...Introduction There is an old controversy going on which is “Is management an art or a science?”. Management is everywhere. It can be found in offices , schools, banks, Hospitals etc. Whether it be a profit or non-profit organization, it is required for the smooth transition of the business. There is no agreed definition for the term management but according to Harold Koontz, Management is defined as “the art of getting things done through others and with formally organized groups” (Koontz, 1954)..To be effective in management, A manager should have should have undergone necessary training and Should possess some individual skills. This essay seeks to explore the question ‘Is management an art or a science? This essay will analyze whether management from the perspective of an art and a science. .Management as an art Ayn Rand (1905-1982) defines art as “a selective re-creation of reality according to an artist’s metaphysical value-judgments. If those who believe that management were an art, they are those people who believe that there is no specific way to learn management and it just takes two things i.e. personality and ability to learn and understand management. Additionaly these people would also believe that people can’t be taught to be effective managers, throughout the years they become better through experience and training. But For Schein, (2001) People’s attention towards the environment becomes more clear ,provoke them to question long-held beliefs, encourage developing...
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...Management: Science or Art Introduction : Management is very old concept, and hence there are different Perspective from different writers. It is result oriented-success or failure can be detected by its results, if there is good discipline, increase in production & profits, etc then it is successful or vice- versa According to George R. Terry- ''Management Is a distinct process consisting of planning, organizing, actuating and controlling; utilizing in each both science and art, and followed in order to accomplish pre-determined objectives.". Management is multidisciplinary in nature-it may contain various factors affecting its processes & results. Observation on management as a Science: The word science comes from the Latin "scientia," meaning knowledge. Science may be described as a systematic body of knowledge based on proper observations and exact principles and can be verified or Cross checked. It is a collection of some fundamental truths and its findings which can be applied safely in all the situations. same like the science the management has also developed laws, principles & findings which are general and only applicable to the group of peoples working together,this laws can be implemented to get desired Results. Since management involves dealing with people for getting work done it may fall under the category of social sciences. Observation on management as a Art: The management is vibrant in nature-an organization to be survived...
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...The concept of management is universal and very old. That is why different views have been expressed about its nature by different writers from time to time. The continuous and rapid development of management principles and practices in organization has changed the nature of management. The main points of view about the nature of management are given below: Management as an Inborn or Acquired Ability In the pre-scientific management period, i.e., prior to 1880 there has been a leading concept that management is an inborn ability. It is a traditional approach. The supporters of this concept believe that the hereditary characteristics, inborn talents and natural aptitudes of a man make him an efficient manager. Some people are so efficient and talented since their birth that they lead and get success in the field of business. To our mind, this concept was used when the ownership and management were not separated. But later on the researches and development in the field of science, technology and training etc. changed this old concept. Today management is considered not only as an inborn ability but also as an acquired ability. In the words of Ordway Tead, "Managers are both born and made." Today, in large-sized business organizations, ownership and management are separate identities. The management lies in the hands of professional managers who are educated and trained. Thus, now the management can be considered as an acquired ability. Management as an Art, Science or Both A lot...
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...concept of management is universal and very old. That is why different views have been expressed about its nature by different writers from time to time. The continuous and rapid development of management principles and practices in organization has changed the nature of management. The main points of view about the nature of management are given below: Management as an Inborn or Acquired Ability In the pre-scientific management period, i.e., prior to 1880 there has been a leading concept that management is an inborn ability. It is a traditional approach. The supporters of this concept believe that the hereditary characteristics, inborn talents and natural aptitudes of a man make him an efficient manager. Some people are so efficient and talented since their birth that they lead and get success in the field of business. To our mind, this concept was used when the ownership and management were not separated. But later on the researches and development in the field of science, technology and training etc. changed this old concept. Today management is considered not only as an inborn ability but also as an acquired ability. In the words of Ordway Tead, "Managers are both born and made." Today, in large-sized business organizations, ownership and management are separate identities. The management lies in the hands of professional managers who are educated and trained. Thus, now the management can be considered as an acquired ability. Management as an Art, Science or Both ...
