Stakeholder is a person who has something to gain or lose through the outcomes of a planning process, program or project. Stakeholder Analysis is a technique used to identify and assess the influence and importance of key people, groups of people, or organizations that may significantly impact the success of your activity or project. Stakeholder Management is essentially stakeholder relationship management as it is the relationship and not the actual stakeholder groups that are managed. Stakeholders can be divided into inside stakeholders and outside stakeholders. Inside stakeholders are people who are nearby to an organization and have the strongest or most direct claim on organizational resources: shareholders, executive employees, and non executive employees. Shareholders are the owners of the organization, and, as such, their claim on organizational resources is often careful to the claims of other inside stakeholders. The shareholders’ donation to the organization is to spend money in it Continue reading
Management Concepts
Knowledge Management Systems: Costs and Benefits
Knowledge Management Systems (KMS) like any other information systems have its benefits as well as costs, weighing the benefits in relationship with the costs will probably provide a basis for deciding whether to invest in it or not. Costs of Knowledge Management Systems Although knowledge management system is beneficial and important to the organisation, it also involves some cost. These costs vary quite a bit, depending on the size of the organisation, the current level of infrastructure and the scope of knowledge management initiative. Also, the cost depends on whether or not there is an existing infrastructure. The first step in determining the return on investment for a knowledge management project is to deter mine the costs. On the surface, this may seem deceptively simple, but there are costs involved in a knowledge management project that may not be readily obvious to the manager who is not experienced in estimating Continue reading
Written Analysis of the Case Study Problems in Management
There is a little difference between the classroom discussion and written analysis of case problem. The following steps can guide the students to analyse the case problem and arrive at best possible solution. 1. Summary of the case: The important facts in the case are pointed out in brief. It is the indication that the student has grasped the contents of the case precisely. 2. Identify the problem involved in the case: After giving a careful reading to the case, see certain apparent problems in the situation. Some are very prominent and most immediate. Whereas some may be partially indicated. The student has to mention the basic problem interwoven in the case, e.g. a case may indicate failure in delegation due to too much interference of the boss; another case may indicate the need for taking appropriate disciplinary action to set things right with regard to labor management Continue reading
Concept of Personality in Organizational Behavior
The term personality has been derived from the Latin word “Persona” which was associated with Greek theater in ancient times. The Greek actors commonly used to wear masks on their faces during their performances on the stage. The mask worn by the actors was called persona. Personality was thought to be the effect and influence which the individual wearing a mask left on the audience. Personality is a term that has many general meanings. Sometimes the word refers to the ability to get along well socially. For example, we speak of experiences or relationships, which are said to give a person “more personality.” The term may also refer to the most striking impression that an individual makes on other people. We may say, ‘she has a shy personality’. To a psychologist, personality is an area of study that deals with complex human behavior, including emotions, actions, and cognitive (thought) processes. Continue reading
Importance of Management Control in an Organization
Importance of Management Control Control is an indispensable function of management. Without control function, the management process is incomplete. In business organizations, the need for control arises due to several factors; Firstly, it is difficult to establish fully accurate standards of performance in large and complex organizations. An executive needs all kinds of timely information, which are not always available. Control is required to judge the accurate of standards. Secondly, there are several temptations in business. Employees are entrusted with large sums of money and valuable resources. In the absence of control employees may yield, to these temptations. An efficient control system helps to minimize dishonest behavior on the part of employees. Thirdly, in the absence of control employees may become lax in their efforts and their performance may be below normal. The signals at, a busy road crossing very well illustrates the significance of control. Just as road signals Continue reading
Compare and Contrast Herzberg’s Two Factor Theory with Vroom’s Expectancy Theory of Motivation
Herzberg’s Theory of motivation suggests that there are two factors that affect human behavior and motivation at work; these are called hygiene and motivating factors. Hygiene factors are those that de-motivate staff if they are not in place, whereas motivators are those that are used to motivate staff. The five main attributes that Herzberg suggested were motivators are, recognition, achievement, responsibility, advancement and the nature of work itself. Hygiene factors include, supervision, salary, the work environment, company policies and relationships with colleagues. Vroom’s theory of motivation suggests that there is a link between effort and reward. His theory is based on an employee’s perception of their job, underlined against valence, instrumentality and expectancy. There are two types of theories concerning motivation of employees. There are content theories which assume that people have the same needs and process theories which suggest people are motivated by different things. Herzberg’s two factor theory Continue reading