Assignment 2 - Literature Review Essay (individual work)
‘We tend to think of the task of managing as one defined by carefully considered, long-term thinking. If the global financial crisis taught us anything, it is that more often than not organisations operate with very short horizons, reacting to an ever-changing environment.’
Management is celebrated as one of the innovation whose impact is considered equalled to be one of the most changing technologies. Management is therefor said to be that body of thought that makes the organization work. Therefore management should be ...view middle of the document...
Furthermore scientific management theories and principles are being utilised to further study and understand the principles, but management lacks the characteristics fo an exact discipline of science.
Traditional functions of manager were identified as a circle of actions where one action leads to the next. This was identified by Gulick and Urwick considering an earlier work of Henri Fayol. The functions include planning; selecting objectives and establishing goals to achieve the desired outcome of the organisation. Also Decision making by developing choices and alternative choices to commit in the organisation’s operations. Training and orientation of personnel in the organisation to contribute to the core goals of the organisation and correct when necessary. ‘We need to understand and manage our impacts, and take the opportunity to help achieve lasting and beneficial change that extends beyond our operations’ (Woolworths Limited corporate responsibility report). In short managers must monitor any developments in the organisation for anticipation of an occurrence of change and then introduce adaptive response.
Style of management within an organisation is crucial for the organisation’s appearance and perception by outside forces i.e. other organisations, government, consumers and this can lead to the achievement of the organisation’s goals and objectives. Typically hierarchical control style of management is used all over the business world Waddell et al. (2011 p12). However due to the global financial crisis, organisation are changing their perspective in how they achieve their goals, by introducing more emphasis on self-management and team collaboration, rather than an authoritarian style. Such styles are doom to fail, and for organisations to be competitive, managers need to be motivated and willing to adopt changes to face new challenges, rather than holding onto old principles.
Section 2: Financial crisis and management in an organisation
A few organisations over the years had been mired in a global financial crisis and in turn affected the long term goals of the organization. The new of thinking ‘Creatively, Reliability, and Sustainability’ (Shrivastava, Statler, 2012 p6), are being adopted worldwide by organisations and this reinforce the idea that short term goals are needed to adapt to the changing environment. Professor William A. Sahlman also agrees that the cause of the financial crisis were the result of poor decisions by managers in the organisation. Professor William argues that management in an organisation need to adopt a new system of practice and to focus on short term goals; this is a must for any organisation to survive with the changes in the environment. Introduction of the concepts should include monitoring comprehensively of any changes in the organisation that is likely to occur, introducing the best practice of management also the best teams need to be involved. The team needs to be geared into adopting the...