Management - Reference Guides

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4 Jun 2015
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Management is a means of achieving an organization s objectives through organizing, business planning, staffing, controlling, and leadership. Managers coordinate activities to bring the greatest profit yield. Includes quantitative and qualitative management tools that assist managers in making decisions. Prediction of buyers future responses under certain conditions. Quantitative tools (mathematically based) used by managers to make decisions (that is, models that represent real-life situations) Project future values by processing past quantitative data through mathematical rules. Used when precise (hard) data is available. Breakeven analysis shows managers where total sales revenues break even with total costs. Forecasts derived from information by experts in a given field. Used when precise (hard) data is not available. Sales force average opinions of sales personnel composite. Opinions of managers from various departments are combined and averaged. Project what composition of population will look like (for example, aging baby boomers), as well as products and services that will be in demand.

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