StudentShare solutions
Triangle menu

Management ( Final ) - Essay Example

Not dowloaded yet

Extract of sample
Management ( Final )

It is not just those who work in the industry who must adhere to the process, but all stakeholders partake in at least a portion of it (Farmer and Richman, 1966).
For instance, if a ship repair yard wishes to reduce its costs, it would start with Step 1 of the process: Data Collection. This data would include items such as inventory, scraps, salvageable materials, as well as a wide array of data on costs and profits associated with those items. Even though the management team is the entity responsible for implementing this step and those that follow, stakeholders play a role as well. For instance, company employees can share valuable data for management to collect during the process of Step 1.
Once the data has been collected, then the ship repair yard could move on to Step 2: Assessment. This is the part where the management team would take a good look at the data and analyze it. In this example, the management team would find out why the repair yard's costs were so high. Feedback from a variety of stakeholders could be analyzed during this step. For example, feedback from customers would be particularly valuable to the management team during this phase of the process. Perhaps customers think the prices are already too high, so management would know to avoid raising prices if at all possible.
After this step has been completed, it would be time for Step 3: Planning. This is where the management team at the repair yard would take the knowledge they obtained in Step 2 and plan how to fix the problem. For instance, if they found out that they were spending too much on certain types of repair jobs, but not pulling in enough profit to justify those expenses, they could plan to turn those types of repair jobs away in the future or raise the prices for those types of repair jobs for the customer. Once again, customer feedback would be invaluable at this point. Investors should also have a say in this part of the process.
Next is Step 4: Implementation. This is the most important step of all, because no plan is any good at all if it is not set into motion. In this particular example, this would be the step where the management team would change the prices for the repair jobs they had found to be too expensive. This step affects all stakeholders, as they are being introduced to a completely new process that will take some form of adjustment on their part.
The final step is Step 5: Evaluation. This is where management takes a look to see how well the management process is working. In this step, the aforementioned repair yard would see how well customers reacted to the price change and make adjustments if necessary. Once again, all stakeholders are involved in this particular phase of the management process (Oakes, Townley and Cooper, 1998).
QUESTION 2
Given is that Ricardo Semler considers the challenge of management is to create an ...Show more

Summary

A corporate stakeholder is a party who affects, or can be affected by, the company's actions" (Wikipedia, 2008). Examples of stakeholders in the maritime industry include employees of marine education, marine services, marine supply, ports, recreation, research, shipbuilding or ship repair; communities involved in these activities (local and national); shareholders of a maritime company; investors in that company; the government; schools; suppliers to the maritime company; labor unions; government regulatory agencies; the public at large; industry trade groups; professional maritime organizations; NGOs and advocacy groups; prospective customers; prospective employees; and competitors (Wikiped…
Author : iswaniawski
Management ( Final ) essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Management ( Final )"
with a personal 20% discount.
Grab the best paper

Related Essays

Human resources management final exam
In the context of organisational structure, leaders who desire to dictate terms adopt a formal approach (McCabe, 2010, p.145). Leadership in an organisation is characterised by; the establishment of a clear vision that is described to others, in order to ensure their voluntary acquiescence.
4 pages (1000 words) Essay
Money Management Final-1
In order to make investments, first of all it is required to examine own risk profile in order to evaluate overall acceptance to take risk which is influenced by numerous factors such as current financial situation, personal needs and goals, time horizon, structure of my current investment, risk tolerance attitude, investment goals and objectives, liquidity, age and income and degree of familiarity with investment issues.
12 pages (3000 words) Essay
Management Final Project
The ideals of the IDEO shopping trolley are to improve the existing designs critically in the next five days and to reduce the loss of the number of already existing trolleys with the main aim of enhancing the reputation of IDEO (Kelly, 1999). This video clip was linked with the late night news on ABC, the show Nightline.
4 pages (1000 words) Essay
Financial management (final exam)
Firstly free cash flow based technique mainly utilizes the growth rates on expectations and assumptions. Those assumptions may not found to be correct. M&A based technique is based upon the industry average. Industry average is not the only factor, which can lead to the most accurate enterprise value.
4 pages (1000 words) Essay
Strategic management Final EXAM
Management seeks to formulate a future mission based on external factors such as changes in the law, competition and technology. This requires the development of a competitive strategy to achieve the goals identified and ensuring that the organisational structure is in place to complement this in order to deploy resources effectively.
15 pages (3750 words) Essay
Management Final Report
ralian Bureau of Statistics (2008) ‘Of the performing arts activities, Popular music concerts had the highest attendance rate, with 25% of Australians aged 15 years or more attending at least one concert in the 12-month period’. The above data were revealed in a relevant
13 pages (3250 words) Essay
Final Human Resource Management Paper
ence under these circumstances, each organization adopts its own leadership style with a view to achieving organizational goals such as profits, market share growth, higher share prices, quality improvements, brand loyalty, sustainability and benchmarks. These organizational
7 pages (1750 words) Essay
Change management final assignment
for the Medicaid facility is under the state preview, it is felt that to work within the constraints of limited budget, the facility needs to be efficiently functioned. The financial management software is obsolete; it lacks integration and automation. Accounting jobs require
8 pages (2000 words) Essay
Final project management report
When such a mode a transport system is put in place, congestion in major towns and increase in fuel consumption will reduce significantly. Amongst other advantages, such a kind of transport system should not subject the environment to
9 pages (2250 words) Essay
Management Philosophy Final Paper
cision making process plays an essential role in enabling the manager to make the appropriate decisions when faced with different situations (Daft & Dorothy, 12). On the other hand, the ethical values are also important for a manager as it ensures that the decisions made are
4 pages (1000 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation