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

Important Types of Planning in Management

Planning is highly essential for the successful functioning of any organization, big or small.  Planning, in simple terms, involves drawing up a scheduled list of activities required to achieve a particular goal. In a company or even at home, a certain amount of planning helps you finish tasks successfully. But in an organization with a huge workforce and many hierarchical levels, planning is quintessential to meeting the organization’s objectives and targets. Types of Planning in an Organization Strategic Planning Operational Planning Financial Planning Marketing Planning Proactive Planning Strategic Planning Strategic planning is the kind of planning that provides direction for the organization on how to proceed in the long run. The organization makes clear the strategy it intends on pursuing to achieve all of its targets, and allocates resources and takes action accordingly. In order to be able to devise the organization’s strategy, it is necessary that the organization knows Continue reading

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Analysis of Joseph Schumpeter’s ‘Theories of Economic Development’

At the turn of the century, a period of strengthening the role of monopolies, increasing property differentiation of the population and the deepening of cyclical crises appeared the concept of an Austrian economist and sociologist Joseph Schumpeter. Joseph Schumpeter was an economist and sociologist, he came into the history of economic science as a profound scholar of theoretical problems of entrepreneurship and evolution of socio-economic systems, as the historian of economic theory. His broad vision of the evolution of socio-economic processes still has influence on modern economic thought. He presented his understanding of the subject of economics and tried to combine economic theory, economic sociology and the history of economic analysis. He tried to create a coherent system of believes that explains new phenomena and processes. According to his theoretical views, J. Schumpeter does not belong to any known economic schools. He was involved in many issues, focusing on the Continue reading

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What is Sustainability?

The interest in sustainability has grown over recent years and is shared among a variety of national and international organizations, special interest groups and corporations around the world. Sustainable business practices are becoming a worldwide business requirement. Some of the main sustainability requirements have been stated explicitly by many different organizations. A widely cited definition of sustainability is attributed to the United Nations Brundtland Commission and reads as follows: “meeting the needs of the present without compromising the ability of future generations to meet their own needs” (WCED, 1987). Another set of requirements describes the broader and more specific application of sustainability and can be seen in the ten principles of the UN Global Compact which was enacted in 1999. The ten principles establish a set of core values for organizations to follow and encourage those organizations adopting the principles to influence their partner organizations to subscribe to the principles Continue reading

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Role of Different Parties Involved in Launching of Global Depositary Receipt (GDR)

GDRs (Global Depositary Receipts) are a type of straight equity shares, which are issued in the offshore market. These are essentially those instruments, which possess a certain number of underlying shares in the custody of depository bank. It is negotiable instrument, which are publicly traded local currency share. It is in the form of depository or certificate issued by the overseas depository bank outside India and issued to the non- resident investors against the issue of the ordinary shares or foreign currency convertible bonds of the issuing company. In case of typical Global Depositary Receipt, it is denominated in US $ and the underlying shares are denominated in local currency of the issuer. GDRs can be converted into equity shares by cancellation of GDRs through intermediaries, if so desired by the investor and the sale of underlying share in the domestic market through the local custodian. They are treated as Continue reading

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Performance Budgeting

Performance Budget may be defined as a budget based on functions, activities and projects. Performance Budgeting may be described as a budgeting system, where under input costs are related to the end results, are related to the performance. Performance Budgeting is defined as the process of analyzing, identifying, simplifying and crystallizing specific performance objectives of a job to be completed over a period, in the framework of the organizational objectives, the purpose and objectives of the job. It involves evaluation of the performance of the organization in the context of both specific as well as overall objectives of the organization. An overview of Performance Budgeting The performance management concepts for budget management practices produced a performance budgeting. Performance budgeting is a goal-oriented budget, it is based on achievement of the government’s public sector objectives and it is in budget preparation, control and evaluation of a budget management model. In contrast Continue reading

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Publicity and Public Relations in Industrial Marketing

Publicity When any significant news about a product is made known to the people through a published medium like radio, television, newspaper or otherwise, such kind of act is known is publicity. Publicity has very high  credibility in the eyes of organizational buyers as the sponsor does not  pay anything for publicity and it is not a part of any promotional program.  It is the least costly promotional alternative available for the company  that is very effective. Publicity helps to generate sales leads and  improves relationship with customers. Technical articles published in  trade journals about a company or products with the identity of authors  (such articles are called as signed articles) improve the image of the  company and the products. They form as a good source of information  for customers. Though publicity is free, there are some associated costs attached to it.  The costs incurred are for reasons like obtaining Continue reading

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