22Sep 2018 by admin

Various Factors that describe the Macro-Environment of an Organization

Decision Making
Various Factors that describe the Macro-Environment of an Organization!The external environment can be divided into two levels, namely, the “macro-environment” and the “task environment”. The macro- environment of an organization consists of such broad dimensions and forces in the surrounding environment which provides opportunities and poses threats to the organization. Image Source: i.ytimg.com ADVERTISEMENTS: These elements are general in nature and influence the organizations in an indirect way. These factors are shown as follows:These factors and their influences are described in more detail. 1. Economic Factors: The economic environment is the overall health of the economic system in which the organizations operate. Key economic influences include factors such as inflation, interest rates, unemployment, disposable income, balance of payments, stage of the economic cycle and so on.These influences are very strong…
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22Sep 2018 by admin

Useful Essay on Decision Making (704 Words)

Decision Making
Since the importance of the right decision cannot be overemphasized enough, it is imperative that all factors affecting the decision be properly looked at and fully investigated because the quality of the decision can make the difference between success and failure. Image Source: savingforsomeday.comIn addition to technical and operational factors which can be quantified and analyzed, other factors such as personal values, personality traits, psychological assessment of the decision maker, perception of the environment, intuitional and judgmental capabilities and emotional interference must also be understood and credited in the decision making process. ADVERTISEMENTS: Some researchers have pin-pointed some areas where managerial thinking needs to be re-assessed and where some common mistakes are made that affect the decision making process as well as the efficiency of the decision, and these mistakes…
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22Sep 2018 by admin

The Various Challenges face by the Management of Today and that of the Future

Decision Making
The managers today face an increasingly complex and dynamic environment. The forces of change, from both within and outside the organization, are constantly providing new challenges for management. Image Source: enfongspeaks.comAs the twenty first century approaches, the complexity of managerial environment would require a complete overhaul of management functions, roles and skills in order to successfully meet the challenges that such complexity will pose. Elizabeth Kanter has suggested five key elements that are expected to be an integral part of the change process. These are: ADVERTISEMENTS: 1. Greater number and variety of channels for taking action and exerting influence.2. Relationships shifting from the vertical to horizontal, from chain of command to peer network.3. The distinction between emanagers and those managed is diminishing.4. External relationships are increasingly important as sources of…
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22Sep 2018 by admin

When Instrument may be Rectified – Section 26 | Specific Relief Act

Identity
Section 26 of the Specific Relief Act, 1963 Provides that: 1. Agreement to sale: In the instant case, there is agreement to sell agricultural land but, identity of land was changed due to consolidation proceedings. Such situation is covered by Section 12 (2) of the Act and is no bar for specific performance of agreement. Image Source: energy.dla.mil 2. Entertainment of: ADVERTISEMENTS: Where the Trial Court and the executing Court are same, executing Court could entertain the application for extension of time though the application is to be treated as one filed in the main suit. On the same analogy, the vendor judgment-holder could also seek rescission of the contract of sale or take up this plea in defence to bar the execution of decree. 3. Rectification of deed: Under…
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22Sep 2018 by admin

Temporary and Perpetual Injunctions – Section 37 | Specific Relief Act

Trade
Section 37 of the Specific Relief Act, 1963 Provides that: 1. Ad interim injunction: The principles in relation to grant of an ad interim injunction are as under: ADVERTISEMENTS: As a principle, ex parte injunction could be granted only under exceptional circumstances. The factors which should weigh with the Court in the grant of ex parte injunction are:(a) Whether irreparable or serious mischief will ensue to the plain­tiff; Image Source: newngrguardiannewscom.c.presscdn.com/(b) Whether the refusal of ex parte injunction would involve greater injustice than the grant of it would involve;(c) The Court will also consider the time at which the plaintiff first had notice of the act complained so that the making of improper order against a party in his absence is prevented: ADVERTISEMENTS: (d) The Court will consider whether the…
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22Sep 2018 by admin

