Managing a Business

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Tactical decision making is a business strategy where decisions are made with the end result of ensuring a company is as successful as possible, according to Blue Collar University. This means the company makes decisions that will contribute to the longevity, profitability, and continued improvement of all areas of operation.

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  • Why is cost classification important to managers?

    Q: Why is cost classification important to managers?

    A: Cost classification, a process of cost accounting, is important to managers because it helps them make decisions that keep departments on budget and maximize future profits. Cost classification groups put similar costs together to aid in managerial decision-making.
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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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  • 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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  • Why do managers plan?

    Q: Why do managers plan?

    A: Business managers plan for several reasons, including to mark progress and achievements made along the way, to motivate themselves and employees to reach goals and to monitor financial status. Planning is essential for business managers in small companies as well as large corporations. For business managers, plans essentially act as road maps to help guide them and their organizations.
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  • What are types of management control?

    Q: What are types of management control?

    A: According to Boundless, the three main types of management control are feed forward, concurrent and feedback controls. A multiple control management system is also possible when the three kinds of controls are combined. The focus of managerial processes determines the kind of control that is implemented within an organization. Each of the management controls aims at ensuring optimal utilization of resources and motivation of employees.
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  • What is a business level strategy?

    Q: What is a business level strategy?

    A: Business-level strategy is an ideal that promotes providing excellent and proactive customer service in order to generate better financial returns. This method of operation focuses on monetary needs and creating superior returns on investment. Maximizing employee performances and reducing waste create the most profitable corporate landscape.
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  • What type of approach does a multigenerational workplace require?

    Q: What type of approach does a multigenerational workplace require?

    A: Cella Consulting asserts that a multi-generational workplace requires a flexible leadership style and always keeping an eye out for emerging conflicts. Today's workplace consists of three generations of workers: the baby boomers, generation X and the millenials. The role of a leader in such a workplace is to create an environment that supports the team members and business goals. A one-size-fits-all approach to leadership in such a workplace cannot work.
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  • How are officers installed?

    Q: How are officers installed?

    A: Officers of corporations are appointed by the directors sitting on the board. The directors decide how many officers to install and the role each officer performs for the company. There are no specific requirements for being a corporate officer. Officers can also serve as company shareholders or directors.
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  • What are some advantages to teamwork?

    Q: What are some advantages to teamwork?

    A: Some advantages to teamwork are greater resources, a wider range of ideas and a broader skill set, all of which lead to increased productivity. A group working as a team is usually able to resolve issues and complete tasks more quickly and more efficiently than an individual working alone.
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  • What are some easy businesses to start?

    Q: What are some easy businesses to start?

    A: There are many businesses that can be started with little training or capital outlay. Businesses such as these are often service-oriented. Examples include bicycle repair, cleaning services, computer repair, eBay assistant, personal concierge and graffiti removal.
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  • How does domestic business differ from international business?

    Q: How does domestic business differ from international business?

    A: Domestic business is often easier to conduct than international business because international business means combining two or more different countries, which have different cultures, politics, legal systems, religions and business procedures. In order to succeed in international business, understanding the other country is necessary because even if the business model seems sound in one country, it might not fly in another.
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  • What is a gemba walk?

    Q: What is a gemba walk?

    A: In business, a gemba walk is when a manager visits the site where the work is actually taking place. This is helpful for managers or supervisors to understand exactly where problems may exist in a location such as the manufacturing floor.
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  • What is the role of the managing director?

    Q: What is the role of the managing director?

    A: A managing director coordinates the activities for a specific organization. He also keeps business goals and objectives in mind and makes sure employees are all on board with those goals and objectives. In other words, he controls resources and expenditures.
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  • What does management do?

    Q: What does management do?

    A: Managers typically function as the top supervisors in a specific department of an organization and carry out a variety of duties. Management directs and delegates tasks to employees, plans and organizes the scope of work for the department they oversee, and monitors the progress of assignments and projects. Managers also work as intermediaries between their reporting staff and the company's executive-level leadership.
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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 recall and recognition?

    Q: What is the difference between recall and recognition?

    A: Recall is a verb, meaning to bring back from memory, while recognition is a noun. It is defined as the act of recognizing or the identification of something as having been previously seen, heard and known.
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  • What is administration?

    Q: What is administration?

    A: According to the Merriam-Webster Dictionary, administration refers to the activities that are related to operating an organization such as a company or a school; the collection of individuals who run an organization; or the part of a government that is identifiable with that government's leader. The medical definition of administration refers to executing something directly or doling out medication. The word was first used in the 14th century.
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  • What does the administrative department do?

    Q: What does the administrative department do?

    A: An administration department is responsible for providing administrative aid in five areas of a business: information management systems, human resources, payroll, acquisition and communication. The goal of the administration department is to keep all departments within a business operating at maximum capacity.
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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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  • Why is professionalism important?

    Q: Why is professionalism important?

    A: Professionalism is important because it can lead to better company standards and higher success rate for employees and can help to create better relationships with clients and coworkers. Professionalism is important to have at any level of the corporate ladder.
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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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