Premium Essay

Fundamental of Management

In: Business and Management

Submitted By kumaresan
Words 2286
Pages 10
1.0 INTRODUCTION
Victor Vroom was born on 9 August 1932 in Montreal, Canada. He is a business school professor at the Yale School of Management. Professor Vroom is renowned for his work on the expectancy theory of motivation, which attempts to explain why individuals choose to follow certain courses of action in organizations, particularly in decision-making and leadership. His most well-known books are Work and Motivation, Leadership and Decision Making and The New Leadership. Vroom has also been a consultant to a number of corporations such as GE and American Express. The expectancy theory of Victor Vroom deals with motivation and management. Vroom´s theory assumes that behavior results from conscious choices among alternatives whose purpose it is to maximize pleasure and minimize pain. Vroom suggested that the relationship between people's behavior at work and their goals was not as simple as was first imagined by other scientists. Vroom realized that an employee's performance is based on individual’s factors such as personality, skills, knowledge, experience and abilities. The expectancy theory says that individuals have different sets of goals and can be motivated if they believe that: There is a positive correlation between efforts and performance. Favorable performance will result in a desirable reward. The reward will satisfy and important need. The desire to satisfy the need is strong enough to make the effort worthwhile. Vroom’s Expectancy Theory is based upon the following three beliefs. First is Valance refers to the emotional orientations people hold with respect to outcomes (rewards). Management must discover what employee’s value. Second are Expectancy employees having different expectations and levels of confidence about what they are capable of doing? Management must discover what resources, training or supervision employees need. Third is…...

Similar Documents

Premium Essay

Financial Management Fundamentals

...Instructor’s Manual Fundamentals of Financial Management twelfth edition James C. Van Horne John M. Wachowicz JR. ISBN 0 273 68514 7  Pearson Education Limited 2005 Lecturers adopting the main text are permitted to photocopy the book as required. © Pearson Education Limited 2005 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Previous editions published under the Prentice-Hall imprint Twelfth edition published under the Financial Times Prentice Hall imprint 2005 © 2001, 1998 by Prentice-Hall, Inc. © Pearson Education Limited 2005 The rights of James C. Van Horne and John M. Wachowicz JR. to be identified as authors of this work have been asserted by them in accordance with the Copyright, Designs and Patent Act 1988. ISBN: 0 273 68514 7 All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only. In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court......

Words: 80242 - Pages: 321

Premium Essay

Fundamentals

...Fundamentals Macroeconomics is the study of the economy as a whole as opposed to microeconomics, which is the study of the economy within smaller sectors. It is a wide and varying subject. In order to grasp the subject there are some fundamentals that one needs to be familiar with. They are the gross domestic product (GDP), real gross domestic product (GDP), nominal gross domestic product (GDP), unemployment rate, inflation rate, and interest rate. These are the basics and interact with each other to determine the condition of the economy at any given moment. Domestic Products The gross domestic product is the total of everything produced within the US economy during a given period of time. It is the market value of all FINAL products. This means that only when an item is ready for consumer purchase is it tallied into the GDP. The individual pieces of the product are not counted before production. The GDP is used to get the real gross domestic product (GDP) and the nominal gross domestic product (GDP). The real GDP is what the GDP itself is actually worth as opposed to what it cost. The nominal GDP is the face value of the GDP. In other words, what it is actually going to sell for. Rates The unemployment rate is the number of people who are able, available to work, and actively seeking employment but who are not actually working. Inflation rate is the rate prices rise in a given period and interest rate is a percent of what one is charged when he or she charges an item....

