Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Kaizen – Understanding the Japanese Business Philosophy of Continuous Improvement

Operations Management

Role of Leaders in Shaping Organizational Culture

Management Principles

Organizational Culture – Development and Importance

Management Principles

Five Important Organizational Cultural Models

Management Principles

Case Study on Business Ethics: Bernie Madoff’s Ponzi Scheme

The world fell into a state of shock when news headlines reported that the respectable head of Bernard L. Madoff Investment Securities LLC, Mr. Bernard Madoff had confessed to operating a Ponzi scheme. The weight of the ethical issues that the news portended require deep analysis to identify the moral lapses that may have contributed to what some describe as the largest Ponzi scheme in human history. A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or is paid by subsequent investors, rather than from any actual profit earned. Estimates of the amount of money lost range from twelve to twenty billion dollars. The entire debacle arose from Madoff’s failure to adhere to simple ethical rules regarding honest business. He was not honest. This case study examines the role, motive, and consequences of Bernard Madoff’s Ponzi scheme because of an ethical Continue reading

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The Baldrige Framework for Performance Excellence

In the business world, the realization of business excellence is pivotal towards fostering the success of an enterprise. In this respect, business organizations need to engage in actions that facilitate performance excellence. The areas of business operations that need a considerable extent of excellence include customer satisfaction, workforce fulfillment, operations efficiency, and business growth. The need for continuous improvement influences business managers to adopt the suitable performance excellence models. The Baldrige Excellence Framework is one of the most sought-after performance excellence models that drive the success of businesses in different sectors. The model mainly focuses on bolstering performance excellence by improving the business aspects of leadership, strategic planning, customer supervision, workforce administration, knowledge management, and operations focus. Business organizations need to focus on improving the performance of the mentioned aspects to realize significant excellence in their respective industries. Background In the mid-1980s, leaders in the United States saw the need Continue reading

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Greenwashing – Meaning and Examples

Marketing ethics is an area that is crucial when it comes to marketing because ethics guide the moral principles that regulate marketing. In a simple definition, marketing ethics are the morals of marketing. There are both good and bad behaviors that make up the morals. Over the years, marketers have used the wrong principles to boost sales, especially through advertisements and promotions where customers are not told the truth about a product so that they can buy the product. There are many organizations that have been involved in corporate scandals that touch on ethics. Corporate scandals are unethical actions or illegal dealings that a company or its representative may engage in. In corporate ethics, marketers always try to be better decision makers because they want to make ethical decisions that avoid corporate scandals. Greenwashing Concept Greenwashing is the kind of marketing where the marketers deceive the customers that their products Continue reading

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Diverse Production Modes Beyond Capitalism in Global Economy

Despite the predominance of capitalism as the mode of production in the current global economy, communism, independent production, slavery and feudalism have remained active in the production modes in the society. This analytical treatise attempts to explicitly explore the tenet of existence of other modes of production besides capitalism in the present society. Through the universal principles of intelligible strategies, governments across the globe are keen on production interventions that aim at protecting the infant companies. The governments operating on this assumption have to ensure their own survival by protecting their industries and trade policies. This action represents the communist production mode which is characterized by the need to serve self interest above the interest of the competitors. The prime principle of communism is featured by interconnected holistic phenomenon. The conscientious citizenship needs to perceive the global interrelationship since the world is marked with inclusive model of integration; the world explores several Continue reading

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Case Study: Johnson & Johnson Firm After the US Opioids Crisis

Johnson & Johnson (J&J) has been one of the most trusted brands in the pharmaceutical industry given its long-running history of offering quality products and creating dynamic working conditions for its employees. However, following the US opioids crisis, which has claimed thousands of lives, drug companies, such as J&J are facing legal challenges that could force some entities out of business. The company is expected to face growing legal suits challenging its role in promoting the opioid crisis with damages amounting to billions of dollars. Starting from Ohio where J&J was ordered to pay 20 million USD to Oklahoma where a judge made a landmark ruling directing the company to pay 572 million USD for fueling the opioids epidemic, many more such cases are expected to be filed in the future. Even though court rulings can be contested, the company will ultimately be forced to pay certain amounts of money Continue reading

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Fordism – Meaning, Concept, Contributions, and Critiques

Economists and philosophers have developed many theories that explain how organizations are managed and how they function. Managers look upon these theories when they are managing the organization. The theories have impacts on the organization in which they are applied. The impacts could either be positive or negative depending on how it is applied and the form and nature of organization in which it is applied. In fact, each theory has its strengths as well as shortcomings. It is, therefore, the duty of the managers to choose the theory that best fits their organization and that which contributes to organizational success. Among the theorists who have contributed to the theories that have had significant impacts on organizations is Henry Ford. Henry Ford is one of the most celebrated industrialists of all times. He is the one who founded the famous motor company known as Ford Motor Company, named after him. Continue reading

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