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The Puppose of Material management. Factors contributing significantly in material requirement planning.

Purpose of material management: Material management provide simple tools to maximize profit to the company by reducing the material cost of the product. Importance of material management is necessary due to following trends: (i) Globalization (ii) Reduced time to market (iii) Just-in-time inventories (iv) Large variety/ shorter life cycles (v) Responsibility The main purpose of material management is cost reduction and efficient handling of materials at all stages. Factors which contribute significantly in the material requirement planning are as follows: (i) Master products schedule (MPS) file (ii) The bill of material file, and (iii) The inventory record file. The master production schedule file: The file contains the master production schedule for each product. The MSP for a product specifies how much of the end product is required or is to be produced and when. This is derived from the aggregate production plan based on demand forecast customer orders, and capacity limitations. Th

Leadership & Motivation/ Two factor model of motivation.

Leadership: Leadership is defined as influence, that is, the art of process of influencing people so that they will strive willingly and enthusiastically towards the achievement of group goals. Motivation: Motivation is the result of processes, internal or external to the individual, that arose enthusiasm and persistance to pursue a certain course of action. Two factor model of motivation: The model is also called motivation hygiene theory. There are two distinct aspects of the motivation hygiene theory. The first and more basic part of the model represents a formally stated theory of work behaviour. The second aspect of Herzbers's work has focused upon the behavioural consequences of job enrichment and job realization programmes. According to Herzberg, satisfaction and dissatisfaction are not opposite poles of one dimension, they are two separate dimensions, Satisfaction is affected by motivations, and dis-satisfaction by hygiene factors. To achieve motivation, managers should c

The different functions of management.

Different functions of Management: Management is the dynamic life giving element in every business. The primary job of a manager is to achieve the enterprise objectives. In order to achieve the enterprise objectives he co-ordinates various activities of various people. In fact, functions of manager are almost same as functions of management. They are listed bwlow: Planning: (a) It is a process by which a manager anticipates the future and discovers alternative course of action open to him. (b) Without proper planning, the activities of an enterprise may become confused, haphazard and ineffective. (c) Prior planning is very essential for utilizing the available facilities. Organising: (a) It is the process by which the structure and allocation of jobs is determined. (b) It involves determining activities required to achieve the established company objectives, grouping of these activities logically so that these can be handled efficiently by subordinates, managers, etc. (c) Organising

The classic three fold concept for management.

Harbison and Myers had offered a classic threefold concept for emphasizing a broader scope for the view point of management. They observed management as: (i ) An economic resource (ii) A system of authority and (iii) A class of elite. (i) An economic resource: Economists treat management as one of the factors of production together with other factors such as land, labour and capital. As industrialization of a country increases, the need for management becomes greater as it is substituted for capital and lanour. So Harbison and Myers treated management as an economic resource. (ii) A system of authority: Historically, management first developed an authoritarian philosphy with a small number of top individuals determining all actions of the rank and file. (iii) A class of elite: Sociologists view management as a class and status system. The increase in the complexity of relationship in modern society demands that managers become an elite of brains and eductaion. Entrance into this class

Fundamental role of computers and information technology in reshaping an organisation.

In any organisation, computerisation should be done in 4 phases. In 1st phase, computer is used only for transactions processing, whichever such a need exists, like stock records, personnel records for pay and wage bills, and sales record. In 2nd phase, the traditional operating systems are improved so as to take advantage of 1st phase. such area are cost accounting, budgetary control, inventory management, sales forecasting. In third phase, systems are designed with the computers, which will affect the decision maiking styles of the managers. The area of application in 3rd Phase are: Project planning through PERT, product mix decisions, cost benefit analysis, operation research. In the fourth and last phase, advance areas are applied, like policy and strategy decision with management information system and corporate models with simulation, cybernatics.

Ideas of starting low capital investment business in India.

There are many people who don't want to do jobs and want to do their own business and present scanerio is very good for starting a new business. However, setting up a startup is not an easy task and it requires more capital. It is not easy for a common man to invest so much money at a time. But you do not need to get discouraged because there are some business which can be started with the initial investment from the normal savings of a person. Here in this article, we are giving you information about the business to be started with an investment of less than Rupees 20 thousand. With low investment, you may be able to start many types of business, such as: The business of making incense sticks (Agarbattis) : - While worshiping God, many things are required, such as camphor, turmeric, sandalwood, rice, matches, raksha sutra etc. and much more. One of the item used for worship is incense sticks, without which the worship is incomplete. This is the reason why there is a lot of dema

The role of research in Marketing.

