Managing a Business

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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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  • Why is it important to give and receive constructive feedback?

    Q: Why is it important to give and receive constructive feedback?

    A: Constructive criticism is important for everyone to receive and give because it promotes communication and excellence in organizations and personal growth. By hearing about areas that require improvement, individuals have the ability to change and become a better person or employee.
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  • What is good teamwork?

    Q: What is good teamwork?

    A: Good teamwork occurs when there is a shared or common goal to strive for, mutual trust and respect, and effective communication. Good teamwork does not always exist naturally because A commitment from everyone is required in order for it to succeed.
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  • What is an example of horizontal integration?

    Q: What is an example of horizontal integration?

    A: An example of horizontal integration is the purchase of Kmart by Sears. Horizontal integration occurs when two companies at the same level in the supply chain merge.
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  • What is hospitality management?

    Q: What is hospitality management?

    A: Hospitality management is the management of hotels, bed and breakfasts, resorts, cruise ships and other hospitality services. It involves overseeing the operations as well as attending to guest needs.
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  • What is the meaning of "professional standards"?

    Q: What is the meaning of "professional standards"?

    A: According to the International Organization for Standardization, professional standards are specifications designed to make a specific industry more efficient and effective. The ISO 9000 for quality management is an example of a professional standard.
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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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  • What are some reasons people go into business?

    Q: What are some reasons people go into business?

    A: A business not only offers a possible income source, but many entrepreneurs like the high risk-to-reward opportunity of going it alone. Freedom is another major motive. People may start a business to avoid the traditional path of getting a job with an employer and a manager.
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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 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 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 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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  • How do companies motivate their employees?

    Q: How do companies motivate their employees?

    A: Common strategies used by companies to motivate their employees include acknowledging and rewarding accomplishments, providing learning and training opportunities and involving employees in the decision-making process, according to the Guardian. Because contented employees are seen as more productive in the workplace, a company's motivational game plan is most effective if it makes employees happy.
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  • What are the primary functions of an operations department?

    Q: What are the primary functions of an operations department?

    A: The primary functions of an operations department include the design and management of products, services and processes. In addition, the operations department evaluates and allocates resources to effectively deliver products and services.
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  • What is a min/max inventory system?

    Q: What is a min/max inventory system?

    A: A min/max inventory system is an approach to managing materials or goods in which the business sets a minimum threshold and a maximum level of inventory to hold. When the current supply of an item reaches the minimum level, a new order is placed. When new materials or goods are ordered, the total supply on hand cannot exceed the maximum amount.
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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 purpose of management?

    Q: What is the purpose of management?

    A: The purpose of management is to plan, direct, organize and ensure the success of a business at various levels through a number of methods including customer satisfaction and employee training. Management, normally made of a manager and their assistants, is key to running an organization on what could be considered microscopic levels.
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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 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 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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  • 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 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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