Words: 702 - Pages: 3

Premium Essay

Fundamentals of Management

...“A Horse and Two Goats” - R. K. Narayan Overview: - opens with a clear picture of the poverty in which the protagonist Muni lives. Of the thirty houses in the village, only one, the Big House, is made of brick. The others, including Muni's, are made of "bamboo thatch, straw, mud, and other unspecified materials." There is no running water and no electricity and Muni's wife cooks their typical breakfast of "a handful of millet flour" over a fire in a mud pot. NB, “drumstick” is a type of edible radish. - Muni and the American meet by chance and their inability to understand each other results in a misunderstanding wherein Muni sells the village’s horse statue for 100 rupees, thinking he is, in fact, selling his almost worthless goats. Two very distinct lives are clearly expressed via the men’s conversation (with themselves, so to speak), however one similarity does arise (women). - the third person omniscient narrator reports clearly and objectively on the characters' words, actions, and memories, and does not comment or judge. This is the writer trusting the reader to notice how absurd the conversation is without having to point it out, thus ruining the humour. It can also be a reflection of the same passivity seen in Muni when it comes to him accepting his fate. The narrator does nto have to explain how foolish or ironic the conversation is, it’s stronger if we see it ourselves. - The main conflict of the story is their inability to understand one another. The climax can be......

Words: 1086 - Pages: 5

Premium Essay

Fundamentals of Management

...Introduction Hyundai Motor Company was founded in 1967. It produced Korea’s first locally designed car in 1976, and now produces close to four million cars and commercial vehicles a year. Several articles about this company has been selected to present different management theories, particularly discussing their strategy and structure, that include SWOT analysis, Porter’s five forces model, related diversification and low cost strategy. The essay concludes with giving an overall picture about the impact of current strategies that Hyundai is adopting. SWOT Analysis SWOT analysis is a planning exercise in which manager identify organizational strengths and weaknesses, environment opportunities and threats (Waddell et al. (2011, p. 313).The one of the main strength of Hyundai is their growing brand reputation all over the world in automotive industry. In 2012, Hyundai’s brand value grew by 24% to US$ 7.43 billion and became the 53rd most valuable brand in the world (Interbrand, 2013). Another way of Hyundai increasing their competitive advantage, is through investing in product research and bringing the latest technologies into the system. The company has a lot of experts in various engineering fields who are always coming up with better improved cars and designs that are appealing to the customers. In addition, Company’s financial position has been getting better every year. Company’s credit rating was reported to AA+ for 2012 which means that there is minimum risk of......

Words: 1771 - Pages: 8

Premium Essay

The Fundamental of Earnings Management

...Abstract With the rapid development of society and economy, the earning management in capital market becomes one of the hottest issues of general public. Earnings management actually is a process that the management of the firms control the financial report. In this research paper, I will talk about the fundamental of the earnings management, it including the concept and the feature of the earning management as well as the effect of the earnings management. Contents Abstract………………………………………………………………………………..2 Concept of earnings management……………………………………………………..4 Feature of earnings management……………………………………………………...5 Patterns of earnings management……………………………………………………..6 Evidence of earnings management for bonus purpose…………………….................7 Other motivations for earnings management……………………………………........8 The good and bad side of earnings management……………………………..............9 Conclusions…………………………………………………………..........................10 Reference………………………………......................................................................12 1. Concept of earnings management Since the 80s of 20th century, earnings management became a hot research subject in the international economics and accounting educational circles, the financial reporting and a contracting perspective can be viewed related to this hot subject. An accurate understanding of earnings management is very important to accountants, because it related to the understanding the usefulness of net income......

Words: 1778 - Pages: 8

Free Essay

Fundamental Management

...Reflection Essay With completing the first term in the Constructed Self class, I was able to benefit from a variety of new things from the class, as well as refresh my memory on things that I already knew, just needed a reminder about. The biggest hurdle in the class for me was time management. I am a procrastinator and always have been, so completing assignments on time was and still is a challenge for me. I have not come to a full solution to this problem yet, but I did make changes in my life as to how I can manage time management. I found that it was easier for me to focus on homework if I was outside my dorm room, because when in my dorm, I would usually mess around on the internet or take naps. I don’t think realistically I will get over procrastination anytime soon, but I can manage it. With hurdles came hidden strengths I discovered about myself. I’ve never thought of myself as a leader, but because the class used group thinking in more than one occasion, I found that I am a good leader. I communicate my ideas to the group while trying to balance the ideas of others so the group can come to an agreed upon decision. Obviously this can benefit me no matter what career I decide to go into, because the ability to take control of a situation and still remain diplomatic with colleagues is a valuable asset to have. Other than this, I can’t think of any other strength I discovered. I don’t think of myself as egotistical, but honestly I am pretty happy......