Marketing research refers to a systematic investigation of facts, relevant to the various aspects of marketing. It is the process of system critically gathering and analysing facts relating to any problem in marketing. It involves collection, analysis and supply of information to managers to facilitate decision making in the field of marketing. Marketing research may be conducted on any problem of marketing e.g., product, price, channels of distribution, advertising, consumer preferences, etc. It is helpful in understanding and satisfying the wants of customers with the right product, at the right price and at the right time and place. In marketing research, data is collected from both primary sources (customers, salesmen and dealers) and secondary sources (press reports, trade directories, government publications, etc.)

The elements of 'marketing mix'.

Marketing mix is a systematic combination of four elements - Products, Price, Place and Promotion. Each of these element is in itself a combination of several sub-factors. Therefore, each element is also known as mix. These four elements of marketing mix are described below: (i) Product Mix: Product mix refers to a combination of various features relating to the product or service to be offered for sale. It involves decisions concerning the quality, size, range, package, brand name, label, warranty and services etc.These product related activities are directed usually at a specific group of customers (called target market) rather than at consumers at large. Consumers consider a product as 'a bundle of satisfaction' rather than a physical item. For example, the buyer of washing machine wants speed, comfort and trouble free operation rather than just a box of metal, plastic and electrical components. (ii) Price Mix: Price mix involves decisions regarding the basic price of the

Financial Statements - How they are used to give a financial picture of business.

The stakeholders of a firm viz, shareholders, creditors, suppliers, managers, employees, tax authorities and others, are interested in broadly knowing about how the firm is doing and what is its financial condition. Trade creditors and short term lenders are interested primarily in the short term liquidity of the firm and its ability to pay its dues in the next 12 months or so. Lending institutions and debentures holders have a relatively longer time horizon and are connected about the ability of the firm to service its debt over the next five to ten years. To understand the financial performance and condition of a firm, its stockholders looks at three financial statements, viz. (i) the balance sheet (ii) The profit and loss account, and (iii) the sources and uses of fund statement. The balance sheet shows the financial position of the firm at a given point of time. The profit and loss account reffered as income statement also reflects the financial performance of the firm over a peri

The purpose of accounting in a business organization.

The purpose of accounting in a business organisation are as follows: (i) The business firm is regarded as a separate business entity. Accounts are maintained for this entity as distinct from the persons who are connected with it. The accountant records transactions as they affects this entity and regards oweners, creditors, suppliers, employees, customers, and the government as parties transacting with this entity. (ii) Accounting is concerned with only those facts which are expressible in monetary terms. The use of a monetary yardstick provides a means by which hetrogeneous elements, such as land, plant and equipment, inventories, securities and goodwill may be expressed in a common denominator. (iii) Accounting is normally based on the premise that the business entity will remain as a going concern for an indefinitely long period. (iv) Assets acquired by a business are generally recorded as their cost and this is used for all subsequent accounting purposes. (v) Conservation concepts

The factors which affect the location choices, both for manufacturing and services.

Factors influencing location: (i) PROXIMITY OF GOOD HIGHWAYS: The most frequent factor is quality of the highway system, particularly its relationship to markets, raw materials, and labour supply. The existance of excellent highways, such as the interstate superhighways, makes the suburbs, small communities and country as readily accessible as the cities. (ii) ACCESS TO A MAJOR AIRPORT: Every firm can function in a national market place using air transportation in one form or another. By using air transportation, sales people can reach customers rapidly to obtain raw materials on an emergency basis and delivery of finished goods to customers is also fast. (iii) LABOUR SUPPLY: A company cannot operate without employees, and the nature of the labour market should be investigated to ensure that an adequate supply of qualified employees is available in the area. It is necessary in some organisations that skilled craftsman be hired to fill all the positions, and is possible to locate the

The caracteristics of various incentive schemes in management.

The incentive means any act or promise which induces an individual to respond in the desired manner. An incentive has motivational power because it helps to satisfy a need. Incentives are of two types: (i) MONETARY INCENTIVES: Money is useful in satisfying social needs because it is considered a symbol of power, prestige and status. Monetary incentives are more powerful motivators for lower level employees and for people in poor countries like India, these incentives are more useful when they directly linked to performance. Employees will work better when they feel that the monetary incentives are worth their efforts. Types of monetary incentives are: Wages Salaries Allowances Bonus Leave with pay Retirement benefits Fringe benefits Cash and kind awards Increments (ii) NON-MONETARY INCENTIVES: These incentives are non-financial because they are not measureble in terms of money and do not add to the income of the recipient. These incentives are more helpful in satisfying ego and self a

Roles of a Personnel Manager.

Personnel managers perform the following functions: (i) To forecast and balance the demand and supply of suitable personnel for a job. (ii) To find competent employees for various positions in the organisation. (iii) To organise training program for employees. (iv) To provide proper working environment to employees. (v) To promote the spirit of cooperation and self discipline among employees. (vi) To facilitate expansion and growth of the organisation by developing people to their full potential. (vii) Controlling the activities.

