Strategists are individuals or groups who are primarily involved in the formulation, implementation and evaluation of strategy. A strategist is like a root of an organization. In order to overcome the deadly traps in any organization a strategist must first think outside of the “box” and they must focus on both “forest and the trees.” They must need to concentrate on three aspects of human intelligence like Intellectual Intelligence (IQ), Emotional Intelligence (EQ), and Spiritual Intelligence (SQ). The mind of strategist must try to decide when to do strategy and when not to do strategy, clear target markets, competitive advantage, 80/20 focus and alignment. They need to do research, analyse the given situation with the available information’s and comes out with the best solutions. The heart of strategist must have the concepts, rules, power and politics play an important role in the development of any strategy. The end result Continue reading
Management Concepts
Organisational Values – Definition, Sources, Advantages and Disadvantages
An organisation is an artifact, social entity, has structured activities, nominal boundaries and it is goal directed. Values can be explained in few perspectives according to various sources. In ethics, value represents importance of physical and abstract objects which is ideal accepted by individual or group. It can be also defined as qualities that are considered worthwhile that represent an individual’s highest priorities and deeply held driving forces. Values are often admixture with knowledge, norms and beliefs. Beliefs can be proven right or wrong by one but not values. Beliefs may vary by cohort, time, geographical differences but values are universal, true for anybody at any time, whenever an individual is. Organisational values are ethical codes that guide behavior by putting assumptions into practice. It also serves as qualities that an organisation appreciates and would require members of the organisation to chase after. Organisational values are ideology of an organisation Continue reading
Definition of Management by Eminent Authors
Management is a word that is quite wide spread and cannot ever have a precise and concise definition. There have been lot of definitions to it in the past that have tried to define the meaning, objective and scope of management in our lives but none of them has been able to precisely and completely define the scope and meaning of management. Many eminent authors on the subject have defined the term “management”. Some of the widely known definitions of management are as mentioned here. According to Lawrence A Appley; “Management is the development of people and not the direction of things”. According to Joseph Massie; “Management is defined as the process by which a cooperative group directs action towards common goals”. In the words of George R Terry; “Management is a distinct process consisting of planning, organizing actuating and controlling performed to determine and accomplish the objectives by Continue reading
Role of Business Research in Decision Making Process
One of the best methods of collecting information is carrying out research. When research is carried out explicitly for the purpose of running businesses, it is termed as “business research”. Business research, which is also commonly known as market research, is a process by which business relevant information is collected so as to ensure that the business operations are run intelligently. With the help of business research, existing businesses are able to keep in touch with the ever-changing consumer demands and expectations and adapt accordingly. Typically, business research is aimed at gaining information that is likely to make the business more successful. While running a business, there may arise some situations which may seem difficult and management face problems as to find a solution to them. In such cases, business research can be used to making confident decisions. Business research can help the management to answer questions regarding issues varying Continue reading
Traditional Management Model vs. Modern Management Model
The world economy increasing becomes globalization, which lead to broad mixture of local, national and global markets and organizations, due to different ethic, values and cultures, even both parties speak same language, there still could lead misunderstanding, therefore today’s managers face more challenges, such as understanding the changing trends in the market, how to maintain beneficial interpersonal relationship with employees and clients, concerning about business ethics and corporate social responsibility surround managerial actions. And the turbulent global environment push managers spend more time crossing borders to conduct business, it is necessary to understand how to communicate effectively with people in different cultures to fulfill the organization’s missions and create values for the stakeholders. Traditional top-bottom management model was successful in the 20th century, however managerial hierarchies and traditional approaches may impose heavy costs on the business that would become administrative burden in future. Moreover, business and environmental changes occurred at Continue reading
Influence of the Scientific Management Theory on Modern Organizational Designs
The contemporary organizational operations center on effective planning techniques, specialized management, the division of labor, formalized interactions between managers and workers, and specializations and innovations, which are designed to achieve specific objectives. These organizational functions and operations are attributable to the concepts of the scientific management model proposed by Fredrick Taylor in the 20th century. As a mechanical engineer, Taylor devised scientific management ideologies that provided effectiveness in the running of industries. During his time, the management of industries comprised multiple anomalies and organizations lacked formal managing systems. Hence, Taylor’s management principles sought to eliminate these irregularities by improving the workers’ productivity in their class of work. Although modern organizational designs exhibit Taylor’s scientific management principles, there have been several criticisms against his propositions. Therefore, the theory of scientific management exhibits numerous weaknesses and strengths despite its influence on modern organizational functions. The Scientific Management Principles Taylor utilized systematic analysis and Continue reading