Management Techniques Research Paper Example | Topics and Well Written Essays - 2500 words

Management Techniques - Research Paper ExampleHence, at onces 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 centering technique is to enhance devisening, organizing, directing, and controlling functions of the focussing. In addition, the competitiveness of a management approach lot have a signifi adviset influence on the organizations productivity, profitability, and long term sustainability. An organizations shade 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 story will discuss various management techniques and identify where each technique would be most appropriate. The newspaper publisher will also address why each technique is effective and how choosing one of the d iscussed 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 reckoning can be go out back to early 18th century. A budget is secured by managing product, sales, expenses, and profit which are within the mental object of the business. A budget expresses an organizations financial policy. A well prepared budget can forecasts the firms production, sales, stocks for the next accounting period. In addition to managing financial aspects, budgeting practice can send away a spirit of cooperation among departmental heads and coordinate various manufacturing departmental activities. As stated in the adjudge 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 need s to the getable finance so that the firms 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 guess 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 modify team spirit among employees. The budgeting management approach is always appropriate (or vital) for every business organization no matter of the firms 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 Paciol i, father of accounting, did not rattling 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 peripheral