Managing a Business

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The baseline in project management refers to the initial cost, scope and schedule of the project. The baseline functions as a measure so the project will not deviate. Establishing a baseline happens before the project starts; otherwise, project managers will not have a system of measure.

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  • Why Is Production Planning Important?

    Q: Why Is Production Planning Important?

    A: Production planning ensures materials, equipment and employees are all available to meet production goals for a business. It also provides a detailed plan on how a company will reach its production goals and how long it will take to achieve it, which can be useful for letting customers how long it will take before they can expect their orders.
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  • What Is the Best Way to Justify Hiring Additional Staff?

    Q: What Is the Best Way to Justify Hiring Additional Staff?

    A: The best way to justify hiring additional staff is to point out how important employees are for growth and customer service. Companies depend on employees to create, handle and sell products and service, and new employees are necessary for a company to meet its growth goals.
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  • How Can You Start Your Own Business?

    Q: How Can You Start Your Own Business?

    A: To start a business, create a business concept, then develop a work space and a workforce. Research how to sell your product. Obtain the necessary funding, fulfill all legal requirements, and plan the path of your business for the coming year.
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  • Why Is Entrepreneurship Important?

    Q: Why Is Entrepreneurship Important?

    A: Entrepreneurship is important because it helps bring new products and ideas to the market. Some of the most important inventions only came to market because entrepreneurs took significant risks.
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  • How Do You Write a Staffing Plan?

    Q: How Do You Write a Staffing Plan?

    A: A comprehensive staffing plan is essential for the successful running of a business, as finding the right staff levels in an organization is accompanied by the risks of over staffing and under staffing. In cases where an organization is under staffed, the employees feel stressed and overworked and productivity suffers, and the best producers may leave. When an organization is over staffed, many workers are idle and there is wastage.
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  • What Do I Name My Business?

    Q: What Do I Name My Business?

    A: The name of a business is dependent on the type of business being created. Ideally the business' name reflects the type of business done and sounds good when it is said aloud.
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  • What Are Advantages and Disadvantages of Tall Organizational Structures?

    Q: What Are Advantages and Disadvantages of Tall Organizational Structures?

    A: The advantages of tall organizational structures are more opportunities for advancement and more specialized managers; the disadvantages are higher costs and reduced empowerment. Organizational structures play a key role in effective communication and decision-making.
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  • What Is Meant by Direct and Indirect Supervision?

    Q: What Is Meant by Direct and Indirect Supervision?

    A: Direct supervision means that an authority figure is within close proximity to his or her subjects. Indirect supervision means that an authority figure is present but possibly not seen or heard.
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  • What Is a Management Report?

    Q: What Is a Management Report?

    A: A management report is a formal business document that discloses a company's profit and loss statements in one- to four-month periods. Management reports are utilized by higher management professionals, such as CEOs and CFOs, to determine where the business needs to cut expenses and focus on developing future product or service revenue streams.
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  • Why Is Strategic Management Important?

    Q: Why Is Strategic Management Important?

    A: Strategic management is important because it allows an organization to initiate activities, influence activities and be proactive rather than reactive in its strategy so that it has full control over its own destiny. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies.
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  • What Is the Importance of Policies and Procedures?

    Q: What Is the Importance of Policies and Procedures?

    A: Policies and procedures play a very important role by defining an organization's guiding principles, providing detailed task instructions and forming the basic structure of business operations, according to the Global Post. Task procedures are designed following the framework of the governing policies.
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  • What Is a Network Organizational Structure?

    Q: What Is a Network Organizational Structure?

    A: A network organizational structure refers to a system of delegating and coordinating tasks among a number of partner companies or business entities with a common goal of producing a specific product. This arrangement gives a company the chance to collaborate with other related business entities to concertedly work toward realizing a common goal.
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  • What Is the Meaning of "organizational Strategy?"

    Q: What Is the Meaning of "organizational Strategy?"

    A: Organizational strategy refers to the actions and benchmarks a company puts in place to ensure that long-term goals are achieved. These plans list the necessary steps in a sequence that must be completed in order to make an idea into a reality. This process requires extreme oversight into every aspect of corporate operations and a grasp of the company's main audiences.
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  • What Are Advantages and Disadvantages of Motivating Employees With Money?

    Q: What Are Advantages and Disadvantages of Motivating Employees With Money?

    A: Money is a useful tool for motivating employees, but results can be mixed and unexpected, including the advantage of boosting production and the disadvantage of encouraging possibly unethical behavior. It is wise to research all the possible results for a particular policy before implementing it.
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  • What Is the Definition of "customer Expectation"?

    Q: What Is the Definition of "customer Expectation"?

    A: "Customer expectation" refers to the total perceived benefits a customer expects from a company's product or service. If the actual experience customers have with a product exceeds the expectation, they are typically satisfied. If the actual performance falls below the expectation, they are typically disappointed.
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  • What Is the Purpose of an Organization Chart?

    Q: What Is the Purpose of an Organization Chart?

    A: The main purpose of an organization chart is to show the hierarchical structure, or chain of command, within an organization. It is a useful management tool that helps organize the workplace. In general, the charts place the top official or department at the head of the chart, with others following below in levels.
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  • How Does One Pick the Employee of the Month?

    Q: How Does One Pick the Employee of the Month?

    A: Choosing an employee for an Employee of the Month program is sometimes a challenging task. To aid in selecting the best candidate, one can put together a team of fellow employees, including managers and staff, to serve in an Employee of the Month committee. Strict monthly deadlines are required in order to plan a special presentation in honor of the winner.
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  • What Is Management by Objectives?

    Q: What Is Management by Objectives?

    A: Management by objectives is a business model that encourages a team collaboration committed to achieving a company's mission. Each management level identifies a target purpose, which is agreed upon by organizational consensus. This management style was first introduced in Peter Druck's 1954 book, "The Practice of Management."
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  • What Is the Difference Between Line and Staff Authority?

    Q: What Is the Difference Between Line and Staff Authority?

    A: Line managers direct the work of subordinates and make important decisions, while staff managers advise those with line authority. Moreover, line managers are directly accountable for sales and production target achievement, whereas staff managers extend support to help them achieve their goals.
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  • What Is the Importance of Project Risk Management?

    Q: What Is the Importance of Project Risk Management?

    A: Risk management is an approach in which an organization explores identifies, analyzes and mitigates the risks that can affect a project, according to project-management.com. The purpose of risk management is to protect the project from financial, social, cultural, environmental and other related risks.
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  • What Are the Six Theories of Management?

    Q: What Are the Six Theories of Management?

    A: The six theories of management are classical management, scientific management, bureaucracy, human relations, contingency and system theories. All of these different theories evolved during the 19th and 20th centuries, and describe different perspectives about how management can be formulated.
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