Tag: Learn What

Learn What? We want to learn, grow, change, grow, live, excel, take steps and do more. Learning is always but learns about the processes and theories to learn … it takes a certain purpose to understand it. How do people learn and key factors enable which effective factors?

Through Wikipedia, learning is the process of acquiring new or revising existing knowledge, behavior, skills, values or priorities. The ability to learn is near humans, animals, and some machines; Some plants have evidence of any kind of education.

Learning something is instantly motivating by an event, but more skills and knowledge are accumulating than the experience repeatedly. Learning-induced change often goes on for a lifetime, and it is difficult to separate the learning material, which is “lost” that cannot recover.

What is the Definition of Production Management?
Production Management; means planning, organizing, directing and controlling of production activities. Also, in other words, P.M. involves an application of planning, organizing, directing and controlling the production process. P.M. deals with converting raw materials into finished goods or products. It brings together the 6M’s i.e. men, money, machines, materials, methods, and markets to satisfy the wants of the people. Also learn, the Financial Management, What is Definition of Production Management?

Learn, Explain, Definition of Production Management.

Production and operation management is the science-combination of techniques and systems. That guarantees the production of goods and services of the right quality, in the right quantities and at the right time with the minimum cost within the shortest possible time. The essential features of a production and operation function are to bring together people, machines, and materials to provide goods and services for satisfying customer needs.

Production management also deals with decision-making regarding the quality, quantity, cost, etc., of production. It applies management principles to production. Production management’s a part of business management. It is also called “Production Function.” Production management is slowly being replaced by operations management. The main objective of production management is to produce goods and services of the right quality, right quantity, at the right time and at minimum cost. It is also trying to improve efficiency. An efficient organization can face competition effectively. P.M. ensures full or optimum utilization of available production capacity.

Meaning of Production Management:

Production is the creation of goods and services. It is concerned with transforming the inputs in the form of raw materials, labor, machines, men and money into output i.e. goods and services with the help of certain production processes.

The production function is the most important function in an organization around. Which other activities of an enterprise (viz., marketing, financing, purchasing, and personnel, etc.) revolve. It is pertinent to note that production function should manage in an efficient and effective manner for the achievement of the organizational goals.

In a departmental type of organization, production management is concerned with carrying out the production function. Production management becomes the process of effectively planning and regulating the operations of that part of an enterprise. Which is responsible for the actual transformation of raw materials into finished products. Also, Production managing department more helps in the Business.

Simply stated, production management is concerned with decision making relating to processes for producing goods and services in accordance with the predetermined specifications and standards by incurring minimum costs.

The result of at least three developments:
1. First is the development of the factory system of production. Until the creation of the concept of manufacturing, there was no such thing as management, as we know. It is true that people operated one type or another business, but for the most part, these people were business owners and did not consider themselves as managers.
2. Essentially stems from the first, namely, the development of the large corporation with many owners and the necessity to hire people to operate the business.
3. Stems from the work of many of the pioneers of scientific management. Who was able to demonstrate the value, from a performance and profit point of view, of some of the techniques they were developing.
Definition of Production Management:

It is observed that one cannot demarcate the beginning and end points of Production Management in an establishment. The reason is that it is interrelated with many other functional areas of business, viz., marketing, finance, industrial relation policies, etc.

Alternately, Production and Operation Management is not independent of marketing, financial, and personnel management due to which it is difficult to formulate some single appropriate definition of Production and Operation Management.

The following definitions, also explain main characteristics:

By the words of Mr, E.L. Brech:

“Production Management is the process of effective planning and regulating the operations of that section of an enterprise. Which is responsible for the actual transformation of materials into finished products.”

This definition limits the scope of production management to those activities of an enterprise which are associated with the transformation process of inputs into outputs. & the definition does not include the human factors involved in a production process. It lays stress on materialistic features only.

Production Management deals with decision-making related to the production process. So, the resulting goods and services are producing in accordance with the quantitative specifications and demand schedule with minimum cost.

Main functions of production management:

According to this definition design and control of the production system are two main functions of production management.

Production Management is a set of general principles for production economies, facility design, job design, schedule design, quality control, inventory control, work study and cost, and budgetary control. This definition explains the main areas of an enterprise where the principles of production management can apply. This definition clearly points out that production management is not a set of techniques.

It is evident from the above definitions that production planning and its control are the main characteristics of production management. In the case of poor planning and control of production activities, the organization may not be able to attain. Its objectives and may result in loss of customer’s confidence and retardation in the progress of the establishment.

The main activities of production management can list as:
1. Specification and procurement of input resources namely management, material, and land, labor, equipment, and capital.
2. Product design and development to determine the production process for transforming. The input factors into the output of goods and services.
3. Supervision and control of the transformation process for the efficient production of goods and services.
What is the Definition of Production Management? #Pixabay.
April 9, 2018
What is the Sources of Conflict in Organizations?
Learn, What is the Sources of Conflict in Organizations? Explaining!

In organizations, conflicts can be intra-personal, inter-personal, intra-group or intra-organizational in nature. Intra-personal conflict refers to the conflict within an individual. It arises from frustration, numerous goal which requires equal attention but is not possible to devote and goals having both positive and negative aspects. Inter-personal conflict refers to the conflict between two or more individuals with a group. It arises due to differences in personalities, perceptions, temperaments, values, socio-cultural factors and role ambiguities. Intra-group or intra-organizational conflict refers to the conflict between two or more sections, groups or departments in an organization. The conflict between groups is frequent and highly visible. Also learn, the Conflict in Organizations or Organizational, What is the Sources of Conflict in Organizations?

Intra-personal conflict arises within an individual member of the organization. It is same as the individual conflict but the organizational problem may be that none of the individuals has a known acceptable alternative in terms of his own goals and perception. Intra-personal conflict generally arises because of between individual goal and organizational goal and other situation where there are widespread uncertainty and scarcity of acceptable alternatives. Uncertainty in a situation may cause by the complexity of the problem and lack of past experience in handling such problems. Conflicts also arise because the organizational alternatives are not acceptable to the individual.

