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E-grāmata: Practical Management for the Digital Age: An Introduction for Engineers, Scientists, and Other Disciplines [Taylor & Francis e-book]

  • Formāts: 440 pages, 61 Tables, black and white; 114 Line drawings, black and white; 36 Halftones, black and white; 150 Illustrations, black and white
  • Izdošanas datums: 31-Jan-2022
  • Izdevniecība: CRC Press
  • ISBN-13: 9781003222903
  • Taylor & Francis e-book
  • Cena: 128,96 €*
  • * this price gives unlimited concurrent access for unlimited time
  • Standarta cena: 184,22 €
  • Ietaupiet 30%
  • Formāts: 440 pages, 61 Tables, black and white; 114 Line drawings, black and white; 36 Halftones, black and white; 150 Illustrations, black and white
  • Izdošanas datums: 31-Jan-2022
  • Izdevniecība: CRC Press
  • ISBN-13: 9781003222903
"This book is an accessible and comparatively short text that can comfortably be read cover-to-cover over the course of a semester. It has been written for readers with little or no prior knowledge of the concepts of management or experience in professional management activities. It forms an academically rigorous, accurate and consistent treatment of a subject that draws on a wide field rife with competing definitions, methodological variety, conceptual fuzziness, and inconsistent naming conventions. Thebook places a clear emphasis of the impact of information technology on the business world, drawing on recent literature and examples. Similarly, it highlights how environmental aspects are interwoven with management decision making, addressing the second theme of great urgency in management. Features: Forms a self-contained treatment of management for those without prior knowledge of management or commerce to provide a broad foundation, and explains how management principles and methods draw on rationality-based models of human behavior. Provides an introduction to ongoing financial and legal processes in businesses. Introduces readers to business management as an ongoing activity. Presents a view of sustainability in business that encompasses the environment, society, and the economy. Discusses methods for successful project management and the evaluation of projects and cash flows resulting from projects over time. Practical Management for the Digital Age: An Introduction for Engineers, Scientists, andRelated Disciplines is aimed at a wide range of undergraduate and postgraduate students in a variety of fields, as well as practitioners. It is applicable to those in the fields of engineering, science, computer science, medicine, pharmacy, social sciences, and more. It helps readers to engage confidently in managerial situations later in their careers and during project work in the final parts of their degree courses. For instructors, who may not have a management background, this book offers content for a self-contained year-long course in management at the intermediate undergraduate level. In addition, it has been developed for undergraduate and postgraduate courses with accreditation requirements that include a taught element in management, such as the UK Engineering Council's Accreditation of Higher Education (AHEP) framework"--

The book places a clear emphasis of the impact of information technology on the business world, drawing on recent literature and examples. Similarly, it highlights how environmental aspects are interwoven with management decision making, addressing the second theme of great urgency in management.

Preface xix
Acknowledgments xxii
Author Biographies xxv
About This Book xxvii
PART I The Context of Management
Chapter 1 Toward Modern Management
3(18)
Objectives and Learning Outcomes
3(1)
First Things First: What Is Management?
3(3)
Early Forms of Management
6(1)
Management Innovation Following Technological Innovation
7(2)
First Steps toward Modern Mass-Production
9(2)
Supporting Managerial Innovation
11(2)
The Growth of Lean into a Practical Management Philosophy
13(1)
Current Trends in Management
14(2)
Conclusion
16(1)
Review Questions
17(2)
References and further reading
19(2)
Chapter 2 The Private Enterprise
21(24)
Objectives and Learning Outcomes
21(1)
The Private Enterprise as the Functional Unit of Management
21(2)
The Business as a Framework for Different Flows of Money
23(2)
The Business as a Set of Activities
25(3)
The Business as a Legal Form
28(3)
Sole Trader
29(1)
Partnership
30(1)
Private Limited Company
30(1)
Public Limited Company
31(1)
The Business as an Organization of People
31(3)
The Objectives of the Business
34(4)
Market Standing
34(1)
Innovation
35(1)
Productivity
35(1)
Physical and Financial Resources
36(1)
Profitability
37(1)
Manager Performance and Development
37(1)
Worker Performance and Attitudes
37(1)
Public Responsibility
38(1)
The Objectives of Owners
38(2)
Conclusion
40(1)
Review Questions
41(3)
References and Further Reading
44(1)
Chapter 3 The Economic Theory of the Firm
45(26)
Objectives and Learning Outcomes
45(1)
What Is Economics?
