Tag: Basic Definition

  • Relationship Between Controlling and Planning

    Relationship Between Controlling and Planning

    Controlling and Planning are two separate functions of management, yet they are closely related. The scope of activities if both are overlapping to each other. Without the basis of planning, controlling activities become baseless and without controlling, planning becomes a meaningless exercise. In absence of controlling, no purpose can be served by. Therefore, planning and controlling reinforce each other.

    “If you will be understood cover page? so didn’t explain the relationship between controlling and planning because a cover page is clear explained how to communicate the plan to control. First plan what to do, what not to do. Second how to do, how get to do, and whose to do? The plan without control does not work well. Management in a manager if follow the plan, so he is free to control all Superior lower level or employee”.

    Know about Controlling; Take into account (an extraneous factor that might affect the results of an experiment).

    Determine the behavior or supervise the running of.

    Know about Planning; The control of urban development by a local government authority, from which a license must be obtained to build a new property or change an existing one.

    Decide on and make arrangements for in advance.

    Design or make a plan of (something to be made or built).

    The process of making plans for something.

    According to Billy Goetz, ” Relationship between the two can be summarized in the following points”.

     

    The process of planning and controlling works on Systems Approach which is as follows

    Planning → Results → Corrective Action

    • Planning proceeds to control and controlling succeeds planning.
    • Planning and controlling are inseparable functions of management.
    • Activities are put on rails by planning and they are kept at right place through controlling.
    • Planning and controlling are integral parts of an organization as both are important for smooth running of an enterprise.
    • Planning and controlling reinforce each other. Each drives the other function of management.

    In the present dynamic environment which affects the organization, the strong relationship between the two is very critical and important. In the present day environment, it is quite likely that planning fails due to some unforeseen events. There controlling comes to the rescue. Once controlling is done effectively, it gives us the stimulus to make better plans. Therefore, planning and controlling are inseparable functions of a business enterprise.

    Notes: You will know about the definitions of all the seven Processes of Scientific Management; Planning, Organizing, Staffing, Directing, Coordinating, Motivating, Controlling. Planning and Controlling important part of Scientific Management.

  • What are the Features of Controlling Functions?

    What are the Features of Controlling Functions?

    Features of Controlling Functions; Controlling is the last function of the management process which is performed after planning, organizing, staffing and directing. On the other hand, management control means the process to be adopted in order to complete the function of controlling.

    Here are explain; What are the Features of Controlling Functions?

    Following are the characteristics of controlling functions of management

    • Controlling is an end function: A function which comes once the performances are made in-Conformities with plans.
    • It is a pervasive function: which means it is performed by managers at all levels and in all type of concerns.
    • Controlling is forward-looking: because effective control is not possible without past being controlled. Control always look to the future so that follow-up can make whenever to require.
    • Controlling is a dynamic process: since controlling requires taking reviewal methods, changes have to be made wherever possible.
    • It is related to planning: Planning and Controlling are two inseparable functions of management. Without planning, controlling is a meaningless exercise and without controlling, planning is useless. Planning presupposes controlling and controlling succeeds in planning.

    Controlling has got two basic Process of Controlling:

    • It facilitates coordination.
    • It helps with planning.

    Also, know about; What is Controlling?

    Controlling consists of verifying whether everything occurs in conformities with the plans adopted, instructions issued and principles established. Control ensures that there is effective and efficient utilization of organizational resources so as to achieve the planned goals. Controlling measures the deviation of actual performance from the standard performance discovers the causes of such deviations and helps in taking corrective actions.

    What are the Features of Controlling Functions
    What are the Features of Controlling Functions? #Pixabay.

    Lets reading Definitions about Controlling; According to Brech,

    “Controlling is a systematic exercise which is called as a process of checking actual performance against the standards or plans with a view to ensuring adequate progress and also recording such experience as is gained as a contribution to possible future needs.”

    According to Donnell,

    “Just as a navigator continually takes reading to ensure whether he is relative to a planned action, so should a business manager continually take reading to assure himself that his enterprise is on the right course.”

    According to Henry Fayol,

    “Control consists of verifying whether everything occurs in conformity with the plan adopted, the instructions issued, and the principles”.

