Historical Evolution of Administrative Thought
Administration
The process of planning, organizing, directing, and controlling the use of resources to achieve goals.
Historical Evolution of Administrative Thought
The Theory of Scientific Management
Frederick Taylor, Henry Gantt, and Frank and Lillian Gilbreth
Short supply of work and the need to raise productivity in the early twentieth century (1856-1915) raised the need for efficiency of workers. This led to the design of better methods to accomplish each task, select, develop, and educate workers,
Read MoreProfit Maximization vs. Wealth Maximization in Financial Management
Profit Maximization vs. Wealth Maximization
Profit Maximization
The main aim of any economic activity is earning a profit. Profit is the metric used to understand the business efficiency of a concern.
Profit maximization consists of the following important features:
- Profit maximization is also called cash per share maximization. It leads to maximizing business operations for profit maximization.
- The ultimate aim of a business concern is earning a profit; hence, it considers all possible ways to increase
A Manager’s Guide to Business Ethics and Social Responsibility
Chapter 3
1. What are the 4 Views of Ethics?
- Individualism View
- Moral Rights View
- Justice View
- Utilitarian View
2. What is the Difference Between Cultural Relativism and Universalism?
Cultural Relativism
- Is it ethical in the cultural context?
- Yes…then OK
- There is no one right way to behave
- Ethical behavior is always determined by cultural context
- So long as local laws/customs are followed, child labor is OK
Universalism
- Not ethical in Canada?
- No…then not OK anywhere or Is this cultural imperialism?
- If a behavior
Operations Management and Production Techniques
Chapter 18: Production of goods and services
Productivity: is the output measured against the inputs used to create it.
The buffer inventory level: is the inventory held to deal with uncertainty in customer demand and deliveries of supplies.
Lean production: is a term for those techniques used by businesses to cut down on waste and therefore increase efficiency, for example, by reducing the time it takes for a product to be developed and become available for sale.
Kaisen: is a Japanese term meaning
Strategic Marketing and Competitive Advantage
Strategic Marketing
The relationship between market orientation, analyzing the external environment and creating value-driven strategy. The process of creating superior customer value, which will result in the creation of superior shareholder value and a sustainable competitive advantage. Marketing: “Managing profitable customer relationships” and the main goal of marketing is to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. The
Read MoreDeterminants and Law of Supply: A Comprehensive Guide
Determinants of Supply:
1) Price of commodity:
Price is an important
factor influencing the supply of a commodity. More quantities are supplied at a higher price and less quantities are supplied at a lower price. Thus, there is a direct relationship between price and quantity supplied.
2) State of technology Technological improvements reduce the cost of production which lead to an increase in production and supply.
increases, the cost of production also
increases, as a result, supply decreases.
4) Infrastructural