45(1)
What Is a Good?
46(1)
What Is Efficiency?
47(1)
An Overview of the Principles of Economics
47(5)
Principle 1 Trade-offs Are Unavoidable
48(1)
Principle 2 The Cost of Opportunity
48(1)
Principle 3 Marginal Benefit and Marginal Cost
49(1)
Principle 4 Incentives Are Important
49(1)
Principle 5 Exchanging Things Is Normally Beneficial for Everyone
49(1)
Principle 6 Activity Should Be Organized through Markets
50(1)
Principle 7 Government Action Is Sometimes Needed
50(1)
Principle 8 Overall Wealth Depends on the Ability to Produce
51(1)
Principle 9 If the Government Issues Too Much Money, Prices Will Increase
51(1)
Principle 10 In the Short Term There Is a Trade-off between Output and Inflation
52(1)
Demand and Supply in Static Analyses
52(7)
Demand and Supply
52(2)
A Closer Look at the Demand Curve
54(2)
A Closer Look at the Supply Curve
56(1)
A Worked Example of a Market with Linear Demand and Supply Functions
57(1)
Using Comparative Statics to Analyze Interference with the Market Price
58(1)
Basic Types of Markets
59(1)
Monopoly
59(1)
Oligopoly
59(1)
Monopolistic Competition
59(1)
Perfect Competition
60(1)
Basic Theory of the Firm
60(6)
Cost Theory
61(3)
Revenue Theory
64(1)
Determination of Quantity, Price, and Profit
65(1)
Conclusion
66(1)
Review Questions
67(3)
References and Further Reading
70(1)
Chapter 4 The Economics of Digitalization and Automation
71(22)
Objectives and Learning Outcomes
71(1)
Background and Definitions
71(2)
What Exactly Is Information Technology?
73(3)
Moore's Law
76(2)
The Economics of Information Goods
78(5)
Information Economics at Work: Flexible Manufacturing Systems and Artificial Intelligence
83(3)
Flexible Manufacturing Systems
83(1)
Artificial Intelligence
84(2)
Automation as a Societal Challenge
86(1)
Conclusion
87(2)
Review Questions
89(3)
References and Further Reading
92(1)
Chapter 5 Technology, Innovation, and Disruption
93(28)
Objectives and Learning Outcomes
93(1)
What Is Technology?
93(2)
Identifying Different Kinds of Technology
95(3)
The General Process of Innovation
98(1)
Disruptive Innovation
99(3)
Sources of Innovation
102(4)
Accidental Innovation
102(1)
Technology and Knowledge Push Innovation
103(1)
Market Pull Innovation
104(2)
Capturing the Financial Impacts of Innovation
106(4)
Costs and Benefits of Innovation to the Business
106(2)
Assessing the Cost Performance of the Outcomes of Innovation
108(2)
Iterative Approaches to Innovation
110(3)
Agile Development
110(2)
Customer Development
112(1)
The Protection of Innovations through Intellectual Property
113(3)
Copyright
114(1)
Patents and Utility Models
114(1)
Industrial Designs
115(1)
Trademarks
116(1)
Conclusion
116(1)
Review Questions
117(2)
References and Further Reading
119(2)
Chapter 6 Life Cycle Thinking
121(28)
Objectives and Learning Outcomes
121(1)
What Is Life Cycle Thinking?
121(1)
Profile Evaluation
122(1)
The Cash Flow Shape Technique
123(6)
Maximum Investment and Maximum Return
128(1)
Average Rates of Investment, Recovery, and Return
129(1)
Whole-Life Cost
129(6)
Outright Purchase
131(1)
Closed-End Lease
132(1)
Comparison
133(2)
Cost-Benefit Analysis and Stakeholders
135(3)
The Stakeholder
136(2)
Sustainability and Life Cycle Assessment
138(5)
Phase 1 Goals and Scope Definition
141(1)
Phase 2 Inventory Analysis
141(1)
Phase 3 Impact Assessment
142(1)
Phase 4 Interpretation
142(1)
Conclusion
143(1)
Review Questions
143(3)
References and Further Reading
146(3)
PART II The Activity of Managing the Business
Chapter 7 Business Modeling
149(26)
Objectives and Learning Outcomes
149(1)
What Is a Business Model?