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...Management being characterized as an Art, as a Science or both can be debatable. In order to investigate the nature of management, it would be useful firstly to define it. According to Drucker, “Management is about human beings. Its task is to make people capable of joint performance, to make their strengths effective and their weaknesses irrelevant. This is what organization is all about, and this is the reason why management is the critical determining factor”. Nowadays, practically everyone works for a managed institution, large or not, for profit or not. Our living actually depends on Management. The ability we have to contribute to society, depends firstly on the way the institute we work for, is managed and furthermore on our own abilities, devotion and effort. For years now, there has been a great debate on whether management can be characterized as a science or as an art. Some of the most important authors that tried to examine if management is an art or a science are Lester et al. (1998), Watkins (1993), Bohn(1994), Calkins(1959), Schiemann and Lingle(1997), and Weick(1996). Examining the evolution of managerial discourse since 1870 would aid with the discussion on Management being an art, a science or both. According to Barley and Kunda (1992) even though serious theoretical and political differences existed, scholars have merged on a common theory of how American managerial notion has evolved. During the first stage, which terminated in the late 1800s...
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...ESSAY title: “What is Management: is it an Art or a Science?” Number of words: 1860 What is Management? Is it an Art or a Science? The objective of this essay is to settle the old argument that whether management is an art or a science. It aims to give a deeper and brief view about the topic of ‘Management’ and the point to which management fulfills the criteria for being a science as well as an art have been outlined. Management characteristics have been stated and discussed in relation to the characteristics of science as well as art by use of classical theories and principles which were derived by experts who are related with the study of management. It is difficult to define the word management since neither accurate nor approved definition is found yet. However, it has a traditional definition which states that management is “the art of getting things done through people” (Mary Parker Follet, 1868-1933). Still, this definition does not perfectly describe management therefore the meaning cannot be relied on; this is because the definition views the term management as an “art” while management may be both either a science or an art. Secondly, the definition does not consider the functions of management which were introduced in a new definition by Henry Fayol defining management as “to manage is to forecast and to plan, to organize, to command, and to coordinate and control”(Fayol, 1916). Every firm exists with some objectives or goals; in order to achieve these objectives...
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...Scientific management is an approach that involves using scientific methods - based on proven fact rather than on tradition, rule of thumb, guesswork, precedent, personal opinion, or hearsay and is in opposition to traditional management. (Taylor 1911/1967 cited in Locke,1982, p14). Scientific management is very important when talking about business activities and performing managerial jobs efficiently. But there are still a number of criticisms concerning whether Taylor’s theory can exactly describe the job of managers and be used in today’s management. This essay will first discuss negative articles which aim to show that scientific management do not suit contemporary organisations. Following this, it will discuss some affirmative articles which argue the opposing position. Finally, it will give a conclusion as to whether Locke’s opinion is suitable for the developments of recent times. The scientific management decision making of Taylor has played a pivotal role in managerial practice in the 20th century (Wren 2011). But at the same time, increasing numbers of management authors doubt whether the availability of scientific management is still effective in today's organizations. They argue, for instance, that Taylor violated his own principles of scientific management in many instances. In the case of Bethlehem Steel Plant time studies were not systematically followed for paying the workers. Instead, Taylor used Gantt's task and bonus remuneration scheme (Taylor 1903, 1911...
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...Blank ntroduction to Management Science, 11e (Taylor) Chapter 2 Linear Programming: Model Formulation and Graphical Solution 1) Linear programming is a model consisting of linear relationships representing a firm's decisions given an objective and resource constraints. Answer: TRUE Diff: 2 Page Ref: 31 Section Heading: Model Formulation Keywords: model formulation AACSB: Analytic skills 2) The objective function always consists of either maximizing or minimizing some value. Answer: TRUE Diff: 2 Page Ref: 31 Section Heading: Model Formulation Keywords: objective function AACSB: Analytic skills 3) The objective function is a linear relationship reflecting the objective of an operation. Answer: TRUE Diff: 1 Page Ref: 31 Section Heading: Model Formulation Keywords: model formulation AACSB: Analytic skills 4) A constraint is a linear relationship representing a restriction on decision making. Answer: TRUE Diff: 1 Page Ref: 31 Section Heading: Model Formulation Keywords: model formulation AACSB: Analytic skills 5) A linear programming model consists of only decision variables and constraints. Answer: FALSE Diff: 1 Page Ref: 56 Section Heading: Characteristics of Linear Programming Problems Keywords: model formulation AACSB: Analytic skills 6) A parameter is a numerical value in the objective function and constraints. Answer: TRUE Diff: 1 Page Ref: 31 Section Heading: ...
