TheRol

eofBusi
nessManagementwi
thhi
stor
icalandgl
obalper
spect
ive.
ByDr
.i
qbal
shaukat
.

Busi
nessmanagementi
sthei
ntegr
alpar
tofourcor
por
atewor
ld.Success
f
ullbusi
nesscanber
unonl
ywi
tht
hehel
pofbusi
nessmanagement
.Int
he
ear
lyagemandoi
ngt
hebusi
nessf
orear
ningandnecessi
ty.Wi
tht
he
passageoft
imet
hemanr
egul
ari
zedt
heal
lthet
rade.
inei
ght
eencent
ury
manybusi
nessi
nst
it
utescamei
nbei
ng.
in1819t
hef
ir
stbusi
nesscamei
n
t
obei
ngi
nFr
ance.I
n1857i
nhungr
yBudapest
.i
nUSATheHassBusi
ness
schoolcameI
ntobei
ngi
n1898i
nuni
ver
sit
yofCal
i
for
niaandWat
son
schoolcamei
ntobei
ngi
nPennsy
lvani
aUSA1898.
TheHar
var
duni
ver
sit
y
est
abl
i
shed st
art
ed mast
er’
s pr
ogr
am and est
abl
i
sh r
esear
ch cent
er
r
egar
dingt
heBusi
nessmanagementst
udi
esi
n1908.
In1916uni
ver
sit
yof
Chi
cagost
art
edt
heDoct
orat
e(PHD)pr
ogr
am.I
n1946f
ir
stbusi
nessschool
i
nIndi
anst
ateJhar
khand.I
nthe17&18Cent
urycol
oni
zat
ionofv
ari
ouspar
t
ofwor
ldexpendedbyf
ewcount
ri
es.Manymul
ti
nat
ional
swasest
abl
i
shed
dur
ing t
he ei
ght
een cent
ury
.Forexampl
e Nest
le,Lev
erBr
other
s,Ci
ty,
Col
gat
e,andBar
clayTher
oleofbusi
nessi
sver
yimpor
tanti
nvar
iousway
s.
Wecanmakepl
anni
ngwi
tht
heToolofmast
er,i
ncr
ement
,Capi
talbudget
.
Wi
tht
hepr
act
icebusi
nessmanagement
.Wi
tht
hehel
p ofpr
act
iceof
busi
nessmanagementwecanscant
hei
deaeasi
l
yanddev
elopmentof
pr
oductaccor
ding t
o need oft
ime per
iod.Wi
tht
he bestpr
act
ice of
busi
ness managementwe can r
un ev
ery sy
stem ef
fect
ivel
ywhi
ch i
s
i
ntr
oducedi
nmar
ketf
ort
hei
nnov
ati
onanddev
elopmentsuchasERPS.
We
canconductt
heSWOTanal
ysi
sinwhi
chwecananal
yzet
hest
rengt
hand
weaknesswi
tht
hehel
pofbusi
nessmanagement
.Wecananal
yzet
he

Electronic copy available at: https://ssrn.com/abstract=3846759

mar
ketsi
tuat
ionwi
tht
hebestpr
act
iceofbusi
nessmanagement
.Good
deci
sion-
maki
ngi
sal
sopar
tofbusi
nessmanagement
.Wecanadoptgood
al
ter
nat
ivesi
nourbusi
nessdeci
sion.Becauseofpr
act
icemanagementwe
candesi
gnt
hebestor
gani
zat
ionalst
ruct
ureandsetupandmat
ri
x.Dur
ing
t
hepr
act
iceofbusi
nessmanagement
.Wecancont
rolourmi
stakeand
mai
ntai
nandst
anderofqual
i
tycont
rol
.Wecananal
yzeourst
anderwi
th
r
andom sampl
e Bases wi
tht
he hel
p oft
he bestbusi
ness pr
act
ice.
Busi
ness management can be benef
ici
alf
or f
orecast
ing r
egar
ding
busi
ness,wi
tht
hepr
act
iceofbusi
nessmanagement
.Wecanf
orecastby
qual
i
tat
iveandqual
i
tat
iveway
s.Busi
nessmanagementcanpl
ayt
hev
ital
r
olei
nmat
eri
almanagementi
ncl
udi
ngsuppl
ychai
nmanagement
.St
ock
pi
l
esbuy
ing.I
nvent
orymanagement
. TheBestpr
oduct
ionmanagement
can opt
imi
zed t
he r
esour
ce because of best pr
act
ice busi
ness
management
.TheBestmet
hodofpr
oduct
ioncanbei
mpl
ement
edwi
th
t
he bestpr
act
ice ofbusi
ness management
.Forexampl
e push back
pr
oduct
ion met
hod can be pr
act
iced wi
th t
he hel
p of busi
ness
management
.Forexampl
einv
ari
ousdev
elopedcount
ri
esl
i
kej
apanr
oleof
busi
nessmanagementi
sver
yhi
gh.I
njapanev
erydeci
sionofor
gani
zat
ion
i
stakenwi
tht
hest
anceofbusi
nessmanagement
.Japanesepr
act
icet
he
conceptofbusi
nessmanagementi
nev
erysect
or.

I
nUSA t
hebet
terst
yleofbusi
nessmanagementi
mpl
ement
edwi
tht
he
i
ntent
ion ofhi
gh l
evelofout
putand gr
owt
h ofeconomy
.Inv
ari
ous
dev
eloped count
ri
es pr
omot
ion ofbusi
ness educat
ion i
sver
yvi
tal
.In
dev
elopedcount
ri
esBusi
nessmanagementcour
sesar
etheessent
ialpar
t
ofcur
ri
cul
um.Thati
swhyt
heypr
oducet
hepeopl
ewhopr
act
ici
ngt
he

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busi
nessmanagementv
erywal
l
.InUSA Har
var
dbusi
nessr
esear
char
e
v
eryuse f
ullf
or t
he busi
ness gr
aduat
esand pr
act
ici
ng busi
ness
consul
tant
.Al
lthedev
eloped count
ri
es shoul
d hel
pthe l
eastdev
eloped
count
ri
es and dev
elopi
ng count
ri
es f
or t
he pr
omot
ion of busi
ness
managementeducat
ion.Al
lgov
ernmentoft
hedev
elopi
ngcount
ri
esshoul
d
est
abl
i
sh t
he i
nst
it
uti
on whi
ch gi
vet
he management educat
ion al
l
pr
ofessi
onall
evel
s.Economi
c and f
inance mi
nist
ry ofal
ldev
elopi
ng
count
ri
es shoul
d est
abl
i
sh such publ
i
cat
ion i
nst
it
uti
on who hav
eri
ght
publ
i
sh ofbusi
ness r
esear
ch whi
ch ar
e conduct
ed i
nvar
ious f
amous
uni
ver
sit
yofwor
ld.Thus,wecansayt
hatr
oleofbusi
nessmanagementi
n
onecount
ryi
sver
yimpor
tant
.Busi
nessmanagementeducat
ioncanbe
br
okent
hev
ici
ousci
rcl
eofpov
ert
yint
hev
ari
ouscount
ri
esar
oundt
he
wor
ldCust
omersat
isf
act
ioni
sthei
mpor
tantpar
tofbusi
nessmanagement
wi
tht
hehel
pofbusi
nesswecandesi
gnt
hepr
oductaccor
dingt
othe
desi
reofcust
omerwear
ranget
heconf
erencesandsur
veyqual
i
tat
iveand
quant
it
ati
ve we ar
range t
he conf
erence r
egar
ding t
he pr
omot
ion of
pr
oduct
.becauseofbusi
nessmanagementwedesi
gnsuchst
rat
egywhi
ch
i
saccor
dingt
othewi
shesofcust
omerandsat
isf
act
ionwi
tht
hehel
pof
busi
nessmanagementwepr
otectt
hecopyr
ightandpat
entr
ight
.wi
tht
he
hel
pofbusi
nessmanagementwemai
ntai
ntheequi
tyofbr
and.
Becauseof
busi
nessmanagementweanal
yzet
heconceptoft
est
inganddev
elopment
ofpr
oduct
.wi
tht
hehel
pofbusi
nessmanagementweor
gani
zet
hedat
aof
cust
omer r
egar
ding t
he goods.
Wit
h t
he hel
p of good busi
ness
managementweor
gani
zet
hepr
oductl
i
newi
thor
gani
zesuchasweband
t
elephone.
wit
hthe hel
p ofgood busi
ness managementwe sav
ethe

Electronic copy available at: https://ssrn.com/abstract=3846759

pr
oduct f
rom monopol
y ef
fect
s and mai
ntai
n t
he r
eput
ati
on of
br
ands.
becauseofgoodbusi
nessmanagementt
hepr
oducti
ssuper
iort
o
ot
herandsuper
iorqual
i
typr
oduct
.whenweadoptt
hegoodmanagement
st
ylewewi
l
lfacet
hecopyr
ighti
ssues.
wit
hthehel
pofgoodbusi
ness
managementwewi
l
lgett
hebet
terf
eedbackofcust
omer
.goodbusi
ness
managementgi
vet
het
rendofcust
omer
.goodbusi
nessmanagementgi
ve
st
rat
egyhow t
oresponsei
nthecust
omerofneed.
wit
hthehel
pofgood
busi
nessmanagementwecanmi
nimi
zet
her
eser
vat
ionofcust
omer
.wi
th
t
hehel
pofgoodbusi
nessmanagementwecanmaket
hegoodsust
ainabl
e
anduni
quei
nthemar
ket
.wi
tht
hehel
pofgoodbusi
nessmanagementwe
canmaket
hebet
aanal
yst
.Thebenef
itofbet
aanal
yzewecanupdat
ethe
cust
omerbehav
iorandt
rends.
Wit
hthehel
pofbusi
nessmanagementwe
can conductt
he f
ive-
for
ces anal
yze por
talmar
ket
ing and i
ndust
ri
al
r
esear
ch.
wit
hthehel
poft
hatwecanawar
efr
om mar
ket
ingsi
tuat
ionand
i
ndust
ri
alsi
tuat
ion.
indust
ri
alsi
tuat
ion hel
pyou mai
ntai
nthe si
tuat
ion
r
egar
dingt
heal
lty
peofgoodwhi
chi
srel
atedt
oconsumer
s.wi
tht
hegood
busi
nessmanagementwecanf
acedumpi
ngsi
tuat
ionf
rom anycount
ryof
t
hewor
ld.
wit
hthehel
pofv
ibr
antgoodbusi
nesswecanest
abl
i
sht
hegood
di
str
ibut
ionchannelofgood.Hor
izont
alandv
ert
icalar
ethemai
ncl
assof
channeldi
str
ibut
ionThesechannelhav
eownmer
it
sanddemer
it
sbutdue
t
othemanagementsy
stem wecanor
gani
zeaccor
dingt
odemandand
suppl
yofgoods.
Wit
hthehel
pofgoodmanagementwecaneasi
l
ycal
cul
ate
t
he outofv
ari
ous outputchannel
s ofdi
str
ibut
ion.
Bet
terbusi
ness
managementsy
stem gi
vet
he f
rame wor
k how t
oface t
he mul
ti
ple
si
tuat
ionofmar
ket
;somet
imet
hedemandar
ever
yhi
ghandsomet
ime

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demandar
ever
ylow somet
imet
hesuppl
yusv
eryhi
ghasagai
nstt
he
si
tuat
ioni
nal
lsuchsi
tuat
ioncancr
eat
ethepani
cforbusi
ness,
good
busi
nesssy
stem gi
vet
hef
ramewor
kaccor
dingt
osi
tuat
ion.
Goodbusi
ness
sy
stem pr
ovi
det
heoppor
tuni
tyt
oaccesst
omar
ket
.

