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By nikita

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Strategic Role of Operations Management and its Importance

Strategic Role of Operations Management and its Importance

Operations management refers to the design, operation and control of the transformation process that converts such resources as labour and raw materials into goods and services that are sold to customers.And just as every organization produces something ,every unit in an organization also produces something.Today, every successful organization recognize the crucial role that operations management plays as part of the overall organizational strategy to establish and maintain global leadership.The strategic role that operations management plays in successful organizational performance can be seen as more organizations move towards managing their operations from a value chain perspective which means the entire series of organizational work activities that add value at each step beginning with the processing of raw materials and ending with the finished product.

There are various reasons which makes operations management important.It encompasses both services and manufacturing, its important in effectively and efficiently managing the productivity as every organization should have high productivity which can lead to economic growth and development and help employees in receiving high wages as well as lead to increase in company's profit without causing inflation. Operations management is also important as it plays a strategic role in an organization's competitive success.

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By nikita

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Concept of Principles of Management

Concept of Principles of Management

A managerial principle is a broad and general guideline for decision making and behavior.For example while deciding about promotion of an employee one manager may consider seniority,whereas the other may follow the principle of merit.One may distinguish principle of management from those of pure science.Management principles are not as rigid as principles of pure science.They deal with human behavior and thus,are to be applied creatively given the demands of the situation.Human behavior is never static and so also technology,which affects the business.Hence all the principles have to keep pace with these changes.In developing and understanding the meaning of the principles of management ,it is also useful to know what these are not.
The principles of management should be distinguished from techniques of management.Techniques are procedures or methods,which involves a series of steps to be taken to accomplish desired goals.Principles are guidelines to take decisions or actions while practicing techniques.Likewise,principles of management should also be understood as being distinct from values which are something acceptable or desirable.However,while practicing principles of management values cannot be neglected,as businesses have to fulfill social and ethical responsibilities towards society. Principles are general propositions, which are applicable when certain conditions are present.

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By nikita

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Importance of Human Resource Management

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Human Resource Management has replaced the traditional concept of labour welfare and personnel management. The organization recognize that all managers must engage in some human resource management activities,even in large ones that have a separate Human Resource Management department.Human Resource Management is an important strategic tool.It helps in establishing an organization's sustainable competitive advantage.Therefore an organization's human resource can be a significant source of competitive advantage.Human Resource Management in its present form has evolved from a number of significant interrelated developments,which date back to the era of industrial revolution.Achieving competitive success through people requires a fundamental change in how managers think about their employees and how they view the work relationship.It involves working with and through people and seeing them as partners,not just as costs to be minimized or avoided.

Human relations approach recognizes human factor as the most important instrument of success in an organization.Fast changing technological developments however, necessitated new skill development and training of employees. Increase in scope of the work lead to replacement of personnel manager with Human Resource Management.High performance work practices lead to both high individual and high organizational performance.The common thread in these practices seems to be a commitment to improving the knowledge,skills and abilities of an organization's employees,increasing their motivation and enhancing the retention of quality employees while encouraging low performers to leave.Whether an organization chooses to implement high performance work practices or not, there are certain Human Resource Management activities that must be completed in order to ensure that the organization has qualified people to perform the work that needs to be done activities that comprise the Human Resource Management process.

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By nikita

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Concept of Human Resource Management

Concept of Human Resource Management

It is a function which all managers need to perform. It is a separate and specialized function and there are many aspects of human relations to be considered.Managing the human component of an organization is the most important task because the performance of an organization depends upon how well this function is performed. The success of an organization in achieving its goal is determined to a great extent on the competence,motivation and performance of its human resources. If an organization doesn't take its Human Resource Management responsibilities seriously ,work performance and goal accomplishment may suffer. The quality of an organization, is to a large degree, merely the sum of the quality of the people it hires and keeps.Getting and keeping competent employees are critical to success of every organization whether the organization is just starting or has been in business for years.Therefore the part of every managers job in the organizing function is Human Resource Management.

