What's it? Operational objectives refer to short-term, action-oriented goals within business operations. They are specific objectives for the operations department that not only align with objectives in other business functions but also embody
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Demystifying Corporate Objectives: Specific, Measurable Targets For Achieving Goals
What's it: A corporate objective is a specific, measurable, and time-specific target by which you can achieve your overall corporate goal. In other words, it is a target that your company must achieve to realize your business goal. A good
What is the Capital Budgeting Process?
In simple terms, the capital budgeting process involves generating ideas, making proposals about several potential projects, and evaluating proposals. Then, we proceed to the capital budget planning stage for the selected project. Finally, we review
Capital Budgeting: Importance, Methods For Assessing Project Feasibility
What's it: Capital budgeting is a process for estimating revenue and capital expenditure. It is usually associated with assessing how profitable or worthy the company's capital investments or key projects are.The capital investment may
Operations Department: Roles and Relationships With Other Business Functions
What's it: The operations department is the business area dealing with production. This department is a strategic area besides marketing, finance, and human resources. It is responsible for converting raw materials and components into finished
Building Harmony: A Guide to Understanding Industrial Relations
Industrial relations – the intricate dance between employers and employees – play a crucial role in shaping the success of any organization. It's about achieving common goals while respecting the rights and needs of both parties. However, navigating
Accounting and Finance Department: Roles, Responsibilities, Impacts
What's it: The accounting and finance department is the business function that involves managing the company's money. It is concerned with planning, managing, and controlling financial resources, including managing records and information related to
Situational Leadership: How It Works, Types, Pros, Cons
What's it: Situational leadership emphasizes flexibility to adapt to tasks and teams. Leaders adapt their leadership style to the situation, depending on the task or goals being completed and the team being led. For example, they may be somewhat
Ethical Leadership: Its Importance and Principles
What's it: Ethical leadership emphasizes conformity to recognized norms and values. Leaders emphasize principles such as fairness, honesty, accountability, and trust. In addition, they promote these principles to followers through two-way
Paternalistic Leadership: Characteristics, Pros, Cons
What's it: Paternalistic leadership is a leadership approach in which the leader views subordinates as a family. Leaders expect subordinates to be loyal and obedient by controlling and protecting them. It is a fatherly approach, where the leader
Laissez-Faire Leadership: Characteristics, Pros, Cons
What's it: Laissez-faire leadership refers to a leadership style in which the leader gives subordinates broad freedom to make decisions, organize work and carry out tasks. Literally, laissez-faire means "let it do" or "let it
Leadership Style: What Is It? What are the types?
What's it: A leadership style is a person's approach to leadership to encourage people to move toward and achieve their goals. It is about how one behaves when leading subordinates. Style influences how to manage, provide direction, implement