The Role Of Management In Improving Performance
Strategy is the path that an organisation chooses to pursue over the
long-term and to help congregate a successful business manoeuvre,
firms will use a composition of resources within a demanding situation
that will eventually cater for the needs and wants of the market and
to fulfil stakeholder expectations that that particular business
operates in. Johnson and Scholes defines that a successful strategy
employs efficient use of resources:
"Strategy is the direction and scope of an organisation over the
long-term which achieves advantage for the organisation through its
configuration of resources within a challenging environment, to meet
the needs of markets and to fulfil stakeholder expectations"[1]
Resources within a business can be arranged into four categories which
are as follows:
Ø Financial Resources;
Ø Human Resources;
Ø Physical Resources and;
Ø Technological Resources
Financial Resources
Financial resources concern the ability of the business to "finance"
its chosen strategy. For example, a strategy that requires significant
investment in new products, distribution channels, production capacity
and working capital will place great strain on the business finances.
Such a strategy needs to be very carefully managed from a finance
point-of-view. An audit of financial resources would include
assessment of the following factors:
Existing finance funds: - Cash Balances: for e.g. bank overdrafts,
banks loans, Liquid Assets such as cash in the bank, sales revenue,
investments, profits: Working Capital i.e. (stocks, debtors) that is
already invest...
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... Production facilities: - Location of existing production facilities;
capacity; investment and maintenance requirements i.e. plant sites,
equipment, raw materials, stock, components, buildings etc: Current
production processes - quality; method & organisation: Extent to which
production requirements of the strategy can be delivered by existing
facilities
Technological Resources
Technological resources are those resources that may not require human
resources or manpower and that is associated with making the business
more efficient and effective in the way tasks are carried out via the
usage of automation in the form of telecoms, robotics and
computerisation.
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[1] Heinemann Business Book of Higher Awards, 2001, Rob Dransfield, Et
Al
1. A. Is there a difference between effective leadership and effective management? Yes, I believe that managers are analytical, structured, controlled, deliberate, and orderly. Leaders are experimental, willing to take chances, visionaries, flexible, unfettered, and creative. These are the differences between management and leaders.
Hospitals and regional health authorities throughout Canada are currently facing problems. Mergers, forced, closures, and funding restraints are major challenges that the healthcare industry currently faces (Harber, 1998). Furthermore, there are cultural differences in addition to non-acute and community-based services (Harber, 1998). While all of these challenges are faced, the healthcare industry must remain loyal to their customers and provide quality services while ensuring that the stakeholders remain pleased with the current financial situation of the industry and individual hospitals; this is done by setting a mission, or vision statement, and fulfilling all of its requirements.
In today's world economy companies come and go every single day. It takes good strong leadership and management to guide an organization to success. While many people consider management and leadership to be synonymous they are in reality two different concepts. A person can be a good leader but if he does not know how to manage a company that company will be destined to fail. Also if a person had great management skills but lacks in leadership no matter how good he is if he can not lead his employees towards the goal then it is a failed attempt at success. Management is considered a job description whereas leadership is considered a trait. In this paper we will differentiate between management and leadership. We will also examine how leaders create and maintain a healthy organizational culture.
Human Resources Management (HRM) have been increasing aware by Business Studies and Organisation Management approaches because it closely related to organisational daily and organisational performances (Kalleberg & Moody, 1994). Human resources practices are suggested have influences on improving organisational performances in most organisations. Basically, oorganisational performances refer to the outcomes of employees performances and daily working which reflect the ability of one organisation fulfil its objectives and goals, such as employee’s performances, productivities, employee’s job satisfaction, financial outcomes (Huselid, 1995).
Leadership and Management are two very important positions to have for anyone in an organization. Both of these positions come with a great deal of responsibilities; however, they both serve two different purposes and responsibilities in an organization, along with a different sent of guidelines. This paper will differentiate between Leadership and Management, give two recommendations to create and maintain a healthy organizational culture and give two examples to support the recommendations.
