This is an assessment that is based on four topics that have been covered in four weeks. The topics correlate to each other and they depend on the other in one way. In this context, this discussion will review the four topics in depth and explain how they correlate to each other.
Management is defined as a group of people or an individual directing a number of individuals to see to it that certain goals and objectives are accomplished. Management is basically involved in directing people (Robbins &Coulter, 2016). In any organization, there must be managers who direct the activities of the organization, and in order for an organization to be successful, there must be good management by the manager. The main objective of a manager is to assign responsibilities to employees, and to help them where necessary in order to accomplish the company's goals.
The study of management is important because it helps in creating connections and networks that are important in any business setup. This helps people to work with other people in the same field and they are able to exchange ideas that will help in building and achieving their company's goals. The study of management is also important because it equips people with skills and knowledge that helps one to start their own business. The training and knowledge that is acquired in the study of management does not only help one start a business but also run and develop it for many years in order for it to be successful (Barney,1995)
Resource completion is an example of a factor that redefines and reshapes management. In the case of resource competition, managers are bound to change and upgrade their ways of conducting businesses in order to compete with other markets. In a case where there is no change in an organization in how they carry out their businesses, there is bound to be slow growth in the organization, this leads to withdrawal of major investors in the organizations, and this might lead to a collapse of the organization. Management is therefore, very crucial in the business field in order to make important business decisions.
External environment refers to situations and factors outside the organization that affects its performance. Organizations mostly depend on the relationship with other stakeholders to see to it that the organization is thriving and by creating good relationships with this stakeholders ensures that they are able to invest in that organization and in some cases influence other stakeholders to invest in that organization. This relations ensures that there is growth in the organization. External environment is important because it helps managers to implement ideas that are paramount in the growth of an organization. Things like political decisions can have a huge impact on a company by changing either regulatory regimes or tax laws.
Technology is an example of an external environment. In a situation where a company has better technology than another company, the manager of the company with the low technology is bound to feel challenged by the firm with better technology. This therefore, creates a competition. The manager in this company that has no technology is bound to impose some changes in order to compete with the other company.
Organizational culture refers to the values, belief, assumptions, and ways of interacting that contribute to the psychological and social environment of an organization. Organizational culture is important because it helps the employees to conduct themselves in a professional way and to work together with respect. It helps employees to understand that different people have different opinions towards different situations and this creates a situation where they are able to work together in unity.
Organizational culture affects the manager depending on how much authority the organization gives to the manager. In a situation where the manager interacts freely with the employees, they are able to open up and discuss on the challenges that they are facing as employees and the manager is able to know how to handle the situation and this sees to it that the organization is able to grow due to the unity that the employees have with the manager.
Decision making is a critical skill in life that requires one to choose among different choices, and this choices are accompanied by consequences which are expected to be felt as a result of the choice one has chosen. The decision making process involves identifying a problem and then coming up with a solution to solve the problem; by analyzing alternatives that can resolve the problem (Shapira, 2002). After analyzing the alternatives, they are then implemented in order to see the outcome. The last process of decision making is to evaluate how effective the decision is. Decision making requires one to be assertive because it involves implementing rules that are bound to be followed. In a situation where a company requires to borrow a loan, the manager of that particular company is required to use the skill of decision making in order to know how to go about with the situation, because in such a case, they may take the loan and when time comes for the repayment of the loan they may not be in a position to pay back and therefore, it is the responsibility of the manager to analyze all these possibilities.
Another approach where a manager is required to use the skill of decision making is in implementing crucial ideas that may benefit the company later on. An idea like introducing a new technology in a firm requires a lot of critical thinking because if the technology is implemented and it fails, the company may experiences loses not just at that time but even many years later, the loses might still be felt. However, if the technology is implemented and it works, it may bring the company a lot of profits and this results to a lot of investors showing interest in that particular firm. It is therefore, the responsibility of the manager to be keen in making such decisions. Managers may also be required to be involved in decisions such as to implement certain work dressing codes depending on the power given to them by the higher authority. This requires managers to be assertive and confident in the rules that they implement in order for the rest of the employees to adhere to them. There are several contemporary issues that managers face during the decision making process. Contemporary issues are basically problems that are faced when making certain decisions. Lack of resources is one of the most common issue faced by managers because it is impossible to implement certain decisions like introduction of a new technology without the necessary resources. Decision making is therefore, a very crucial skill in a business setup because it guides employees and ensures a smooth running of business.
Planning refers to steps taken in order to develop strategies for the future. In a company, planning is important in order to develop ideas, budgets that may be useful in the future. Planning in an organization is important because it creates goals that the organization is set to achieve at a particular time by reviewing the current position of an organization at that time. Planning is the primary function of all managers in an organization. This task is allocated to them by the higher authority, and they are therefore, required to have creative skills as planning involves a lot of creativity. Managers engage in planning in an organization in order to minimize risk and uncertainty that may occur in the future. This helps in minimizing any loses that the organization may encounter while engaging in some business deals. By planning, managers are able to be accountable for everything.
Goal setting involves coming up with a plan to influence a person to achieve their objective, while planning is outlining how the goals are to be achieved. In order to achieve any goal, there must be adequate planning on how to go about it in order for the goal to be achieved. The idea of goal setting is to come up with certain ideas that are to be achieved and in order for this ideas to be fully achieved and implemented, planning is involved to ensure that there are steps to be followed. Planning also faces several contemporary issues. Environmental scanning is a contemporary issue that managers should be familiar with. Environmental scanning involves being informed about the trends that are emerging and implementing ideas in order to keep up with this trends. This will help an organization see to it that there are ahead inform of technology and this therefore, boosts their chances of growing even internationally.
Planning is therefore, a better way of ensuring that your future plans are secured because it involves analyzing every possible outcome and this ensures that there is a continuous flow of business.
Barney, J.B., 1995. Looking inside for competitive advantage. Academy of Management Perspectives, 9(4), pp.49-61.
Robbins, S.P. and Coulter, M., 2016. Management 13E. Harlow: Pearson.
Shapira, Z. ed., 2002. Organizational decision making. Cambridge University Press.
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