The Business Professor
Strategic Cost Management
What is Strategic Cost Management? Strategic Cost Management is an approach focusing on making a business more competitive by reducing costs of operations. More specifically, it integrates cost information into the decision-making...
The Business Professor
Understanding Financial Statements: Statement of Cash Flow
This video provides an explanation of the Statement of Cash Flow, which is a financial statement that details the inflows and outflows of cash within a business. The video discusses the three unique sections of the statement: Operating...
The Business Professor
Standard Product Costs
Standard costs are used to estimate what will be the Cost of Goods Sold or COGS.
The Business Professor
Selling and Administrative Expense Budget
The selling and administrative expense budget is a plan to set aside resouces for expenses not related to manufacturing. Often these resources are separated in distinct accounts for selling, administration, and administrative tasks
The Business Professor
Securities Law - Explained
US law regulates the purchase and sale of securities. These laws are generally enforced by the Securities and Exchange Commission. This video explains what are US Securities Laws and how do they work?
The Business Professor
Activity-Based Costing - Types of Activities
Activity-based costing identifies numerous categories or types of activity to which costs are allocated. This video explains the the types of activities employed in activity-based costing.
The Business Professor
Transactional Leadership
Transactional leadership, also known as managerial leadership, is a leadership style where leaders rely on rewards and punishments to achieve optimal job performance from their subordinates. The transactional executive leadership model...
The Business Professor
Whistleblower
Whistleblowers perform an important service for the public and the Department of Justice (DOJ) when they report evidence of wrongdoing. All DOJ employees, contractors, subcontractors, grantees, subgrantees, and personal services...
The Business Professor
Validated Learning in a Lean Startup
What is Validated Learning in a Lean Startup? This is the process of testing your assumptions and hypotheses about your product, market, and customers, and learning from the feedback and data you collect.
The Business Professor
Activity-Based Costing vs Traditional Costing
Traditional methods of allocating costs differs from activity-based costing methods. This video explains the difference between activity-based costing and traditional costing methods.
The Business Professor
Total Quality Management
What is Total Quality Management or TQM? Total quality management consists of organization-wide efforts to "install and make permanent climate where employees continuously improve their ability to provide on demand products and services...
The Business Professor
The Balanced Scorecard
What is the Balanced Scorecared Approach? A balanced scorecard is a strategic management performance metric that helps companies identify and improve their internal operations to help their external outcomes. It measures past performance...
The Business Professor
Change Management
What is Change Management? Change management is a collective term for all approaches to prepare, support, and help individuals, teams, and organizations in making organizational change.
The Business Professor
Catalytic Mechanisms
What are Catalytic Mechanisms for Change in an Organization? Catalytic mechanisms come into play when senior management wants a significant change in the way the organization behaves either within the organization itself or with...
The Business Professor
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 Activities in the Legal Environment
Business activities of all types are subject to law and regulation. This video explains what are business activities that are subject to or affected by law. More specifically, this video explains what is the legal environment of business?
The Business Professor
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.
The Business Professor
Designing a Team
What is Designing a Team? Team design is the process of organizing individuals into a cohesive coalition—one that makes a concerted effort to achieve a shared outcome. Teamwork has a lot of advantages: combined brain power, complementary...
The Business Professor
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...
The Business Professor
Control Function of Management
What is the Control Function of Management? Controlling is a primary goal-oriented function of management in an organization. It is a process of comparing the actual performance with the set standards of the company to ensure that...
The Business Professor
Duties of Agents and Principals in Agency Law
In this video, we explore the duties and responsibilities that principals and agents owe to each other in agency law. We discuss the primary duties of principals, including compensation, reimbursement, indemnification, and the duty to...
The Business Professor
Developing a Strategic Plan
Strategic Planning is a process where organizations define a bold vision and create a plan with objectives and goals to reach that future.