Managing a Business

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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 the meaning of industrial relations?

    Q: What is the meaning of industrial relations?

    A: The term "Industrial relations" refers to all the relationships between the different stakeholders in an organization, such as employees, management and trade unions. The purpose of this is to make sure that all needs are met and everyone involved can move forward amicably.
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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 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 is management structure?

    Q: What is management structure?

    A: Management structure refers to the organization of the hierarchy of authority, which defines accountability and communication channels within an organization and with its external environment. Each organization has its unique management structure based on its operations, but the common denominator present in every organization's management structure is that it defines the flow of responsibility within an organization. It also defines who is responsible for each role in an organization.
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  • How does socio-cultural environment impact a small business?

    Q: How does socio-cultural environment impact a small business?

    A: According to the Houston Chronicle, the socio-cultural environment has an effect on a business' advertising and internal decision-making process. Businesses need to pay constant attention to changes in the socio-cultural environment in order to stay relevant in the minds of their consumers and gain competitive advantage.
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  • How do you manage a supermarket?

    Q: How do you manage a supermarket?

    A: Managing a supermarket is a challenging responsibility that requires thoroughness, keenness and professionalism on the part of management and the entire workforce of the business. Supermarket resources must be of standard quality, and the management must ensure they are used to profit the entity. A well-managed supermarket must have a smooth flow to its operations and a well-coordinated workforce.
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  • What is the purpose of MIS?

    Q: What is the purpose of MIS?

    A: The primary purpose of a management information system, or MIS, is to assist managers in making strategic, tactical and operational decisions in an efficient and productive manner. It provides managers with essential information that is gathered from a variety of sources, pooled into a single database and compiled in a readable format.
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  • What are office procedures?

    Q: What are office procedures?

    A: Office procedures are clearly defined practices that everyone who works in an office follows in the event of common or uncommon situations that arise throughout the work day. Office procedures include employee job descriptions, confidentiality protocols, phone and inner-office etiquette and hazardous materials disposal, if applicable.
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  • What was the purpose of the "Open Door Policy"?

    Q: What was the purpose of the "Open Door Policy"?

    A: The purpose of the Open Door Policy was to give all nations equal rights when trading with China, according to the Encyclopaedia Britannica. It was initiated by the United States and aimed to both enhance global trade and to promote China's welfare and sovereignty.
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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 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 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 quality control necessary?

    Q: Why is quality control necessary?

    A: Quality control is necessary to ensure that all products sold to customers are of the highest possible quality, according to Six Sigma Online from the Aveta Business Institute. During quality inspections, workers check for malfunctions, discolorations, potential hazards and other defects that can compromise the quality of the merchandise.
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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 are the responsibilities of a team leader?

    Q: What are the responsibilities of a team leader?

    A: The main responsibility of a team leader is to guide a team so that it reaches its full potential. The team leader has more responsibility than anyone, because if he does not carry out his responsibilities, the whole team will suffer as a result. A successful team leader should understand the strengths and weaknesses of every team member so that tasks can be assigned accordingly.
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  • How do you write a strategic plan?

    Q: How do you write a strategic plan?

    A: To write a strategic plan, write an organizational overview, and a mission and vision statement. Analyze the company's internal and external situation, and develop business growth goals. Explain performance metrics, and summarize the plan.
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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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  • 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 is the importance of business research?

    Q: What is the importance of business research?

    A: Business research helps business managers find new markets and make the most of their resources. They are important for start-ups and investors. Established businesses often use it to find new areas for growth.
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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 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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