Your business guide

  The Delphi method The Delphi method is one of the commonly used group decision making methods in an organization . The Delphi technique is a research-based iterative cycle that gathers individual opinions, helps with identifying a consensus of expert opinion using a set of questionnaires. This method  is also known as a qualitative forecasting method. The Delphi method was introduced by Norman Dalkey in the 1950’s. This was a project sponsored, used by the military of the U.S.A . The classical Delphi method was developed in order to allow participants express their ideas freely, to distil the perspectives of the members, to give participants a chance to explain, changing their view points with regards to the other members point of view, to quantitatively investigate on the gathered information . The questionnaires for this method are designed to understand complications, discover opportunities, solutions, and for predicting the future of the organization. The questionnaires are r

Hawthorne study The Hawthorne study is a well-defined assessment which is useful for many experiments in sociology. This exploratory and social examinations were led by Elton Mayo during the years of 1924-1932 at Western Electric company’s Hawthorne works in Chicago.  The basic purpose of Mayo was to examine how various factors of the working environment such as circumstances of breaks, lighting of the workplace, length of a working day impact on the efficiency of a worker.  The Hawthorne experiment drew out that productivity of a worker does not only depend on the financial compensation paid to them, that productivity of staffs depends majorly on the satisfaction of employee.  Illustrative experiments, relay assembly test room experiments, mass interview program, bank wiring test room experiments were used to to find out the facts which bring fluctuation in workers productivity. Illustrative experiments: Illustrative experiments are a study which was conducted to find out whether the

Skills and roles of a manager It is important that every manager is skilled to handle dynamic situations, to achieve  organizational goals and objectives by using the scarce resources efficiently.  Robert  L. Katz introduced 3 basic abilities a manager should essentially hold. They are: Technical skills Human skills Conceptual skills  1.Technical skills Technical skills are the skills of a  particular field which can be gained through education, and experience.  These abilities will  generally be more significant for the first-line workers as they directly supervise non-managerial  staffs.  2.Human skills  Human skills are the capability of working together with  people, motivating, coaching, and facilitating them.  All managerial levels of the organizational  structure should hold the human skills because all the levels of managers work with people  3.Conceptual skills Conceptual skills  are the skills to make long run plans,  decisions that would create an impact on the whole organiz

 BUSINESS ENVIRONMENT It is the surrounding of a business which affects, influences the operations of an organization.  A business environment can be classified into 2 types as the Internal environment, External environment. The internal environment The internal environment of an organization is the factors that are within the firm. These components can directly influence the business, is mostly controllable by the enterprise. The internal environment includes owners, managers, staffs, structure, culture, and resources of the organization. These factors of the internal environment create the strengths, and weaknesses of the firm . The external environment External environment consists external factors which are uncontrollable, influences on the operation of an organization. This environment generates opportunities, threats to the enterprise .   External environment can be divided into 2 types as  Micro/ immediate environment  Macro/ general environment.  Micro environment include

  THE MANAGEMENT BY OBJECTIVES  The management by objectives (MBO) cycle is a strategic approach introduced for management to work with their subordinates in a joint effort to magnify the performance of a business organization. This approach was introduced by Peter Drucker in 1954, and then was additionally evolved by numerous theoreticians like Douglas McGregor, George Odiorne, and John Humble. (Thomson, 1998) .     MBO is a process or a framework in which subordinates sit together with their managers to engage in defining their objectives, choosing their strategies to achieve them within a set time period, helps to encourage the subordinates, to identify their personal strengths and weaknesses, bring commitment and responsibility in them. Which will impact on staffs effectively working towards achieving the organizational goals and objectives .  It is a goal-directed philosophy which helps to estimate the budget of functions of organizations, helps to build communications, group wo

Manager A manager is the person who effectively handles the management process of planning,  organizing, leading, and controlling by using the scarce resources of an organization effectively in an unpredictable business environment.  Managers should have the ability to both work with people, and to make people work efficiently  and effectively. He should also be able to lead his subordinates, to provide clear direction to the organization. To become a great manager, one should be able to obtain sharp skills through learning, training, and experience. These skills should help the manager focus on the managerial process. The skills a manager should hold includes leadership, good communicational skills, and team building.  Managers have the responsibility of creating high quality customer service, employee  satisfaction among his subordinates in order to continuously work towards achieving the  organizational goals. Managers can be classified in 3 categories based on authority 1. Top leve

    Mission, vision, goals, and objectives Mission, vision, goals, and objectives are the components of a proper business plan .   Vision is the destination that an organization wants to achieve in the remote future. Vision: A vision should be very motivating, realistic, and achievable in long term .  A vision statement is created by the owners or the heads of organizations. This statement guides the entire organization towards its purpose. Mission: Mission expresses the vison of an organization in a broader way. It explains the purpose of an  organization, helps to identify the target markets, the operations of a firm plan.   A mission statement is generated to bring uniformity among the staffs who hold different skills and  opinions, to share the scarce resources effectively . A business should focus on the factors like the  product that they produce, their customers, technology, public image while preparing a mission  statement.  Goals: Goals are the long-term targets which are

 CHAIN OF COMMAND This is one of the principles that can be explained through an organizational structure. It shows the unbroken way of authority that flows from the top-level management to the low-level management of an organization.  A chain of command should be effective for communicating with the employees. It should give a clear picture to the workers on what decisions they can make on their own, the situations they should follow the commands of their supervisors.  The chain of command helps us to understand that every employee should be accountable to their immediate supervisor.  This is also used for creating specialized workers as it helps to separate works according to the  organizational structure and assigning, commanding the workers to do certain tasks. A good chain of  command also improves the responsibilities of workers as it exhibits the order of authority  and power  of a certain position in the organizational structure.