Business and Project Management

Top-level management is concerned with long-term trends and strategic goals, so they require less frequent reports compared to operational managers.

Budgeting is the process of preparing and creating budgets, which are financial or quantitative plans for future operations.

A budgeting system integrates various functional budgets (like sales, production, and cash) into a cohesive plan, ensuring that all departments work toward the same organizational goals.

The sales budget is considered the most important budget because it dictates the revenue expectations and the scale of operations for the entire organization. All other functional budgets are derived from the sales plan.

 They don't focus on building an image; they focus their enegies on their responsibilities and on results. 

Feasibility study is the determination of whether the project is worth of doing it or not.

Systems investigation is a formal process that can be triggered by various events, including scheduled reviews, specific management requests, or identified performance issues during analysis.

H.A. Simon is associated with programmed/non-programmed decisions (A-3). A. Etzioni developed Mixed-Scanning (B-1). C.E. Lindblom is famous for Incrementalism (C-2). Robert Dahl is associated with group decision concepts (D-4).

Herbert Simon argued that the 'administrative man' does not maximize (which is the assumption of the 'economic man') but rather 'satisfices', meaning they choose the first alternative that meets their minimum criteria.

Herbert Simon defined decision-making as the process of identifying and controlling strategic factors that influence organizational outcomes. This is a core concept in his work on administrative behavior.

The re-ordering level formula is defined as Maximum Consumption multiplied by Maximum Re-order Period. This ensures that the organization has enough stock to cover the longest possible lead time.

Material control systems are specifically designed to manage materials effectively in an organization. The entire purpose of material control is to ensure efficient material management covering procurement, storage, and usage.

Material control is generally divided into quantity control (ensuring the right amount is available) and financial/value control (ensuring the cost of materials is monitored and optimized).

‘Commitment’ goes with ‘executive’ and ‘sustain’ goes with ‘competitive advantage’.

A control strategy in AI or robotics is fundamentally designed to initiate or manage action, making 'it causes motion' the primary requirement for a system to be considered active or controlled.