Management Theory and Practice - Bulletin Board - May 2012

Engineering and Management News  -  Knowledge@Wharton  - HBR Blogs
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31.5.2012
Cost Accounting Introduction - Updated

Risk Manager's job is to quantify the risk and when the project is approved by management with the quantified risk, the project managers is allowed to fail and the failure is well tolerated by the organized.
Permission to fail - HBR blog post by Aaron Brown 30 May 2012

30.5.2012
Innovation Projects need to be supported by Executives who can say Yes without Permission
Vijay Govind Rajan and Mark Sebell in HBR blogs
29 May 202

Six Keys to Being Excellent at Anything
Tony Schwartz
HBR Blogs August 2010

29.5.2012

Marketing Management - Online Book
updated with more entries

Managing Risky Behavior
HBR Insight Center
http://blogs.hbr.org/cs/2012/05/managing_risky_behavior.html

15.5.2012
Leaders Make or Break Employee Engagement
http://stephenjgill.typepad.com/performance_improvement_b/2012/05/leaders-make-or-break-employee-engagement.html

13.5.2012

Lecture Transcripts of Financial Accounting Course

Professor Larry Tomassini
http://fisher.osu.edu/~tomassini_1/521/

Professor provides transcripts for all his courses and additionally video lectures and audio lectures.

Management Videos

What are strategies?
_____________________________ _____________________________
Integrity - What  is it?

_____________________________ _____________________________
Electronic Records Management
UC Berkeley Even April 2012
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Five Employee Management Strategies To Start Using ASAP
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Management Theory - Literature Review Papers

Strategic Issue Management Theory
Peter Kunnas
https://wiki.aalto.fi/download/attachments/7176236/Strategic_Issue_Management_Theory_review_Kunnas.pdf?version=1&modificationDate=1226694674000

How to Schedule Posts in Facebook (for Page Admins)

Do you schedule Facebook page posts in advance using third-party apps like Hootsuite? You may already know posts made with these apps are less likely to be read, but we have all done it from time to time.

Exciting news for Facebook page admins! Facebook recently announced their own scheduling feature.   I’m most excited about this because it means the “posted from Hootsuite” text and icon are no longer necessary when you must schedule a post. 

If you are a business owner and page admin with a longer to-do list than there are hours in the day (or if you simply want more free time), the new Facebook scheduling feature will allow you to provide content to your fans in less time than was previously possible, without using a third party app!

How to Schedule Posts in Facebook (for Page Admins):
Refer to the official Facebook graphic below.

How Far Out Can I Schedule?
At the time of this post, Facebook posts can be scheduled up to six months in advance at 15-minute intervals.

Any Cons?
One catch (at the time of this post)? According to Mashable, “once you schedule a post, you can’t modify or edit the content, only the time.”  My guess? Facebook will remedy this soon. 

Where to Review Scheduled Posts?
Want to review scheduled posts? Again via Mashable, click on “manage” at the top of your page, then select “activity log” from the drop-down. 

Ready to Get Started?
Now would be a great time to block out a few hours to create “evergreen” content if you don’t already have some handy.  Photos, helpful info, inspirational tid bits, you-name-it.  I typically write my content in a working word doc, then copy/paste one update at a time, adding photos and links. 

Remember...
Of course, you’ll want to have access to Facebook to check for replies/likes/questions.  Still overall a time-saver in my book, though.

Hope you enjoy!

 
Laura is a marketing professional and blogger who has been active in social media since 2005.  If you enjoyed this post, please consider subscribing to this blog via Email or  RSS. Laura can also be found on Twitter (@LauraCatherineO), Facebook, and LinkedIn. 

Discover InterContinental Danang Sun Peninsula

VNRE - InterContinental Danang Sun Peninsula Resort is re-defining the luxury resort experience. Embedded in the hills of the famous Son Tra Peninsula, the resort features beachfront villas with private pools and a range of more than 20 suites. 

The resort will have a wide selection of restaurants that offer both local and international delights. From the spectacular views at Citron, to unforgettable world-class dining at La Maison 1888, to a dining in the sands experience at the Barefoot Cafe; there is abundant variety and excitement to cater for all.

Source: Sun Group | InterContinental Hotel Group

Follow @vnre

Knowing When To Say "Thank You" To Your Customers

In your leadership role, it's vital that your team members know how to deliver excellent customer service. "Knock Your Socks Off" type service as book editor Ann Thomas and Jill Applegate would say.