Intra-organizational conflict encompasses vertical, horizontal, line-staff, and role conflict. Let us briefly examine these.

Sources of Conflict in Organizations: Vertical conflict!

Refers to conflicts that occur between individuals at different levels. The conflict between the superior and subordinate is an example of vertical conflict. Such conflicts could happen because of perceived transgression of psychological contract, inadequate and /or ineffective communication, selective perceptions, misperceptions, incongruence in goals, values, cognition, affect, and behavior and any number of other reasons. Also read, How to Development of Human Resource in an Organization?

Sources of Conflict in Organizations: Horizontal conflict!

Refers to tensions between employees or groups at the same hierarchical level. Horizontal conflict occurs because of interdependence among the parties concerned in the work situations and /or the common pooled resourced shared. Incompatibility of goal and time orientations often results in horizontal conflict. Differences in time orientations are also instrumental in inter-unit conflicts. Also learn, The Objectives of Human Resource Management!

Horizontal conflict increases as:
- Functional interdependence increases among people or groups at the same level (i.e. one has to depend on the other for the completion of its goals).
- More units depend on common resources that have to share, for e.g. raw materials, and.
- The fewer the buffers or inventories for the resources shared.
Sources of Conflict in Organizations: Line-staff conflict!

Refers to the conflicts that arise between those who assist or act in an advisory capacity (staff) and those. Who has direct authority to create the products, processes, and services of the organization (line)? A Staff manager and line managers usually have different personality predispositions, and goals, and come from different backgrounds. Staff managers have specialized skills and expertise acquired through training and education and have greater technical knowledge. Which is intending to help the line managers who are basically money makers for the organization.

The Staff people serve as advisors for the line people in as much as they have the expertise to streamline methods and help in cost-cutting mechanisms. Line managers may, however, feel that the staff people are a nuisance, coming in the way of their performance by always telling them how to do. Their jobs and thrusting their ideas and methods. It is not unusual for line people to resent the fact that they have to “advise” by the staff people. The staff people often frustrated that the line people do not consider all the ideas put forth by them and thereby fail to benefit.

Sources of Conflict in Organizations: Role Conflicts!

Arise because different people in the organization are expecting to perform different tasks, and pressures build up when the expectations of the members clash in several ways.

This could be either because of:
- Inter-gender Role Conflict – different role senders (bosses) expect the individual to perform different things and these expectations and their messages conflict with each other.
- Inter-Role Conflict – role requirements associated with membership in one group conflict with role requirements stemming from membership in other groups.
- Intra-sender Role Conflict – when the same boss expects different incompatible behaviors from one person
- Person Role Conflict – where the role requirements of an individual conflict with the individual’s moral and ethical values.
An example!

The inter-gender role is the president asking the manager to write up the report on the new project and submit it in the next four days, and the auditor asking the same manager to go with him to audit the branch offices today, tomorrow, and the day after! Here, the manager cannot possibly fulfill both role expectations. Inter-role conflict can experience by a supervisor who just attended the manager’s conference. Where he has been told that strict action should take against a group of strikers and the same supervisor. Who is also the member of the union being told that “supervisors should protect the employees from harm”.

Here the supervisor’s membership to the two groups results in conflicting loyalties and role expectations. Intra-sender role conflict will experience a supervisor. Who is asked to get a lot of her section’s work done? While also being asked to take charge of another section because the supervisor of that section is on a week’s casual leave without a replacement. Person-role conflict is likely to experience by an individual. Who is asked by the boss to bribe a government official get the job done for the department?

Thus, interpersonal and intergroup conflicts often arise when there is disagreement regarding goals or the methods of attaining them. These conflicts can be either constructive or destructive for the people involved. Several methods exist for resolving conflict and they vary in their potential effectiveness. A key revolves around intended outcomes for oneself and others.

Photo Credit to Pixaby, More free Images, Also, Thanks!
April 2, 2018
What is Recruitment?

Learned, What is Recruitment? Meaning and Definition!

People are an integral part of any organization today. No organization can run without its human resources. In today’s highly complex and competitive situation, choice of the right person at the right place has far-reaching implications for an organization’s functioning. Employee well selected and well placed would not only contribute to the efficient running of the organization but offer significant potential for future replacement. A Recruitment comes at this point in time in the picture. The Recruitment is a strategic function for HR department. Also learn, The Theory of Human Relationship Management, What is Recruitment?

Recruitment: means to estimate the available vacancies and to make suitable arrangements for their selection and appointment. Recruitment is understanding the process of searching for and obtaining applicants for the jobs, from among whom the right people can select. Also read, Partnership: How Does it work in Business?

Meaning of Recruitment!

Recruitment (hiring) is a core function of human resource management. It is the first step of appointment. Recruitment refers to the overall process of attracting, shortlisting, selecting and appointing suitable candidates for jobs within an organization. Recruitment can also refer to processes involved in choosing individuals for unpaid positions. Such as voluntary roles or unpaid trainee roles. Managers, human resource generalists, and recruitment specialists may task with carrying out recruitment. But, in some cases, public-sector employment agencies, commercial recruitment agencies, or specialist search consultancies are using to undertake parts of the process. Internet-based technologies to support all aspects of recruitment have become widespread.

A formal definition states, “It is the process of finding and attracting capable applicants for the employment. The process begins when new recruits are sought and ends when their applicants are submitted. The result is a pool of applicants from which new employees are selecting”.

In this, the available vacancies are given wide publicity and suitable candidates are encouraged to submit. The applications so as to have a pool of eligible candidates for scientific selection. Also, in recruitment, information is collecting from interest candidates. For this different source such as newspaper advertisement, employment exchanges, internal promotion, etc. are using. Also learn, What is the Deductive Method of Economics?

