Various Management Topics

Throughout the chapters, the authors maintain a consistent approach to defining management as the infinitely complex process of working with people and resources to accomplish organizational goals. Within this framework, they cite the functions of management as encompassing planning, organizing, leading, and controlling. "The best managers maintain a clear focus on both effectiveness and efficiency" (Bateman & Snell, 1996, 6).

The authors treat planning both as an art and a science. The "art" side includes the manager specifying the goals to be achieved and deciding in advance the appropriate action that will be taken to achieve those goals. The "science" side involves many levels of organizing. This act of organizing included but is not limited to assembling and coordinating the resources (people, finances, equipment, information, etc.) necessary to achieve goals. When the art and science combine, planning becomes a conscious, systematic process during which decisions are made about the goals and activities that an individual, group, work unit, or organization will pursue in the future. This means that the manager must be skilled in: A) "situational analysis" (the gathering, interpreting, and summarizing all information relevant to the planning issue in question; B) Envisioning Scenarios (the creation of alternative combinations of different factors into a total picture of the environment and the firm; and C) Contingenc

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anking Facilities (OIBFs). This led to a large inflow of cheap funds from overseas into the country. At the same time, exports expanded at a high rate. The Thai stock market consequently boomed again in 1993-1995. However in 1996, the Thai economy slowed down markedly in the wake of the implementation of a restrictive policy to contain inflation since mid-1995. This led real estate firms to experience illiquidity and other financial problems, (Limthammahisorn, 1997, Aug., Online). Such a contingency policy, at the highest levels of government, impacts every business in the nation, since it is a fact of business life that every cause has an effect, sometimes multiple effects. In this case, Thailand's attempts to stabilize the baht resulted in high interest rates, which made fund mobilization difficult, which in turn had the effect of turning the Thai stock exchange bearish, which in turn had the effect of many businesses that had recently gone public to rethink financial strategies to face the new situations. "Apart from this, stock market bearishness caused financial institutions, which had invested in the bourse, to suffer substantial losses. Thus, a major financial crisis developed. In particular, finance and securities c

Category: Business - V