is important to business, explore the latest innovations, discuss how to maintain a competitive advantage in a changing environment, address the required supply chain management skill set requirements...
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...the creation of competition advantages by integrated measures in the areas of selection, use, cooperation, remuneration systems, education and further education as well as the motivation of the executives and employees. Strategic orientated HRM comprise not only the selection and development of persons, also the arrangement of an organisation and the corporate culture in accordance with the corporate policy and the strategy from the corporation (Schumacher, 2009). Very important for a good convert of a strategy is a good top management. Which can keep down the strategy to the line managers and normal employees. The strategic management process is typically broken down in five steps as you can see above. The first step in the model begins with senior managers evaluating their position in relation to the organisations current mission and goals. The mission describes the organisations values and aspirations. It indicates the direction senior management is going. A goal is a desired future state that the organisation attempts to realize. The second step the environmental analysis looks at the internal organisational strengths and weaknesses and the external environment for opportunities and threats. The factors which are most important to the organisations future are referred to as strategic factors and are summarized with the acronym SWOT (strength, weaknesses, opportunities and threats). The third step the strategic formulation involves senior managers evaluating the interaction...
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...“Leading the Lean way: Analyzing the HR role for organizational effectiveness in Lean Management Practices” - Manjunath N Covering Letter for submission: The Editor Subject: Submission of Manuscript. Dear Sir/Madam, Please find my submission of research paper/article for possible publications in your journal. I hereby affirm that the content of this manuscript are original. Furthermore it has been neither published elsewhere fully or partially or any language nor submitted for publication (fully or partially) elsewhere simultaneously. All correspondence henceforth may please be addressed to me. Yours sincerely, Mr.Manjunath N Name of the Author: MANJUNATH N Designation: Asst. Professor, Department of MBA Affiliation: RNS Institute of Technology Mobile Number: +919844985959 Email: nmanjunath1986@gmail.com ABSTRACT Organizations, the world over are facing stiff and diverse challenges with regard to enriching customer value at the appropriate time and appropriate cost. Thus the essence of customer value entails the organizations to structure their activities in such a way that leverages their cost and time potential. An increasing number of organizations are resorting, thus to a more simplified organization design that embodies built in mechanisms to cater to the core activities and embrace a methodology that abhors waste and with a fierce dedication to excellence. This has seen the emergence of “Lean” management practices as a cornerstone...
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...Introduction The principles of today's management goes back to the mid 1990's when an article named the “principles of scientific management” was published by Fredric Winslow Taylor who pioneered the term ‘scientific management’ in 1911. He defined scientific management as a study to increase productivity by methodologically studying the correlation between the individual and the task for the purpose of reconstructing and improving the work process (Jones and George, 2003). In the 19th and 20th century working hours were long, intense and confined, which resulted in the workers performing their tasks slower (Brodner, 2007). These issues caught the attention of Fredrick Winslow Taylor who was from the industrial revolution era, which was previously characterized by mass production (Asyali and Bastug, 2014). His intention was to increase the efficiency of the workforce by scientifically studying how work was done and by improving each stage without wearing out the laborers (Ahlstorm, 2014). Principles of scientific management After conducting various experiments he derived 4 principles, which contributed to the various management practices upheld in the 20th century (Giannantonio and Hurley-Hanson, 2011). First, science not the rule of thumb. In the industrial revolution managers relied on their personal judgment to resolve issues also referred to as the rule of thumb but all such approaches by the managers would not be efficient. Taylor felt that to increase productivity...
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...Assessment 1: Discuss the ways strategic human resource management (SHRM) could contribute to organisational performance in the next five years. Human resource management (HRM) is the function within an organisation that focuses on its most valued asset – its personnel. HRM is one of the most important functions in any business and is detrimental to the company’s overall success. It has taken quite a while for HRM to be adopted into the business strategy as organisations were unwilling to accept or change their ways. Their focus was on economic growth for the company. However researchers such as Hezberg, Maslow and Lewin revealed that employee performance was influenced by their social and emotional needs and their desire for interesting work. This is when the shift began for companies to not only focus on economic growth, but to satisfy the needs of their employees in order to improve performance and productivity which will bring greater success to the company. Human resource management has a number of key policy areas including recruitment and selection, job analysis and design, workforce planning, performance management, training and development and career planning. It is through these policies that we can understand the concept of strategic human resource management (SHRM). SHRM explicitly links these policies, practices and systems to enable the achievements of an organisations strategy and goals. In my understanding, SHRM represents an attempt to methodically manage...
