What is a Product? A product may be defined as a bundle of utilities consisting of various product features and accompanying services. The bundle of utilities or the physical and psychological satisfactions that the buyer receives is provided by the seller when he sells a particular product. A product is anything that can be offered
What is a Project? A project is an organized unit dedicated to the attainment of goals, and the successful completion of a development project on time, within budget, and in conformance with predetermined program specifications. A project is a unique one-time activity performed to accomplish certain objectives within a designated time frame. Projects can be
Meaning of Project Management Project management ensures that a project is planned and managed right from start to finish so that it delivers the expected outcomes within the planned time, cost, and quality. Project management is not just about forming a group of people, giving them assignments and deadlines, and expecting them to deliver. If
What is Project Management? Project management is the art of directing and coordinating human and material resources throughout the project by using modern management techniques. The main purpose of project management is to achieve the predetermined objectives of scope, cost, time, quality, and the satisfaction of the participant. Project management includes developing and implementing a
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
MBO is not a panacea, for organizational problems. Quite often many organizations look at MBO as an instant solution to their problems. They fail to recognize that MBO demands careful planning and proper implementation. Many organizations have been overwhelmed by the problems of MBO. Some of the problems are present in the MBO system itself
MBO programs can vary enormously. Some are designed for use in a subunit, while others are used for the organization as a whole. The particular methods and approaches that managers use in an MBO program will differ. There also may be wide differences in emphasis. Therefore the process of MBO requires rigorous analysis, clarity and
MBO stands for Management by Objectives, which is a management approach where managers and employees work together to define and set specific, measurable, and achievable goals for an organization. Features of MBO These are the features of MBO explained below: MBO as a Philosophy MBO is a philosophy of management. It is more than a
What is Management by Objectives? Management by objectives (MBO), also known as management by results (MBR), is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them. MBO is difficult to define. Organizations
A decision-making process is a systematic approach to identifying and choosing the best alternative from a set of available options. It involves a series of steps that are followed to arrive at a final decision. The process typically includes problem identification, information gathering, evaluation of alternatives, selection of the best alternative, and implementation of the