Applied Management Science - Making Good Strategic Decisions - Essay Example

Running Head: MANAGEMENT PRACTICES Management Practices [The Writer’s Name] The name of the Institution] Management Practices Introduction Now more than ever, with today's challenging business world, the workplace demands faster results and fewer people. In order to stay competitive, organizations need to be able to rapidly translate new information into knowledge. The leadership style of supervisors openly impacts employee job satisfaction, retention, and dedication to getting the job done. Managing and leading are two different ways of organizing people; the manager uses a formal method and the leader uses passion and is informal. Management vs. Leadership Leadership is one of the many assets a manager can possess. Care must be taken in distinguishing these two concepts. The major goal of a manager is to capitalize on the production within an organization through executive decisions. To attain these decisions managers must make use of the 4 functions of management; planning, organizing, staffing, directing and controlling. Leadership is just one important component of the directing function. A manager cannot just be a leader he also must also have the formal authority to be effective. Managers think incrementally, while leaders think fundamentally. Managers do things by the book, and follow company policy while leaders follow their own perception, which in many cases is more beneficial to the company. A leader is also more emotional and creates a connection with the employees, where as the manager is more commanding. The role of a leader is to create followers and bring about necessary and constructive changes. The leader's greatest power is to gain the trust of his employees. Effective leaders recognize that what they know is very little in contrast to what they still need to learn. This continuous learning process can be fulfilled, through engaging oneself in a constant dialogue with your peers, advisers, consultants, team members, suppliers, consumers, and competitors. Leadership is an important job and there are attributes they should possess. There are many characteristics including character, motivation, habits, traits, style, and skills. Creating a Healthy Organization Maintaining Healthy Organizational Culture There is openness to new ideas and a willingness to take risks and adopt innovations. It is a culture that adjusts quickly to shifting market conditions. It does not value the certainty of remaining the same; the only certainty it values is that the company is future-oriented and innovative. It is confident in catching and riding the effects of change. The leadership articulates and crystallizes the purpose of the company effectively, so that there is a universal purpose and a shared vision for all the workers. Everyone knows what the core values and priorities are, and everyone knows where the company is going. Workers are highly motivated, because they are committed to the same set of core values. More importantly, the overarching purpose tends to go beyond the bottom line. All great companies continue because they serve a superior purpose. There is a strong emphasis on collectivity and cooperation. The leadership attempts to build a community, in which people respect, support each other, and get pleasure from working together. A community-oriented culture goes beyond team building and aspires to generate an authentic community in which every worker is treated as a valuable member. Community building is more extensive than team building. It requires that members from different work groups treat each another in a positive, supportive way in order to boost morale. Such a community requires collaboration and communication throughout the organization. The organization cares for the whole person in terms of recognizing workers' basic needs for learning and growth, for belonging and being connected, as well as the need for meaning and spirituality. Each worker is encouraged to develop his or her full potentials, personally and professionally. Such a culture will create a climate of mutual respect and genuine civility. To be a leader one needs to look at the world as a changing place of opportunity. They need to understand the employees' dilemmas. Respect the opinion of the employees and make decisions that will be good not only for the company but one that the employees can live with also. Leaders should not be greedy or selfish. They need to understand the value of sharing, and know their success is the result of the efforts of many individuals. If Enron had supported their employees and would not have just been self-cantered, the company may have survived. With the new concepts and a more diverse world of business it is necessary to implement both the managerial skills with leadership skills in order to create new ideas and innovation. Operation management can benefit an organization in following ways:-•It can reduce the costs of producing products and services by being efficient. After the organization of a business has occurred, the next step is to further explore the company's mission. The Operation strategy should represent that of the company's mission, and successfully follow it. The goal of every business is to make money or produce a profit, and there are several critical points to each business that a manager must identify. Once identified, each of these points must be considered toward the future of the company. There are many other part business that operation managers