It is the responsibility of all the managers to directly deal with and select people to work for the organization.But as organization grow and number of persons employed increases,a separate department called the Human Resource Department is formed which has specialists in managing people.The management of human resource is a specialized and size of this department gives an indication of the size of the business

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By nikita

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Measures for Controlling Organizational Performance


Measures for Controlling Organizational Performance

As we know that managers in all types of businesses are responsible for managing organizational performance.Therefore, in order to make good decisions managers in all types of businesses want and need different types of information so that they can manage organizational performance.Managers are concerned with organizational performance the accumulated and results of all the organizations work processes and activities.Its a complex but an important concept.The managers need to understand the various factors that contribute to high organizational performance.Managers also want that their organization,their work units as well as their work groups to achieve high levels of performance,no matter what mission, stategies, or goals are being pursued.The managers also need appropriate tools for monitoring and measuring the organizational performance.If the source of performance variation is unsatisfactory work, the manager will want to take corrective action which includes changing strategy , compensation practices, redesigning jobs, training programs or firing employees who are not suitable for the particular job.
The more troublesome problem regarding organizational performance is revising a performance standard downward.If an employee,work team or work unit of any organization falls significantly short of reaching its goal ,their natural response is to shift the blame for the variance to the goal.Successful, service oriented organization hire employees who are outgoing and friendly.Service employees also need to have the freedom to meet changing customer service requirements.The most frequently used organizational performance measures include organizational productivity, organizational effectiveness and industry rankings.

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By nikita

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Ways of Managing Productivity

Ways of Managing Productivity

By productivity, we mean the overall output of goods or services produced divided by the inputs needed to generate that output i.e; the efficiency with which things are produced.Each and every country should have high productivity as it can lead to economic growth and development.High productivity can also help employees in receiving higher wages and even company's profits can increase causing inflation.Also in order to improve the productivity , managers must focus on both the variables i.e; people variable and operation variable.

The basic aim of any business is survival.Therefore, in order to survive an organization must earn enough revenues to cover costs as well as raise its productivity. Productivity is a composite of both people and operation variables.There are various ways through which management productivity can be improved such as encouraging departments to work closely together rather than to concentrate on departmental or divisional distinctions, raising the qualities of line supervisors as well as establishing statistical control over the production processes and requirements by the suppliers to do so as well .Management should always deal with best and fewest number of suppliers in order to raise its productivity.

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By nikita

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Creation of An Ethical Culture


The strength of an organization culture influences its ethical climate and ethical behavior of its member.A strong organizational will exert more influence on employees than a weak one. If the culture is strong and supports high ethical standards ,it should have a very powerful and positive influence on employees behavior.An organizational culture most likely to shape high ethical standards is one thats high in risk tolerance and focuses on means as well as outcomes.One should also provide protective mechanisms so that employees can discuss ethical dilemmas and report unethical behavior without fear.

Culture is transmitted to employees in a number of ways which includes stories, language and rituals. Managers must provide ethical leadership. Its also important that managers assure employees who raise ethical concerns or issues to others inside or outside the organization that they will face no personal or career risks. Visibly reward ethical acts and punish unethical ones.Ethics code should also be developed and then communicated regularly to employees and also all the levels of managers should continually reaffirm the importance of the ethics code.Ethics education is being widely emphasized in college curriculum's.Organizations themselves are taking more active role in creating and using code of ethics ,providing ethics,training programs and hiring ethics officers.

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By nikita

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Ethical Aspects of Management

Ethical Aspects of Management
The term management has several different connotations that highlight the different aspects of its nature. The study of management has evolved over a period of time along with the modern organizations based on both the experience and practice of managers and a set of theoretical relationships. Over a period of time it has grown into a dynamic subject with its own special characteristics.
Ethics which means rules and principles defining right and wrong conduct are basic truths or guidelines for the behavior. The management at all levels , in all areas , in all sizes , and in al
l kinds of organization will have to face ethical issues and dilemmas.As the managers plan, organize, lead and control they must consider each and every ethical dimensions.If an organization want its employees to uphold high ethical standards , the performance appraisal process should also include this dimension.Ethical reasoning at the conventional level indicates that moral values reside in maintaining expected standards and living up to the expectation of others.
Managers can do number of things in improving ethical behavior and reducing unethical behavior. They can seek to hire individuals with high ethical standards as well as code of ethics.There are no guarantees that a well designed ethics program will lead to the desired outcome.Sometimes corporate ethics program can be little more than public relations gestures, having minimal influence on managers and employees.