The different management functions one of greater importance at different levels of an organisation.

According to Koontz and O,Donnell, classification of management is as follows: (i) Planning (ii) Organising (iii) Staffing (iv) Directing (v) Controlling These functions are so interwovened that in actual practice, it is not possible to separate them from one another. The importance of these functions are listed below: (i) PLANNING: Planning involves deciding in advance what to do, when to do it, where to do it, how to do it and who has to do it. It implies determination of the objectives to be achieved and selecting the right course of action to achieve the desired objectives. The process of planning consists of the following steps: (a) Establishing objectives (b) Making forecasts (c) Formulating policies, procedures and rules, (d) Drawing programmes, schedules, budgets etc. (ii) ORGANISING: To organise business means to provide it with everything useful to its functioning - raw materials, tools, capital and personnel. Process of organising involves the following steps: (a) Identifyin

The contribution of F. W. Taylor in Scientific Management

F. W. Taylor (1865-1915) was an American and he began his career as a machinist in Midvale Steel Works in Philadelphia, USA, and rose to the position of its Chief Engineer. Taylor was basically concerned with the problems of increasing labour productivity without putting undue strain on workers. He conducted several experiments and through his practical experiments he developed a theory of management which came to be known as 'Scientific Management'. Therefore, Taylor is known as the father of Scientific Management. Scientific Management implies the application of scientific methods of study and analysis to the problems of management for improving efficiency. It involves observations and analysis of each task, determination of the standards of work, selecting and training men to perform their jobs and ensuring that the work is done in the most efficient manner. The main objective of scientific management is to increase the efficiency of production in industrial organisations.

The principles of Marketing Management with examples.

According to American Marketing Association Marketing, marketing is defined as the performance of business activities, directing of satisfying needs and wants through exchange process. Marketing Management Principles: For a successful marketing management core tasks are laid down as under: 1. Developing marketing strategies and plans: It is necessary to build and develop concrete marketing plans that specify the marketing strategy and tactics going forward. 2. Capturing marketing insights: It is necessary for managers to gather information about market potential and forecasting future demand of product. Then transform marketing strategies into marketing program. 3. Connecting with customers: This leads to gather information about customers and getting in touch with them. Also find out why they want to buy and what are they looking for in the way of features and prices ? When they shop? What are their images for different brands? 4. Developing Strong brands: Marketing manager after

Payback Period

The payback period is the length of time required to recover the initial cash outlay on the project. When the annual cash in-flow is a constant, the payback period is simply the initial outlay divided by the annual cash flow.

The concept of Total Quantity Control (TQC) and Total Quallity Management (TQM)

TQC (Total Quality Control) is an effective system of integrating quality, reliability, quality development, quality maintenance and quality improvement, efforts of the different groups in an organisation firm. TQC gives stress on prevention of defects rather than rectification. The concept of total quality is different from product quality and much more. TQM (Total Quality Management) is a new approach which leads to improve the effectiveness of the company as a whole and a sincere attempt to ensure the active participation of each and every member to work together to minimize errors, deficiencies, wastage and rejection.

Trends and challenges relating to quality in the present context of global competitiveness.

The dimensions of quality in the pesent context of global competitiveness are as follow: (i) Product's primary operating characteristics. (ii) Secondary characteristics. (iii) The probability of a product malfunctioning within a given period. (iv) The degree to which product is manufactured to the agreed specification. (v) A measure of the product's life in terms of both technical and economic dimensions. (vi) The ease of servicing (planner) or breakdown to include the speed and provision of after sales services. (vii) Artifacts and appearance of the product. (viii) How the custimer views the product.

Engineering & Management Topics

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The general safety measures taken during civil engineering construction.

The Puppose of Material management. Factors contributing significantly in material requirement planning.

Leadership & Motivation/ Two factor model of motivation.

The different functions of management.

The classic three fold concept for management.

Fundamental role of computers and information technology in reshaping an organisation.

Ideas of starting low capital investment business in India.

The role of research in Marketing.

The elements of 'marketing mix'.

Financial Statements - How they are used to give a financial picture of business.

The purpose of accounting in a business organization.

The factors which affect the location choices, both for manufacturing and services.

The caracteristics of various incentive schemes in management.

Roles of a Personnel Manager.

The different management functions one of greater importance at different levels of an organisation.

The contribution of F. W. Taylor in Scientific Management

The principles of Marketing Management with examples.

Payback Period

The concept of Total Quantity Control (TQC) and Total Quallity Management (TQM)

Trends and challenges relating to quality in the present context of global competitiveness.

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