must observe and take heed. Operation managers must have the ability to schedule and plan projects according to the time and demands. These are tasks essential to the activities of business. If manager does not properly schedule things such as worker projects, raw materials purchase and such trade offs, the quality or integrity of the business gets compromised. If this happens then business will be lost the occurrence of negative word-of-mouth advertising, which is fatal to established as well as growing businesses. The next objective of Operation Management is to manage quality. How does an Operation Manager go about managing quality? They can do this through proper training of employees, use of quality materials and effective planning. Motorola is one of the leaders in the technology industry. The use of their six sigma program has allowed them to create a competitive advantage through the reduction of errors in the production process. This program not only performs the process of managing quality through the reduction of defective parts, but it creates an advantage with the customer who need not worry about the purchase of a defective product. If a hospital's vision is to provide secondary care services with emphasis on day-care management then that hospital must be built in a way that is environmentally conducive for hospitalized patients. Even the staffs must be well trained to attend to the patients with full courtesy and delicate attentions. The next factor is Flexibility; the aim of a business is to provide a wide range of service to meet the expectations of the customers. For this the best tool that management can adopt is giving more space for its employees, by this the employees would feel their own value within the company and employee would find more opportunities to apply their competences, and also it leads people to discover and create new competences. Flexibility is also competitive priority focusing on offering a wide variety of goods or services. The company's environment often changes rapidly. This means that which business has ability to readily accommodate these changes will win (Reid, D. 2005, P. 37). However, flexibility could also be viewed as other dimensions such as offering diversified services to the demand of customer, and recruiting multi-skilled employee. Responsiveness, in order to be competence in the industry, business providers takes customer's needs and expectations into serious considerations in customizing their services. Service responsiveness means the willingness of the service provider to be helpful and prompt in providing their services. The strategic thinking and decision-making processes are very important and necessary in processing the amount of information that is pushed day after day. There is so much conflicting information on any given topic that it is up to the individual to decide what to believe. The strategic thinking process assists a person in analyzing information and reaching a conclusion. Strategic thinking is sometimes called directed thinking because it focuses on a desired outcome. (Halpern, Diane F., 1986)The decision making process is a systematic method used in problem solving. Decision-making is central to human activity. However, "good" decision-making starts with a consecutive, purposeful, strategic-thinking process (Arsham, 2003). Strategic decisions with long-term plans are typically taken by the top management. The information required to make such decisions would embrace items as reports on overall profitability, the profitability of major sections of the business or of products, total cash requirements, studies of current market trends and projections of future market prospects. For example, case of Dell Computer, discussed in Thompson et al. (1999), spots the light on the decisions about the location and design of the production activity. Decision making is undoubtedly the most difficult and most important task a manager performs. Executives rate decision making ability as the most important business skill, but few people have the training they need to make good decisions consistently. (Selly and Forman 2002, p 3) Few people today would doubt the importance of relevant information when making important decisions. Yet, many people are not aware of the need for a strategically approach to the decision itself. Operational managers are very important in a structured organization. All organizations operate in complex social working environment conditions where managers need to be developed in their interpersonal or people skills if they are going to be effective. Technical and conceptual skills vary in importance according to their managerial hierarchy; however the one skill that remains constant at all levels is interpersonal. Goshal and Bartell (1995:93) argue that progressive organizations only look for people who possess a special predefined set of competencies relating to attitude, personality and behaviour for employment in management-leadership positions. These competencies guarantee that formulating business strategies and organizational goals will be met through the 'coaching' and interaction of managers and employees. Managers have the responsibility of planning, organizing, directing and controlling the organizations activities that can only be effectively achieved through the use of efficient working employees. The four management functions require creativity, reasoning, and judgment to make decisions and it is the basic responsibility of a manager to direct people towards their specific