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By nikita

3

Concept of Universality of Management

Universality of Management
Since management is needed in all types and sizes of organization ,at all organizational levels either bottom or top , in all organizational areas- marketing, manufacturing, the people have started showing their genuine interest in improving the way organizations are managed. Organizations that are well managed develops a loyal customer base and increase in revenue whereas the organization that are poorly and carelessly managed finds themselves with a declining customer base and reduced revenue.

With the study of management and achieving broader management knowledge one can easily be able to recognize poor management and work harder to get it corrected. Poor management is most often due to both inefficiency and ineffectiveness. On the other hand on can also be able to recognize good management and encourage it. In successful organization , high efficiency and effectiveness typically go hand in hand.It does not matter whether we are working as a manager or employee, the things that matter is our presence and interest ,hard work as well interest in achieving organizational goals with full efficiency and effectiveness.
All the activities involved in managing an enterprise are common to all organization whether economic, social or political. The managers however, does all the plannings , organizing in the same way but the way of doing the job may differ, the difference may be due to difference in culture,tradition and history.

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By nikita

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Concerns of Financial Management


FinancialConcerns of Financial Management Management is concerned with optimal procurement as well as usage of finance. For optimal procurement ,different available sources of finance are identified and compared in terms of their costs and associated risks.Similarly, the finance so procured needs to be invested in a manner that the returns from the investment exceed the cost at which procurement has taken place. Financial Management aims at reducing the cost of funds procured,keeping the risk under control. Its also aims at ensuring availability of enough funds whenever required.

 Role of Financial Management cannot be over-emphasized, since it has a direct bearing on the financial health of a business. Almost all the items in the financial statements of a business are affected directly or indirectly through some financial management decisions.Some of the prominent aspects being affected includes :
  1. The size as well as the composition of the fixed assets of the business.
  2. The quantum of current assets as well as its break up into cash,inventories.
  3. The amount of long term and short term finance to be used.
Thus, it can be stated that the financial statements of business have been largely determined by financial management decisions.Similarly, the future financial statements would depend upon past as well as current financial decisions.

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By nikita

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Financial Internship and Values



Financial Internship Financial Management Internship is a joint programmer of training in which educational institutions and business firms cooperate. Selected candidates carry on regular studies for the prescribed period. They also work in some factories or offices to acquire practical knowledge an d skills. This is one of the best platform where students get lots of opportunities to show their talent.Every students get an opportunity of internship which helps them to be perfect and get broader knowledge regarding financial management.
Interns are the one who are trained by an experienced person in a particular field.Every organization search for an intern who can handle any sort of responsibilities on their shoulders with zeal. Interns in any of the organization are treated with respect, and their opinions are both encouraged and valued.They are the one who get lots of support from their trainers because of which they feel comfortable in following their trainers and completing the task.

Employees are the one who work with their interns to make them perfect and to provide them with the valuable hands on the field of the financial management. Interns are financially compensated for their hard work and their all time efforts. Student interns who are outstanding in their work get an opportunity if growth within the agency and they are also provided with some challenging and meaningful assignments.

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By nikita

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Creative Strategies of Management

Most of the people would disagree , mainly the experts on what skills and practices should be required for basic , financial management. However , all those categories listed below mainly occurs in workshops and seminars based on management skills and practices. All these workshops and seminars mainly on supervision includes wide range of topics.