Wi
tht
hehel
pofgoodbusi
nesssy
stem wecanmi
nimi
zeourpr
obl
ems
whi
chwear
efaci
ngi
nvar
ioussi
tuat
ionsandcondi
ti
ons.
goodbusi
ness
sy
stem cangi
vet
hest
rat
egywhi
chcanbesuper
iort
ocompi
l
ati
on.
When
wehav
ethegoodcompet
it
ion st
rat
egywecannotbecal
i
phi
nmar
ketat
anyt
imeori
nanysi
tuat
ion.
wit
hthehel
pofgoodmanagementsy
stem we
canaccumul
atet
hebr
andequi
tyandposi
ti
vemar
ketr
eput
ati
on.
wit
hthe
hel
pofaccumul
atedofbr
andwecanaccesst
her
eal
i
zat
ionofbr
and;
Thus
wecansayt
hatbr
andcanbeeasi
l
yval
ued.
Thev
aluat
ionoft
hatwecan
easi
l
ycal
cul
ati
on cust
omershi
p ofbr
and.
Good busi
nessmanagement
r
educe t
he chance ofdi
sast
erofbr
and ofcompany
.Good busi
ness
managementi
sthegr
eatf
ramewor
kfort
heent
erpr
iseswhoent
ert
he
mar
ketnewl
ywhof
acet
heheav
il
ycompet
it
ioni
nmar
ketandaccesst
he
mar
ketaccor
dingt
othet
argetofbusi
nesspl
anni
ng.
Wit
hthehel
pofsound
mar
ket
ing sy
stem we can make t
he good pol
i
cy of mar
ket
ing
or
ient
ati
on.
Mar
ket
ingor
ient
ati
oni
sast
rat
egywhi
chpr
ovi
det
hepowerf
ull
t
oolt
obusi
ness.
Whenwehav
ethegoodmanagementsy
stem wecan
adoptt
hegoodpr
oduct
ionconceptaccor
dingt
otheneedanddesi
gnof
cust
omer
sandmai
ntai
nthemar
ketv
iabl
esi
tuat
ion/
/whenwemaket
he
pr
oduct
ion conceptwe consi
derone t
hing t
hatcust
omershoul
d be
sat
isf
ied.
Ingoodbusi
nessmanagementwecannoti
gnor
ethev
iew and
needofcust
omer
s.

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Wi
tht
hehel
pofsel
l
ingconceptwecangett
hepr
ofi
tthr
oughadv
ert
isi
ng
andot
herpr
omot
iont
ool
s.,
thi
sisonl
ythatcompanycangett
hehand
somepr
ofi
tthi
sist
hesel
l
ingconceptwi
thoutt
hegoodsel
l
ingconceptwe
canmaxi
mizeourpr
ofi
t.Thi
siscal
l
edt
hepr
ofi
tfr
om v
olume.
Wit
hthe
soundbusi
nessmanagementwecanear
nthel
otofpr
ofi
t.
wit
hthehel
pof
goodandsoundmar
ket
ingsy
stem wecani
mpl
ementmar
ket
ingconcept
v
eryeasi
l
y.Thi
stheconceptwecant
argett
hemar
ketandmeasur
ethe
needofcust
omer
.Wi
tht
hehel
pofsoundmanagementsy
stem wecan
i
ntegr
atet
hemar
ket
.wi
tht
hehel
pofsoundmar
ket
ingsy
stem wecan
bet
terut
il
izeal
lthesour
cesofmar
ket
ingf
orpr
omot
ionandsal
es.
Thi
s
i
ntegr
ati
on hel
ps t
he i
ncr
ease t
he pr
ofi
tabi
l
ityofbusi
ness.Mar
ket
ing
concepthav
elotofmeani
ng.
Wit
hthehel
pofsoundmanagementwecan
i
mpl
ementt
hemar
ket
ingaccor
dingt
otheneedsofcust
omer
s.Wi
tht
he
hel
p sound managementsy
stem wecan measur
ethesat
isf
act
ion of
cust
omer
.Soci
alconcepti
sver
yimpor
tanti
nmar
ket
ing.
Becauseofsound
mar
ket
ingsy
stem wecanmaket
hest
rat
egyaccor
dingt
othecount
ry
popul
ati
onandneeds.
Ifonecompanynotmaket
hesal
esandmar
ket
ing
st
rat
egyaccor
dingt
othecount
ryeconomi
csy
stem t
hecompanycanf
ace
t
hedi
sast
ersi
tuat
ion

Wi
tht
hehel
pofsoundmanagementsy
stem wecanal
lthei
ntegr
atedal
l
t
he mar
ket
ing f
unct
ions accor
ding t
o needs.
wit
hthe hel
p of good
management sy
stem we can cr
eat
e t
he good r
elat
ionshi
p wi
th
cust
omer
.Wi
tht
hehel
pofgoodmanagementwecansuppl
ythegoodon
t
her
egul
arbasi
s.Thi
sisonl
ypossi
blewhenhav
etheawar
enessal
lthe
conceptofpr
oduct
ionconceptsel
l
ingconceptandmar
ket
ingconceptand

Electronic copy available at: https://ssrn.com/abstract=3846759

soci
al.
env
ironmentf
act
orar
ever
yef
fectonbusi
nesswi
tht
hehel
pofsung
busi
nessmanagementwecancont
rolal
ltheenv
ironment
alf
act
ors.
The
env
ironment
alf
act
orssuchascount
rypopul
ati
onandnat
ionali
ncomeper
capi
tai
ncomeandcust
omsandsoci
alv
alues.
Theot
herenv
ironment
al
f
act
orsl
i
kegov
ernmentr
egul
ati
onsl
awsandl
abor
sandbudgetpol
i
cyand
compet
it
ion among t
he mar
ket shar
es hol
der
s.Cour
t of cor
por
ate
gov
ernancei
stheexampl
eofext
ernalenv
ironment
alt
ool
s.Wi
tht
hehel
pof
goodbusi
nesssy
stem wecanadj
ustal
lthechangeswhi
chi
srel
atedt
o
env
ironment
s.

Wi
tht
hehel
pofsoundbusi
nessmanagementwecaneasi
l
yunder
standal
l
t
hechangesofenv
ironment
s.Goodmanagementsy
stem pr
ovi
despat
h
how t
ofacet
heenv
ironment
alchal
l
engesi
nvar
ioussi
tuat
ions.
wit
hthe
hel
p ofsound busi
ness managementwe can deci
sion wi
thf
lex
ibi
l
ity
accor
ding t
o t
he r
equi
rement of busi
ness.
Wit
h t
he hel
p of good
managementsy
stem we can easi
l
y adoptt
he env
ironmentchanges
accor
dingt
othenat
ionalandi
nter
nat
ionalr
egul
ati
onsandcust
oms.
wit
h
t
hehel
pofgoodbusi
nessmanagementsy
stem wecanbr
oadcastal
lthe
i
nfor
mat
ionr
egar
dingt
hebusi
nessaccor
dingt
othel
awsofcount
ry.

Somet
imegov
ernmentmakest
hev
ari
ousl
awsf
orv
ari
oussect
ors,
whi
ch
shoul
dbeobey
edbyt
hecompanyThuswecansayt
hatenv
ironment
al
changescanbemoni
tor
edwi
tht
hehel
pofgoodmanagementsy
stem.
wit
h
t
he hel
p ofgood managementsy
stem we can f
ulf
ilt
he st
anderof
mar
ket
ing env
ironmentf
it
.we can measur
ethatwe can t
ake deci
sion
accor
ding t
o t
he env
ironment st
ander
.Thi
s st
ander pr
ovi
des t
he

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i
nfor
mat
iont
hatwesuccessf
ull
yfacet
hechangei
nenv
ironment
.wi
tht
he
hel
p of sound sy
stem ofmanagementwe can easi
l
yimpl
ementt
he
concept of mar
ket
ing Mi
x.whi
ch i
s t
he cor
e of t
he mar
ket
ing
management
.The f
our phase of t
he mar
ket
ing mi
x
Pr
oduct
,Pl
ace,
Pri
ce,
Promot
ion.

Pr
oducti
nwhi
chwedeci
dedwhati
sthedesi
gnandcouponandbr
and
qual
i
typackagi
ngf
unct
ioni
ngandst
yleofpr
oduct
.Wi
tht
hehel
pofsound
busi
nessmanagementwecanar
ranget
othecust
omerandbr
andneeds
wi
thoutt
hisconceptpr
oductwannotbedev
eloped.
lnt
heseday
s'pr
oduct
pr
izei
sver
yimpor
tantbecauseoft
hisconceptt
hemanagementpay
speci
alpr
ior
it
ytot
hissegment
.Wi
tht
hehel
pofbat
termanagementt
he
pr
oductconceptpr
oper
lyi
mpl
ement
ed.
The segmentofmar
ket
ing mi
x
pl
acewher
ethepr
oducti
sdi
spl
ay.
Inpl
ace,wedeci
dedwher
ethepr
oduct
l
unged.
Thepl
acei
sver
yconcepti
nmar
ket
ing.
forexampl
ewi
tht
hehel
pof
pl
aceconceptwher
etheoutl
etsar
eal
l
owedt
osel
lthepr
oduct
.wi
thoutt
he
ar
range of pl
ace t
he pr
oper mar
ket
ing st
rat
egy can not be
i
mpl
ement
ed.
Thus,
wecansayt
hegoodsoundsy
stem i
sver
yvi
abl
eint
his
r
egar
d.I
ntheabsentofsoundmanagementwecanbedeci
dedgoodpl
ace
f
orpr
oduct
.Pr
ize i
sthe i
mpor
tantpr
ice ofmar
ket
ing mi
x.pr
ize i
sthe
i
ntegr
alpar
tofmar
ket
ing oper
ati
on.
wit
houtt
he pr
ize we cannott
he
achi
evet
het
argeti
nfi
nance.
Int
hissegmentwedeci
det
hati
stheact
ual
pr
ice and di
scountpol
i
cy.
pri
ze pol
i
cydet
ermi
ne t
he pr
ofi
tabi
l
ity
.i
fthe
companynotdeci
det
hepr
izepol
i
cypr
oper
lyt
hecompanycanf
acet
he
f
inanci
alcr
ises.
Wit
hthehel
pofgoodbusi
nessmanagementpol
i
cywecan
achi
evet
hepr
izet
arget
.Thepr
izedet
ermi
nat
ioni
sthei
mpor
tantsegment

Electronic copy available at: https://ssrn.com/abstract=3846759

ofmar
ket
ing.
Promot
ioni
sthei
mpor
tantpar
tofmar
ket
ingmi
x.

