1. Management

There are scores of definitions for the term ‘Management.’ Management is defined as a process of ‘planning, organizing, staffing, directing and controlling.’ Besides several functions that we find in this definition, there are several other important management functions which are listed below under the five main management functions…

1. Management
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There are scores of definitions for the term ‘Management.’ Management is defined as a process of ‘planning, organizing, staffing, directing and controlling.’ Besides several functions that we find in this definition, there are several other important management functions which are listed below under the five main management functions…

2. Leadership
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Leadership is both a research area and a practical skill encompassing the ability of an individual, group or organization to “lead”, influence or guide other individuals, teams, or entire organizations. Often viewed as a contested term, specialist literature debates various viewpoints, contrasting Eastern and Western approaches to leadership, and also (within the West) North American versus European approaches.

2. Leadership

Leadership is both a research area and a practical skill encompassing the ability of an individual, group or organization to “lead”, influence or guide other individuals, teams, or entire organizations. Often viewed as a contested term, specialist literature debates various viewpoints, contrasting Eastern and Western approaches to leadership, and also (within the West) North American versus European approaches.

3. Financial Perspective
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Profits are important for all businesses regardless of whether they are in the private or public sector. Simply put: the very nature of business is to produce goods or services that you can sell for a financial return or reward. Taking away the costs of producing goods and providing services from the revenue or sales you are generating will leave you with your profits. For any business, net profit (also referred to as net income) typically represents the most important measure of performance.

3. Financial Perspective

Profits are important for all businesses regardless of whether they are in the private or public sector. Simply put: the very nature of business is to produce goods or services that you can sell for a financial return or reward. Taking away the costs of producing goods and providing services from the revenue or sales you are generating will leave you with your profits. For any business, net profit (also referred to as net income) typically represents the most important measure of performance.

4. Customer Perspective
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Understanding how satisfied and how loyal your customers might be is important for any company to know because happy and returning customers are likely to grow future revenues and profits. The problem is that most customer surveys are complex, expensive and hard to interpret. In response to this, the net promoter score (NPS) was developed as ‘the one number you need to know’ based on just one simple question:

4. Customer Perspective

Understanding how satisfied and how loyal your customers might be is important for any company to know because happy and returning customers are likely to grow future revenues and profits. The problem is that most customer surveys are complex, expensive and hard to interpret. In response to this, the net promoter score (NPS) was developed as ‘the one number you need to know’ based on just one simple question:

5. Marketing & Sales Perspective
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Understanding the size of the market in which a company is operating and the rate at which this market is shrinking or growing is a key indicator to assess future revenue growth potential. A key role of the management team is that they identify future growth opportunities in existing and new markets. Therefore identifying these markets and evaluating their growth rate is a vital piece of performance data.

5. Marketing & Sales
Perspective

Understanding the size of the market in which a company is operating and the rate at which this market is shrinking or growing is a key indicator to assess future revenue growth potential. A key role of the management team is that they identify future growth opportunities in existing and new markets. Therefore identifying these markets and evaluating their growth rate is a vital piece of performance data.

6. Operational & Process Perspective
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The Six Sigma metric (which was pioneered by Motorola in the late 1980s and later adopted very successfully by global giants such as General Electric and Honeywell as well as many other companies of various sizes) informs managers as to the stability and predictability of process results. The goal is that process defect or error rates will be no more than 3.4 per one million opportunities. As an analogy, consider a goalkeeper of a football team who plays 50 games … 

6. Operational Process
Perspective

The Six Sigma metric (which was pioneered by Motorola in the late 1980s and later adopted very successfully by global giants such as General Electric and Honeywell as well as many other companies of various sizes) informs managers as to the stability and predictability of process results. The goal is that process defect or error rates will be no more than 3.4 per one million opportunities. As an analogy, consider a goalkeeper of a football team who plays 50 games … 

7. Employee Perspective
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In many businesses, employees are not only the most important assets and key enablers of future success but often the biggest expense (or rather investment). It is therefore important to understand to what extent employees add value to the financial performance of the organization. Employees are often a missing ingredient in accounting and finance (except as an expense) and with a little effort we can calculate the effects of people on financial performance.

7. Employee Perspective

In many businesses, employees are not only the most important assets and key enablers of future success but often the biggest expense (or rather investment). It is therefore important to understand to what extent employees add value to the financial performance of the organization. Employees are often a missing ingredient in accounting and finance (except as an expense) and with a little effort we can calculate the effects of people on financial performance.

8. Corporate Social Responsibility Perspective
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Although still sometimes disputed, most people believe that climate change is one of (if not the) most serious and urgent challenges facing the world’s global population and the natural environment. Many people accept that the greenhouse gas emissions (GHG) released into the atmosphere in still rapidly growing volumes are the primary reason for the quite dramatic and unpredictable….

8. Corporate Social
Responsibility Perspective

Although still sometimes disputed, most people believe that climate change is one of (if not the) most serious and urgent challenges facing the world’s global population and the natural environment. Many people accept that the greenhouse gas emissions (GHG) released into the atmosphere in still rapidly growing volumes are the primary reason for the quite dramatic and unpredictable….