Is Management an Art or Science? Essay

Management is a set of activities (including planning and decision making, organizing, leading, and controlling) directed at an organization’s resources (human, financial, physical, and information) with the aim of achieving organizational goals in an efficient and effective manner. A manager is someone whose primary responsibility is to carry out the management process within an organization. The effective practice of management requires a synthesis of science and art; that is, a blend of rational objectivity and intuitive insight. Good management is a mixture of art and science. Managing is working with and through other people to accomplish the objectives of both the organizations and its members. Management is both art and science. It is the art of making people more effective than they would have been without you. The science is in how you do that. There are four basic pillars, plan, organize, direct, and monitor. Most managers attain their skills and positions through a combination of education and experience. Management is science but whenever and wherever one is dealing with human beings one can not expect same behavior, reaction or same outcome in a given situation, therefore the science of management is to be applied and utilized in most artful manner to achieve best results. It can be said with fair amount of certainty that a good manager is the one, who is also a good public relation man and does apply the science of management in a fashion whereby giving human factor prime importance. It is proven that a manager’s job is naturally multifarious, a reasonable question relates to whether management is a science or an art. In fact, effective management is a blend of both science and art. And successful executives recognize the importance of combining both the science and the art of management as they practice their craft. Many management problems and issues can be approached in ways that are rational, logical, objective, and systematic. Managers can gather data, facts, and objective information. They can use quantitative models and decision-making techniques to arrive at correct decisions. And they need to take such a scientific approach to solving problems whenever possible,  especially when they are dealing with relative routine and straightforward issues. Technical and diagnostic skills are especially important when practicing the science of management. All said and done still science of management is not the kind of science where you mix two parts of Hydrogen and one part Oxygen and you get water, but it is the kind of science where you adapt and adjust management techniques according to circumstances and different scenarios. Even though managers may try to be scientific as much as possible, they must often make decisions and solve problems on the basis of intuition, experience, instinct, personal insights and on compassionate grounds. Relying heavily on conceptual and interpersonal skills for example, a manager may have to decide between multiple courses of action that look equally attractive. Solving unusual and non-routine problems almost certainly requires an element of intuition, emotions and personal insight. Although science of management provides valuable information on how to manage human resources effectively to get optimal results but still it is not possible to, or can be counter productive, if the management techniques are applied without giving due consideration to different situations and varied human behaviors. In short a successful manger is the one who uses science of management in an artful manner and get best possible results.

Corporate governance board in an organization operates via the Essay

Corporate governance board in an organization operates via the different members of board of directors - Essay Example The aim of this paper is to illustrate the working of corporate governance by means of the literature review. Corporate governance rules are settled by the directors who give rules and regulations for the firm to move it in a specific direction to achieve different goals. Corporate governance actually gives rules for internal control of the firm. This literature review shows different views on corporate governance of various scholars i.e. the point of generation of this idea and its history. The paper then elaborates on the principle of corporate governance and their responsibilities; two distinctive models are described for corporate governance, which are used all over the world. These models clearly defines that why the firms in the United Kingdom are not as powerful as in United States. The reason is provide latterly in the paper by showing different examples of United States industries that actually fails because their corporate governance was unable to work. Then what are corpor ate governance model used by the Asian companies are provided. The paper uses three different examples to show that either corporate governance work or not. ... The last section is the few lines defining the conclusion taken from over all paper. The paper uses the examples of real firms that show that either corporate governance work or not. These real examples show that how their corporate governance works so that we can conclude that either the concept of corporate governance work or not. Corporate governance concept does work but it all depends on the individual forming the board of director or corporate governance. Corporate governance ideology does work and that is the reason that why the top firms are still working. The best direction and decision making system is the only reason that works and all these are provided by corporate governance. The paper not only shows that the either corporate governance work or not rather it also provide that how corporate governance work. The examples of real firms that are taken to elaborate the aim of paper will clearly define that how their corporate governance working for the success of the firm. Fro instance, the example of Cadbury shoes that their corporate governance decided to separate the confectionery firms from the beverages firms and this decision really works and the firm actually gain profits. Different statistical data of the companies are provided by the paper that shows that impact of decision making and regulation provided by corporate governance. The approach to literature review is made by the use different scholarly piece of work. Different books are used to elaborate the topic and scholar's journals are sued to seek the issue discussed by this paper. Moreover, the paper uses the real firm's data showing the actual and real evidences that either the corporate work or not. This data is taken from different

