Management for Financial and Human Resource - myassignmenthelp

Question: Discuss about theManagement for Financial and Human Resource. Answer: Management refers to the administration in an organization that might include either a business, government body or a nonprofit organization (Zuberbier et.al 2016). Thus, management involves the setting of strategy for an organization and at the same time coordinating the employee efforts for accomplishing the objectives with available resources like technological, natural, financial and human resource. The theories of management studies that help in managing an organization are as follows: Classical Theory: The Classical Theory is a well-organized theory of management that helps an organization in planning, staffing, organizing, directing, co-coordinating, reporting and budgeting. The theory also allows choosing between hierarchical or linear bureaucracy and in proper time management and division of labor. Humanistic Theory: The Humanistic Theory of management portrays the need for motivating the employees from time to time for achieving the target within the measured time. However, the motivation factor can come in the form of increment as well as rewards. According to this theory, employees possess maximum power and their motivation plays an important role in reducing their stress. Contingency Theory: The Contingency Theory of management claims that there exists no best theory for organizing management. This theory focuses on the size of an organization and its using, the use of technology and the ambience in which it operates. Fayols theory of management represents a simple model of interaction between the management and the personnel. This theory covers concept in a broader manner so that any business can apply this theory of management (Fayol 2016). According to Fayol theory, five functions of management are crucial to contemporary organization that includes planning, organizing, coordinating and commanding. However, according to the Minztberg theory of management, the managers task is broken down into three areas that include interpersonal, information processing and decision making. The various roles of the manager including a leader, spokesperson and resource allocator is fitted into one of the areas of activity mentioned (Shafritz, Ott and Jang 2015). This theory helps a contemporary organization in mapping their structure and work and at the same time understands the role of the manager. The Katz theory of management puts forward three areas of determination and managerial skills that includes the technical skill, human skill and conceptual skill. According to the theory, they are the key skills necessary for leadership (Northouse, 2015). In this regard, technical skills considered in relation to field, human skills represents communication with the people and conceptual skills focused on setting vision. The similarities between Fayol, Mintzberg and Katz theory of management are as follows: They all focus on the leadership functions of the management with the help of a top down approach. The discussed theory also believes in the categorization and division of labor (Johnston and Marshall 2016). Further, the theories also believe that planning is the initial step of the management process. The differences between Fayol, Mintzberg and Katz theory of management are as follows: The Fayol theory of management specifically focuses on the managers job unlike Mintzberg that focuses on the nature of the managerial task and Katz that represents areas of focus for undertaking the managerial task. The managers must possess the following competencies for effective communication: The managers while communicating must take care of the gestures and facial expression of the employees Managers must maintain honesty They must also speak out what is relevant The focus of the managers is important for effective communication The confidence of the managers is also important for ensuring effective communication Setting the tone and pitch of the speech is also necessary for effective communication. Impartiality is also a quality requirement of a manager for effective communication. The managers must also know the right time for communication. Managerial communication can be of four types like the interpersonal communication, non-verbal communication, written and oral communication. The interpersonal communication is mostly face-to-face whereas the non-verbal communication is through facial expression, gestures, body language and other physical parts (Dasgupta, Suarand and Singh 2012.). Written communication refers to transmission of messages through writing whereas oral implies communication via mouth. For interpersonal communication, the managers must speak what is relevant and for non-verbal communication, the managers must be able to understand the gestures and expressions of the employees. In written communication, the managers must maintain the tone and pitch of the speech. However, for oral communication; the manager must choose the right time to communicate with the employees. A company may have a diverse culture and the managers must ensure the contributions of the diverse workforce under the cultural differences and the language (Drnyei 2014). Therefore, the foundations of effective communication in a diverse workplace are as follows: By learning how the diverse workforce receives communication in the best possible manner: This is important as different culture have different ways of receiving communication. Training international employees with early and ongoing training processes: Cultural confusion and misunderstanding in a diverse culture avoided with ongoing and early training of the employees. Practicing open door communication with care: Careful practice of open door communication will enable employees to bridge the communication gap in a diverse workforce. Slangs and Jargons avoided in the best possible manner: Using jargons and slangs might put across a wrong message in a diverse work culture. Managers must stick to the rules of corporate communication: The managers must not only stick to rules but also ensure that people from all ethnicities and culture can participate in fulfilling the goals and mission of the company. Corporate social responsibility (CSR) defined by business approach that helps in contributing to the sustainable development through delivery of economic, environmental and social benefits of the stakeholders. The firms perspective on the theory of CSR has several implications strategically. Corporate social responsibility