...strategy, and * developing plans to integrate and coordinate the required activities 2. Organizing Organizing is the management function that creates the organization’s structure. This process involves making decisions about * how specialized jobs should be, * the rules to guide employees’ behaviours, and * at what level decisions are to be made 3. Leading According to this management function it’s part of a manager’s job to direct and coordinate the work activities of people. Leading includes * motivating employees * directing the activities of others, * selecting the most effective communication channel and * resolving conflicts among members 4. Controlling This fourth and last management function involves monitoring activities * to ensure that they’re being accomplished as planned and * correcting any significant deviations Q2. Briefly list and describe the skills required by managers. According to the Robert L. Katz a management researcher, managers must possess and use four critical management skills. 1. Conceptual Skills These are the skills that managers use to analyze and diagnose complex situations. These skills help managers to see how things fit together and can help in making good decisions. 2. Interpersonal Skills This...
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...2 2.1 The General Environment The General Environment 2.2 Scanning, Monitoring, and Forecasting Changes in the Environment 2.3 Scenario Planning 2.4 PEST Analysis 2.5 SWOT Analysis 2.6 The General and the Competitive Environments Key Work Strategic decision making under conditions of uncertainty Key Work Strategic inflection points and their impact on strategy Tools and Techniques Writing a PEST analysis Tools and Techniques Undertaking scenario planning ➜ Main Reference Schoemaker, P.J.H. (1995). Scenario planning: a tool for strategic thinking. Sloan Management Review, 36(2), 25. Learning Objectives After completing this chapter you should be able to: • Define what constitutes the general environment • Evaluate the role of scanning and monitoring in detecting environmental trends • Apply scenario planning to decision making in uncertain environments • Evaluate PEST as a framework for analysing the macro-environment • Explain the use of SWOT analysis • Evaluate the relationship between the general and the competitive environment 37 Introduction In the previous chapter we looked at what strategy is and introduced a number of different perspectives on strategy formulation. We addressed the importance of values in determining why an organization exists, and looked at how an organization’s values, its vision, and its mission guide individuals’ behaviour by signposting what is important to the organization. We explained the importance...
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...constituents in the creation of a strategic plan while bearing in mind stakeholder essentials. As such, ethics and social responsibility should be considered as an indispensable strategic priority within business organizations. Performances, actions, and ethical intentions of others are likely influential factors at any given time when decisions are made and also guided by principles of the business. Fair-minded organizations are the end result of individual personal commitment of the duty accomplished in the business. An ethical and respectable judging business experience in the work environment is linked to high performing cultures (Williams Institute). The decisions leaders make determine the work environment in which they operate. This paper will explain the role of ethics and social responsibility in developing a strategic plan, considering stakeholder needs, and explain how ethical perspective has evolved throughout the program. Ethics in Organizations An organization needs to adhere to ethics in order to effectively implement its mission, vision, and objectives in a way in which offers a solid foundation to management and their subordinates to properly develop and implement its strategies. By doing so, the organization as a whole is essentially subscribing to one commonality that directs all of the actions of the employees of the organization. Additionally, it assists in preventing such employees from divergence in regard to the proposed strategic guideline. Ethics additionally...
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...their approach and examine three general groupings are possible: The development of perspective-Postmodernism -Management and organizational issues facing views the emergence of sociological and economic aspects Under-developed concept of globalization and information age, practice, and approaches ... Postmodernism as a system of thought in the social sciences, aims to get rid of established thought patterns, all kinds of scientific research and accumulated know-how critical, is a kind of revolt that established order, which represents a point of view sees everything relative. Differences in terms of management encourages creativity. People the "right" to impose s, rather than leave them completely free and should be given opportunity to make their own wish. Organizations to adapt to their environment to provide informed viewing decisions taken opinions as "adaptation-adaptation approach" is called. Organization theory, the "ecological vision", "population ecology" or "organizational population ecology model", also known as the main idea of this view is the following: How do living things in nature is a natural choice (selection), sieved and finding a part of life evolved over the lives of others is processing an evolution, it is similar to the situation in the world of organizations. Eliminated in stopping the activities of the selected candidates is able to survive. Thus, the environment, is in control of the organizational...
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...Introduction Case 4: Integrating Strategy and Human Resource Management is about how a business or organization can deal with situations as deregulation and ceilings on interest such as “People’s Bank”, a financial services company headquartered in Bridgeport, Connecticut where major changes took place to develop a market place orientation to its products and services. The internal and external structures of the financial service implemented strategic changes to their banking services and stock trading position. Added criteria included their employees who have participated in decision making participation for the purchase new technology. This summary considers some of the decisions that were contained to choose the right type of technology that worked for their environment and business in general (Greer, 2001, p. 156-157). Based on these descriptions of the experiences of People’s Bank, Ingersoll-Rand, Maid Bess, what is the unifying theme of the role played by human resource management? Human Resource Management (HRM) develops the company or organization’s integrated strategic planning processes by implementing the changes and technologies needed for a company’s growth and continued success and competition. HRM implements planning in the business unit and value chain unit. How this is done is setting goals for the organization and having alternative strategies for the business units in the marketing department for example, where the marketing department will further...
