Business Finance Homework Help

The student must post 2 replies of at least 250-300 words. Each reply must incorporate at least 1 scholarly citation in APA format. Any sources cited must have been published within the last five years.

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Student #1SP

Quantitative Management

According to the 3rd edition of Organizational Management and Leadership: A Christian Perspective (Saterlee, 2018) quantitative management is the use of mathematical and scientific processes to assist in the decision making process where resources are concerned (Saterlee). These processes allow for a more data driven approach to fiscal planning and strategic decision making that lead to the overall success of an organization (Saterlee, 2018). There are different concepts that quantitative management revolves around, but all of them rely on collected data to model what should happen in the future of an organization to allow leaders and followers alike to better plan for what lies ahead.

Concept 1: Operations Research

Operations research is a product of operational aspects of the military during World War II failing to keep up with the technological advancements of the time (Saterlee, 2018). Operations management is an inherently analytics centered field that exists to collect data that allows an organization to forecast their possible future outcomes based on decisions made in the present and past (Hazen et al, 2016). This opens the door for the use of predictive modeling techniques that drive innovation in decision making processes in every industry (Hazen et al, 2016). Predictive models, however, do not determine what decisions will be made on their own, they are tools that require decision makers to analyze the data they provide (Hazen et al, 2016). They also do not solve every problem all at the same time, for instance if the solution that a model suggests to a problem in turn creates another problem for the organization in the long term, the predictive model will likely not take that into account and thus the decision maker in charge must take all effects into account (Hazen et al, 2016).

Concept 2: Simulations

A product of operations research, simulations can allow decision makers to mitigate risks that are found in an everyday operating environment by testing those decisions in a space were they wont suffer real consequences for mistakes (Erana-Diaz et al, 2020). These simulations can be as simple as a flow chart on a dry erase board or as complex as artificial intelligence software; However, as stated in Concept 1, these decisions that are a result of a simulation meant to solve a specific issue in the present have a chance of resulting in the creation of additional issues down the road. Because of this, simulations are generally built with a set of safeguards in place to minimize the effect of risk factors that the simulation itself creates (Erana-Diaz et al, 2020). Examples of risk factors that might need to be taken into account when creating a management simulation are industry regulations, the organization’s long term finances, and the organization’s ability to implement the proposed solution (Erana-Diaz et al, 2020).

Concept 3: Queuing Theory

Queuing theory is how management professionals and researchers decrease the time that customers must wait and thus the costs that come with providing customer service for longer amounts of time (Satterlee, 2018). In simpler terms, when a person enters a line that they must wait in to receive a product or service, they calculate how long they are willing to stand in that line (physically or virtually) before they no longer consider the product or service worth the amount of time they must wait (Afolalu et al, 2019). Queuing theory attempts to put a mathematical model to this phenomenon, and managers of organizations can use the results of these models to improve the overall outward facing experience that they provide (Afolalu et al, 2019). Better overall customer experience generally leads to more returning customers and thus higher profit margins.

Biblical Integration

Proverbs 1:5: “A wise man will hear and increase learning, And a man of understanding will attain wise council”(King James Bible, 2014).

This verse demonstrates the importance of using scientific processes and research in management. Without looking to what others have done in the past (wise council) leaders cannot hope to improve their organizations in the future and will struggle with decisions that others have likely made in the past.

References

Hazen, B. T., Skipper, J. B., Boone, C. A., & Hill, R. R. (2016). Back in business: Operations research in support of big data analytics for operations and supply chain management. Annals of Operations Research, 270(1-2), 201–211. https://doi.org/10.1007/s10479-016-2226-0

Erana-Diaz, M. L., Cruz-Chavez, M. A., Rivera-Lopez, R., Martinez-Bahena, B., Avila-Melgar, E. Y., & Heriberto Cruz-Rosales, M. (2020). Optimization for risk decision-making through simulated annealing. IEEE Access, 8, 117063–117079. https://doi.org/10.1109/access.2020.3005084

Afolalu, S. A., Babaremu, K. O., Ongbali, S. O., Abioye, A. A., Abdulkareem, A., & Adejuyigbe, S. B. (2019). Overview impact of application of queuing theory model on productivity performance in a banking sector. Journal of Physics: Conference Series, 1378, 032033. https://doi.org/10.1088/1742-6596/1378/3/032033

Satterlee, A. (2018). Organizational management and leadership: A Christian perspective (3rd ed.). Raleigh, NC: Synergistics International. ISBN: 9781934748169.