Words: 1191 - Pages: 5

Free Essay

Management Fundamentals

...Stacy Bradford Management Fundamentals MGM255-1202B-05 Phase 3 – Task 2-IP Macy’s Strategic Plan Richard Hilliard June 18, 2012 Executive Summary Macy’s is the nationally recognized brand of the Federated Department Store Cooperation. The organization consists of over 850 departments stores from coast to coast and online throughout the United States. In this paper we will look at the company’s strategic plan for success, its mission, its vision, its organizational structure, and what’s working and what’s not. In addition, we will examine the strategies and initiatives that have helped Macy’s to continuously grow and remain competitive over the past 150 years. Mission Statement "Our goal is to be a retailer with the ability to see opportunity on the horizon and have a clear path for capitalizing on it. To do so, we are moving faster than ever before, employing more technology and concentrating our resources on those elements most important to our core customers. " Vision Statement "Our vision is to operate Macy's and Bloomingdale's as dynamic national brands while focusing on the customer offering in each store location." In just a few words, the above referenced statements convey Macy’s purpose and why it exists. Macy’s commitment to sharing the company’s mission and vision with the employees has kept the entire company moving forward in the face of difficulties, enabling and inspiring leaders and employees alike. Moving......

Words: 1787 - Pages: 8

Free Essay

The Fundamental Value Analysis as the Basis of Management Business Intelligence

...формируется на основе сравнения доходности капитала и расходов на капитал. Формирование расходов на капитал находится в фокусе финансовой аналитики, а обоснование соответствующих решений по структуре капитала происходит на основе традиционно определенных критериев. Ключевые слова: фундаментально-стоимостной анализ, капитал, стоимость, ценность, ликвидность, риск, доходность. THE FUNDAMENTAL VALUE ANALYSIS AS THE BASIS OF MANAGEMENT BUSINESS INTELLIGENCE This research paper presents the author's vision of using fundamental value analysis as a basis for management of business intelligence. Logic substantive content of the fundamental value of the research presented in the context of values, the fundamental value and market capitalization. The methodology fundamental cost analysis based on the concept of economic profit, which is based on comparing the return on capital and cost of capital. Formation of the cost of capital is the focus of the financial analysts and the rationale of the relevant decisions on capital structure traditionally takes place on the basis of certain criteria. Keywords: fundamental value analysis, capital cost, value, liquidity, risk, profitability. У сучасних умовах господарювання національних підприємств актуалізується потреба у розвитку методології та аналітичного інструментарію економічного аналізу, основний зміст якого полягає у комплексному системному дослідженні прийомів і способів досягнення економічної ефективності та безпеки......

Words: 2201 - Pages: 9

Premium Essay

Fundamentals

...Macroeconomics Fundamentals of Macroeconomics Paper Lisa Goodman ECO/372 8/20/2015 Laurie Klosk-Gazzale Fundamentals of Macroeconomics Paper Massive layoff of employees is huge problem skyrocketing the unemployment rate because companies are globalization which increase their profits and save the consumer money by giving jobs international instead of locally where minimum wage is higher. Calabresi (2015) “In an unhealthy economy, a single lost job becomes infectious, combining with others and spreading through family, neighborhood and community. Widespread cutbacks in spending by families mean lower demand for businesses and lower tax revenues for the government. This belt-tightening means fewer car sales and thus fewer jobs for car-part makers. It means less government spending on infrastructure and other public services, including economic development” (para, five). Decrease in taxes can be seen if we measure the nation’s wealth. We would look at the GNP (Gross national product. This look at how taxes affect output. We then would look at the aggregate demand equation. * C = consumption spending by individuals * I = investment spending (business spending on machinery, etc.), * G = government purchases * NX = net exports Cloutier (2015), “Consumer spending typically equals two-thirds of GNP. As you would expect, lowering taxes raises disposable income, allowing the consumer to spend additional sums, thereby, increasing GNP. Reducing taxes,......