149(1)
Underlying Classes of Business Models
150(2)
B2B versus B2C
150(1)
Pure Online versus O2O
151(1)
Forces That Shape Business Models
152(2)
Economies of Scale and Scope
152(1)
Transaction Cost Economics
153(1)
Methods of Creating Business Models
154(5)
Customer Needs Analysis
154(1)
Value Proposition Design
155(2)
Business Model Canvas
157(1)
Infrastructure: Key Partners, Key Activities, and Key Resources
157(1)
Offering: Value Proposition
157(1)
Customers: Customer Classes, Customer Relationships, and Channels
158(1)
Finances: Revenue Stream and Cost Structure
158(1)
Methods of Assessing Business Models
159(4)
PESTEL Analysis
159(1)
SWOT Analysis
159(1)
Five Forces Analysis
159(2)
Threat of Potential Entrants
161(1)
Bargaining Power of Customers and Suppliers
162(1)
Threat of Substitutes
162(1)
Severity of Rivalry between Competitors
163(1)
Major Types of Business Models
163(8)
Vertical Integration
163(2)
Conglomerates
165(1)
The Specialized Business
166(2)
Platforms
168(3)
Conclusion
171(1)
Review Questions
171(3)
References and Further Reading
174(1)
Chapter 8 New Business Formation
175(22)
Objectives and Learning Outcomes
175(1)
What Is Remarkable about New Businesses?
175(2)
Reality Check: The Vast Majority of New Businesses Fail
177(1)
Perspectives on the Process of Starting a Business
178(6)
Naive Procedural Approaches
178(1)
Startup Life Cycling
179(2)
Funding Ladders
181(3)
De-risking the Process by Buying into an Existing Business
184(1)
Funding the New Business
184(4)
Major Financial Parameters in the Process of Starting a Business
185(1)
Sources of Funding
186(1)
Friends and Family
186(1)
Loans from Retail Banks and Commercial Banks
186(1)
Business Angels
187(1)
Venture Capital
187(1)
Government Grants and Loans
187(1)
Crowdfunding
187(1)
Qualities of the Founders
188(1)
Business Plan Writing
188(4)
Cover Sheet and Executive Summary (One or Two Pages)
189(1)
Founder Background and Team (Two or More Pages)
190(1)
Description of the Product or Service (Two Pages)
190(1)
The Target Market (Three or Four Pages)
190(1)
Market Research (One or Two Pages)
190(1)
Marketing Strategy (One or Two Pages)
191(1)
Competitor Analysis (Two or More Pages)
191(1)
Operations and Logistics (Two or More Pages)
191(1)
Costs and Pricing (One or More Pages)
191(1)
Financial Planning (One or Two Pages)
192(1)
Prospects and Contingency Plans (One or Two Pages)
192(1)
Conclusion
192(1)
Review Questions
193(2)
References and Further Reading
195(2)
Chapter 9 Managing Operations
197(38)
Objective and Learning Outcomes
197(1)
A System of Activities Delivering a Product or Service
197(4)
Capacity Management
198(1)
Setting and Maintaining Standards
199(1)
Inventory Management
200(1)
Scheduling
200(1)
Controlling Operations
201(1)
Designing Operations Processes
201(7)
Defining Production Systems
201(4)
Project Operations Systems
205(1)
Job-shop Operations Systems
205(1)
Batch Operations Systems
205(1)
Line and Continuous Operations Systems
205(1)
Digital Manufacturing Operations Systems
206(1)
Defining Service Systems
206(1)
Professional Service Systems
206(1)
Service Shop Systems
206(1)
Service Factory Systems
207(1)
Mass Service Systems
207(1)
The Role of New Technology in Reshaping the Volume-Variety Trade-off
207(1)
Supply Chain Management
208(1)
Classification of Different Supply Chain Structures
209(1)
Demand Forecasting
209(5)
Qualitative and Quantitative Forecasts
211(3)
Enterprise Resource Planning Systems
214(1)
Lean
215(15)
Principle 1 Specify Value from the Customer's Point of View
217(1)
Principle 2 Identify the Value Stream
218(1)
Principle 3 Make Value Flow
219(3)
Principle 4 Establish Pull Signals -- Only Operate as Needed
222(1)
Principle 5 Strive for Perfection -- Delivering Exactly What the Customer Needs
222(1)
The Special Role of Waste in Lean
223(1)
Waste of Scrap and Rework
