DOI link for Managerial aspects
Managerial aspects book
This chapter discusses the competencies a manager need. Environmental uncertainty affects an organisation’s structure. Some organisations face relatively stable and simple environments, others face dynamic and complex environments. The chapter also discusses political risk, operational risk and business risk. Every organisation includes people, and management’s job is to work with and through people to accomplish organisational goals. The chapter explores managerial aspects of running a business. Management competencies are a key to organisational success. Management entails four basic functions: planning, organising, leading, and controlling resources. The planning function involves the process of defining goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate activities. Risks can occur when a process is inadequately managed or clear lines of authority and accountability are lacking. The efficiency and effectiveness of a process is dependent on a proper balance between managerial responsibilities, competence, experience and incentives.