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

Career Planning Assistance by Human Resources Department

What is  Career Planning ? Career planning is the process of one’s life work and involves evaluating abilities and interests, considering alternative career opportunities, establishing career goals, and planning practical development. Career planning is a deliberate process through which a person becomes aware of personal career related attributes and the lifelong sense of stages that contribute to his or her career fulfillment. The major focus of career planning is on assisting the employees achieve a better match between personal goals and the opportunities that are realistically available in the organization. Career programmers should not concentrate only on career growth opportunities. Practically speaking, there may not be enough high level positions to make upward mobility a reality for a large number of employees. Hence, career planning efforts need to pin-point and highlight those areas that offer psychological success instead of vertical growth. Career planning is not an event or end in Continue reading

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Public Private Partnership – Definition, Types, Strengths and Weakness

The Concept of Public Private Partnership The concept of Public Private Partnership (PPP) has been described in several ways. The Agency theory, which is often called the principal-agent theory, shows the affiliation between the principals and agents and emphasize that the principals have the basic task of choosing and controlling their agents. The theory that sees parties engaging in exchange as contracting is called transaction cost theory. It emphasize that contract should account for both personal and social expenses while reaching a contract and further noted that the process of contracting could be costly because it includes cost of structuring, bonding, monitoring, negotiation and residual loss due to principal agent problem. Partnership under evolutionary theory, is about efficiency and prudent utilization of available resources, which is aim at plummeting replication in the overhead expenses. The exchange and dependency theory, highlight on integrating disjointed policy landscape. Others viewed Public Private Partnership Continue reading

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What is a Mutual Fund Load?

Load is the factor that is applied to the Net Asset Value (NAV) of a mutual fund scheme to arrive at the price. If a commission is paid to agents to bring in new business this represents the cost incurred by the mutual fund for additional sale. The fund may therefore decide that, investors who are already in the scheme need not bear this cost. Therefore, it may decide to impose this cost on the new investors by increasing the price at which they can buy units. This is called the sales load. Similarly, if an investor stays in a fund for a short while and decides to repurchase his units, the fund may incur some costs in liquidating the portfolio and paying off this investor. The fund may want to impose the cost of this operation on the exiting investor in the form of a load. This is called Continue reading

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Purpose of Budgeting

Budgeting is a basic and essential process in a business which allows businesses to gain many goals in one course of action. The budgeting process may be carried out by individuals or by companies to estimate whether the person/company can continue to operate with its projected income and expenses. There are several purposes to create and implement a budget include control and evaluation, planning, communication, and motivation. Control and Evaluation This is most important matter after finalized a budget is providing sufficient control and evaluating its performance.If performance does not meet the budget, action can be taken immediately to adjust activities. Budgeting allows a company to have a certain range of control over costs, such as reducing many types of unnecessary expenses or assigning responsibility for these expenses. A budget also gives a company a benchmark by which to evaluate business units, departments, and even individual managers. Unfortunately this purpose Continue reading

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Roles, Duties and Responsibilities of Management Accountant

Management Accountant is an officer who is entrusted with Management Accounting function of an organization. He plays a significant role in the decision making process of an organization. The organizational position of Management Accountant varies from concern to concern depending upon the pattern of management system. He may be an executive in some concern, while a member of Board of Directors in case of some other concern. However, he occupies a key position in the organization. In large concerns, he is responsible for the installation, development and efficient functioning of the management accounting system. He designs the frame work of the financial and cost control reports that provide with the most useful data at the most appropriate time. The Management Accountant sometimes described as Chief Intelligence Officer because apart from top management, no one in the organization perhaps knows more about various functions of the organization than him. Tandon has Continue reading

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Pricing Objectives and Strategies

Price may be defined as the value of product attributes expressed in monetary terms which a consumer pays or is expected to pay in exchange and anticipated of the expected or offered utility. It helps to establish mutually advantageous economic relationship and facilitates the transfer of ownership of goods and services from the company to buyers.   The managerial tasks involved in product pricing include establishing the pricing objectives, identifying the price governing factors, ascertaining their relevance and relative importance, determining product value in monetary terms and formulation of price policies and strategies. Thus, pricing plays a far greater role in the marketing-mix of a company and significantly contributes to the effectiveness and success of the marketing strategy and success of the firm. Pricing Objectives A business firm will have a number of pricing objectives. Some of the them are primary, some of them are secondary, some of them are Continue reading

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