Participative Management – Workers Participation in Management

Human Resource Management

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Human Resource Management

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General Business Articles

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Financial Management

Methods of Workers Participation In Management

Worker’s participation is a system where workers and management share important information with each other and participate in decision taking. Workers’ participation in management is an essential ingredient of Industrial democracy. The concept of workers’ participation in management is based on Human Relations approach to Management which brought about a new set of values to labor and management. Workers participation in management implies mental and emotional involvement of workers in the management of Enterprise. It is considered as a mechanism where workers have a say in the decision-making. It is a process by which authority and responsibility of managing industry are shared with workers. Most important Forms / Methods of Workers Participation in Management are: 1. Participation at the Board level: This would be the highest form of industrial democracy. The workers’ representative on the Board can play a useful role in safeguarding the interests of workers. He or she Continue reading

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Scientific Management Theory – Directions and Characteristics

Scientific management is a process of improving the labor organization based on scientific achievements and excellence. It is important to mention that an American engineer Frederick Winslow Taylor was the first scientific engineer, who used and formalized scientific management and highlighted its four principles.   Scientific management is the labor organization based on modern scientific achievements and best practices, which were systematically introduced into the workplace. Scientific management allows combining technology and people in the labor process. In addition to the above-mentioned information, scientific management can be characterized as an approach within classical management theory that emphasizes the scientific study of work methods in order to improve worker efficiency. Scientific management’s implementation saves time and is an important growth factor productivity of living labor. The importance and value of scientific management is that it allows you to save hard work as a result of better use of the production’s material Continue reading

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Advantages and Disadvantages of Historical Cost Accounting

The historical cost accounting values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition.The historical cost accounting is the situation in which accountants record revenue, expenditure and asset acquisition and disposal at historical cost: that is, the actual amounts of money, or money’s worth, received or paid to complete the transaction. Historical cost principle means that assets and liabilities are recorded at their actual historical cost. When an asset is written off, the loss is recorded as the historical cost of the asset less any accumulated depreciation. Typically, the asset would be fully depreciated and thus no loss recorded but this isn’t always the case. If the asset is sold the gain or loss is recorded as the amount received for the asset less the historical cost (net of any accumulated depreciation). In both cases, you’re using the historical cost Continue reading

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Co-Creation of Value in Marketing

Back in 1953, Neil Borden introduced the concept of Marketing Mix. In 1960, it was classified into 4Ps – product; price; place; and promotion – in 1960 by Professor McCarthy. Product can be either physical or service; Price is dependent on its value; Place refers to distribution of; and Promotion refers to communication related to marketing of the product. The concept of ‘4Ps’ was mainly used in the past when physical product was dominant in the market. There are two main limitations of the marketing mix – common in all examined domains: (i) a model’s internal orientation; and (ii) lack of personalization. Consequently, the model of exchange was introduced having logic based on exchange of manufactured “goods”. This logic focused on tangible resources, embedded value, and transactions. Over the past several decades, however, new perspectives have emerged having a logic focused on intangible resources: the co-creation of value and relationships. Continue reading

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Supply Chain Integration Strategies – Vertical and Horizontal Integration

Supply Chain Management (SCM) is defined as the integration strategies aimed at coordinating functions across suppliers, manufacturers, distributors and retailers to ensure that products and services are produced and distributed at the right volume, location and time with the aim of reducing operational costs, maximizing profits and ensuring satisfaction across the supply chain. Supply chain integration strategies are network-based business models used by organizations to align strategic decisions and processes across the network from supplier/manufacturer end to the customer end in order to achieve competitive advantages, synergy and efficiency in their operations as well as to gain more control in the input and output of their operations. Network-based business models are organizational structures that allow companies to operate as interconnected configurations across its value chain usually consisting of partnerships, collaborations and optimized cross-organizational activities. Vertical Integration Vertical integration is a coordination strategy in which a company owns its supply chain Continue reading

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Basel Committee On Banking Supervision

The Basel Committee on Banking Supervision (BCBS) was formed in response to the messy liquidation of a Cologne-based bank in 1974. On 26 June 1974, a number of banks had released Deutsche Mark (German Mark) to the Bank Herstatt in exchange for dollar payments deliverable in New York. On account of differences in the time zones, there was a lag in the dollar payment to the counter-party banks, and during this gap, and before the dollar payments could be effected in New York, the Bank Herstatt was liquidated by German regulators. This incident prompted the G-10 nations to form towards the end of 1974, the Basel Committee on Banking Supervision, under the auspices of the Bank of International Settlements (BIS) located in Basel, Switzerland. The Committee was established to facilitate information sharing and cooperation among bank regulators in major countries. The Basel Committee was constituted by the Central Bank Governors Continue reading

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