The Business Professor
Socialism
Socialism is a political philosophy and movement encompassing a wide range of economic and social systems which are characterised by social ownership of the means of production, as opposed to private ownership.
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Satisficing
What is Satisficing? Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met.
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Introduction to Managerial Accounting
In this video, the speaker provides an explanation of what managerial accounting is and how it differs from financial accounting. The video highlights the tasks and responsibilities of a managerial accountant, such as preparing financial...
The Business Professor
Variances in Cost Volume Profit Analysis
Variance in any of major variables employed in the cost volume analysis will cause a variation in the expected output or profits from operations. This video identifies the major variables that may vary in a CVPA analysis.
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What is an Operational Analysis?
What is Operational Analysis of a startup venture? How is an operational analysis carried out? The process of operational analysis involves gathering data from various sources, such as customer feedback, employee surveys, and financial...
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Managerial Roles and Responsibilities
In this video, the speaker discusses the different roles that managers play in an organization. They explain how these roles can be categorized into three main categories: interpersonal, informational, and decisional.
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VRIO Analysis
VRIO is a business analysis framework that forms part of a firm's larger strategic scheme, proposed by Jay Barney in 1991. The basic strategic process of any firm begins with a vision statement, and continues on through objectives,...
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Value Streaming Map - Explained
What is the Value Streaming Map? Value stream mapping is a technique — developed from Lean manufacturing — that organizations use to create a visual guide of all the components necessary to deliver a product or service, with the goal of...
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Using Budgets for Performance Evaluation
In this video, the speaker discusses how budgets are used as a tool for performance evaluation. The speaker highlights several key performance indicators (KPIs) or metrics that can be derived from the budget. Overall, the video...
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Competitive Strategy
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors.
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Central Driving Forces Model - Explained
What is the Central Driving Forces Model? The central driving forces model is an entrepreneurial-based model that considers the positives and negatives of three areas of the venture; founder(s), opportunities, and resources. The model...
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Business School Career Resources
This Video Explains Business School Career Resources
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Business Plan - Operations
What is the Operations section of the Business Plan? What should be included? The operations section of your business plan is where you explain – in detail – you company's objectives, goals, procedures, and timeline. An operations plan...
The Business Professor
Business Incubator
What is a Business Incubator? A business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services starting with management training and...
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Budgeting
Budgeting or setting a budget is the process of allocating resources to future or intended activities. There many types of budget and manners of involvement in the budgeting process.
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Understanding Cost Behavior and its Impact on Managerial Judgment
This video explores the concept of cost behavior and its relevance to managerial judgment. The video introduces two common methods for assessing cost changes: the high-low method and regression analysis. The video emphasizes that...
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Core Competency
Core competencies are the resources and capabilities that comprise the strategic advantages of a business. A modern management theory argues that a business must define, cultivate, and exploit its core competencies in order to succeed...
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Contemporary Theories of Management
Dr. Kyle Huff explains what is Contemporary Theories of Management
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Conflict Theory
What is Conflict Theory? Conflict theories are perspectives in sociology and social psychology that emphasize a materialist interpretation of history, dialectical method of analysis, a critical stance toward existing social arrangements,...
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Understanding Competitive Advantage in Business
This video discusses the concept of competitive advantage in business. It explores various types of advantages, such as government granted monopolies, brand recognition, economies of scale, location, distribution advantages, internal...
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Coalitions in a Negotiation
A temporary union between two or more individuals or groups for a common aim or goal. A relatively common practice utilized in multi-party negotiations, used to gain advantage in the negotiation. Coalitions are more common when...