is an integral element in defining the business of the firm and differentiation strategies at the corporate level (Brammer, Jackson and Matten 2012). Thus, the implication of CSR is more like a strategic investment for a firm. There are three organizational stances of CSR like reputation, relationship and responsive attitude that ensure includes reputation, relationship and responsive rectitude. The examples of companies in effectively undertaking corporate social responsibility in reaching the ladder of success are Starbucks, Disney and Microsoft (Michelon, Boesso and Kumar 2013). Starbucks ranked fifth as a socially responsible company since the company is always in search of better means in developing sustainable means for producing coffee. On the other hand, Disney has centered its focus on community, volunteerism and community that are some of the areas of social responsibility. Microsoft is the leader focusing on stances of corporate social responsibility through an annual campaign of employee giving. The three key views of ethical behavior include individualism view, utilitarian view and the justice view. The goals of the ethical behavior are to guide an organization in the policies, decisions and programs for business. The goals for ethical behavior in an organization are as follows: Enables treating everyone equally Securing meaningful employment Succeeding in the Business goals Lessening Stress However, the factor that contributes to the ethical and unethical in an organization includes the individual factors like knowledge, personal goals, personality and morals and certain social factors like the cultural norms, internet, friends and family. The key components of leadership are as follows: Integrity and honesty: Great leaders helps in creating an organizational culture based on honesty and integrity Possession of outstanding self awareness: A leader must be aware of his own strength and weakness Positive vision: An outstanding leader has a positive outlook and does not solely focus on any specific initiatives or task. Excellent communication skills: Great leaders possess outstanding communication skills that makes them persuasive and inspirational Team builder capability: A great leader also has unique capacity for team building. The five practices of exemplary leadership are as follows: Exemplary Leaders makes their way by earning respect Exemplary Leaders inspire a shared vision They also challenge the process They allow others to act Exemplary Leaders initiate means that encourages the heart Thus, the key components of leadership align with the five practices of exemplary leadership. The Heroic leadership helps in assuming that the teammates are performing great job. This assumption will change will help in change the way one acts towards their teammates. Therefore, this ensures in influencing the behavior of the team as good or bad (Allison and Goethals 2013). On the other hand, the according to the engaging leadership , a leader is defined to be someone who enables and encourages the organizational development characterized by a culture that is based on transparency, openness, integrity and valuing of others in a genuine manner. This helps in the well being and development of concern for others the ability of uniting different stakeholder group in the articulation of a joint venture and delegating in a manner that develops and empowers potential that is coupled with questioning and as well as strategic and critical thinking. Thus, this kind of leadership theories put forwards an open minded approach that helps organization to cope with change but also remain pr oactive in shaping the future. The Mintzberg managerial style ensures: A figurehead A leader A liaison A monitor A disseminator A Spokesperson An entrepreneur A disturbance handler A resource allocator A negotiator The managers must possess the follo Strategic managementrefers to the constant monitoring, planning, analysis and assessment of everything that is required for meeting the objectives and goals of an organization. The characteristics of strategic management are as follows: It deals with uncertainty since focus on non routine situations that are future oriented. It helps in dealing with complex situations Ensures having an implication that is organization wide Helps in improving the performance of the company on a long term basis Helps in dealing with long term implications The three approaches of Strategic management include: Internally driven organization: Organizations concerned with their past achievements are driven internally and their thinking is inside out. Consumer driven organization: Organizations who tries to be close and listen to the customers are usually customer driven. Market driven organization: Organizations making conscious choice regarding their choice of market they are planning to serve and add value are usually market driven. The three view of managing strategy are as follows: Research based view: This helps in providing an explanation on competitive heterogeneity that is based on the idea that close competitors differs in capabilities and resources in durable and important manner (Nilson 2016). Market based view: This perspective of strategic management stresses on factors like the market in which it is planning to compete Organization/Industrial based view: This perspective of strategic management is a focus on the role of organization in choosing the organization in which they want to operate. Organizational domain represents the customers, goods and services of an organization. Managers should have an idea of the organizational domain since it will help them in determining the strategies in achieving the objectives and goals of the organization. The specific factors of subjective framework in analysis of an organization are as follows: Involves Strategy. The complexity and size of organization. Influence of technology. Influence of environmental turbulence. Attitude of top management Attitudes of personnel. The above mentioned factors help the managers in ensuring optimal and efficient decision making. The managers are also able to understand the economic factors responsible for maximizing profit. Further, the factors also enables the managers assess the emerging alternative of new technology. However, subjective framework is adopted for industrial analysis where the process involves review of work environment, overall development, personnel and operation of a business. The limitations of the ignorance factor of the objective framework include: Provides no alternative