role or task to ensure organizational goals are achieved. Operation management involves many intricate parts that all businesses must possess. Although businesses have existed long before the field of operation management, in the ever growing competitive world of today's business it grows ever more important for businesses to be on the cutting edge of efficiency and productivity. The use of operation management makes this possible. There are many reasons for the use of the operation manager, and this job is growing ever more concrete. This is why in the future, where ever physical and fiscal business is conducted, Operation management will be an intricate part. Successful managers try to make rational and strategic decisions. However, due to internal and external factors of the organization, they tend to response in making decisions under bond strategically. Strategic goals are defined, and outputs are then identified to attain the goals which were clearly defined. Commitments of managers and employees are gained, to achieve the identified outputs, and outcomes are monitored. In another words, PM is an on-going process that constantly measured, monitored and controlled the overall performance in an organisation (Barlow, 1989), and it is a forward looking and developmental strategic process (Armstrong, 2000). Armstrong (2000) stressed that PM has become more and more important from the formally widely used performance appraisal scheme to today's an integrated and continues approach. PM in today's human resources (HR) practice is no longer depends on the merit rating form as the only measurement. However, PM defines strategic goals, and identified outputs to achieve strategic goals. Managers and employees are committed to achieve the identified outputs, and monitor outcomes. Furthermore, (Armstrong and Baron,1998; Schiemann and Lingle,1999) prove that, firms that adopted PM fares better in terms of financial, and non-financial factors than those firms that do not practice PM. Hence, the understanding of PM and its processes for today's firms is essential in determining and assuring its competitive advantage in the ever changing business environment. Performance Management Process Through PM process, employees' talent, strengths, as well as areas which require improvements are clearly identified. (Mwita, 2000)This will ensure that employees are well prepared for career advancement. The process of performance management consist of mainly five major steps as illustrated in the summary of the performance management process (UCSD Human Resource Department). Performance planning is the initial stage for Performance Management Process (PMP), manager are highly involved goal setting and job defining (Lock and Latham, 1990). Definition of job responsibility for all levels of staffs is identified during this initial stage. Thus, employees are cleared of their task and they have a better understanding towards the direction of the organisation. Through the high involvement and participation of employees, standards of performance are then identified. As a result, both the managers and employees are able to establish the goals by referring to the strategic plan and the precise goals. Once strategic plan and goals are established, observation and feedback are carried out to ensure the employee's success in achieving performance expectations. The performances of employees are observed and documented. Managers will then provide feedback and necessary coaching to employees (Randell, 1994). However, the communication shall be two-way and on going. Work expectation will be reviewed and changed if necessary. If expectations are fulfilled, employees should receive recognition and be encouraged. On another hand if performance falls short of expectation, employees shall be guided to re-enforce effective behaviour to progress towards achieving stipulated goals. In collaboration with the employee, the manager will then carried out the performance appraisal (PA) to compare performance results towards job expectations. PA will be carried out at the end of the year to compare the actual performance with the expected standard. The appraisal should however stress on development issues and future oriented rather than judgemental, as employee might feel offensive (Harper, 1983). Kettly (1997) argued that the adoption of multisource feedback will increase the reliability of appraisal employees are contributing each other's ideas, opinions to improve the performance. Thus, it promotes better management behaviour. Meanwhile, it also provides a means for upward appraisal (Reiley et al, 1996) where managers are also appraised by other employees. Consequently, performance of managers will be improved as well. The appraisal will also act as a benchmark for evaluating rewards. Through the appraisal, rewards such as increments, bonus or promotion for staff are determined (Bratton and Gold, 1999). Management will consistently reward the well performing staff if they practice PM in the organisation. With this sophisticated on-going process of PM, both employees and managers are being motivated to put in more effort into their work and thus improve their performance. Thus, continuously improvement will finally assist in achieving the organisational goals. Indeed, the best process of the PM is emphasising on performance development, where the weaknesses of employees are being identified too during the appraisal. Thus, necessary corrections are taken in this stage. A performance and development plan will be created