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

Objectives of Material Handling

Materials handling may be defined as the art and science of movement, handling and storage of materials during different stages of manufacturing considered as material flow into, through and away from the plant. It is in fact, the technique of getting the right goods safely, to the right place, at the right time and at the right cost. All tangible and intangible benefits can be reduced to four major objectives. The application of material handling methods and equipment to be of greatest benefits should be governed by the following: 1) Reduced Costs: Cost-Reduction programs have two broad goals; either to reduce the cost of Material Handling or to reduce total production cost; by improved handling procedures. The latter concept net reduction in total manufacturing costs. The Ways in which cost reductions are realized through improved material handling are; Reducing material handling labour. Reducing the Material handling work done by direct Continue reading

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Experimental Research Design

Experimental research design, which can otherwise be called hypothesis-testing research design, were originally made by R.A. Fisher in agricultural research in England. Experimental research design is generally used in experimental studies where hypotheses are tested. Experimental research design is now used in almost all the areas of scientific studies. The principles of experimental research design which Fisher prescribed are, viz.: (a) the principle of replication, (b) principle of randomization, and (c) the principle of local control. The principle of replication suggests that the experiment must be repeated also that the treatment is applied in many experimental units. This increases the statistical accuracy of the experiments. The principle of randomization indicating that the variations resulted by extraneous factors can be brought under “chance”. The principle of local control indicates that the extraneous factor is allowed to vary deliberately over a wide range so that the variability it causes can be measured Continue reading

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E-Commerce and Factors Influencing the Evolution of Electronic Commerce

Electronic commerce has revolutionized the traditional business process of buying and selling on the high street shops by deploying the Internet and technology to reach a vast customer base. The increased use of Internet by the general public and the growth of information technology products to support effective and service transaction over the Internet have apparently fueled the growth of electronic commerce. This statement makes it clear that the electronic commerce has achieved a key position in the business process of an organization. The critical factors that contribute the growth of electronic commerce are: Growth of Internet:  The Internet has seen a tremendous growth in the past five years making it a potential place for communicating to many customers both efficiently as well as cost effectively. The process of e marketing by which a customer over the Internet is reached through electronic mails or other form of adverts in the Continue reading

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Scope of Management Control System

A management control system refers to the framework by which managers can ensure control over the actions of their subordinates as well as control over the organization as a whole. It is a total system in the sense that it embraces all aspects of the firm’s operations so that the different parts of the organization are in balance with one another. According to Anthony, “A management control system is an explicit set of activities, policies, procedures and reports intended to institutionalize the, formal aspects of the management control process.” This definition reveals that the scope of management control system is not necessarily restricted to measuring, the performance of a subordinate manager toward the achievement of an objective established for, his function. Performance evaluation is only a part of management control. Control system should not be confused with a control method, which is merely one of the many elements of control Continue reading

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Role of Service Industries in Economic Growth

The pursuit of service economy, which dictates the specialization in the service industries, is one of the newest economic concepts that ensure the realization of the economic growth. The adoption of this form of economy will allow countries to transform the dimensions of their economic standards in a positive way. In this regard, countries would need to develop more service industries rather than manufacturing industries due to flexibility in the international trade. Similarly, the concept of service economy incorporates the need for improvement of services and product provision. Based on these factors, service industries should mainly focus on financial services, health, education, tourism, and distribution. The degree of mobility of these services is high, and they can be cheaply transferred from one location to another. Additionally, geographical factors do not hinder the performance of these services. As a result, industries should focus on service delivery to their customers, which increases their Continue reading

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What You Need to Master SEO in 2024

Search engines will continue to play a major role in consumer culture. Businesses today have realized that they need to go over and beyond to make sure their names are at the top of the search engine results pages. With Google’s recent algorithm overhauls that highlight quality content even more, the playing field for SEO is just getting more complex.  In 2024, the same SEO strategies that catapulted many brands to the top before will be obsolete. There’s more that needs to be done to understand buying patterns and harness the powers of AI to make sure your business gets the attention it deserves. For that, here’s what you should master as you prepare for new SEO challenges in 2024: Tap into your Core Web Vitals Quantity was the order in the past, but now, Google prioritizes better search experiences through its Core Web Vitals. To rank better in 2024, Continue reading

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