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...The Application of Decision Trees by Companies and its Advantages and Disadvantages Management science uses different ways of approach to solve management problems. Management science which is also referred to as decision analysis is part of a core of business. Decision analysis is a method used in the business firm to help managers resolve uncertainties in making investment decisions. It helps them make choices, take risks, and gain information that is needed. The decision tree can be simple or complex. It shows a combination of choice with different possible events. The usage of decision trees has helped various companies to determine the best alternative, which yields the greatest monetary gain. An example of a decision tree applied in real life is by the Oglethorpe Power Corporation (OPC). It was used in deciding whether to invest in a major transmission system. Firstly, three groups were established. The first group consists of a senior management team which helps review ideas, recommendations and make a decision based on the approach. Then, we have the analytical team which is responsible for conducting the analysis and analyse the ideas and recommendations given. The last group consists of the OPC experts who helps solve specific topics which have been brought up during the analysing process. The first step in decision analysis was identifying the problems that may arise accurately which were conducted by the analytic team. Major decisions, uncertainties, flaws...
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...OPIM101: Management Science Case Study 1 Content Page Introduction / Executive Summary This is just a summary of your entire report. Case Overview Introduction to the case. You can talk about the issues the company is facing. Why LP Model? Talk about how LP Model is related to this case. Recommendations What do you recommend for the company to do? Formulation Decisions That Need To Be Made What decisions to you need to make exactly? Decision Variables What are the decision variables? Define them. Overall Objective What does the company want? You include the objective function here Constraints What constraints does the company have? List out each constraint individually, before stating the constraint functions. Summary of the LP Model Basically just summarise the objective function and constraints functions into one chunk here. Solution You can include the excel spreadsheet and reports in the appendix instead of the main report if you want. Spreadsheet Model Excel spreadsheet with all the formulas stated. Optimal Solution Include the values for the variables. Answer Report Sensitivity Report Reports Analysis This part is probably the most important part of the entire report. Analyse the reports. Some questions for you to think about: ...
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...1.Introduction BenQ, a Taiwanese-based company, grabbed the international headlines on June 7, 2005, when it acquired the money-losing mobile phone division of Germany’s Siemens and launched the brand, BenQ-Siemens. Subsequently the acquisition proved to be a strategic mistake, as the two companies could not successfully integrate. This article tracks BenQ’s acquisition of Siemens, from the perspective of BenQ, through a qualitative case study. The analysis focuses mainly on culture and communication issues in what became an unsuccessful acquisition. The results indicate that the German Siemens and Taiwanese BenQ are different in important ways, from national culture to organizational culture. BenQ’s failed acquisition of the Siemens handset was a wakeup call, providing a valuable lesson to other companies planning to create their own global brand recognition. The issue here is the extent to which the two companies’ incompatible cultures made it unlikely that they could add value and create synergy. This study concludes that an international merger and acquisition has a better chance of success when managers consider the host country’s culture and allocate enough time and resources for assimilation. Furthermore, managers need to communicate and clearly define objectives and performance expectations during the integration and implementation process. Taiwan has spawned many top-tier electronic component...
