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

Introduction to Quantum Computing

Quantum computing is a branch of computing that is based on the principles of quantum mechanics. Unlike classical computers, which operate on binary digits (bits) that can be either 0 or 1, quantum computers use quantum bits, or qubits, which can exist in multiple states at once. This allows quantum computers to perform complex calculations much faster and more efficiently than classical computers. The history of quantum computing can be traced back to the early 1980s, when physicist Richard Feynman first proposed the idea of using quantum mechanics to solve mathematical problems. In 1985, mathematician David Deutsch developed a theory of quantum computing that showed how a quantum computer could perform certain calculations faster than a classical computer. Since then, the field of quantum computing has rapidly evolved, and today, researchers are developing a range of quantum algorithms and applications, including cryptography, drug discovery, machine learning, and optimization problems. Quantum Continue reading

Abey Francis

Concept of Export Diversification in International Business

Earlier a country’s economic development was based either on the degree of specialization or diversification of a country’s production and trade structure. Based on Adam Smith’s concept towards the division of labor and specialization for economic growth and development to Heckscher-Ohlin Samuelson (HOS) model of international trade, countries should specialize in producing and specializing in the goods in which they have a comparative advantage. However, after the Second World War, the idea was that economic growth and development may be achieved by export diversification (not specialization). There were active efforts by the government to promote industrialization and economic growth. Export diversification is often the primary objective of many developed countries. Export diversification is also equally important for many developing countries. Some of the developing countries are dependent on a relatively small range of products, generally agricultural commodities. In other words, primary products constitute a large percentage of their overall export Continue reading

Abey Francis

Internet of Things (IoT) in Healthcare

Internet of Things (IoT) is a revolution in computer technology and communication that aims to connect objects together through the Internet. IoT is an idea of a worldwide distributed network, that can be fit into any environment with the aim of collect object data and sending this information for storage and analysis through the internet to some other location. Internet of Things means things interact with the Internet by employing sensors, microcontrollers, and transceivers for empowering communication and is built with suitable protocol stacks which help them interacting with each other and communicating with the users, thus becoming the constitutive part of the Internet. Nowadays, the Internet is impacting several aspects of the potential user’s everyday life. IoT is a highly dynamic distributed network composed of a very large number of objects. Human beings supply most of the contents and information found on the Internet so far, whereas in IoT, Continue reading

Abey Francis

Services Marketing Mix – The 7 P’s of Services Marketing

Marketing mix is the key concept in the marketing task. It is the strategy used to perform marketing functions. Marketing mix is the planned package of elements which will support the organization in reaching its target markets and specific objectives.  The common factor behind all the elements of marketing mix is that they are specific parameters which the marketing manager can exercise some control over, within the constraints of their firm’s resources. For example, the marketing manager can control the type of product to be developed, subject to the firm’s technology, as well as the places it is sold, subject to the firm’s distribution network. Ultimately, the aim of the marketing mix is to ensure that all P’s are focused on the target customers, serving their needs and creating value for them Elements of Services Marketing Mix The services marketing mix is also known as an extended marketing mix and Continue reading

Abey Francis

What is Profit Center?

When financial performance of a responsibility center is measured in terms of the organization’s profit, then it is called a profit center. In a profit center, performance is measured in terms of the numerical difference between revenues (outputs) and expenditure (inputs). A profit center is given the responsibility of earning profits. It is involved in the manufacture and sale of outputs, and it measures how well the center is doing economically. The profit center also determines the efficiency of the manager in charge of the center. Profit as a measure of performance is especially useful since it enables senior management to use one comprehensive measure instead of several measures that often point to different directions. A profit center helps in motivating managers to perform well in areas they control and also encourages managers to take initiatives. The profit center helps the organization to make the best use of specialized market Continue reading

Abey Francis

Approaches to Organizational Change

Organizational Change simply refers to alteration in the existing conditions of an organization. Even in most stable organizations change is necessary to maintain stability. The economic and social environment is so dynamic that without adapting to such change even the most successful organizations cannot survive in the changed environment. Therefore, management must continuously monitor the outside environment and be sufficiently innovative and creative to implement these changes effectively. Two  Approaches to Organizational Change As organizational change is a complex process, therefore managers must approach it systematically and logically. Some organizational changes are planned whereas other changes are reactive. Planned change is designed and implemented by an organization in an orderly and timely fashion in the anticipation of future change. Reactive change results from a reaction of an organization to unexpected events. In contrast to planned change, it is a piece-meal response to circumstances as they develop. External forces that the Continue reading

Abey Francis