Business and Economics of an Organization

 

Think about these three basic strategies discussed in Chapter 11 (text attached):
Cost Reduction
Product Differentiation, or
Reduction in Competitive Intensity
Explain how a manager’s ability to effectively develop, manage and allocate the budget will influence one of
these strategies?

Sample Solution

Belcher deeply believes, “This type of collaboration benefits the project and gives team members an outlet to bounce around ideas to find the best fit.” . Let’s say there are several good advantages about working in a group, but a member unsure which is the most appropriate one, so it gives other members an opportunities to give their ideas or opinions to help finding the best fit. A mistake that usually occurs is the project drifts off the topic; however, each member gives out good ideas that orient the project help it purposely stay on the topic. In a spirit of cooperation, be prepared that it may not work as planned, find alternative solutions. Also the group can be seen as a resource. Members work on their tasks , but further information might be needed, according to their experiences and knowledge, they will help.

Moreover, working in a group is about teamwork, people with different skills work on sudden parts that they are really good at and can get help whenever they need. Chitra Reddy demonstrates, “To solve complex problems and to complete difficult tasks, team works better than a individual.”. It drives people crazy when working in a group where there is no talking and freedom. People management skills that a group develops in order to communicate. Teamwork is not just work; it is about communication and motivation. People can’t just sit around when other people are working; there gets to be a purpose that they work in a group. When working in a group, people have to have a problem to solve; otherwise, they just aimlessly mess around. As it says earlier, people with different skills work on sudden parts does not mean they are good at those let them work on it individually. Teamwork is where members need encouragement to put their views across, make it exciting , interesting, and motivating.

Lastly, working in a group is that it enables the group as a whole to be more productive, more creative, and can get work done in small amount of time. Lynda Moultry Belcher emphasizes that,“Another key advantage of group work in the office is that it can increase efficiency”.Groups that work well together can achieve much more, creativity thrives when people work together. One of the benefits of working in a group is that it helps to raise the complete output. People work together using their b

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