Part of delivering excellent customer service is saying "Thank You" to your customers and knowing when to say "Thank You".

Thomas and Applegate recommend telling your customers "Thank You" during at least these nine situations:

1. When they do business with you...every time.
2. When they compliment you (or your company)
3. When they offer you comments or suggestions
4. When they try one of your new products or services
5. When they recommend you to a friend
6. When they are patient...and even when they are not so patient
7. When they help you to serve them better
8. When they complain to you
9. When they make you smile

You and your team members can say "Thank You":

• Verbally
• In writing (and don't underestimate the power of personal notes via snail mail)
• With a small, tasteful, appropriate gift

Decision Making

Introduction

Decision making is the actual selection from among alternatives of a course of action.

Decision making is involved in various functions of management. Hence, it is a step in planning. Planning occurs in managing organizations or in personal life whenever choices are made in order to gain a goal in the face of such limitations as time, money, and the desires of other people. The steps involved in planning are:

1. Being aware of opportunity

2. Establishing objectives

3. Premising

4. Determining alternative courses of action

5. Evaluating alternative courses

6. Selecting a course

7. Formulating derivative plans

Developing Alternatives

Planning comes into picture whenever a goal is to be attained. Choice of goal itself is a planning problem. If we assume that there is a goal to be achieved, the next step in the planning is to develop planning premises. Premises are planning assumptions, the future setting in which planning takes place. We can term them as the environment of plans in operation. Premises include forecast data of a factual nature, applicable basic policies, and existing company plans.

Developing alternative courses of action is taken as the first step in decision making. Managers have to develop alternative courses for any decision to be made. A sound adage for the manager is that, if there seems to be only one way of doing a thing, that way is probably wrong. More rationally, a planning priniciple called principle of alternatives can be specified. In every course of action, alternatives exist, nd effective planning involves a search for the alternative representing the best path to a desired goal.

The ability to develop alternatives is often as important as making a right decision among alternatives. Ingenuity, research, and perspicacity are required to make sure that the best alternatives are considered before a course of action is selected.

Principle of Limiting Factor

Chester Barnard has written, "the analysis required for decision is in effect a search for the "strategic factors."

Stategic factors and limiting factors are synonyms but Barnard suggests that we use the term limiting factor for physical things and when personal or organizational action is the element, we should use the term strategic factor. When we want to achieve some goals of system, we examine its parts or factors. Strategic factors or limiting factors are those parts or factors which if changed would accomplish the desired purpose if other factors or parts remain unchanged. The principle of limiting factor says, if in developing alternatives, the more an individual can recognize and solve for those factors that are limiting or critical to the attainment of a desired goal, the more effectively and efficiently he can select the most favorable alternative.

Discovery of limiting factor lies at the basis of selection from alternatives and hence of planning.

Process of Evaluation

After a reasonable number of alternatives have been developed, the next step in decision making is evaluating these alternatives. In most decisions, there are certain tangible factors to be assessed in terms of dollars, man-hours, machines hours, units of output, rates of return on investment, or some other quantitative unit. There are other factors that can be hardly quantified. However, both the tangible and intangible factors must be weighed in deciding upon a course of action.

Basis for Selection Among Alternatives

Experience

Business Research and Analysis

Operations Research

Experimentation

Evaluating the Decision's Importance

Size or length of commitment: If a decision commits the enterprise to heavy expenditure of funds it should be subjected to suitable attention at top management level.

Flexibility:Decisions involving inflexible courses of action need attention.

Certainty of goals and premises: Production decisions based on order backlog are more routine in comparision to made to stock decisions.

Quantifiability of variables: If variable can be quantified decision making is more routine.

Human impact: Where the human impact of a decision if great, its importance is high.

 Rationality in Decision Making

Economics is a subject that is developed under the assumption that people take rational decisions. When is a person thinking or deciding rationally? A rational decision making implies that the decision maker has a clear understanding of all alternative courses of action by which the goal sought can be reached under existing circumstances and limitations. The decision maker also must have the knowledge to analyze the alternatives in light of the goal sought with a desire to find out the best solution that effectively and efficiently satisfies the goal achievement.

