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Questions and Answers
What type of management perspective does Company Y practice?
What is a benefit of Company Y's initiative to invest in solar panels?
What is the primary focus of Organization B?
What type of management perspective does Organization B follow?
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What does Company Y provide to local communities?
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What is a consequence of Organization B's approach to management?
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What is a benefit of Company Y's investment in solar panels?
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What is the primary goal of Organization B?
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What type of management perspective prioritizes financial returns over social and environmental considerations?
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What is a consequence of Company Y's investment in solar panels?
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Study Notes
Management Principles
- The four principles of management do not include "Measuring"
- Effectiveness is the process of doing things right, involving selecting appropriate organizational goals to achieve success
- Efficiency is the process of doing the right things, involving maximizing output while minimizing inputs
Management Approaches
- Financial Bottom Line (FBL) management prioritizes financial gain above all else, leaving social and ecological concerns to external institutions
- Triple Bottom Line (TBL) management considers economic, environmental, and social impacts
- Social and Ecological Thought (SET) management emphasizes collective efforts, positive social change, and societal improvement
Management Functions
- Planning involves deciding on the goals and strategies of an organization and identifying the appropriate organizational resources required to achieve them
- Leading, Organizing, and Controlling are important managerial skills, but Measuring is not one of the four principles of management
Sustainability and Social Responsibility
- Unilever's Positive Beauty vision includes initiatives that benefit people and society, such as the "Self-Esteem" initiative by Dove and Lifebuoy's Handwashing Education project
- A company that prioritizes short-term profit over social and environmental concerns is likely following a Financial Bottom Line (FBL) approach
- A company that focuses on the long-term well-being of its employees and the local community, even if it means slower financial growth, is practicing Sustenance Economics
Case Studies
- A company that implements a waste reduction program that minimizes waste, reduces production costs, and enhances its reputation is practicing Triple Bottom Line (TBL) management
- A company that adopts a management approach that emphasizes financial profits, social equity, and environmental sustainability is practicing Triple Bottom Line (TBL) management
- A company that prioritizes cutting-edge technology and aggressive marketing campaigns, but neglects security vulnerabilities in its data collection practices, is likely following a Financial Bottom Line (FBL) approach
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Description
Test your knowledge of management principles, including leading, organizing, and planning. Evaluate effectiveness and efficiency in achieving organizational goals.