Recycling Assignment Example | Topics and Well Written Essays - 1500 words

Recycling - Assignment Example We are tuned to wants being unlimited and deprivation is not a word that's welcomed. So let us equate the word Reduce with 'No Wastage.' This is something that is understandable and manageable and can be immediately implemented. Mass media's Hidden Persuaders [2] have trained us to reach out for the new. It makes good commercial sense, to them, to have products flowing from the manufacturing line, straight into the hands of the consumers. It has made us to imbibe a false sense of dignity, by privately or publicly discarding the partially used, a form of squandering actually, to deal with the new. Let us then look at the word Reuse to be consistent with 'getting the money's worth' by being a good steward. There is one great notable point to be derived from all these three strategies. To extend and save the planet Earth by every act of Reduction or Reusing or Recycling, YOU are important. When you serve the purpose you are worthy to be emulated. When that happens, you are to be celebrated. Dear Ones, the fast pace at which precious scarce resources are being used up Reduce, Reuse or Recycle may not remain a choice. It may just become mandatory that we exercise it. Believe me we are not very far from such a situation. If we show concern NOW, we may surely be able to postpone it for some time in the future. Or else it may tantamount to committing hara-kiri. Let us look in some detail as to what we... It may just become mandatory that we exercise it. Believe me we are not very far from such a situation. If we show concern NOW, we may surely be able to postpone it for some time in the future. Or else it may tantamount to committing hara-kiri. Let us look in some detail as to what we can do with these three recommendations. So that it becomes a way of life for us. So that our conscious efforts continue to yield the desired results, and that we impact the world in a positive manner. I would like to get on with the first two, Reduce and Reuse very briefly. For you will find when I elaborate on Recycle how these two interweave with it to make it an essential composite whole. REDUCE When we introduced the word here we decided to look at it as 'No Waste.' If we gear our activities towards waste minimization the immediate effect will be fall in procurement. The less we buy the less waste or garbage is generated. Truly the discipline exercised will stand in good stead in time to come. Be an informed and aware consumer and your shopping selections will begin to fall in place. 4 REUSE One advantage of this is that it requires no further processing for it to be used. It is good the way it is and has the latent potential to serve the purpose it was bought for. All that we need to do is reach out for it again. Donating things and stuff to charities fall in this bracket too. So does garage sales! Some one is going to buy and reuse it. Reusing products postpones it from becoming a waste. RECYCLE When waste is perceived as a valuable resource the re-cycle process begins from that moment. This generates a host of environmental, financial, and social benefits when it is followed through.

Corporate Finance ------ Analytical report Essay

Corporate Finance ------ Analytical report - Essay Example Let's begin by taking a closer look at the board of governors and what its members do. Together, management and the board of governors have the ultimate goal of maximizing shareholder value. In theory, management looks after the day-to-day operations, and the board ensures that shareholders are adequately represented. But the reality is that many boards are made up of management. The company Adobe Systems Inc., has a good balance between internal and external board members. Other good signs within Adobe Systems are the separation of CEO and chairman roles and an assortment of professional expertise of the board from accountant, attorney and executives. It's boards comprised of the current CEO (who is chairman), the CFO and the COO, along with the retired CEO, etc. This does not necessarily signal that the company is a bad investment, but, as a shareholder, it should question whether or not such a corporate structure is in shareholder best interests. The interaction between Financial Markets and Corporate Governance Corporate governance is merely one feature of the superior framework of macroeconomic policies, global capital, products and labour markets, competition, cultural norms, ethics, tax policy and diverse state regulatory systems. The expansion of global capital markets has shaped the potential for superior access to a bigger investor pool. However, the prime attraction of long-term patient capital, if it is domestic or international, the ability to offer corporate governance systems that are clearly expressed within regulatory and legal frameworks that support contractual and ownership rights. The importance of global capital markets and the governance debate continues to a purely property based regime with private property by which resources are used efficiently in our society. Global Financial markets focuses on the need to protect those property rights under vastly differing legal and political regimes, correlating shareholder protection and developed external capital markets. Capital markets are key to economic development. Economies, particularly in those nation states that are emerging or transitional, need foreign capital to make the investments necessary to generate wealth. Developed market economies also require additional capital to meet product and other market changes, and to ensure that they are globally competitive. Transparency of Corporate Governance Norms Provide Market Information Accounting principles differ from country to country, with differences often reflecting varying business practices, reporting practices and disclosure preferences. For corporate governance to be effective, official regulation of public disclosure will produce company information that is accurate, complete and timely. Interestingly and transparency of corporate governance norms are widely accepted capital market requirement. Disclosure and transparency requirements allow shareholders to monitor the use of their equity capital, enhancing board accountability mechanisms. Institutional investors such as pension funds are increasingly likely to use these transparency guarantees