Categorization of management skills and practices

Management skills and practices has been categorized accordingly :


  1. Designing employees
  2. Employee training
  3. Personnel policies

Every one in the organization must have skills and practices and should be confident in handling each and every task successfully so that the organizational objective to be achieved is fulfilled with complete zeal. There are various functions to be performed inside the organization such as :
  1. Planning
  2. Organizing
  3. Staffing
  4. Directing
  5. Controlling
In order to achieve the organizational goal management must follow all these functions with full efficiency. A manager should apply the acquired knowledge in a personalized and skillful manner in the light of the realities of a given situation. A manager should be involved in the activities of the organization, should study critical situations and formulate his own theories for use in a given situation which gives rise to different styles of management.

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By nikita

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Concept of Functional Organizational Structures


Organizational Structures Organizational structure is the outcome of the organizing process.The need for an adequate organization structure is felt by an enterprise whenever it grows in size or complexity. If everyone in a company is in their perfect place and knows his duties , in such cases company's activities will works with maximum results (output) and minimal costs (input) that is with full efficiency and effectiveness.
As an organization grows, coordination becomes difficult due to the emergence of new functions and increase in structural hierarchies. Thus, for an organization to function smoothly and face environmental changes, it becomes necessary for the some to pay attention to its structure.This organizational structure consists of two types:
  1. Functional structure
  2. Divisional structure

An organizational structure provides the framework which enables the enterprise to function as an integrated unit by regulating and coordinating the responsibilities of individuals and departments. The span of management to a large extent gives shape ton the organizational structure. It is very necessary for an organization to define their powers and to avoid the duplication of functions. Organizational structure mainly depends on the development of the products.
Large multinational corporations require an organizational structure that can run the usual business functions. It is quite difficult for a multinational companies to create coordination among units which can be achieved through rules and procedures , the ways in which the units works.Through coordination one can easily achieve its stated goal.

A proper organizational structure is essential to ensure a smooth flow of communication and better control over the operations of a business.

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By nikita

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Fundamental Organizational Duties and Responsibilities

  1. Every organization made up of more than one person having different personalities, background, experiences and objectives requires one or the other form of structure . In organization there are different objectives and management has to achieve all the objectives in an efficient and effective manner.The main objective of an organization should be to utilize human resources as well as material resources to the maximum possible advantage.
  2. Every companies are owned by the shareholders and the duties of these shareholders are to choose the directors who can to look after their interest. The directors then appoints the managers who are able to handle the business and run the business on a day-to-day basis. Management through its motivation power and leadership can help individual in developing team spirit, cooperation and commitment to group success.
  3. Every business needs to add to its prospects in the long run, for which it is necessary for the business to grow. To remain in the industry management must exploit fully the growth potential of the organization. Every shows their responsibility towards society as well as the country in order to earn name and fame. Growth of a business in terms of sales volume increase in the number of employees, the number of products or the increase in capital investment.

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Management Theories and Practices


Organisational Management


  1. Managers are those person who manages the work of an organization and seeks towards meeting the organizational objective.Management has been described as: 'the process of planning , organizing, leading and controlling the efforts of the members of the organization as well as enterprise resources efficiently and effectively to achieve stated organizational goals'. Although management does not satisfy all the requirements of a profession , it is to a large extent professional in character. A manager's job is to maintain control over the way of an organization does things, to keep close watch on the works being performed inside the organization and at the same time to lead, inspire and direct the people under them.Managers at the top level spend more time in planning and organizing than managers at lower level organization.

  2. In a company the shareholders are the one who have the right to elect a Board of directors to represent their interests. Thereafter a Managing Director will be appointed who has overall responsibility for running the company. The managing director will then appoint senior managers to run the company.The type of managers to be appointed depends on the organizational structure of the company. Each manager in an organization is given an area of responsibility who are responsible for motivating the employees ,creating confidence in them , making them perfect in handling the organizational work with more zeal.

  3. Shareholders are the owners of the company who owns a part of share in the profits of the company. Executive directors are responsible for ongoing decision that are required to be made in the business . On the other hand non-executive directors provide regular advice to the company but are not directly involved in the day-to-day supervision of the company. Directors of the organization are the elected representatives of the company who directs the employees and their leader on how to handle the task and achieve the goal.In order to achieve the organizational goal one should be fair and honest enough in dealing and handling their works.

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