Leadership Styles in Management A leader is a person who influences a group of people towards the achievement of a goal while leadership is the art of motivating a group of people to act towards achieving a common goal. Different leadership styles will result in different impact to organization. The leader has to choose the most effective approach of leadership style depending on situation because leadership style is crucial for a team success. By understanding these leadership styles and their impact, everyone can become a more flexible and better leader. 1. Transactional Leadership Transactional leadership is a term used to classify a group of leadership theories that inquire the interactions between leaders and followers. This style of leadership starts with the premise that team members agree to obey their leader totally when they take a job on. The “transaction” is usually that the organization pays the team members, in return Continue reading
Management Articles
How Creativity, Innovation, and Entrepreneurship are Related?
There is an important relationship between creativity, innovation and entrepreneurship. In fact, creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities; innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives or to enrich society. Entrepreneurship is a result of a disciplined and systematic process of applying creativity and innovations to needs and opportunities in the marketplace. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. All products or services are the combination of three factors: nature raw materials, labor (physical and mental) and capital. Entrepreneurs, as innovators, are people who create new combinations of these factors and then present to the market for assessment by consumers. Porter (1985) argues that, while successful businesses will Continue reading
Forecasting for Strategic Planning
Forecasting is a collection of mostly statistical and/or judgmental procedures which aim at predicting the future based on the available information and/or data (These processes may include activities such as data collection, data pre-processing and preliminary data analysis, forecasting method selection, which also involves model selection, model fitting, and diagnostic checking, and control in a forecasting system in use). In such processes, forecasting has lots of potentials for strategic level managers including revealing system dynamics, problem determination, predicting, monitoring, and control. Forecasting techniques are used by managers to plan future capacity to meet market demand and to procure the needed inputs to produce this demand at optimum costs. Forecasting models are used to predict future aspects of business operation. They include averages, moving averages, weighted moving averages, exponential smoothing, linear trend models, and simple and multiple regression models. Forecasting as a Strategic Decision-Making Tool Surviving in highly competitive markets Continue reading