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...PROGRAMME: MASTER OF BUSINESS ADMINSTRATION MODULE NAME: HUMAN RESOURCES MANAGEMENT 1. Explain the concept of human resources management and discuss the role of human resources management function in an organisation. According to Bratton and Gold (1999:11) Human resources management is described as the process that specialises in the management of people in work organisations. Human resources management emphasis that employees are critical in achieving sustainable competitive advantage, that human resources practices need to be integrated with the corporate strategy. Human resources specialist helps organisational controllers to meet both the efficiency and equity strategic objective. Human resources management seeks to achieve two sets of objectives which are to improve employee’s performance and enhance organisational efficiency. The major role of human resources management in an organisation is the hiring and firing of employees which involves attracting the best employees on the market, keeping them in their positions and ensuring that they perform according to the organisational expectation and enhance overall strategic goals of the organisation. Recruitment of employees is the major role performed by the human resources department. This ensures that the organisation selects the most skilful and competent people. This role involves evaluation of the ability and competence of potential employees in relation to the goal of the organisation. Human resources...
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...1.How would you describe strategic management and why is it necessary in today’s business environment? Strategic management analyses the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in internal and external environments.[1] It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders. "Strategic management is an on-going process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment." Strategic Management can also be defined...
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...INTRODUCTION TO STRATEGIC MANAGENT 1.0 Introduction This chapter introduces the concept of strategic management and provides an overview of strategic management. This chapter is divided into six sections. The first section explains the evolution of the strategic management concept. This is followed by the second section on definition of strategic management. The third section describes the context in which strategic management takes place. This is followed by the fourth section which covers the scope of strategic management. The fifth section shows some of the benefits of strategic management for organizations. Finally the sixth section describes the process of strategic management. Upon the completion of this chapter you should be able to: 1. understand the concept of strategic management 2. know the brief history of the strategic management concept 3. understand the definition of strategic management 4. know the context in which strategic management occurs 5. comprehend the scope of strategic management 6. describe the benefit of strategic management 7. know the strategic management process 1.1 Introduction to the Strategic Management Concept Strategic management is a concept that originated from the military field. The concept of strategic management was first applied in ancient battles. The period around 500 B.C. saw numerous battles that took place Greece and China. The early written record on strategic management can be traced back during this warring...
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...The technical definition defines an organization as a stable, formal social structure that takes resources from the environment and processes them to produce outputs. This definition of an organization focuses on three elements: Capital, labor, and production and products for consumption. The technical definition also implies that organizations are more stable than an informal group, are formal legal entities, and are social structures. The behavioral definition states that an organization is a collection of rights, privileges, obligations, and responsibilities that are delicately balanced over a period of time through conflict and conflict resolution. This definition highlights the people within the organization, their ways of working, and their relationships. The technical definition shows us how a firm combines capital, labor, and information technology. The behavioral definition examines how information technology impacts the inner workings of the organization. Identify and describe the features of organizations that help explain differences in organizations’ use of information systems. Common features for organizations include: Routines and business processes: Standard operating procedures have been developed that allow the organization to become productive and efficient thereby reducing costs over time. Organizational politics: Divergent viewpoints about how resources, rewards, and punishments should be distributed bring about political resistance to organization...
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...Introduction to Management Tutorial Work – Academic Year 2013 TABLE OF CONTENTS Overview ................................................................................................................................................. 3 Assessment ............................................................................................................................................. 4 Tutorial Activities .................................................................................................................................... 6 Session 1 ................................................................................................................................................. 6 Session 2 ................................................................................................................................................. 7 Session 3 ................................................................................................................................................. 7 Session 4 ................................................................................................................................................. 8 Session 5 & 6 ........................................................................................................................................... 8 Session 8 ................................................................................................................................................. 9...
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...Decision to Buy a Business in Urban Entrepreneurship: A Process Perspective and Contextual Influence by Edwin Lee, Theresa Lau and K.F. Chan _______________________________________ This paper examines the decision making process of buying a business in urban entrepreneurship. A conceptual framework is developed to explain the buying behavior with reference to strategic decision making process. The: rational, emotional and dependent decision making process is hypothesized to relate to decision outcome of buying a business. When making a strategic decision which involves a large amount of money, other contextual factors also affect one’s decision. Among them, economic environment, relevant experience and investment budget are of particular importance. This paper also examines how the contextual factors affect the decision outcome of buying a business. By understanding the interrelationships, we can make a theoretical and practical contribution to the field of urban entrepreneurship, illustrating how entrepreneurial decision making process and the contextual factors are linked to the outcome of buying a business. _______________________________________ Edwin Lee is the founder and CEO of Hong Kong Business Intermediary Company Limited and a DBA student in Hong Kong Polytechnic University Theresa Lau is the associate professor at Department of Management and Marketing, Hong Kong Polytechnic University. K. F. Chan is the associate professor at Department of...
