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Control In Management
Control is a function of management which helps to check errors in order to take corrective actions. This is done to minimize deviation from standards and ensure that the stated goals of the organization are achieved in a desired manner. According to modern concepts, control is a foreseeing action; earlier concepts of control were only used when errors were detected. Control in management includes setting standards, measuring actual performance and taking corrective action in decision making. Definition In 1916, Henri Fayol formulated one of the first definitions of control as it pertains to management: ''Control of an undertaking consists of seeing that everything is being carried out in accordance with the plan which has been adopted, the orders which have been given, and the principles which have been laid down. Its objective is to point out mistakes in order that they may be rectified and prevented from recurring.'' According to EFL Brech: ''Control is checking current ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henri Fayol
Henri Fayol (29 July 1841 – 19 November 1925) was a French mining engineer, mining executive, author and director of mines who developed a general theory of business administration that is often called Fayolism.Morgen Witzel (2003). ''Fifty key figures in management''. Routledge, 2003. , p.96. He and his colleagues developed this theory independently of scientific management but roughly contemporaneously. Like his contemporary Frederick Winslow Taylor, he is widely acknowledged as a founder of modern management methods. Biography Fayol was born in 1841 in a suburb of Constantinople (now Istanbul). His father, a military engineer, was appointed superintendent of works to build Galata Bridge, across the Golden Horn. The family returned to France in 1847, where Fayol graduated from the mining academy " École Nationale Supérieure des Mines" in Saint-Étienne in 1860. That same year, aged 19, Fayol started working at the mining company named " Compagnie de Commentry-Fourchamb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Network
Network, networking and networked may refer to: Science and technology * Network theory, the study of graphs as a representation of relations between discrete objects * Network science, an academic field that studies complex networks Mathematics * Networks, a graph with attributes studied in network theory ** Scale-free network, a network whose degree distribution follows a power law ** Small-world network, a mathematical graph in which most nodes are not neighbors, but have neighbors in common * Flow network, a directed graph where each edge has a capacity and each edge receives a flow Biology * Biological network, any network that applies to biological systems * Ecological network, a representation of interacting species in an ecosystem * Neural network, a network or circuit of neurons Technology and communication * Artificial neural network, a computing system inspired by animal brains * Broadcast network, radio stations, television stations, or other electronic media out ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quality (business)
In business, engineering, and manufacturing, quality – or high quality – has a pragmatic interpretation as the non-inferiority or superiority of something (goods or services); it is also defined as being suitable for the intended purpose (fitness for purpose) while satisfying customer expectations. Quality is a perceptual, conditional, and somewhat subjective attribute and may be understood differently by different people. Consumers may focus on the specification quality of a product/service, or how it compares to competitors in the marketplace. Producers might measure the conformance quality, or degree to which the product/service was produced correctly. Support personnel may measure quality in the degree that a product is reliable, maintainable, or sustainable. In such ways, the subjectivity of quality is rendered objective via operational definitions and measured with metrics such as proxy measures. Description There are many aspects of quality in a business conte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on thei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specification
A specification often refers to a set of documented requirements to be satisfied by a material, design, product, or service. A specification is often a type of technical standard. There are different types of technical or engineering specifications (specs), and the term is used differently in different technical contexts. They often refer to particular documents, and/or particular information within them. The word ''specification'' is broadly defined as "to state explicitly or in detail" or "to be specific". A requirement specification is a documented requirement, or set of documented requirements, to be satisfied by a given material, design, product, service, etc. It is a common early part of engineering design and product development processes in many fields. A functional specification is a kind of requirement specification, and may show functional block diagrams. A design or product specification describes the features of the ''solutions'' for the Requirement Specification ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Schedule (workplace)
A schedule, often called a rota or roster, is a list of employees, and associated information e.g. location, department, working times, responsibilities for a given time period e.g. week, month or sports season. A schedule is necessary for the day-to-day operation of many businesses e.g. retail store, manufacturing facility and some offices. The process of creating a schedule is called scheduling. An effective workplace schedule balances the needs of stakeholders such as management, employees and customers. A ''daily'' schedule is usually ordered chronologically, which means the first employees working that day are listed at the top, followed by the employee who comes in next, etc. A ''weekly'' or ''monthly'' schedule is usually ordered alphabetically, employees being listed on the left hand side of a grid, with the days of the week on the top of the grid. In shift work, a schedule usually employs a recurring shift plan. A schedule is most often created by a manager. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promotion (marketing)
In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, most of the time persuasive in nature. It helps marketers to create a distinctive place in customers' mind, it can be either a cognitive or emotional route. The aim of promotion is to increase brand awareness, create interest, generate sales or create brand loyalty. It is one of the basic elements of the market mix, which includes the four Ps, i.e., product, price, place, and promotion. Promotion is also one of the elements in the promotional mix or promotional plan. These are personal selling, advertising, sales promotion, direct marketing, publicity, word of mouth and may also include event marketing, exhibitions and trade shows. A promotional plan specifies how much attention to pay to each of the elements in the promotional mix, and what proportion of the budget should be allocated to each element. Promoti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. From the point of view of running a business, salary can also be viewed as the cost of acquiring and retaining human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Salary is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. Salary is also determined by leveling the pay rates and salary ranges established by an individual employer. Salary is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget
A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows. Companies, governments, families, and other organizations use budgets to express strategic plans of activities in measurable terms. A budget expresses intended expenditures along with proposals for how to meet them with resources. A budget may express a surplus, providing resources for use at a future time, or a deficit in which expenditures exceed income or other resources. Government The budget of a government is a summary or plan of the anticipated resources (often but not always from taxes) and expenditures of that government. There are three types of government budget: the operating or current budget, the capital or investment budge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Return On Investment
Return on investment (ROI) or return on costs (ROC) is a ratio between net income (over a period) and investment (costs resulting from an investment of some resources at a point in time). A high ROI means the investment's gains compare favourably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments.Return On Investment – ROI , Investopedia as accessed 8 January 2013 In economic terms, it is one way of relating profits to capital invested. Purpose In business, the pur ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earnings
Earnings are the net benefits of a corporation's operation. Earnings is also the amount on which corporate tax is due. For an analysis of specific aspects of corporate operations several more specific terms are used as EBIT (earnings before interest and taxes) and EBITDA (earnings before interest, taxes, depreciation, and amortization). Many alternative terms for earnings are in common use, such as income and profit. These terms in turn have a variety of definitions, depending on their context and the objectives of the authors. For instance, the IRS uses the term profit to describe earnings, whereas for the corporation the profit it reports is the amount left after taxes are taken out. Non-routine earnings The use of intellectual property generates non-routine profits. Those are often an order-of-magnitude greater than routine earnings.John Hand and Baruch Lev (editors): Intangible Assets, Values, Measures. and Risks; Oxford University Press, 2003. Non-routine profits are essent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale (local produce or stock registration). Markets can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