    Important Features of Controlling:

    Features of controlling could describe in the following analytical manner:

    • The unique feature of controlling, and.
    • Other features of controlling.

    Now, explain each;

    Unique Feature of Controlling:

    The unique feature of control is that it is the “central-tendency point” in the performance of managerial functions i.e. a point where all other managerial functions come together and unite with one another. This is so because, while contemplating corrective action, sometimes it might be necessary to modify plans or effect changes in the organizational setting. At some other times, changes in the staffing procedures and practices might be thought fit by management for remedial reasons.

    While at some junctures, management might plan to effect changes in the directing techniques of leadership, supervision or motivation, to bring performance on the right track. That is to say, that the remedial action comprised in the controlling process might embrace one or more managerial functions. Hence, controlling is designated as the central tendency point, in management theory.

    Other Features of Controlling:

    Some important basic features of controlling could state as under;

    • Controlling makes for a bridge between the standards of performance and their realistic attainment.
    • Planning is the basis of controlling; in as much as, the standards of performance are laid down in plans.
    • Controlling is a pervasive management exercise. All managers, at different levels in the management hierarchy, perform this function, in relation to the work done by subordinates under their charge-ship.
    • As controlling is the last managerial function, it is true to assert that it gives a finishing or final touch to the managerial job, at a particular point of time.
    • Controlling is based on information feedback i.e. on the reports on actual performance done by operators. In specific terms, it could say that information is the guide to controlling; as without information feedback made available to management, analysis of the causes of deviations and undertaking remedial action are not possible.
    • Action is the soul of controlling. In fact, controlling would be a futile activity; if after analyzing deviations – suitable remedial action is not undertaking by management, to bring performance, in conformity with plan standards.
    • Controlling is a continuous managerial exercise. It has to undertake on a regular and continuous basis, throughout the currency of the organizational operational life.

    Significances of Controlling:

    The significances of the controlling function in an organization are as follows:

    • Accomplishing Organisational Goals: Controlling helps in comparing the actual performance with the predetermined standards, finding out deviation and taking corrective measures to ensure that the activities are performing according to plans. Thus, it helps in achieving organizational goals.
    • Judging Accuracy of Standards: An efficient control system helps in judging the accuracy of standards. It further helps in reviewing & revising the standards according to the changes in the organization and the environment.
    • Improving Employee Motivation: Employees know the standards against which their performance will be judged. Systematic evaluation of performance and consequent rewards in the form of increment, bonus, promotion, etc. motivate the employees to put in their best efforts.

    Boundaries of Controlling:

    The defects or boundaries of controlling are as following:

    • Difficulty in Setting Quantitative Standards: It becomes very difficult to compare the actual performance with the predetermined standards if these standards are not expressing in quantitative terms. This is especially so in areas of job satisfaction, human behavior and employee morale.
    • No Control on External Factors: An organization fails to have control of external factors like technological changes, competition, government policies, changes in the taste of consumers, etc.
    • Resistance from Employees: Often employees resist the control systems since they consider them as curbs on their freedom. For example, surveillance through CCTV (closed-circuit television).

  • Motivating

    Processes of Scientific Management Motivating

    The objectives and goals are achieved by motivation. Motivation includes increasing the speed of performance of a work and developing a willingness on the part of workers. This is done by a resourceful leader.

    The workers expect favorable climate conditions to work, fair treatment, monetary and non-monetary incentive, effective communication and gentleman approach.

    According to Earl P. Strong, “Motivating is the process of indoctrinating personnel with the unity of purpose and need to maintain a continuous and harmonious relationship”.

    Here are 14 unique motivational techniques from other entrepreneurs that you can try with your employees by Inc.com

    1. Gamify and Incentivize

    Although we haven’t implemented it yet, we’re developing a feedback system that rewards employees for engaging with our wiki and for learning how to use our application via our training videos. We further reward performance based on meeting certain goals. A proven motivator for students and employees alike is earning a “badge” or points for committing to certain tasks.

