Management

Management

Management is the process of working with people and resources to accomplish organization goals.

Research is not a key management function.

Organizing involves assembling and coordinating organizational resources.

Tactical managers includes translating strategic goals and plans developed for an organization into more specific activities.

Competitive advantage is acquired by being better that your competitors and doing valuable things for your customers. The drivers that creates a competitive advantage are: competitive cost, quality, speed, and innovation.

Elements of Frederick Taylor's scientific management were the use of piece rate incentive system, analyze work using scientific methods. Select and train workers, introduce scientific analysis to the workplace.

The perspective known as organization behavior studies and identifies management activities that promote employee and organization effectiveness.

Scientific management approach heralded the best way?to perform jobs.

A key concept of the human relations approach discovered through the Hawthorne studies is productivity and employee behavior are influenced by the informal work group.

Swot analysis

Example of Markov Decision Process (MDP) transitio...

Decision Making Chart

Analyzing the threat of substitutes to existing products requires watchfull attention to technological advances.

The macro-environment are those most general external elements that influence a firm's strategic decisions,. It must be considered in formulating the business strategy. Includes government policies, economy, demographics, technology and social factors.

Interest rates, inflation, the federal deficit, and unemployment levels are all elements affecting the economy.

Demographics describe the population in terms of age, gender, education, income, occupation, etc.

Competitors, suppliers, new entrants, and substitute products are part of the competitive environment, government agencies are not.

Organizations must acquire a variety of resources in order to produce a product or service or value. These resources may include material, equipment, financing or even people/employees. The sources that provide these various resources are referred to as suppliers.

In determining the anticipated sales volume for the next quarter or the next year,