Wi
tht
hehel
pofpr
omot
ionwel
aunchourpr
oduct
.Mai
ntoolofpr
omot
ion
si
gnboar
dadv
ert
isi
ngonTVandnewspaperandpubl
i
cci
ty.
wit
hthehel
p
ofadv
ert
isi
ngwecanachi
evet
het
argetofgr
owt
handpr
omot
ionand
dev
elopment
.wi
tht
hehel
pofbat
termanagementsy
stem wecanachi
eve
successi
nthepr
omot
ion.
Thus,
wecansaymar
ket
ingmi
xisv
eryi
mpor
tant
f
orev
erymar
ket
ingpr
ofessi
onalandmanagementconsul
tant
.Mar
ket
ing
mi
x i
s a concept whi
ch i
s l
ear
ned by ev
ery management
consul
tant
.Mar
ket
ing mi
x concept i
s t
he mai
n t
ool of mar
ket
ing
or
gani
zat
ion.
Busi
ness management hav
e power
fuli
nthe mar
ket
ing
mi
x.Mar
ket
ingpl
ani
sthei
mpor
tantpar
tofbusi
nessst
rat
egy
.i
nthuspl
an
descr
ibeandexpl
aint
hecur
rentmar
ket
ingsi
tuat
ionandexpect
edr
esul
tof
al
lresul
ts.
Ident
if
yal
lther
esour
ceswi
l
lbeneededatanyt
imei
ncl
uded
f
inanci
ngandski
l
ls.
Descr
ibeal
lther
esul
tal
lact
ionwhi
chwasment
ioned
i
nthemar
ket
ingpl
an.
Wit
hthehel
pofbusi
nessmanagementwemoni
tor
al
lther
esul
tandov
erv
iew t
heal
lst
eps.
Wit
hthehel
pofsoundbusi
ness
managementwecan i
mpl
ementt
hemar
ket
ing pl
an easi
l
y.I
n busi
ness
managementweconsi
deral
lphasesofbusi
nessmanagement
.Thei
mpact
ofsound managementsy
stem we can anal
yze t
he al
lthe si
tuat
ion
accor
ding t
othe cur
rentsi
tuat
ions.
Int
he pr
esentofsound busi
ness
managementwe can desi
gn t
he st
rat
egi
c mar
ket
ing pl
an.
In st
rat
egi
c
mar
ket
ing pl
an we st
udy al
lthe aspect of mar
ket
ing mar
ket
ing
l
eader
.Mar
ket
ingchal
l
enger
.Mar
ketf
oll
ower
.mar
ketni
che.
wit
hthehel
pof
soundmar
ket
ingmanagementandbusi
nessmanagementwecanpr
epar
e
t
hest
rat
egyt
ofacet
hemar
ketl
eaderandmar
ket
ingchal
l
engerandmar
ket

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f
oll
ower
s.I
ngoodmanagementwedesi
gnsuchpl
anwhi
chi
sfav
orabl
efor
company and di
scour
age t
he monopol
y.
Good managementgr
eatt
he
env
ironmentwhi
ch i
sfav
orabl
eforwhol
ecount
ryand ent
ir
ebusi
ness
sy
stem.
Mar
ket
ingsegment
ati
oni
sthei
mpor
tantpar
tofmar
ket
ingwor
ld.
In
mar
ket
ingsegment
ati
onweanal
yzeal
ltheaspect
sofmar
ket
.whenwe
maket
hemar
ket
ingsegment
ati
onanal
yzat
ionwemakegr
ouplaccor
ding
t
othehabi
tsandr
eli
gionandcust
omsandpol
i
ticalf
act
or.
Insegment
ati
on
we di
vi
de t
he mar
keti
n gr
oups.
In mar
ket
ing segment
ati
on we make
r
epor
tsandanal
yzet
hem.
weal
soconsi
dert
hecount
rypol
i
ticalsi
tuat
ion
and cl
i
mat
e condi
ti
ons and economi
c gr
owt
h and economi
c
dev
elopment
.I
nsegment
ati
onweconsi
deral
lvar
iabl
ewhi
chcancr
eatt
he
uncer
tai
nsi
tuat
ioni
nthecount
ry.
Weconsi
deral
lfact
orwhi
chcr
eatt
he
uncer
tai
ntyi
nthecount
ry.
Int
hemar
ket
ingsegment
ati
onwemakeal
lpl
an
wi
thf
igur
eanddi
agr
am andt
abl
e.Al
lfi
gur
esanddi
agr
am expr
essal
lthe
si
tuat
ionwhi
chi
spr
esenti
nthef
iel
ds.
wit
hthehel
pofsoundmanagement
sy
stem we can make t
he mar
ket
ing segment
ati
on pl
an easi
l
y.Sound
busi
nessmanagementhel
pthesegment
ati
onr
egar
dingi
mpl
ement
ati
on.
Wi
tht
hehel
pofgoodmanagementsy
stem wecanf
ell
ow al
lther
epor
ts
andscenar
io.
ifwehav
enotsoundmanagementwecannott
hei
mpl
ement
on t
he spi
ri
tofmar
ket
ing segment
ati
on.
Wit
hthesound management
sy
stem we can make t
he r
esear
ch st
rat
egy
.Wi
tht
he hel
p ofgood
managementsy
stem wecanmaket
hequal
i
tat
iveandquant
it
ati
vest
rat
egy
f
ort
he mar
ket
ing segment
ati
on.
New pr
oducti
sthe i
mpor
tantpar
tof
busi
nesswor
ld.
wit
hthehel
pofsoundbusi
nessmanagementwecr
eatt
he
i
deas.
Ideagener
ati
oni
spossi
blewi
tht
hehel
p ofsound management

Electronic copy available at: https://ssrn.com/abstract=3846759

sy
stem.
wit
h t
he hel
p of good management sy
stem we can i
dea
scanni
ng.
ideascanni
ngi
saonl
ywaygai
nthepur
it
yini
dea.
wit
hthehel
pof
i
dea scanni
ng t
hisi
dea i
svi
abl
e.wi
tht
he hel
p of sound busi
ness
management sy
stem t
he concept of dev
elopment and t
est
ing i
s
i
mpl
ement
ed.
wit
hthehel
pofsoundbusi
nesssy
stem wecananal
yzet
he
r
esponseofmar
ket
.commer
cial
i
zat
ionofpr
oduct
.pr
icedet
ermi
nat
ioni
s
t
hei
mpor
tantpar
tofbusi
nessmanagement
.i
fwehav
etoest
imat
ethe
sol
vencyposi
ti
onanddebtequi
tyr
ati
oandr
egar
dingot
herf
inanci
ali
ssues
Wi
tht
hehel
pofbet
termanagementwecanpr
epar
eal
lther
epor
tforal
l
managementl
evel
s Amal
gamat
ionandr
econst
ruct
ionpr
ocessofv
ari
ous
compani
essuppor
tedbyaccount
ingpr
inci
plesandst
anderWi
tht
hehel
p
soundmanagementsy
stem wepr
epar
ethebudgetaccor
dingt
otheneed
ofbusi
nesswi
tht
hehel
pofar
tofaccount
ancywemai
ntai
nther
ecor
dof
f
inanci
alr
ecor
d of al
lfi
nanci
ali
nst
rument
sli
ke shar
es,debent
ures
Managementappr
oachar
thel
ptocal
cul
ati
onofcost
ingofgoodsol
d Wi
th
t
hehel
pofbet
terappr
oachwecancal
cul
atet
hev
ari
oust
ypeofcostwhi
ch
ar
ever
yvi
talf
ort
hemanuf
act
uri
ngsect
orl
i
kef
act
oryov
erheadsandot
her
costwhi
ch ar
e essent
ialf
orbusi
ness wor
ld Wi
tht
he hel
p ofv
iabl
e
management appr
oachwecanpr
epar
ether
ewar
drepor
tforl
abor
sli
ke
bonuspl
anandwagesr
ates Goodmanagementpol
i
cyhel
pyout
opr
epar
e
t
he r
epor
t of v
ari
ous depar
tment of v
ari
ous t
ext
il
e sect
ors Good
managementappr
oachhel
pst
hemani
not
hersect
orl
i
kel
easi
ngf
ort
he
compl
eti
onoft
erm andcondi
ti
ons

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Sound busi
nessmanagementsy
stem i
sver
ybenef
ici
alf
ort
hecl
i
ent
r
egar
ding est
abl
i
sh ofgood r
elat
ion and mai
ntai
n ofaccur
acyofal
l
t
ransact
ions Bet
terbusi
nessmanagementsy
stem hel
pyout
oest
imat
e
t
her
iski
nbusi
nessbet
weent
heev
ent
s Cal
cul
ati
onofr
iskpr
ovi
det
he
st
anderofaccur
acybet
ween t
heev
ent
s Good busi
nessmanagement
i
deashel
pfulf
ort
heser
vicessect
orofonecount
ryWi
tht
hehel
pofv
iabl
e
wecanmeasur
ethemonet
aryv
alueofser
vices I
nthel
i
ghtofar
gument
sit
can be sai
d good busi
ness managementsy
stem account
anti
sver
y
benef
ici
alf
ort
hecount
ryeconomy Good busi
nessmanagementspan
hel
ps t
he gat
her
ed t
he dat
a aboutCount
ryper
for
mance i
n economi
c
sect
ors Wecanmeasur
ethet
otali
ncomeoft
hecount
ryandest
imat
eal
l
t
hemonet
aryv
alueofal
ltheser
vicessect
orl
i
ket
elecommuni
cat
ionand
ener
gysect
ors Goodbet
terand v
iabl
emanagementsy
stem appr
oach
hel
pst
hecount
ryt
oval
uet
hebal
anceoft
radei
nmonet
aryv
aluewi
tht
he
r
estofwor
ld Bal
anceofpay
menti
sver
ycr
uci
alf
orev
erycount
ry sound
busi
nessmanagementsy
stem hel
pyout
oest
imat
ethemonet
aryv
alueof
bal
anceofpay
mentwi
thr
estofwor
ld Account
ancyhel
pst
hecount
ryon
t
hemacr
olev
elandmi
crol
evelThus,
wecansayev
erygov
ernmentshoul
d
encour
age t
he pr
ofessi
on ofmanagementconsul
tancy
. Gov
ernment
shoul
dest
abl
i
shsuchv
ocat
ionali
nst
it
uteswhi
chpr
ovi
det
het
rai
ningt
othe
managementconsul
tancy
.Because oft
he r
ole of bestmanagement
pr
act
ice t
ranspar
ency can be br
ought i
nthe management mat
ter
s
Account
ingsy
stem pr
ovi
det
heoppor
tuni
tyt
ranspar
encyandt
rueand
f
air
ness and accur
acy oft
he al
lthe af
fai
rs ofbusi
ness.
The r
ole of
managementconsul
tanti
nbusi
nessmanagementsy
stem.Management

