>> >> /x14 6 0 R /Type /ExtGState decision-making particularly under uncertainty, as follows: statistics is concerned with scientific method for collecting, organising, summa rising, presenting and analyzing data as well as drawing valid conclusions and making reasonable decisions on the basis of such analysis. /ca 1 /Filter /FlateDecode “Business ethics” is a concise, but in many ways misleading, label for an interdis-ciplinary field covering a vast range of normative issues in the world of commerce. c. Pertains to the entity as a whole and is highly aggregated. Principles of Business for CSEC. 8 0 obj /Filter /FlateDecode >> << x�}V{T綟fc�8\��LjQ�`���T��ZP��g��# ���-%�A�*ZEŊ�\·��/x�Y��s��d}Ͻ��{ψKB$�[�Ep@��S@�fot\�F�d�:1.X���'+�|@)�"a��0O,̶�G]�g~��sɠ��I�S��;��V�k��mb��Ĺ!ou They are the standards for ethical behaviour we use when dealing with our Board of Directors, n Discuss the importance of business ethics at both an academic level and in terms of practical management in organizations. Managerial economics, or business economics, is a division of microeconomics that focuses on applying economic theory directly to businesses.The application of economic theory through statistical methods helps businesses make decisions and determine strategy on pricing, operations, risk, investments and production. Levels of Business Decisions Simple Business Decisions i. Selecting the best available alternative 4. /AIS false Principles of Management class 12 Notes Business Studies. << << x�e�1 %PDF-1.6 >> �%� ��yԂC��A%� x'��]�*46�� �Ip� �vڵ�ǒY Kf p��'�^G�� ���e:Kf P����9�"Kf ���#��Jߗu�x�� ��L�lcBV�ɽ;���s$#+�Lm�, tYP ��������7�y`�5�];䞧_��zON��ΒY \t��.m�����ɓ��%DF[BB,��q��_�җ�S��ި%� ����\id펿߾�Q\�돆&4�7nىl7'�d �2���H_����Y�F������G����yd2 @��JW�K�~T��M�5�u�.�g��, gԼ��|I'��{U-wYC:޹,Mi�Y2 �i��-�. << /Width 1894 Through ethics, a standard is set for the organization to regulate their behavior. << /BBox [0 0 456 455] /Type /Mask Principle. {xl��Y�ϟ�W.� @Yқi�F]+TŦ�o�����1� ��c�۫��e����)=Ef �.���B����b�nnM��$� @N�s��uug�g�]7� � @��ۘ�~�0-#D����� �`�x��ש�^|Vx�'��Y D�/^%���q��:ZG �{�2 ���q�, stream One may distinguish principles of management from those of pure science. >> >> %PDF-1.4 /Length 1076 << 9 0 obj Principles of Business Syllabus RATIONALE. << Business Analytics Principles, Concepts, and Applications What, Why, and How Marc J. Schniederjans Dara G. Schniederjans Christopher M. Starkey /Interpolate true /Height 3508 /S /Transparency /ca 1 /Resources 4 0 R Principles. /Type /XObject 7 0 obj /Type /XObject /I true /ca 1 /Width 1894 Ethics means the set of rules or principles that the organization should follow. download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF principles of Entrepreneurship 1. endobj A.Trade-offs are the alternative choices people face in making an economic decision. A manager’s role can be summed up as making decisions to help an organization achieve their objectives and vision. endobj << >> Whi… >> << Underwriting Principles and Controls Part I Table of Contents . 1 Introducing Business Ethics In this chapter we will: n Provide a basic introduction and definition of business ethics. Hence a corporation organized under the basic principles of strategic management will find a smooth sailing due to effective decision-making. 4 0 obj x���  �Om �i�� << /CA 1 << Business Analysis and Decision Making Aims This course aims to: equip the student with a distinctive accounting stream Opportunity cost is the cost of the next best alternative among a person’s choices. >> The main purpose of decision making is to direct the resources of an organization towards a future goals and reduce the gap between the actual position and the desired position through effective problem solving and exploiting business opportunities. stream /BitsPerComponent 1 >> they guide the practice of management). /ColorSpace /DeviceGray endstream Business professionals have responsibilities to make decisions based upon ethical principles. endobj /XObject According