223(1)
Waste of Overproduction
224(1)
Waste of Inventory
224(1)
Waste of Motion
224(1)
Waste of Processing
224(1)
Waste of Transportation
224(1)
Waste of Waiting
225(1)
Waste of Underutilized People
225(1)
Common Lean Methods
225(1)
The 5S
225(1)
Visual Tools and Control Boards
226(1)
Root Cause Analysis
226(2)
Overall Equipment Effectiveness
228(2)
Conclusion
230(1)
Review Questions
230(3)
References and Further Reading
233(2)
Chapter 10 Managing People
235(26)
Objectives and Learning Outcomes
235(1)
The Scope of Human Resources Management
235(6)
Planning Human Resources
237(1)
Analyzing Jobs
237(1)
Recruiting New Staff
237(2)
Managing Reward
239(1)
Managing Equal Opportunities and Diversity
240(1)
Influencing and Leading
241(6)
Models of Managers' Personality Traits
241(1)
Behavioral Models
241(2)
Situational Models
243(1)
Models Based on Power and Tactics
244(3)
Networking Models
247(1)
Motivating People
247(4)
Abraham Maslow's Hierarchy of Needs
248(1)
Frederick Herzberg's Two-Factor Theory
249(1)
Douglas McGregor's Theory X and Theory Y
250(1)
Current Topics in Human Resource Management
251(2)
Flexible Patterns of Work and Working from Home
251(1)
High-Performance Work
252(1)
Covey's Habits of Managing the Self
253(2)
Conclusion
255(1)
Review Questions
256(2)
References and Further Reading
258(3)
Chapter 11 Marketing
261(22)
Objectives and Learning Outcomes
261(1)
Defining the Scope of Marketing
261(2)
Digital Marketing
263(4)
A Worked Example of a Customer Lifetime Value Model
265(2)
Customer Engagement and Business Model Kinds
267(2)
Marketing in B2B versus B2C
268(1)
Developing Customer Engagement through Customer Relationship Management
269(1)
Segmenting the Market
270(1)
The Marketing Mix
271(6)
Product (or Service)
273(1)
Price
273(1)
Promotion
274(1)
Place
275(1)
People
276(1)
Process
276(1)
Physical Evidence
277(1)
Organizational Culture and Marketing
277(1)
Conclusion
278(1)
Review Questions
279(3)
References and Further Reading
282(1)
Chapter 12 Managing Quality and Risk
283(30)
Objectives and Learning Outcomes
283(1)
The Context of Managing Quality and Risk in a Business
283(3)
Quality Management
286(13)
Quality Management Systems
286(1)
Graphical Methods to Investigate Quality
287(1)
Setting Quality Standards
288(1)
Benchmarking
288(3)
The Quality Loss Function
291(1)
Failure Modes and Effects Analysis
291(1)
Robust Quality
292(1)
Statistical Process Control
293(3)
Six Sigma
296(1)
Define
297(1)
Measure
298(1)
Analyze
298(1)
Improve
299(1)
Control
299(1)
Risk Management
299(6)
Risk Identification and Assessment
300(4)
Risk Treatment
304(1)
Risk Review and Management
305(1)
Conclusion
305(1)
Review Questions
306(3)
References and Further Reading
309(4)
PART III Practical Management Techniques
Chapter 13 Financial Planning and the Basics of Financial Accounting
313(26)
Objectives and Learning Outcomes
313(1)
The Role of Financial Management in a Business
313(3)
Managerial Accounting
315(1)
Financial Accounting
315(1)
Tax Accounting
315(1)
Cost Accounting
316(1)
Financial Planning
316(10)
The Business Proposition
316(1)
Projected Costs
317(2)
Assets and Depreciation
319(3)
The Profit and Loss Budget and the Cash Flow Forecast
322(4)
The Basics of Financial Accounting
326(5)
The Accounting Cycle
327(1)
1 Identify Transactions
328(1)
2 Record Journal Entries
329(1)
3 Post General Ledger Entries
329(1)
4 Create an Unadjusted Trial Balance
329(1)
5 Adjust General Ledger Entries
330(1)
6 Create an Adjusted Trial Balance
330(1)
7 Generate Financial Statements
330(1)
8 Closing the Books
330(1)
Three Major Financial Statements
331(3)
The Profit and Loss Statement
331(1)
The Balance Sheet
331(3)
The Cash Flow Statement
334(1)
Conclusion
334(2)
Review Questions
336(2)
References and Further Reading
338(1)
Chapter 14 Financial Analysis
339(22)