Words: 621 - Pages: 3

Premium Essay

Project Management Fundamentals

...Graduate Level Final Assignment Two topics that were cover in Fundamentals of Project Management that I have actually already started to apply to my personal life are the Work Breakdown Structure and Risk Management. Both are extremely useful skills that I have already applied to my everyday life and will continue to use. I am actually implementing both of these topics on a surprise 30th anniversary party for my parent that will take place on May 09, 2015. The first skill or tool that I will discuss is the Work Breakdown Structure. When I first started planning the surprise party for my parents’ 30th anniversary, I quickly realized that I was going to need a lot of help to be able to make it a successful event and also to surprise them. My first step was to break down the deliverables for the party. I categorized the deliverable under Food and Drinks, Seating and Tableware, Guest Invitation, Decoration and Hosting. I quickly recruited my brother and a few of my aunts and cousins to assist me with the planning and preparation. After I had the deliverables categorized I started creating tasks to ensure that each deliverable was completed. I assigned the tasks based on everyone’s skill set. Using the Work Breakdown Structure has made this planning process infinitely more organized. The second skill that I have also been using for the planning of my parents’ surprise 30th anniversary party is Risk Management. One of the biggest risks that I faced when I began planning this...

Words: 563 - Pages: 3

Premium Essay

Chapter 13 Fundamentals of Management

...this: The doctor accesses the patients, the nurses reassess the patients and confirm what the doctor are doing with them and then the anesthesiologist does the same, so everyone knows that they are on the same page. They all confer with one another to come to a positive outcome to any procedure or project they are attempting. Whereas other groups are just trying to satisfy a customer, surgical teams are having to put their reputations and jobs on the line for their profession. 2. Explain a surgical team in terms of its role structures. What factors might lead to role ambiguity? To role conflict? To role overload? Role Structures: Dr.-Head of surgical team, Surgical Nurse – Pain Management and Dr.’s assistant, Anesthesiologist- pain management Role ambiguity- When one or more are doing practically the same job and neither knows what the other is doing. Role Conflict: When the Dr. is telling the nurse one thing, she/he miss understands tells the anesthesiologist something else. Role overload- When one or more of them think they know more about the procedure than the other and they are not capable of doing more than there job. 3. Explain how surgical team in terms of behavioral norms. How might nom variation and norm conformity contribute to either effective or ineffective communications? Behavioral Norms: When one the Dr. does not talk to the nurse or then nurse does not talk to the rest of the nursing staff and the list goes on and......

Words: 410 - Pages: 2

Premium Essay

Management Fundamentals

...MANAGEMENT FUNDAMENTALS Richard Carr MGMT 290-1101B-07 Unit 1IP March 20, 2011 Abstract Managers come in all shapes and sizes, yet, I do not mean this in a physical sense but in more of a personable one as in, how a manager acts to certain situations; to his or her employees, or within different parts of the world in which their businesses operate. They have to know what different cultures expect and what their needs are. If the needs of an employee can be met at a reasonable cost to the company, the employee production in my point of view may be increased. This report explains the views that I have found to be valuable when looking for a manager of a company that may be in a globally functional situation. Views of what I think are important traits for a leader as well as questions that I would ask during the interview process are included and are considered very important to a company that may operate abroad. MANAGEMENT FUNDAMENTALS Managers, from my experience, come from many different areas of discipline and training. This can be acquired through intercompany training schedules as I had experienced or through an education from a college along with some determined amount of knowledge in their preference of fields and/or experience. The significance of this paper is to acknowledge the importance of pinpointing the qualifications of a manager before the person is hired to a specific position. An article I read has, in my opinion, all the answers to the question......