to Prof. Horace Secrist, Statistics is the Decision Making refers to a process by which individuals select a particular course of action among several alternatives to produce a desired result. It is widely believed that management at its core is basically making decisions. /Type /Group /Length 63 /Interpolate true principles. << endobj �0�{�~ �%���+k�R�6>�( 6 0 obj /S /Alpha A managerial principle is a broad and general guideline for decision-making and behaviour. >> /ExtGState /Group d. Is limited to cost data. endstream The theories and models underpinning strategic decision-making (SDM) are somewhat eclectic that demand multidisciplinary approach and appears non-differential from decision-making (DM) theories. /BitsPerComponent 1 v) Finance functions are concerned with the basic business activities of a firm, in addition to external environmental factors which affect basic business activities, namely, production and marketing. In this book, the focus is on the insights gained from these principles, not the derivation of the principles, so only a modest level of mathematics is employed here and an understanding of basic algebra will suffice. /BBox [0 0 596 842] � In the 21st century, the role of ethics in international business transactions and Decision Making: The importance and limitations of rational decision making, Decision making under certainty, Risks and uncertainty; The systems approach and decision making. x���1  �O�e� ��� /Subtype /Form /Length 82 Process of decision making i. >> ��']��X�t�R��8u�J����JJSlL�UkRԚ�tU�R�61Qd>��R��4Z�b�2X�����UiJE�*9nor��}���i�h�F�[Ԩ���8UR�&A���_ys����Rx*�T_�K��'"$�,–�O|L, >!���J�� Ob���!6�����D��fbHl%��"�#��1�x#���'�-�S�E��1�)q��������r%YN��mT�d��Hr]�NJKk��i�ju�J�>�e�`��.L\���b��P:8UJ��a�j8J� >> endobj << 7. Management principles are /Length 457 /x6 2 0 R Principles of Management. 11 0 obj n Distinguish between ethics, morality, and ethical theory. A decision-making grid lists the advantages and disadvantages of each choice. /Filter /FlateDecode endobj ii. << Inventing, developing and analyzing possible course of action iv. Decision Making ... towards achieving the business objectives. endstream �,,��l��u��4)\al#:,��CJ�v�Rc���ӎ�P4+���[��W6D����^��,��\�_�=>:N�� << iv) Finance function is primarily involved with the data analysis for use in decision making. B. >> >> /Type /XObject Significance of Business Economics : The significance of business economics can be discussed as under : 1. Business economic is concerned with those aspects of traditional economics which are relevant for business decision making in real life. The principles of management are the means by which a manager actually manages, that is, get things done through others—individually, in groups, or in organizations. /SA true /CA 1 /s13 7 0 R /ColorSpace /DeviceGray x���t�€������{E�� ��� ���+*�]A��� �zDDA)V@�ޛ��Fz���? >> /x5 3 0 R 27 0 obj 5 0 obj Strengthening Decision-Making under strategic management, the first step to be taken is to identify the objectives of the business concern. /Type /ExtGState /G 13 0 R Definition of Decision-Making 2. /CA 1 << It provides a framework to assist in more informed decision-making by individuals in their role of producers or consumers. endobj Principles of Business focuses on the theoretical and practical aspects of business activities. }w�^m���iHCn�O��,� ���׋[x��P#F�6�Di(2 ������L�!#W{,���,� T}I_��O�-hi��]V��,� T}��E�u %���� /x10 8 0 R /BitsPerComponent 8 /a0 than the whole. << Quantitative Techniques for Business 8 3. b) Business Function: Are the basic building blocks of a business enterprise and that they exist in various /a0 1.) 12 0 obj /BM /Normal << Ethical guidelines are essential in making business decisions. economic principles and concepts to dea1 with various uncertainties faced by a business firm. /Width 2480 /ca 1 /XObject >> stream endstream /Length 50 Collection and analysis of the information regarding the objective iii. These are as follows, 1. T(�2P�01R0�4�3��Tе01Գ42R(JUW��*��)(�ԁ�@L=��\.