Organizational Health – Concept, Dimensions, and Characteristics

Management Concepts

Organizational Health Approach – Building a Strong Workplace

Modern Management Concepts

Participative Management – Workers Participation in Management

Human Resource Management

Case Study on Entrepreneurship: Larry Page

Business Analysis

The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

Importance of Innovation to Project Management

Project management can be defined as a process of application of the knowledge skills and different experiences of the project manager and the team members in order to achieve the objectives identified for the project. The concept of project management can therefore be defined as a systematic process of ensuring that a project is implemented according to the project plan. Proper project management is needed in an organization or a particular project is order to ensure proper project tracking and management of the associated risks of the project. There are a number of reasons why project management is needed in an organization. With the use of the project management approach, the proper project plan can be developed. The different project management methodologies ensure that a proper project schedule and a project plan is implemented. The project management further enforces and encourages team work so that a task can be completed Continue reading

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Activity-Based Costing for Small and Service Industries

Activity Based Costing (ABC) is an accounting method that assigns costs to activities according to their use of resources, rather than products or services. This enables resources and other related costs to be more accurately attributed to the products and the services which they use. It does not change or eliminate any costs, in the other way; it provides detailed information on how costs are consumed. The main benefits of Activity Based Costing are providing understanding into the fastest growing and least visible element of cost-overhead. We can also improve profitability by monitoring total life-cycle cost and performance so that we can improve the effectiveness of budgeting by identifying the cost of different service levels. In addition, ABC costing does encourage continuous improvement and total quality control because control and planning are directed at the process level and it links the corporate strategy to operational decision making. By using ABC Continue reading

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Fire Insurance – Definition, Characteristics and Policy Types

Fire insurance is the oldest form of insurance. In the early development of industrial society, fire was the main source of energy. The industrial or commercial activities were not possible without fire. However, there was a need to insure the risk of uncontrolled or uncertain fire. Fire insurance is designed to provide for financial loss to property due to fire and a few other related hazards. The property that can be covered under fire insurance includes Building, Machinery, Equipments, Accessories, Goods, Raw Materials, Electrical Installation of building, Residential houses, Furniture and fittings, Pipelines located outside and inside the building. A contract of fire insurance is a contract whereby the insurer undertakes, in consideration of the  premium paid, to make good any loss or damage caused by fire during a specific period. The fire insurance contract  specifies the maximum amount which the assured can claim in case of loss. This amount Continue reading

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Discharge of a Contract by Breach

Discharge of contract means parties to the contract is no more liable to the contract. In other words, the liability of the parties to the contract will come to an end. Discharge by breach of contract: Breach of contract by a party thereto is also a method of discharge of a contract, because “breach” also brings to an end the obligations created by a contract on the part of each of the parties. Of course the aggrieved party i.e., the party not at fault can sue for damages for breach of contract as per law; but the contract as such stands terminated. Breach of contract may be of two kinds: (1) Anticipatory breach; and (2) Actual breach. Anticipatory breach: An anticipatory breach of contract is a breach of contract occurring before the time fixed for performance has arrived. It may take place in two ways: (a) expressly by words spoken Continue reading

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Innovative Organizations – Meaning, Elements and Leadership Behavior

Many organizations are resistant to changes and continue operating the way they had been operating in the past. To remain competitive, they work harder, improve efficiency, reduce cost and implement best practices. But, this is not enough. Instead of getting stuck in their standard mode of operations, organizations need to adopt innovative ways to change the strategies. The best way to create a competitive edge and be in the head of the competition is to innovate by drawing advantage from the creative power of your people. Turn your greatest assets into opportunistic entrepreneurs who discover new ways and improve the way they do business. Management innovation involves total transformation of existing culture to enhance organizational performance in an integrated manner involving technological innovation, product and service innovation, and strategy and structural innovation. Every organization needs to have a vision, a culture and a process of innovation to build a truly Continue reading

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Flexible Budgets – Definition, Characteristics and Preparation Methods

Meaning of Flexible Budgeting Defining the term budgeting is helpful in understanding its role in an entity. Budgeting is described as a quantitative reflection of a business or an individual plan on the use of resources for a specified period of time, in many instances per year. In simpler terms, budgeting is the generation of a document that brings together approximations of income and expenditure for an upcoming period. Given the small duration that is covered, budgeting is also viewed as short-term financial arrangement or plan. In addition, budgets are taken as representations of action plans that help managers pursue business objectives. Thus, it is summed that budgeting is a comprehensive and coordinated plan, based on financial figures, pertaining to operations and resources used in an organization for a specified duration in the future. The overall objective of the budgetary process is to improve the performance of the organization. Comprehending Continue reading

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