Human Resource Management An Organization - 1420 Words

Human resource management is a term that is often used loosely and is assumed to be common sense, but the people behind good human resource teams know that those accusations are simply not true. HRM is all about how to manage people in the most effective manner in order to produce the best outcome for the company. HRM has many fascists, including recruitment of employees, initial training, hiring, advising employees, developing job descriptions, providing ongoing training to all employees, developing safety measures in the work environment, and so much more. The Human resource manager s job is all in order to provide the organization with the best possible team to do the best business. â€Å"For example, HR professionals advise managers and supervisors how to assign employees to different roles in the organization, thereby helping the organization adapt successfully to its environment. In a flexible organization, employees are shifted around to different business functions based on business priorities and employee preferences (Bianca, 2016).† One of the first jobs done by the HR managers is writing a job description in preparation for hiring new employee(s) for a position. This task is often difficult due to the changing tasks of many positions. Although the jobs description is extremely crucial to hiring the right employee for the particular position and often the more responsibility the new hire(s) will have the more crucial this task is to get it right. During the hiringShow MoreRelatedHuman Resource Management : The Management Of An Organization1250 Words   |  5 PagesHuman resource management is the management of an organization to build and maintain the relation between the employee and the organization in order to meet business objectives and employee expectations. The process of hiring and developing employees so that they become more valuable to the organization. Human resource management is the governance of an organization s employee. HRM is sometimes referred to simply as human resource. HRM is the process of recruitment, selection of employee, providingRead MoreHuman Resource Management : The Management Of An Organization980 Words   |  4 PagesHuman Resource Management Overview Human Resource Management is the management of an organization’s employees. When a company designates a Human Resource (HR) department, those in HR are the ones responsible for overseeing the well-being of personnel in the workplace, and focus on how to attract, hire, train, motivate, and maintain employees of the organization. (DeCenzo, Robbins, Verhulst, 2013, p4). According to David S. Bright from the Raj Soin College of Business at Wright State UniversityRead MoreHuman Resource Management And An Organization Essay1140 Words   |  5 PagesHuman resource management is a tool in an organization, which focuses on the recruitment, management, and giving direction to the people who work in the organization. Human resource management is a vital component, which deals with issues concerned with people. Such issues include, hiring, performance management, developmental issues, safety, staff welfare, benefits and staff motivation. An organization cannot create a group of profess ional working staff without better human resources (Stewart, Read MoreHuman Resource Management : An Organization3527 Words   |  15 PagesHUMAN RESOURCE MANAGEMENT: Introduction: Human resource management is the all about of recruitment, employee’s selection, providing necessary training and skill development, assessment of employees, and all other factors related to the employees in organization. Human: refers to the skilled and unskilled workforce in the organization Resource: refers to limited availability of scarce Management: refers to the process of coordination of human resource in organization to get the best results is calledRead MoreHuman Resource Management At An Organization1488 Words   |  6 PagesAs a human resource manager, there is a duty to manage workforce productivity. This adds on to the normal workload and responsibility of a human resource manager but is needed for optimizing the return on investment for the organizations’ labor expense. When looking at any organizations’ human resource department the main purpose is its effectiveness both in staff and in business. In order to be effective, most human resource managers first must develop an effective professional. That begins withRead MoreHuman Resource Management : An Organization Essay1429 Words   |  6 PagesHuman resource Management is very important in every organization. It satisfies the needs of man power and creates an atmosphere where all employees can work together to achieve the goals of an organ ization. HRM role is to plan how to recruit right people and give experienced and well trained workforce to organization. It makes plans for training and development of human resource in an organization. The main functions of Human Resource Management in an organization are given below: 1. RecruitmentRead MoreHuman Resource Management : An Organization1524 Words   |  7 Pagestougher competition, Human Resource Management has taken on roles that have intermeshed them with the company as a strategic partner rather than just an individualized operating type system focused on simple tasks. Critical to a corporation’s growth and success is their ability to gain a competitive edge. Superior Human Resource