Herbert Simon proposed that managers may not achieve complete rationality in many decisions. It is difficult to recognize all alternatives to reach a goal and also it may not be possible to analyze all alternatives. Hence managers resort to satisficing and find solutions that appear satisfactory to them and their associates in the circumstances.

Creativity and Innovation

Developing alternatives and finding novel ways that are profitable alternatives requires creative thinking. Weihrich and Koontz explain creative thinking as four step process.

1. Unconscious scanning
Allowing the mind to think over the problem and do its process without a conscious effort.

2. Intuition
Intuition is an answer to the problem that is thrown up by the mind. This is the output of the unconscious scanning effort.

3. Insight
Insight also an idea that comes up during investigations to solve a problem. They are to be captured immediately on paper to make us of them later.

4. Logical formulation or verification
Intuition as well as insight is to be tested through logic or experiment. The logical verification is done first by the person himself and then by inviting critiques from others.

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Video Lecture - Presentation - Making Great Decision

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http://www.youtube.com/watch?v=uA0ZGe-OLK4
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Updated 29.5.2012

Original knol - http://knol.google.com/k/narayana-rao/decision-making/ 2utb2lsm2k7a/ 188

Management - Definition and Process

Definition of Management: Its Nature and Purpose

Management of an organization is the process of establishing objectives and goals of the organization periodically, designing the work system and the organization structure, and maintaining an environment in which individuals, working together in groups, accomplish their aims and objectives and goals of the organization effectively and efficiently (Narayana Rao). (3rd December 2008, Version 1 of this article)

The above definition was a modification of the definition given by Koontz and O'Donnell.

The definition implies the following.

(i) Management is a process.
(ii) Management applies to every kind of organization, government, profit making, or nonprofit making.
(iii) It applies to managers at all levels in the organization.
(iv) Management is concerned with effectiveness and efficiency.  Effectiveness is producing the product or service the customer wants in business context with the required functional benefits and product attributes at the price he is willing to pay. Efficiency is minimization of resources to produce the saleable output.

Weirich and Koontz

Weihrich and Koontz defined Management and explained it as follows in the tenth edition of their book Management: A Global Perspective (p.4).

"Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently and accomplish selected aims." This definition needs to be expanded:

1. As managers, people carry out the managerial functions of planning, organizing, staffing, leading, and controlling.
2. Management applies to any kind of organization.
3. It applies to managers at all organizational levels.
4. The aim of all managers is the same: to create a surplus.
5. Managing is concerned with productivity; this implies effectiveness and effciency.

Functions of Management

The process of management can be better understood by breaking it down into the five basic functions of a manager – planning, organizing, resourcing, leading and controlling. All the management concepts, principles, theories and techniques can be grouped under these five functions.

Management Functions at Different Organizational Unit Levels

All managers carry out managerial functions. However the proportion of time spent for each function may differ from level to level. The top managers may spend more time on planning in choosing the corporate objectives and business unit objectives and in developing the work system and the organization structure. The first level supervisors may spend more time in leading the staff under them and in doing operational control.

Managerial Skills

Managers require four kinds of skills: technical, human, conceptual and design.

1. Technical skills are knowledge of and proficiency in working with the tools and specific techniques on given processes. For example, mechanics work with tools, and their supervisors should have the ability to train them how to use these tools and periodically evaluate and improve the skills of the staff under them. Similarly accounts use various formats of accounting records like journal, ledger, trial balance, balance sheet and use various procedures like entry, posting, reconciliation and reversing etc. and the supervisor of the accountants has to know these records and procedures to train the staff under him and evaluate their work for accuracy. The first level supervisors have to demonstrate or use their technical skills on a day to day basis as managers.

2. Human skills are the concepts, methods and techniques that facilitate working with people. Managers have to create an environment in which people feel comfortable, motivated, secure, and committed to the objectives and goals of the group or the organizational unit in which they are members.

3. Conceptual skill is the ability to see the “big picture.” It is the ability to recognize significant issues or elements in a situation and to understand the relationships among these key issues.

4. Design skill is the ability to solve problems in ways that benefit the enterprise. To be effective managers in the organization must be capable of doing more than just seeing a problem (If they merely confine their attention to the problem, they become ‘problem watchers’ and they will not fulfill their responsibility). They Must have, in addition to the skill of identifying key problems, the skill of a good design engineer to work out a practical solution to a problem in the light of the realities they face in the situation.


