Introduction
According to Hiatt (2003), it was opined that there are various management techniques that any business entity can employ to realize its development value and benefits. Therefore, Saaty (2006) believed that the way these techniques are implemented differ from one organization to another thus being a major determinant for developing values and benefits.
Benefit management
For that matter, it was opined by Peterson (2010) that benefit management is very vital in business management. As a result, it was advised by Anderson (2010) that for any business entity to accrue positive development from its investment, it is important that benefit management must be undertaken. For that case, it was believed by Jackson (2011) that any investment in business must have a number of benefits that should be geared towards improving performance. As such, each benefit must be evaluated and possible changes that need to be implemented in order to attain these benefits should then be acted upon in order to achieve the identified benefits. Therefore, benefit management is heavily dependent on positive investment that are initiated and implemented by the organization. In addition, appropriate change management must accompany these investments to accrue maximum benefits from them.
Cost management
In addition, it was also opined by Hiatt (2003) that cost management is a key management technique that can be applied by an organization to achieve business value and benefits. For that case, cost management strategies are vital in attaining these benefits and values in business. As for such, cost management is designed to improve profitability through supporting tactical and strategic decision making in the entire spectrum in business processes. Therefore, it was noted by Lusser (2009) that for any business to be competitive in the environment, cost management must be prioritized. As for such, standards for costing must be established that relate to cost elements to ensure that there is no any element that deviates from these standards.
Besides, Hoyle (2007) provided that it is imperative for any business establishment to perform cost analysis functions in different areas such as inventories, projects, processes, operations and entire business performance. As a result, Total Cost Management (TCM) is a mechanism that must be used to bring forth cost management in the entire life cycle of a business organization. This helps to manage realization of a development’s value and benefits in business.
Risk management
Moreover, risk management is another key management technique that can be employed to manage realization of a development’s value and benefits in business. According to Halford (2010), risk management includes those related to financial, technological, operational, production and human resource issues. It was noted by Rothberg (2005) that in the process of business growth, organizations experience various rapid changes. Therefore, risk management is critical to help guard against the effects generated from these changes. As for such, it is important to incorporate management of risks in core values of the organization. For that reason, according to Paladino (2010), risk management must be incorporated in business processes.
Conclusion
To wind up, it is imperative that any business enterprise should undertake key management techniques in its business processes in the effort of managing development by creating values and benefits. As a result, from the analysis carried out, it was established that benefit management should be prioritized as a key management technique since all business processes require to yield some benefits. Secondly, cost management should be given a second priority to ensure that an enterprise is operating within it budget boundaries. Thirdly, risk management should be given third priority to guard against various risks that are associated with various business operations.
References
Anderson, D 2010, Beyond Change Management: How to Achieve Breakthrough Results Through Conscius Change Leadership, Pleiffer, San Francisco.
Halford, S 2010, Restructuring Organisations, Changing people and Restructuring in Banking and Local Government, Work, Employment and society, vol. 9 No. 6, pp. 97-122.
Hiatt, J 2003, Change Management: the People Side of Change, Prosci Research, Colorado.
Hoyle, D 2007, Quality Management Essentials, Butterworth-Heinemann, Burlington.
Jackson, M 2011, Contemporary System Thinking: System Methodology for Management Sciences, Plenum Press, New York.
Lusser, N 2009, Management Fundamentals:Concepts, Applications, Skill development, Cengage Learning, Burlington.
Paladino, B 2010, Innovative Corporate Performance Management: Five key Principles to Accelerate Results, John Wily & Sons, Canada.
Peterson, S 2010, Business Plans Kit for Dummies, Wiley Publishing, Canada.
Rothberg, N 2005, From knowledge to Intelligence: Creating Competitive Advantage in the Next Economy, Elseview Southernworth Heinemann, Amsterdam.
Saaty, T 2006, Decision Making with the Analytic Network Process, Springer, New York.