Elements of Decision making...

Elements of Decision making One of the important tasks of an executive is the decision making. It generally takes a small fraction of his time. Nevertheless the decision making is a very important aspect of his work since the decisions he makes by virtue of his position, knowledge or experience have significant impact on the entire organization, its performance, and the results. Hence, executives to be effective are to make wise decisions. They are to make the decisions as a systematic process with clearly defined elements and in a distinct sequence of steps. For an effective decision making, the executive is to normally concentrate on those important and strategic decisions which have big impact for the organization. These strategic decisions need to have the highest level of conceptual understanding. The executive is required to find the constants in a situation and is to apply his skill to manipulate a great many variables arising out of the chaotic thinking in order to make an effective decision. He is to know what the decision is all about and what the underlying realities are which the decision is required to satisfy. The executive is to look out for impact rather than the technique. He is to ensure that the decision he makes needs to be sound rather than clever. An executive while making a decision is required to know whether the decision is to be based on principle or it is to be made on the merits of the case and logically. He is to be aware that the trickiest decision is the one which is between the right and the wrong compromise he has to make and he is to be able to judge one from the other. Further, the executive is to be aware that...

Controlling – A Management Function...

Controlling – A Management Function Management function of controlling is the process whereby organization sets itself performance objectives and strives to achieve them as best it can over time. It is a method for managing the performance of the organization. It is the process oriented to verify the advancement status of the planned objectives as well as the efficacy and efficiency of the organization through the analysis of the resources, costs and proceeds. Controlling is one of the important functions of management. It pinpoints the deviations on the basis of which management can take corrective actions. Without the function of controlling, work done in the organization is not systematic and as per plans, since the inefficiencies remain undetected. For achieving the objectives and targets, it is necessary that the actual performance is assessed from time to time to ensure that what is being achieved is in conformity with the objectives and targets. This is done through the controlling function of the management. Thus, controlling as a function of management refers to the evaluation of actual performance of work against planned or standard performance and taking the corrective action, if necessary. Controlling function of the management is not to be seen as an activity of the exclusive competence of the administration area, but rather as a process which involves, at the appropriate levels of responsibilities of all the functions of the organization.  As with all processes, the controlling function is constituted by different elements which are connected to each other. These elements are (i) the structure (personnel charged of the duty of control), (ii) the tools (general accounting, data analysis, statistical analysis, budgeting, reporting), and (iii) the procedures (coordination, optimization). Different management experts have defined the function of controlling in the following way. “Control of...

Customer Satisfaction Survey...

Customer Satisfaction Survey  Customer satisfaction is the key to long term success for an organization. If the customers of the organization are not happy then the organization will lose them to the competitors and lose out on the sales revenue. Understanding the customers and their needs goes a long way towards the provision of excellent customer service and high customer satisfaction. Customer satisfaction is not something that can be presumed. In fact, it is a thing which needs to be measured through customer satisfaction surveys. While customer satisfaction surveys are a good way to determine what the customers think about the organization, products, or services, they also help to find out the satisfaction or dissatisfaction of the customers with the products and services of the organization. Customer satisfaction surveys are also the best way to uncover customer needs, their likes and dislikes, what they think about the prices, how well the organizational employees are serving them, why they cancel their orders with the organization, and finding out the areas of improvement etc. The surveys go a long way to strengthen relationships with the customers and help build trust and loyalty. Learning what the customer needs and whether or not they are being met is arguably more important than having a great product, because a great product is not necessarily great if it leaves the customer unsatisfied. With a customer satisfaction survey, the organization has the following ability. To see how customers feel about the organizational products and services To understand customer’s priorities To get knowledge about the customers’ perception of the organizational performance and its customer service To understand organizational performance relative to the customers’ priorities To see how customers feel about the market, and what they need To obtain useful data for a...