Recruitment, selection and deployment of human resources Case Study - 2

Recruitment, selection and deployment of human resources - Case Study Example Care should be taken to make these appraisal systems time bound, reliable, factual and consistent across all outlets. 2. Certainly, it is appropriate to modify the current rating systems in some of the stores. As these stores have a geographic element ingrained in their structure to cater to geographic customer needs, customer satisfaction needs to find a pivotal place and scope in these rating systems. Besides, while taking into consideration some practical concerns like practicality and economic viability, the rating systems in these stores need to be made more frequent rather than being annual or semi-annual. The rating system also needs to be made consistent across most of the stores to assure their accuracy and reliability. 3. One primary performance measurement and determination criteria I would suggest to the management would be Job Result, focusing on the measurable results of the jobs performed by varied employees like sales volume, quality and quantity of work done, etc. I would also suggest rating employees in consonance with their job behavior, like the amount of consideration and patience shown with customers. These particular stores strongly need to have a strong customer satisfaction

VOLUNTARY SUSTAINABILITY DISCLOSURE (Accounting) Essay

VOLUNTARY SUSTAINABILITY DISCLOSURE (Accounting) - Essay Example It may be argued that the above definition portrays a simplistic view of sustainability. Hence, one of the greatest difficulties encountered by corporations is to break down the sustainability phenomenon into objective goals. According to O’Dwyer’s definition of what he terms as managerial capture, corporations must define sustainability for themselves keeping in view their primary concern of shareholder wealth maximization (O’Dwyer, 2003). This has called into question the existence of the â€Å"social† aspect in â€Å"corporate social responsibility†. Sustainability must not be viewed from organization’s perspective; rather, it should be viewed from the perspective of the holistic ecosystem. Owing to an increased focus towards sustainability in the corporate world, there have been expectations from accountants to adopt an influential role in using sustainability in a positive way to enable stakeholders achieve their goals. The environmental impact of the firm’s operations on its assets, liabilities, revenues and costs has been one way of incorporating sustainability into financial statements. ... â€Å"Integrated reporting† has, therefore, evolved as a relatively new concept which reflects KPIs depicting the organization’s economic, social and environmental performance (Gould, 2011). This, however, requires managerial co ordination and collaboration across all organizational levels and that the processes for gathering non-financial data are similar to those for financial reporting. Integrated reporting may not be possible even with a holistic reporting of social and environmental risks. Quantifying such non-financial information and developing appropriate KPIs for it is in itself may present a challenging task. Considering the trend towards sustainability reporting, various tools and techniques have been developed for accountants to incorporate this. Accounting like its social sciences counterparts relates to socio-economic framework of the society. Traditional experiments in the field have focused on multi-column accounting, triple-entry record keeping and the more recent, narrative disclosures (Bebbington, Brown, & Frame, 2007). Some quantification of data has been made including the number of workers employed, emissions resulting from use of product, use of resources versus the amount of final product produced etc. Researchers have called on placing greater emphasis on stakeholders to provide for multi-layered accounts and address power differentials in the social and environmental reporting (Bebbington, Brown, & Frame, 2007). Therefore, a transition is being made from the â€Å"monologic† accounting practices to â€Å"polyvocal citizenship† approach (Gray, Dey, Owen, Evans, & Zadek, 1997). Procedures such as SAMs (Sustainability Assessment Modeling Systems) have been adopted in the U.K whereby costs that were traditionally considered

