Employee absenteeism is a costly problem in the United States. Billions of dollars worth of productivity are lost every year. When you run a large business, it can seem like someone calls out sick daily. This can cause a great deal of frustration and stress for those who must plug the productivity gaps. No business
What are Channels of Distribution? Channel of distribution is mainly concerned with the physical distribution of goods and services. It is the pipeline through which products move from producer to consumer. It consists of all the middlemen who participate in the distribution of goods and services. Every small-scale entrepreneur requires a channel that can distribute
Features of Scientific Management Taylor conducted various experiments at his workplaces to find out how human beings could be made more efficient by standardizing the work and better methods of doing the work. These experiments have provided the following features of scientific management: Separation of Planning and Doing Taylor emphasized the separation of the planning
Scope of Control in Management For effective control, it is important to know what are the critical areas where control would be exercised. The identification of these areas of control enhances the management to (i) delegate authority and fixing up of responsibility (ii) reduce the burden of supervising each activity in detail and (iii) have
What is Social Responsibility of Business? Social responsibility of business refers to what the business does, over and above the statutory requirement, for the benefit of society. The word responsibility connotes that the business has some moral obligations to society. The term corporate citizenship is also commonly used to refer to the moral obligations of
The performance appraisal is the process of evaluating the performance and competencies of the employees in terms of the requirements of the job for which he is employed, for the purpose of administration including placement, selection for promotions, providing financial rewards, and other actions which require differential treatment among the members of a group as
What is Performance Appraisal? The performance appraisal is the process of evaluating the performance and competencies of an employee in terms of the requirements of the job for which he is employed, for the purpose of administration including placement, selection for promotions, providing financial rewards, and other actions which require differential treatment among the members
The impetus for the scientific management approach came from the first industrial revolution. Because it brought about such an extraordinary mechanization of industry, this revolution necessitated the development of new management principles and practices. The concept of scientific management was introduced by Frederick Winslow Taylor in the USA at the beginning of the 20th century.
What is Benchmarking? Benchmarking is a continuous process of evaluation and learning of the best-in-class business practices. The process focuses on the identification of the best performers in the industry, to evaluate those business processes to learn and integrate the practices to enhance the performance of the firm. Learning the factors contributing to the enhanced
Strategic Planning Process These are the steps of the strategic planning process: Input to Organization Various Inputs (People, Capital, Management and Technical skills, others) including goals input of claimants (Employees, Consumers, Suppliers, Stockholders, Government, Community and others)need to be elaborated. Industry Analysis Formulation of strategy requires the evaluation of the attractiveness of an industry by