It is widely argued that the era of Fordism began with the development of the model T motor car, the world’s first successfully mass-produced car, at Henry Ford’s Piquette Avenue manufacturing plant in Detroit, Michigan. From this, a new age of production developed, changing both the economic and the political landscape of manufacturing globally, and establishing the progression to a new form of capitalism. The key characteristics of Fordism center around the major industrial paradigm of mass production that involves production of standardized goods by unskilled labor through the use of assembly-line techniques. This principle of ‘continuous-flow production’ as a new regime of accumulation inherently involved a rise in mass consumerism, that was encouraged by the supply of relatively cheap products, intelligent advertising and, arguably most importantly, through changes to social conditions of low-skilled employees. This originated from Henry Ford himself, who notoriously raised minimum pay to $5 a day Continue reading
Management Concepts
Art of Prioritization – A Must Tool for Effective Business Management
Setting an agenda, reviewing activities, and allocating time and effort in such a manner as to provide maximum value in a short amount of time is essential in thoughtful prioritizing. Addressing the emails with the various situation also requires certain prioritization and strategic approaches. Because low-priority work may need to be stopped to accomplish urgent tasks, prioritization should also be flexible. We should keep in mind that no matter how carefully focused, there is only so much that can be accomplished in a single day, and certain unpredictable variables are unavoidable. Setting objectives and prioritizing work should both be practical, and the emails have to be addressed in a similar fashion – first, the most urgent and the most potentially valuable case. It is vital to remember that the goal of prioritizing is to spend time on the most important activities, the ones that will matter in the long term, Continue reading
Critical Thinking in Business
Critical thinking is one of the most important skills required in making various decisions that pertain to business, management, relationships, and every other aspect of life. Many definitions have been ascribed to critical thinking by various scholars. Generally, critical thinking refers to the capacity to form thoughts clearly and logically. It encompasses the ability to undertake reflective and self-regulating thinking. Watson-Glaser defined critical thinking as a combination of attitudes, skills, and knowledge. It is purposeful, independent judgment, which brings about interpretation, analysis, assessment, and conclusion, in addition to rationalization of the abstract, evidential, practical, or background reflection at which that decision is based. Critical thinking is pegged on the assumptions that the quality thinking of an individual impacts on their quality of life and secondly, every individual can continually learn how to improve their quality of thinking. Critical thinking skills enable one to appreciate the rational connections involving ideas and Continue reading
Views on Business Model: As a Business System and Profit Model
A business model creates a picture of how an organization operates to provide quality services and value to customers. Therefore, the business model assists the company to beat their competitors in the markets. Consequently, the model enhances the value of the company to rapid profits and revenue growth. Therefore, a business model comprises of two elements such as a profit model and business system. The business model does not only work as a system of works but rather as behavioral indicators of customers and suppliers. A successful business model integrates the profitability level of a company and its operations. As a result, it can realize the strategic objectives of the company. When an individual conceptualizes a business model as a system, he/she focuses on delivery and production of the company. Therefore, the system has several interdependent activities to go beyond the boundaries and focal industry. As a result, the business Continue reading
Entrepreneurship – Meaning, Definition, Need and Importance
Concept and Definition of Entrepreneurship Entrepreneurship is an elusive concept. “Entrepreneurship is based on purposeful and systematic innovation. It included not only the independent businessman but also company directors and managers who actually carry out innovative functions.”-Schumpeter In the above definition, entrepreneurship refers to the functions performed by an entrepreneur in establishing an enterprise. Just as management is regarded as what managers do, entrepreneurship may be regarded as what entrepreneurs do. In other words, entrepreneurship is the act of being an entrepreneur. Entrepreneurship is a process involving various actions to be undertaken to establish an enterprise. It is thus, process of giving birth to a new enterprise. Entrepreneurship is composite skill, the resultant of a mix of many qualities and traits- these include tangible factors as imagination, readiness to take risks, ability to bring together and put to use other factors of production, capital, labor, land, as also tangible factors Continue reading
Types of Management Control
Management Control Types There are three major types of management control over behavior in organizations. Each control has its own standards, its own monitoring system and its own system for corrective action when behavior does not meet standards. These three types of management controls are given below: Organizational Controls. The organizational controls refer to the formal rules and standard operating procedures that are communicated throughout the organization. Such controls are concerned with the total organization and may, therefore, be called administrative controls. The direction for organizational controls comes from the plans and purposes of the organization. In business organizations, this direction is often expressed in terms of market share, cost reduction, return on investment etc. These may be translated into specific performance measures such as sales quotation standard costs and budgets. Rewards for meeting standards, vary from a word of praise to salary increase and promotion. Social Controls. Social or Continue reading