Definitions of Recruitment by Different Authors!

The process of finding and hiring the best-qualified candidate for a job opening, in a timely and cost-effective manner. The recruitment process includes analyzing the requirements of a job, attracting employees to that job, screening and selecting applicants, hiring, and integrating the new employee into the organization.

According to Yoder “ Recruitment is a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient working force.”

According to Edwin Flippo, “Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization.”

Photo Credit to Pixaby, More free Images, Also, Thanks!

March 31, 2018
Partnership: How Does it work in Business?
Explaining, What is Partnership? and learn, How Does it work in Business?

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may only govern by a contract. Also learn, What are the Features of Sole Proprietorship? Partnership: How Does it work in Business?

History!

Partnerships have a long history, they were already in use in Medieval times in Europe and in the Middle East. In Europe, the partners contributed to the Commercial Revolution which started in the 13th century. In the 15th, century the cities member of the Hanseatic League would mutually strengthen each other; a ship from Hamburg to Danzig, would not only carry its own cargo but was also commissioned to transport freight for other members of the league. This practice not only saved time and money; but also constituted the first step toward partners. This capacity to join forces in reciprocal services became a distinctive feature, and a long-lasting success factor, of the Hanseatic team spirit.

Meaning!

A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. Various partnership arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involving in the management and day-to-day operations of the venture. Such as in the case of a “silent partner.” In some jurisdictions, partners enjoy favorable tax treatment relative to corporations.

Definition!

“A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately”.

How does it work in Business?

Business-partners is similar to a personal-partners. Both business and personal involve:
- Pooling money toward a common purpose.
- Sharing individual skills and resources, and.
- Sharing in the good and bad times.
A business-partners is a specific kind of legal relationship form by the agreement between two or more individuals to carry on a business as co-owners. Also, A business with multiple owners, each of whom has invested in the business. Some partners include individuals who work in the business. While other partnerships may include partners. Who has limit participation and also limited liability for the debts and lawsuits against the business?

As different from a corporation, is not a separate entity from the individual owners. The partner’s income tax is paid by the partners, but the profits and losses are divided among the partners, and paid by the partners, based on their agreement. As well as, a sole proprietorship, is a pass-through business, meaning that the profits and losses of the business pass through to the owners. Also learn, What is Leadership?

Thanks, Also, Photo Credit to pixabay.com/ More free Images!

Reference!

1. Meaning – //www.investopedia.com/terms/p/partnership.asp

2. Definition – //www.businessdictionary.com/definition/partnership.html

3. History – //en.wikipedia.org/wiki/Partnership

4. Work in Business – //www.thebalance.com/what-is-a-business-partnership-398402
March 19, 2018
How to Explain, What is Sole Proprietorship?

A sole proprietorship (In Hindi), also known as the sole trader or simply a proprietorship, is a type of enterprise. That is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss, etc. Also learn, What is Manpower Planning? Example, with Importance.

Learn and Study, What is Sole Proprietorship? Meaning and Definition.

A sole proprietor may use a trading name or business name other than his, her, or its legal name. They may have to legally trademark their business name if it differs from their own legal name. The process varying depending upon the country of residence. The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. The proprietor owns every asset of the business, and all debts of the business are the proprietors. It is a “sole” proprietorship in contrast with partnerships (which have at least two owners).

Meaning of Sole Proprietorship:

A sole proprietorship, also known as a sole trader or a proprietorship, is an unincorporated business with a single owner. Who pays personal income tax on profits earned from the business. With little government regulation, a sole proprietorship is the simplest business to set up or take apart. Making sole proprietorships popular among individual self-contractors, consultants, or small business owners. Many sole proprietors do business under their own names because creating a separate business or trade name isn’t necessary. Also learn the Definition, Importance, and Affected Factors of Manpower Planning.

Definition of Sole Proprietorship:

Simplest, oldest, and most common form of business ownership in which only one individual acquires. All the benefits and risks of running an enterprise. In a sole-proprietorship. There is no legal distinction between the assets and liabilities of a business and those of its owner. It is by far the most popular business structure for startups because of its ease of formation. Least record-keeping, minimal regulatory controls, and avoidance of double taxation.

Also, A sole proprietorship is an unincorporated business owned by one individual, making it the simplest form of business to start and operate. Over 20 million sole proprietorships are operating in the United States and Canada, making it by far the most popular form of business ownership.

The key feature of the sole proprietorship definition is that unlike an incorporated business or a partnership there is no legal separation between the business and the owner in a sole proprietorship – the business is considering to be an extension of the owner and as such the owner is personally responsible for any debts or liabilities incurred by the business.

An Example of a Sole Proprietorship:

Most small businesses start as sole proprietorships and change to different legal structures as they grow. For example, in 2005, Kate Schade started her company, Kate’s Real Food, as a sole proprietor. The company creates and sells energy bars, and it began as a local vendor in Schade’s town of Victor, Idaho. The sole proprietorship sold its energy bars at local farmer’s markets and then expanded to sell online and to a few accounts in Jackson, Idaho.

Personal liability for business debts:

A sole proprietor can hold personally liable for any business-related obligation. This means that if your business doesn’t pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after your house or other possessions.

Examples:

Example 1: Lester is the owner of a small manufacturing business. When business prospects look good, he orders $50,000 worth of supplies and uses them in creating merchandise. Unfortunately, there’s a sudden drop in demand for his products, and Lester can’t sell the items he’s produced. When the company that sold Lester the suppliers demand payment, he can’t pay the bill. As the sole proprietor, Lester is personally liable for this business obligation. This means that the creditor can sue him and go after not only Lester’s business assets but his other property as well. This can include his house, his car, and his personal bank account.

