Characteristics of Organizing Organizing is the management tool to establish a productive relationship between all the components of the organization so as to ensure that desired goals are achieved. The following are the common characteristics/features of organizing function of management. Work Specialization Work specialization is achieved when employees are qualified, experienced, and skilled in doing…
Tools and Techniques For Decision Making Managers can use various tools for making decisions in order to make more effective decisions. They require factual information, expert opinion, and other tools for the purpose. Managers usually select qualitative and quantitative tools of decision-making on the basis of the nature of problems and the need for accuracy….
Process of MBO (Management By Objectives) MBO i.e. management by objectives is the process of setting organizational goals/objectives that are agreed upon by supervisors and employees. It is a strategic management tool to increase the overall performance of the company. Peter Drucker, the initiator of MBO has stated that management by objectives works if you…
Advantages and Disadvantages of MBO (Management by Objectives) MBO is a goal-oriented management model that aims to increase overall organizational performance by setting goals with the participation of both management and employees. MBO tries to balance the objectives of both organization and employees to achieve more incredible performance. Following are some of the noted advantages…
Methods of Group Decision Making Group decision-making is an effective tool for choosing an alternative that is right for complex situations. During your course of action in the organization, you have to make different decisions individually as well as in groups. Choosing the right methods or techniques while making a decision in a group is…
Advantages and Disadvantages of Group Decision Making What are the pros and cons or advantages and disadvantages of group decision-making? A group decision is made of decision using the participatory method where a group of people discuss and select the optimum option. Group decision-making has both negative and positive impacts on your firm’s performance. Some…
What is Group Decision Making? Group decision-making is the process of coming to a conclusion through a group discussion. Here, a group of people is formed to solve a problem, they analyze the situation, collect data, analyze the data, and come to a solution with mutual consent. More simply, decision-making is selecting the best alternative,…
What are Decision Making Styles? Decision-making styles are ways managers assume while making decisions. Managers employ different styles of decisions considering their skills, interests, knowledge, and attitudes. Some managers are rational and logical while others are creative and intuitive. While some have a low tolerance for ambiguity and others have a high. Thus, on the…
What is Problem Solving? Problem-solving is the process of identifying the problem, its intensity, and its causes and finding the most suitable solutions for it from available alternatives. It is an art of decision-making. Problems should be solved as soon as possible so that the wastage of raw materials, time, and other resources can be…