Managing a Business

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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 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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  • 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 are the advantages and disadvantages of a joint venture?

    Q: What are the advantages and disadvantages of a joint venture?

    A: There are several advantages and disadvantages that come with joint venture partnerships, according to NI Business Info. One of the advantages of this type of partnership is the immediate access to new markets that can accelerate business growth, while one of the disadvantages might be an inability of both partners to see eye-to-eye on goals and objectives.
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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 is a grand strategy matrix?

    Q: What is a grand strategy matrix?

    A: A grand strategy matrix is a tool used by businesses to devise alternative strategies. The matrix is primarily based on four essential elements: rapid market growth, slow market growth, strong competitive position and weak competitive position.
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  • What are company policies?

    Q: What are company policies?

    A: Company policies refer to documented guidelines or rules of conduct within an organization. These policies and schemes outline the responsibilities of both employers and employees. Company policies help protect the rights of workers and the business interests of organizations.
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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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  • Why do businesses need to set aims and objectives?

    Q: Why do businesses need to set aims and objectives?

    A: Aims and objectives provide direction and a sense of purpose for a business. A compelling goal is used to develop strategies and actionable tasks that departments and employees complete. Organizational aims help a company direct all workers toward the same ultimate objectives.
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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 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 recurrent expenditure?

    Q: What is recurrent expenditure?

    A: Recurrent expenditure refers to payments made by governments or organizations for all purposes except capital costs. Recurrent expenditure includes payments made on goods and services as well as interest and subsidies.
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  • What is the role of a deputy manager?

    Q: What is the role of a deputy manager?

    A: A deputy manager helps a general manager to organize company programs, projects and personnel.0 Also called assistant managers, deputy managers' duties vary by profession, but every industry requires certain qualities from deputy managers.
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  • What are the four essential aspects of successful training?

    Q: What are the four essential aspects of successful training?

    A: The four essential aspects of successful training are learning objectives, involvement, opportunity to share experiences and fun. Malcolm Knowles first proposed these aspects in his book "The Adult Learner," a book on adult learning theory.
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  • What is a baseline in project management?

    Q: What is a baseline in project management?

    A: 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 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 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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  • 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 are the advantages of a flat organizational structure?

    Q: What are the advantages of a flat organizational structure?

    A: The primary advantages of a flat organizational structure in business include direct involvement of workers in the decision-making process, better communication flow, faster response times to business challenges, and an open, collaborative environment that promotes idea generation and innovation. A flat organizational structure is characterized by few or no levels of middle management between workers and a company's top executive according to Forbes.
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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 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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  • 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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