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

A Spiritual Perspective of Emotional Intelligence from the Bhagvad Gita

Emotions are reflective of a society’s weakness and strengths and can be disruptive and interfering when displayed at a wrong time. However, when expressed constructively it can play a role in organisational effectiveness. The ancient sacred teachings of the Bhagvad Gita can enlighten an employee to identify, interpret and apply emotions in their personal and professional life. Hinduism advocates that ‘a man should first seek wisdom and thereafter pursue material ambition’. In order to achieve self-realization, one must have perfect emotional self-control. The Indian scriptures state that our senses are like wild horses, the body its chariot and the mind its reins. Intellect is the driver. The Atman is the Lord of the chariot. If the senses are not kept under proper control, they will throw this chariot into a deep abyss. He/she who keeps the reins firm and drives this chariot intelligently by controlling the horses (senses) will reach Continue reading

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Kaizen Costing Method

Kaizen is a Japanese management concept launched by Masaaki Imai, which proved to be the key to Japanese competitive success. The significance of this concept is: KAI = Change and ZEN = for better, and the translation is “continuous improvement”, that means small improvements to the ongoing efforts. Unlike the Western conception, implying total change, at large intervals of time, using large amounts of resources and a high cost level, Kaizen Costing seeks daily, gradual, slow, but continuous improvements, which take place at minimal cost. Kaizen strategy is that a single day should not pass without an improvement to intervene in the activity of each employee or each entity. The Japanese have shown that by applying this strategy, improvement is achieved with minimal expenditure. Specific characteristics that ensure successful approach of Kaizen activities are the following: disregards all ideas implemented so far in the organization of production; rejects the whole Continue reading

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Features of Life Insurance Contract

Human life is an income generating asset. This asset can be lost through unexpected death or made non functional through sickness or disability caused by an accident. On the other hand there is a certainty that death will happen, but its timing is uncertain. Life insurance protects against loss. Life insurance contract may be defined as the contract, whereby the insurer in consideration of a premium undertakes to pay a certain sum of money either on the death of the insured or on the expiry of a fixed period. The definition of the life insurance contract is enlarged by Section 2(ii) of the Insurance Act 1938 by including annuity business. Since, the life insurance contract is not an indemnity contract; the undertaking on the part of the insurer is an absolute one to pay a definite sum on maturity of policy at the death or an amount in installment for Continue reading

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Written Analysis of the Case Study Problems in Management

There is a little difference between the classroom discussion and written analysis of case problem. The following steps can guide the students to analyse the case problem and arrive at best possible solution. 1.   Summary of the case: The important facts in the case are pointed out in brief. It is the indication that the student has grasped the contents of the case precisely. 2.   Identify the problem involved in the case: After giving a careful reading to the case, see certain apparent problems in the situation. Some are very prominent and most immediate. Whereas some may be partially indicated. The student has to mention the basic problem interwoven  in the case, e.g. a case may indicate failure in delegation due to too much interference of the boss; another case may indicate the need for taking appropriate disciplinary action to set things right with regard to labor management Continue reading

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History and Background of Qantas Airlines

The Qantas story is of persistence, timing, and determination of how one fledgling airline has endured through the lore and linage of a storied British Colony established in 1788. Great Britain was facing a serious prison overcrowding situation in the mid to late 1780’s. The British Parliament decided to reduce this overcrowding by taking the non-violent, skilled convicts, and use their time incarcerated to establish a new colony. It had been estimated that to establish and maintain a colony took about seven to ten years. With prisoners identified and promised their freedom and a parcel of land in the new colony for their efforts, the ships set sail for Australia. A colony established by convicts began in 1787 and continued through 1790 where over 2000 prisoners were sent to the Sydney Shores. It was not until 1793 that the first free settlers arrived in Australia. For a few years, the Continue reading

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Significance of Industrial Relations

Maintenance of harmonious industrial relations is on vital importance for the survival and growth of the industrial enterprise. Good industrial relations result in increased efficiency and hence prosperity, reduced turnover and other tangible benefits to the organization. The significance of industrial relations can be summarized as below: It establishes industrial democracy: Industrial relations means settling employees problems through collective bargaining, mutual cooperation and mutual agreement amongst the parties i.e., management and employees unions. This helps in establishing industrial democracy in the organization which motivates them to contribute their best to the growth and prosperity of the organization. It contributes to economic growth and development: Good industrial relations lead to increased efficiency and hence higher productivity and income. This will result in economic development of the country. It improves morale of the work force: Good industrial relations, built-in mutual cooperation and common agreed approach motivate one to contribute one’s best, result Continue reading

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