    2. Let Them Know You Trust Them

    If you let them know you trust and depend on them, they will fill those shoes sooner than you think. A vote of confidence can go a long way. Let them know you trust them to do the best job possible and they will rarely disappoint you. Try it.

    3. Set Smaller Weekly Goals

    You want lofty ambitions but set up smaller goals along the way to keep people in it. Rather than make a billion this year, focus on getting 100 new customers this week something that will get you to that billion. Then reward the team for achieving the goal with an afternoon off, a party, etc. They will see that your goals are realistic and everyone benefits from working hard.

    4. Give Your Employees Purpose

    I am able to motivate my employees by giving them a purpose. When you accomplish that, they understand the vision better and are able to execute more strongly. In addition, by understanding their purpose and the purpose of the business, an employee is better able to understand how they fit into the big picture.

    5. Radiate Positivity

    I’m always pumping energy through the office. I’m really enthusiastic and want my staff to feed off that positive energy. Because culture is so important to me, I play music, have fun, joke around, and play games. We work hard, but we play hard too. You have to be in the moment and high-energy all the time!

    6. Be Transparent

    I am very open with employees about what’s happening at the highest level so there are no surprises and everyone has a chance to ask questions and give feedback. I want employees to feel included in big decisions and committed to the direction our company takes. This has helped to sustain motivation and increased company loyalty and pride.

    7. Motivate Individuals Rather Than the Team

    Aligned incentives are the only true way to ensure everyone on a team is working toward a common goal. Framing the strategy in multiple ways ensures each stakeholder has a clear, personal understanding of how working together benefits himself and the team. This technique allows you to motivate the team to accomplish amazing things.

    8. Learn What Makes Each Employee Tick

    Ask what they do and don’t like working on, share the big picture company goals, and respond to their questions. Discern their goals and then invest in their professional growth. During one-on-one check-ins, listen to their ideas, because they’re the best at what they do. Respect their personal schedules and non-work time, and don’t ever pit their goals/timelines against each other.

    9. Reward Based on Feedback

    We developed Value bot-an app for Slack that calculates how many times each employee was praised in order to send daily and monthly summaries. Whoever garners the most kudos wins various awards and recognition. Value bot has helped us to visualize our culture and reiterate how much we support one another. The positive energy we create in the office helps us to attract and retain talent.

    10. Prioritize Work-Life Balance

    We have a few fun incentives, like an in-office “phone booth” style machine that lets you grab dollar bills. It’s a fun little motivator that the sales team uses on a smaller scale. Otherwise, it’s also important to encourage employees to take vacation time. A culture that prioritizes work-life balance, yields increased productivity and overall happiness in the workplace.

    11. Have an Open-Door Policy

    It’s amazing how a simple “please” and “thank you” fares with employees. We simply speak to staff the way we would want to be spoken to. We also have an open-door policy when it comes to suggestions and ideas. When employees feel that their voice matters, they, in turn, feel confident about their positions in the company and that they have more at stake than just a paycheck.

    12. Let Them Lead

    Motivating employees is not just about giving them vacation time it is about showing them they make a difference and are valued. Every time we have a meeting, whether large or small, we let a different team member lead the conversation and the topics discussed. Not only can they share their opinions and be heard this way, but they are motivated to make their words and ideas happen afterward.

    13. Show Them the Bigger Picture

    It’s important that employees understand the bigger picture and can see how what they are doing at the moment will eventually contribute to an end goal. Give them tasks and projects to work on and make sure they understand how this fits into the big picture. Talented employees will go above and beyond what you expect of them.

    14. Create Recognition Rituals

    At Convene, every management and executive meeting starts off with each department lead recognizing someone from their team who has gone above and beyond for the company or a client. This positive feedback loop motivates team members, and it holds management accountable for staff recognition.

    Notes: You will come to know the definitions of all the seven Processes of Scientific Management; Planning, Organizing, Staffing, Directing, Coordinating, Motivating, Controlling.

  • 14 Principles of Management by Henri Fayol

    14 Principles of Management by Henri Fayol

    Explain, What is 14 Principles of Management by Henri Fayol?

