SUMMARY With the passage of time men has advanced in technology in fulfilling his needs and desires. After the mechanical evolution world is now living in evolution of Informational Technology. Mechanical evolution innovate means of transportation whereas Information Technology invented a new way of communication called Internet. Astoundingly communication can be done from anytime anyplace all over the world through internet. The number of people especially among young generations internet is gaining
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Managerial economics Definition * economics * ADAM SMITH - According to ADAM SMITH (Father of economics)‚ economics is the “science of wealth”. According to him the acquisition of wealth is the main objective of human activity. Therefore it is necessary to study how wealth is produced. This is the subject mater of the economics… * ALFERED MARSHELL: - According to ALFERED MARSHELL‚” political economy or economics is the study of means and action in the ordinary business of life
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Management accounting provides necessary information to assist management in decision making and management control. The chartered institute of management accountants (2001) describe Management accounting as :-the application of professional information in such a way as to assist the management in the formation of policies and in the planning and control of the operations of the organization. Management accounting has been considered as an integral part of the management knowledge in accounting and finance
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The Evolution of Management Classical Approaches start 1890 1. Systematic Management Adam Smith believed the management of these firms was chaotic and their ideas helped to systematize it. Approach attempted to build specific procedures and process into operations to ensure co-ordination of effort‚ emphasized economic operations‚ adequate staffing maintenance of inventories to meet consumer demand‚ and organizational control. 2. Scientific Management Frederick Taylor (Hired by Midvale Steel
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History of Rockets Our time there has been an evolution in our history of rockets. It has been one man-kinds greatest invention for thousands of years. Rockets date back to 400 B.C in the city Tarentum from a roman writer named Aulus Gellius as he tells a story of a Greek‚ named Archytas. Archytas used his invention to amuse and baffle the people by flying a wooden pigeon using steam to propel the bird suspended off wires. Couple three hundred years later after the invention of Archytas flying
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The managerial grid model (1964)‚ developed by Robert Blake and Jane Mouton‚ is a behavioral leadership model. The model is an excellent way to map out different leadership styles‚ and an excellent way to evaluate the leadership performed by leaders and managers. This model identifies five different leadership styles based on the concern for people and theconcern for production. It is important to remember that none of the concerns are right or wrong‚ and the concerns are ideally balanced to the
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Chapter 5 DEMAND ANALYSIS QUESTIONS & ANSWERS Q5.1 Q5.1 Is the economic demand for a product determined solely by its usefulness? ANSWER No‚ two basic conditions must be met before economic demand is created. First‚ there must be value associated with acquiring and using the good or service. For individuals‚ this value is in terms of utility‚ well being‚ or satisfaction through consumption. For firms‚ this value is measured in terms of the profit created through resource employment. Second‚ there
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The Evolution of Selling from the 1950’s to the Present The evolution of selling changed the way salespeople‚ companies and major industries valued their customer’s needs. Each organization would use certain methodologies and techniques that over time would develop‚ mature and grow to make those organizations much more successful and valued. Also as the customers themselves‚ started becoming more sophisticated‚ closing sales took more effort and time. Therefore the salespeople had to be trained
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early form of business enterprise and engaged in many activities common to today’s organizations. The venetians used warehouse and inventory systems to keep track of materials‚ human resource management functions to manage the labor force and an accounting system to keep track of revenues and costs. Two historical events significant to the study of management are work of Adam Smith‚ in his book‚’ The Wealth of Nations’‚ in which he argued brilliantly for the economic advantages of division of labor
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NEW YORK UNIVERSITY Leonard N. Stern School of Business Final Exam Version C C10.0002 Principles of Managerial Accounting Spring 2004 Answer all questions of this examination in the exam booklet provided. Points Distribution: Part A Multiple Choice 54 points Part B Question 1 20 Question 2 20 Question 3 6 46 Total
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