This is significant, because when it is used in conjunction with flexibility, you can be able to effectively adapt to changes in the markets. With flexibility providing the necessary ingredients to implement such changes, while the use of benchmarks will identify when a management system is becoming unproductive. (Ireland, 2008, pp. 33 -- 39)
The use of knowledge management is when an organization is collecting and analyzing the total amounts of knowledge at their disposal. This would include analyzing all available: resources, employee / managerial skills and documents. This is significant, because it provides a way for an organization to quickly collect and analyze a wide variety of information. At which point, managers can be able to effectively place the different resources and personnel of the company, in those areas where they will have the greatest impact. Over the course of time, this will help ensure that the company is utilizing its different resources. In the case of the auto industry, this helps to provide a foundation for increasing productivity, while reducing costs as much as possible. (Ireland, 2008, pp. 33 -- 39)
Impact on the Personal / Professional Life of an Individual
The impact of an effective management control system within the auto industry; has had a dramatic effect upon the personal and professional life of the individual. Where, functional systems that can quickly respond to changes in the market or in the company itself; will help ensure the long-term stability of an organization. Once this takes place, it is important that managers do not become a victim of their own success. This usually occurs during times when sales are strong and it appears as if the industry learned from the mistakes of the past. It is at this point; that managers will become very short sided and will build those models that the general public is no longer demanding. The problem is: that no one is concentrating on creating new makes / models that could be in demand at some point during the future. This leaves the company and the industry at the mercy of the market and changes in the tastes of consumers. Where, a company can assume that they are maintaining their dominate market share, yet the actions that management is engaging in is slowly eating away at the financial foundation of the company. At which point, it is only a matter of time until another competitor will develop some new innovation that will revolutionize the industry (leaving the Big Three unprepared for changes in the market / industry).
For the individual, it is important that they learn from these lessons and push the company to eliminate unproductive control systems. This is because the individual's views, about the markets and what direction they see the company going will affect their families and career. Those managers / employees who are willing to tell the top management what is wrong with company will slowly earn the respect of the top managers, while ensuring that the organization is embracing change. A good example of this can be seen at Ford Motor Company during...
Legal Ethical Environment [Type the document title] Over the last several years, the mining industry has faced similar challenges. Part of the reason for this is because of the increase in demand for a host of different raw materials. In the case of Rio Tinto and BHP Billiton, they are facing similar challenges from various safety issues. Below we will examine how both companies are addressing this underlying problem. (Goodman, 2004) Identify two
(McNamara, 2010) Clearly, the different management theories that are being used will determine how a company will operate in a particular country or region. This is important, because depending upon the type of management structure being utilized. The different theories mentioned above, can be used to adapt an organization to the culture and business environment of a country. Where, each theory can work in conjunction with the basic structure and
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It is not that managers do not see the benefit in conflict that they eschew it; it is that conflict is high-risk and can have significant negative externalities, some of which linger with the organization for a long time. Managers are less enthusiastic about conflict because they are taking into account a longer time frame and the totality of externalities, which makes their views a reflection of better information
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