Objectives and Learning Outcomes
339(1)
Introduction to Financial Analysis
339(2)
Profitability and Solvency
340(1)
Liquidity
341(1)
Stability
341(1)
Financial Ratios
341(8)
Profitability Ratios
342(1)
Activity Ratios
343(1)
Liquidity Ratios
344(1)
A Worked Example of Financial Analysis Using Financial Ratios
345(4)
Cost-Volume-Profit Analysis
349(7)
The Cost Side
349(1)
The Revenue Side
350(1)
Bringing the Cost Side and the Revenue Side Together
351(2)
Financial Metrics and Ratios Used in Cost-Volume-Profit Analysis
353(1)
A Worked Example of Cost-Volume-Profit Analysis
354(1)
Limitations in the Presented Methods of Cost-Volume-Profit Analysis
355(1)
Conclusion
356(1)
Review Questions
357(3)
References and Further Reading
360(1)
Chapter 15 Evaluating Flows of Money
361(20)
Objectives and Learning Outcomes
361(1)
Money and Time
361(1)
Simple Methods of Evaluating Cash Flows over Time
362(3)
Payback Period
363(1)
Annual Average Proceeds
364(1)
Return on Investment
364(1)
Making a Decision Based on Different Metrics
364(1)
Evaluating Cash Flows Using Compounding Methods
365(2)
The Interest Rate
365(1)
The Discount Rate
366(1)
Discounting to Net Present Value and the Minimum Acceptable Rate of Return
367(2)
The Internal Rate of Return
369(3)
Comparing Investments Based on the Internal Rate of Return
372(2)
Adjusting Future Cash Flows for Inflation
372(2)
Conclusion
374(2)
Review Questions
376(3)
References and Further Reading
379(2)
Chapter 16 Planning and Monitoring Projects
381(32)
Objective and Learning Outcomes
381(1)
The Context of Project Management
381(1)
Project Planning
382(12)
An Introductory Example
383(2)
Work Breakdown Structure and Work Packages
385(1)
The Logic Network and the Critical Path
386(2)
The Gantt Chart
388(1)
Starting a Simple Network Analysis
388(1)
Earliest Activity Start and Latest Activity Finish
389(1)
Constructing the Full Activity-On-Node Diagram
390(4)
Project Monitoring
394(13)
Using Milestones for Project Monitoring
394(2)
Earned Value Management
396(1)
Budgeted Cost of Work Scheduled
396(2)
Budgeted Cost of Work Performed
398(4)
Actual Cost of Work Performed
402(2)
Interpreting the Results of Earned Value Management
404(2)
Estimating Completion Time and Cost
406(1)
Conclusion
407(1)
Review Questions
408(3)
References and Further Reading
411(2)
Glossary 413(20)
Index 433
Martin Baumers is Associate Professor of Additive Manufacturing Management at the University of Nottingham. With a background in economics, Martin worked in the metals industry before becoming an academic. Martin completed his PhD at Loughborough University in 2012 on the management and operation of Additive Manufacturing technology, commonly known as 3D Printing. As an academic researcher, Martin has written over 30 research articles, appeared at more than 15 conferences and written three book chapters. At Nottingham, Martin teaches a range of management-related subjects mainly to engineering students. Martin is fascinated by the implications of digital technologies for business, especially in manufacturing. This is Martins first book.







John Dominy

is Honorary Professor in the Composites Group at the University of Nottingham. John has worked in the engineering industry since graduating from the University of Middlesex (then Middlesex Polytechnic) in 1974. John was awarded a PhD in 1980 for work at Rolls Royce on the lubrication of high-speed roller bearings. He has experience of management in very large (aerospace), medium (motor sport) and micro (specialist composites) businesses. Since 2003, John has been teaching in the Faculty of Engineering at Nottingham, mainly in the areas of Management and Engineering Design. Although now semi-retired, John takes a keen interest in teaching what he has learnt over the course of a career in engineering management to undergraduate students.