RESPONND TO Safiyyah POST and compare your classmates’ observations with your own–are there any connections between the way you and your classmates interpret the relevance of art? If your interpretation about the relevance of art differs significantly from one of your classmates’ observations, how do you account for this variance? What can you learn from this?
There is a lot of value in studying the arts. Through images, art allows us to learn about what happened in the past, connect it with the present and take that knowledge with us to improve the present and come up with solutions for the future. Art also helps bring people from different cultures, religions and countries together and ignites communication, education and social change. By learning the arts, we learn how to better express and understand ourselves, communicate with others, learn to think from many perspectives and understand the world and people around us.
Reply to your classmates Diane and Tony. Be constructive and professional in your responses.
Peer Responses can be a reply to me or your classmates in at least a 100 to 200 words in length. Be sure to use your experience and research in your posts. Any source used needs a citation and a reference.1
Management 230 introduces us to the concepts of planning, organizing, leading and controlling. The three fundamental dimensions of this course are theory, practice and application to your current workplace. The Theory and Practice are from the theorist of Peter Drucker’s terminology (Harvard Business Review, 1994). The theory of management science focuses on models.
The practice of management refers to the actual ways in which manager’s work. Application refers to reflection and adoption of behaviors, applying theory and applying the practices of the management profession. The best theories, models and plans don’t come to fruition without appropriate application. Without the theories to structure intentions, one’s actions may lose direction. As noted in the Harvard Business Review “Functions must be clear choices that set the company apart in the marketplace” (Martin & Riel, 2019. p.107).
Management is concerned with results. Managers want to see outcomes from the objective and strategies. Organizational structures that is efficient and conducive to work. Management wants factual analysis and the ability to communicate clearly. The controls need to be efficient and effective. The leadership must have vision to carry the business forward.
Now, how do the functions of Management serve the customers? These functions serve by hiring the right people the first time. The Human Resources Department works hand in hand with the managers to find the right fit for the position. Employees want to work for a company that is moving forward not one that is fragmented. Many companies struggle to recruit and retain talent and the costs to rehire can be daunting especially for small business. This puts enormous pressure on management to find the right people (Martin & Riel, 2019).
It has been my experience that many managers will possess skills in some of the functions of management but not necessarily all of them. Some managers are specialists in their field of knowledge and can inspire employees in their jobs but do not have the skills to lead them on a day to day basis. The ability to communicate effectively is an attribute that all managers should possess. Thoughts anyone?
I am always using the four functions of management: planning, organizing, leading, and controlling in my work life, and everyday life. I work in supply chain management, and I am currently teaching a class on S&OP ( sales and operations planning) so, the entire structure of the four functions of management comes naturally to me as a result of my scope of practice. Regarding my life outside of work I tend to plan a lot, most would even say over plan for almost everything I do. Organizing is very simple to me and comes naturally to me as well. I was gifted with leadership from my mentors and my military training.
Some attributes of a manager would include being able to lead a team, but also being able to be on the front line with your employee for whatever kind of work you are in. A responsible manager leads, delegates, encourages and implements changes that are necessary to improve the team. To me, there is a leader and a manager. I’ve had many managers, but only a few leaders.
RESSPOND TO BAILEY AND KATHERINE POST BE CONSTRUCTIVE AND professionally
- Payback period – the point at which you break-even on an investment, a shorter payback is generally more preferred for investments
- Discounted payback period – a more realistic version of the payback period, the discounted payback period takes into account the time value of money when finding the break-even point
- Net present value – this is the amount you will have after you receive and expense all items of the project, this is captured over a specific period of time
- Internal rate of return – rate that equals a zero net present value, should be higher than the cost of capital for a company to accept the project
- Modified internal rate of return – more accurate than the internal rate of return, this assumes the positive cash flows are put back into the cost of capital
- Profitability index – this is taken by the future expenses divided by the initial investment amount to see if the project would be profitable
The six models of a capital budgeting decision are all very useful when making a decision for a small or large project; however, some are more reliable than others are. For a small project, I recommend the discounted payback period because it gives the actual time value of money and for a small project that is vital. For a large project, I would recommend the internal rate of return.
Personally, I believe the profitability index is the most useful, because you can take the hypothetical numbers to assume the effectiveness of your decision. For example, my initial investment in this project was $50,000, and I expect my future expenses to be about $30,000. So my profitability index would be 60% (30,000/50,000=.6).
According to my understanding about this week’s reading material, a project can be rejected or accepted dependent on various things. In the payback period model the project can be rejected or accepted based on the how long it will take to make back or exceed the initial investment in the project. Return on investment is not always quick and can take years to see earn back what was initially invested or better yet, exceed what was initially invested. Under the Net Present value model the IRR is important as it helps calculate the return on complex projects which require investment. Within the six models there is a modified version of the IRR which is the MIRR. Within the MIRR there are three approaches to this. In the Profitability Index or benefit-cost ratio, with an NPV above $0 makes he investment preferable. With a positive NPV, the present value of the future cash flow investment is bigger than the initial investment. In my opinion, the appropriate model for small project would be the payback period since it will tell how long the project will need to be “alive” to see a return on investment. For a large project, I think the MIRR model would work best as there are approaches that can be considered.