The intensity or frequency with which these groups of skills are applied varies with the managerial level.

First line supervisors use their technical skills on a day to day to basis to observe the working of the staff in the department or section and guide them in carrying out the allotted tasks as per the specification of the customer or the design and in proper use of machines and tools. Quality and quantity control on a continuous becomes the important responsibility of first line supervisors and technical skills play a very important part in this role.

At the top level, conceptual skills and design skills have to be employed to recognize the opportunities and threats that keep on emerging in the environment. Solutions to benefit from the opportunities and contain the ill effects of threats have to be developed.

My article in my blog on the same topic

http://nrao-mgmt-smi-handbook.blogspot.com/2007/10/principles-of-management-chapter-1.html

____________________________________________________________________________

Video Introduction to Management

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Related Knols

Principles of Management – Koontz and O’Donnell

Planning - A Management Process

Decision Making

Resourcing - A Function of Management

The concepts of Leadership and Management

Leardership

Gestalt Techniques in Supervision and Management

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Original post - http://knol.google.com/k/narayana-rao/management-definition-and-process/ 2utb2lsm2k7a/ 547

Managerial Skills

Principles of Management Revision Articles Series

Managerial skills are identified and links are given to knols containing detailed explanation of various skills. Number of videos are also available on various managerial skills.

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Introduction

Managerial skills are classified as technical, human and conceptual by Katz.

For a manager managing any activity, the actual work involved in the activity is technical skill.

Ability to communicate with other persons in the department or organizations and the ability to understand their desires and persuade them to ones point of view are human skills. Conceptual skills are understanding of how customers of the department or organization react as a group to various activities.

Similarly a manager has to understand how suppliers to his department react as a group. Here economic consequences, political consequences, and social consequences come into play and a manager must be able to visualize all these likely outcomes in coming out with his objectives, strategies and tactics. (http://arulmj.tripod.com/mgrlskls.html).

In words of Katz, the administrator needs: (a) sufficient technical skill to accomplish the mechanics of the particular job for which he is responsible; (b) sufficient human skill in working with others to be an effective group member and to be able to build cooperative effort within the team he leads; (c) sufficient conceptual skill to recognize the interrelationships of the various factors involved in his situation, which will lead him to take that action which achieves the maximum good for the total organization.

I define engineering management using this explanation. Engineering management refers to management of those functional areas of an organization where the main skills applied are related to engineering and technology.

To understand the idea of managerial skills, we need to understand the meaning of the word skill.

Skill - Dictionary meanings   

a: the ability to use one's knowledge effectively and readily in execution or performance b: dexterity or coordination especially in the execution of learned physical tasks
a learned power of doing something competently: a developed aptitude or ability
http://www.merriam-webster.com/dictionary
 
skill: Definition
Ability and capacity acquired through deliberate, systematic, and sustained effort to smoothly and adaptively carryout complex activities or job functions involving ideas (cognitive skills), things (technical skills), and/or people (interpersonal skills). 
http://www.businessdictionary.com/definition/skill.html

 

Noun: skill  skil
An ability that has been acquired by training
- accomplishment, acquirement, acquisition, attainment
Ability to produce solutions in some problem domain
"the skill of a well-trained boxer"
http://www.wordwebonline.com/en/SKILL

Skill
The familiar knowledge of any art or science, united with readiness and dexterity in execution or performance, or in the application of the art or science to practical purposes; power to discern and execute; ability to perceive and perform; expertness; aptitude; as, the skill of a mathematician, physician, surgeon, mechanic, etc.
http://www.dictionary.net/skill
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Managerial Skills – A View

 

The above dictionary definitions indicate that  skill denotes the ability to perform a task effectively and efficiently. The ability to use one's knowledge effectively and readily in execution or performance points out it. The meaning, "The familiar knowledge of any art or science, united with readiness and dexterity in execution or performance," also denotes it.

So managerial skill is to be understood as the ability to perform managerial tasks effectively with readiness and dexterity.  Skills requires knowledge and ability to apply that knowledge competently and efficiently has to be acquired by practice. A skilled person is one who has done the job effectively number of times and in the process of doing so, improved his efficiency at the job.

Various authors identified certain tasks of management discipline. Some authors have identified a list of managerial skills many of them being the tasks of management..
The book by William R. Tracey, Leadership Skills can be used to develop an understanding of  managerial skills.