based on the final conclusion of the appraisal. The evaluation of the effectiveness of the performance will provide necessary information on the possibility for future re-training and employee education (Armstrong & Baron, 1998). Benefits of Performance Management On the employee context, PM can better align employees towards achieving goals of the organisation (Walters, 1995). Consequently, employees have more understanding amongst themselves. Thus, with a clear goal setting, more work can be done effectively and efficiently; and they will be more willing in sharing experiences and opinions to better solve organisational problems to achieve a common goal. Furthermore, they are able to observe their own performances and obtain information to appraise their own strength and weaknesses, as well as the identifying the possibility of future growth from the process of working. In this respect, continuously learning process is practiced in the organisation, which it helps to encourage learning culture in the organisation. On the other hand, PM helps in ensuring the uniformity of strategic, managerial and operational direction throughout the entire organisation, thus providing a more effective way of managing employee (Macaulay and Cook, 1994). The management will have a clearer understanding of the core competency of the work force. Hence, it will be able to develop, and implement a more effective business and motivational strategy, that will take into consideration the different strength, weaknesses, and needs of the employees. These, will help managers in capitalising on possible opportunity and eliminate forthcoming treats to the wellbeing of the organisation. As explain by Swanson (1999) PM provides a system-based approach to ensure a more accurate explanation on the current organisation situation, and to assist in better decision making which will benefit the organisation in the long run. The on-going process of PM enables availability of timely and accurate information which would subsequently place the organisation at a more competitive advantage position in this turbulent business environment. Moreover, with the presents of effective communication in PM, would promote a better understanding of roles and expected standards among the employees. The communication is two-way and on-going among the managers and employees, to enable necessary changes to be implemented and problems to be rectified immediately. Therefore, employees' achievements can be recognised and identified, and be rewarded accordingly. As a result, members of the team will be highly motivated. Ingram and McDonnell (1996) explain that through successful implementation of PM process, employee and managers are able to work together as a unified and effective team. As such, the team members are aware of their responsibility and therefore be held accountable for the performance. At the same time, goals and targets are clearly defined which will allow measurement and quality improvements. Disadvantages of Performance Management Some of the problems faced by PM implementation were the lack of support commitment from management and employee. Reason being manager & employee do not understand the purpose of PM and how could it value add to the current appraisal system. Bureaucracy of organisation procedures can also impede the success of PM. Managers might feel the PM process involves a lot of unnecessary paper work and is non-beneficial. They felt that it was a waste of time (Cascio, 1995) and PM systems are desirable but not applicable. Like performance appraisal, PM has been criticized for lack of clear and quantifiable performance measurement. Ideally, employees' performance would be measured and evaluated by management from time to time. However, management evaluation can be easily influenced by favouritism and prejudice which could effectively defeats the whole objective of PM. Hence, it will not be an easy task to change management and workforce's perception on PM in order to gain their support and co-operation. Feedback from various parties is very important in the process of implementing PM to ensure that the implementation is on the right track. Apparently, negative feedback has overshadowed positive feedback in this case due to the drawbacks and practical difficulties in process of PM. Such negative feedback is not only causing confusion among management and workforce, but also adversely affecting their acceptance of PM. PM will require a lot of time allocation and cost allocation for a company. Over concentration on this PM factor may adversely neglect the real function in an organisation and thus affecting the overall organisation performance. Thus, management must be wise in allocating necessary funds and time for PM without over budgeting. Indeed, the on-going evaluation and judgement on employees may put both the organisation and employees under tremendous pressure. Both parties are performing under constant pressure, where actual effectiveness and efficiency level may not be performed. Although PM has its shortcomings, yet it is still an effective way to manage performance. To counter the shortcomings of PM, the following measures are suggested. The management must be fully committed in order for a PM system to be successful (Macauley and Cook, 1994). The management must facilitate and encourage the process of PM and understand the importance of the process towards the wellbeing of the organisation as a whole, and not a mere paper work exercise. Both the managers and the employees should be educated