Management assists the organizations fulfill its goals and attain success. This paper will outline why it is essential for Human Resource Management to transform beyond itsRead MoreHuman Resource Management : An Organization Essay1418 Words   |  6 PagesHuman Resource Management As competition increases around the world, leading companies in every business category have recognized that having a quality workforce can help the company gain a competitive advantage in the market. Many companies have started hiring people irrespective of their race, sex, religion, nationality etc. The critical thing for any company is to understand and use potential of their workforce. Building and managing top-quality workforce is not as easy as it may seem. In orderRead MoreHuman Resource Management : An Organization Essay3485 Words   |  14 PagesAbstract Human resource management plays an intricate role to at every company. The human resource profession has grown rapidly throughout the years creating multiple departments which specialize in specific areas. Categorized as a large corporation, Nestle Purina Petcare Company utilizes all functions of HR management. Having an organized and developed HR team allows the company to function and develop efficiently. There are seven main functions in which human resource management can be categorizedRead MoreHuman Resource Management : An Organization910 Words   |  4 PagesAccording to Greer, Youngblood, and Gray (1999), it appears that in today’s business environment, one might argue that human resource management (HR) departments are being questioned to change what is described as their bureaucratic culture and to be customer –oriented, and provide outstanding service. Thus, in order to accomplish this, one might argue that it requires outsourcing in combination with an internal HR focus on a particular organization’s core competencies, particularly when it means

Budgeting Techniques Business Enterprise â€Myassignmenthelp.Com

Question: Discuss About The Budgeting Techniques And A Business Enterprise? Answer: Introducation Under the different tools and techniques of capital budgeting, the management of the company considers the various capital outlays that it has under its proposals. The main exercise that is involved in the overall process of capital budgeting is to correlate the various benefits that are to be achieved over the period of time and consistency of performance that helps in maximizing the overall objective of the business. Management has to analyze risk as a key function of financial management. As it is generally seen that the long term investment decisions tend to be complicated in nature, there exist a high vulnerability of external risk and uncertainty. As the acquisition of business Assets and resources are the activities which are continuous and nature, therefore management should utilise their expertise in order to evaluate correct and fair valuation of business enterprise. In the current assignment, the analyst discussed over different concepts that are in relation to utilisation of capital budgeting techniques and a business enterprise. Some of them are discussed as follows - Sensitivity analysis Approach of investing in assets related to business are the major reasons for growth and development of the business enterprise. The company with the objective of achieving long term goals with timely approach must take efficient decision on the part of capital investments. Growth and development of the business organization are not only achieved through the purchase of new machinery and equipment but also expanding business operations through developing new products and services. Before investing and placing money into a project it is greatly required to understand and evaluate the associated risk, business strengths and weaknesses ( , 2011). Though risk cannot be completely avoided, but it should be minimised to acceptable business appetite. For this purpose management of the business, the organization must conduct sensitivity analysis as a part of capital budgeting technique in order to evaluate the possible risk and effectiveness of investment opportunities (Bennouna, et. al., 2 010). Sensitivity analysis as a part of capital budgeting techniques supports the business managers to evaluate the uncertain situations. As in a General scenario business activities are based on forecasts which are determined on the basis of certain assumptions and estimates. The technique of sensitivity analysis focuses on the part wherein the impact on the financial part of the company is visualised while making changes in assumptions and business estimates. The tool of sensitivity analysis evaluates the possible risk while determining the various variables that place an effect on the performance of the investment and associated net benefits. Various effects on changes made in the variable while conducting internal rate of return technique and net present value technique are analyzed and reported as a part of sensitivity analysis. The analyst using this report identifies various possible risk event and their resulted outcome and consequences if the above risk materialized (Correia Cram er, 2008). Using this approach overall project feasibility is determined. Using net present value technique as a part of capital budgeting approach various independent variables are needed to be changed in order to determine the possible risk. Some of these variables are - Expected revenue Budgeted selling price Budgeted cost of the investment Initial cost of the project Rate of return Interest to be paid on loan etc For instance, sensitivity analysis taken as part of capital budgeting techniques and calculation, it changes one part of the estimates that have been forecasted on the initial stage and accordingly the changes in results are to be evaluated. For example, in the case while taking projected cash flow for the next 10 years to determine the net present value of the investment the business organization took 8 % projected cost of capital. In this situation analysis, the analyst has three variables which can be changed accordingly to notice the effective change in the net present value of the project (Carmichael Balatbat, 2008). There can be a variation witnessed over the period of time in the variables of time duration, the rate of cost of capital, and projected inflows. Scenario Analysis Scenario Analysis is an analysis of Net Present Value (NPV) or Internal Rate of Return (IRR) of a forecast under various important scenarios, based on industry, firm economic factors, and macro-economic factors. It is a process of considering various future uncertain events by considering their alternative predictable outcomes. When future projection is made scenario analysis is considered to be a main factor. Then the various observations have been made regarding the future outcome and several developments have made to change the predictable outcomes. Scenario analysis is not based on the past data or historical data of the company. In scenario analysis the analyst expects that the past observations not remain same in the foreseeable future (Dedi Orsag, 2007). Every scenario combines optimistic, predictable situations which affects the working of the company in the near future. Scenario Analysis is plotted to permit improved decision making and planning by considering the various possible outcomes. In financial sector, financial institution might use scenario analysis to predict various possible situations for the economy (e.g. aggressive growth, moderate growth, conservative growth) and for the market returns (for stocks, bonds, cash and cash equivalents) in all of the scenarios. Financial institutions also made scenario analysis to predict the return on investments. Scenario planning starts by dividing the knowledge into two broad areas: 1 component we consider uncertain or unknowable and 2 things we believe we know anything about (Khamees, et. al., 2010). It is the process of estimating the predictable value of the portfolio after a stipulated period of time, assuming that the securities in the portfolio has changed or key factors change such as change in the rate of interest on securities. There are many perspective of scenario analysis. A most and common method is to determine the risk of the portfolio by computing the standard deviation of monthly or daily returns of the portfolio. A consumer or group of person can use scenario analysis to examine the various financial possibilities of purchasing a product. Mathematics and Statistics plays an important role in the scenario analysis. Most managers use scenario analysis in their company is for framing a plan or in a decision making process to determine the best situation for maximizing the profits of the business and they also use this analysis to determine the worst possible outcome and anticipate operational losses and effective problems (Adair, 2011). This analysis also used in determining the net present value of the business in the near future. Break-Even Analysis Break even analysis is that analysis which determine the point at which sales of the company equals the cost associated with receiving the revenue. In alternate way we can say that break-even is that point where profit of the company is zero. Entities used Break even analysis to determine the level of units which company has to sell in order to cover their total fixed costs. Break even analysis concept deals with the contribution margin of the product. The contribution is the difference between the sales and the total variable costs. And the contribution margin is the difference of selling price and total variable cost per unit (Verma, et. al., 2009). Break even analysis plays a vital role in determining the practical application of cost related functions. It consist three factors, i.e sales volume, cost and profit. The aim of this analysis is to classify the between sales volume and total costs of the company. It is also known as cost-volume-profit-analysis. It helps in understandin g the operating condition that exists when an entity break-even. This is also known as no profit no loss point. This analysis has very useful to the company and the executives of the company takes forecasting decisions and make future planning by considering the break-even of the company. In break-even analysis a break even chart has made by the managerial economists, company executives and government agencies in order to find the break-even point. In the break even chart total fixed cost, total revenue and total variable cost are shown separately (Bierman Jr Smidt, 2012). This break even chart shows the level of profit or loss to the entity at various levels of activity. In the situation of term loans, the institutions which have a business of finance have to find out the possibility that the person who took the loan can repay the loan. In