    Meaning; Business administration is the management of a business. It includes all aspects of overseeing and supervising business operations and related field which include Accounting, Finance, and Marketing. Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization’s resources in order to achieve the objectives of that policy. Definition of Management “To manage is to forecast and to plan, to organize to command, to coordinate and to control; by Henri Fayol.” Read Many Definition of Management. Also learn, 14 Principles of Organization, 14 Principles of Management by Henri Fayol!

    Following the 14 Principles of Management by Henri Fayol are:

    • Division of Work: Specialization allows the individual to build up experience, and to continuously improve his skills. Thereby he can be more productive.
    • Authority: The right to issue commands, along with which must go the balanced responsibility for its function.
    • Discipline: Employees must obey, but this is two-sided employees will only obey orders if management plays their part by providing good leadership.
    • Unity of Command: Each worker should have only one boss with no other conflicting lines of command.
    • Unity of Direction: People engaged in the same kind of activities must have the same objectives in a single plan. This is essential to ensure unity and coordination in the enterprise. Unity of command does not exist without unity of direction but does not necessarily flows from it.
    • Subordination of individual interest (to the general interest): Management must see that the goals of the firms are always paramount.
    • Remuneration: Payment is an important motivator although by analyzing a number of possibilities, Fayol points out that there is no such thing as a perfect system.
    • Centralization & Decentralization: This is a matter of degree depending on the condition of the business and the quality of its personnel.
    • Scalar chain & Line of Authority: A hierarchy is necessary for the unity of direction. But lateral communication is also fundamental, as long as superiors know that such communication is taking place. Scalar chain refers to the number of levels in the hierarchy from the ultimate authority to the lowest level in the organization. It should not over-stretch and consist of too many levels.
    • Order: Both material order and social order are necessary. The former minimizes lost time and useless handling of materials. The latter is achieving through organization and selection.
    • Equity: In running a business a ‘combination of kindliness and justice’ is needed. Treating employees well is important to achieve equity.
    • Stability of Tenure of Personnel: Employees work better if job security and career progress are assured to them. An insecure tenure and a high rate of employee turnover will affect the organization adversely.
    • Initiative: Allowing all personnel to show their initiative in some way is a source of strength for the organization. Even though it may well involve a sacrifice of ‘personal vanity’ on the part of many managers.
    • Esprit de Corps: Management must foster the morale of its employees. He further suggests that: “real talent’s need to coordinate the effort, encourage keenness, use each person’s abilities, and reward each one’s merit without arousing possible jealousies and disturbing harmonious relations.”
    14 Principles of Management by Henri Fayol - ilearnlot
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  • Many Definitions of Management

    Definitions of Management:

    It is very difficult to give a precise definition of the term ‘management’. Different scholars from different disciplines view and interpret management from their own angles. The economists consider management as a resource like land, labor, capital and organization. The bureaucrats look upon it as a system of authority to achieve business goals. The sociologists consider managers as a part of the class elite in the society.

    The definitions by some of the leading management thinkers and practitioners are given below:

    (i) Management consists in guiding human and physical resources into dynamic, hard-hitting organization unit that attains its objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering the service. —Lawrence A. Appley.

    (ii) Management is the coordination of all resources through the process of planning, organizing, directing and controlling in order to attain stated objectives. —Henry L. Sisk.

    (iii) Management is principally the task of planning, coordinating, motivating and controlling the efforts of others towards a specific objective. —James L. Lundy.

    (iv) Management is the art and science of organizing and directing human efforts applied to control the forces and utilize the materials of nature for the benefit of man. —American Society of Mechanical Engineers.

    (v) Management is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups, can perform efficiently and effectively towards the attainment of group goals. —Harold Koontz and Cyrill O’Donnell.

    (vi) Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way. —F.W. Taylor.

    (vii) To manage is to forecast and to plan, to organize to command, to coordinate and to control. —Henry Fayol.

    (viii) Management is the function of executive leadership anywhere. —Ralph C. Davis.

    (ix) Management is concerned with seeing that the job gets done; its tasks all center on planning and guiding the operations that are going on in the enterprise. —E.F.L. Breach.

    (x) Management is a distinct process consisting of planning, organizing, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources. —George R. Terry.