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...FIRST PAGES Part One Overview of Strategic Management The first chapter of this book introduces strategic management, the set of decisions and actions that result in the design and activation of strategies to achieve the objectives of an organization. The chapter provides an overview of the nature, benefits, and terminology of and the need for strategic management. Subsequent chapters provide greater detail. The first major section of Chapter 1, “The Nature and Value of Strategic Management,” emphasizes the practical value and benefits of strategic management for a firm. It also distinguishes between a firm’s strategic decisions and its other planning tasks. The section stresses the key point that strategic management activities are undertaken at three levels: corporate, business, and functional. The distinctive characteristics of strategic decision making at each of these levels affect the impact of activities at these levels on company operations. Other topics dealt with in this section are the value of formality in strategic management and the alignment of strategy makers in strategy formulation and implementation. The section concludes with a review of the planning research on business, which demonstrates that the use of strategic management processes yields financial and behavioral benefits that justify their costs. The second major section of Chapter 1 presents a model of the strategic management process. The model, which will serve as an outline for...
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...BUS 499 – Business Administration Capstone (Prerequisite: To be taken as last or next to last course) COURSE DESCRIPTION This course is the capstone course for the Bachelor of Business Administration program. It examines the processes by which organizations formulate strategy, implement policy, and evaluate outcomes in the highly competitive and dynamic global environment. The ethical implications of strategic choices are a central concern of this course. Analytic, integrative, and decision-making skills will be exercised through the use of case analysis and decision making. INSTRUCTIONAL MATERIALS Required Resources Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2011). Strategic management: Competitiveness and globalization, concepts and cases: 2011 custom edition (9th ed.). Mason, OH: South-Western Cengage Learning. Supplemental Resources Angwin, D., Paroutis, S., & Mitson, S. (2009). Connecting up strategy: Are senior strategy directors a missing link? California Management Review, 51(3), 74-94. Derfus, P. J., Maggitti, P. G., Grimm, C. M., & Smith, K. G. (2008). The red queen effect: Competitive actions and firm performance. Academy of Management Journal, 51(1), 61-80. Franken, A., Ewards, C., & Lambert, R. (2009). Executing strategic change: Understanding the critical management elements that lead to success. California Management Review, 51(3), 49-73. COURSE LEARNING OUTCOMES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Identify the vision, mission, and stakeholders...
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...possible consequences of the act/s, which could include expulsion from Indiana Wesleyan University. Open Systems Concept There are many models that affect business and one of them that has been examined for more than fifty years is the systems model of business. In this paper, the authors will examine what the open systems model is versus the closed systems model. The authors will also explain how these systems impact decision-making within an organization, and how The Vera Bradley Company makes decisions in light of using the open systems approach. “A system is commonly defined as a group of interacting units or elements that have a common purpose” (Heil, 2006). Systems theory can be divided into two categories: closed versus open systems. Ludwig von Bertanlanffy, a biologist, initially developed open system theory and it became readily apparent that it was immediately applicable across all disciplines. It defines the concept of a system, where "all systems are characterized by an assemblage or combination of parts whose relations make them interdependent ("General systems theory," 1968). Before the 1960’s, most businesses focused on more of a closed system of business in which the organization was independent from the outside world. During the 1960’s, the open system theory was further developed. This theory explained how businesses were...
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...segments, Ethics and Governance, Financial Reporting and Strategic Management Accounting. In the increasingly complex business environment in which organisations operate, characterised by change, uncertainty and escalating competition, the disciplines of strategy and leadership have become critical to successful organisational performance. The aim of this segment is to link the knowledge of management and financial accounting to the concepts of strategy and leadership. Accountants use a variety of technical information to make decisions for the future of the business within an ethical framework of operation. This segment shows that accounting information, ethics, strategy and leadership are applicable to accountants working throughout the world in diverse organisations. As discussed in Ethics and Governance, accounting as a profession is respected internationally and CPAs are employed worldwide. The segment materials address the needs of candidates operating in different international markets in varying roles. This segment builds upon knowledge gained in the other three compulsory segments of the professional level. The concepts of professional ethics and good governance underpin the segment. Candidates who have previously undertaken the Advanced Audit and Assurance or Strategic Management Accounting segments will be familiar with the use and application of Porter’s five forces model. Those candidates who have studied Strategic Management Accounting will note a number of concepts...
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