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consul
tantanal
yzest
hemar
ket
.Managementconsul
tant
s management
consul
tantar
ranget
hef
undf
orf
inance.
Managementconsul
tant

negot
iat
ions wi
thf
inanci
ali
nst
it
uti
on r
egar
ding l
oan Fi
nance manager
negot
iat
ions wi
thl
ease i
nst
it
uti
on. Managementconsul
tantdr
aw t
he
budgetaccor
dingt
other
esour
ceofbusi
ness.Managementconsul
tant
makesdeci
sionofi
nvest
mentaccor
dingt
otheoper
ati
onofbusi
ness.
Managementconsul
tantmakest
rend anal
yzes.
Managementconsul
tant
hav
ethepr
opersur
veyr
egar
dingt
hest
ockmar
ket
.Managementconsul
tant
per
for
mst
her
oleofcompanysecr
etar
y.Managementconsul
tantcal
lthe
Annualgener
almeet
ingandext
raor
dinar
ygener
almeet
ing.Management
consul
tant publ
i
sht
henot
iceofannualgener
almeet
ing.Management
consul
tant f
il
est
heannualr
etur
ninsecur
it
yandexchangecommi
ssi
on.
Managementconsul
tant submi
tal
lrel
evantf
orm whi
chi
srequi
redby
cor
por
atel
aws.Managementand cor
por
ate consul
tant ar
range t
he
medi
ati
onwhensomeconf
li
ctsar
ise.Managementconsul
tantar
ranget
he
r
ati
oanal
yzef
ort
hev
iew off
inanci
alposi
ti
ons.
Managementconsul
tant
pl
ay r
oler
egar
ding t
he i
mpai
rmentofasset
s.Managementconsul
tant
anal
yzet
her
iskbet
weent
heev
ent
.Managementandcor
por
ateconsul
tant
f
orecastoff
inanci
alposi
ti
on.Managementconsul
tantgi
ve deci
sion
r
egar
ding t
he oper
ati
on management
. Management and cor
por
ate
consul
tant ar
range t
he i
nvest
ment oppor
tuni
ti
es f
or t
he
company
.Management and busi
ness consul
tant conduct t
he audi
t
accor
dingt
othel
egalr
equi
rement
.Cor
por
ateconsul
tantar
ranget
hebet
ter

Electronic copy available at: https://ssrn.com/abstract=3846759

f
lowoff
unds.Managementandcor
por
ateconsul
tantpr
epar
ethef
inanci
al
r
epor
taccor
dingt
othei
nter
nat
ionalst
ander
.cor
por
ateconsul
tantpr
epar
e
t
hecashmanagement
.Managementconsul
tantdr
aw t
hemast
erbudget
accor
dingt
othecompanyneeds.Managementandcor
por
ateconsul
tant
l
ookaf
teral
lthepr
ocedur
eofal
l
otmentofshar
es.Theaudi
torcanper
for
m
t
her
olewi
tht
hepossi
bleofgoodmanagementsy
stem whenwehav
ethe
goodmanagementandcor
por
atesy
stem t
heaudi
toraudi
ttheaccount
s
pr
oper
lyaccor
dingt
othecompani
esr
ules.i
tisessent
ialt
hatt
heaccount
s
shoul
dbepr
epar
edaccor
dingt
othecor
por
atel
aws.I
nthepr
esentofgood
managementski
l
ls.
Int
he pr
esentofgoodbusi
nessmanagementsy
stem
t
her
ewi
l
lbenoqual
i
ficat
ion.Wi
tht
hegoodbusi
nessmanagementsy
stem
audi
torest
abl
i
sht
heopi
niont
hei
nvest
mentwasi
ncur
redaccor
dingt
othe
pur
pose,whi
ch i
sst
ated i
nthecor
por
atel
aws.Audi
tormayf
ind can
t
ransact
ion i
shel
dist
ranspar
entand good i
nthepr
esenceofgood
cor
por
ateandmanagementsy
stem audi
tcaneasi
l
ycheckt
heexpendi
tur
e
accor
dingt
othepur
pose.Wi
tht
hehel
pofgoodbusi
nessmanagement
sy
stem t
hatdi
rect
orandot
herhi
ghmanagementnotr
unaccor
dingt
othe
owni
nter
est
.Audi
torcheckst
hef
lowofi
nvest
mentwi
tht
hehel
pofgood
busi
nessmanagementsy
stem.
Audi
toreasi
l
ycheckt
hatamountpost
edi
n
r
elev
antaccount
spr
oper
ly.
Wit
hthehel
pofgoodbusi
nessmanagement
sy
stem audi
torcheckt
hebanki
ngt
ransact
ionandmat
chwi
thbank.
Dur
ing
t
hegoodbusi
nessmanagement sy
stem audi
torv
eri
fyal
ltheagr
eement
wi
thv
endor
s,audi
torcheck t
hatt
he busi
ness i
s bei
ng r
un by t
he
managementofcompanyaccor
dingt
othepr
opert
erm andcondi
ti
ons

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Audi
torcancheckt
het
axdeduct
ionofonv
ari
ouspay
ment
.Audi
torchecks
t
heor
igi
nal
i
tyoft
ransact
ionswi
tht
hehel
pofgoodbusi
nessmanagement
sy
stem.Wi
tht
hehel
pofgoodbusi
nessmanagement sy
stem t
hatt
he
pay
menti
sver
if
iedaccor
dingt
orul
es.wi
tht
hehel
pofgoodbusi
ness
managementsy
stem west
ream l
i
neal
ltr
ansact
ionofbusi
ness.Audi
tor
checkst
he empl
oyee wel
far
esy
stem wi
tht
hehel
p ofgood busi
ness
managementsy
stem,
thatal
lthepay
menti
sbei
ngdeposi
tedaccor
dingt
o
t
her
ulesandr
egul
ati
ons.Audi
torcanpoi
ntoutal
lthemi
stakesaccor
ding
t
otheaudi
tfr
amewor
k.Wi
tht
hehel
p ofgood busi
nessmanagement
sy
stem t
hatt
hedi
rect
orsoranyot
herhi
ghof
fi
cerofcompanyi
nfl
uencet
he
busi
nessdeci
sion.
Int
hepr
esencegoodbusi
nessmanagementsy
stem
audi
toraudi
tver
if
ythest
ockaccor
dingt
other
ulesandr
egul
ati
onsAudi
tor
cangi
vet
headv
icer
egar
dingt
hebusi
nessoper
ati
ons.I
nthepr
esenceof
good busi
ness managementsy
stem audi
torchecks t
he expendi
tur
e
i
ncur
redaccor
dingt
othecompani
esl
aws.
Int
hepr
esentofgoodbusi
ness
managementsy
stem audi
tordev
alueofasset
,accor
dingt
other
ulesand
r
egul
ati
onofasset
sregul
ati
onwhi
chi
sexpr
essedi
nthecor
por
atel
aws.
Dur
ingt
hegoodbusi
nessmanagementsy
stem audi
torcheckandv
eri
fy
t
hatcompani
esmanagementcompl
yal
lther
egul
ati
onoft
hecor
por
ate
andcompani
esl
aws.Audi
torcheckst
hest
atut
orybooksofcompanyI
n
pr
esence ofgood busi
nessmanagement sy
stem.Audi
torcheckt
hat
managementconsul
tantuset
hei
nvest
mentaccor
dingt
othepur
pose.I
n
t
hepr
esentofgoodbusi
nessmanagementsy
stem t
heAudi
torest
imat
eal
l
t
he r
esour
ce i
ncl
udi
ng f
inance and cor
por
ate Fi
nance.Management
consul
tantr
esponseont
henot
iceoft
axdepar
tmentandsecur
it
yand

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exchangecommi
ssi
onofcount
ry.Taxat
ioni
sthei
mpor
tantpar
tofcount
ry
economy
.Managementsy
stem hel
pthebot
htaxpay
erandgov
ernment
si
det
obui
l
dsy
stem.wi
tht
hehel
pofgoodbusi
nessmanagementsy
stem
wecancal
cul
atet
het
axabl
eincomeeasi
l
yandaccur
atel
y.Goodbusi
ness
managementsy
stem hel
ptocal
cul
atet
heheadoft
otali
ncome.
wit
hthe
hel
p of good busi
ness management sy
stem we can cal
cul
atet
he
exempt
ioni
ntaxi
ncome.
Wit
hthehel
pofaccount
ingsy
stem wecal
cul
ate
al
lav
erager
eli
efwhi
chaccur
atel
yment
ionedi
ntaxat
ionl
aws.we ev
aluat
e
t
hev
alueofasset
saccor
dingt
olaws.
Goodbusi
nessmanagementsy
stem
hel
pst
hecor
por
ateconsul
tantr
egar
dingt
hef
il
eofr
etur
nAssoci
ati
onof
per
son. Wi
tht
hehel
pofgoodbusi
nessmanagementsy
stem i
sver
y
benef
ici
alwhent
het
axi
sdeduct
edbyt
heaut
hor
it
y.Wi
tht
hehel
p ofgood
busi
nessmanagement sy
stem t
he t
axon goodsand ser
viceseasi
l
y
cal
cul
ated.I
n case when we f
il
etheappealagai
nstt
he t
axaut
hor
it
y
deci
siongoodbusi
nessmanagementsy
stem hel
pint
hisr
egar
d.St
atement
whi
chi
sfi
l
edbyt
het
axpay
ert
imet
oti
megoodbusi
nessmanagement
sy
stem hel
pint
hisr
egar
d.Goodbusi
nessmanagementsy
stem cr
eat
ethe
goodr
elat
ionbet
weent
hecust
omerandmanagement Goodbusi
ness
managementsy
stem sy
stem hel
pthecust
omerwhent
heyneededsome
i
nfor
mat
ion

t
he cust
omerwhen t
heyneeded some i
nfor
mat
ion r
egar
ding t
axand
f
inanceGoodbusi
nessmanagementsy
stem pr
ovi
det
heoppor
tuni
tyt
o
cust
omerr
egar
ding t
he r
econci
l
iat
ion off
inanci
almat
ter
s Some t
ime

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cust
omerpr
eser
vet
he f
inanci
ali
nfor
mat
ion f
orown pur
pose good
busi
nessmanagementsy
stem sy
stem hel
pint
hisr
egar
dsomet
imedur
ing
assessmenty
eart
axpay
erwantsomei
nfor
mat
ion.
Int
hecaseof

Suet
hecl
aim ofov
ert
axl
i
abi
l
ityGoodbusi
nessmanagementsy
stem hel
p
t
hecal
cul
ati
oni
nweal
tht
ax.Goodmanagementsy
stem hel
pthev
aluat
ion
ofasset
s.Weal
tht
axl
i
abi
l
itycanbeeasi
l
ycal
cul
atedwi
tht
hehel
pofgood
busi
nessmanagementsy
stem.
Var
iousst
atementcanbeacqui
redbeby
t
het
axaut
hor
it
ycanbepr
oper
lyf
il
edwi
tht
hehel
pofgoodbusi
ness
managementsy
stem.
weal
thst
atementi
smandat
oryf
oral
lthet
axpay
er
pr
operdat
acan bef
il
ed i
nthepr
esencegood busi
nessmanagement
sy
stem.Good busi
ness management sy
stem i
s benef
ici
alf
or t
he
cal
cul
ati
onofsal
est
ax.cor
recti
nputandoutputcanbecal
cul
atedwi
th
t
hehel
pofgoodbusi
nessmanagementsy
stem.Dr
awbackofdut
iescan
beonl
ypossi
blei
fwehav
egoodbusi
nessmanagementsy
stem.Good
busi
ness managementsy
stem hel
pint
he cal
cul
ati
on off
inalsal
es
l
i
abi
l
ity
.Cust
om dut
iesar
ethei
ntegr
alpar
toft
axesI
nthe l
i
ghtofgood
busi
nessmanagementsy
stem,cal
cul
ati
onofdut
iesi
sst
rai
ghct
for
war
d.
Ther
eis no chance ofev
asi
on ofdut
ies when t
he good busi
ness
managementsy
stem sy
stem i
sexi
t.Goodbusi
nessmanagementsy
stem
hel
pthei
mpor
terandexpor
terv
aluat
ionofgoodundert
her
elev
antcust
om
l
awofcount
ry.I
nthe pr
esenceofgoodbusi
nessmanagementsy
stem we
canf
ightt
hel
egalcaseofdut
ieseasi
l
y.Good busi
nessmanagement
sy
stem sy
stem mai
ntai
nal
lther
ecor
dofcust
om dut
iesandt
ari
ff
.Int
he