    (xi) Management is guiding human and physical resources into dynamic organizational units which attain their objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering services. —American Management Association.

    (xii) Management is a multi-purpose organ that manages a business and manages Managers and manages Workers and work. —Peter Drucker.

    Question & Answers:

    • Write Definitions of Management?
    • Write Definitions of Management by Writer?
    • Write Basic Definitions of Management?
    • What is Definitions of Management?

    Note: Every Definition wrote by the different writer!

  • What is Risk Management?

    What is Risk Management?

    Risk Management: What is Risk? A sudden and unexpected event leading to major unrest amongst the individuals at the workplace is called organization Risk. In other words, Risk is defined as an emergency situation which disturbs the employees as well as leads to instability in the organization. Risk affects an individual, group, organization or society on the whole.

    Know and Understand the Risk Management.

    Definition of Risk management: The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or a combination of strategies) in proper management of future events.

    Characteristics of Risk:

    • The risk is a sequence of sudden disturbing events harming the organization.
    • Risk generally arises on short notice.
    • Risk triggers a feeling of fear and threat amongst individuals.

    Risk can arise in an organization due to any of the following reasons:

    • Technological failure and Breakdown of machines lead to Risk. Problems in the internet, corruption in the software, errors in passwords all result in Risk.
    • Risk arises when employees do not agree with each other and fight amongst themselves. Risk arises as a result of the boycott, strikes for indefinite periods, disputes and so on.
    • Violence, thefts, and terrorism at the workplace result in organization Risk.
    • Neglecting minor issues, in the beginning, can lead to major Risk and a situation of uncertainty at the workplace. The management must have complete control of its employees and should not adopt a casual attitude at work.
    • Illegal behaviors such as accepting bribes, frauds, data or information tampering all lead to organization Risk.
    • Risk arises when the organization fails to pay its creditors and declares itself a bankrupt organization.

    The art of dealing with sudden and unexpected events which disturb the employees, an organization as well as external clients refer to Risk Management.

    The process of handling unexpected and sudden changes in organizational culture is called Risk management.

    Need for Risk Management:

    • Risk Management prepares individuals to face unexpected developments and adverse conditions in the organization with courage and determination.
    • Employees adjust well to the sudden changes in the organization.
    • Employees can understand and analyze the causes of Risk and cope with it in the best possible way.
    • Risk Management helps the managers to devise strategies to come out of uncertain conditions and also decide on the future course of action.
    • Risk Management helps the managers to feel the early signs of Risk, warn the employees against the aftermaths and take necessary precautions for the same.
    What is Risk Management
    What is Risk Management? #Pixabay.

    Essential Featured of Risk Management:

    • Risk Management includes activities and processes which help the managers as well as employees to analyze and understand events which might lead to Risk and uncertainty in the organization.
    • Risk Management enables managers and employees to respond effectively to changes in the organizational culture.
    • It consists of effective coordination amongst the departments to overcome emergency situations.
    • Employees at the time of Risk must communicate effectively with each other and try their level best to overcome tough times. Points to keep in mind during Risk
    • Don’t panic or spread rumors around. Be patient.
    • At the time of Risk, the management should be in regular touch with the employees, external clients, stakeholders as well as media.
    • Avoid being too rigid. One should adapt well to changes and new situations.

    Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals.

    Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities.

    Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions, and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.

  • What is a Business? Introduction, Meaning, and Definition

    What is a Business? Introduction, Meaning, and Definition

    A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers. Businesses as a form of economic activity are prevalent in capitalist economies, where most of them are privately own and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social non-profit enterprises or state-owned public enterprises charged by governments with specific social and economic objectives.

    What is a Business? Introduction, Meaning, and Definition.

    Businesses owned by multiple individuals may form an incorporated company or jointly organized as a partnership. Countries have different laws that may ascribe different rights to various business entities.

    An organization or economic system where goods and services are exchanging for one another or money. Every enterprise requires some form of investment and enough customers to whom its output can sale consistently to make a profit. Businesses can privately own, not-for-profit or state-owned. An example of a corporate business is PepsiCo, while mom-and-pop catering businesses a private enterprise.