 

Leadership Skills by William R. Tracey, Amacom 1990

 

Main Chapters

 

1. Forecasting: prelude to planning
2. Strategic planning
3. Budgeting
4. Marketing
5. Innovating
6. Resolving conflict
7. Disciplining
8. Rewarding
9. Improving Productivity
10. Managing costs
11. Managing time
12. Managing change
13. Managing ethics
14. Developing yourself

15. Leading

Managerial Skills

Whetten and Cameron provided an empirical derivation of effective leadership skills. They are:
1. Verbal communication (including listening)
2. Managing time and stress
3. Managing individual decisions
4. Recognizing, defining, and solving problems
5. Motivating and influencing others
6. Delegating
7. Setting goals and articulating a vision
8. Self awareness
9. Team building
10. Managing conflict

David A. Whetten and Kim S. Cameron, Developing Management Skills, Harper Collins, New York, 1991.

Profit Sense - An Important Managerial Skill

I now feel profit sense is an important managerial skill. Every manager should spot profit opportuniites and evaluate them for assuring that the profit is there in the proposal and select the best portfolio of  profitable projects and initiatives for his department or section.

Links to Knols with Material on Managerial Skills

 
1. Forecasting: prelude to planning
2. Strategic planning
What is Business Strategy?
3. Budgeting
Budget, Budgeting and Budgetary Control
4. Marketing
The Marketing Concept - Kotler
5. Innovating
6. Resolving conflict
7. Disciplining
8. Rewarding
9. Improving Productivity
Earlier link was provided to 7 Principles for Improving Workflow. A new link is to be given now.

10. Managing costs
11. Managing time
12. Managing change
13. Managing ethics
14. Developing yourself
15. Leading

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Videos on Managerial Skills

Managerial Skills Videos - Knol Book

Your browser does not support iframes.

 A Recent Book Recommended for Trainers and Self Learners

Training in Interpersonal Skills - Book Information and Review

http://nraomtr.blogspot.com

Original Knol - Number 428

Business Logistics - An Introduction

Logistics – Introduction

A dictionary definition of logistics is “the branch of military science having to do with procuring, maintaining, and transporting material, personnel, and facilities.”

The definition promulgated by the Council of Logistics Management (CLM), is: “Logistics is the process of planning, implementing, and controlling the efficient, cost-effective flow and storage of raw materials, in-process inventory, finished goods and related information from point of origin to point of consumption for the purpose of conforming to customer requirements.”

Ballou explained that in the context of manufacturing it appears from the definition that the logistician is concerned with flow of goods to and from his firm. But the responsibility extends to the flow of components and goods through the production process as well. But the logistician may not deal with detailed production processes, machine scheduling, quality control etc. in the production process. Also the manufacturing logistics definition excludes maintenance which is a part of military logistics.

The mission of logistics in a business firm is to get the right goods or services to the right place, at the right time, and in the desired condition, while making the greatest contribution to the firm. Value in logistics is a combination of time, place and cost.

Logistics is about creating value – value for customers, value for suppliers and value for the firm’s stakeholders.

The Activities of Logistics Function

Council of Logistics Management identified the following:

• Customer Service
• Demand Forecasting
• Distribution Communications
• Inventory Control
• Material handling
• Order Processing
• Part and Service Support
• Plant and Warehouse Site Selection
• Purchasing
• Packaging
• Return Goods Handling
• Salvage and Scarp Disposal
• Traffic and Transportation
• Warehousing and Storage

Case for Organizing a Separate Logistics Department

Both marketing and production have recognized the importance of logistical activities. According to Philip Kotler, “Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges with target groups that satisfy individual and organizational objectives.”

Therefore distribution of goods is identified as an important activity in marketing. Ballou quotes, McClain and Thomas, who stated that operations management has the responsibility for the production and delivery of physical goods and services. Hence delivery of goods at destinations required by the customer or the sales department is recognized as a part of operations management function.

But Ballou argued that both marketing and production have more important core activities to perform and hence logistic activities may not get adequate attention. According to him marketing may be given the job of creating possession value and production may be given the job of creating form value. A separate logistics department would be concerned with providing time and place value. Ballou recognized the interface problems that arise as more departments are created and hence stresses the need for coordination.

Objectives of Business Logistics Function

The logistics function has to earn the highest possible return on investment over time as far as internal objective is concerned. But to achieve this internal objective it has to first achieve external objectives. It has to earn revenue and minimize costs.

