Economic Objectives Business is basically an economic activity‚ its primary objectives are economic. The economic objectives of a business are to earn sufficient profit to give reasonable reward to the investors of capital and to provide funds for expansion and diversification. The main economic objective of business may be described as under: (a) Earning Profit: Business activity is undertaken for earning profit. Profit is the basic incentive to business pursuits. It is the most important objective
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Management by ObjectivesMBO Management by Objectives (MBO) Can be defined as a process whereby the performance goals and objectives are set by each subordinate in collaboration with his superior at the start of the appraisal period. MBO is a Process A process consisting of a series of interdependence and interrelated steps: The formation of clear‚ concise statements of objectives The development of realistic action plans for their attainment‚ The systematic monitoring
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MANAGEMENT BY OBJECTIVES (MBO) is a practical application of the reasoning behind the notion of goal-setting theory. MBO is a process in which employees participate with management in the setting of goals or objectives. An essential feature of an MBO program is that it involves a one-on-one negotiation session between a supervisor and subordinate in order to set concrete‚ objective goals for the employee’s performance. During the session a deadline is set for the measurement of accomplishment‚ and
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Four essential steps in the management by objectives (MBO) process Management by objectives (MBO) is a system whereby managers and employees define goals for every department‚ project‚ and person and use them to monitor subsequent performance. Four major activities make MBO successful. MBO is result oriented. Emphasize the accomplishment rather than input. Encourage the participation at all level of organization that means collaborative‚ shared power and self management. A process consisting of
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Name of business : RICE DEALER Description of business Rice is an important primary staple food in Philippines like other Asian countries. Filipinos love to eat rice‚ which is being served almost three times a day in our tables. People in Luzon‚ some parts of Visayas and Mindanao usually consume 100 million metric tons of rice per year! This indicates that there is a high demand for this commodity in our country. If you will be posting for this topic‚ please follow this template‚ and post it here
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Management by Objectives What is MBO? Management by Objectives (MBO) is also known or referred to as Management by Results (MBR). Management by Objectives is a process whereby the objectives in an organization are defined in order to help the management of the organization and the employees to agree on the same. The concept and the term was coined and popularized by Peter Drucker in the book‚ The Practice of Management in the year 1954. The essence of management by objectives lies in mutually
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The type of business‚ purpose and ownership of two contrasting business In this task‚ I will be describing the type of business‚ purpose and ownership of Thorpe Park and Langley Park for girls. For each organisation‚ I will have to describe the range including local‚ national‚ international and global; public‚ private‚ not-for-profit and voluntary; primary‚ secondary and tertiary. Furthermore‚ I would describe the purpose which also includes product/service and the difference between profits or
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1. OPERATIONS PERFORMANCE OBJECTIVES In accordance with Slack‚ Chambers and Johnston‚ performance objectives is a generic set of performance and indicators that can be used to set the objectives or judge the performance of any type of operation. In this context‚ there are five key most objectives that can or will be used to help improve the operations of a service industry (Dental health care as stated earlier). a) Quality Quality can be defined in so many ways. In simpler terms we will describe
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(If you need to edit any part from my text‚ please do. Your corporation is highly appreciated. Thank you.) Product or service Description ✓ Details of the product/service ✓ What need does the product meet for customers? ✓ What is unique about the product/service? ✓ Competitive advantage ✓ Barriers to entry Strategies to overcome barriers Questions: What are the technology and equipment that we are using in the carwash The answer is on the highlighted sentences
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Table of content Acknowledgement First and foremost I will like to thank god for giving me the strength and abilities to finish this principle of business school based assessment. I give my gratitude to my principle of business teacher for helping me in the completion of this project. I thank my fellow family members for their never ending patience. I give thanks to everyone who helped me in the completion of this project. Without all your constant supervision it would not have been
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