Selecting a business strategy that details valuable resources and distinctive competencies, strategizing all resources and capabilities and ensuring they are all employed and exploited, and building and regenerating valuable resources and distinctive competencies is key. The analysis of resources, capabilities and core competencies describes the external environment which is subject to change quickly. Based off this information a firm has to be prepared and know its internal resources and capabilities and offer a more secure strategy. Furthermore, resources and capabilities are the primary source of profitability. Resources entail intangible, tangible, and human resources. Capabilities describe environment and strategic environment. Core competencies include knowledge and technical capability. In this section we will attempt to describe in detail the three segments which are resources, capabilities, and core competencies.
Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the decision making that adds value to an organization. Organizations are sometimes broad and divisional. Planning, controlling, and evaluating is key in the effective decision making process. (Albrecht, Stice, Stice, & Skousen, 2002) An organization must make decisions about its future products, services, operations, and investments. It must begin a tracking process for cost, quality, and performance. Finally it must analyze the results, and variances, providing feedback to assess areas of personnel, divisions, products, and processes. (Albrecht, Stice, Stice, & Skousen, 2002)
Business Excellence can be defined as “excellence in strategies, business practices, and stakeholder-related performance results that have been validated by assessments based on specific models proven to support the challenging journey towards excellence”. (Ionică et al 2010)
...In Too Many Bosses, Too Few Leaders, (Pashawaria, 2011) the author asks the question, “Of all the bosses you’ve had in your career, how many would you call truly great leaders? For the purpose of this question, a great leader is someone who inspired you to show up every morning and do your best possible work, someone who made you believe in yourself, someone who genuinely cared about your success, and someone whom you wanted to follow willingly.”
There are four different functions of management. In this paper, I will define these functions; planning, organizing, leading and controlling. I will also explain how each of these functions relates to my own organization. Bateman and Snell (2004) define management as the process of working with people and resources to accomplish organizational goals. By utilizing the four different functions of management companies can work with their employees and other resources to reach the organizations goals.
This is a crucial part of a strategic analysis because ‘…organisations do not exist in a vacuum, they are part of a complex world’ (Bowman 1987:61) and many factors can influence operations, beneficially and unfavourably. However, these can be difficult to comprehend due to their complexity, diversity and fast changing nature. Necessarily a number of techniques have been developed to facilitate the process and to ‘…contribute to answering the key managerial question…’of what ‘…opportunities and threats might arise in the future’ (Johnson & Scholes 2002:99).
Preview: This book provides a lengthy indoctrination of the what and why of performance management. This summary will cover both the pragmatic and practical pieces of the text; while excluding some of the specific instruction for those who oversee the overall orchestration of performance management in the workplace. The purpose of this paper is to allow its readers to grasp some main themes of performance management and develop a vocabulary for discussion and debate of the topic.
Subsequent to obtaining the accounting information, managerial accountants will then proceed to use it to plan, evaluate the company performance and also control the business operations. With regards to planning, the managers are required to make decisions concerning the kind of product to introduce into the market, when to introduce the product and where the production should take place. In performance evaluation, individual product lin...
One of the most important resources of any organization is its employees, the human resource. This makes it very important that these resources are properly managed; so that they thrive and grow along with the organization. People stream defines performance management as “A process for establishing a shared workforce understanding about what is to be achieved at an organizational level. It is about aligning the organizational objectives with the employees’ agreed skills, competency requirements, development plans and the delivery of results. The emphasis is on improvement, learning and development in order to achieve the overall business strategy and to create a high performance work force”. The performance management process involves various stages such as goal setting, skills development, performance measuring against the set goals, mentoring/coaching to enable employees to focus and achieve their goals followed by assessment of performance and any further development plans as required. Let us look at these steps one by one.
Performance management is a continuous process that creates a working culture to encourage employees to improve their work performance and reach their full potential during their stay of employment. Performance Management also provides strategic direction, develop competency in employees and instill organization value. This paper will identify methods and affects that performance management plan has on the organization and their employees.