Assignment – Principle of Management
BBA 121 Principles of Management2015-16 Term 1 Group Assignment IISubmission Date: 26/11/2015Group Members:Wong Hok Chun 201211276HTam Wai Man Mannie 201222269HTsoi Ching Ming 201233030HChoi Lap Tak 201211005HNg Kui Fung 201211261HLi Tsz Yui 201211282HWhen making decisions, managers will generate a complete list of alternatives and consequences and maximize the value of the decision. Do you agree? Why or why not? Ans:I agree when making decisions, managers will generate a complete list of alternatives and consequences and maximize the value of the decision. The environment is always changing, very complex. Managers need to have sufficient and available information to help them do rational decision making to win the competitors. If managers want to improve the quality of decision-making and minimize the risk, managers should think of something that uncertain. So, managers will think about the opportunities and threats when making decisions, choose the best option for the organization. On the other hand, Managers need to make choices in the decision making process. They make all of the important decisions for the organization. They assume that the final decision making yield the best possible benefits sought for the organization. As a result, they should prepare some alternatives and consequences, be accountable for the final results.
Someone may argue that sometimes managers use intuition to do decision making, it may not maximize the value of the decision. But if the decision is very urgent, for example, deciding whether to reduce the product price or not. Managers do not have enough time to think.Why is planning important to an organization? What are the steps in planning? Ans:Planning is important to an organization because it provide clear directions for employees to follow in an organization. Employees are more motivated to work towards goals and objectives that are clearly set out in plans. When they have specific goals in mind, they will become more focused and committed to completing the tasks. This can also coordinate managers to work towards the organizational goal/goals. On the other hand, the planning process also help managers anticipate potential problems the company may face in implementing the business strategy, help them to do decision-making and allocate the organizational resources effectively. There are three steps in the planning process in most of the organization. In the first step ,managers need to determining the organization’s mission and goals. Goals give people targets they should strive for. An effective goal allows managers to establish the overall direction and let employees understand what managers want them to achieve. If one does not know what the goals are, it is not possible to develop a plan and achieve anything. Managers need to formulating strategy in the second step. For example, managers need to develop a marketing strategy (setting the price for produces/ services) which is used to achieve those goals. In the third step, managers need to implement strategy. For example, organize marketing activities(promoting, branding) to promote the brand name of the organization, help the organization achieve the goals.