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Student #2PR

Discussion: Field of Management

History of Management

With the industrial revolution beginning in the eighteenth century, there was a shift from an agricultural focus to one of commerce. It was a time of manufacturing growth and a shift of workers from small rural farms moving into large metropolitan factories. This brought about new challenges of managing large numbers of employees (Satterlee, 2018). Along with the limitless opportunities and expansion brought for these city factories within this new age, there were questions of how control and communication would be handled between the owners and this significantly bigger population of workers. Designated men were needed to assign tasks, direct employees, order materials, and coordinate activities across the workshop. In other words, managers were needed to plan, lead, organize, and command a large-scale operation by supervising smaller sections and specific jobs.

Different models on the most effective styles of management started to emerge. Starting with scientific management focusing on increasing efficiency and productivity of the individual employee, to administrative management which studies an organization based on efficiency and effectiveness. Meaning, how well resources are utilized and measuring the appropriateness of the goals (Satterlee, 2018).

Concepts of Management

Since then, organizations have continually invested in resources for the implementation of new management concepts. In the last two decades, the processes through which these concepts are adopted and adapted have received more attention (Van Grinsven et al., 2020). Companies realized it was better to have managers produce a synchronization of activities and a system of norms and values embedded in its organization relating to shared views, ideology, values, beliefs, and expectations. This balance guaranteed the maintenance of the organization’s identity and its constant transformation. It became a condition for keeping up with changes in the environment while being aware of the difficulties that could arise (Sulich et al., 2021). There are three specific concepts in the field of management that I feel are important in today’s age to run a successful company. Each has its own characteristics, but they complement each other to achieve unified goals and objectives.

Management vs. Leadership

Managers and leaders may seem like they are one and the same, however there are unique distinctions that separate the two. Having a concept that embraces those differences is important to running a successful business. Whether autocratic, democratic, or laissez-faire, the techniques used by managers deal with day-to-day operations of planning, organizing, and directing employees to complete various tasks. Leaders have an overall vision that they must focus personnel on by being a change agent through their motivation and inspiration. Being a great manager does not mean that one would automatically be a good leader. Being a great leader does not mean one would automatically be a good manager. Different skill sets and emotional intelligence is needed. They are unique jobs that must be thought of as independent of each other.

Roles and importance of Management

In the realm of managers, there are certain supervisory needs that are essential for a large company to run properly. The concept of understanding the roles and importance of having the right kind of manager in place is key. When it comes to roles, three categories have been identified. An interpersonal manager is a mentor. They provide encouragement and engage their workers to benefit not only the individual but the entire organization. Informational managers are more spokesmen. They excel at communicating and conveying information to the troops. A decisional manager is a negotiator. When there are unexpected disturbances in work performance, this manager takes corrective action by anticipating options and detours to obtaining their desired outcome.

Effective vs. Ineffective Managers

Understanding the difference between what makes an effective manager is an important concept. To be successful, trust needs to be at the forefront. Then, being able to motivate teams and their missions is critical to being effective, with an ability to adapt. This can be accomplished through useful communication and building relationships. The human aspect of mutual trust between a worker and their manager results in better performance because each is striving to not only achieve personal or small goals, but to take care of the organization for the sake of the others involved by meeting larger goals. Effectiveness also involves influence. An important area of influence entails shaping the followers. It is a dynamic process that occurs over time. Followers accept influence from individuals who meet their perceptions of what it means to be a leader. Conscious or unconscious, behaviors are influenced by feedback those managers receives from the downstream processes (Peck & Hogue, 2018).

Biblical Integration

The Bible says, “For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him, Saying, this man began to build, and was not able to finish” (King James Bible, 2017, Luke 14:28-30). This to me embodies the idea of a manager having a plan, no matter what style or concept works best for him or her. Like understanding the budget, managers must understand the desired goals and objectives. When companies grow, it’s like that tower mentioned in Luke. They will need managers who can watch costs, implement plans, and coordinate efforts to keep moving up. Without managers, the vision will never be completed, and that unfinished tower will fall.

References

King James Bible. (2017). King James Bible Online https://kingjamesbibleonline.org/ (Original work published 1760)

Peck, J. & Hogue, M. (2018). Acting with the best of intentions… or not: A typology and model of impression management in leadership. The Leadership Quarterly, 29(1), pp.123–134. https://doi.org/10.1016/j.leaqua.2017.10.001

Satterlee, A. (2018). Principles of management and leadership: A Christian perspective. McGraw Hill. https://prod.reader-ui.prod.mheducation.com/epub/satterle_sn/data-uuid-ea0de7cea61c4e878538ce159af6438a

Sulich, A., Soloduchi-Pelc, L. & Ferasso, M. (2021). Management Styles and Decision-Making: Pro-Ecological Strategy Approach. Sustainability, 13(4), p. 1604. http://dx.doi.org.ezproxy.liberty.edu/10.3390/su13041604

Van Grinsven, M., Sturdy, A. & Heusinkveld, S. (2020). Identities in translation: Management concepts as means and outcomes of identity work. Organization Studies, 41(6), pp.873–897. https://doi.org/10.1177/0170840619866490