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Setting Standards

Standard Setting is the mythology used to defined levels of achievement or proficiency. It is setting high expectation for one’s self and for one’s company.

It’s like setting goals for oneself to accomplish what he/she want out of life. My mother always had a saying; the thing is when you think big you get big and you think little you get little. I didn’t realize what she was saying at first until I ask her. “What did she mean by that?” She said, Having high expectation for oneself.” I think it starts with elevate by self-love. When I worked for company, I noticed that I felt good about myself; I notice my confidence were getting stronger and better.

When working for a company they also have standards or rule too. Organizational standards and objectives are important elements in any business plan because they guide managerial decision making. It is about reachable objectives; an organization needs to understand where it is, where it wants to go. It is about keeping up with quota in products. Companies are always competing against one another; A company’s standard

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The Benefits of Setting Standards in Your Life

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Warren Edward Buffett is an American business investor and philanthropist, who is a chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth ofUS$88.9 billion as of December 2019, making him the fourth-wealthiest person in the universe. Buffett was born August 30, 1930 (age 89 years), Omaha, NE. His Net worth in 2020 in the US $89.5 billion in January. According to CNN he shown dedication and responsibly to the company; Buffett had thousands of individuals travel to hear him at his annual investor meetings; follow his instruction and advise and read his annual shareholder letter made what he is today a wealthy man. I always wanted to learn how to invest money to make more money for retirement. He makes me want to go out and buy his book; it can teach me how to invest money in the right stocks. There are also key features of his leadership quality and that is having a strong contributed to his effectiveness and influence with his followers. People wonder how he became so successful out life.

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Berkshire Hathaway's Warren Buffett on Saturday will publish his much-awaited shareholder letter. The annual missives, which are logged here on Berkshire's website going back to 1977, are considered required reading for investors large and small.

And this year, investors will be especially interested to know whether Berkshire has gotten any closer to the "elephant-sized" acquisition Buffett has been hunting over the last several years to no avail.

The "Oracle of Omaha" told CNBC this time last year that despite Berkshire's lackluster performance of late, he was eager to make an eye-popping acquisition for the portfolio.

There was only one problem, according to Buffett: Prices were too high to justify a big purchase.

"That disappointing reality means that 2019 will likely see us again expanding our holdings of marketable equities," Buffett said 12 months ago. "We continue, nevertheless, to hope for an elephant-sized acquisition. Even at our ages of 88 and 95 - I'm the young one - that prospect is what causes my heart and Charlie's to beat faster."

But since Buffett's 2019 comments, the S&P 500 has climbed even higher, buoying price multiples and generating over 23% in returns.

Typically profuse with investment advice and folksy anecdotes, Buffett's letter gives Wall Street a glimpse into how he and partner Charlie Munger view the stock market - expensive or cheap, pessimistic or optimistic.

That type of commentary, in particular, has been of greater importance to Berkshire investors in recent years as some grow impatient for Buffett to deploy his $120 billion cash hoard and stun investors with a glossy new takeover bid.

Few would dare challenge Buffett's ability to gauge market prices following a lifetime of savvy value stock picking.

His hallmark and lifelong quest for outcast, but cash-rich companies has led Berkshire to compounded annual gains in per-share book value of a robust 18.7% since 1965, according to Buffett's most recent letter, double that of the S&P 500 and the envy of anyone hoping to retire early.

Investors have grown especially antsy in recent years as the S&P 500 continues to lap Berkshire equity. The S&P 500 has outperformed Berkshire on one-year, three-year, five-year and 10-year basis as pricey, high-growth tech stocks led (and continue to lead) to stock-market records.

"I'm a patient guy, but when you underperform one, three, five, 10, 15 years versus the index and you're sitting on all this cash, it's frustrating," said Trip Miller, founder of Gullane Capital and a current Berkshire investor. "I'd pay us shareholders a nice $50 billion special dividend and restock the elephant over the next 24 months. It doesn't seem like you can find something that size anyway."

"I'm just really frustrated by it because that's dragging down the returns," he added.

