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Corporate Management

Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a pre-requisite to attempting to manage others.

Basic functions in Corporate Management

Management operates through various functions, often classified as planning, organizing, staffing, leading/directing, controlling/monitoring and motivation.

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  • Planning: Deciding what needs to happen in the future (today, next week, next month, next year, over the next five years, etc.) and generating plans for action.
  • Organizing: (Implementation)pattern of relationships among workers, making optimum use of the resources required to enable the successful carrying out of plans.
  • Staffing: Job analysis, recruitment and hiring for appropriate jobs.
  • Leading/directing: Determining what needs to be done in a situation and getting people to do it.
  • Controlling/monitoring: Checking progress against plans.
  • Motivation: Motivation is also a kind of basic function of management, because without motivation, employees cannot work effectively. If motivation does not take place in an organization, then employees may not contribute to the other functions (which are usually set by top-level management).

Basic Roles

  • Interpersonal: roles that involve coordination and interaction with employees.
  • Informational: roles that involve handling, sharing, and analyzing information.
  • Decisional: roles that require decision-making.

Management skills

  • Political: used to build a power base and establish connections.
  • Conceptual: used to analyze complex situations.
  • Interpersonal: used to communicate, motivate, mentor and delegate.
  • Diagnostic: the ability to visualise most appropriate response to a situation .

Formation of the business policy

  • The mission of the business is the most obvious purpose—which may be, for example, to make soap.
  • The vision of the business reflects its aspirations and specifies its intended direction or future destination.
  • The objectives of the business refers to the ends or activity at which a certain task is aimed.
  • The business's policy is a guide that stipulates rules, regulations and objectives, and may be used in the managers' decision-making. It must be flexible and easily interpreted and understood by all employees.
  • The business's strategy refers to the coordinated plan of action that it is going to take, as well as the resources that it will use, to realize its vision and long-term objectives. It is a guideline to managers, stipulating how they ought to allocate and utilize the factors of production to the business's advantage. Initially, it could help the managers decide on what type of business they want to form.

Implementation of policies and strategies

  • All policies and strategies must be discussed with all managerial personnel and staff.
  • Managers must understand where and how they can implement their policies and strategies.
  • A plan of action must be devised for each department.
  • Policies and strategies must be reviewed regularly.
  • Contingency plans must be devised in case the environment changes.
  • Assessments of progress ought to be carried out regularly by top-level managers.
  • A good environment and team spirit is required within the business.
  • The missions, objectives, strengths and weaknesses of each department must be analysed to determine their roles in achieving the business's mission.
  • The forecasting method develops a reliable picture of the business's future environment.
  • A planning unit must be created to ensure that all plans are consistent and that policies and strategies are aimed at achieving the same mission and objectives.

All policies must be discussed with all managerial personnel and staff that is required in the execution of any departmental policy.
 Policies and strategies in the planning process

  • They give mid- and lower-level managers a good idea of the future plans for each department in an organization.
  • A framework is created whereby plans and decisions are made.
  • Mid- and lower-level management may add their own plans to the business's strategic ones.

Strategic Management By Our Team of Professionals

Strategic management techniques can be viewed as bottom-up, top-down, or collaborative processes. In the bottom-up approach, employees submit proposals to their managers who, in turn, funnel the best ideas further up the organization. This is often accomplished by a capital budgeting process. Proposals are assessed using financial criteria such as return on investment or cost-benefit analysis. Cost underestimation and benefit overestimation are major sources of error. The proposals that are approved form the substance of a new strategy, all of which is done without a grand strategic design or a strategic architect. The top-down approach is the most common by far. In it, the CEO, possibly with the assistance of a strategic planning team, decides on the overall direction the company should take. Some organizations are starting to experiment with collaborative strategic planning techniques that recognize the emergent nature of strategic decisions.

Strategic decisions should focus on Outcome, Time remaining, and current Value/priority. The outcome comprises both the desired ending goal and the plan designed to reach that goal. Managing strategically requires paying attention to the time remaining to reach a particular level or goal and adjusting the pace and options accordingly. Value/priority relates to the shifting, relative concept of value-add. Strategic decisions should be based on the understanding that the value-add of whatever you are managing is a constantly changing reference point. An objective that begins with a high level of value-add may change due to influence of internal and external factors. Strategic management by definition, is managing with a heads-up approach to outcome, time and relative value, and actively making course corrections as needed.

Simulation strategies are also used by managers in an industry. The purpose of simulation gaming is to prepare managers make well rounded decisions. There are two main focuses of the different simulation games, generalized games and functional games. Generalized games are those that are designed to provide participants with new forms of how to adapt to an unfamiliar environment and make business decisions when in doubt. On the other hand, functional games are designed to make participants more aware of being able to deal with situations that bring about one or more problems that are encountered in a corporate function within an industry

         
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