Financial Plan Notes The financial plan is an important part of the business plan because itis here that the profitability of the intended business is demonstratedto the entrepreneur and to the potential financiersIt provides a tool for monitoring the financial performance of the business. In this section of the module, an analysis of financial requirements … Read more

Economic Growth Notes 10.1 Definition of Economic growth is the increase of per capita gross domestic product (GDP) or othermeasure of aggregate income. It is often measured as the rate of changein real GDP. Economic growth refers only to the quantity of goods andservices produced. An industrial economy gets its resource from othercountries. Economic growth … Read more

Purpose The main object of this lesson is to introduce the learner tocost accounting; uses of cost information; cost concepts and thedifferences between cost accounting and financial accounting SpecificObjectives By the end of the lesson the learner should: Cost scouting (commonly) termed “costing” may be defined as: „Theestablishment of budgets, standard costs and actual costs … Read more

PRINCIPLES OF MANAGEMENT Definition of Management d) Management is concerned with effectiveness and efficiency (to beeffective is to do right things and to be efficient is to do it correctly). INTRODUCTION TO STRATEGIC MANAGEMENT

STRATEGIC DECISIONS NOTES This focuses on effectiveness or performance of the organization as a whole. Effectiveness or performance of anorganization as a whole may depend on various factors e.g. role insocial responsibility, corporate image, and business portfolio. Businessportfolio i.e. the combination of businesses owned by an organization,most determines the organization‘s performance. The performance mostdepends on … Read more

PLC, DIVERSIFICATIONS, INNOVATIONS, PRODUCT REENGINEERING NOTES What is PLC in Strategic Management ? For the purpose of this chapter, PLC will be taken to mean product lifecycle and product and service will be used interchangeably. Many will befamiliar with this timeless model which not only describes the stages inthe sales pattern of a product or … Read more

MANAGING STRATEGIC CHANGE NOTES According to Oakley and Krug (1993), the past decade marked a period ofunprecedented change in the world generally in business marketsspecifically. Forecasts suggest that the ‗80swere merely a prelude to the dynamic challenges ahead in the ‗90s andbeyond. Indeed the entire cycle of change has been altered dramatically.The intervals between changes … Read more

FORMULATION OF CORPORATE AND BUSINESS STRATEGY NOTES Strategy Formulation is designed to guide executives in defining thebusiness, their company, the aims it seeks, and the means it uses toaccomplish these aims. Strategy formulation involves an improvedapproach to traditional long-range planning. Strategy formulation joinsa future oriented perspective with concern for firm’s internal andexternal environment in developing … Read more

IDENTIFYING STRATEGIC ISSUES NOTES To survive or prosper in the global business environment, a firm must be skilful in how it applies itsstrategies to compete globally. Although global competitive strategiesare imperative for firms operating in multiple countries, the solelydomestic firm must keep a global perspective to be prepared for foreigncompetitors entering its market in various … Read more

INTRODUCTION TO STRATEGIC MANAGEMENT NOTES The concept of strategy has been much used and often abused. It is amulti-dimensional concept and has found application in all fields ofstudy and life. Has been defined variously as follows:- According to Thompson and Strickland, it is ―The game plan managementhas for positioning the company in its chosen market … Read more

ECONOMIC GROWTH AND DEVELOPMENT NOTES Define Economic Growth Economic growth is an increase in activity in an economy. It refers onlyto the quantity of goods and services produced; it says nothing aboutthe way in which they are produced. Define Economic development Economic development refers to social and technological progress. Itimplies a change in the way … Read more

ECONOMIC LIBERALIZATION NOTES Structural Adjustment Programmes Structural adjustment is a term used to describe the policy changesimplemented by the International Monetary Fund (IMF) and the World Bank.Structural Adjustment Programs generally implement “free market”programs and policyThese programs include internal changes (notably privatization andderegulation) as well as external ones, especially the reduction oftrade barriers. Structural adjustment in … Read more

DEVELOPMENT STRATEGIES NOTES Industrialization In its broadest sense, industry is any work that is undertaken foreconomic gain and that promotes employment. The word may be applied to awide range of activities, from farming to manufacturing to tourism. Itencompasses production at any scale, from the local—sometimes known ascottage industry—to the multinational or transnational. In a morerestricted … Read more

ETHICS AND CULTURAL VALUES IN DEVELOPMENT NOTES Development Ethics Ethics may be defined as the branch of knowledge concerned with moralprinciples. It deals with the principles of right and wrong behavior andthe goodness or badness of human character, the adherence to the code ofbehavior that is considered right or acceptable. Developmentphilosophers and other ethicists formulate … Read more

GENDER AND DEVELOPMENT NOTES Concepts of Gender Culture-The distinctive patterns of ideas, beliefs, and normswhich characterize the way of life and relations of a society or groupwithin a society Gender Analysis- The systematic gathering and examination of informationon gender differences and social relations in order to identifyunderstand and redress inequities based on gender Gender Discrimination- … Read more

POPULATION AND DEVELOPMENT Notes Define Population Before the industrial revolution population growth was held in check byhigh mortality rates, which were accompanying high birth rates. Thesource of high mortality rates in a classical Malthusian perspective could have been the limitation inthe amount of available agricultural resources, either continuously,leading to poor nutrition (and therefore to higher … Read more

THEORIES OF DEVELOPMENT AND UNDERDEVELOPMENT NOTES Introduction The term development is understood as a social condition within anation, in which the authentic needs of its population are satisfied bythe rational and sustainable use of natural resources and systems. Thisutilization of natural resources is based on a technology, whichrespects the cultural features of the population of … Read more

THEORY OF CONSUMER NOTES Introduction It touches on satisfaction other than a customer desire from consuming aparticular commodity’s. The satisfaction the consumers derives fromconsumption of commodity is called utility. Average utility is thesatisfactory per unit consumed on average. Marginal utility is theincremental satisfaction brought about by consuming an extra unit of acommodity. All this is … Read more

THE THEORY OF PRODUCTION NOTES Definition Production comprises all activities that provide goods and serviceswhich people want and for which they are prepared to pay a price. Thecomposition of the total output can be classified into consumer goodsand produce goods and services. Consumer goods are commodities thatsatisfy human needs directly .They can be: Producer goods … Read more

MARKET STRUCTURES NOTES 5.1 Perfect Markets Perfect market is a market with many buyers and sellers where nobody candetermine the price of goods or services. Characteristics N/B: Under perfect competition firmsare price takers. Meaning the demand curve of an individual firm will be perfectly elastic showing that the firm can sell any quantity of output … Read more