Management Techniques - Research Paper Example

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Management Techniques Introduction The systematic study of various management operations has been in practice for over a century. Earlier, management techniques were centered on the need of establishing a set of core principles to increase workplace efficiency…
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Management Techniques
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Download file to see previous pages Hence, today’s managers adopt a contingency perspective to analyze the probable causes of a problem or situation and thereby recognize the most appropriate application. The ultimate objective of every management technique is to enhance planning, organizing, directing, and controlling functions of the management. In addition, the competitiveness of a management approach can have a significant influence on the organization’s productivity, profitability, and long term sustainability. An organization’s culture and long term objectives have vital roles in designing its management technique. A potential management approach would assist the organization to obtain a range of competitive capabilities over its market rivals. This paper will discuss various management techniques and identify where each technique would be most appropriate. The paper will also address why each technique is effective and how choosing one of the discussed management techniques can help a fledgling manager. Budgeting Budgeting is a management technique used by organizations to effectively plan their use of funds throughout the following fiscal year. The history of annual budgeting can be dated back to early 18th century. A budget is secured by managing product, sales, expenses, and profit which are within the capacity of the business. A budget expresses an organization’s financial policy. A well prepared budget can forecasts the firm’s production, sales, stocks for the next accounting period. In addition to managing financial aspects, budgeting practice can fuel a spirit of cooperation among departmental heads and coordinate various manufacturing departmental activities. As stated in the book The cost accounting function, budgeting “aims to reduce to an economic minimum the effects of seasonal fluctuations in sales on production programs” (243). The budgeting practice will help a firm to equal the business needs to the available finance so that the firm’s anticipated financial needs during the term of the plan would be met effectively. A budget sets specific targets for employees and managers and hence it is easy to achieve planned organizational goals for the budget period. Moreover, budgeting assists to evaluate employee performance which in turn would benefit the organization to identify its internal management strengths and weaknesses. Effective budget planning and budgetary control would assist the company to cut down operational costs, to avoid crises, and to improve team spirit among employees. The budgeting management approach is always appropriate (or vital) for every business organization regardless of the firm’s nature, size, business, and industry sector. Cost accounting Cost accounting is another potential management technique where the expenditure is classified, recorded, and allocated properly for the purpose of determining the costs of products or services. Although Luca Pacioli, father of accounting, did not actually propose the practice of cost accounting, the cost accounting technique emerged from his ideas. Cost accounting is defined by NAA as “a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail” (as qtd in Shim and Siegel 2). Under this management technique, different methods including historical costing, standard costing, and marginal ...Download file to see next pagesRead More
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