Companies will certainly make a decision based on cost. Their intention, is to earn profits – in fact the utmost profit achievable. So how much they use of each factor of production is determined by how much that factor costs and how productive it is. If labour is inexpensive, but still nearly as productive as more costly equipment, then the company may well select labour intensive production. If, on the other hand, equipment are more productive, then they may opt for capital intensive manufacturing.
Management Articles & Notes
This page is dedicated to management articles, notes, tips and resources. You can find articles on a variety of topics related to management here.
In simple words, management is the art of getting things done through others. In other words, management in all business activities is considered the act of coordinating the efforts of individuals to achieve objectives and goals making use of available resources wisely. Management is frequently covered as a factor of production together with equipment, materials, and funds. Management includes the manipulation of human capital within an organization to help with the success of a business. In a commercial business, the main function of management is the satisfaction of a number of stakeholders. This usually requires making a profit, producing valued goods at affordable prices, and giving rewarding job opportunities for workers.
In almost every society you’ll find unlimited wants but resources are limited. In addition to this, these resources have alternative uses. For this reason each and every society needs to choose what they are to produce with such scarce resources. So each economy must make choice by considering what to produce. For instance a economy has to choose whether to create more services like transport or medical centers, or consumable items like more garments, homes or more capital goods like highways, buildings etc.
F.W. Taylor is known as the father of scientific management. Scientific management attempts to reduce the wastage of time, resources, etc which is certainly important to attain higher level of performance and minimize costs. The article talks about the main features of scientific management like Separating Planning and Doing, Mental Revolution, Scientific Selection and Training, Monetary Incentives, etc.
Exploratory Research Design is usually versatile and dynamic and can be rooted in existing literature. Having said that, it costs a lot and may be unsuccessful. The primary goal of exploratory research is to enhance a researcher’s understanding of a topic. It can help to discover possible methods to accomplish decision makers goals.
Transferability in research is used by the readers of study. Despite the fact that generalizability usually is applicable only to certain types of quantitative methods, transferability can apply in varying degrees to many kinds of research. Understanding research results can help us realize why and how something happens.
The objective of trustworthiness in qualitative studies is to support the argument that the inquiry’s outcomes are “worth paying attention to”. This really is not the same as typical experimental precedent of attempting to show validity, soundness, and significance. Trustworthiness has developed into an important concept because it allows researchers to explain the virtues of qualitative terms outside the parameters which are often utilized in quantitative research.
Research could be considered as a structured technique which includes enunciating the problem, developing a hypothesis, accumulating data, analyzing the facts and reaching specific conclusions, either in the form of solution for the involved problem or in certain generalizations for some theoretical formulation.
Delegation is a technique in which the authority and powers are shared between the subordinates. Empowerment is only possible if you effectively delegate tasks and responsibilities to others. While delegating ensure the individual you’re giving authority understands what exactly is required and has the passion and expertise to efficiently finish the task. Delegation is providing others the authority to act on your behalf, along with responsibility.
Subsidiary books are the type of books of original entry where similar nature of transactions are recorded in a chronological order. Each subsidiary book is for documenting the transactions of similar nature. This article talks about the various types of subsidiary books in accounting like cash book, purchases book, sales return book, bills receivable book, etc.
The main purpose of exploratory research is to formulate a problem and to develop a working hypothesis from an operational perspective. The main objective in these studies is on the discovery of ideas and insights. Which means the research design, ideal for these types of studies should be flexible enough to provide opportunity for considering various elements of a problem under study.