Example 2: Shirley is the owner of a flower shop. One day Roger, one of Shirley’s employees, is delivering flowers using a truck owned by the business. Roger strikes and seriously injures a pedestrian. The injured pedestrian sues Roger, claiming that he drove carelessly and caused the accident. The lawsuit names Shirley as a co-defendant. After a trial, the jury returns a large verdict against Roger and Shirley as the owner of the business. Shirley is personally liable to the injured pedestrian. This means the pedestrian can go after all of Shirley’s assets, business, and personal.

By contrast, the law provides owners of corporations and limited liability companies (LLCs) with what’s called “limited personal liability” for business obligations. This means that, unlike sole proprietors and general partners, owners of corporations and LLCs can normally keep their house, investments, and other personal property even if their business fails. If you will engage in a risky business, you may want to consider forming a corporation or an LLC. You can learn more about limiting your personal liability for business obligations by reading Nolo’s articles on corporations and LLCs.

Registering your sole proprietorship:

Unlike an LLC or a corporation, you generally don’t have to file any special forms or pay any fees to start working as a sole proprietor. All you have to do is declare your business to be a sole proprietorship when you complete the general registration requirements that apply to all new businesses. Also, learn the advantages and disadvantages of the sole proprietorship.

Most cities and many counties require businesses, even tiny home-based sole proprietorships, to register with them and pay at least a minimum tax. In return, your business will receive a business license or tax registration certificate. You may also have to obtain an employer identification number from the IRS, a seller’s permit from your state, and a zoning permit from your local planning board.

Also, And if you do business under a name different from your own, such as Custom Coding, you usually must register that name, known as a fictitious business name, with your county. In practice, lots of businesses are small enough to get away with ignoring these requirements. But if you are caught, you may be subject to back taxes and other penalties.

Thanks, Also, Photo Credit to pixabay.com/ More free Images.

March 18, 2018
What is the Process of Manpower Planning?
Manpower planning is the process of estimating. The optimum number of people required for completing a project, task, or goal within time. Manpower planning includes parameters like the number of personnel, different types of skills, time period, etc. It is a never-ending continuous process to make sure that the business has the optimized resources available. When required taking into consideration the upcoming future projects and also the replacement of the outgoing employees. It is also called Human Resource Planning. Also learn, The Steps of Manpower Planning with Features!

Explain is, What is the Process of Manpower Planning?

What is the process of Manpower Planning? The HR department of every company has to constantly keep an eye on the human resources that the company has. With every possible event like change industry dynamics, increase in business requirements, skills required for a particular technology, etc. The need for having better resources increases.

The process of manpower planning involves the following steps.

First of all the objectives and strategies regarding the diversification, expansion innovation, production, marketing, and finance of the organization are analyzed. So that a fair idea could make regarding the future HR needs of the organization. Because the organizational plans are based on labor, economic, sales, and expansion forecasts. It serves as a good foundation for manpower planning.

The next step is forecasting the demand for human resources. There are many techniques available for forecasting the HR demand like managerial judgment, ratio-trend analysis, and mathematical models. The supply of manpower is also taken into consideration from internal and external sources. The difficulties faced during the process of manpower planning are uncertainties that can be caused by absenteeism; seasonal employment and labor turnover.

As well as, The other uncertainties that make the manpower planning process less reliable are technology changes and market conditions. Sometimes the employees and their unions also resist the manpower planning process because they erroneously feel that manpower planning could increase the workload of the employees. Another limitation faced by the process of manpower planning is that the information system regarding the human resources of an organization is not fully developed in some countries.

The Main Process and Steps for having manpower planning.

The Main Process and Steps for having manpower planning are as below:

Understanding the existing workforce:

The HR department has to thoroughly understand the manpower available to the company. They should examine the background, skill set, qualification, location, etc of the entire workforce so that they have a good idea regarding the pool of talent which the company has.

Forecasting for the future:

With constant changes in business requirements, companies must understand the future trend and which type of employees would best suit their organization. Hence, companies must examine, evaluate and forecast the type of employee workforce they want in the future years

Recruitment and selection:

Depending on the business requirements, manpower planning leads to a much better thought-out recruitment and selection pattern. This totally depends upon the forecasts made and the business requirements. Hence, candidates with better qualifications, skill set, experience, etc are shortlisted as employees to best suit future needs.

Training the employees:

Employees who are a part of the organization are training to have the best skills, knowledge, and understanding about the current job as well as the future requirements.

All these above-mentioned manpower planning steps help organizations become better prepared to adapt to new technology, future industry developments and even to face off with competitors.

Multi-Steps Process of Manpower Planning:

The planning process is one of the most crucial, complex, and continuing managerial functions which, according to the Tata Electrical Locomotive Company, “embraces organization development, managerial development, career planning, and succession planning”. The process has gained importance in India with the increase in the size of business enterprises, complex production technology, and the adoption of professional management techniques. Also learn, Case Study on Debt Collection Management!

It may rightly regard as a multi-step process, including various issues, such as:
- Deciding goals or objectives.
- Auditing of the internal resources.
- Formulation of the recruitment plan.
- Estimating future organizational structure and manpower requirements, and.
- Developing a human resource plan.
A. Deciding Goals or Objectives:

The business objectives have been determining; planning of manpower resources has to fully integrate into the financial planning. It becomes necessary to determine how the human resources can organize to achieve these objectives.

For this purpose, a detailed organization chart is drawn and the management of the company tries to determine. “How many people, at what level, at what positions and with what kind of experience and training would require meeting the business objectives during the planning period”. The management of this company considers a time 5 pan of five years as an optimum period for this purpose.

It stresses the specific and standard occupational nomenclature that must use without. “Which it would not be possible to build a firm-cum-industry-wise manpower resources planning”. It suggests the adoption for this purpose of the international coding of occupations. For sound manpower planning, it considers as a prerequisite the preparation of a manual of job classification and job description with specific reference to individual jobs to perform.

