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Fundamentals of Management


In chapter two: 1.      The general environment is identified using three major dimensions. The economic dimension is the backbone of an organization’s monetary operation and how it operates. This dimension covers diff...Read More


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In chapter two: 1.    &nbs...

Fundamentals of Management


In chapter two:

1.      The general environment is identified using three major dimensions. The economic dimension is the backbone of an organization’s monetary operation and how it operates. This dimension covers different economic factors including interest rates, inflation, employment and growth. Moreover, the effect of the economic dimension is not constant for all associations when placed under a particular monetary scenario. For instance, during an economic recession, eateries that are expensive may experience drastic drops in their sales unlike fast food restaurants, which may get more clients because of the clients spend less on food. The legal and political dimension relates to the attitude portrayed by the political environment towards the business in general. Lower interest rates can be achieved if the attitude at hand is pro-business. Additionally, pro-business means the tax rates are lower and this creates better incentives for financial institutions to finance companies. On the other hand, if this environment is anti-business, a reverse is anticipated. Moreover, the legal system dictates how a business enterprise gets to do and the restrictions imposed on the business. The technological dimension is the other environment and it is related to the accessibility of expertise emanates from the general environment existing outside the association. Technology is not constant and it changes every day. The introduction of technology via internet sources into every part of an organization is a catalyst for this environment.

2.      According to my comprehension and survey, I say yes associations have morals and which are exceptionally all taken into consideration by the associations. Morals are imperative for any associations or business in this present world. Ethics are maintained within the organizational environment for the managers, business owners, and employees when they are handling the various tasks given.

In chapter three:

1.      Tactical planning focuses on the resources, mission and the business environment. Tactical plans are rarely stand alone because they are part of the large strategic plan. This process is used mostly by managers to outline the different duties an organization needs to handle in order to become successful in the near future. These plans are mostly developed in key areas such as finance, production and marketing. Therefore, tactical planning is essential for the long term influence of an organization. These plans have a definite time and have specific objectives essential in carrying out the required tasks.

2.      Operational planning is an association's procedure of characterizing its methodology, on top of making appropriate choices on allotting its assets to seek after this technique. In general, strategic planning incorporates, the whole business as opposed to only a disengaged unit. Operation plans describe the conditions and milestones necessary for the success of an organization. It additionally explains the percentage and how the strategic plan will be put into operation based on a certain period.

3.      The difference between tactical and operational planning is that tactical planning covers a long period of time, usually spanning decades. Operational plans are short term and are usually on an annual basis. Tactical planning is less detailed and is specified in a general manner. Strategic plans can direct people within the association to reflect on the direction that is intended to achieve the operations of the company. Conversely, operational plans have exact details detailing every course of action to follow and the method to use when carrying out the tasks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Works Cited

Griffin, Ricky W. Fundamentals Of Management. Cengage Learning, 2013.



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