Management by objectives is a business model that encourages a team collaboration committed to achieving a company's mission. Each management level identifies a target purpose, which is agreed upon by organizational consensus. This management style was first introduced in Peter Druck's 1954 book, "The Practice of Management."
A POS or point of sale is the point at which a retail transaction is finalized, usually coinciding with the moment a customer makes a payment in exchange for goods. POS transactions are usually completed using debit or credit cards.
An advantage is that primary data is information the researcher has collected and worked with personally. It relates directly to that person's research or study. A disadvantage of primary data is that it is expensive to collect the data, and it often takes a long time to process the information.
As with any other kind of business, starting a sandwich shop requires money, resources and the approval of state and/or city officials. The first thing any entrepreneur needs to do before starting a business is to request the appropriate business license and permits.
The finance department plays a huge role in business because that's where the money is. The finance department knows how much money is needed to pay vendors, secure clients, cover bills and pay employees. This department is also in charge of filing taxes, keeping up with the current value of assets, and knowing how much cash flow the company has at any given time.
A rolling contract is a contract that has no defined cancellation date and ends only upon the request of one of the involved parties. Rolling contracts are commonly used in business-to-business and business-to-consumer transactions, such as rental agreements and warranties.
An organization's personnel department handles a variety of critical functions that help meet the needs of business owners, managers and staff. Personnel departments hire and train employees, implement company policies and procedures, handle specific performance issues, determine employee salaries, ensure that fair labor laws are followed, terminate employees and much more.
Also known as a sole proprietorship, a sole trader is a form of business that is owned and operated by a single person. A sole trader does not experience many legal formalities, assumes all the risks with unlimited liability and is solely responsible for business decisions.
Organizational resources are all assets that a corporation has available to use in the production process. There are four basic types of organizational resources: human resources, capital resources, monetary resources and raw materials.
Every incorporated firm is required to hold an annual general meeting each calendar year. In order to organize a successful annual general meeting you should plan the meeting ahead of time.
Workplace health and safety procedures are necessary for protecting employers and employees against certain hazards, such as disease and poisonous chemicals, according to Sherrie Scott for the Houston Chronicle. Guidelines are meant to enhance productivity. Health and safety procedures are also in place to prevent workplace violence.
While external customers place orders for a good or service and ultimately pay for it, internal customers do not. External customers are also external to the organization supplying the good or service, but most internal customers are not.
A business solution is a combination of ideas used to help a company achieve its objectives. A business solution comes in terms of marketing, payroll, auditing, accounting market research and analysis, among other essential business activities. Businessmen set up companies to solve specific business problems. They specialize in a given niche depending on the problems in the market. A business problem is a need that a company strives to provide.
Naming a pizza parlor is a personal decision, but the names that work the best are memorable or catchy ones. A pizza parlor's name can include the owner's name like "Sam's Pizza," it can describe a feature of the business like "Family Style Pizzeria" or "Hot and Ready Pizza," or it can describe the pizza parlor's location like "Main Street Pizza."
The most common example of partnership businesses are general partnerships. Under these, there are several common kinds that include medical partnerships, legal partnerships, real estate partnership and creative partnership.
When an employer offers a positive review of past performance, it is a good idea to respond with gratitude. It can be difficult to navigate office protocol surrounding this situation, as many companies maintain strict gift-giving policies. The way in which a person responds to a good performance review often depends upon the relationship with the reviewer.
The ethos of a company is its core set of values or operating principles that are used to set the tone for the company's overall operations. In general, the ethos expresses the way that a company wants to behave. Some companies include concepts like environmental awareness or a democratic structure of communication in their overall ethos.
A tender is usually publicly announced to suppliers for the needs of services or products. The tender document contains the necessary application papers and informs of additional information that the suppliers must deliver in order to apply for the tender and enter the selection process.
Business tourism is the use of travel services, hotel facilities and other amenities by people who are traveling on business. Business tourism is on the increase, and the tourism industry separates business tourism from leisure tourism in an effort to promote the former by offering particular services for business people.
Examples of turnkey projects include houses, factories, storefronts, churches, aviation hangars and chemical production and other facilities. Turnkey projects denote contracted construction endeavors that, when completed, are ready for occupation, use or sale. New housing construction is a prevalent example of a turnkey project because builders normally finish the project before it is sold.
Project evaluation refers to the systematic investigation of an object’s worth or merit. The methodology is applied in projects, programs and policies. At the project level, evaluation involves processes such as discussing a viable evaluation plan with stakeholders; designing and planning the evaluation; collecting, identifying and analyzing information and evidence; analyzing the information; and distributing the findings to describe or understand the project and/or to make project-related decisions.