Found 597 Articles for Management

Introduction Forecasting in operations management is the systematic technique used to predict future outcomes based on historical data. Business forecasts are a necessity for productively planning the operations of a company. Forecasting the required raw materials, workforce capacity, and energy requirement along with other requisites are essential for the smooth functioning of operations management. Various methods and techniques and different types of forecasting are put to use in organizations based on their requirement and resultant outcomes. An elucidation of the variety of forecasts used in operations management and its implementation is brought out here. Forecasting Models in Operations Management Forecasting ... Read More

Introduction Forecasting the technique by which past and present data is analysed to plan for future. There are various types and ways of carrying out business forecasts depending on the objectives and desired outcome. It can be done to arrive at a general business forecast or can be applied to forecast specifically to predict departmental outcomes. It can vary from forecasting sales for a consecutive month to predicting the rate of demand during festive seasons. Companies use a wide range of techniques and methods to for business forecasting. It can be predictions related to sales, expenses incurred, revenue or profits. ... Read More

Introduction The term ‘ethics refers to moral philosophy that emphasizes on the aspects of values and distinguishes between the better and worse. It is all about the rules of human behavior and the foundations of moral principles of life. The conceptual meaning of ethics revolves around three main divisions that include descriptive morality, ethical theory, and applied ethics. When the first division deals with the cultural background the second one focuses on moral concepts and principles. The third division of applied ethics deals with the ethical issues in our society. This applied ethics is related to the business arena where ... Read More

Introduction Business Process Reengineering (BPR) is a management tool to radically redesign the existing operational process and structure as a whole in order to obtain a substantial increase in business outcome. Role of BPR mainly focuses on analysing the intra and inter-organizational work flows, eliminate tasks that do not enhance performance or customer value and optimize the entire business process. Information technology is an integral part that caters to automation and networking linked processes that boost BPR initiatives. The result or effect of a BPR implementation would ideally result in trimming inefficient or replicated processes, bringing down costs and revamping ... Read More

Introduction Business process improvement is the constant effort of every organization alike. Process improvement leads to better efficacy and success. There are many management concepts developed and remodeled with a view to achieve optimal business outcome. Two such concepts related to boosting performance are Business Process Management (BPM) and Business Process Reengineering (BPR). Though both BPM and BPR facilitate business improvement, they are significantly different from each other. The various characteristics that distinguish BPM from BPR are detailed here. Business Process Management vs. Business Process Reengineering A group of activities that help to achieve a business goal ... Read More

Introduction Anything that helps a company to attain an edge over its competitors and attract more customers to spread its market space is termed as competitive advantage. There is a general misconception that only big business houses and global brands enjoy competitive advantage. In reality, small businesses have its own competitive advantages in the market. Small businesses are practically more agile than big businesses. They adapt quickly to volatile markets and customer preferences. Small business operates closer to its customers and hence enjoys the advantage of observing changing preferences of customers and acquiring real time customer feedbacks. This article discusses ... Read More

Introduction Operations management is the area of management that caters to the entire system of operations in an organization. It deals with all the activities that range from planning and organizing to ensuring efficiency in entire business operations. It has its role spread across all verticals of organizations whether manufacturing or service industries. Basic inputs of operations management involve tangible and intangible resources. Here, various tasks are carried out to convert these set of resources into a fruitful output through a transformation process. This process of converting labour and raw materials using correct tools and techniques into final products or ... Read More

Introduction In today's hyper-connected world, keeping sensitive information secure is more critical than ever. Enter Operations Security (OPSEC), a risk management process designed to protect your organization's vital data from falling into the wrong hands. Whether you're a business leader or an individual interested in safeguarding your personal information, understanding the basics of OPSEC is essential. In this introductory guide, we'll break down what OPSEC is, explore its five-step process, and offer best practices for implementation – empowering you with practical knowledge that can help prevent costly security breaches. Dive into this beginner-friendly article to uncover how OPSEC can enhance ... Read More

We generally make assumptions when coming to any conclusions regarding the behavior of any person. In short, we can say that we use a dozen shortcuts when coming to any conclusions about others. These techniques have their pros and cons. The merit of these techniques is that they enable us to form rapid perceptions about others and provide valid proof for those predictions. However, they are not fully accurate. They have certain discrepancies because they are not fully proven. They sometimes get us into trouble. So let us learn about these shortcuts so that we can get rid of ... Read More

One of the most important tools to analyse the differences between different cultures is Hofstede's framework for assessing cultures. This theory was given by Greet Hofstede in the late 1970s. He experimented with more than 116, 000 IBM employees in 40 different countries and concluded that all the employees differed on five major dimensions of national culture. More countries were added to the list later. In the most recent study, countries have been ranked on the six major dimensions. This theory helps a lot in determining the personalities of different cultures in different countries. This theory has given huge contributions ... Read More