Setting Objectives In Management by Objective MBO systems, objectives are written down for each level of the organization, and individuals are given specific aims and targets. Managers need to identify and set objectives both for themselves, their units, and their organizations. Ensure that you set the right objectives if you want to achieve the right results
Overview[ edit ] Business operations encompass three fundamental management imperatives that collectively aim to maximize value harvested from business assets this has often been referred to as "sweating the assets": Increase the value of the business assets Secure the income and value of the business The three imperatives are interdependent.
The following basic tenets illustrate this interdependency: The more recurring income an asset generates, the more valuable it becomes.
For example, the products that sell at the highest volumes and prices are usually considered to be the most valuable products in a business's product portfolio. The more valuable a product becomes the more recurring income it generates.
For example, a luxury car can be leased out at a higher rate than a normal car. The intrinsic value and income-generating potential of an asset cannot be realized without a way to secure it. For example, petroleum deposits are worthless unless processes and equipment are developed and employed to extract, refine, and distribute it profitably.
The business model of a business describes the means by which the three management imperatives are achieved. In this sense, business operations is the execution of the business model.
Business operations topics[ edit ] Generating recurring income[ edit ] This is the most straightforward and well-understood management imperative of business operations. The primary goal of this imperative is to implement a sustained delivery of goods and services to the business's customers at a cost that is less than the funds acquired in exchange for said goods and also self employee services—in short, making a profit.
The funds directly acquired by the business in exchange for the goods and services it delivers is the business's revenue. The cost of developing, producing, and delivering these goods and services is the business's expenses.
A business whose revenues are sufficiently greater than its expenses makes profit or income. Such a business is profitable. As such, generating recurring "revenue" is not the focus of operations management; what counts is management of the relationship between the cost of goods sold and the revenue derived from their sale.
Efficient processes that reduce costs even while prices remain the same expand the gap between revenue and expenses and derive higher profitability. Multiple revenue streams - different sources of business income that support each other; example - sell printers and toners. A business's profitability is measured on the basis of how much income it generates for the: Methods of increasing value[ edit ] Growth strategies Expand market: Develop through research, design and marketing of companies name, logo and tagline.
Maintaining intangible assets can protect elements that add value to a business - patentingcopyrighting or trademarking anything believed to be an intangible asset.
Securing the income and value of the business[ edit ] Desirability or demand for its goods and services Ability of its customers to pay for its goods and services Uniqueness and competitiveness of its business model Control exerted over the quality and efficiency of production activities Public regard for the business as a member of the community A business that can harvest a significant amount of value from its assets but cannot demonstrate an ability to sustain this effort cannot be considered a viable business.Corporate Planning Manager Purpose: To direct and manage the development of company Business Plan as well as to assist in monitoring progress of the plans with the objective to ensure the alignment between the developed business plan and company strategy, in accordance with budgetary guidelines and rules of the Company.
Hoshin is a system which was developed in Japan in the 's, and is a derivative of Management By Objectives (MBO).
It is a Management System for determining the appropriate course of action for an organization, and effectively accomplishing the relevant actions and results. Ardent Business Planning Manager adept at a wide range of business operations project oversight and corporate negotiations through effective communications.
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