Human Resource Management
Human resources are the people (including their knowledge, skills and abilities) within an organization who perform the actual work of the organization. Their efforts enable the organization to meet its objectives. The intellectual capital of each organization has been a growing focus in our highly competitive world. Human resources management is the effective use of an organization’s human resources to improve its performance. This management is no small order, it takes great skill, ability and practice. HRM is one of the greatest challenges facing businesses today. The challenge is not justfaced by human resource professionals, it is the responsibility of…
Read MoreFinance Management-Risk Returns and Trade-offs
Management-Risk Returns and Trade-offs Risk Management is the process of assessing and modifying – on an ongoing basis – the many trade-offs between risk and reward that face a firm. These trade-offs can be evaluated based on whether they are done for the purpose of hedging, speculation and arbitrage. One of the first lessons that a finance student learns is that higher expected returns are accompanied by higher levels of risk. The corollary is that risk reduction typically entails some cost in the form of lower expected returns. Finance Management-Risk Returns and Trade-offs The classic risk-reward and trade-off introduces three…
Read MoreFinancial Management Time Value of Money
Financial Management Time Value Time plays an important role in finance. It is a common practice, if a child is asked whether he/she would take a dollar bill now or six months later, then, the child would reply, saying right now. Though children say it ignorantly, it is true that money obtained now is greater in value than the same amount of money obtained one year or two years later. This is because, the money coming in will be invested in some or another form which will yield a profit. This profit will add to the principal amount, increasing the…
Read MoreFinance Management Analyzing and Improving Management Performance
Finance Management Companies must be able to measure managerial performance if they are to control operations and achieve organizational goals. As companies grow or their activities become more complex, they often attempt to decentralize decision making as much as possible by restructuring into several divisions and treating each as an independent business. The managers of these subunits or segments are evaluated on the basis of the effectiveness with which they use the assets entrusted to them. Finance Management Analyzing and Improving Management Performance Perhaps the most widely used single measure of success of an organization and its subunits is the…
Read More3 Components of Supply Chain Management
The success of multinational companies can be attributed to their ability to deliver not only quality products but also delivering them on time, all over the world. Therefore, the focus has moved from competition between firms at the same level in the production process to competition between supply chains, from raw materials to end customers. A company’s ability to create trust-based and long term business relationships with customers, suppliers and other strategic partners becomes a crucial competitive parameter. The tendency towards increased integration and cooperation between the enterprises in the supply chain results in greater complexity in the management and…
Read MoreTransportation Models
Operations Management – Transportation Models Transportation models are a special type of linear programming models. These models are applicable not only for solving problems of transportation but also for solving a variety of industrial problems. Usually such problems have a large number of variables and constraints. Though possible, the computational effort required to solve such problems by the simplex technique is prohibitive. However, these problems have some special features and we can solve them by simpler methods. Suppose a company has m plants which meet the demand at n market areas where Si is the plant capacity of plant i…
Read MoreProcess Oriented Layout
A Process-Oriented Layout can simultaneously handle a variety of products and services. This is the traditional way to support a product differentiation strategy. It is most efficient when making products with different requirements or when handling customers, patients, or clients with different needs. A process oriented layout is typically the low-volume, high-variety strategy. In a job-shop environment, each product or small order is produced by moving it from one department to another in the sequence required for the product. A good example of the process-oriented layout is a hospital or a clinic. As the inflow of patients, each with his…
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