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

The Importance of Reward Management

Reward management in a business organisation is basically the way in which that particular business forms and implements strategies and policies to reward the employees to a fair standard and in accordance with how the organisation values them. Reward management in a business organisation usually consists of the business analyzing and controlling the employee’s remuneration and all of the other benefits for the employees. The main aim of reward management in a business organisation is to reward the employees fairly for the work that they have completed. The main reason reward management exists in business organisations is to motivate the employees in that particular organisation to work hard and try their best to achieve the goals which are set out by the business. Reward management in business organisations not only consist of financial rewards such as pay but they also consist of non-financial rewards such as employee recognition, employee training/development Continue reading

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The Basic Types of Research

Research is an academic activity and as such the term should be used in a technical sense. According to Clifford woody research companies defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis. Research is, thus, an original contribution to the existing stock of knowledge making for its advancement. It is the persuit of truth with the help of study, observation, comparison and experiment. Research may be classified into different types for the sake of better understanding of the concept. Several bases can be adopted for classification such as nature of data, branch of knowledge, extent of coverage, place of investigation, method employed, time frame and so on.   The basic types of research are as follows: 1. Descriptive vs. Analytical Descriptive research includes surveys and Continue reading

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Hire Purchase System – Concept and Meaning

Purchase and sale of goods under a hire purchase system is different from cash sale and credit sale. In case of cash sale, the buyer pays the lump sum to the seller and immediately ownership is passed along with the goods. While in credit sale the payment is made in future. In these both cases the ownership and possession of goods pass on the buyer. However, hire purchase system is a special system of purchase and sale. In hire purchase system, the buyer acquires the property by promising to pay necessary installment payment of monthly, quarterly, half yearly or any other period. The period of payment has to be fixed while, signing the hire sell agreement. Though, the buyer acquires the asset under hire purchase system after signing the agreement, the title of ownership remains with vendor until the buyer squares up his/her entire liability. When the buyer pays the Continue reading

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Fitzgerald and Moon’s Building Block Model

Fitzgerald and Moon’s Building Block Model  suggests  the solution of performance measurement problems in service industries. But it can be applied to other manufacturing and retail businesses to evaluate business performance. Fitzgerald and Moon has provided  a framework for performance management in service organization using three criteria, called as  building blocks, they include, standards of performance (against these dimensions are measured to review performance), rewards for performance (rewards are necessary for achieving standards of performance) and  dimensions of performance (these are measures of performance). 1. Standards:  You can think of standards as rules that employees of a company must follow in order to achieve the long term objective of the organization. For the standards to be motivating enough, it must have three important ingredients. These ingredients are; Equity: Performance measures should be equally challenging for all parts of business. Relaxation given to one part of the business leads to perception Continue reading

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The Importance of Non-Verbal Communication

Non-verbal communication refers to all those messages excluding spoken words. Those messages are body language such as gesture, facial expressions, eye contact and body posture. For instance, smile on our friends face on seeing us, before they utter even a greeting word, when we go to meet them after long time indicates that he or she is happy to see us. Touch is another cue of non-verbal communications. It helps in indicating a person’s feelings or expressions, closeness, and illustrates characteristics of that person. A firm and stiff handshake or warm and lovely hug signify obviously different than a loose one. Never the less, the sound, pitch, tone and volume of our voice while we are communicating can also be referred as forms of non-verbal communication. Voice use intonation, tone and vocally produced sounds. We use the pitch of voice to differentiate whether the sentence is a command, or advice Continue reading

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The Role of Leadership in Organizations

Leadership is a process in which a  leader attempts to influence his or her followers to establish and accomplish a goal or  goals. In order to accomplish the goal, the leader exercises his or her power to  influence people. That power is exercised in earlier stages by motivating followers to  get the job done and in later stages by rewarding or punishing those who do or do not  perform to the level of expectation. Leadership is a continuous process, with the  accomplishment of one goal becoming the beginning of a new goal. The proper  reward by the leader is of utmost importance in order to continually motivate  followers in the process. There are basically three models on Leadership: Trait, Attitude and  Situational. In the trait theory certain inherent characteristics of the individuals were  given importance. Other who did not possess such characteristics was considered as  ineffective. This theory was questioned Continue reading

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