Question

What Contemporary Management Techniques does McDonalds use? The Balanced Scorecard (BSC) and Strategy Map, Value Chain, Activity-Based Costing and Management, Business Analytics, Target Costing, Life-cycle Costing, Benchmarking, Total quality Management, Lean Accounting, Theory of constraints, Sustainability, or Enterprise Risk Management

Answer 1

Contemporary Management techniques means how the management of an enterprise put in place its methods and procedures to operate and manage the organization in an effective and efficient manner.

Now let's discuss about the contemporary management techniques used by McDonalds.

McDonald is one of the leading food chain of the global world having its outlets in almost every country and its major cities. McDonald's name is always counted in the outlets who started the fast food era and which era has now been the part pf our lives and culture we live in.

A company like McDonald does noy rely particulary only on one kind of its management technique, but it has to tick all the boxes of the techniques which helps it in moving forward in its business and serving the customers and society in a best possible manner.

McDonalds also follow such costing and managemnet techniques like Total Quality Management, analytics, costing techniques etc.

But still, if one technique which is being followed in most crucial way by the McDonald as found in numerous studies is Total Quality Management i.e., TQM, McD being a food providing outlet focuses with highest priority on this aspect. To improve and maintain the quality of their products is the biggest tool to serve the customers and society with its best ingridients cooked in a best possible way.

McDonlads also focuses on such techniques as stated TQM, other techniques like Costing techniques, anlytics are also being performed in a very crucial way to keep its flag flying higher in the global scenario.