To be sure, Buffett's investment lieutenants, Todd Combs and Ted Weschler, have expanded the classic, cash-generating Berkshire into new sectors, including a big stake in Apple four years ago.

That stake has been one of Berkshire's best performers since then. Apple's 193% return since the start of 2017 is well ahead of peer Berkshire names like Coca-Cola (up 59%) or Bank of America (up 66%). All of those are far ahead of Kraft Heinz - a rare big miss for Berkshire - which has posted a negative return of 64% over the same period.

"Berkshire's underperformance mostly reflects three things: 1) Kraft Heinz worked out much, much worse than expected; 2) Berkshire's long-term investing skill is less obviously useful when capital is cheap and acquisition prices are high; and 3) bad-and-deteriorating disclosure makes investors even more reliant on the Buffett persona (which is regrettably finite) than on fundamentals," KBW analyst Meyer Shields told CNBC.

Where some, like Miller, see Berkshire's hesitation and underperformance, others like Shields note that Buffett's patience has served him well in the past.

"I think one of Buffett's strengths is not going along with the crowds when acquisitions are over-priced," he wrote in an email. "We saw the same underperformance during the tech bubble (which also featured irrational exuberance that subsequently became even more irrational before correcting), and the right thing - then and now - is to do nothing rather than to confuse relative and absolute returns."
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Buffett watchers await word on whether the 'Oracle of Omaha' is close to finding his 'elephant'

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Berkshire Hathaway's Warren Buffett on Saturday will publish his much-awaited shareholder letter. The annual missives, which are logged here on Berkshire's website going back to 1977, are considered required reading for investors large and small.

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When learning the 4 management functions they set the foundation; The first step is planning putting things to actions setting goals and writing them out. Short term goals and long-term goals even our plans can change like the wind. We all have a vision how things will turn out in the future. I learn that starting a vision board helped remind me to remember my dreams; and what I wanted for my family. It kept me motivated. The second of the managerial functions is organizing. When becoming a manager and how to organize their employees acording to the plan. The manger have to delegate authority, assign work, so the manager can work toward their goal. The third function is Leading a team; managers should be comfortable and confident commanding their team member's daily tasks as well as during periods of significant change or challenge. This involves projecting a strong sense of direction and and leadership when setting goals communicating new processes, products and service, or internal policy. The fourth is controlling to ensure all of the above functions are working toward the success of a company, managers should consistently monitor employee performance, quality of work, and the efficiency and reliability of completed projects. Control and quality control in management is about making sure the ulitimate goals of the business are being adequately met, as wellas making any necessary changes when they aren't.

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The Four Functions of Managers

Management involves far more than just telling others what to do. Before any of you decide that you think you can do your boss's job, let's take a look into more of what a manager does.

The major functions that a manager completes can be categorized into four different functions known as planning, organizing, leading, and controlling. For some of us, we only see the final two - leading and controlling - but you should know that for every managerial behavior you do see, there is an equal amount that you do not. Behind the manager's closed door, he or she spends a good deal of his or her time planning and organizing, so that he or she can effectively carry out the functions of leading and controlling.

Now, before you think your boss is different, you should also know that the four functions of management are standard across industries, whether that be in a manufacturing plant, a home office, a grocery store, a retail store, a restaurant, a hotel, or even an amusement park. Effective managers understand how planning, organizing, leading, and controlling are used to achieve organizational success. Unfortunately, I do not have a rebuttal for those of you who have ineffective managers, but perhaps learning a little more about the four functions of management will help to identify what steps your ineffective manager needs to take to become an effective one.

Try to think about the four functions as a process where each step builds on the others. Managers must first plan, then organize according to that plan, lead others to work towards the plan, and finally evaluate the effectiveness of the plan. These four functions must be performed properly and, when done well, become the reason for organizational success.

Planning

The first of the managerial functions is planning. In this step, the manager will create a detailed action plan aimed at some organizational goal.