Therefore a logistics system has to be designed and operated considering its impact on revenue contribution that comes through the quality of customer service provided and cost of logistics facilities, system and operation.

Costs of logistics function include capital costs are operating costs. Wages, public warehousing (rented warehouses or warehouse space) expenses, public transport expenses, financial expenses related to inventory investment, other administrative expenses are examples of operating costs. Capital costs are one time costs, own warehouse, own trucks are examples of capital costs.

The financial objective of the logistics function can be expressed as “Maximize over the time the ratio of the annual revenue (due to the customer level provided) less the operating costs of the logistics system to the annualized investment in the logistic system.”

Time value of money may be considered and the objective can be expressed in net present value (NPV) terms or internal rate of return (IRR) terms.

Study of Logistics

Study of logistics can focus on management process and the skills needed to perform the activities involved. Management process can be briefly described as planning, organizing and controlling. The three important domain areas of logistics are facilities location, inventory levels and mix, and transport facilities. Logistics function is concerned with providing service levels to customers and managing costs appropriately for the company. All decision making requires information. Study of logistics includes principles and practices related to the above issues.  Some of the issues are discussed in detail in specialized texts related to those areas and a logistician has to examine them now in the context of logistics.

References

Ronald H. Ballou, Business Logistics Management, Fourth Edition,  Prentice Hall Int. Inc., USA,  1999.
Joh O. McClain and L. Joseph Thomas, Operations Management: Production of Goods and Services, Second Edition, Prentice Hall, USA, 1985.


Dean Clemente - Presentation on Logistics and Distribution
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http://knol.google.com/k/narayana-rao/business-logistics-an-introduction/ 2utb2lsm2k7a/ 1384

Financial Management - An Overview

Financial management revision article series

Authors

• Narayana Rao

Published

Version 8

Last edited: 18 Oct 2009 on Knol

Exported: 26 Nov 2011

Updated on Blog 30.5.2012

Original URL: http://knol.google.com/k/-/-/2utb2lsm2k7a/377

Financial Management - The Scope

Financial management is concerned with monitoring financial markets, approving financial investment projects in the organization, procuring the finance from the market to finance the project, and conforming to the contracts signed with the providers of finance.

Thus the important activities are

1. Monitoring financial markets to understand the desires of the providers of finance

2. Investment decisions within the company

3. Financing decisions - From whom to procure funds?

4. Dividend decisions - Conforming to the contracts.

Evolution of Corporate Finance Area or Subject

The early phase of corporate finance subject had  focus on episodic events in the life cycle of a corporation. The typical and popular book of this phase is the book, The Financial Policy of Corporations by Arthur S. Dewing, Professor of Finance at Harvard University (published in 1918). The book had a descriptive and institutional material regarding formation of company, issuance of capital, major expansion, merger, reorganisation, and liquidation.

In the early 40s a transition occurred and along with the external focus related to major events, greater emphasis was placed on the day-to-day internal activities of financial management in the area of funds requirement analysis, planning, and control. A representative work of this phase is Essays on Business Finance by Wilford J . Eiteman et al. (published in 1953).

The modern phase began in mid-fifties with application of economic theory and quantitative methods of analysis. Financial decision making has become analytical and quantitative and financial decision making activity has become dominant.

Goals of Financial Management

Financial theory, rests on the premise that the objective of the firm should be to maximize the value of the firm to its equity shareholders.

This value is could be equal to the market price of shares in stock market with good liquidity. But financial managers may have to calculate the discounted value of expected future cash flows and compare with the market price. In case of discrepancies they may have to communicate to the financial markets their point of view.

Basic Considerations of Financial management: Risk and Return

In the context of evaluating an investment proposal, from the point of view of finance function, risk and return are the relevant dimensions. Higher return from a proposed project increases market value and higher risk decreases market value.

Financial Decisions in a Firm

While a formally specified person performs the financial market monitoring and procurement of finance functions, the investment decisions and performance of investments are in the hands of operating executives. Finance sense has to be there in each and every employee of an organization to make an organization financially viable and successful.

The marketing persons who do market research provide estimates of market size, revenue generation which form the basis of project proposals.

The engineers, who select location for the plant, equipment shape the investment decision of the firm by providing various alternatives.

