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GLOBAL CHALLENGES FOR BUSINESS, MANAGEMENT AND LEADERSHIP - Essay Example

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GLOBAL CHALLENGES FOR BUSINESS, MANAGEMENT AND LEADERSHIP

On the other hand management can also refer to the person or to different people who perform the various acts of management.
There are a number of approaches to management but the competitive values framework is the framework which comprehensively covers a number of management approaches. The Competing Values Framework for various cultural assessments was developed and well defined by Quinn and Rorbaugh in 1983 from the analysis of Campbell's longer list of efficiency as well as effectiveness dimensions into two major dimensional patterns.
The horizontal dimension basically defines the degree to which any organization generally focuses inwards as well as outwards. Towards left, attention is basically inwards, within the organization, in order to know what is happening in the organization.
An internal focus is valid as well as an important source in any environment where the competition or the customer focus is not the main thing and it is also not the most important thing, but on the other hand in the competitive climates or where the external stakeholders hold sway, then this kind of challenge must met directly and effectively.
Vertical: Stability or Flexibility
The vertical axis basically determines that who actually makes decisions. At the lower end, control is also with the management whilst at the upper most end; it is also devolved to those employees who have been directly empowered in order to decide for themselves and for their organization or for their company. Stability is a valid form and source whenever the business is stable and the degree of reliability and efficiency is at the peak level, but when the environmental forces or the factors develop a need in order to have a change, then at that particular time flexibility becomes much more important. (Boddy, 2001, pp. 200-226)





The Competing Values Map


The four hierarchies as mentioned in the above diagram are to some extent historical in their respective development and are also presented in this order which is mentioned below.
Hierarchy
The hierarchy has basically a traditional approach towards the structure and control that generally flows from a strict chain of various command as mentioned in the Max Weber's view of the bureaucracy. For numerous years, this was also considered as the only effective and an efficient way in order to organize and is still considered as a basic element for many organizations. Hierarchies have full respect for the power as well as for the position. They also have well-defined processes, policies and well maintained procedures.
Market
The Market oriented organization also seeks to control but they do so by looking outward, and by taking notes of the transaction cost. Market organization is not the one which always focus just on the marketing level, they also keep this in mind that what are the main and the basic transactions, where are all these transactions, whether internal and the external ...Show more

Summary

Various kinds of global challenges in the world of business, like an increased rate of the economic complexity, multi- culturalism, globalization, the explosion of the information technology, sustainability and also the changing nature of the employment, which generally require leaders and managers in order to have the ability and the knowledge to draw on both the traditional as well as on the contemporary approaches to the management when ever formulating the business decisions…
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