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Management Economics (Peter Drucker and Edward Deming)

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  • Post Date 2018-11-08T12:33:22+00:00
  • Post Category Research Paper Queries

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Management Economics (Peter Drucker and Edward Deming)

Management Economics (Peter Drucker and Edward Deming)

  1. Peter Drucker was a world renowned management consultant who strongly advocated businesses recognizing people as their most important assets. Write a paper either defending or rebuking this belief commenting on how you might achieve financial / monetary success with your commercial enterprise with your use of employees.
  2. Job Costing is an important concept for any business making a custom, special or unique Investigate the origins of job costing and write a paper depicting the chronology of this costing system since its inception. Comment on how computer technology has helped or hindered this costing system.
  3. Activity Based Costing is another costing system. Write a paper depicting what type of company might use activity based costing, a large one or a small one, also tracing the origins of ABC to the present day. Comment on how computer technology has helped or hindered this costing
  4. Process costing is a third. Write a paper also commenting on the use of this costing method since its inception while depicting the personnel involved in determining equivalent units of production, a significant deviation from job order costing.
  5. The name Deming is synonymous with the term continuous improvement. Deming was a U.S. Government statistician in the 1930’s before becoming a management consultant. Investigate his fourteen points outlining continuous improvement steps for a company. Put yourself in the position of a senior management person in a medium-sized business and illustrate how you would improve the company’s financial performance using any or all of these fourteen points. Be specific with steps you would employ.
  6. Break-even point or cost-volume profit analysis is an important tool for a business to know and use. Depict a company including a product or service and what costs would be fixed and what costs would be variable in the business. Construct a model which illustrates the fixed and variable costs of the business and calculate its breakeven point. In addition, refer to the textbook and calculate the effect of at least two “what-if” scenarios.
  7. You are a member of management or an owner of a business. Refer to the Profit Planning Chapter in your textbook. Write a paper depicting the product you would make or the service you would provide and prepare the necessary budgets for the upcoming year. The budgets should clearly interrelate with each other. You need not include a budgeted income statement or balance sheet.
  8. Variance analysis is an important tool for a business. Create a company that makes a product or provides a service. Establish material and labor standards for the company and explain why the company would use such standards. Which management personnel would be responsible for the standards and deviations that occur?
  9. Flexible budgeting can be an important tool for a company. Create or otherwise devise a company that makes a product or provides a service. Enumerate the expenses involved in the making of the product or providing the service and distinguish between fixed and variable expenses. Craft an income statement using the contribution format approach with appropriate budgeted amounts and variances that you calculate. Who would be responsible for correcting any unfavorable variances?
  10. The term Balanced Score Card was created in the 1990’s by a pair of Harvard Business It includes four ingredients for a successful business. Name the ingredients and comment on which would be considered the most important in your running a company. Name the product you make or the service you provide and why your most important ingredient helps the company more than the others.
  11. Decentralized and centralized companies have important advantages and disadvantages in their Locate a publicly-traded company with either a highly centralized management style or a highly decentralized management style and write a paper commenting on whether you agree or disagree with this style. Your textbook provides illustrations of both types of companies. How could the company improve its financial performance if it adopted the opposite management style?
  12. Capital Budgeting involves significant sums of money. Using the net present value approach, provide an example of either increasing sales or decreasing costs in what your company either makes or provides, spending at least $100,000 initially. Be sure to include all relevant cash inflows and outflows. Use a realistic rate of return based upon whatever criteria you decide. Provide the reasoning for such a return.
  13. You are a member of a management team analyzing the annual financial statements of the You are reviewing the statement of cash flow. What sections of the statement would you consider more important than the others and why? Is it conceivable that a company could have a net loss for the year and still have positive cash flow? How?
  14. Financial ratios are important tools for a company. Review chapter fifteen. Naming the product you make or the service you provide, name at least seven financial ratios you would regularly calculate and why would you use these as opposed to other ratios. Be specific.

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