B. Audit of the Internal Resources:

The next step consists of an audit of the internal resources. A systematic review of the internal resources would indicate persons. Within the organizations that possess different or higher levels of responsibilities. Thus it becomes necessary to integrate into the manpower planning process a sound system of performance appraisal as well as an appraisal of the potential of existing employees.

C. Formulation of the Recruitment Plan:

A detailed survey of the internal manpower resources can ultimately lead to an assessment of the deficit or surplus of personnel for the different levels during the planned period. Whilst arriving at the final figures, it is necessary to take them into account. “The actual retirements and estimate loss due to death, ill-health and turnover, base on experience and future outlook about company’s expansion and future growth patterns”.

D. Estimating Future Organisational Structure and Manpower Requirements:

The management must estimate the structure of the organization at a given point in time. For this estimate, the number and type of employees needed have to determine. Many environmental factors affect this determination. They include business forecast, expansion and growth, design and structural changes, management philosophy, government policy, product, and human skills mix, and competition.

E. Developing of Human Resource Plan:

This step refers to the development and implementation of the human resource plan. Which consists in finding out the sources of labor supply with a view to making an effective use of these sources. As well as, The first thing, therefore, is to decide on the policy— should the person hire from within through promotional channels or should it obtain from an outside source.

Also, The best policy which is following by most organizations is to fill up higher vacancies by promotion and lower-level positions by recruitment from the labor market. The market is a geographical area from which employers recruit their workforce and labor seeks employment.

What is the Process of Manpower Planning? Thanks, Also, Credit Photo pixabay.com/
March 17, 2018
What is Waste Management? Meaning and Definition
Waste Management: First Meaning of Waste, “Waste (or wastes) are unwanted or unusable materials. It is any substance which is discarding after primary use, or it is worthless, defective and of no use”. “Waste management or waste disposal are all the activities and actions required to manage waste from its inception to its final disposal. This includes amongst other things collection, transport, treatment, and disposal of waste together with monitoring and regulation. It also encompasses the legal and regulatory framework that relates to waste management encompassing guidance on recycling”. Also learn, What is Revenue Management?

Here is the article explains What is Waste Management? Meaning and Definition.

Waste can take any form that is either solid, liquid, or gas, and each have different methods of disposal and managing. Also, Waste management normally deals with all types of waste whether it was created in forms that are industrial, biological, household, and special cases where it may pose a threat to human health. It is producing due to human activity such as when factories extract and process raw materials. It is intended to reduce the adverse effects of waste on health, the environment, or aesthetics.

Sorts or kinds or Types of Waste:

From a wide perspective, waste can be arranged into four significant sorts as metropolitan waste, mechanical waste, biomass waste, and biomedical waste. With more explicit terms, waste can be ordered as:
- Strong or Solid Waste: Solid refuse comprises the number of things found in families alongside some business just as in modern areas.
- Fluid or Liquid Waste: Households and businesses create fluid waste.
- Natural or Organic Waste: Consisting of natural material, for example, food, nursery, and grass clippings natural waste incorporates creature and plant-based material and degradable carbon; for example, paper, cardboard, and wood, generally found in family units.
- Rural or Agricultural Waste: Waste created by farming incorporates waste from harvests and animals.
- Bio-clinical or medical Waste: Bio-clinical waste methods any waste, which is producing during the conclusion, treatment, or inoculation of individuals or creatures.
- Recyclable Rubbish: Recyclable junk comprises all waste things that convert into items; and, use again as a wide range of metals, paper, and natural wastes.
Meaning of Waste management:

Americans alone are responsible for producing a hope 220 million tons of waste a year. This number is far more than any other nation in the world. Because of this fact both the government and environmental associations have developed numerous methods of dealing with the problem. It is that solution, a rather complex issue that encompasses more than 20 different industries. Also, Waste management is the collection, transportation, and disposal of garbage, sewage, and other waste products.

As well as, It is a process of treating solid wastes and offers a variety of solutions for recycling items that don’t belong to trash. It is about how garbage can use as a valuable resource. Also, Waste management is something that every household and business owner in the world needs. They dispose of the products and substances that you have using safely and efficiently. Also learn, How to Creating an Entrepreneurial Culture?

Definition of Waste management:

As defined,

“The collection, transportation, and disposal of garbage, sewage, and other waste products. Waste-management encompasses management of all processes and resources for proper handling of waste materials, from the maintenance of waste transport trucks and dumping facilities to compliance with health codes and environmental regulations.”

You will find there are eight major groups of waste management methods, each of them divided into numerous categories. Those groups include source reduction and reuse, animal feeding, recycling, composting, fermentation, landfills, incineration and land application. You can start using many techniques right at home, like reduction and reuse, which works to reduce the amount of disposable material used.

Reference
- Meaning – //en.wikipedia.org/wiki/Waste_management and //www.conserve-energy-future.com/waste-management-and-waste-disposal-methods.php
- Definition – //www.businessdictionary.com/definition/waste-management.html
- Photo Credit URL – //news.nationalgeographic.com/content/dam/news/2017/12/13/e-waste-tons/01-e-waste-millions-tons.jpg
March 12, 2018
What is Organizational Structure for Corporate Entrepreneurship?
An organizational structure defines how activities such as task allocation, coordination, and supervision are directed toward the achievement of organizational aims. Also learn, Why is Intrapreneurship Better than Entrepreneurship? This article explains to Organizational Structure for Corporate Entrepreneurship. Organizations need to be efficient, flexible, innovative and caring to achieve sustainable competitive advantage. Organizational structure can also consider as the viewing glass or perspective through which individuals see their organization and its environment.

Learn, Entrepreneurial, What is Organizational Structure for Corporate Entrepreneurship?