    An enterprise is an organization or enterprising entity engaged in commercial, industrial or professional activities. A company transacts enterprise activities through the production of a good, offering of a service or retailing of already manufactured products. An enterprise can be a for-profit entity or a nonprofit organization that operates to fulfill a charitable mission.

    Nature:

    The term business comes from busyness or the state of being busy—any ac­tivity a man is busy about. Businesses an economic activity with the object of earning an income i.e. profit and thereby accumulate wealth. The eco­nomic activity must be regular and continuous.

    It involves:

    • Production of goods to sell them at a profit or
    • Merely purchase of goods to resell at a profit.

    The real object of any enterprise, as pointed by Peter Drucker is to create a customer and to ensure repeat sale which is possi­ble only when the customer can get due service and satisfaction in the market place where the exchange takes place in monetary terms.

    Concept:

    The following concept below are;

    History of Concept:

    In the old days, the enterprise was conceiving merely in terms of busi­ness. The enterprise of business is business. In those days the sole and exclusive objective of busi­ness was the maximization of profit at any cost.

    The business began merely as an institution for the pur­pose of making money. So long as man-made money and kept himself out of jail he was considering successful.

    He felt no particular obligation and acknowledge no responsibility to the community. As he was the owner of the enterprise he thought he has the perfect right to do with it what he, please.

    Modern Concept:

    The modern busi­ness enterprise is a social and economic institu­tion. It does not live in a vacuum. Enterprise by it­self is not an end but a means to achieve an end – i.e., public welfare. Urwick has rightly pointed out that profit can no longer be the main objective of a business than eating is the main objective of living.

    According to Peter Drucker, the objective of the business is to create a customer.

    The first business of every business is to se­cure customers. The customer is the master and to serve him well is the only purpose of business. An enterprise cannot survive without customers. Mod­ern business aims at a profit through service.

    What is a Business Introduction Meaning and Definition
    What is a Business? Introduction, Meaning, and Definition #Pixabay.

    Basic Definitions:

    • A person’s regular occupation, profession, or trade, an activity that someone engages in a person’s concern, work that has to finish or matters that have to attend to.
    • Commercial activity, trade considered in terms of its volume or profitability, a commercial house or firm.
    • A situation or series of events, typically a scandalous or discreditable one, a difficult matter. Action on stage other than dialogue. A very enjoyable or popular person or thing.

    Definition of Business:

    According to well-known professors William Pride, Robert Hughes, and Jack Kapoor, business is,

    “The organized effort of individuals to produce and sell, for a profit, the goods, and services that satisfy society’s needs.”

    A business, then, is an organization which seeks to make a profit through individuals working toward common goals. The goals of the business will vary based on the type of business and the business strategy being uses. Regardless of the preferred strategy, businesses must provide a service, product, or good. That meets a need of society in some way.

  • What is an Organization?

    What is an Organization?

    An organization or organisation (see spelling differences) is an entity comprising multiple people, such as an institution or an association, that has a collective goal and is linked to an external environment.

    The word is derived from the Greek word organon, which means “organ“.

    • An organized group of people with a particular purpose, such as a business or government department.
    • The action of organizing something. And the quality of being systematic and efficient.
    • The way in which the elements of a whole are arranged.

    Basic Definition of Organization:

    • Basically, an organization in its simplest form (and not necessarily a legal entity, e.g., corporation or LLC) is a person or group of people intentionally organized to accomplish an overall, common goal or set of goals. Business organizations can range in size from one person to tens of thousands.
    • There are several important aspects to consider about the goal of the business organization. These features are explicit (deliberate and recognized) or implicit (operating unrecognized, “behind the scenes”). Ideally, these features are carefully considered and established, usually during the strategic planning process. (Later, we’ll consider dimensions and concepts that are common to organizations).

    Definition of Organization:

    A social unit of people that is structured and managed to meet a need or to pursue collective goals. All organizations have a management structure that determines relationships between the different activities and the members, and subdivides and assigns roles, responsibilities, and authority to carry out different tasks. Organizations are open systems they affect and are affected by their environment.