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

An Overview of Secure Sockets Layer (SSL) Technology

SSL (Secure Sockets Layer) the most widely used and most powerful measure in security technology for creating an encrypted link between the Web Server web browsers. If the link is encrypted, they use https protocol. Secure receptacle Layer (SSL) and Transport Layer Security (TLS) is the protocol above TCP, which can protect user’s confidentiality when they sending data from a customer side to a web server; this is an important protocol due to the extension of Internet. In fact, it is a long way to make the SSL/TLS protocol fully. However there are still flaw and problems during the development of SSL/TLS, and we cannot deny that there maybe some other potential security hole in the latest version. sequential attack is fatal for both the user and the company in using these protocols to establish a safe channel to transfer information. This article will introduce three typical attacks: Cipher suite Continue reading

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Information System Activities

The major activities of an information system are; 1. Input of Data Resource Data about business transactions and other events must be captured and prepared for processing by the input activity. Input typically takes the form of data entry activities such as recording and editing. End uses typically record data about transactions on some type of physical medium such as paper form, or enter it directly into a computer system. This usually includes a variety of editing activities to ensure that they have recorded data correctly. Once entered, data may be transferred onto a machine-readable medium such as a magnetic disk until needed for processing. For example, data about sales transactions can be recorded on source documents such as paper sales order forms. (A source document is the original formal record of a transaction). Alternately, salespersons can capture sales data using computer keyboards or optical scanning devices; they are visually Continue reading

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Case Study: Bre-X Scandal – The $6 Billion Gold Fraud

The Bre-X scandal is the perfect example of a true fraud that results from dishonest and deceitful business ethics, morals, and principles. The Bre-X scandal is considered to be the biggest mining and gold scandal of all time, and one of the biggest stock scandals in Canadian history. The Bre-X scandal significantly damaged the Canadian Financial Markets and caused substantial reductions in consumer buying and trading confidence, which caused a considerable amount of damage to the Canadian economy. Subsequent to the collapse of Bre-X in 1997, its stocks and shares became worthless and left investors with significant losses. The Bre-X scandal began in March 1993, subsequent to the company purchasing a large mining site in Busang, Indonesia (on Borneo). Subsequent to Bre-X purchasing the mining site in Busang, it boasted that it was sitting on the largest known gold deposit in the world. In October 1995, Bre-X announced that it Continue reading

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Cost Reconciliation Statement

A manufacturing concern may adopt either Integrated Accounting System or Non-Integral Accounting System. Under Integrated Accounting System, only one set of books is maintained to record both costing and financial transaction, therefore, under this system, both financial accounts and cost accounts give similar results. But in Non-Integral Accounting System, separate books are maintained for costing and financial transactions, which may exhibit different results i.e. profits or losses. In other words, when cost accounts and financial accounts are maintained independently by a concern, the profit or loss shown by the cost accounts may not agree with the profit or loss shown by the financial accounts. In this situation, it is needed to reconcile the profits or losses shown differently by cost accounts and financial account by preparing a statement called Cost Reconciliation Statement. A statement which is prepared for reconciling the profit between financial account and cost account is known as Continue reading

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Important Aspects of Total Quality Management (TQM)

Total Quality Management (TQM) is a management philosophy that supports the process of continuous improvement within an organization and where total emphasis is placed on the customer. In the socioeconomic viewpoint, TQM defines the customer as all members of society and facets of environment that interact with the activities of the company. TQM is also defined as a set of management practices throughout the organization, geared to ensure the organization consistently meets or exceeds customer requirements. The goal of TQM philosophy is – “Do the right things right the first time, every time.” One of the principal aims of TQM is to limit errors to 1 per 1 million units produced. Total Quality Management (TQM) is a significant advance over traditional Quality Control (QC) programs. Traditional QC concerns itself with the number of final items found defective, replacing them with good items, or else negotiating the predicted failures into a supply Continue reading

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The Role of Strategist in a Business Organization

Strategists are individuals or groups who are primarily involved in the formulation, implementation and evaluation of strategy.   A strategist is like a root of an organization. In order to overcome the deadly traps in any organization a strategist must first think outside of the “box” and they must focus on both “forest and the trees.” They must need to concentrate on three aspects of human intelligence like Intellectual Intelligence (IQ), Emotional Intelligence (EQ), and Spiritual Intelligence (SQ). The mind of strategist must try to decide when to do strategy and when not to do strategy, clear target markets, competitive advantage, 80/20 focus and alignment. They need to do research, analyse the given situation with the available information’s and comes out with the best solutions. The heart of strategist must have the concepts, rules, power and politics play an important role in the development of any strategy. The end result Continue reading

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