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Management Control
Control is a function of management that helps identify errors and take corrective actions. This is done to minimize deviation from standards and ensure that the stated goals of the organization are achieved effectively. According to modern concepts, control is a proactive 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: According to E. F. L. Brech: According to Harold Koontz: According to Stafford Beer: Robert J. Mockler presented a more comprehensive definition of managerial control: Control can also be defined as "that function of the system that adjusts operations as needed to achieve the plan, or to maintain variations from system objectives within allowable limits." The contro ... [...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. He and his colleagues developed this theory independently of scientific management. Like his contemporary Frederick Winslow Taylor, he is widely acknowledged as a founder of modern management methods. Biography Henri Fayol was born in 1841 amidst the great eruption of the industrial revolution 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. Morgen Witzel (2003). ''Fifty key figures in management''. Routledge, 2003. , p.96. 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 " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Drug Trafficking
A drug is any chemical substance other than a nutrient or an essential dietary ingredient, which, when administered to a living organism, produces a biological effect. Consumption of drugs can be via inhalation, injection, smoking, ingestion, absorption via a patch on the skin, suppository, or dissolution under the tongue. In pharmacology, a drug is a chemical substance, typically of known structure, which, when administered to a living organism, produces a biological effect. A pharmaceutical drug, also called a medication or medicine, is a chemical substance used to treat, cure, prevent, or diagnose a disease or to promote well-being. Traditionally drugs were obtained through extraction from medicinal plants, but more recently also by organic synthesis. Pharmaceutical drugs may be used for a limited duration, or on a regular basis for chronic disorders. Classification Pharmaceutical drugs are often classified into drug classes—groups of related drugs that have sim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Schedule (workplace)
A schedule, often called a rota or a 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 man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promotion (marketing)
In marketing, promotion refers to any type of marketing communications, marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, persuasively. It helps marketers to create a distinctive place in customers' mind, it can be either a Cognition, cognitive or Emotion, 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-driven marketing, 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 ... [...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. Salary can also be considered as the cost of hiring and keeping human resources for corporate operations, and is hence referred to as personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. A 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. Salaries are 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 also affected by the number of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget
A budget is a calculation plan, usually but not always financial plan, financial, for a defined accounting period, 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, Liability (financial accounting), liabilities and cash flows. Companies, governments, families, and other organizations use budgets to express strategic planning, strategic plans of activities in measurable terms. Preparing a budget allows Company, companies, Public authority, authorities, private entities or Family, families to establish priorities and evaluate the achievement of their objectives. To achieve these goals it may be necessary to incur a Deficit spending, deficit (expenses exceed income) or, on the contrary, it may be possible to save, in which case the budget will present a Surplus (economics), surplus (income exceed expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Return On Investment
Return on investment (ROI) or return on costs (ROC) is the 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 favorably 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, ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earnings
{{Short description, Financial term 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 Earnings before interest and taxes, 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 (accounting), 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 form 10-K, 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): Intangib ... [...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 (economics), 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 value 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 emergence, emerges more or less spontaneous order, 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 economy, gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy
Energy () is the physical quantity, quantitative physical property, property that is transferred to a physical body, body or to a physical system, recognizable in the performance of Work (thermodynamics), work and in the form of heat and light. Energy is a Conservation law, conserved quantity—the law of conservation of energy states that energy can be Energy transformation, converted in form, but not created or destroyed. The unit of measurement for energy in the International System of Units (SI) is the joule (J). Forms of energy include the kinetic energy of a moving object, the potential energy stored by an object (for instance due to its position in a Classical field theory, field), the elastic energy stored in a solid object, chemical energy associated with chemical reactions, the radiant energy carried by electromagnetic radiation, the internal energy contained within a thermodynamic system, and rest energy associated with an object's rest mass. These are not mutual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Span Of Control
Span of control, also called span of management, is a term used in business management, particularly human resource management. The term refers to the number of direct reports a supervisor is responsible for (the number of people the supervisor supports). Overview In simple words, span of control means the manageable number of subordinates of a superior. The bigger the number of the subordinates a manager controls, the broader is her/his span of control. In a hierarchical business organization of some time in the past it was not uncommon to see average spans of 1-to-4 or even less, i.e. one manager supervised four employees on average. In the 1980s corporate leaders flattened many organizational structures causing average spans to move closer to 1-to-10. That was made possible primarily by the development of inexpensive information technology. As information technology was developed capable of easing many middle manager tasks – tasks like collecting, manipulating and presenti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Max Weber
Maximilian Carl Emil Weber (; ; 21 April 186414 June 1920) was a German Sociology, sociologist, historian, jurist, and political economy, political economist who was one of the central figures in the development of sociology and the social sciences more generally. His ideas continue to influence social theory and social research, research. Born in Erfurt in 1864, Weber studied law and history in Humboldt University of Berlin, Berlin, University of Göttingen, Göttingen, and Heidelberg University, Heidelberg. After earning his doctorate in law in 1889 and habilitation in 1891, he taught in Berlin, University of Freiburg, Freiburg, and Heidelberg. He married his cousin Marianne Weber, Marianne Schnitger two years later. In 1897, he had a breakdown after Max Weber Sr., his father died following an argument. Weber ceased teaching and travelled until the early 1900s. He recovered and wrote ''The Protestant Ethic and the Spirit of Capitalism''. During the First World War, he initia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