Words: 900 - Pages: 4

Premium Essay

Fundamentals of Supply Chain Management

...Zara – Rapid Fire Fulfillment Donald R. Lile BUS – FP3022_assessment 1_1 Fundamentals of Supply Chain Management 3/2/16 Author Note Correspondence concerning this paper should be addressed to Donald R. Lile, Student Capella University, 225 S. 6th St. Minneapolis, MN 55402 dlile@capellauniversity.edu Zara – Rapid Fire Fulfillment Ferdows, Lewis, and Machuca, (2004). Zara, a Spanish clothier has been successful because of the ability to sustain an environment that optimizes the entire supply chain rather than each step. This assessment will identify why the company’s supply chain strategy is successful. This research will also examine how the fast response and information infrastructure aids in this success. And finally, and analysis will be completed on how the company’s unique replenishment strategy satisfies customers. Supply Chain Strategy Ferdows, Lewis, and Machuca, (2004). In an industry where the trend is to outsource, Zara bucks the system. Instead Zara keeps almost half its production in house. Zara designs and manages its rapid-fire supply chain by reinforcing three principles: 1. Close the communication loop 2. Stick to a rhythm across the entire chain 3. Leverage your capital assets to increase supply chain flexibility Zara customers can always find new products on the shelves, but they are in limited supply. Zara designers create approximately 40,000 new designs each year. From these new...

Words: 1436 - Pages: 6

Premium Essay

Fundamentals of Business Management

...ESWEB BUSINESS & ECONOMICS MODULE FUNDAMENTALS OF BUSINESS MANAGEMENT Prepared by: Prof.Dr.Gazmend Luboteni UNIVERSITY OF PRISHTINA KOSOVO PRISHTINA, 2006 FUNDAMENTALS OF BUSINESS MANAGEMENT I. BUSINESS AND INVESTMENT A business is one or more individuals selling products or services for profit. Products such as athletic apparel (NIKE, Reebok, Converse), computers (Packard –Bell, Hewlett-Packard, Apple) and clothing (Levis, REI, GAP) are part of our lives. Services like information communication (America Online, CompuServe, and Microsoft), dining (McDonald’s, Burger King, Wendy’s), and car rental (Hertz, Budget, Alamo) make our lives easier. A business can be as small as an in-home child care service or as massive as Wal-Mart. Nearly 1 million new businesses are started in the United States each year, no different than Job Direct in the opening article. Most of these are started by people who want freedom from ordinary jobs, a new challenge in life, or the advantage of extra money. Business Profit A common feature of all businesses is the desire for profit. Profit, also called net income or earnings, is the amount a business earns after subtracting all expenses related to its sales. Sales, also called revenues, are the amounts earned from selling products and services. Expenses are the...

Words: 21383 - Pages: 86

Premium Essay

Fundamentals Management

...Royal Printing and Packaging Company Case 2 – Royal Printing and Packaging Company Fundamentals of Management Case 5-1 I. Executive Summary In May of 1989, the Royal Printing and Packaging Company, which was put up in 1962, was turned over by Ricardo Baltazar to his son Jose. The printing company’s primary supplies were high quality, good condition German brands of machines bought at low prices, including a Heidelberg Offset Kord, originally acquired at 380 000 pesos, now valued at 1.2 million pesos. Upon reviewing the company’s income statements and balance sheets, Jose noticed that company sales did not reach 1 million pesos despite being in the business for 25 years. In addition, he computed a 6% increase in net margin should assets be sold and treasury bills invested in. Jose presented the information to his father; however, the latter only gave him freedom in setting targets, not in making the decision as to whether or not the assets should be sold. Jose went back to researching and planning for his first year managing the printing company. II. Problem Statements Short Term What factors or variables should Jose take into account as a means for increasing the net income of the Royal Printing and Packaging Company? Long Term What measures must Jose take in order to improve market standing, innovate operations, upgrade physical and financial resources and increase profitability in order to sustain consumer interest, confidence......

Words: 314 - Pages: 2