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Private Sector and Public Sector Organizations, the Notion of Homo Economicus - Assignment Example

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The paper "Private Sector and Public Sector Organizations, the Notion of Homo Economicus" highlights that human needs cannot be categorized in any sort of order and can occur regardless of the same. Self-actualization may occur before the lowest level of need is satisfied as is often noticed in case of artists…
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Private Sector and Public Sector Organizations, the Notion of Homo Economicus
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Download file to see previous pages The main objective of a formal organization is the accomplishment of common organizational goals such as profits, growth etc while that of the latter is the fulfilment socio-cultural needs of its members. Unlike formal organizations, there are no fixed rules for communication in informal organizations (Koontz, Weihrich, 2006).
The public sector organizations are owned and managed by the government for the people, while the private sector organizations are owned and managed by private individuals for their own personal interests or economic gains. The generic strategic objective of the former is to effectively achieve its mission of public good, while that of the latter is competitiveness; and the generic economic objective of the former is cost reduction and effectiveness as opposed to the latter’s goal of profit maximization, grown and expansion of market share. The key success factor of the former is economies of scale, while that of the latter is increased market share (Needham, Dransfield, 1994).
The term employment refers to an active engagement of an individual in service or work under an express or implied, oral or written contract in exchange for wages, salary or compensation for a specified duration of time (as mentioned in the contract).
The main purpose of management is to define the mission, vision and the long term objectives as well as various general strategies for the organization and ensure that the same is duly complied with and effectively accomplished. Its functions include planning, organizing, directing, controlling, staffing among other interpersonal roles such as leading, motivating and communicating with its employees. The management is also responsible for innovating and effective allocation of resources, conflict resolution in times of crisis. In conclusion, the management is responsible for the effective management of the organization to ensure its long term sustainability in the industry.
There are two broad categories of environmental forces which may influence the organizational functioning – internal and external forces. The factors which are within the control of the management and occur within its boundaries are termed as internal forces and include factors such as management styles, organizational culture, strategy, leadership, staffing and personnel issues etc. (eg – strikes, termination of employees).   ...Download file to see next pagesRead More
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