Economics, Strategic and Financial Management Blog

Levels of management What is Management? Management is the process of ensuring that an organization or company is able to operate in both the immediate and near future . Management in business and organizations is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively . Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or initiative to accomplish a goal. Managers are charged with making decisions that will impact an organization on every level. Who is Manager? A Manager is the person responsible for planning and directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary . It is more important for the manager to know how to manage the workers than to know how to do their work well. Functions of a manager are as: ·        ...

Importance / Need / Significance of Organization/Management A sound organization contributes greatly to continuity, growth and development of an enterprise in the following ways: 1. It Facilitated Administration and management:   A properly designed organization facilitates both management and operation of the enterprise by helping in its smooth functioning through various factors, such as well-defined areas of work for employees; effective delegation and decentralization of authority; clear mutual relationships; good communication network; coordination of the activities of individuals, groups and units, adequate and control. 2. It Help in the Growth of Enterprise :  A sound organization structure is flexible enough to accommodate future changes with regard to growth expansion and diversification of enterprise’s activities. Besides, certain organization practices are developed which lead the business enterprise to expand and diversify. 3. It Ensures Optimum U...

Function and Activity of an Organization Management Management has been described as a process whereby the resources of an organization are used to achieve organizational objectives. The traditional approach, which is used to examine this process, is to condense it down to planning, organizing, leading and controlling activities which is known as POLC approach . These four functions are interrelated and are equally important in achieving the organization’s goals. For instance, a manager cannot just do the planning and ignore the other aspects. I. PLANNING: Planning is usually listed as the first function of management. This is because we must have a plan before we can organize. Planning can be defined as the management function which involves setting the company's goals and then determining the means to achieve these goals. In other words planning is about deciding how best to achieve goals and objectives. In simpler terms, planning is to decide what to do and then find ...

Characteristics and Features of Organization The main characteristics or Features of organization are as follows:   Organization has its Objectives:  Every Organization has its own objectives depends upon its nature of services and production it provides. Objectives mainly refer to the set goals that an organization wants to achieve. It may be either short term or long term objectives according to their planning and strategy. For e.g. for a garment factory, its objectives may be establishing its brand at the market and sells its product higher than its competitors and earn profit form it. Organization must identify and enumerate the activities:  After the objective is selected, the management has to identify total task involved and break down into closely related component activities that are to be performed by and individual or division or a department. Organization must have chain of command in assigning the Duties : When activities have been grouped a...

Meaning of Organization and management  Organization is the foundation upon which the whole structure of management is built. Organization is related with developing a frame work where the total work is divided into manageable components in order to facilitate the achievement of objectives or goals. In a static sense, an organization is a structure or machinery managed by group of individuals who are working together towards a common goal. Different authors have defined organization in different ways. The main definitions of organization are as follows: ·          According to keith Davis , "Organization may be defined as a group of individuals, large or small, that is cooperating under the direction of executive leadership in accomplishment of    certain common object." ·          According to Chester I. Barnard, "Organization is a system of co-operative activities of two or...

Hotels are classified according to the hotel size, location, target markets, levels of service , facilities provided, number of rooms , ownership and affiliation etc. Hotels on the basis of location Downtown / Commercial / City Hotel These hotels are situated at the heart of city, basically designed to carting sheet stay business clients. The hotel is very expensive at the startup cost is very high. Hotel Vaishali is an example of Downtown hotel in Kathmandu, Nepal. Resorts These hotels are eco-friendly commercial hotel, basically designed for long stag guest entitled from hill, bank of the river, where the natural beauty has its significances. In European countries, resorts are seasonally operated cratering establishment. Resorts provide all the facilities as offered star categories hotel link as:- Godavary village resorts is in Godavary. Transit Hotels Transit hotel are usually located such as airport, railway, station, bus station, harbor or ports to cater...

Basic needs served by the Financial System We defined the financial system earlier as a set of arrangement of financial institutions, markets   and instruments for mobilizing   the resources.  Let us illustrate how it serves the basic needs of an economy   by a hypothetical example. A business graduate is running a wholesale store of fancy goods in Kathmandu. He imports the goods from abroad and distributes them in various parts of Nepal. In the course of his business he faces the problem of receiving payments from its customers located in remote areas where modern banking facilities are not available.  His payments are delayed and he has not insured more cost for receiving the payments from those places.  Sometimes, he has to face the problem of theft in transit and other hazards.  He (the wholesaler) also has to bear the adverse effect if retailers meet such will fate in  the  course  of  their  b...