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caseofdr
awbackofdut
iest
hecl
aimi
sint
hepr
esentofgoodbusi
ness
managementsy
stem.
Exci
sedut
iesar
eal
sot
hei
mpor
tantpar
toft
axat
ion
sy
stem,
rel
i
abl
eaccount
ingr
ecor
dhel
psi
nhowt
heexci
sedut
yisl
evel
eda
v
ari
ousi
tem.Goodbusi
nessmanagemensy
stem sshowst
hepay
mentof
pay
mentofexci
sedut
ypr
oper
lyThus,
wecangoodbusi
nessmanagement
sy
stem hel
pthegov
ernmentandt
axpay
er.
Int
heeconomi
csur
veysi
de
goodmanagementsy
stem howt
ogett
hepr
operpr
icepr
oper
lyofv
ari
ous
goods.wi
tht
hehel
pofpr
operappl
i
cat
ionofmanagementpr
inci
ples we
can gett
he pr
opersampl
e si
ze ofv
ari
ous cl
asses ofgoods. sound
managementpr
act
icehel
pst
hei
mpor
terandexpor
tert
o mai
ntai
nthe
account
sbot
hexpor
terandi
mpor
termai
ntai
ntheaccountwhi
cht
hegood
ar
e del
i
ver
ed and accept
ed.
Bot
h expor
ter and i
mpor
ter r
ecor
dthe
expenses.sound managementpr
act
icev
erybenef
ici
alf
orbot
hpar
ti
es
t
hatr
econci
l
e account
s and ot
heri
ssues easi
l
y.Because ofmoder
n
pr
act
iceofbusi
nessmanagementsy
stem bot
hcal
cul
atedt
heabnor
mal
andnor
mall
osses.Goodbusi
nessmanagementsy
stem sy
stem hel
pthe
r
econci
l
iat
ionbet
weent
heheadof
fi
ceandf
act
oryThebenef
itoft
hatt
her
e
i
snochanceoff
raudbet
weent
heheadof
fi
ceandf
act
ory
.Goodbusi
ness
managementsy
stem sy
stem pr
ovi
det
heoppor
tuni
tyofconsol
i
dat
ionof
account
sint
hatcasei
fyourcompanyar
ethepar
entandsubsi
diar
yor
par
entofot
hercompany
,wecaneasi
l
ymer
geouraccountandgett
he
maxi
mum pr
ofi
tabi
l
ityofbusi
ness.Goodbusi
nessmanagementsy
stem
hel
pthebusi
nessent
it
ytoi
mpl
ementont
heaccount
ingandr
epor
ti
ng
st
ander
.Thebenef
itoft
hatmai
ntai
nofaccount
ingaccor
dingt
ocor
por
ate
l
awswhi
chi
sexi
tincount
ryI
nthatcasei
ftwo busi
nessent
it
ieson

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commonobj
ect
ives,Theycaneasi
l
ymai
ntai
nthej
ointv
ent
ureaccount
.In
j
ointv
ent
ure accountbot
h par
ti
es r
ecor
dthe t
ransact
ion ofbusi
ness
accor
ding t
o busi
ness nat
ure.
In Good busi
ness managementsy
stem
r
ect
if
ythewr
ongent
ryaccor
dingt
other
ulesandr
egul
ati
ons whent
he
goodbusi
nessmanagementsy
stem sy
stem exi
twecancal
cul
atecost
v
olume anal
ysi
s.Good busi
ness managementsy
stem hel
ps bui
l
tthe
ef
fect
ivecashf
lowst
atement
.Cashf
lowst
atementconsi
stsonoper
ati
ng
i
nvest
ingandf
inanci
ngact
ivi
ti
es.cashf
lowsy
stem hel
pst
ocal
cul
atet
he
pr
ofi
tabi
l
ity ofbusi
ness and budget
ing ofbusi
ness.Good busi
ness
managementsy
stem ev
aluat
eofcostofgoodsol
dwi
thi
nvoi
cepr
ice.
We
can cal
cul
atet
heabsor
pti
oncostwi
tht
hesoundbusi
nesspr
act
ice.Good
busi
ness managementsy
stem hel
ps t
o cal
cul
atet
he pr
esentv
alue
met
hod.
Presentv
alue met
hod cal
cul
ate whati
sthe pr
esentv
alue of
i
nvest
mentwhi
char
einv
est
ed,
wit
hhel
p ofcashf
low st
atementGood
busi
nessmanagementsy
stem hel
pst
hef
utur
eval
ueofi
nvest
ment
.Fut
ure
v
aluei
nvest
mentdet
ermi
net
hef
utur
eval
ueofi
nvest
ment
.Wi
tht
hehel
pof
goodbusi
nessmanagementsy
stem wecancal
cul
atei
nter
nal
rat
eofr
etur
n
I
nter
nalr
ateofr
etur
n,expr
esst
hehi
ghestr
ateofr
etur
n.Goodbusi
ness
management sy
stem hel
ps r
egar
dthe por
tfol
i
oinv
est
ment i
sver
y
i
mpor
tantf
ori
nvest
or.
Int
hisi
nvest
mentt
he i
nvest
ors deci
de what
pr
opor
ti
onofi
nvest
ment i
sdonei
nbusi
nessact
ivi
ti
es.Goodbusi
ness
managementsy
stem gui
de how t
o dealwi
thi
nter
nat
ionalf
inanci
al
i
nst
it
utesi
nexchanger
ate.Exchanger
atei
sver
yimpor
tanti
nint
ernat
ional
t
rade.i
nter
nat
ionalt
radei
sver
yat
tachwi
thexchanger
atei
nint
ernat
ional
t
rade.
Alli
ssuesar
eset
tl
edi
ncl
udi
nghedgi
ngandupsanddownt
rend.
Wit
h

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t
hegoodbusi
nessmanagementsy
stem wecangett
hebet
teri
nter
est
modelwhi
chi
simpor
tantf
orf
inancemanagementWi
tht
hehel
pofgood
busi
ness management sy
stem.
Good busi
ness management sy
stem
anal
yze t
he f
inanci
al st
atement wi
th t
he hel
p of good busi
ness
managementsy
stem.wecananal
yzet
hef
inanci
alst
atementatev
eryt
ime.
Exampl
eoff
inanci
alanal
yzef
inalaccount
,Bankr
econci
l
iat
ionst
atement
s
I
ncomest
atement
.Hor
izont
alanal
ysi
str
endandVer
ti
calanal
yzet
rend
anal
yzei
sver
yimpor
tantf
orbusi
ness,t
hisanal
yzet
ohel
ptoest
imat
ethe
f
inanci
alposi
ti
onquar
ter
lyandannual
l
y.Anal
ysi
sisv
eryi
mpor
tantf
ort
he
companydi
rect
orsandshar
ehol
derGoodbusi
nessmanagementsy
stem i
s
v
eryi
mpor
tantf
ort
hecor
por
atef
inancemeant
hatcompani
essubscr
ibed
t
hecapi
talf
rom t
heshar
ehol
der
sandl
oanf
rom t
hebanki
ngandf
inanci
al
i
nst
it
uti
on Wi
tht
he hel
p ofmoder
n managementpr
act
ice company
managet
hecor
por
atef
inanceeasi
l
yandwat
cht
hebackendr
esour
cehow
t
osaf
ethi
sfi
nancef
rom r
iskf
act
ors.
Rightmanager
ialt
reatmeantofal
l
cor
por
atef
inancet
ransact
ioni
sver
yessent
ial
.Soundmanagementst
ance
hel
p how t
o manage t
he bet
terr
etur
n of cor
por
atef
inance.
Sound
managementpr
act
icessy
stem pr
ovi
det
hebr
eakupofcor
por
atef
inance.
Good busi
ness management sy
stem hel
pthe bet
ter ut
il
izat
ion of
cor
por
atef
inanceaccor
dingt
otheneedsWi
tht
hebet
termanagement
pr
act
ice we can bet
terut
il
izat
ion ofr
esour
ces. Bet
termanagement
sy
stem hel
phow t
orei
nvesti
nthev
ari
ousr
esour
ceandcal
cul
atet
he
expect
edr
ateofr
etur
n.Goodbusi
nessmanagementsy
stem sy
stem hel
p
t
hemoni
tor
ingt
heal
lact
ivi
ti
esr
egar
dingt
hecor
por
atef
inanceAudi
torar
e
v
eryawar
ewi
tht
heact
ivi
tyofcor
por
atef
inancewi
tht
hehel
pofgood

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busi
ness management sy
stem.
Wit
h t
he hel
p of good busi
ness
managementsy
stem sy
stem wecancal
cul
ateempl
oyeecompensat
ion
easi
l
ycal
cul
ated.I
ntangi
bleasset
sar
ethei
mpor
tantpar
tofbusi
ness
oper
ati
on Wi
tht
hehel
pofr
oleofmanager
ialpr
act
ices we canmai
ntai
n
t
he account
s of i
ntangi
ble asset
s.For exampl
e goodwi
l
lpr
omot
er
expensescopyandpat
entr
ightt
hesear
ethev
eryi
mpor
tantf
orbusi
ness.
Att
heendofy
earwecr
eat
ether
eser
vej
ustl
i
kedepr
eci
ati
onoft
angi
ble
asset
swi
tht
hehel
pofsoundmanagementsy
stem wemai
ntai
nther
ecor
d
ofi
ntangi
bleasset
s.Cashconv
ersi
onpol
i
cyi
sver
yimpor
tantr
egar
ding
busi
ness.
cycl
esomet
imewesol
dandpur
chasegoodoncr
edi
tli
newi
th
t
hehel
pofbet
tergoodmanagementpr
act
icessy
stem wecanwat
cht
he
conv
ersi
on pol
i
cy easi
l
y.Cash conv
ersi
on ef
fectt
he wor
king capi
tal
becausei
tisdi
rectt
oinv
ent
ory
.Cashconv
ersi
onpr
ocessi
sver
yimpor
tant
f
orev
erycompanycashconv
ersi
onpol
i
cyhel
pthemai
ntai
nofl
i
qui
dit
y
posi
ti
on.Wi
tht
hehel
pofcashconv
ersi
onpol
i
cywecanpr
edi
ctt
hebet
ter
f
inanci
alposi
ti
onofcompany
.Ift
hecompanyhav
enotgoodconv
ersi
on
pol
i
cycompany f
acet
heser
iousmel
tdownThuswecansayt
hatbet
ter
managementpol
i
cysy
stem i
sonl
yhel
ptomai
ntai
nthebet
terconv
ersi
on
pol
i
cy.
Consol
i
dat
edf
inanci
alst
atementi
sthei
mpor
tantpar
tofbusi
ness
or
gani
zat
ioni
fcompanyhav
ethev
oti
ngpoweri
not
hercompanyt
heycan
mer
get
heaccount
sisowncompanyaccount
swi
tht
hehel
pofgood
manager
ialpr
act
icesaccor
dingt
ost
anderofi
nter
nat
ionalor
gani
zat
ions.
Thebenef
itoft
hatwecaneasi
l
ycal
cul
atet
hepr
ofi
tabi
l
ityeasi
l
y.For
exampl
eanycompanyi
stheassoci
ateofpar
entcompanywi
tht
hehel
pof
consol
i
dat
ion ofaccount
sand sound managementpr
act
ices we can