such case they had to find the level of break-even point not only the total cost of the company are required but also the full debt of the person. That level of break-even is called cash break-even. A firm has to decide the most economical course of production both at planning level and expansion level. The break-even analysis is the most helpful in determining the best course of action. For management, the best use of break-even analysis is that they present a microscopic picture of the profit of the company and it helps in determining the business model of the company. Despite some limitations break even analysis has its own utility in managerial decision making. Considering the above technique as a part of the management tool for the purpose of taking short term decision it is considered highly worthwhile. Utili sing this approach into current business condition works out as an additional advantage for a business manager to incorporate the fluctuations and changes that exist in the external micro environment due to its flexible behaviour (James, et. al., 2010). Simulation techniques Simulation technique as a part of capital budgeting methodology provides a natural and logical model in which various situations are analysed and a model is created for better decision making process. Various conditions in the real life business structure are analysed in order to formulate the better structuring of the future possible conditions. All aspects related to business are taken into study to make the sample structure on a wider part. Various variables forming part of the problems is identified that places an overall effect over the implementation part. The probable uncertain behaviour and outcomes in form of cash outflows are analysed as part of simulation techniques. Utilising the approach of Weingartner's Basic Horizon model as part of capital budgeting technique expected return on the investment is to be computed. The management utilising the simulation technique for its investment appraisal proposals is supported while evaluating the portfolio and generating the same fo r the organisation (Kwak Ingall, 2007). The business can follow up the technique as presented by the Monte Carlo simulation approach in order to identify the probable risk and uncertainty that exist while determining the accuracy in the projected discounted cash flows associated with the project. The current approach of simulation reduces the shortcomings and lacking that does exist in the approach of scenario and sensitivity analysis. In spite of focusing on the impact on the performance due the change in the variable the analyst in the current approach takes random variable for each input and determines Net present value for each probable condition. The above picture showcases the changes in assumptions in this particular approach of simulation, the management is required to justify and evaluate the probability for each available variable in order to determine the estimates (Hall Millard, 2010). Conclusion The above assignment is related to risk and uncertainty that exist while making a capital appraisal decision. The particular capital budgeting decisions in the business sense are very important and relevant for considering the economic health of the business enterprise. The major objective while approaching for these techniques in the current consideration is to overcome the situation of risk and determine the different outcomes that may arise due to change in predicted variables. It requires a continuous monitoring and evaluation of various factors that are part of investment appraisal techniques and making a cost benefit analysis in order to determine the appropriateness of capital project. References Adair, T., 2011.Corporate Finance Demystified 2/E. McGraw Hill Professional. Bennouna, K., Meredith, G.G. and Marchant, T., 2010. Improved capital budgeting decision making: evidence from Canada.Management decision,48(2), pp.225-247. Bierman Jr, H. and Smidt, S., 2012.The capital budgeting decision: economic analysis of investment projects. Routledge. Carmichael, D.G. and Balatbat, M.C., 2008. Probabilistic DCF analysis and capital budgeting and investmenta survey.The Engineering Economist,53(1), pp.84-102. Correia, C. and Cramer, P., 2008. An analysis of cost of capital, capital structure and capital budgeting practices: a survey of South African listed companies.Meditari accountancy research,16(2), pp.31-52. Dedi, L. and Orsag, S., 2007. Capital budgeting practices: a survey of Croatian firms.South East European Journal of Economics and Business,2(1), pp.59-67. Hall, J. and Millard, S., 2010. Capital budgeting practices used by selected listed South African firms.South African Journal of Economic and Management Sciences,13(1), pp.85-97. James, L.K., Swinton, S.M. and Thelen, K.D., 2010. Profitability analysis of cellulosic energy crops compared with corn.Agronomy Journal,102(2), pp.675-687. Khamees, B.A., Al-Fayoumi, N. and Al-Thuneibat, A.A., 2010. Capital budgeting practices in the Jordanian industrial corporations.International journal of commerce and management,20(1), pp.49-63. Kwak, Y.H. and Ingall, L., 2007. Exploring Monte Carlo simulation applications for project management.Risk Management,9(1), pp.44-57. Verma, S., Gupta, S. and Batra, R., 2009. A survey of capital budgeting practices in corporate India.Vision,13(3), pp.1-17. , ?.?. and , ?.?., 2011. Sensitivity Analysis in Capital Budgeting.