Running a business is a complex endeavor. It requires careful planning and making sure that all the pieces are in the right places to ensure success. One of the most…
Management is the process of coordinating and organizing activities of an organization. Principles of management are the essential guidelines for managing an organization. These principles are formulated to help managers…
Project managers are responsible for the effective management of projects. They are expected to manage the project from initiation to completion, and therefore must have the skills and knowledge to…
Financial reporting is one of the three audit objectives related to internal audit. The other two are compliance and operations. Here we will discuss part one out of three in…
IT as an Enabler of SCM For a supply chain to function as a system all chain members must have access to the same information. Information technology (IT) enables communication,…
A supply chain can be viewed as a system of processes that cut across organizations and deliver customer value. Rather than as a series of separate organizations and functions. In…
Companies often do not give much thought to the design of their supply chains. They often focus on cost reduction through low-cost purchasing, manufacturing, or logistics. This can translate into…
Given the highly competitive environment of today’s marketplace, seeking a sustainable competitive advantage has become a top business concern. Unlike in the past, where creative marketing initiatives were sufficient to…
A company should have a long-range business strategy if it is going to maintain a competitive position in the marketplace. A business strategy is a plan for the company that…
Today’s organizations face a number of trends that impact the way supply chains are designed and managed. These trends are a result of a fast-changing global and technologically connected economy…
There are three key characteristics of a competitive supply chain: responsiveness, reliability, and relationship management. We discuss these here. Responsiveness The ability to respond to customers’ requirements in ever-shorter time…
Supply chain management (SCM) is the design and management of flows of products, information, and funds throughout the supply chain. It involves the coordination and management of all the activities…
Agency problems are a common source of frustration and confusion in business. It is essential to understand the different types of agency problems and the solutions available to help you…
To reduce agency problems and contribute to the maximization of owners’ wealth, stockholders load agency costs. Agency costs are defined as those costs borne by shareholders to encourage managers to…
It is important for organizations to address the agency problem in order to ensure effective management and decision-making. The agency problem is a conflict of interests between the principal and…