The purchase managers actions influence the level of inventories.

The sales managers' assessments determine the receivables policy.

Department managers actually plan and control expenditures.

Thus many activities that are a part of financial function are performed by operating executives. But there are many tasks of finance function that can be done by specialist financial officers. Traditionally, the financial officers are grouped into controller's office and treasurer's office.

The treasurer's office is responsible for

Obtaining finance

Banking relationship

Cash management

Credit administration

Controller's office is responsible for

Financial accounting

Internal auditing

Taxation

Management accounting and control

 

References

Prasanna Chandra, Financial Management, 5^th Ed.,  Tata McGraw Hill, 2001
Brealey and Myers, Corporate Finance, Fifth Edition, Prentice Hall India, 2001

 

 

 Video Lecture on Introduction to  Financial Management

__________ __________

Featured App and Tutorial: Flickr

Screenshot of one of my Flickr albums
from the N Chas Arts Festival

Are you a blogger who takes photos with your iPhone?  Have you been emailing the photos to yourself (one at a time) to save on your computer for posting on your blog? I’m embarrassed to admit that is what I was doing just a few months ago.  It can be downright exhausting (smile).  I knew there was a better way!

So, I turned to Flickr to see if there was a mobile app.  Of course, there was. Why hadn't I thought of this sooner? Before I share the details on how to use this super-easy (and free) app, I want to mention there is another mover and shaker app that allows you to save photos from your iPhone to your computer.  I’m sure I will give that a go next, and review it for you here.  Until then, I’m sharing Flickr info.  After all, plenty of bloggers like to drive traffic to their Flickr accounts, so it is still a winning app for me.

This is an app review and tutorial in one. I've reviewed a few other apps as well - view them here.

Name of app: 

Flickr

About the app: 

Flickr allows you to upload sets of photos from your iPhone to your Flickr account (7 at a time) and have easy access to them later, when you want to share them on your blog.

What I love most: 

It's a huge time-saver for me - no longer having to email photos to myself from my iphone library, download them from my email, and save to my computer for use in my blogging later.

Cost of app: 

Free (at the time of this post)

Any cons?
I've always felt like the process to save photos to your computer from Flickr involves more steps than necessary.  Instead of a simple right-click/save, you have to view the photo individually, then right click and select your download size, wait for that to load, and then right-click save again.  It does get faster once you get the hang of it.  The reasoning? Flickr allows you to grab various sizes/resolutions, which comes in handy if you're sharing photos with the media for possible print use.  That said, the embed option (explained later) may be faster for some bloggers. 

Now, onto the tutorial!

How to upload photos to Flickr from your iPhone
(Flickr is also available on Android phones - the uploading process is very similar)

1. First, search for “Flickr” in the app store and download the free app.

2. Next, you’ll need to login with your Flickr credentials.  If you have a yahoo account, your email and password will work. Otherwise, you can create an account in just a few simple steps.

3. Now it’s time to upload your photos!  On the iPhone, you click on the uploader icon on the top right after you’ve logged into your Flickr account.

4. Next, you select “take photo or video” or “select from library”. I love that you can upload multiple photos!

5. Now it’s time to add the photos to an existing set or create a new one.  You can also just keep them in your regular photostream.  I have found it comes in handy later to be organized with sets from the beginning.

6. Select “public” or “private” as your privacy level, then, click “upload”.

You’re all set! When you need the photos for blogging (or otherwise), visit your Flickr account from your computer and select the photo(s) from your photostream.  Right click on each photo when enlarged and follow simple download instructions.  OR, simply embed the photo into your blog post by grabbing the html embed code under "share" and selecting your embed size. 

Added bonus:
Flickr has a photo editing tool that allows you to crop and adjust photos.  It's available from your regular computer - select "edit photo in Aviary" under "actions" when viewing a photo individually.  Crop, adjust and save.

When you return to your computer to compose your next blog post, simply login to Flickr.com and grab whatever photos you’d like to embed.  Or, download the photo(s) by right-clicking and selecting the desired photo side. 
Laura is a marketing professional and blogger who has been active in social media since 2005.  If you enjoyed this post, please consider subscribing to this blog via Email or  RSS.

Laura can also be found on Twitter (@LauraCatherineO), Facebook, and LinkedIn. 

