Stakeholders refers to those individuals or a group who has vested interest in the outcome or the results of the body of a work in an organisation. The term “stakeholder engagement” is budding as a means of describing a broader, more inclusive, and continuous process. It takes place between the company and the potentially impacted stakeholders that encompasses a range of activities, approaches and, the entire span of a project. The change that is likely to occur reflects the broader change in the business and financial worlds. It increasingly recognizes the business and reputational risks that may occur as a result of poor stakeholder relations. It also places a growing emphasis on corporate social responsibility, transparency and reporting. Stakeholder engagement can therefore be defined as the process of effectively eliciting the stakeholders’ views on their relationship with the organization. Stakeholder engagement is increasingly becoming a part of mainstream business and Continue reading
Modern Management Concepts
The Concept of Hybrid Managers
A hybrid manager can defined as a person who possesses strong technical skills and adequate business knowledge or vice versa. He should have the required skills needed in the technical as well as the management aspect. Along with that, he should also possess the management competences like communication skills, negotiation skills and also he should be able to motivate others working under him. A Hybrid manager should be able to reduce the gap between the business and technical aspects of the organization and build it with his expertise. Any organisation which has business and technical department working in tandom with each other has an advantage over other organisations whose technical and business department is not integrated. And this role of integration of the business and technical department is performed by the Hybrid managers. Characteristics of a successful Hybrid Manager Self-motivated/like being challenged – A successful hybrid manager is self-motivated person. Continue reading
Introduction to Quantum Management
Quantum management is a new and innovative approach to management that is based on the principles of quantum physics. Unlike traditional management models, which rely on classical physics and linear thinking, quantum management recognizes the interconnectedness and interdependence of all things and embraces the complexity and unpredictability of the modern business environment. In this article, we will explore the key concepts of quantum management, and how they can be applied to create a more effective and efficient management approach. The foundation of quantum management is the idea that everything in the universe is connected, and that the behavior of one system can affect the behavior of another. This is known as the principle of non-locality, and it is the basis for the concept of entanglement in quantum physics. In management, this principle means that all aspects of a business are connected, and that a change in one area can have Continue reading
Advantages and Limitations of the Balanced Scorecard (BSC)
Before Balanced Scorecard (BSC) emerged, organizations usually use traditional methods of performance evaluation focused mainly on financial measures such as ROCE, sales and profits. Balanced Scorecard translates an organization’s mission and strategy into a comprehensive set of performance measures that provides the framework for a strategic measurement and management system. The scorecard measures organizational performance across four linked perspectives: financial, customer, internal business process, and learning and growth. In recent years, a number of multi-national organizations have introduced BSC as part of their management control systems. Advantages of the Balanced Scorecard Balanced Scorecard has been widely used in many organizations in the past 15 years. It obviously has some benefits to these organizations. Here are some of the advantages of Balanced Scorecard and they are also reasons that make so many organizations adopt BSC. Firstly, each perspective of Balanced Scorecard requires the identification of a number of goals, and suitable Continue reading
Concept of Organizational Effectiveness
Organizational effectiveness is defined as an extent to which an organization achieves its predetermined objectives with the given amount of resources and means without placing undue strain on its members. Sometimes efficiency and effectiveness are used as synonyms. However, there exists a difference between the two concepts. Therefore, it is important to explain the difference between the concepts of effectiveness and efficiency to understand why organizations may be effective but not efficient, or efficient but not effective. Effectiveness is a broad concept and takes into account a collection of factors both inside and outside an organization. It is commonly referred to as the degree to which predetermined goals are achieved. On the other hand, efficiency is a limited concept that pertains to the internal working of an organization. It refers to an amount of resources used to produce a particular unit of output. It is generally measured as the ratio Continue reading
Sensitivity Training – Meaning, History, and Stages
Sensitivity training is a method of laboratory training where an unstructured group of individuals exchange thoughts and feelings on a face-to-face basis. Sensitivity training helps give insight into how and why others feel the way they do on issues of mutual concern. Training in small groups in which people develop a sensitive awareness and understanding of themselves and of their relationships with others. Sensitivity training is based on research on human behavior that came out of efforts during World War II to ascertain whether or not an enemy’s core beliefs and behavior could be modified by the application of certain psychological techniques. These techniques have been gradually perfected over the years by efforts of business and industry leaders to persuade people to buy products, including the radio and television industry to ascertain how an audience might be habituated to certain types of programming. Kurt Lewin is credited with being the Continue reading