Category Archives: Business

The Importance of Strategic Management

Looks at the importance of strategic management in business. This paper explores the importance of strategic management in both local and international business. The paper focuses on two ways of conceptualizing strategy; the first is the impact of managerial careers on the kind of strategy that firms choose and the second is the impact of careers on the success with which given strategies are implemented. The paper looks at joint venture governance and shows how strategic management ensures the success and failure of any company. “Strategic management has to do with managerial decision making, and it like considers an enterprise as a whole entity interacting within a dynamic social, economic, political and competitive environment. It focuses on corporate resources and processes to reflect top level choices in corporate business definition and values established under conditions of uncertainty and imperfect information. Strategic planning determines where an organization is going over the next year or more, how it’s going to get there and how it’ll know if it got there or not. Far more important than the strategic plan document, is the planning process itself. (McNarma) Development of the strategic plan greatly helps to clarify the organization’s plans and ensure that key leaders are all on the same script. It is the process of development of strategy that ultimately decides how the company will proceed and what managerial decisions would be taken over the course of a financial year.”

Frederick W Taylor

Discusses theories of the American businessman/thinker in scientific approach to management. Examines goals, principles, human & technical problems, production levels and worker education. write my essay reddit Born near the mid-point of the nineteenth century, Frederick W. Taylor, is a striking example of the self-made man who, through his own efforts and intelligence, not only dramatically altered his own life, but also revolutionized the theory and practice of management. Taylor came on the scene in America at a time (1880 to 1890) when industrialization had hit a peak and the growing faith in science as the savior of man and his endeavors was becoming a significant aspect of the American ethic. Taylor synthesized these elements into both a theory of management practice and a scientific method applicable to the solution of management problems (Merrill 66).

One of the characteristic developments in American industry which was coincidental with Taylor’s appearance and work, was the growing separation of attitudes and objectives of labor and(…)

Compensating and Rewarding in the Workplace

Summarizes different ways that company employees can be compensated and rewarded fairly.

This paper describes various ways through which employees can be compensated suitably. The paper first addresses the market-driven pay system, and looks at the positive and negative employee responses to this system. The paper considers the benefits and disadvantages of this system for the organization and also looks at other approaches to establishing base pay, that include incentive pay and benefits. The paper examines the types of benefits there are and what the criteria should be for choosing these benefits. “Market-driven pay system has all the characteristics of a traditional base pay system plus more, going through all the steps such as job analysis, market survey, job evaluation and creation of pay ranges. Structuring this pay system begins with the personnel department recording the responsibilities and functions associated with each job in the firm. This is followed by each employee giving his own version regarding his job responsibilities and functions usually by filling out a preset job questionnaire. Both of the versions are used to finally establish job descriptions. This is followed by grouping the jobs in a hierarchy according to a job’s significance to the firm and assigning appropriate grades to them based on the job descriptions. A market survey is conducted in the next step in order to collect pay data of other organizations in similar business and with similar demographics. This step is undertaken by contacting other employers and various independent human resource consulting groups.”