Vietnam’s top 10 architecture, property firms recognized

BCI Asia, a construction media group in Australia, picked 10 most active architecture firms and property developers in Vietnam for the annual BCI Asia Top 10 Awards held in HCM City last Friday.

The eighth award recognized developers and architecture firms building and designing the greatest volume of buildings in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

In the architecture category, The BCI Asia Top 10 Awards 2012 went to companies such as Aedas Vietnam, DA Urban Architecture, DP Consulting, dwp design worldwide partnership, HTT Architect & Associates, and RSP Architects Planners & Engineers (Vietnam).

In the developers category, CapitaLand (Vietnam), Duc Khai, Keppel Land Vietnam, Sai Gon Thuong Tin Real Estate JSC (Sacomreal) and VinaCapital are among the awarded companies.

The portfolios of these elite architecture firms include US$6.8 billion worth of properties scheduled to start construction in Vietnam this year while the portfolios of these top developers contain US$3.3 billion.

The awards are bestowed to firms that will shape the built environment of tomorrow, enabling the market to better understand the important roles these firms play and their impact, both socially and on the environment.

Matthias Krups, chairman of BCI Asia, said innovation for designs and long-term solutions for sustainability were seen in examples of projects by this year’s Top 10 Award winners.

He said the fact that buildings are responsible for as much as one third of global greenhouse gas emissions and 40% of global energy used. Sustainable development is starting to be recognized stronger by the market players around the world. This trend is witnessed in Asia as well. - Saigon Times

Birth Stones in Healing - by Rizwana Mundewadi

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Since the past year I have been dwelling on the thoughts of stones and they have also come up during my healing paintings. With the amethyst being my birth stone I have been fascinated with the immense healing properties of rose quartz and Jade stones.

The jade stone a beautiful green coloured stone is considered one of the  most auspicious in feng shui to attract good luck and prosperity. green being the colour of growth and vegetation it is used in all healings for bringing about change and growth. The rose quartz a pink healign stone used for healing the mind and body along witht he soul to bring about acceptance and self love. This stone not only aids in  healing physical body ailments but also develops feeligns of self acceptance and love which enables  the healee to understand their self and accpet their situations for a better future life.

Birth stones have been used since ages to ward off evil luck and achieve great wealth and prosperity. Birth stones are a symbolic of power, wealth and luck. Gems and stones have been a symbol of luxury not only that they represented richness but also in cases of any misfortune they could be sold for a large price. We have seen the powers of birth stones and the stones have energy to attarct positive vibrations from the universe and help its wearer to progress in life.

Different months have different stones that are beneficial for healing. The birth stones when worn in the correct finger and according to your birth chart will aid in increased awareness, remove negativity, increase inner strength, bring stability and courage, increase creativity and bring about a new freshness in the life of the wearer.

Birth stones help to become more communicative and open up the blocks in chakras which prevent progress in your lives and the right stone can work miracles!

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Make A Pledge To Hire A Veteran By Year's End

As we wind up this year's Memorial Day, consider making a pledge, as Siemens Corp. has done, to hire a veteran.  For Siemens, by the end of this year, they will have hired almost 1,000 vets across many of its U.S. businesses.

According to Siemens Corp. President and CEO Eric Spiegel, as featured in this week's Bloomberg's Business Week magazine, "Veterans make excellent employees and leaders."  He adds that it can also be a tremendous boost to corporate morale.

When hiring veterans, G.I. Jobs recommends that you hire because of the veteran's attributes and qualities instilled by his/her military service.  Spiegel agrees.  He says, "The veterans we hire score well for leadership, discipline, work ethic and team skills.  These are people who are focused on getting the job done and getting it done right, regardless of the challenge."

Don't get hung up on trying to match the technical skills developed in the military to specific civilian job requirements.  That's the biggest mistake employers make when hiring ex-military people, reports G.I. Jobs.

The Four Components That Create Customer Satisfaction

Great customer service tips from author Micah Solomon's new book, High-tech, High-touch Customer Service:

You provide value when you deliver the four components that reliably create customer satisfaction:

• A perfect product or service
• Delivered in a caring, friendly manner
• On time (as defined by the customer)
• With the backing of an effective problem-resolution process

Micah has been named by the Financial Post as “a new guru of customer service excellence.” He is a keynote speaker and consultant on customer service issues, the customer experience, and company culture.  He previously coauthored the bestselling Exceptional Service, Exceptional Profit.