Corporate entrepreneurship (also called intrapreneurship) is defined by Guth and Ginsburg as;

“The birth of new business within existing organizations, that is, internal innovation or venturing; and the transformation of organizations through the renewal of the key ideas on which they are built, that is, strategic renewal.”

The organizational structure affects organizational action in two ways:
1. It provides the foundation on which standard operating procedures and routines rest.
2. It determines which individuals get to participate in which decision-making processes, and thus to what extent their views shape the organization’s actions.
Organizational Structures for Corporate Entrepreneurship:

Burgelman proposes that the use of a particular organizational structure should determine by:
1. The strategic importance of the new business to the corporation. and.
2. The relatedness of the unit’s operations to those of the corporation.
The combination of these two factors results in nine organizational structures for corporate entrepreneurship.

1] Direct Integration:

A new business with a great deal of strategic importance and operational relatedness must be a part of the corporation’s mainstream. Product champion-people who are respected by others in the corporation and who know how to work the system need to manage these projects.

2] New Product Business Department:

A new business with a great deal of strategic importance and partial operational relatedness should be a separate department. Organize around an entrepreneurial project in the division where skills and capabilities can share.

3] Special Business Units:

A new business with a great deal of strategic importance and low operational relatedness should be a special new business unit with specific objectives and time horizons.

4] Micro New Ventures Department:

A new business with uncertain strategic importance and high operational relatedness should be a peripheral project. Which is likely to emerge in the operating divisions continuously. Each division thus has its new ventures department.

5] New Venture Division:

A new business with the uncertain strategic importance that is only partly related to present corporate operations belongs in a new venture division. It brings together projects that either exists in various parts of the corporation or can acquire externally, sizable new businesses are built.

6] Independent Business Units:

Uncertain strategic importance coupled with no relationship to present corporate activities can make external arrangements attractive. Also read, The Corporate Entrepreneurship Categories and Organizational Thinking.

7] Nurturing and Contracting:

When an entrepreneurial proposal might not be important strategically to the corporation but is strongly related to present operations. Top management might help the entrepreneurial unit to spin-off from the corporation. This allows a friendly competitor, instead of one of the corporation’s major rivals, to capture a small niche.

8] Contracting:

As the required capabilities and sills of the new business are less related to those of the corporation. The parent corporation may spin off the strategically unimportant unit yet keep some relationship through a contractual arrangement with the new firm. The connection s useful in case the new firm eventually develops something of value to the corporation.

9] Complete Spin-Off:

If both the strategic importance and the operational relatedness of the new business are negligible. The corporations are likely to completely sell off the business to another firm or the present employees in some form of ESOP (Employee Stock Ownership Plan). The corporation also could sell off the unit through a leveraged buy-out executives of the unit buy. Also, the unit from the parent company with money from a third source, to be repaid out of the unit’s anticipated earnings.

Entrepreneurial Organizational Structure:

The organizational structure of an entrepreneurial company often has two central requirements based on the nature and size of the business. Because they are innovators, these businesses must develop organizational structures. That promotes frequent interaction and communication among their marketing, sales and production departments. Because they are often smaller businesses that aren’t able to fully departmentalize because they have large sales of one product. They must maximize their management resources through multitasking.

1] Theory Originator:

The theory of an entrepreneurial organizational structure was developing by McGill University professor and management expert Henry Mintzberg. He proposed theories about five different types of organizational structures, including one well suited for operating an entrepreneurial organization. Others have since expanded on his theories, first proposed in the 1970s, as markets and technologies have evolved.

2] Flat vs Hierarchical Structure:

Smaller businesses with few employees that continue to evolve. Their product development and marketing often use a flat organizational structure rather than a hierarchical one. A traditional hierarchical organizational structure organizes a company based on departments. With each department having a leader and subordinates reporting to the department head.

These departments work independently, reporting to a president, chief executive officer or executive management team. A flat organizational structure consists of individuals or small groups that work collaboratively, all reporting to the owner or CEO. A flat structure can require managers to take on or participate in more than one task to maximize scarce human resources.

3] Planning Structure:

An entrepreneurial structure should facilitate cooperative planning rather than top-down strategic and marketing planning. Which features execution of plans assigned to different departments. Marketing activities include product development, pricing strategies, brand creation, and distribution channel selection that occur before any promotions take place.

For example, at a larger business with a hierarchical organizational structure. Also, the marketing department might develop the product and then tell the production department to determine how to make it. In an entrepreneurial organization, all team members are involving in product planning.

So, they can share their concerns or make suggestions about whether they can make the product. At large companies, marketing will know the capabilities of its production department. While at an entrepreneurial company, marketing will pitch an idea, asking production. Information technology, sales, and finance if they can bring the idea to market.

4] Communication Structure:

An entrepreneurial organization holds regular team meetings to discuss ideas before a decision is creating. While a more traditional organizational structure uses meetings of department heads to announce their progress and tell subordinates what has been deciding. An entrepreneurial company might create an intranet or a communication system based on the Cloud to exchange project status in real-time.

A Cloud-based system puts information on a secure Internet site that people can access with a password from anywhere. An intranet resides on a company’s servers. Using such a system, each team member will have his responsibilities but will update his progress on a master document that all other team members can access from their computers at any time of the day.

What is Organizational Structure for Corporate Entrepreneurship? Google Image Searching.

Reference:

1. Structures – //www.mbaknol.com/strategic-management/corporate-entrepreneurship/
2. Entrepreneurial – //yourbusiness.azcentral.com/entrepreneurial-organizational-structure-16071.html
3. Photo Credit URL – //conditionaldesign.org/workshops/3d-straw-structure/resources/09-img-5455-edit.jpg
March 6, 2018
What is Corporate Entrepreneurship? Meaning and Definition
Corporate Entrepreneurship Definition and Meaning – Major current researches are based on the studies of Joseph A. Schumpeter (1883 – 1950); An Austrian-American economist and political scientist. He was the first economist who determined entrepreneurs as the main agents of economic growth which create new products, find and develop new methods of production, and allocate other innovations to stimulate economic evolution. Also learn, What is Intrapreneurship? This article explains Corporate Entrepreneurship Meaning and Definition. According to the “creative destruction” the entrepreneurs continually displace, substitute, or destroy existing products or methods of production with new ones. The positive outcomes of these processes are the opportunity to create new technologies and new products to satisfy the changes in customer’s needs and the improvement of overall economic activities.