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...‘The process of dealing with or controlling things or people’; the very nature of management is such that transition and change overtime are innate to it. It is a science which has been practiced as far as history can be dated, from the time of great empires, to the very era we live in now. Management is in a state of flux, constantly influenced by the changing environment around us, therefore I do believe the art of management will change in the next half a decade. We live in a era were we have seen the rapid development of globalisation, especially with the help of the boom in communication, this has changed the way markets operate and have been some of the key factors in moulding the way management works. Enabling employees and employers to interact in a complete different way with the introduction of high speed internet, alternative ways to communicate such as Skype calls, allowing the markets to gradually manoeuvre towards further efficiency. As our environment evolves so will our markets, inevitably evolving ‘management’. I believe the change in the art of management in 5 years will be a steady one, however not an enormous one. In, ‘Evolution and Revolution as Organizations Grow’ by Larry E. Greiner, Greiner has stressed the phases firms will undergo while desiring growth however with staggering moments of crisis, as he called ‘revolutions’, that would then be followed by growth which he referred to as ‘evolutions’, this cycle would repeat, however the size of the organisation...
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...Operation Management 2 Task 2: The Link between Operation Management and Strategic Planning 4 Task 3: Organizing a Typical Production Process 6 Task 4: Application of Relevant Technique to the Production of an Operational Plan for an Organization 7 Conclusion: 9 References: 10 Introduction Operation management is a part of overall function of a business organization. It means planning, organizing, staffing, leading and controlling the resources of a company those are used to make goods or services of that particular organization. So it can also be said as a part of management function. Operation management is important for any kinds of company including for- profit, not-for-profit, social, commercial etc. IT performs the prime managerial activities of any organization. Weather the organization is service oriented or profit oriented to achieve goals it needs to manage its resources like human, technological, informational etc. organizational management makes the way for a better combination of these resources. In this assignment the nature and importance of operation management will be described. The importance of organization management for an organization, its operation in a selected organization and evaluation of operational management of a selected organization by using a process model also will be described. There is a link between operation management and strategic management it will also be explained. The importance of Three Es’, the impact of cost management and...
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...experience by consistently fulfilling our Expect More. Pay Less. ® brand promise,” reflects the internal and external factors that affect the four functions of management, the impact of other factors on these functions, and delegation through management (Target Brands, Inc, 2012). Target is an organization that believes in embracing diversity, giving back to the community, and incorporating its positive morals, values, and ethics into its business, and these principles apply to the four functions of management within the organization- planning, organizing, leading, and controlling (Bateman & Snell, 2009, Chapter 4). Target uses these functions to determine which goals are accomplished and how the available resources strive to achieve these goals (Bateman & Snell, 2009, Chapter 4). The main internal and external factors that influence these functions of management at Target are human resources, marketing, operations, stakeholders, technologies, and industry, respectfully (Bateman & Snell, 2009, Chapter 4). In addition, globalization, technology, innovation, diversity, and ethics each affect the four functions of management in their own unique way, thus affecting the whole organization. Using the tool of delegation, managers can influence the efficiency, productivity, success, the four functions of management, and a variety of influencing...
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...Processing Plant (Miller, 2009, p. 57-58). The case study explains that management at the processing plant would like input about getting employees to participate again in the Team Management System. The Team Management System at Marshall’s consists of teams of employees representing their job function within the plant. These teams meet once a week to discuss ways to improve production. Once a month a representative from each team of employees is chosen to attend the Marshall Team Meeting and bring issues to the table for discussion from each work group and present to management. The first analysis question posed is whether or not the team management approach at Marshall’s is a Human Relations or Human Resource management approach. In my analysis I concluded that the approach is more Human Resource management. As noted on pg. 52 the Human Resource management approach focused on innovative communication rather than maintenance communication. The management at Marshall’s is seeking innovation from employees for productivity improvements. The second question posed by the case analysis is how would the theorists mentioned in chapter three analyze the current situation at Marshall’s Processing Plant. Starting with Maslow, I believe he would evaluate the Hierarchy of Needs at Marshall’s starting, of course, with the three basic needs: physiological, safety and affiliation. I would pose the following questions to management at Marshall’s Processing Plant with Maslow’s Hierarchy in mind:...
