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 Holistic Approach to Technology Management

Management of technology links engineering, science, and management disciplines to address the planning, development, and implementation of technological capabilities to shape and accomplish the strategic and operational objectives of an organization. Refer to the definition of technology management, it requires collaboration of the R&D, manufacturing, service and operation function, marketing, finance, and HR function in the company. Thus a holistic approach needs to be taken to manage technology in the company. It will be divided to several reasons to explain in below paragraph and what are the benefits. Firstly, technology management involves multi-functions within the organization. In a company, not only engineering department or R&D department is responsible for technology management, all the functions within the organization are more or less related to technology. Thus technology management requires a system of integration within the organization. For example, the product development and design process has been considered as a traditional technical Continue reading

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Transaction Processing Systems

The main information systems used for operational support in a business are transaction processing systems. This type of system processes data about transactions, which are events that have occurred that affect the business, such as the sale or purchase of goods. A transaction processing system has 3 main purposes: keep records about the state of an organization, process transactions that affect these records, and produce outputs that report on transactions that have occurred. For example, an inventory control system tracks records about inventory, processes sales and purchases of inventory, and produces reports about the amount and value of items on hand, on order, etc. Transaction processing systems exist in all areas of an organization, and in all types of organizations. TPSs can be used by employees (order entry) or customers (bank ATMs). They can use various types of hardware, software, and networks. TPSs use stored data in both files and Continue reading

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Foreign Exchange Risk or FOREX Risk

Foreign Exchange dealing is a business that one get involved in, primarily to obtain protection against adverse rate movements on their core international business. Foreign Exchange dealing is essentially a risk-reward business where profit potential is substantial but it is extremely risky too. Foreign exchange business has the certain peculiarities that make it a very risky business. These would include: Forex deals are across country borders and therefore, often foreign currency prices are subject to controls and restrictions imposed by foreign authorities. Needless to say, these controls and restrictions are invariably dictated by their own domestic factors and economy. Forex deals involve two currencies and therefore, rates are influenced by domestic as well as international factors. The Forex market is a 24-hour global market and overseas developments can affect rates significantly. The Forex market has great depth and numerous players shifting vast sums of money. Forex rates therefore, can move Continue reading

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Selling Cost in Monopolistic Competition

Selling costs refer to those expenses which are incurred for popularizing the differentiated product and increasing the demand for it.   Selling cost is a special feature of monopolistic competition.   Under perfect competition due to homogeneous product and under monopoly because of absence of substitute, the selling costs become unnecessary. The most important instrument by which a firm can convince its buyers about the differentiating nature of its product is advertising.   Such expenditure which is incurred by a firm under monopolistic competition to persuade customers to prefer its product to that of its rivals is known as ‘selling costs’.   According to famous American  economist, Edward  Chamberlin, Selling Costs are Costs incurred in order to alter the position or shape of demand curve for a product.   Such selling costs may be incurred in any form such as advertising, sales promotion, samples to potential customers etc.   Whatever Continue reading

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How Internet of Things (IoT) Transforms the Retail Industry?

Competition is at the center of the victory or disappointment of firms. Competition decides the suitability of a firm’s exercises that can contribute to its execution, such as advancements, a cohesive culture, or great execution. Competitive Advantage is the seek for a favorable competitive position in an industry, the elemental field in which competition happens. Competitive advantage points to set up a beneficial and economical position against the powers that decide industry competition. A firm’s competition is expected to incorporate not as it were all of its current competitors, but moreover, potential competitors balanced to enter an industry at a future date. Hence, a firm that appreciates a competitive advantage or a supported competitive advantage is executing a technique, not at the same time being executed by any of its current or potential competitors. Forward-thinking retailers have embraced e-commerce and mobile innovations to address the competitive advantage. Retailers and innovation Continue reading

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Sample Design – Meaning, Steps, Criteria and Characteristics

A sample design is a definite plan for obtaining a sample from a given population. It refers to the technique or the procedure the researcher would adopt in selecting items for the sample. Sample design also leads to a procedure to tell the number of items to be included in the sample i.e., the size of the sample. Hence, sample design is determined before the collection of data. Among various types of sample design technique, the researcher should choose that samples which are reliable and appropriate for his research study. Steps in Sample Design There are various steps which the researcher should follow. Those are; Type of universe: In the first step the researcher should clarify and should be expert in the study of universe. The universe may be finite (no of items are know) or Infinite (numbers of items are not know). Sampling unit: A decision has to be Continue reading

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