project will be evaluated usingNPV/IRR. Step 3: Prioritize Profitable Projects Based on the Firm-wide Project Once the profitable projects have been identified‚ the finance manager needs to prioritize these projects based on the firm-wide capital budget‚ requirements and strategy. Sometime a project may be profitable but can wait for some time compared to another project which is critical for the firm’s strategy. For example‚ while choosing between buying new machinery vs. replacing an existing technology
Premium Capital budgeting Corporate finance Investment
Page |2 Bureaucracy A bureaucracy is a form of organization based on logic‚ order‚ and the legitimate use of formal authority. Bureaucracies are meant to be orderly‚ fair‚ and highly efficient. The Bureaucratic approach to management was developed around the start of twentieth century by an important writer‚ Max Weber‚ a German Sociologist. The bureaucratic approach depends on five principles that are; 1) 2) 3) 4) 5) Specialization of work Formal Rules & Procedures Impersonality Well-defined
Premium Bureaucracy Max Weber Management
Criticism for Max Weber’s Bureaucracy Written by Dr. Wasim Al-Habil College of Commerce The Islamic University of Gaza Beginning with Max Weber‚ bureaucracies have been regarded as mechanisms that rationalize authority and decision-making in society. Yet subsequent theorists have questioned the rationality of bureaucracies. Which features of modern-day public bureaucracies are rational? Which are not? Buttress your argument with citations from organization and/or public administration theories
Premium Bureaucracy
Michel Crozier once said‚ "Bureaucracies embody vicious circles of decreasing efficiency and effectiveness." As a leader‚ it is necessary to organize your people efficiently‚ so that the most work can be accomplished. The three key concepts I will concentrate on are authority‚ bureaucratization‚ and the dysfunctions of bureaucracy. Finally‚ I will address the organization principle of delegation‚ touching on my own experiences. All of these concepts are methods of organization; however‚ as a leader
Premium Max Weber Bureaucracy Hierarchy
The federal bureaucracy as a component of the executive branch practices significant independence in implementing governmental policies and programs. Most laborers in the federal bureaucracy are civil-service employees who are composed under a merit system. The merit system is characterized as the procedure of advancing and procuring government workers by taking into account their capacity to perform an occupation‚ instead of on their political associations. This framework utilizes instructive and
Premium Government Bureaucracy Public administration
Innovation & Entreprenuer Track One Innovation is the key element in providing aggressive top-line growth‚ and for increasing bottom-line results ---- Davila et al. (2006) note A typical strategic alliance(a formal relationship between two or more parties to pursue a set of agreed upon goals or to meet a critical business need while remaining independent organizations.) formation process involves these steps： * Strategy Development: Strategy development involves studying
Premium Management
Principles of Management Question 2: (A) Describe Max Weber‘s understanding of bureaucracy. (A) The term bureaucracy was used from Weber studies published in 1947. It described a rational form of organisation that today exists to some extent in practically every organisation whether it is public or private. Max Weber theory and philosophy is largely focused on the idea of bureaucracy as an efficient method for organizing and prioritizing the routine tasks of business. Max Weber‘s studies
Premium Max Weber Charismatic authority Authority
Representative bureaucracy is the concept that a bureaucracy should mirror the society that is serves. This mirrored representation can be by ethnic‚ racial‚ gender‚ or socioeconomic groups. The fundamental belief behind this principle is that a person of a specific constituent group will be an advocate for that group and will ensure that that group is properly served by the government. This advocacy can be passive or active; proponents of a representative bureaucracy state that this advocacy
Premium Government Bureaucracy Public administration
Healthcare Innovation The healthcare industry has experienced a proliferation of innovations aimed at enhancing life expectancy‚ quality of life‚ diagnostic and treatment options‚ as well as the efficiency and cost effectiveness of the healthcare system. Information technology has played a vital role in the innovation of healthcare systems. If the concept of healthcare innovation can be clarified‚ then it may become easier for health policymakers and practitioners to evaluate adopt
Premium Health economics Medicine Health care
17-Dec-11 Product innovation and Process Innovation Product innovation – the introduction of new types of goods and services for the external market and Process innovation – enhancement of internal production processes for goods and services [Perri 6‚ 1993]. UNESCO definitions for Product innovation and Process Innovation Product innovation: introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses. This includes significant
Premium Health care Diffusion of innovations