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...“HRM... it’s a posh way of describing a personnel manager...” In this assignment the main functions of human resource management will be discussed along with the key concepts and practices associated within the role. The ways in which human resource management contributes to organizational performance will be evaluated as well as an evaluation of the two components of HRM; soft and hard. Finally, the ways in which human resource management differs from personnel management will be examined outlining the main differences between them and discussing the views that a management theorist, John Storey, has about the two management types. Human resource management (HRM) “includes all the activities that managers engage in to attract and retain employees and to ensure that they perform at a high level and contribute to the accomplishment of an organization’s goals.” (Jones, George & Hill, 2000, p.349) However, defining the term ‘human resource management’ isn’t always easy which has been part of an ongoing debate over the years. Although human resource management is a popular term within management, “there is still no universally agreed definition of it’s meaning.” (Beardwell & Claydon, 2010, p.4) The reasons for this is because HRM is a very broad topic with it being used in many different ways within organisations and the fact that HRM can be referred to as a more modern form of personnel management. The main functions of human resource management will now be discussed...
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...necessity imposed on all human activity”. With the help of technology the way management does things has become increasingly different. Management is able to reach far beyond its geographical borders, which enables companies to make more cost effective decisions. Technology also inspires management to become more innovative to keep with the ever demanding and changing times of modern day society. With innovation comes the ability to connect with customers and other businesses faster and easier. When things are easier and faster they become more efficient, helping management success. In the 2005 documentary film by Sonali Gulati Nalini by Day, Nancy by Night, Gulati showcases how United States companies such as Dell Computers and Capital One, along with other Fortune 500 companies, outsource by using technology to collaborate beyond geographical borders. If it was not for technologies the management of these companies would not be able to capitalize on how cost efficient it is to collaborate with companies in other countries. The medium pay for a telemarketer in the United States in 2013 was about $10.87 per hour (Telemarketer 2015). While the telemarketers shown in the documentary make only $7.00 a day, this saves management and companies an average of $79.96 a day for one employee who works a typical eight hour shift. Another example of how technology has made business more cost effective for management and businesses are the Mobile ICT technology in Kenya. The Mobile ICT technology...
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...A Summary of the Key Thought Leaders of the Classical School of Management Beth J. Beal Mary Baldwin College BUAD200L WA SP2014 Principles of Management A Summary of the Key Thought Leaders of the Classical School of Management Introduction According to Daft (2009) "Management is the attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources." The classical school of management often referred to as the "Classical School of Thought" was born in the early 1900s out of a need to run organizations efficiently, and it is so named because it comprises the first works and contributions that make up the core of modern management theory. Classical theorists viewed workers as a production instrument and were interested in finding ways to use people efficiently or in "one best way" through the application of science (Lindsey, 1998). It was also during this period of development that the five basic functions of management were identified: planning, organizing, command, coordination, and controlling (Wren, 1994). These five functions are often referred to as "the management process" (Wren, 1994). The classical viewpoint sought to find ways to manage work and run the organization in the most efficient manner, and is made up of the following three major approaches. The scientific management approach represented by the work of Frederick W. Taylor and supporting efforts of Frank and Lillian...
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...Introduction: The Theory behind Scientific Management The definition of Scientific Management is that it is “the management thought concerned primarily with the physical efficiency of an individual worker.” (Business Dictionary, 2011) Though the famous economist Adam Smith, with his division of labour hypothesis is credited with using scientific management principles, it is widely believed that the father of scientific management is the management theorist, Frederick Taylor. Scientific Management and Taylorism are near synonymous due to the fact that the field of Scientific Management was pioneered by Frederick Taylor in the late 19th century. With the adoption of scientific management in virtually every aspect of management practice, the field of scientific management took off in a big way in the 20th century. This resulted in greater efficiencies and more productivity of the workforce as the application of scientific management theories meant that production processes were standardized and the principle of division of labour was applied leading to mass production of goods (Taylor, 2011, 80). An interesting aspect of the scientific management approach pioneered by Taylor is his emphasis on increasing efficiency from the “bottom up” where he concentrated on the shop floor to maximize productivity. When contrasted with the theories by Henri Fayol and Max Weber who favoured a top down approach, we find that Taylor’s approach is better suited to the rigours of modern day manufacturing...
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