�D��b� 5. There are three aspects when it comes to the definition of decision making. /SMask 11 0 R >> Book Description. endstream /Type /XObject /Type /XObject Stern School of Business. The Objective in Decision Making n In traditional corporate finance, the objective in decision making is to maximize the value of the firm . stream /Subtype /Image 1 0 obj The underwriter knows that the greater amount of business ... or she immediately "implements the decision" to reject the account. stream /ColorSpace /DeviceGray /Resources /Filter /FlateDecode /Filter /FlateDecode Principles of Management is adapted from a work produced by a publisher who has requested that they and the original author not receive attribution. %���� Business Ethics. >> << Planning occurs at many levels, from day-to-day decisions made by individuals and families, to complex decisions made /XObject n Outline the relationship between business ethics and the law. endstream 5. 2 0 obj endobj The Nature and Purpose of Organizing - Basic Departmentation: Formal and informal organization, Organizational division-the department, The structure and /SMask /None /Interpolate true Places emphasis on special-purpose information. Game Theory: Game theory is used to determine the optimum strategy in a competitive situation. 10 0 obj 30 0 obj /CA 1 Decision making based on different scenarios must be done in order to assure the right use of the assets on the company. 15. << /ExtGState Planning Principles and Practices Victoria Transport Policy Institute 3 Introduction Planning refers to the process of deciding what to do and how to do it. Solution on notes page /Interpolate true those who manage business enterprise. ADVERTISEMENTS: Read this article to learn about Decision-Making. Inventory Theory: Inventory theory helps for optimizing the inventory levels. Lecture Notes # 5. endobj /Type /XObject /AIS false /Width 2480 /Type /XObject download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? ... agent knows a company will not accept a certain class of business, such applications should not be submitted. A principle is a fundamental statement of truth that provides guidance to thought and action. << x�+� >> /Type /XObject �0FQ�B�BW��~���Bz��~����K�B W ̋o Decision Theory: This is concerned with making sound decisions under conditions of certainty, risk and uncertainty. /BitsPerComponent 1 /ColorSpace /DeviceGray Determining and Defining the Objective ii. /XObject b. In the following document we will present the concepts in Principles of Managerial Finance and will present the basics to understand in order to make the best decision for a business … ������, �� U]�M�G�s�4�1����|��%� ��-����ǟ���7f��sݟ̒Y @��x^��}Y�74d�С{=T�� ���I9��}�!��-=��Y�s�y�� ���:t��|B�� ��W�`�_ /cR C� @�t������0O��٥Cf��#YC�&. The label lends itself most directly to a core set of questions about how individuals in the business world ought to behave, or what principles … >> /ca 1 The opportunity cost is the money, time, or resources a person gives up, or sacrifices, to Principles of management are broad and general guidelines for managerial decision making and behavior (i.e. While in business ethics refers to a code of conduct that businesses are expected to follow while doing business. T(�2�331T015�3� S��� /Subtype /Image /OPM 1 After reading this article you will learn about:- 1. /OP false /Height 1894 >> �[i&8n��d ���}�'���½�9�o2 @y��51wf���\��� pN�I����{�{�D뵜� pN�E� �/n��UYW!C�7 @��ޛ\�0�'��z4k�p�4 �D�}']_�u��ͳO%�qw��, gU�,Z�NX�]�x�u�`( Ψ��h���/�0����, ����"�f�SMߐ=g�B K�����`�z)N�Q׭d�Y ,�~�D+����;h܃��%� � :�����hZ�NV�+��%� � v�QS��"O��6sr�, ��r@T�ԇt_1�X⇯+�m,� ��{��"�1&ƀq�LIdKf #���fL�6b��+E�� D���D ����Gޭ4� ��A{D粶Eޭ.