LEADERSHIP AND MANAGEMENT

5 RIGHTS OF DELEGATION
 The right person
 The right task
 The right circumstances
 The right direction
 The right supervisor

A will or testament is a legal document by which a person, the testator, expresses

their wishes as to how their property is to be distributed at death, and names one or
more persons, the executor, to manage the estate until its final distribution.

TYPES OF WILL
Type 1: Simple Wills
Simple wills are most often used when all that is needed is direction on how to distribute
simple assets from the estate to the beneficiaries. As long as the nature of the assets is
relatively uncomplicated, a simple will is more than likely sufficient to do the job.

Type 2: Testamentary Trust Wills

A testamentary trust will is different because it includes provisions that place a portion of
your estate into a trust. Based on the terms of the testamentary trust, your assets are
distributed to your beneficiaries, through the trustee who controls those assets.

Type 3: Joint Wills

Joint wills are often used by spouses who intend to leave their property to one another.
The surviving testator will inherit everything on the deceased spouse’s estate. Then,
when the surviving testator passes away, the remaining estate will be distributed to the
couple’s chosen beneficiaries, pursuant to the terms of the will. One thing to remember
is that a joint will cannot be revoked once the first testator dies.

Type 4: Living Wills

The purpose of a living will is entirely different from that of the three other types
discussed here. The purpose of a living will is to provide detailed instructions about the
type of medical treatment or life-saving measures you want to be used if you become
unable to communicate those wishes for yourself. For instance, your living will could
specify that in the event you become terminally ill and unconscious, you do not wish to
be put on a feeding tube or a ventilator, even if you would die without those measures.
Guidelines for Writing a Will
Beneficiaries

Your will should specify your beneficiaries, or the people or charities you want to receive
money or other property when you die. Common beneficiaries in wills include children,
spouses, or other family members or loved ones, as well as institutions like colleges or
charities. If you do not specify your beneficiaries, your assets will be distributed
according to state law, which may not reflect how you want them distributed.

Executor

The executor of your estate is the person who will carry out the instructions in your will.
Your executor should be someone whom you trust to follow your wishes and someone
who is a legal adult. You may want to name a "backup" executor in case your first
choice dies before you do or does not want the job when the time comes. If the executor
you choose cannot or will not perform, most courts will appoint an executor.

Guardian

If you have minor children, you should name one or more persons to be the children's
legal guardian if you pass away before they reach adulthood. You may also want to
name a second guardian in case the first one passes away before you do, cannot care
for your children or does not want to.

Conservator

You may or may not wish to name a conservator if you have minor children. A
conservator is someone who will manage any money you leave for the children on the
children's behalf until they reach adulthood. The guardian and the conservator are
usually the same person, but some states allow you to appoint a second person as
conservator. Choosing a separate conservator may be wise if you do not trust the
children's guardian with their money or the guardian does not want to manage the
children's money.

Conditions on Gifts

Based on your circumstances, you may want to place certain conditions on gifts you are
leaving to family members or charities. The law in most states allows you to use
conditions such as age restrictions -- for instance, if you do not want a child to inherit
until age 25, most states will honor this restriction if it appears in your will. However, you
cannot make any restriction that "offends public policy," such as prohibiting a spouse or
child from marrying.

Assets

Certain assets must be included in your will if you wish them to pass to your
beneficiaries in the way you have directed. For instance, any money or investments you
own in your own name, your house, and your personal possessions should be listed in
your will. Some assets, such as jointly owned bank accounts and life insurance policies,
do not need to be listed in your will because they pass immediately to the other owner
or beneficiary on your death.

Exclusions
If you wish to exclude someone from your will, you may wish to make your exclusion
clear, according to the Chronic Illness Alliance. However, it is wise to consult an
attorney before doing so to ensure the exclusion is worded correctly. Exclusions often
result in a will being challenged, especially if the will specifies a reason for the exclusion
that the excluded person finds slanderous. If you wish to exclude a child, you must
specify that you wish to do so. A child whose name does not appear in the will is usually
entitled to a percentage of the estate in most states. Unlike children, you cannot exclude
your spouse.

Backup Provisions

You may wish to include a secondary or "backup" plan in your will in case one of your
beneficiaries passes away before you do or is otherwise unable to receive his or her
share of your estate. For instance, you may wish to specify that the portion of your
estate that was supposed to go to your child should go to his or her spouse or your
grandchildren instead.

5 Types of Budgets for Businesses

Master Budget
A master budget is an aggregate of a company's individual budgets designed to present
a complete picture of its financial activity and health.

Operating Budget
An operating budget is a forecast and analysis of projected income and expenses over
the course of a specified time period.

Cash Flow Budget

A cash flow budget is a means of projecting how and when cash comes in and flows out
of a business within a specified time period.

Financial Budget
A financial budget presents a company's strategy for managing its assets, cash flow,
income, and expenses. A financial budget is used to establish a picture of a company's
financial health and present a comprehensive overview of its spending relative to
revenues from core operations.

Static Budget
A static budget is a fixed budget that remains unaltered regardless of changes in factors
such as sales volume or revenue.

WHAT IS STAFF DEVELOPMENT AND WHY IT IS

IMPORTANT?
An ongoing training and development program allows you to find and address any
weaknesses, helping your employees to be more all-rounded and better skilled at every
factor of their job. Training and development can help to increase employees
confidence within their role.
 Five reasons why staff development in the workplace is important
1. Efficiency

Professional development can help to ensure that you and your staff maintain and
enhance the knowledge and skills needed to deliver a professional service to your
colleagues, customer and the community. Enabling staff to advance in their career
and move into new positions where you can lead, manage, influence, and mentor
others.
2. Consistency

A structured training and development program can help to ensure all employees have
a consistent level of experience and knowledge, and allows you the confidence of
knowing your staff all have the same set of skills required. Allowing you flexibility with
your workforce planning.
3. Compliant

Training and development can help to ensure that your knowledge is relevant and up
to date. Ensuring that you and your staff are compliant with the latest regulations.
4. Address weaknesses

Even the best of employees have some weaknesses when it comes to their workplace
skills. An ongoing training and development program allows you to find and address
any weaknesses, helping your employees to be more all-rounded and better skilled at
every factor of their job.
5. Confidence

Training and development can help to increase employees confidence within their
role. Investment in training and development helps to show employees they are
appreciated which can help them to feel a greater level of job satisfaction.

Quality management - is the act of overseeing all activities and tasks needed
to maintain a desired level of excellence. This includes the determination of a quality
policy, creating and implementing quality planning and assurance, and quality control
and quality improvement.

Quality management systems serve many purposes, including:

 Improving processes
 Reducing waste
 Lowering costs
 Facilitating and identifying training opportunities
 Engaging staff
 Setting organization-wide direction
4 MAIN COMPONENT OF QUALITY MANAGEMENT
Quality Control Planning

The first step of quality management is planning. You need to take the time to identify
your goals and what you want your baseline to be.

Quality Control

Once you have a plan in place, quality control comes into play. This is the process of
physically inspecting and testing what you laid out in the planning stage to make sure it
is obtainable.

Quality Assurance

While quality control involves inspecting the actual products or services in the field,
quality assurance is reviewing the delivery process of services or the quality
management manufacturing of goods.

Quality Improvement

Finally, after completing the quality control process, you need to thoroughly review your
findings and come up with a way to improve your methods going forward. Quality
control management is fruitless if you are not willing to make changes when they are
necessary.