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expr
ess t
he account
s ofot
hercompany i
n one account st
atement
Der
ivat
ivear
ethev
eryi
mpor
tantpar
tofbusi
nessoper
ati
on.
Der
ivat
ives
cal
cul
atet
heupsanddownt
rendi
nthepr
icei
tisonl
ypossi
blewhenwe
hav
eaccount
sofcer
tai
ntr
ansact
ionwhi
chi
srel
atedt
ori
skandot
her
exchanger
atesi
fwehav
ethet
abl
eofbusi
nesst
rendexpect
edr
atei
nthe
management f
orm t
hen we easi
l
y cal
cul
ate and appl
y v
ery easi
l
y
der
ivat
ives.
Der
ivat
ives ar
e v
ery i
mpor
tant f
or macr
o and mi
cro
economi
cs.
Der
ivat
ivescanonl
ypossi
blewhenwehav
edat
aaboutt
her
isk
andexpect
edr
ateofr
etur
nint
hemanager
ialpr
act
icef
orm.Onl
ypr
oper
moder
n busi
ness managementpr
act
icescan hel
pint
his pr
ocess of
der
ivat
ives.
Cont
ingentl
i
abi
l
iti
es and asset
sist
he i
mpor
tantpar
tof
companybusi
nesswi
thoutcompanysoundmoder
nbusi
nesspr
act
ices
sy
stem wecaneasi
l
ymai
ntai
nther
ecor
dofcont
inentasset
sandl
i
abi
l
iti
es
Cont
ingentmean whi
ch i
s condi
ti
onalsome ev
ent
.These ar
ever
y
i
mpor
tantf
orbusi
nessoper
ati
on.Forexampl
eonecompanyagr
eeont
his
condi
ti
onst
hecompanywi
l
lnotpayt
hecr
edi
taccor
dingt
othet
erm and
condi
ti
onst
heywi
l
lpayt
hedamages.I
nsoundmanagementpr
act
ices
sy
stem al
lthi
str
ansact
ionshoul
dber
ecor
dedaccor
dingt
oint
ernat
ional
st
anderofr
epor
ti
ng.i
fcompanyhav
ether
ecor
dofcont
ingentl
i
abi
l
iti
es
andasset
s,companycansuet
heot
hereasi
l
ybecausei
tiscer
ti
fi
edbyt
he
audi
torandbyt
hecer
ti
fi
edmanagementconsul
tant
,ify
ouhav
enott
he
goodbusi
nessmanagementsy
stem t
heywi
l
lfacet
heaudi
tobj
ect
ion
accor
ding t
oint
ernat
ionalr
epor
ti
ng st
ander
.Fai
rmar
ketv
alue i
sthe
i
mpor
tantpar
tofbusi
nessoper
ati
ons.Fai
rmar
ketpr
icemeansdi
ff
erence
bet
weent
hepr
iceofgoodagr
eebypur
chaserand cust
omerwai
l
ingThe

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di
ff
erencebet
weent
het
wopr
icei
scal
l
edf
airmar
ketv
alueTher
ecor
dof
mar
ket v
alue pol
i
cy i
sver
yimpor
tant f
or management pr
act
ices
consul
tant
swhenwehav
ether
ecor
dthebot
hval
ue,
wecaneasi
l
ycal
cul
ate
t
he f
air mar
ketpr
ice accor
ding t
o t
he busi
ness management
st
ander
.Human r
esour
ce managementi
sthe i
ntegr
alpar
tofbusi
ness
wor
ld.
wit
hthehel
pofsoundmanagementsy
stem wecansel
ectt
hebet
ter
candi
dat
esf
orj
ob.
int
hepr
esenceofgoodmanagementpr
act
icewecan
bet
teruset
hemanpoweraccor
dingt
otheobj
ect
ive.
wit
hthehel
pofbet
ter
humanr
esour
cesy
stem wecanmaket
hepr
ocedur
efort
hesel
ect
ionof
candi
dat
eswecaneasi
l
yev
aluat
etheper
for
manceofanyper
son.
i
nthe
l
i
ghtofbet
termanagementsy
stem wecanappr
aiset
hecandi
dat
esv
ery
wel
l
.wi
tht
hehel
pofgoodmanagementpr
act
icewecanmaket
hegood
compensat
ionpol
i
cyaccor
dingt
otheneedofempl
oyee.
wit
hthehel
pof
soundmanagementpol
i
cywedesi
gnt
hegoodr
elat
ionshi
pmodelwi
th
empl
oyee.
wit
hthehel
pofgoodmanagementpr
act
icet
her
ewar
dincent
ive
i
sgi
vent
oempl
oy.
wit
hthehel
pofsoundmanagementsy
stem weshoul
d
make pol
i
cyr
egar
ding t
he f
aci
l
iti
es ofempl
oy.
Wit
hthe hel
p ofgood
management sy
stem t
he empl
oyer desi
gn such pol
i
cy whi
ch gi
ve
encour
age empl
oyi
ng.
Int
he l
i
ghtofsound managementpr
act
ice t
he
empl
oyerar
ranget
hesui
tabl
ewor
kingenv
ironmentf
orempl
oyees.
wit
hthe
hel
pofgoodbusi
nesssy
stem t
heempl
oyeraddr
esst
hegr
iev
anceof
empl
oyee.
wit
hthet
ool
sofsoundmanagementsy
stem t
heempl
oyeegi
ve
t
he secur
it
y ofj
ob t
o empl
oyee.
Int
he case di
str
ibut
eresol
uti
on t
he
managementshoul
ddesi
gnsuchboar
dwhi
chgi
vedeci
sionr
egar
dingof
empl
oyees.
int
hepr
esentofgoodmanagementsy
stem t
hemanagement

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ar
range t
he t
rai
ning f
or empl
oyee.
Wit
hthe hel
pif good Busi
ness
management t
he pr
ofessi
onalcour
ses f
or empl
oyee.
Wit
hthe good
managementpr
act
icet
hecompanycanbui
l
tthegoodr
elat
ionshi
pwi
th
empl
oyee.
wit
hthehel
pofsoundmanagementpr
act
icet
hemanagementof
companycaneasi
l
yimpl
ementt
hei
ndust
ri
alr
elat
ionl
aws.
wit
hthehel
pof
busi
nessmanagementt
heempl
oyercangai
nther
esul
taccor
dingt
othe
obj
ect
ive.
wit
hthehel
pofgoodmanagementpr
act
iceempl
oyeecaneasi
l
y
mai
ntai
nthe pr
inci
plesWi
tht
he hel
p ofgood managementpr
act
ice
empl
oyercanr
evi
ew t
heper
for
mancev
erywal
l
.Int
hepr
esenceofgood
managementpr
act
ice t
he empl
oyercan desi
gn t
he good mat
ri
x of
or
gani
zat
ion.
Wit
hthe hel
p good managementempl
oyermot
ivat
ethe
empl
oyeeeasi
l
y.wi
tht
hehel
pofgoodmanagementsy
stem empl
oyeecan
di
scour
aget
heat
ti
tudeofunf
avor
abl
e.i
nthepr
esentofgoodbusi
ness
managementpr
act
icet
heempl
oyeef
ormul
atessound benef
itpol
i
cyf
or
empl
oyee.
Int
he pr
esence of good busi
ness management f
low of
communi
cat
ionbet
weent
heempl
oyeeandempl
oyeei
sver
yfi
ne.
undert
he
sy
stem ofsoundmanagementsy
stem t
heempl
oyeeov
ercomeal
lthe
pr
obl
em whi
chi
srel
atedt
oempl
oyee.
Wit
hthehel
pofsoundsy
stem of
managementempl
oyee can cr
eat
ethe cul
tur
e oft
eam wor
kint
he
or
gani
zat
ion.
wit
hthehel
pofsoundmanagementappr
oacht
heempl
oyer
cangett
hegoodout
comeofj
ob.
wit
hthehel
pofef
fect
ivemanagement
appr
oach t
he empl
oyee can gett
he r
elat
ion wi
tht
rade uni
on l
eader
shi
p.soundmanagementappr
oachdi
rectt
heempl
oyt
ost
artt
hewel
far
e
pr
oPr
ojectf
orwel
far
e.i
nthepr
esentofgoodmanagementsy
stem t
he
empl
oyeri
ntr
oducet
hesy
stem ofpr
omot
ionamongt
heempl
oyee.
Dur
ing

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t
he good managementappr
oach empl
oyee i
ntr
oduces t
he depar
tment
whi
chmeasur
ethecapaci
tyofempl
oyee.
Goodmanagementsy
stem ar
e
v
ery hel
ptor
egar
dthe sat
isf
act
ion ofj
obs.
wit
hthe hel
p ofsound
managementsy
stem wecani
ntr
oducet
henew t
alenti
ncompany
.Good
managementhel
ptheempl
oyeet
ogi
vet
hesuggest
ionsr
egar
dingupgr
ade
ofhumanr
esour
cesofsy
stem.
Goodmanagementsy
stem ar
ever
yhel
pfor
suchempl
oyeeswhowantcr
eat
ivi
tyi
nthewor
k.wi
tht
hehel
pofsound
management sy
stem t
he empl
oyee makes t
he pl
ain f
or ov
eral
l
dev
elopment
.Goodbusi
nessmanagementsy
stem pr
omot
etheef
fect
ive
uni
oni
sm i
ntheor
gani
zat
ion.
wit
hthehel
pofsoundmanagementsy
stem
t
he empl
oyee i
ntr
oduce t
he bet
ter sy
stem of pl
acement i
n t
he
or
gani
zat
ion.
wit
hthe hel
p of sound managementsy
stem empl
oyee
i
ntr
oduce t
he wor
ker par
ti
ci
pant
sfunds accor
ding t
othe need of
empl
oyees.
Wit
hthehel
pofsoundmanagementsy
stem wecanadoptt
he
pr
inci
ples ofcompr
ehensi
veness ofpol
i
ces.
iti
s means t
hatpol
i
cyof
human r
esour
ce desi
gn such pol
i
cy whi
ch cov
eral
lthe aspect
s of
or
gani
zat
ion.
wit
hthehel
pofsoundmanagementsy
stem empl
oyeecan
adoptsuchpol
i
cewhi
chhav
etheaspect
sofcont
inuous..
Int
hepr
esence
ofgoodmanagementsy
stem t
heempl
oyeecanadoptsuchpol
i
ceswhi
ch
hav
ethe cr
eat
ivi
tyofi
deas f
ort
he empl
oyee.
wit
hthe hel
p ofsound
appr
oachofmanagementsy
stem wecan

t
heappr
oachofcommi
tmentandcor
rect
nessandef
fect
ivenessi
tisonl
y
possi
blewhenweadoptt
hesoundandmoder
nappr
oachmanagement
sy
stem.

