Fundamentals of Management

Topic 1: Technology in Organization

After the in-depth analysis of the business environment and market situation, it can be interpreted that beside the impact of internal and external environment, there is another variable that has a terrific impact on organizational performance. Technology is an additional independent variable that strongly influences the organizational characteristics. There are several organizations that use different forms of technology to execute their operations in order to achieve a competitive edge over their competition. Technology is something that exists in large multinational organizations as well as the small-medium enterprises. This variable assists organizations to accumulate knowledge and effective task execution. Technology can also be used to transform characteristics of distinct elements (raw materials, components, goods and services). Technology is an ordered set of tools, knowledge, procedures and methods applied in different industries. The implementation of technology is an activity that must be organized and planned in order to pursue the goals consciously chosen by organizations. Technology can be viewed from two different angles such as an external variable or an internal organizational variable. Technology is an organizational component to the extent that it becomes part of the internal system of an organization. It can also be analyzed that the repetition of the production processes provides the expertise to remove imperfections in the technology. (Dale, 165)

Automation

Automation is one of the areas of scientific and technological progresses that use self-regulatory technical means of economic-mathematical models and sophisticated other systems of governance. These models would exempt a person from participating in the processes of production, transformation, transmission and use of energy, materials or information which significantly reduces the degree of participation or the complexity of running operations. Automation requires the additional use of sensors, input devices, control devices (controllers), actuators and output devices. (Rahim, 139)In addition, this technology utilizes electronic equipment and methods of calculation that are often a blue print of the system that controls the nerve and mental function inside humans. Nowadays different business organizations and multinational use automation to regulate their sophisticated and complex operations. There are various functions that can be performed by using automation technology but the most important of them are enlightened below: • Manufacturing processes• Product design• Organizational planning and management• Market research• Scientific research• Business processes

Computer-Assisted Manufacturing

The purpose of Computer assisted manufacturing is to write the file that contains a program for controlling a machine tool with numerical control. This file will describe in detail the movements to be performed by the part of the machine tool in order to execute the desired operation. These types of encryptions of programs can also be known as ISO blocks. (Zachariah, 145)

Topic 2: Financial control

Financial control is the control financial resources as they flow into the organization (revenue, shareholder investment), are held by the organization (working capital, retained earnings), flow out of the organization (pay, expenses). Business must manage their finance so that revenues are sufficient to cover costs and still return a profit to the firm's owner. (Griffin, 365)

Overall, there are three principal types or budgets: (I) financial budgets: (2) operating budgets; and ...