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...Value Line Publishing, October 2002 1. What do the financial ratios in case Exhibit 7 tell you about the operating performance of Home Depot? What additional information do the different ratios provide? Complete and compare a similar analysis for Lowe’s. 2. How sensitive is return on capital to the forecast assumptions in case Exhibit 8? What independent changes in Carrie Galeotafiore’s estimates are required to drive the 2002 return-on-capital estimate below Home Depot’s cost-of-capital estimate of 12.3 percent? Look specifically at gross margin, cash operating expenses, receivable turnover, inventory turnover, and P&E turnover. What effect does sales growth have on return on capital? Explain your findings. 3. Do you agree with Galeotafiore’s forecast for Home Depot? How would you adjust it? 4. How would your forecast assumptions differ for Lowe’s? Complete and recommend a five-year Lowe’s forecast to Galeotafiore. 5. What do the financial ratios in case Exhibit 7 tell you about the operating performance of Home Depot? What additional information do the different ratios provide? Complete and compare a similar analysis for Lowe’s. 6. How sensitive is return on capital to the forecast assumptions in case Exhibit 8? What independent changes in Carrie Galeotafiore’s estimates are required to drive the 2002 return-on-capital estimate below Home Depot’s cost-of-capital estimate of 12.3 percent? Look specifically at gross margin, cash operating...
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...Lwandiso Gonya QT/MS 4623 Take Home Test 1 11 February, 2013 1. Base Tier – Decisions are made based on past experience and instinct. People in this level make decision with no research whatsoever. Middle Tier – Some of the decisions in this level are based on business research. They would have people in firms using tried-and-true methodologies. Top Tier – In this level, every decision is guided by business research and where firms develop proprietary methodologies, and are innovative in their combination of methodologies. 2. 3. Applied Research – The problem-solving nature of applied research means it is conducted to reveal answers to specific questions related to action, performance, or policy needs. Basic Research – Basic research aims to solve perplexing questions or obtain new knowledge of an experimental or theoretical nature that has little direct or immediate impact on action, performance, or policy needs. 4. Purpose clearly defined ; Research process detailed ; Research design thoroughly planned ; High ethical standards applied ; Limitations frankly revealed ; Adequate analysis for decision maker’s needs ; Findings presented unambiguously ; Conclusions justified ; Researcher’s experience reflected. 5. Activities in debriefing : * Explanation of any deception * Description of the hypothesis, goal, or purpose of the study * Poststudy sharing of results * Poststudy follow-up medical or psychological attention In situations where participants...
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...Name: Lui Hei 15037621D |1(i) |Definition of decision variables: | | | |X1= No. of fresh hams produced | | | |X2= No. of smoked hams produced on regular time | | |X3= No. of smoked hams produced on overtime | | |X4= No. of fresh pork bellies produced | | | |X5= No. of smoked pork bellies produced on regular time | | |X6= No. of smoked pork bellies produced on overtime | | |X7= No. of fresh picnics hams produced | | | |X8= No. of smoked picnics hams produced on regular time | | |X9= No. of smoked picnics hams produced on overtime | | | ...
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...Introduction to Management Science, 10e (Taylor) Chapter 1 Management Science 1) Management science involves the philosophy of approaching a problem in a subjective manner. Answer: FALSE Diff: 1 Page Ref: 2 Main Heading: The Management Science Approach to Problem Solving Key words: scientific approach 2) Management science techniques can be applied only to business and military organizations. Answer: FALSE Diff: 1 Page Ref: 2 Main Heading: The Management Science Approach to Problem Solving Key words: scientific approach, problem solving 3) Once management scientist makes his or her decision and recommendation to management, then typically, his or her involvement with the problem is finished. Answer: FALSE Diff: 2 Page Ref: 6 Main Heading: The Management Science Approach to Problem Solving Key words: management science, management scientist 4) A variable is a value that is usually a coefficient of a parameter in an equation. Answer: FALSE Diff: 1 Page Ref: 3 Main Heading: The Management Science Approach to Problem Solving Key words: variable 5) Parameters are known, constant values that are usually coefficients of variables in equations. Answer: TRUE Diff: 1 Page Ref: 4 Main Heading: The Management Science Approach to Problem Solving Key words: parameter 6) Data are pieces of information from the problem environment. Answer: TRUE Diff: 1 Page Ref: 4 Main Heading: The Management Science Approach to Problem Solving Key...
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