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Busi
ness managementeducat
ion i
s cr
uci
alf
orev
ery soci
ety wi
thout
pr
ofessi
onaleducat
ionno count
rycanbedev
eloped.Wi
tht
hehel
pof
busi
nessmanagementt
hebet
terst
anderofper
for
mancecanbeachi
eved.
Busi
nessmanagementeducat
ioncanbr
ingt
hecul
tur
eofaccur
acyi
nal
l
f
unct
ions.Busi
nessmanagementeducat
ioncanbr
ingt
her
evol
uti
oni
nthe
soci
ety
.Busi
nessmanagementeducat
ioncani
ncr
easet
hepr
oduct
ivi
tyof
r
esour
ces.Pr
ofessi
onalbusi
nesseducat
ionpat
ter
nishonor
abl
efort
he
count
ry.
Prof
essi
onalbusi
nesseducat
ionpr
oducet
hepr
ofessi
onalat
ti
tude
i
nhumancapi
tal
.Pr
ofessi
onalbusi
nesseducat
ionhol
derper
soncanbe
pr
ovedv
erybenef
ici
alf
orwhol
ewor
ldonepr
ofessi
onalbusi
nessmanager
can be f
ormul
ated t
he good busi
nesspl
anni
ng.Pr
ofessi
onalbusi
ness
educat
ionbr
ingt
hecr
eat
ivi
tyi
nwor
k.Pr
ofessi
onalbusi
nesseducat
iongi
ve
t
he pr
ofessi
onal r
ecogni
ti
on t
o t
he per
son. Pr
ofessi
onal busi
ness
educat
ionpr
ovi
det
heoppor
tuni
tyofcont
inuouspr
ofessi
onaldev
elopment
.
Forexampl
e.USA i
s an i
ndust
ri
alnat
ion.USA pr
ofessi
onali
nst
it
utes
pr
oducet
hepr
ofessi
onali
nthef
iel
dofsci
enceandt
echnol
ogyt
hati
swhy
t
hepr
ofessi
onalser
vicesar
egoodandf
ineascompar
etot
het
hir
dwor
ld
count
ri
es.Forexampl
einj
apant
hepr
ofessi
onaleducat
ionst
yleadopt
ed
af
tert
heSecondWor
ldWar
.Inj
apant
hepr
oduct
ivi
tyofengi
neer
ingsect
or
i
ncr
eased.I
njapan t
he best management st
yle was adopt
ed.
They
i
ntr
oducedt
hesy
stem ofJust
in.
Thati
swhyj
apanhast
hehi
ghestnat
ional
i
ncomeandpercapi
tai
ncome.Thecostofpr
oduct
ioni
sver
yeconomi
cal
and accur
ate compar
eto manyot
hercount
ri
es Chi
na i
sthe bi
ggest
exampl
erol
eofpr
ofessi
onalbusi
nesseducat
ion.I
nchi
nav
ari
ousi
nst
it
ute
est
abl
i
shedf
ort
hev
ocat
ionalandpr
ofessi
onalbusi
nesst
rai
ning.Because

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oft
hispr
ofessi
onal
i
sm chi
nai
sbecomemostgr
owi
ngeconomy
.Chi
na'
s
onl
ycount
rywhoachi
evedt
het
argetofhi
ghv
alueofgr
ossdomest
ic
pr
oduct
.Int
hir
dwor
ld

count
ri
es'r
oleofpr
ofessi
onalbusi
nesseducat
ioni
snotsat
isf
act
ory
.Due
t
othi
sdef
ici
ttheycannotbeachi
evedt
heopt
imum l
evel
.Inmanycount
ri
es
heav
yamounti
sal
l
ocat
edf
ort
hebudgetf
ort
hehi
reofpr
ofessi
onser
vice
and pr
ofessi
onal
s.I
fonecompanyhi
ret
hepr
ofessi
onalbusi
nessand
managementconsul
tantwhi
chi
squal
i
fiedf
rom t
hepr
ofessi
onali
nst
it
ute
t
heycanper
for
mver
ywal
lascompar
etot
henonpr
ofessi
onalconsul
tant
.I
f
wehi
ret
hemanagementconsul
tantwhi
chi
squal
i
fiedf
rom pr
ofessi
onal
i
nst
it
ute.Theycanpr
ovi
debet
termanagementconsul
tancyaccor
dingt
o
t
heneedandr
equi
rement
soft
hebusi
ness.Thus,wecansaypr
ofessi
onal
educat
ioni
sver
yimpor
tantf
orev
erysoci
ety
.Ifwei
gnor
ether
oleof
pr
ofessi
onaleducat
ionwewi
l
lfaceser
iousconsequencesi
nthef
orm of
badeconomi
csy
stem andhi
ghestcostandpov
ert
y.Ent
ir
ewor
ldshoul
d
consi
dert
her
oleofpr
ofessi
onalbusi
ness educat
ionwi
thdev
oti
onand
ser
iousl
y.Pr
ofessi
onalbusi
nesseducat
ioni
saonl
ywayofdev
elopment
f
ordev
elopi
ngcount
ri
esi
nthi
sage.

St
rat
egi
c managementi
sthe i
mpor
tantpar
tofbusi
ness or
gani
zat
ion
management
.i
n st
rat
egi
c management we desi
gn t
he goal and
obj
ect
ive.
str
ategi
cmanagemental
l
owi
tcanbei
mpl
ement
ed.
wit
hthehel
p
ofgood and sound managementsy
stem we can desi
gn al
lgoaland
obj
ect
ive.
inst
rat
egi
cmanagementwemadeal
ter
nat
iveofev
eryst
eps.
in
st
rat
egi
cmanagementi
tcanbeassur
edhowi
tisi
mpl
ement
ed.
Inst
rat
egi
c

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managementwet
akest
opf
orov
eral
ldev
elopment
.soundmanagement
sy
stem hel
pint
her
egar
dfort
heov
eral
ldev
elopment
.wi
tht
hest
rat
egi
c
management f
inanci
al st
rat
egy i
s made.
wit
h t
he hel
p of bet
ter
managementsy
stem wemadet
hebet
terf
inanci
alst
rat
egyf
orecast
ingi
s
t
he i
mpor
tantpar
tofst
rat
egi
c management
.wi
tht
he hel
p ofsound
management sy
stem we can easi
l
yfor
ecast about t
he busi
ness
oper
ati
ons.
str
ategy managementdel
i
ver
sthe r
egar
ding t
he empl
oyee
t
rai
ning.
soundbusi
nessmanagementsy
stem hel
pint
hisr
egar
d.St
rat
egi
c
managementcont
rolal
lthemar
ketsi
tuat
ionandf
inanci
alcondi
ti
ons.
wit
h
t
hehel
pofgoodbusi
nessmanagementsy
stem wecanmoni
toral
lthe
mar
ketandf
inanci
alsi
tuat
ion.
Str
ategi
cmanagementdesi
gnt
hest
rat
egi
c
r
egar
dinghowt
ofacet
hecompet
it
orsi
nthemar
ket
.wi
tht
hehel
pofsound
managementsy
stem wecananal
yzet
hemar
ket
.St
rat
egi
cmanagement
desi
gnt
hest
rat
egi
cpol
i
cyr
egar
dingt
rai
ningofempl
oyee.
soundbusi
ness
managementgi
vet
hesuppor
tint
hisr
egar
d.St
rat
egi
cmanagementgi
ve
t
hepl
ainr
egar
dingt
hewel
far
etr
aini
ngpr
omot
ionandi
mpl
ement
ati
onon
i
ndust
ri
alr
elat
ion and t
he good r
elat
ion wi
thl
abor
sleader
s.St
rat
egi
c
managementgi
vet
hepl
anr
egar
dingsaf
etyofj
obandr
otat
ionofj
oband
enl
argementofj
obanddesi
gnt
heor
gani
zat
ionst
ruct
ureandmat
ri
xof
or
gani
zat
ion.wi
tht
hehel
pofsoundmanagementsy
stem,
wecangetgoal
wi
tht
hehel
pofbusi
nessmanagement
.st
rat
egi
cmanagementar
ethev
ery
i
mpor
tantf
ort
hegener
ati
onoff
inanci
alr
esour
ces.Soundmanagement
sy
stem ar
ever
yvi
abl
eint
hisr
egar
d.St
rat
egi
cmanagementpl
aingi
vet
he
gui
del
i
ner
egar
dingt
heut
il
izat
ionofr
esour
ce.Wi
tht
hehel
pofsound
managementsy
stem wecangett
hebet
tergoalandobj
ect
ive.st
rat
egi
c

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managementdesi
gnt
hecor
por
atest
rat
egi
c.I
ncor
por
atest
rat
egyar
ever
y
i
mpor
tanthowt
ocompet
ewi
thcompet
it
ors.
str
ategi
cmanagementdesi
gn
t
hemar
ket
ingst
rat
egyr
egar
dingadv
ert
isi
ng,Publ
i
cit
y,mar
ket
ing st
rat
egy
andmar
ket
ingsegment
ati
on.Wi
tht
hehel
pofst
rat
egyofmanagement
.
The management makes pl
ain how t
o anal
yze t
he mar
ket
.Sound
managementsy
stem ar
epl
ayt
hev
erydy
nami
crol
eregar
dingal
lsi
tuat
ions.
St
rat
egi
cmanagementhow t
omaket
hegoodmat
eri
almanagementf
or
t
heor
gani
zat
ion.wi
tht
hehel
pofgoodmanagementsy
stem wei
mpl
ement
al
lthest
rat
egyr
egar
dingt
hemat
eri
almanagement
.st
rat
egi
cmanagement
ar
ever
yimpor
tantf
orwor
kingcapi
tal
.I
nst
rat
egi
c managementmai
ntai
n
how t
omai
ntai
nthewor
kingcapi
tal
.wi
tht
hehel
pofbet
termanagement
sy
stem i
spr
oved v
erybenef
ici
ali
nthi
sregar
d.St
rat
egi
cmanagement
maket
heanal
yzet
hroughpr
ofessi
onalappr
oacht
hebet
termanagement
sy
stem.St
rat
egi
c managementdesi
gn t
he r
ati
onalpol
i
cy.
The bet
ter
managementsy
stem ar
ever
yhel
pful
li
nthi
sregar
d.St
rat
egi
cmanagement
hav
ethepl
anhow t
oreducet
hecostofv
ari
oussect
or.
Thebestqual
i
ty
cont
rolar
ethev
erymuchv
italpar
tofst
rat
egi
c management
.St
rat
egi
c
managementdesi
gnt
hest
anderofwor
k.st
rat
egi
cmanagementhav
epl
ain
howt
oincr
easepr
ofi
tabi
l
ityofbusi
ness.
str
ategi
cmanagementdesi
gnt
he
pr
ojectmanagement
.St
rat
egi
c managementhowt
odesi
gnandcont
rolof
act
ivi
ty.
Soundmanagementsy
stem ar
ever
yhel
pfulf
ort
heseact
ivi
ti
es
r
egar
ding t
he qual
i
ty cont
rol and pr
oject management
.St
rat
egi
c
managementmake t
he pl
an r
egar
ding ERPS and new wayofqual
i
ty
cont
rol
sanddesi
gnt
heoper
ati
onalst
rat
egi
c.Goodmanagementsy
stem
ar
ever
yhel
pful
li
nal
lsi
tuat
ions