For example, let's say Melissa the marketing manager has a goal of increasing sales during the month of February. Melissa needs to first spend time mapping out the necessary steps she and her team of sales representatives must take so that they can increase sales numbers. These steps might include things like increasing advertisements in a particular region, placing some items on sale, increasing the amount of required customer-to-sales rep contact, or contacting prior customers to see if they are interested in purchasing additional products. The steps are then organized into a logical pattern so that Melissa and her team can follow them.

Planning is an ongoing step, and can be highly specialized based on organizational goals, division goals, departmental goals, and team goals. It is up to the manager to recognize which goals need to be planned within his or her individual area.

Organizing

The second of the managerial functions is organizing. This step requires Melissa to determine how she will distribute resources and organize her employees according to the plan. Melissa will need to identify different roles and ensure that she assigns the right amount of employees to carry out her plan. She will also need to delegate authority, assign work, and provide direction so that her team of sales representatives can work towards higher sales numbers without having barriers in their way.

Leading

The third function of management is leading. In this step, Melissa spends time connecting with her employees on an interpersonal level. This goes beyond simply managing tasks; rather, it involves communicating, motivating, inspiring, and encouraging employees towards a higher level of productivity. Not all managers are leaders. An employee will follow the directions of a manager because they have to, but an employee will voluntarily follow the directions of a leader because they believe in who he or she is as a person, what he or she stands for, and for the manner in which they are inspired by the leader.

Controlling

Controlling is the final function of management. Once a plan has been carried out, the manager evaluates the results against the goals. If a goal is not being met, the manager must also take any necessary corrective actions to continue to work towards that goal.

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leading & controlling - video & lesson transcript | study.com

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Four Functions of Management: Planning, Organizing, Leading & Controlling - Video & Lesson Transcript | Study.com

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Management involves far more than just telling others what to do. Before any of you decide that you think you can do your boss's job, let's take a look into more of what a manager does. The major functions that a manager completes can be categorized into four different functions known as planning, organizing, leading, and controlling.

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When taking this business class, it taught me about functional structure and how it works; The structure groups of employees into arrangements of stages. There are chains of operations that effect the corporation; research and development, and marketing; and sales. This gives me idea to used when working as a Project Manager. The graphic that follows shows a functional structure that connects with lines which indicating reporting and authority relationships. When connecting with department heads of each functional area reports to the CEO; the CEO then coordinates and integrates the work of each function. When specializing the graphic design, it showed that it went deeper then a simple structure. When reading the module allows top-down and bottom-up communication chain between the CEO and the functional departments; and relatively tall structure. Disadvantage of having functional organization may have unhealthy competition working with the other areas. Another disadvantage of functional organization structure is that these functional groups may not be able to communicate more often which decreases flexibility and innovation.

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Organizational Structure

Every system in the world has a structure that defines how it works. Thank goodness for structure! What if the plants and trees decided they were tired of supplying oxygen and had the freedom to pick up another job? I wonder how long we'd last?

The organizational structure of a business defines its entire culture. It affects how its employees communicate and operate to achieve the goals of the company. Organizational structure also influences productivity, employee relations, and marketing strategies. It is important for a company to define the most strategic organizational structure that will allow it to effectively and efficiently accomplish its goals. The organizational structure of a small company may differ from that of a large company. Let's take a look at some of the most common organizational structures.

The Hierarchy, Flat, & Flatarchy

Almost all organizations have some form of a hierarchy in its organizational structure. The hierarchical structure is linear in nature as authority, information, and tasks flow from the top down. Generally, there is a top executive that filters information to subordinate employees without regard to the employee's ability to contribute or improve work processes. This type of structure is good for maintaining authority, but does not allow for free thinking, work efficiency, or collaboration.

The flat structure is totally opposite from the hierarchy. This structure doesn't implement titles, seniority, or job descriptions and allows for employees to freely contribute to the work as they feel necessary. Flat structures are most common in start-ups and small to mid-size businesses. However, most organizations that start off with a flat structure eventually end up taking some form of a hierarchy. As the business grows, it becomes less practical as the need for streamlined processes increases.

