Human Resources: Recruitment, Selection, and Organizational Structure
Job Manuals: These manuals detail the characteristics and responsibilities of a specific position or group of similar positions. They also describe various types of departmentalization.
Recruitment of Staff
Objectives of Recruitment: To attract the most qualified candidates who are potentially able to fill the position.
Example: To hire a manager, suitable means will be used (e.g., recruitment agencies). For a junior position, recruitment is less specific and less costly.
Personnel Selection
Purpose
Read MoreUnderstanding Interest Rates, Bond Pricing, and Yields
Interest Rate Calculations and Bond Valuation
Question 8: Nominal Interest Rate Calculation
Assume you just deposited $1,000 into a bank account. The current real interest rate is 2%, and inflation is expected to be 6% over the next year. What nominal interest rate would you require from the bank over the next year? How much money will you have at the end of one year? If you are saving to buy a stereo that currently sells for $1,050, will you have enough to buy it?
Solution: The required nominal rate
Read MoreInventory Management: Types, Models, and Strategies
Types of Inventory
Understanding different types of inventory is crucial for effective inventory management:
- Cycle Inventory: Used to meet normal demand during a production cycle, replenished cyclically. Example: A bakery keeps a cycle inventory of flour, replenishing it weekly.
- Safety Inventory: Held to protect against uncertainties in demand and supply. Example: A hospital maintains a safety stock of essential medicines.
- Seasonal Inventory: Built up for predictable seasonal increases in demand. Example:
Effective Management: Principles and Practices
Management: Principles and Practices
Management is the process of planning, organizing, leading, and controlling resources to achieve specific goals and objectives. It involves the coordination of human, financial, physical, and information resources to maximize efficiency and effectiveness.
Process of Management
The process of management involves several key steps:
- Planning: Defining the organization’s mission, vision, and objectives, as well as identifying the strategies and tactics to achieve them.
Understanding Administration: Functions, Management & Decisions
Understanding Administration: Key Concepts
Administration: The scientific discipline, technique, and art that aims to study organizations.
Scientific Discipline: Develops theories, models, etc., using the scientific method to examine reality and derive laws from it.
Art: Knowing how to apply knowledge using experience, talent, and virtue.
Technique: A set of tools, principles, and procedures (e.g., accounting).
Branches of Administration
- Public Administration: Studies organizations in the public sector.
Linear and Integer Programming: Problem Types & Constraints
Variable Logical Constraints
Variable Logical Constraints: (Use ‘if ≤ then’ for these questions, and/or usually represented with +)
- If bring eggs and chicken then can’t bring bread: X1 + X2 + X3 ≤ 2
- If bring eggs, then must bring chicken and/or bread: X1 ≤ X2 + X3
- If bring eggs, then must bring both chicken and bread: X1 ≤ X2 and X1 ≤ X3
- If bring eggs, then must bring chicken or bread but not both: X1 ≤ X2 + X3 and X1 + X2 + X3 ≤ 2
- If don’t bring eggs then must bring chicken and/or bread: