Product management focuses on product development and brand extension, starting with market research to determine if a new product or modification to an existing product line is feasible. Development culminates in a prototype release, followed by product marketing and release. Feedback is used to review the market for new gaps and the cycle begins again. […]
Risk management insurance is purchased by companies to limit damage to their business, covering infrastructure and economic risks. Companies identify assets, assess threats, and mitigate risks, with insurers issuing policies to offset remaining threats. Insurance companies analyze risk factors and aim to insure the largest number of businesses with the fewest payments. However, severe economic […]
Business performance management involves evaluating a company’s financial and operational performance to improve strategic decisions made by managers. It can improve execution, measure results, and requires proactive monitoring and cross-functional implementation. Comprehensive use can deliver benefits, but success requires using data to improve processes. Business performance management, or CPM, is a practice that involves evaluating […]
Hospitality financial management ensures proper monitoring and organization of monetary components in businesses like hotels and restaurants. It includes unique concerns like monitoring food spending and balancing investments in local tourism programs. Large corporations may have a single manager, while smaller organizations may employ a single manager to oversee operations and financial management. Hospitality financial […]
Association management involves managing personnel, finances, and goals for the advancement of an association. Association management companies (AMCs) provide these services, including public relations and marketing. Ethical conduct, confidentiality, and planning for growth are also important. Marketing and public relations are crucial for funding, and may include advertising, print media, and online reputation management. Association […]
Operations management involves managing the day-to-day operations of a business, which can vary depending on the type of business. Manufacturing operations are complex and involve managing different stages of the manufacturing process. Operations management can also involve hiring and supervising support staff, ordering supplies, and contracting services. Consulting services can provide integrated operations management for […]
Supplier performance management is crucial for a company’s success, with managers setting goals and evaluating suppliers using scorecards. Communication and determining the importance of suppliers are also key factors, with software used to generate graphs and compare suppliers. In the manufacturing sector, companies depend on suppliers who provide raw materials, equipment and utilities. Many business […]
A warehouse is used to store inventory items, including products, materials, and tools. An inventory management system tracks items received, shipped, and distributed, and can be used to replenish, repair, and replace items. A warehouse manager designs and optimizes the system, incorporating asset tracking technology and a primary database. The manager is responsible for determining […]
The knowledge management cycle involves acquiring, processing, and distributing knowledge within an organization, including capturing knowledge from internal and external sources, processing and distributing it, and updating the knowledge repository through feedback. Proper storage of useful knowledge can be a challenge, but designated knowledge management personnel can encourage knowledge acquisition and information gathering. The knowledge […]
Legal affairs management software tracks attorney fees, collaboration, and performance for budgeting and cost management purposes. It simplifies invoicing, expenses, and commissions, and collects all legal data in one place for easy access and analysis. It provides a broad view of all activities, accounts, and open cases, and can compile reports and produce category comparisons. […]
Management science applies mathematical and statistical methods to business decision-making and problem-solving. It includes managerial economics, strategic management planning, and operations research, which uses computer analysis models to quickly solve complex problems and process large amounts of business information. Management science is the application of statistical or mathematical methods and principles to business decision-making and […]
A pain management nurse helps patients manage pain levels, administering medication and monitoring for side effects. They may work in hospitals, clinics, or provide outpatient care, and require advanced nursing training and a nursing license. A pain management nurse provides assistance to individuals with different levels of pain. The nurse may be assigned to work […]
Commercial risk management involves identifying and planning solutions for potential risks in business operations. This includes preparing for financial losses, employee behavior, security threats, and disasters. Effective risk management can help businesses mitigate day-to-day risks and survive large-scale crises. Commercial risk management is the process of identifying risk factors and planning effective solutions or preventive […]
Supply chain inventory management tracks a product’s life cycle from raw materials to customer purchase to improve efficiency. It manages sales, manufacturing, warehousing, and shipping, reduces inventory costs, and optimizes transportation. Manufacturers, distributors, and end sellers can benefit from anticipating demand. Supply chain inventory management is a system of tracking the life cycle of a […]
Risk management audits review a company’s risk management measures to ensure they are relevant, timely, and effective. Separating the risk management function from the audit creates a natural separation of duties and ensures multiple employees are aware of the plan. External auditors can enhance the process and provide recommendations. Audits are typically not frequent but […]
Technology change management involves careful planning and analysis of IT investments, including cost-benefit analysis and ROI calculation. It also accounts for long-term costs and tracks technical upgrades. Effective change management requires a review of current processes and user education strategies. Information technology is typically an expensive undertaking that requires careful planning and analysis. Companies use […]
Hospitality yield management systems adjust prices based on demand for products, using historical data to determine future needs and the minimum price to sell goods. This tool is used in the sale of hotel rooms, rental cars, and airline tickets, and helps companies get the highest possible price for their goods and services. Yield management […]
Management consulting advises businesses on how to improve performance, often through cost analysis, waste reduction, or adding new products. Consultants can be independent or part of a large firm, and are typically paid hourly or per-project based on experience and performance. They offer outside expertise to help companies achieve their goals, but it is up […]
Management by exception is an approach that deviates from normal policies and procedures to address abnormal results. It involves delegating specific functions to team members and developing alternative procedures to address the problem. The manager is held accountable but avoids micromanaging, allowing for employee development. Management by exception is an approach that sometimes uses methods […]
Effective change management involves increasing employee communication, engagement, and buy-in to respond to changes in the business environment. It requires changing the personal involvement of executives and employees, instilling effective change management principles, and approaching change from a proactive position to avoid reactive issues. Effective change management is a process that companies use to make […]
