Jul 11, 2019 in Exploratory

Principles of Management Essay

Haines (2007) defines systematic thinking as that process of understanding the manner in which things act upon one another in a whole. It is the approach to problem solving since the problems can be viewed as parts within the overall system and not reacting to specific outcome which can possibly contribute to the development of unplanned consequences. But intuitive thinking is a sense that uses no rational process for example data and facts. It is usually gained through many years of knowledge and experience such that it allows one to comprehend the manner in which people as well as the world works (Sternberg 1994).         

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Business forecasting is defined as that practice which attempts to identify the major factors involved in business production and generalize the given sets of data to generate perfect projections for future opportunities, costs and revenues. This is usually done so that to adjust both current and the near-future businesses for utmost reward of expectations. Contingency planning is the activity that is undertaken to guarantee that suitable and instant follow-up steps are chosen by a management and workers incase of an emergency. The major objectives of contingency planning are continuity of important operations of the company, and containment of injury or damage to property or personnel. Scenario planning is the process of visualizing the probable future conditions, their consequences and how to respond to them.  While benchmarking is defined as the process of finding out the quality of a company’s products, policies, strategies, and programs as well as their relationship with standardized measurements. Benchmarking is meant to determine the type of improvements and where they are needed, the way other companies achieve high performance, and the use of the information to better the performance of the company (Schermerhorn, 2002).  

Morrill (2007) defines strategic leadership as the strategy that is used in the management of workers. It has been found that the major strategy particularly used in a strategic leadership is to encourage workers improve their input of production in the company where they work. Strategy comprises both thinking and planning, while the leadership prompts workers to take suitable action toward production.  Therefore, strategic leadership can be referred to as a management model employed to train and encourage workers to prepare the company in the best way for its well being in the future.  It is apparent that strategic leaders keep looking ahead and at the same time analyze the factors at present so that to prepare adequately for the future business. For the strategic leadership, there must be awareness which is usually put through by a thoughtful action. Strategic leaders are characterized by being growth-oriented and adaptable (Schermerhorn, 2002).



An Entry Level Management Accounting Position

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