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St
rat
egi
cmanagementmakepl
anni
ngr
egar
dingt
he v
ari
oussi
tuat
ionsi
n
t
rendofcust
omer
.Wi
tht
hehel
pofgoodandsoundmanagementsy
stem
hel
pful
lint
hesi
tuat
ions.
Str
ategi
cmanagementmadet
hepl
ainr
egar
ding
t
he i
mpr
ovementofoper
ati
on.
In st
rat
egi
c managementdeci
de what
met
hodofpr
oduct
ioni
sadopt
ed.
Wit
hthehel
pofgoodmanagemental
l
si
tuat
ions ar
e cont
rol
l
abl
e.Thus,we can say t
hat sound busi
ness
managementsy
stem ar
ever
ybenef
ici
alf
orst
rat
egi
c management
.i
fthe
sound busi
ness managementsy
stem ar
e notadopt
ed t
he st
rat
egi
c
management wi
l
l not achi
eve i
ts goal and obj
ect
ive and
i
mpl
ement
ati
on.
Sound managementar
e Ver
yimpor
tant f
orbusi
ness
or
gani
zat
ion.
Ift
hewhol
ephaseofbusi
nessmanagementar
eimpl
ement
ed
pr
oper
ly,
All
thel
evel
ofmanagementwi
l
lrunpr
oper
lyandef
fi
cient
lyRol
eof
pr
ofessi
onal busi
ness management i
n educat
ion t
he management
consul
tant i
sver
yimpor
tant
.i
nvar
ious par
t of t
he wor
ldv
ari
ous
pr
ofessi
onalbodi
escamei
ntobe.Forexampl
ein.
inUK,USAandi
not
her
count
ri
esmanypr
ofessi
onalbodi
escamei
ntober
egar
dingmanagement
consul
tancyandengi
neer
ingandheal
thsci
ences.
inv
ari
ouspar
tofwor
ld
manypr
ofessi
onalbodi
escamei
ntobei
ngwi
thi
ntent
ionofcr
eat
ethe
pr
ofessi
onal
i
sm.Pr
ofessi
onalbodi
esar
ranget
heexam f
ormembert
o
i
ncr
ease t
he pr
ofessi
onal
i
sm.Pr
ofessi
onalbodi
es gi
vet
he st
atus of
member
shi
psaccor
dingt
othei
rexper
ienceandqual
i
ficat
ion.Pr
ofessi
onal
or
gani
zat
ion ar
range t
he wor
k shop and semi
narf
ort
he membert
o
enhancementt
oincr
easet
hepr
ofessi
onal
i
sm.Pr
ofessi
onalbodi
espubl
i
sh
t
hest
udymat
eri
alwhi
chi
sver
ybenef
ici
alf
ormember
s.Theygi
vet
he
f
aci
l
ityoft
rai
ningt
omembert
oincr
easet
hepr
ofessi
onal
i
sm pr
ofessi
onal

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management bodi
esmaket
hest
anderofper
for
mancef
ormanagement
pr
act
it
ioner
s.Pr
ofessi
onalor
gani
zat
iongi
vet
hesur
etyofper
for
mancet
o
ent
erpr
ises sect
or.Pr
ofessi
onalor
gani
zat
ion ar
range t
he cour
ses f
or
assur
ancesofst
anderofper
for
mance.Pr
ofessi
onalor
gani
zat
ioneducat
e
t
hemember
saccor
dingt
otheneedofi
ndust
ry.Pr
ofessi
onalor
gani
zat
ion
educat
ethe member accor
ding t
o t
he need of cor
por
ate sect
or.
Pr
ofessi
onalor
gani
zat
ionr
egar
dingmanagement pr
ovi
det
hef
aci
l
ityof
onl
i
neknowl
edget
omember
’sPr
ofessi
onalpr
act
iceadv
iserboar
dfor
med
bypr
ofessi
onalor
gani
zat
ion.Pr
ofessi
onalbusi
nessor
gani
zat
ioneducat
e
t
hemember
show t
oincr
easet
hei
ntegr
it
yofpr
ofessi
on.Pr
ofessi
onal
or
gani
zat
ionhel
pthememberhow t
oincr
easet
hest
anderofser
vices.
Pr
ofessi
onal
managementor
gani
zat
ionsgi
veadv
icehowt
hesaf
eguar
dof
i
nter
esti
s possi
ble.Pr
ofessi
onalmanagementconsul
tantor
gani
zat
ion
t
eacht
hememberhow t
osav
efr
om t
hecor
ruptpr
act
ice.Pr
ofessi
onal
busi
ness or
gani
zat
ion gi
vet
headv
icehow t
hebet
terser
vicecanbe
pr
ovi
ded.
int
hecaseanychangei
ncur
ri
cul
um ofbusi
nessmanagement
educat
ion.Pr
ofessi
onali
nst
it
utepr
ovi
deoppor
tuni
tyst
udyt
oupdat
ein
educat
ionandpasst
heexami
nat
ion.Fort
hebet
terconcept
ualt
rai
ning
pr
ofessi
onal
l
y bodi
es pr
ovi
de t
eachi
ng oppor
tuni
ty t
o member
s.
Pr
ofessi
onalor
gani
zat
ioncal
ltheannualmeet
ingofmember
.i
nwhi
chal
l
member
sar
emeeteachot
hershar
ethei
dear
egar
dingt
hei
deahow t
he
st
anderofser
vicecanbei
ncr
eased.Pr
ofessi
onalmanagementconsul
tant
or
gani
zat
ionpr
ovi
det
het
rai
ningt
oal
lmember
sandgi
vegui
del
i
nehow
t
he gov
ernance i
ssues can be r
esol
ved r
egar
ding l
aws.Pr
ofessi
onal
management or
gani
zat
ion publ
i
sh t
he st
udy case of i
nter
nat
ional

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compani
eswhi
chi
srel
atedt
oser
vicesandconsul
tancy

Somet
ime pr
ofessi
onalbusi
ness consul
tant or
gani
zat
ion make t
he
ar
rangementf
ormember
sto at
tended t
he conf
erence i
n dev
eloped
count
ri
es.Pr
ofessi
onal
busi
nessconsul
tantor
gani
zat
ionnegot
iat
ionwi
dth
i
nter
nat
ionalbodi
eshow t
orul
esofengagementbet
ween t
he f
orei
gn
gov
ernedcompani
es.Pr
ofessi
onalmanagementor
gani
zat
ionpr
ovi
det
he
oppor
tuni
ti
es of st
udy t
o exi
st member i
n dev
eloped count
ri
es.
Pr
ofessi
onalbusi
ness managementor
gani
zat
ion pr
ovi
de t
he hel
pto
member
s how t
o make t
he engagement of ser
vices wi
th cl
i
ent
.
Pr
ofessi
onalbusi
ness or
gani
zat
ion pr
ovi
de t
he gui
dance ofnot
eto
memberi
nthecasei
tisneeded.Af
tert
hef
orm ofor
gani
zat
ionr
egar
ding
wor
ldt
rade or
gani
zat
ion,
theyest
abl
i
shedt
hev
ari
ousst
andar
dsr
egar
ding
t
heenv
ironment
alpol
l
uti
onandcondi
ti
onofl
abor
sandot
herkeyi
ssues.
Pr
ofessi
onalbusi
ness management or
gani
zat
ion gui
dance not
es t
o
member
s.Pr
ofessi
onalmanagementconsul
tant i
nst
it
ute publ
i
sh t
he
di
rect
oryofmember
sfort
hei
nfor
mat
ion.Somet
imesomeor
gani
zat
ion
chal
l
enge t
he cr
edi
bil
i
ty ofmemberpr
ofessi
onalhel
pint
hisr
egar
d.
Pr
ofessi
onalbusi
ness managementor
gani
zat
ion educat
ethe member
when he dev
iat
efr
om st
andar
ds.Pr
ofessi
onalbusi
ness consul
tant
or
gani
zat
ion educat
ethememberhow t
o coor
dinat
ewi
th gov
ernment
r
egar
dingt
heser
vices.Pr
ofessi
onalmanagementor
gani
zat
ionhel
pthe
memberhowt
odealwi
thUNr
eli
abl
ecl
i
entandwhi
chi
snotr
egi
sterunder
t
her
ulesandr
egul
ati
ons.Pr
ofessi
onalbusi
nessmanagementor
gani
zat
ion
mai
ntai
nthest
atusofi
tsmember
s.Pr
ofessi
onalor
gani
zat
iondesi
gnt
he
code of et
hics of i
nter
nat
ional st
andar
ds. Pr
ofessi
onal busi
ness

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managementconsul
tantor
gani
zat
ioni
nfor
mthememberaboutt
hechange
i
nlawswhi
chi
slegi
slat
edbyi
nter
nat
ionalbodi
esf
orexampl
eAmer
ican
congr
essandEur
opeansuni
on.Thuswecanwayr
oleofpr
ofessi
onal
busi
nessmanagementconsul
tantor
gani
zat
ioni
sver
yimpor
tantf
orone
count
ry.

Pr
ofessi
onalbusi
nessconsul
tant bodypl
ayt
her
oleofr
egul
ator
.Ifwe
supposet
hatt
hepr
ofessi
onalbodi
eswi
l
lnoteducat
ethemanagement
consul
tantTheeconomi
csect
orwi
l
lfaceheav
ylossandnotsust
aint
he
obj
ectofdev
elopmentandaccur
acy
.Pr
ofessi
onalor
gani
zat
ionspr
ovi
de
t
he r
out
e ofdev
elopmentofser
vices Pr
ofessi
onalor
gani
zat
ion gi
ve
gui
dance t
o member how t
he v
alue added ser
vices i
s per
for
med.
Pr
ofessi
onalbusi
nessmanagementconsul
tantor
gani
zat
iongi
vegui
dance
howt
hebusi
nessoper
ati
oncanbei
mpr
oved.

Ref
erences.

:
Sci
ent
if
icmanagementt
heor
ysi
nce1945.UNCPr
essBooks.

DuBr
in,
Andr
ewJ.(
2009)
.Essent
ial
sofmanagement(
8thed.
).Mason,
OH:
Thomson Busi
ness & Economi
cs. I
SBN 978-
0-324-
35389-
1. OCLC
227205643.

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