When using the free-cash flow model, cash flows are discounted at the weighted average cost of capital (WACC) and when using the dividend discount model, dividends are discounted at….
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The General Manager of a children’s toy store would like to cut back labor cost and find other ways to save money. The company has been selling fairly well on product, but wishes to make more profit to open up a second store in the near future. The company also has had issues with customer service (helping to assist with product selections), long wait lines, and low stock on merchandise. Due to these recurring issues, the company has already seen a dip in sales and fears that it will lose even more customers.
The company has decided to use self-help kiosk to help with long wait lines. Due to the effectiveness of these kiosk machines the company has been able to downsize its staff and save thousands of dollars a month on labor cost. Although the kiosk and regular check out stands are showing improvement, customers are still in need of help when it comes to customer service and addressing any concern with products and the proper amount of product in stock.
Investing in point of sale products such as handheld tablets and scanners has allowed the company to have sales associates pay more attention to customer needs while shopping. The handheld tablets/scanners also provide the amount of product that is still in stock and can also allow customers to check out using debit/credit card transactions. All products are immediately updated in the system and when low in stock will be visible so management could order prior to running completely out of stock. Since these products assist with inventory the company will start to save time and even more money dealing with inventory.
In the Strategic Level of an Information System, the senior managers of a business, in this case, the corporate headquarters must control the payroll, and scheduling while maintaining enough income to support it. From a financial standpoint, doing sure overtime stays lows so the payroll will not go over budget. Making sure the scheduling has not allowed unnecessary overtime. It can keep the cost of the business down while maintaining a sense of “fair play” amongst employees.
From a scheduling standpoint, it is imperative to take into consideration your employees. Having workers who have the knowledge and experience required to complement the rest of the employees who are either new or a bit slower in the process of getting to know specifics of the job, for example where the men’s shoes are located, or how to work the register.
When scheduling employees, it is essential to identify inevitable conflicts. For example, persons with disabilities may the need for breaks at certain frequencies, as well as the inability to reschedule doctors appointments. This is important to avoid violations of Title 1 of the Americans with Disabilities Act and litigation. Also, persons that have childcare, responsibilities, and or issues surrounding life outside of work may have inflexible time constraints.
In order to maintain these critical issues, the Human Resources in the Information system could help to collect all of the data available on the retail store’s current employees. When a store is hiring, the managers should have all the information listed above. The decisions made from a financial standpoint would be whether or not to hire an employee based on how many hours they are expecting, while from a scheduling standpoint, making sure they are able and have little constraints that might affect the flow of scheduling.
Sharma, M. (2016, November 5). Decision-Making: Levels and Types | Management. Retrieved from http://www.businessmanagementideas.com/management/decision-making-management/decision-making-levels-and-types-management/7578
I agree, top managers such as senior managers of a business are ultimately responsible for such issuing necessary instructions for preparation of department budgets, procedures, and schedules. They are responsible towards the shareholders for the performance of the enterprise. MSG states that, “the role of the top management also includes duties like controlling and coordinating the activities of all the departments”. They are required to maintain a contact with the outside world. Along with preparing strategic plans, policies for the enterprise and appoint department managers”. According to MSG, it is also their responsibility to provide direction, guidance and lay down the objectives a broad policy of the enterprise.