Learn, Understanding, and explain Corporate Entrepreneurship (CE) meaning and definition.

What is Corporate Entrepreneurship (CE)? It is a set of activities to enhance a company’s ability to innovate, take a risk, and seize the opportunities that are allocated in the market. Also, Corporate entrepreneurship is targeting the new business establishment, new market allocation with further business pursuing, or both.

Robert A. Burgelman (1983) refers to CE to the company’s activity in diversification through internal development. The process of such diversification involves new resources to help the firm to extend its activity in the new spheres of opportunities.

Such diversification through internal resources development represents the process of individual entrepreneurship in the corporate one. Thus, corporate entrepreneurship is a result of combining the entrepreneurial activities of multiple participants.

Meaning of Corporate Entrepreneurship:

Corporate entrepreneurship (also know as intrapreneurship) is defined by Guth and Ginsburg as;

“The birth of new business within existing organizations, that is, internal innovation or venturing; and the transformation of organizations through the renewal of the key ideas on which they are built, that is, strategic renewal.”

A large corporation that wants to encourage innovation and creativity within its firm must choose a structure. That will give the new business unit an appropriate amount of freedom while maintaining some degree of control at headquarters. Also learn, What is the Difference Between an Intrapreneur and Entrepreneur?

Burgelman proposes that the use of particular organizational design should determine by;
- The strategic importance of the new business to the corporation, and.
- The relatedness of the unit’s operations to those of the corporation.
A combination of these two factors results in nine organizational designs for corporate entrepreneurship.

Definition of Corporate Entrepreneurship:

Though its definition is somewhat contentious, the concept of corporate entrepreneurship is generally believing to refer to the development of new ideas and opportunities within large or establish businesses. Directly leading to the improvement of organizational profitability and an enhancement of competitive position or the strategic renewal of an existing business.

Within that system, the notion of innovation is at the very core of CE – the two inseparably bound together and responsible for driving calculated and beneficial risk-taking. Taking it one step further, corporate entrepreneurship may even significantly alter the balance of competition within an industry or create entirely new industries through this act of internal innovation. As well as learn, Why is “The Language of Business” also called Accounting?

Why the Need for Corporate Entrepreneurship?

Corporate entrepreneurship or Intrapreneurship is an important element in large and medium organizations. Also, Intrapreneurship exists within the organizations. It plays an important role in organizational and economic development. Intrapreneurship leads not only to new ventures, but it also leads to other innovative activities and orientations. Such as the development of new products, technologies, services, strategies, and competitive postures.

In good or bad economic times, companies seek innovations to remain competitive. Intrapreneurs are more intelligent and can perceive the big picture. They are self-motivating and optimistic. These people are action-orient and move quickly to get things done.

A corporate entrepreneur is a person who focuses on innovation and creativity to transform dreams into a profitable reality. A charismatic leader in a company instills an entrepreneurial philosophy in the employees in an organization. These entrepreneurs must have leadership characteristics. They must be visionary and flexible. Entrepreneur encourages teamwork and builds a coalition of support. For the team, performance entrepreneur understands the organization environment they persist continuously trying to give their best.

Now a day’s market is highly competitive, to survive organizations trying to be more innovative. Companies want innovative people to work for them. Intrapreneurial techniques have been using throughout the world, some with failure and some with great success. As well as reading, How to Explain the Most Important Characteristics of Organizational Culture? and. Also learn, What are Factors affecting Organizational Change? External and Internal!

Why should established organizations consider corporate entrepreneurship?

Corporate entrepreneurship is especially crucial for large companies. Enabling these organizations – that are traditionally averse to risk-taking – to innovate, driving leaders and teams toward an increased level of corporate enterprising. In addition to the obvious benefits obtained through innovation. This approach also provides the organizational benefit of setting the stage for leadership continuity.

In a simpler view, corporate entrepreneurship can also consider a means of organizational renewal. For in addition to its focus on innovation. There also exists an equal drive toward venturing. These two work in unison as the company undertakes innovations across the entire organizational spectrum, from product and process to technology and administration.

Also, venturing is a primary component in the process, pushing larger companies to enhance their overall competitiveness in the marketplace by taking bigger risks. Examples of these risks, as seen in a large-scale organization, may include the redefinition of the business concept, reorganization, and the introduction of system-wide changes for innovation.

Setting up the corporate entrepreneurship environment:

In modern business, one of the primary tasks of the business leader is to foster an environment in which entrepreneurial thinking is encouraged and readily takes place. Promoting this culture by freely encouraging creativity (and thereby innovation). Also, business leaders motivated toward corporate entrepreneurship must continuously strive to exude and build trust. Embracing the risk to fail and inspiring those around them to take similar calculated risks.

But there is more to an environment of corporate entrepreneurship than simply inciting inspiration. It also relies heavily on a system of continuous analysis and feedback, potentially including the following two steps:

Step 1:

Set a broad direction for achievement, reevaluating it periodically for any new information. That may have surfaced regarding changes in the business environment. Including competitive products and markets in which the firm is operating. Constant evaluation is essential at this stage as even the most finely-tuned direction can still lead to catastrophic failure if the approach is no longer working.

Step 2:

Reinforce efforts across the entire organization that coincide with the current plan for achievement. The task of a leader or senior manager is often that of the analyst. Continuously promoting strategy while making adjustments based on their beliefs related to organizational goals and the feedback they receive from business units.