The flatarchy structure is a hybrid of a hierarchy and flat structure. Organizations that operate under a flatarchy have linear authority and specialized teams that allow for creativity and innovation. This type of structure is common when an organization is developing a new product, service, or business process that requires input from different individuals from different parts of the organization. Although this structure doesn't reassign job duties or titles, it allows the organization to effectively address market and industry changes without having to restructure the organization's personnel.

Functional & Divisional Structure

This one's pretty easy to remember. A functional structure organizes a business by activity or purpose. Most businesses that use this structure have departments dedicated to a single function. Some common examples are the accounting, marketing, and human resources departments that exist at almost every company.

A major benefit of this type of structure is that it fosters focus and the use of specialized skills for one function. The accounting department employs skilled accountants that focus on the company's financial data and do not have to worry about producing goods or providing services. The production department manufactures the goods and does not spend its time analyzing financial statements. If they did, there would not be any goods to sell.

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types & examples - video & lesson transcript | study.com

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Organizational Structure: Definition, Types & Examples - Video & Lesson Transcript | Study.com

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Every system in the world has a structure that defines how it works. Thank goodness for structure! What if the plants and trees decided they were tired of supplying oxygen and had the freedom to pick up another job? I wonder how long we'd last? The organizational structure of a business defines its entire culture.

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A project manager are second- level manager, they are over group or team. Works on specific projects that have schedules, timelines and budgets that need to be met. There are quite a few things that a project manager does throughout the project, such as:Planning and Defining the Project:- plan what work needs to be done by building a comprehensive work plan- figure out who's going to do the work and when- look at any risks that may be involved and try to avoid or manage them ahead of timeExecuting and Managing:- make sure that all work being done is to the right standard- manage and keep the budget at the forefront throughout the project- make sure that the project is running on time- motivate team members involved in the project- remove any obstacles that get in the way of productivity- coordinate work done by different groups of people- deal with any changes that come along and be willing to adapt if necessary- manage all teams involved and maintain a constant level of commitmentDelivering and Closing:- manage the project to the budget right through to completion- manage and deliver expectations to stakeholders- communicate project status to stakeholders and resolve unexpected difficulties- show management that the project has kept to initial business goals- make sure the project delivers all expected outcomes and whatever benefits were initially outlinedFinally, a good project manager is upbeat and optimistic. They are honest communicators, and are liked and trusted by upper management. Even when there are times of trouble, retaining the confidence of stakeholders by communicating credible strategies for recovery is crucial

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Introduction To PMP Certification Training: Lesson 1 | Simplilearn

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Where are the opportunities for fixed-income investors in 2020?

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Where are the opportunities for fixed-income investors in 2020?

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World Trade Organization (WTO) is the international organization dealing with the rules of trade between nations.  When looking into 2020 companies and industries that cope with trade volatility at its best. “They come realize that trade is not something that going to be resolved overnight. “Whether it is meeting of the minds in negotiation with U.S. and China, or U.S. and Europe or any other countries who trading with the U.S. What is on the business leaders mind when it comes to planning there year of 2020 to the future. How can the business leaders manage their capital expenditures? The answer is companies must invest cautiously and consistently throughout the cycle. The worried of concern is the credit cycle and looking at the calendar because of the recession ended in June of 2009. When going through many economic mini cycles since then. As I was reading about European banking system in 2011 and 12. Then It was sent to the energy industry in 2015 and 16, looking forward into the industrial in automotive.  Whether we go through recession and hits our pockets globally or navigating through the system.

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The companies in the 1950s and 1960. Made it hard on women in the workplace, not just being a woman also people of color. Social status and religion. Women were often asked to leave their jobs if they married or became pregnant there were no accommodation for employment or disability was made. I felt there was no compassion towards woman who were single and had to raise children by their self’s. Male at that time were chauvinist.

In 1953 the computer world, a company called IBM was one of the first to hired diverse. The president of IBM wrote letter to his managers stating, “It is the policy of this organization to hire people who have the personality, talent and background. Necessary to fill a given job, regardless of race, color or creed. “Even in the Deep South, where segregation was a reality in restaurants, hotels, and even at water fountains, IBM employees of all races and backgrounds ate together in the cafeteria.