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

Common Team Problems

In today’s organizations, people work in teams that have either a leader or a self-driven team member to lead. While these teams provide support mechanism in the office environment and are used to improve productivity and results, they are also a source of competition. It is this team building scenario that is envisioned to promote the productivity of the employees, and at the same time the organization. In any team there is a difference of opinions, this is beneficial as it provides the building blocks to ideas for their team and organization as a whole. At the same time these opinions do raise the emotions and feelings of the team players. There arises conflict within the group that either improves the team’s performance or the breaks down of the team and consequently hampering the achievement of the organizations goal. The most common team problems are; Floundering: This problem occurs in Continue reading

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Human Resource Audit – Definition, Objectives, Scope, and Importance

Human Resource Audit or HR audit is a systematic survey and analysis of different HRD functions with a summarized statement of findings and recommendations for correction of deficiencies. It examines and evaluates policies, procedures and practices to determine the effectiveness of HRD function in an organization. HRD audit ensures that sound and cost-effective policies are implemented. Human resource audit refers to the checking of the performance of the enterprise in its management of human resources. Human resource audit reveals how the management is doing in getting things done through the efforts of its people. It undertakes a systematic research of the effectiveness of the human resource programmes. It evaluates personnel activities of an organization. It acts as an overall quality control, check on human resource function. During the conduct of audit if any deficiency is discovered, steps are taken to remove it. It reviews the effectiveness of management relating to Continue reading

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Global Scenario of Exchange Rate Arrangements

Firms engaged in international business must have an idea about the exchange rate arrangement prevailing in different countries as this will facilitate their financial decisions. In this context, it can be said that over a couple of decades, the choice of the member countries has been found shifting from one form of exchange rate arrangement to the other, but, on the whole, preference for the floating rate regime is quite evident. At present as many as 35 of a total of 187 countries have an independent float, while the other 51 countries have managed floating system. The other 7 countries have a crawling peg, while 53 countries have pegs of different kinds. The EMU and other 20 countries of Africa and the Caribbean region come under some kind of economic and monetary integration scheme in which they have a common currency. Lastly, nine countries do not have their own currency Continue reading

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System – Concept, Meaning, Definition and Characteristics

Scholars in various disciplines who are concerned about the tendency toward the fragmentation of knowledge and the increasing complexity of phenomena have sought a unifying approach to knowledge. Luduring von Bertalanlfy, a biologist, developed a general systems thereby that applied to any arrangement of elements such as cells, people, societies or even planets. Norbert Wiener, a mathematician observed that information and communications provides connecting links for unifying fragments or elements, His systems concept of information theory, which shows the parallel between the functioning of human beings and electronic systems, laid the foundation for today’s computer systems. Herbert A. Simon, a political scientist, related the systems concept to the study of organizations by viewing an ongoing system as a processor of information for making decisions. Systems analysis and information systems were founded in general systems theory, which emphasizes a close look at all parts of a system. Too often analysts focus Continue reading

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Process Costing – Definition, Steps and Charactristics

In accounting, process costing is a method of assigning production costs to units of output. In process costing systems, production costs are not traced to individual units of output. Costs are assigned first to production departments and then to units of output as they move through the departments. The process costing method is typically used for processes that produce large quantities of homogeneous products. The process costing method is in contrast to other costing methods, such as product costing, job costing, or operation costing systems. Using the process costing method is optimal under certain conditions. If the output products are homogeneous, that is, the units of output are relatively indistinguishable from one another, it may be beneficial to use process costing. If the output products are of low value, meaning each individual unit of output is not worth much, it may be beneficial to use process costing. And if it Continue reading

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Planning and conducting interviews

Before meeting for an interview, both the interviewer and the interviewee have to make planning and preparation. Many job interviews are failures because either the applicants or the interviewer lack the skills of planning for them. The interviewer must have clear and detailed information about the post for which the candidates are to be interviewed. He should be in a position to tell the candidate the working conditions, details of job operations and other responsibilities. He has to make proper seating arrangement for the candidates in such a way that they may feel relaxed in the waiting room before facing the interviewer. He should know what type of candidate is required for the job. He must have the bio-data of all the candidates who might attend the interview. Similarly, the applicants too must prepare themselves for the interview situation. He has to know his own abilities in carrying out the Continue reading

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