As these business units continue to experiment with existing products and services. As well as, innovate and develop new ones, senior executives can magnify the stated goals to reinforce those business unit initiatives and thereby achieve the highest degree of success.

What is Corporate Entrepreneurship? Meaning and Definition. Also, the Image is online take.

Reference:

1. Meaning – //www.mbaknol.com/strategic-management/corporate-entrepreneurship/
2. Definition, Establish and Step – //www.businessdictionary.com/article/726/corporate-entrepreneurship-and-its-importance-in-large-companies/
3. Need – //www.mbaknol.com/modern-management-concepts/the-need-for-corporate-entrepreneurship/
4. Photo Credit URL – //bienveillus.fr/wp-content/uploads/2017/02/Bienveillance-au-Travail.jpg
March 5, 2018
What is Bookkeeping? Meaning and Definition!

Bookkeeping; The activity or occupation of keeping records of the financial affairs of a business. Book Keeper is the recording of financial transactions and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by a person or an organization or corporation. There are several standard methods of book-keeping. Such as the single-entry bookkeeping system and the double-entry bookkeeping system but, while they may be thought of as “real” book-keeping, any process that involves the recording of financial transactions is a bookkeeping process. Also learn, “The Language of Business” called Accounting, but Why?

Learn, What is Bookkeeping? Meaning and Definition!

It is usually performing by a bookkeeper. A bookkeeper (or book-keeper) is a person who records the day-to-day financial transactions of a business. They are usually responsible for writing the daybooks. Which contain records of purchases, sales, receipts, and payments.

The bookkeeper is responsible for ensuring that all transactions whether it is a cash transaction or credit transaction are records in the correct daybook, supplier’s ledger, customer ledger, and general ledger; an accountant can then create reports from the information concerning the recording of the financial transactions by the bookkeeper.

It refers mainly to the record-keeping aspects of accounting. They involve preparing source documents for all transactions, operations, and other events of the business. The bookkeeper brings the books to the trial balance stage: an accountant may prepare the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.

History of Bookkeeping.

The origin of book-keeping is lost in obscurity, but recent researches would appear to show that some method of keeping accounts has existed from the remotest times. Babylonian records have been finding dating back as far as 2600 B.C., written with a stylus on small slabs of clay.

The term “waste book” was used in colonial America referring to book-keeping. The purpose was to document daily transactions including receipts and expenditures. This was recorded in chronological order, and the purpose was for temporary use only.

The daily transactions would then record in a daybook or account ledger in order to balance the accounts. The name “waste book” comes from the fact that once the waste book’s data were transfers to the actual journal, the waste book could discard

Meaning of Bookkeeping.

Since the principles of accounting rely on accurate and thorough records, book-keeping is the foundation of accounting. Bookkeepers often have to exercise analytical skills and judgment calls. When recording business events since the source for most accounting information in the system.

Book-keeping involves the recording, daily, of a company’s financial transactions. With proper bookkeeping, companies can track all information on their books to make key operating, investing, and financing decisions. Bookkeepers are individuals who manage all financial data for companies. Without bookkeepers, companies would not be aware of their current financial position, as well as the transactions that occur within the company.

Accurate bookkeeping is also crucial to external users. Which include investors, financial institutions, or the government that needs access to reliable information to make a better investment or lending decisions. Simply put, the entire economy relies on accurate and reliable book-keeping for both internal and external users.

Definition of Bookkeeping.

Bookkeeping, often called record-keeping, is the part of accounting that records transactions and business events in the form of journal entries in the accounting system. In other words, book-keeping is how data is entering into an accounting system. This can either be done manually on a physical ledger pad or electronically in an accounting program like Quickbooks.

“Systematic recording of financial aspects of business transactions in appropriate books of account”.

Understand Bookkeeping for Example.

A good example of a business event that requires analytical skills is the trade-in of a vehicle. The bookkeeper must review the transaction and determine how much the old vehicle trade-in value was and the price paid for the new vehicle. He or she must also find out whether any loans require for the new purchase and how much cash was paid for the transfer. Also read, Types of Accounting in a Business.

As you can see, bookkeepers generally must have a good understanding of accounting principles and GAAP in general. Once the business event has been evaluating, the bookkeeper makes a journal entry in the general ledger to remove the old vehicle and associate accumulate depreciation and record. The purchase of the new vehicle with any applicable gains or losses on the transition.

The entire process of analyzing an event and recording the transaction in the accounting system is a good example of bookkeeping. Many times accounting and book-keeping are using interchangeably, but this is incorrect. Accounting has a much more broad definition than simply recording transactions in an accounting system.

Accounting is using to identify events that need to record, recording the transactions of these events, and communicating. The effects of these transactions with people inside and outside of the company. As you can see, it is only a small part of the broader definition of accounting.

Importance of Bookkeeping.

Proper book-keeping gives companies a reliable measure of their performance. It also provides information on general strategic decisions and a benchmark for its revenue and income goals. In short, once a business is up and running, spending extra time and money on maintaining proper records is critical.

Many small companies don’t actually hire full-time accountants to work for them because the costs are usually higher. Instead, small companies generally hire a bookkeeper or outsource the job to a professional firm. One important thing to note here is that many people who intend to start a new business sometimes overlook it. The importance of trivial matters such as keeping records of every penny spent.

What is Bookkeeping? Meaning and Definition!

Reference

1. What is it? History – //en.wikipedia.org/wiki/Bookkeeping
2. Meaning, Importance – //www.myaccountingcourse.com/accounting-dictionary/bookkeeping
3. Definition, Example – //corporatefinanceinstitute.com/resources/knowledge/accounting/bookkeeping/
4. Photo Credit URL – //www.apatax.ca/wp-content/uploads/2017/11/accounting-and-bookkeeping-firm-surrey.jpg

March 4, 2018