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The government will then have the money to take measures of social welfare.
The legal dimension proposes that the business organisations should follow the rules and regulations proposed by the government and should not evade taxes. During their operation, business organisations should follow the rules related to health and safety of the staff, rules against racial or sex discrimination, emission norms etc. There are several industry specific rules such as rule related to hazardous waste, which must be followed.
The ethical dimension refers to the business ethics of fair competition while protecting the interest of the major stakeholders be it the shareholders, consumers and the employees. It requires the business owners to work with the moral conscience while taking business decisions.
The discretionary dimension is the philanthropic part of social responsibility wherein the business organisation make donations for the social cause such as poverty alleviation, education of the poor sections of the social, control of a deadly disease like cancer or HIV AIDS. There are donations made by businesses during any national or global calamity. All these become a part of discretionary philanthropic act.
Only two of the four dimensions discussed above has been the part of Friedman’s statement i.e. economic and legal dimension. In his essay, Friedman argues that the ethical and the discretionary dimensions can be the responsibility of any individual be it the businessmen or the employees of the organisation and not the business.
As was insisted in the stakeholder theory by R. Edward Freeman, business organisations have legal obligation towards the primary and secondary stakeholders to run in a profitable and fair manner. The primary stakeholders include shareholders, customers, business partners, employees and the community while the secondary stakeholders include the government and the regulatory bodies, civic institutions
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Introduction The development of globalization in markets worldwide has allowed businesses to achieve a high growth within a relatively short period of time. However, the decrease of time in the expansion of business activities, as a consequence of globalization, has been followed by the increase of relevant risk (Vellani 2007, 134).
Along with the management skills, managers should possess some degree of technical skills (i.e. help wait on tables, occasional food preparation etc in the chosen case study) to manage employees and their problems in an effective manner (Basic Skills for Project Managers).
Implementing a performance management system is essential because without such a system the management cannot determine organizational goals. There are different aspects to performance management such as performance planning, monitoring, reviewing performance, and appraising individual performance.
After researching on the product market, the entrepreneur then goes on to establish the business enterprise. However,the strategies used in running the business determine its success and survival in the market.This is dependent on the management theory used by the business.
In order to effectively control the project, it is of great importance that the project managers must clearly identify the risks before starting the project and outline their responses against the various risks identified so that an effective and efficient strategy can be developed to meet the uncertainties related with the project.
Basic definitions of management and organization structure are discussed in this paper. Initially management was considered as an art of directing and controlling people. But now it is considered a science of using expertise of personnel to its maximum potential.
The role of a manager is to properly oversee the assigned tasks of management. He is the person who decides what course of action will be adopted in the wake of managing tasks. He is responsible for delegating work
anizing, selecting and involvement of the best qualified staffing and the ability to lead people, each organization has chances to achieve the best outcomes as for the itself as for the stakeholders involved. Proper management ensure setting of such activities as planning and