and informed on how PM systems can assist them in improving their job effectiveness as well as satisfaction. Motivation, according to Macauley and Cook (1994), is another important factor in assuring good performance over time. An employee will only provide good performance when they are motivated to perform a certain task. Motivation comes in different form; it is either in monetary form or just a simple recognition of job well done. Managers must have a good understanding of the employee's needs in relation to their job, to be able to implement an effective reward system to motivate the staffs. As Porter (1985) and Lawler (1990) points out that there is a direct link between the outputs performances of an employee to the satisfaction obtain from the reward. Therefore, the organisation must provide sufficient resources and incentives in order for a successful PM process. Besides that, PM in an organisation must be carried out with security. Management should always keep the people well informed for the actual business situation to avoid any nasty surprises in the organisation. Obviously, clear objective is important to obtain feedback on successful performance as if removes ambiguity which will provide a greater sense of security (Macauley and Cook, 1994). Feedback is a crucial factor in ensuring PM success as it provides needed information and personal opinion for organisation development and improvements. Hence, (Morhman et. al., 1986) employee involvement is highly encouraged to ensure PM success. PM is still very important in ensuring the continuous development and improvement of an organisation. In the long run, it will place the organisation in a more competitive advantage position in the ever changing HR environment. Though, there are some drawbacks on the difficulties in achieving mutual commitment amongst the stakeholders in implementing PM. Furthermore, PM is evidently difficult to practice in real life. However, if the drawbacks of PM can be overcome with the above mentioned recommendations, PM can be a very effective and efficient tool to ensure the smooth organisational development into the 21st Century. Management is the collective body of the people who manage or direct an organization or activity. Managers ensure organizational initiatives are implemented and measure and control processes. They are responsible for making things happen. It is this unit of an organization that advances the strategic and management plans, structuring, policies, and maintaining a thorough analysis of the organization's condition. Most importantly, management is in charge of the people around them. It is management's mission to create a happy, secure and open atmosphere for their employees. It is very important for management to pay attention to the culture of the organization; this says a lot about how well the systems in place are functioning. It is management who must analyze and adjust as needed. Leadership is the ability to be a good leader. A leader is a person who guides and inspires others to achieve great things. "Leadership is an essential quality in a manager. It is how you get your team fired up and willing to follow your plan" (Reh, 2003). Leadership provides a means to an improvement; it is the driving force that encourages employees to work hard for the manager or organization's success. A good leader has a natural ability to see what is needed to achieve their goals, that if they are called to lead a change, they are able to listen well and be very respectful of different points of view, and inspire all to reach those goals. Management is about processes, measurement, tools, structures and procedures. Leadership is about resistance to change, attitude, creativity, incentive and commitment. "Management is a function that must be exercised in any business, leadership is a relationship between leader and led that can energize an organization" (Maccoby, 2000). The two are directly related, although their differences are apparent, they are similar in that they both work to achieve the organization's goals. "After plans are set and the organization is in place, nothing is going to happen unless the leader's team-mates and subordinates want to move in the direction that's been set" (Dessler, 2003, p. 412). It is the role of management to figure out the plans, and the role of leadership to set those plans into action. Emerging Management New or evolving concepts and trends generate an ongoing challenge for management. Concepts are wonderful tools that can help an organization reach their goals of being a great company, but trends are something to watch out for as they often do not last and waste a lot of money. A lot of research is required before making any change to determine whether what an organization anticipates is a great innovative concept or a just temporary trend. For example, "The increasingly rapid deployment of information technology in organizations has sped the transformation of many businesses today into information-based organizations" (Dessler, p. 635). The impact of concepts on management and organizations are that they require organizations to be ready and willing to realize and apply changes to their structure in a heartbeat. New technological enhancements are emerging every day, both benefiting and burdening organizations. The benefits include an increase in speed and accuracy that an organization can offer a client with these innovative concepts; the burden is the tremendous costs of implementing these changes. Trends are more dangerous for a