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

Data Security and Employee Confidentiality in HRIS Systems

HR data are typically confidential and sensitive. Consequently, a key concern with Human Resources Information System (HRIS) is the potential for the invasion (and abuse) of employee privacy by both authorized and unauthorized personnel.  It is important for ensuring employee and management confidence in a HRIS to thoroughly explore questions about user access, data accuracy, data disclosure, employee rights of inspection and security. Failure to do so may result in ethical, legal and employee relations problems of a magnitude which could destroy the credibility of the system. ‘Establishing security and end user privileges’, says O’Connell, ‘calls for a balance of incorporating HR policy, system knowledge and day to day operations.’ The Human Resources Information System security checklist is: Review all PC-based HR applications. Verify that all users are properly trained in the secure use and handling of equipment, data and software. Ensure that all users sign-off (log-off) before they leave Continue reading

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Correlational Research – Meaning and Types

Correlational research is a quantitative research method that tries to determine if there is a relationship or covariation between two or more quantitative variables which are collected from the same subjects or a group of subjects. The subjects must be from the same participants if any correlation is to be assumed to exist. The more the number of subjects available, the higher is the probability of having valid data. This method of study was developed by Francis Galton and later perfected by Karl Pearson who formulated the mathematical concept. The correlation may be positive, negative or may indicate that there is no relationship between the variables. Correlation shows the strength of a relationship between variables but it does not prove a theory or indicate the cause of the relationship. Correlation is used when the researcher has an interest in knowing the nature of the relationship between variables to be able Continue reading

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General Issues of Balanced Scorecard (BSC) Implementation in Organizations

For modern organizations, it is essential to have methods for collecting data and making decisions based on the strategic objectives that lead to the achievement of competitive advantage. The balanced scorecard (BSC) represents strategic planning and management that companies use for communicating their intended accomplishments, aligning everyday procedures with the formulates strategy, monitoring progress, and prioritizing projects. In general, BSC is used for measuring and providing feedback to organizations, with data collection being crucial to the provision of quantitative results. This data is interpreted by managers and executives who make further decisions for an organization. The concept of Balanced Scorecard (BSC) was first introduced by Kaplan and Norton who received great praise for their research. The key principle behind the concept lies in finding balance across all functions of an organization since the majority of companies focus on financial measures such as growth and profitability, forgetting about such sectors as Continue reading

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Detailed Information about Bretton Woods Exchange Rate System and The Special Drawing Rights (SDRs)

Bretton Woods Exchange Rate System (1944) In 1944, as World War II drew toward a close, the Allied Powers met at Bretton Woods, New Hampshire, in order to create a new post-war international monetary system. The Bretton Woods Agreement, implemented in 1946, whereby each member government pledged to maintain a fixed, or pegged, exchange rate for its currency vis-à-vis the dollar or gold. These fixed exchange rates were supposed to reduce the riskiness of international transactions, thus promoting growth in world trade. The Bretton Woods Agreement established a US dollar-based international monetary system and provide for two new institutions, The IMF and the World Bank. The IMF aids countries with balance of payments and exchange rate problems. The International Bank for Reconstruction and Development (World Bank) helped post-war reconstruction and since then has supported general economic development. The IMF was the key institution in the new international monetary system, and Continue reading

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Factors to Consider in Making Financial Investment Decisions

When investing, it is fundamental for an investor to make a comparison of various investment opportunities and determine which investment promises a higher return while ensuring that risks are minimized. The analysis sometimes requires a thorough examination of elements associated with various types of investments. An investor should consider features such as interest rates, maturity period, risks, required rate of return, and upfront payments. Notably, investments differ in various aspects including minimum level of capital required, periodic payments, and income, among other features. For instance, an individual intending to invest in equities would find that dividends for stocks vary according to the market situation. However, the investor would also notice that apart from dividends, an individual would earn capital gains if he or she invested in equities. On the other hand, an individual considering an investment in bonds would find that bonds have a fixed maturity period that may determine Continue reading

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Business Strategy Implementation

The business strategy will be implemented through the concerted actions of all staff working within a partnership framework. The Board will set objectives and parameters, for the business strategy implementation, and will review progress in achieving objectives. Management will take ownership, give leadership and agree with staff clearly defined roles and responsibilities in achieving targets and milestones. It is also recognized that resources issues may affect the full implementation of the strategy. To assist management in carrying out its role in delivering the strategy and whatever may evolve in the future, an integrated management development programme, with a particular focus on business planning and performance management, will a particular focus on business planning and performance management, will be provided. It is anticipated that other issues will emerge as the process evolves. The project groups will comprise of management and staff, at all levels, who have expressed an interest, and who Continue reading

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