Mills Utilitarianism Essay Example for Free

Mills Utilitarianism Essay In the beginning of Utilitarianism John Stuart Mill states that throughout history very little progress has been made towards developing a set of moral standards to judge what is morally right or wrong. Although a certain disagreement about such foundations can also be found in the most â€Å"certain† sciences, in those areas truths can still have meaning without understanding the principles underlying them. On the other hand, in philosophy, where all actions exist to proceed towards a particular end, statements unfounded upon a general principle have very little validity. Therefore Mill says that in order to know what morality dictates, it is necessary to know by what standard human actions should be judged. He rejects the idea of a moral instinct inherent in human mind, which supplies us with this ability to judge. Even if such a sense would exist, it wouldn’t show us whether something is right or wrong in a particular matter. Instead, Mill assumes that right and wrong are questions of experience and he tries to show that the principle of utility or â€Å"the greatest happiness principle† is the foundation of this distinction. In Chapter two, Mill tries to reply to some common misconceptions about utilitarianism. He claims that many people mistake utility as the rejection of pleasures, whereas in reality, it is pleasure itself, promoting happiness. He thus defines utilitarianism as the creed which â€Å"holds that actions are right in the proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness†. Accordingly pleasure and absence of pain are the only goals that are inherently good and desirable in themselves. Every other action or experience is only insofar good as it promotes pleasure. However, it is wrong to assume people should only do what makes them personally happy. Instead the standard of judging an act is the happiness of all people. Therefore people shouldn’t distinguish between their own happiness and the happiness of others. The motives underlying a certain act are of no importance in utilitarianism. Instead only the results of our conduct, or more specifically the impact on the general happiness, are to consider. In continuing, Mill states that some pleasures are more valuable than others, so not only the quantity but also the quality of pleasures resulting from a certain act determines its moral rightness. We can experience this difference in quality when we give one pleasure a clear preference over another, although it comes along with a greater amount of discomfort, and would not dismiss it for any quantity of the other pleasure. Mill claims that, given equal access to all kinds of pleasures, every man or woman gives priority to those employing their higher faculties. Appropriately he writes that †it is better to be a human being dissatisfied than a pig satisfied; better to be Socrates dissatisfied than a fool satisfied. And if the fool, or the pig, is of a different opinion, it is because they only know their own side of the question. Thus only people who have experienced both the higher and the lower pleasures are qualified to judge the quality of a pleasure. But by what extent are pleasures measurable or comparable? And what is it that makes a â€Å"higher† pleasure superior over a â€Å"lower†? Another criticism Mill responds to is that happiness can’t be the goal of human actions, since it’s unattainable. Moreover, detractors of the utilitarian moral state that a life without happiness is quite possible, and all noble beings have become virtuous by renunciation. Mill objects that if happiness is defined as moments of rapture, â€Å"in an existence made up of few and transitory pains† and not as a â€Å"continuity of highly pleasurable excitement† happiness is quite attainable. The only reason why mankind is not yet in this condition of happiness is because our education and our social arrangements are inadequate. Concerning the objection that virtuous men renounced happiness Mill asserts that those noble men acted as martyrs, sacrificing their own happiness in order to increase the happiness of other people. However, such a sacrifice is not in itself an act of good but only insofar as it helps others. Mill presents a couple of other misapprehensions of utilitarian ethics, which he says are obviously wrong but which many people nevertheless believe. First, utilitarianism is often accused to be godless, because its foundation is human happiness, and not the will of god. But if we assume that god desires in the first instance the happiness of his creatures, then utilitarianism is more profoundly religious than any other doctrine. Another objection holds that there is not enough time to outweigh the effects on the general happiness prior to every action taken. Mill replies that such a claim also implies that if our conduct is guided by Christianity we’d have to read the Old and New Testament every time before we act. Obviously this is not possible. Instead he asserts that we had the entire duration of human existence to learn by experience which actions lead to certain results. The last critique Mill responds to is that utilitarianism legitimates immoral tendencies by justifying the break of rules by referring to an increase of utility. He replies that this problem can not only be found in utilitarianism but also in every other creed. Does this argument really dispel misconceptions about utilitarianism? In the beginning of chapter three Mill asserts that every moral philosophy needs some source of obligation in order to be binding. Regarding utilitarianism this binding force consists of internal and external sanctions. External sanctions include â€Å"the hope of favour and the fear of displeasure from our fellow creatures or from the Ruler of the Universe†. Internal sanctions on the other hand, are feelings in our own conscience and create a pain if we violate duty. This second type of sanction is considered to be more powerful. Thus to provide a force which is binding enough to influence people’s conduct, utilitarianism needs to appeal to people’s inner sentiment. Mill claims that in fact every moral sentiment could be cultivated, no matter how bad it is. However such â€Å"artificial† feelings, will eventually crumble when they are analyzed thoroughly. The utilitarian morality on the other hand, emerges as a particularly strong foundation because it’s consistent with the social nature of human sentiments: every one of us has an innate â€Å"desire to be in unity with our fellow creatures†. Mill finally emphasizes that this natural sentiment needs to be nourished through education and law. [ 1 ]. John Stuart, Mill, Utilitarianism, ed. Mary Waldrep (Mineola: Dover Publications, Inc. , 2007), 1. [ 2 ]. Mill, 6. [ 3 ]. Mill, 8. [ 4 ]. Mill, 11. [ 5 ]. Mill, 11. [ 6 ]. Mill, 24. [ 7 ]. Mill, 27.