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Differentiate between qualitative and quantitative decisions.
Qualitative Qualitative decision making is concerned with the experiential knowledge of various factors involved in a decision. For example, if you are to use the qualitative approach to solve a dispute over resources between two departments of an organization, the manager must understand the compleRead more
Qualitative
Qualitative decision making is concerned with the experiential knowledge of various factors involved in a decision. For example, if you are to use the qualitative approach to solve a dispute over resources between two departments of an organization, the manager must understand the complexity of the interaction, i.e. the interpersonal connections among the supervisors of all the departments, and the overall availability of resources for which the two departments are competing.
Quantitative
See lessDefine Proactive decision. How is it different from reactive decision?
Proactive Decision is about acting in advance for a future situation. It means taking measures in advance to control some situations rather than just waiting for something to happen. Reactive business decisions are those that respond to some unexpected event only after it occurs, while proactive strRead more
Proactive Decision is about acting in advance for a future situation. It means taking measures in advance to control some situations rather than just waiting for something to happen.
Reactive business decisions are those that respond to some unexpected event only after it occurs, while proactive strategies are designed to handle expected possible challenges.
See lessWhat are short term and long term planning?
Short-Term Short-term planning is the type that looks over the present status of the company and accordingly plans are made and strategies are developed to implement them. Long-Term When any organization wants to solve some problems permanently, they look for long term plans. Long-term planning is dRead more
Short-Term
Short-term planning is the type that looks over the present status of the company and accordingly plans are made and strategies are developed to implement them.
Long-Term
When any organization wants to solve some problems permanently, they look for long term plans. Long-term planning is done keeping in mind the social, economic, and political situations.
See lessWhat are the essential steps in the process of planning?
- Analyzing the present structure – You can conduct a SWOT analysis and analyze your organization's external and internal environments. - Decision-making for the future structure- Here, you make plans which decide the future of your organization, like where it wants to be, its essential values, andRead more
– Analyzing the present structure – You can conduct a SWOT analysis and analyze your organization’s external and internal environments.
– Decision-making for the future structure- Here, you make plans which decide the future of your organization, like where it wants to be, its essential values, and what it wants do.
– Determination of objectives and strategies- You need to decide your goals and the strategies to achieve those goals effectively.
– Implementation and evaluation- Implementation of plans is the last and the most important step as it leads to the achievement of your plans and objectives.
See lessWhat do we mean by standard management functions?
Below are the standard functions of management. - Planning- Planning is something that is necessary for the working of every organization in order to avoid confusion, uncertainties, risks, wastage, etc. - Organizing- Organizing is a process that includes identifying activities and classifying them iRead more
Below are the standard functions of management.
– Planning- Planning is something that is necessary for the working of every organization in order to avoid confusion, uncertainties, risks, wastage, etc.
– Organizing- Organizing is a process that includes identifying activities and classifying them into different categories like assigning duties, delegation of authorities and creating responsibility, and coordinating authorities.
– Staffing- Staffing involves the recruitment and selection of employees. It is an important process in an organization as selecting the right person for the right job is highly important.
Directing- Directing is the most important function for any organization as it puts the planning, organizing and staffing together in order to work efficiently for to achieve the organizational goals.
See lessIs management a science or an art?
Management is considered as both a science and an art as sometimes it fulfills the features present in science and sometimes it does the same for arts. Management as an art fulfills the following characters – - Practical Knowledge: A manager should know how to apply various principles in practical sRead more
Management is considered as both a science and an art as sometimes it fulfills the features present in science and sometimes it does the same for arts.
Management as an art fulfills the following characters –
– Practical Knowledge: A manager should know how to apply various principles in practical situations.
See less– Personal Skill: When managers have their own way of managing things based on their own knowledge, experience and personality, they are considered able managers.
– Creativity: Managers should combine their creativity with their experience and knowledge to achieve the desired results.
Who are the stakeholders in an organization?
A stakeholder can be a person, an organization, a social group or a society at large that has a stake in a business where stake is an essential interest in the business or its activities. It can include ownership and property interests, legal interests and obligations, and moral rights.
A stakeholder can be a person, an organization, a social group or a society at large that has a stake in a business where stake is an essential interest in the business or its activities. It can include ownership and property interests, legal interests and obligations, and moral rights.
See lessHow can one increase the longevity of an organization?
Longevity of an organization depends on the implementation of new and improved techniques and technologies which holds the key to its survival and ultimate success. To survive for a long time you require long term profits in your business. One can increase the longevity through the following ways: -Read more
Longevity of an organization depends on the implementation of new and improved techniques and technologies which holds the key to its survival and ultimate success. To survive for a long time you require long term profits in your business. One can increase the longevity through the following ways:
– Continuous development
See less– Keeping up with technology
– Retaining key employees
– Satisfying employees
– Offer training to the staff
– Offering excellent services
How will you create flexibility in an organization?
In order to create flexibility in any organization you need to analyze some areas that are mentioned below. - Different kinds of problems - You need to categorize the kinds of problems you face and have to find answers accordingly as every problem cannot be solved in the same way. - Employees' needsRead more
In order to create flexibility in any organization you need to analyze some areas that are mentioned below.
– Different kinds of problems – You need to categorize the kinds of problems you face and have to find answers accordingly as every problem cannot be solved in the same way.
– Employees’ needs and wants – It is always important for you to keep a track of your employees’ needs and wants as it will be a source of motivation for them.
See lessWhat do you understand by SWOT analysis?
SWOT stands for 'Strengths, Weaknesses, Opportunities and Threats'. This is a method to analyze the environment and the company's standing in it. SWOT consists of two parts. The strengths and weaknesses refer to the internal environment of a company while the opportunities and threats are related toRead more
SWOT stands for ‘Strengths, Weaknesses, Opportunities and Threats’. This is a method to analyze the environment and the company’s standing in it.
SWOT consists of two parts. The strengths and weaknesses refer to the internal environment of a company while the opportunities and threats are related to the external environment.
Internal problems and issues are constantly dealt with. But external factors such as opportunities and threats are not in a company’s control.
See less