Case Study on Entrepreneurship: Larry Page

Business Analysis

The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

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

Consumer’s Surplus – Definition, Significance and Criticisms

The concept of consumer’s surplus is one of the most important idea in economic theory especially in demand and welfare economics. This law was first developed by French engineer A.J Dupuit in 1844 to measure the social benefits of public commodities like canals, bridges, national highways, etc. This concept was further refined and popularized by Dr. Alfred Marshall in 1890. The essence of the concept of consumer’s surplus is that people generally get more satisfaction or utility from the consumption of commodities than the actual price they pay for them. It has been found that people are willing to pay more price for the commodity than they actually pay for them. This extra satisfaction which the consumers obtain from buying a commodity has been called consumer’s surplus by Marshall. The amount of money which a person is prepared to pay for a commodity indicates the amount of utility he derives Continue reading

Abey Francis

Steps in Management by Objectives (MBO) Process

Management by objectives (MBO) is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources. It aims to increase organizational performance by aligning goals and subordinate objectives throughout the organization. Ideally, employees get strong input to identify their objectives, time lines for completion, etc. MBO includes ongoing tracking and feedback in the process to reach objectives. Management by Objectives (MBO) was first outlined by Peter Drucker in 1954 in his book ‘The Practice of Management’. In the 90s, Peter Drucker himself decreased the significance of this organization management method, when he said: “It’s just another tool. It is not the great cure for management inefficiency.” The main features of MBO are: Management by Objectives is a philosophy or a system, and not merely technique. It emphasizes participative goal setting. It clearly defines each individual responsibility in terms Continue reading

Abey Francis

The Relationship Between Creativity and Innovation

Creativity and Innovation are two different terms and they technically have different meanings. Creativity means originality, imagination and inventiveness that are brought out through resourcefulness. Innovation, on the other hand refers to modernization and improvement over an existing idea. In this way, it is true that creativity and innovation are two different terms and cannot be used interchangeably. Yet, they have been used interchangeably in several areas or walks of life, including business and management as well as technology. In this way the main distinction between creativity and innovation, being the originality has been ignored and as the line between creativity and innovation is thin, it becomes even more difficult to distinguish between these terminologies. Innovation is an important aspect of growth and development of individuals, organizations, cultures and societies. Innovation and creativity refer to bringing in new ideas to life. Innovation can be achieved strategically through a process of Continue reading

Abey Francis

Case Study: Competitive Advantage of Boeing

As an airplane manufacturer Boeing started its business in 1916. It was William Boeing and George Westervelt who bring this company in to existence. It was 1952 when Boeing launched its first short range jet plane with the name of Boeing 707. After that Boeing continued its journey and makes a number of joint ventures, mergers, acquisitions and many contracts with many Governments and suppliers and became one of the largest Aircraft Jetliner manufacturers in the world. As one of the largest exporter in USA Boeing has a wide range of products. Boeing manufactures and design commercial jetliners and military aircraft combined, rotor-craft, electronic and defense systems, missiles, satellites, launch vehicles and advanced information and communication systems and also is one of the major service providers to NASA in operating Space Shuttle and International Space Station. Boeing is divided its operations into two business units (1) Boeing Commercial Airplanes (2) Continue reading

Abey Francis

Importance of Employee Training

Improving business performance is a journey, not a destination. Business performance rises and falls with the ebb and flow of human performances. HR professionals lead the search for ways to enhance the effectiveness of employees in their jobs today and prepare them for tomorrow. Over the years, training programmes have grown into corporate with these goals in mind. Training programmes should enhance performance and enrich the contributions of the workforce. The ultimate goal of training is to develop appropriate talent in the workforce internally. Training has made significant contributions to development of all kinds. Training is essential; doubts arise over its contribution in practice. Complaints are growing over its ineffectiveness and waste. The training apparatus and costs have multiplied but not its benefits. Dissatisfaction persists and is growing at the working level where the benefits of training should show up most clearly. This disillusionment shows in many ways — reluctance Continue reading

Abey Francis

Components of a Strategic Plan

Strategic plan of any enterprise is a picture of the desired position of the organization. Strategic plan gives a root path that how the organization will achieve the desired place or position in the given industry. Three major components of strategic plan include formulation, implementation and evaluation of strategy carries that information and plan which provides a direction towards the organizational objectives. 1. Strategy Formulation Strategy formulation process starts with the situation analysis of the organization. Situation analysis is an important part of strategic plan as it gives an overview of the existing position of the organization. Situation analysis includes the analysis of internal and external environment of the organization. Different strategic tools can be used to evaluate this situation i.e. SWOT analysis, PEST Analysis etc. This also includes the evaluation of current mission and vision of the organization. Vision statement clarifies that what an organization want to become and Continue reading

Abey Francis