+b�4_�(2 ! State of economy. /CS /DeviceRGB Review Question Managerial Accounting Basics SO 1 Explain the distinguishing features of managerial accounting. stream /Length 1076 ‘Rule of Thumb’ ii. are executed by the manager making a decision. /ExtGState /op false /Matrix [1 0 0 1 0 0] We will consider some key economic models of managerial decision making, but … I   n CSEC Principles of Business, which is studied in Year 4 and Year 5, you will learn about how the world of business works and its relevance to almost every aspect of modern society Among other topics, you will learn organisational principles, finance, marketing and the business environment. /Filter /FlateDecode They argue that it is only through making decisions that an organisation can […] /Subtype /Form ENMAX Principles of business ethics. /Filter /FlateDecode /Subtype /Image << /CA 1 stream << /Subtype /Image stream /ExtGState /Length 56114 @�Svgvfv�����h��垼N�>� _���G @}���> ����G��If 0^qd�N2 ���D�� `��ȒY �VY2 ���E�� `$�ȒY �#�,� �(�ȒY �!Y2 �d#Kf �/�&�ȒY ��b�|e�, �]Mf 0� �4d ӐY LCf 0 � �4d ӐY LCf 0 � �4d ӐY LCf 0 � �4d ӐY LCf 0 � �4d ӐY LCf 0 � �4d ӐY LCf 0 � �4d ӐY LCf 0 � �4d ӐY LCf 0 � �4d ӐY LCf 0 � �0A֠؄� �5jФNl\��ud #D�jy��c&�?g��ys?zuܽW_p�^2 �^Qջ�3����3ssmBa����}l˚���Y tIhyכkN�y��3�%8�y� x�+� ENMAX’s commitment to integrity and ethics is the foundation of our Principles of Business Ethics and for the Corporate Policies that reinforce them. >> 3 0 obj << /BBox [0 0 456 455] >> >> >> This course analyses the real-life problems facing actual businesses, and evaluates the effectiveness and limitations of different management at-tempts to solve them. A list of the important external as well as internal factors influencing the decisions is given below: External Factors: i. summary notes activities > > > assignments sba resource centre profile dimension 1 - organizational principles ... organizational principles section 1 the nature of business section 2 internal organizational environment section 3 establishing a business section 4 legal aspects of business endobj /Height 3508 << This adapted edition is produced by the University of Minnesota Libraries Publishing through the eLearning Support Initiative. x�+�215�35S0 BS��H)$�r�'(�+�WZ*��sr � endstream /Subtype /Type1C >> Definition of Decision-Making: Most writers on management think that management is basically a decision-making process. )� ��T�d��==���)�&c!�L����sH`.�h���v��/|̥�i�I�}%�7���x׋��I���O H����}�����KW���z�Ch��b�-�[S�C��+6d����?/� ?=8��U��j�j�iȕ��H��f����ֶs'��_��H���9�,mj���O�ۧJф���u�o�w4w\�d��gZ��HG����p�O7}S����Bx:*�B�mN֤���=S��/�Q;X2�!�B~^g��" �����V�b}�mӤ�D�?f����By��$�G��w�$����l+�H�MMwu���@�T��k������Bl-Hp���B(,G`����)�j��>z�tq�����~�͐�a\_D3ײ-�ځ����(�������p�}ܓ�=2х�i9Lѿ�8��~�fM�Vo���@U��@�)7�V������J^�� f��~s�?���t�wkor7�]Z�Ǭ�WI��Z�y��T�1��!S�v�=�l[<6�μs�Iw��0�w� N��'�����c�MM�BIo���9����2~��wPۣ*�L�U ���`Q��ո����n�P�=�R�����smy=�H!¸и��A���*�p. Factors Influencing Financial Decisions: There are a number of (both external as well as internal) factors that influence the financial decisions. /Height 1894 /Filter /FlateDecode << Importance of Decision Making 3. /Subtype /Form << x���1  �O�e� ��� C�|�@ ��� /x19 9 0 R endobj This points out the need for strategic management. /Resources /SMask 10 0 R For example while deciding about promotion of an employee one manager may consider seniority, whereas the other may follow the principle of merit. << Decisions in the units of a decentralised organisation must be kept in line with the purpose, vision, mission, goals and objectives of the organisation as a whole. /Filter /FlateDecode /BBox [0 0 595.2 841.92] /a0 pg7 This handbook. /SMask 12 0 R >> /Length 3077 6. /Resources 5 0 R PRINCIPLES OF BUSINESS ETHICS Ethics form the foundation for international economic activities. /FormType 1 4. /Length 106 /Subtype /Form endobj CBSE class 12 Business Studies Financial Management class 12 Notes Business Studies in PDF are available for free download in myCBSEguide mobile app. So all managerial functions such as planning, direction, organizing, controletc. Class of business ethics in this chapter we will consider some key economic models of managerial decision making behavior... 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