company to buy into; its lack of permanence and reliability requires a lot of analysis before making a change. Many great ideas are just fads that tend to die out as quickly as they came in, leaving an organization out a lot of money and time. "This bandwagon effect really cuts to the heart of what a fad is -- something that pops up quickly on the scene, burns hot for awhile, only to fade into oblivion... In fact, management surveys show that many popular approaches have been implementation nightmares... In many cases, it's the execution, not the idea that falls short. Some executives simply underestimate the resources needed or the resistance they will encounter when implementing new approaches" (Mcfarlin, 2000). Functions of Management in The Future A new approach or system requires a lot more than just installing a new computer program or implementing an online service. A change to the procedures of an organization requires an analysis of the structure of the company. Reviewing the four functions of management can do this. The four functions of management are planning, organizing, leading, and controlling. These functions are inseparable and interdependent; the success of one is reliant on the success of another. Management success is gained through accomplishment of mission and objectives. In view of the fact that change is part of life and cannot be resisted without certain failure, organizations must adapt and roll with the changes. Therefore, if an organization's mission and objectives change, so then must their planning, organizing, leading and controlling functions. How well these four functions of management adjust to future changes is important to the vitality of its purpose. The functions define what it is a manager must do to maximize the chances of success and must be able to adapt. The biggest change businesses face is the incessant revolutionary information technology that will continue to impact the way we do business. To survive, the functions of management that define these areas of the organization must revolutionize as well. Conclusion Management and leadership work with each other in their roles to implementing change and new business concepts and trends affect how management must perform. The four functions of management will always depend on the needs of the organization to achieve their mission or objective. As change occurs, as it always has and always will, so must all aspects of business development. Management is a function that must be exercised in all businesses. Effective managers are not necessarily true leaders. Many administrators, supervisors, and even top executives execute their responsibilities successfully without being great leaders. Effective leaders are able to combine solid strategic substance and superior interpersonal processes to formulate and implement strategies that produce results and sustainable competitive advantage. These patterns emerge as one succeeds or fails in confronting group events. Eventually, most of leaders develop a dominant or default style for group situations. Through experience, group members expect, even predict certain behaviour patterns from their leadership. The leader’s individual style is the one that the group perceives one to display when they are placed in that role. Leadership is a skill that can be taught and learned. For each business that chooses to invest in their employees in this manner, it is worth every dollar. The managers use the individual goals and the goals they set for each employee to guide us in the right direction. They monitor our performance and constantly innovate new ways to encourage our success and the success of the company. The managers display their leadership skills by innovating new ways to market the products of the company and creating ideas to make our products more appealing to customers. Managers have subordinates who work for them and largely do as they are told to reach objectives. Leaders, on the other hand, have followers who help attain the vision together. Managers give orders and leaders facilitate. Managers are concerned with the day to day activities, focusing on short-term profits and stock prices. Leaders create a vision for the future and focus on the long term goals of the company. A manager’s main concern is maintaining efficiency and doing things right; leaders focus on effectiveness and doing the right thing. Management is about control, policies and procedures, and structuring the organization. Leaders are about trust and focus on people. Managers control an organization and leaders change it. Managers are responsible for organizing, planning, staffing, budgeting, controlling and problem solving. Leaders are responsible for creating a vision, setting direction, aligning, motivating and inspiring people. The four functions of management are essential to the team and success of the business. Managers utilize the planning function to operate guidelines, set objectives, create action plans and solve problems. They organize the business through delegation, communication and time management. Managers use their directing skills to build teams, train the employees, lead, and motivate. The fourth function, control, is used to coach, discipline and evaluate the employees. Leaders are responsible for setting and achieving business goals. They innovate and market their ideas, always looking for better and faster ways to sell products. Leaders solve problems and make decisions while formulating questions. 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