offer or solutions Helps in the generation of too many ideas without mentioning which one to be the best Does not help in prioritizing issues Provides a lot of information but everything might not be correct. Organizational analysis helps in assessing the current well being and capacity of an organization and thereby deciding a course of action for improving the long term sustainability of an organization (Powell and DiMaggio 2012). There may be requirements for restructuring when there are problems created by either internal or external forces that have either led to a problem or opportunity for improving the affectivity and efficiency. Thus, a periodic analysis will enable the management in identifying the inefficiencies and problems that already exist or are yet to be addressed and thereby develop necessary strategies in resolving them. Therefore, analysis of the subjective framework is an organization is not easy. The managers however finds it easier in analyzing the objectives since it helps them to identify the problems and sort out existing inefficiencies of an organization and henceforth resolve them. Innovation Management(IM) framework for an organization refers to more than just planning for services , new products, brand extensions or technology inventions and focusing more on imagining, competition and mobilizing in newer manner. Organization needs innovation for the management framework for the following reasons: Improving efficiency Ensures guaranteed success on a long-term basis Increases the success of the market success Ensures decrease in cost Reduction in time for processing Initiates the process of innovation Helps in reducing the risk for becoming obsolete in presence of competitors Ensures improvement in chances of survival for better solutions spawned from new technologies The three components of innovation management framework are clear direction, encouragement and resourcing. Moreover, the framework needs to be protected under situations of conflicting messages. The similarities and differences between idea management, market management and portfolio management are as follows: Idea management refers to the ability of capturing insights or feedback from external and internal stakeholders with the purpose to add the feedback in the release of the future products. Marketing management is an organizational discipline that focuses on practically applying the marketing orientation, methods and techniques inside organizations and enterprises as well as on managing the activities and marketing resources of a firm. However, Portfolio management defined by the science and the art of making decisions regarding the investment mix and policies, matching the investments to the objectives, allocation of asset for institutions and individuals thereby keeping a balancing between the risk and performance. Organizing is an important managerial function in a global society because it enables us with the following: Ensures the Benefit of Specialization: Under organizing, the activities gets divided into various jobs or work and competent people gain expertise in doing the particular job that enables maximum work in minimum time span thereby benefiting the organization. Brings Clarity in Working Relationships: The working relation amongst the employees reaches a clarified through organizing. This also helps in specifying who is to report and to whom. Thus, organizing helps in effective communication and accountability. Optimum Utilization of Resources: The organizing process helps in smaller task division. This discards the option of side tracked or has a fear of duplication that results in optimum utilization of resources in an organization. Enables Adapting to Change: The process of organizing enables an organization in adapting to the change related to the post of employees Ensures Effective Administration: Through the process of organizing, the authority as well as the activity of the manager mentioned clearly Ensures Developing Personnel: Under this process of management, delegation of the authority practiced that helps in discovering better techniques for work Enables Expansion and Growth: This process of management also provides the employee with the freedom for taking decisions that in a way help them to grow However, for instance, the activities in a production department divided amongst a number of workshops in which the actual production will take place. Besides, there might be separate sections created for production related activities like repairs and quality control. Similarly, the activities of other departments can also be sub-divided. Thus, the activities of division and subdivision continue until there is creation of individual positions for performing all kinds of work in the organization. Network production is refers to a concept that refers to nexus of interconnected transactions, operations and functions with the help of which a particular product is distributed, produced and consumed. The key characteristics of Network Production are as follows: Ensuring agility: For instance infrastructure agility must match the agility of the business given the fact that the underlying infrastructure remains responsible for the concerned application Ensuring Scalability: In this context, if the traditional leaf and spine network is concerned will thereby scale only to the capacity of the spine since further scaling might involve re-cabling and re-architecture that might be a costly. Ensuring Integration: In this regard, however, the infrastructure should work in orchestration for delivering application experience. Ensuring Resiliency: The distributed systems works only under a reliable interconnect. Therefore, the network must not only be resilient but also fault tolerant. Ensuring Security: However, with data remaining at the centre of network and with increasing number of organizations closely paying attention to the trends in the big data, security remains an important factor not only for the infrastructure but also for applications and data. References: Allison, S.T. and Goethals, G.R., 2013.Heroic leadership: An influence taxonomy of 100 exceptional individuals. Routledge. Brammer, S., Jackson, G. and Matten, D., 2012. Corporate social responsibility and institutional theory: New perspectives on private governance.Socio-economic review,10(1), pp.3-28. Dasgupta, S.A., Suar, D. and Singh, S., 2012. Impact of managerial communication styles on employees attitudes and behaviours.Employee Relations,35(2), pp.173-199. 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