Social Responsibility of Management to Protect and Enhance the Society

Industry
Social responsibility involves a set of obligations on the part of management to protect and enhance the society in which it functions. This means first that the social responsibility is an “obligation” for which the business should be held accountable. Image Source: 9cbcca1e6f9e03544a02-539d006b7d1ab88a7f6e8d03decc893c.r44.cf2.rackcdn.comSecond, it is the responsibility of business to protect the society welfare in terms of not polluting the environment, producing safe and quality products, not discriminating, not deceptively advertising and so on. ADVERTISEMENTS: Finally, it must enhance the society’s welfare by creating positive benefits for society such as supporting charitable causes, culture and arts, educational institutions and other community projects and programmes which improve the quality of life in general.Over the years, both society and organizations have taken many different views of social responsibility. In particular, there have…
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22Sep 2018 by admin

The Characteristics of Effective Budgetary Control Systems – Essay

Management
Some of the characteristics and guidelines that can make the budgetary control effective and successful are given as follows. Image Source: cecd04df9605b630ca29-1241d3348dac2d27e674997029412b55.r13.cf2.rackcdn.com1. Budgets should be oriented towards results. The results or goals should be realistically established. The budgets should have a built- in provision of periodic evaluation and assessment of performance and progress along the way to the achievement of results. The appraisal of performance would be more fair and realistic if budgets allocated are appropriate for the established goals. ADVERTISEMENTS: 2. Budgetary control is more effective if the duties and responsibilities for all operations are well defined and rightly assigned. This would make it easier to trace any deviations to proper accountable persons or departments so that proper and corrective action can be taken3. Budgets should be based an…
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22Sep 2018 by admin

The Job Characteristics Model – Essay

Identity
The Job Characteristics Model – Essay !The Job Characteristics Model (JCM) offers a diagnostic approach to job enrichment. At the foundation of this model lie three critical psychological states of workers. These three states basically determine the extent to which the characteristics of the job affect and enhance the employee’s responses to the job itself. Image Source: images.flatworldknowledge.com ADVERTISEMENTS: These three states, as originally proposed by Richard Hackman and Ed Lawler are as follows:i) Experienced meaningfulness:It is the degree to which the individual experiences and perceives his work as generally meaningful, valuable and worthwhile by some system of values which he accepts.ii) Experienced responsibility for work outcomes: ADVERTISEMENTS: It is the degree to which an individual feels personally responsible for the outcome of his efforts.iii) Knowledge of results:The employee must…
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22Sep 2018 by admin

The Formation Of The Master Budget Requires The Following Steps – Page 2

Budget
The master budget is a comprehensive summary budget incorporating all the functional and operational budgets. It portrays sales, revenues, expenses, profits, capital employment, material and labour costs, return on investment and the relationships among these and other items. Image Source: expertsystemsolutions.com The master budget is usually a short term budget, generally covering a period of one year to eighteen months and is used to control the entire organization. The formation of the master budget requires the following steps. a) Forecast demand for products and services: ADVERTISEMENTS: This forecast may be based upon simple intuitional judgements about the future trends or it may be the result of more complex statistical calculations. b) Identity and assign responsibility for various cost and revenue components to areas that are most appropriate: For example, production…
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22Sep 2018 by admin

Management as a Problem Solving Process – Essay

Decision Making
Management as a Problem Solving Process – EssayMany management thinkers have defined management in their own ways. For example, Van Fleet and Peterson define management, “as a set of activities directed at the efficient and effective utilization of resources in the pursuit of one or more goals.” This concept is shown in the following diagram. Image Source: margenia.com ADVERTISEMENTS: Kreitner considers management as a problem solving process. He defines management as follows:“Management is a problem solving process of effectively achieving organizational objectives through the efficient use of scarce resources in a changing environment.”Some of the integral elements of this definition can be separated and briefly explained as follows: a) Problem solving process: ADVERTISEMENTS: One of the most important functions of a manager is to make decisions and solve problems. Some…
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