Management by Objectives (MBO) is the most widely accepted philosophy of management today. It is a demanding and rewarding style of management. It concentrates attention on the accomplishment of objectives through participation of all concerned persons‚ i.e.‚ through team spirit. MBO is based on the assumption that people perform better when they know what is expected of them and can relate their personal goals to organizational objectives. Superior subordinate participation‚ joint goal setting and
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1 INTRODUCTION Competitiveness in today’s marketplace depends heavily on the ability of a company to handle the several important challenges like reducing total supply chain operating cost and reducing lead-times‚ increasing customer service levels‚ and improving product quality. In Figure a typical non integral supply chain is shown‚ in which the goods flow starts as raw materials at natural resources and ends with products at final customers. Raw material winners keep raw materials
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qualitative analysis Chapter 19 Decision Analysis LEARNING OBJECTIVES Chapter 19 describes how to use decision analysis to improve management decisions‚ thereby enabling you to: 1. Learn about decision making under certainty‚ under uncertainty‚ and under risk. 2. Learn several strategies for decision-making under uncertainty‚ including expected payoff‚ expected opportunity loss‚ maximin‚ maximax‚ and minimax regret. 3. Learn
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Performance Appraisal Any procedure that involves: 1. Setting work standards 2. Assessing the employee’s actual performance Relative to those standards: 3. Providing feedback to the employee with the aim of motivating him or her to eliminate performance deficiencies or to contribute and continue to perform above par Why Assess/Appraise Performance? 1. To provide feedback about strengths and weaknesses 2. To distinguish between individuals in allocating rewards 3. To evaluate and profile
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Issue paper one: Productivity and Quality Management Executive Report Prepared by G.Y. Attanayake MBA/2003/1448 Course : MBA 501 Managing Business Operations Dr. Travis Perera and Mr. A.K.L Jayawardana July‚ 2003 POSTGRADUATE INSTITUTE OF MANAGEMENT University of Sri Jayewardenepura TABLE OF CONTENTS PAGE NO. EXECUTIVE SUMMERY 4 1.0 INTRODUCTION 5 1.1 MEASURING PRODUCTIVITY IN THE MANUFACTURING AND SERVICE SECTORS 1.1.1 Productivity Defined and Explained 5 1.1.1.1 Why Productivity
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The Objective in Corporate Finance “If you don’t know where you are going‚ it does not matter how you get there” Aswath Damodaran Stern School of Business Aswath Damodaran 2 First Principles Invest in projects that yield a return greater than the minimum acceptable hurdle rate. • The hurdle rate should be higher for riskier projects and reflect the financing mix used - owners’ funds (equity) or borrowed money (debt) • Returns on projects should be measured based on cash flows
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FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each. In addition‚ ABC Ltd will have to incur costs of Rs 1.50 per unit for freight and Rs 10‚000 per year for quality inspection
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PRINCIPLES OF COST CONTROL 1.1 Introduction Cost is important to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action - the action not taken - is often called the "opportunity cost". The accountant is primarily concerned with the absolute cost. However‚
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11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
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Seven Basic Management Tools "The Old Seven." "The First Seven." "The Basic Seven." Quality pros have many names for these seven basic tools of quality‚ first emphasized by Kaoru Ishikawa‚ a professor of engineering at Tokyo University and the father of “quality circles.” Start your quality journey by mastering these tools‚ and you ’ll have a name for them too: "indispensable." 1. Cause-and-effect diagram (also called Ishikawa or fishbone chart): Identifies many possible causes for
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