Many a time this topic come for discussion. Everyone has his/her opinion about the management. But management is an art where one has to take decision to chose one out of many available options (when there is apparently one option, other option is always not to do anything). When managers take decisions they take based on some assumptions because they don’t have full information or idea what the outcome can be. If they know what the outcome is going to be of one particular decision they will never take any decision that will result in losing their own jobs. Very rarely it can be said that the decision taken by manager is completely right or wrong, decisions are generally bad or good and they are decided based on the outcomes. managers are always working under pressure to perform better and better and most of the time they don’t have full information and they need to take decisions. Even decisions are not taken in isolation, every decision has some link to other decisions in other department/divisions of the organizations.
In management schools, subjects are taught in isolation and many of the managers out of these management school thinks themselves as expert in one of the stream of business. I think that is one of the mistake and stops growth of some managers because when they grow in their career and they need to deal with other stream of management they find it difficult to deal with them and they are not able to take decisions with full confidence. Problem is they are not familiar with the unknowns in other part of the organizations. Every decision has some impact on whole organizations. It does not matter problem is concerned with marketing, sales, HR, strategy or operations, all problems are same to some extent. All problems have some unknowns and complete solution is not possible, there are some possible outcomes and one needs to just pick one option and then bet on that.
Since managers are working with unknowns they should not forget that they might have taken some decision that is not bringing desired output. As soon as they realise this they should take some action to prevent bigger disasters. Billion dollars disasters does not happen all of a sudden, they happen over a time and many of the managers involved in this identify it much earlier but because everyone wants to save his/her face they keep hiding the mistakes. most of the time they so much pressure from outside world that they have no chance to accept the mistakes but this culture does not bring good to anyone in long run. The sooner it is realised that managers were dealing with unknowns and they can mistakes, the better it will be for everyone.
I am talking about this because there is so much disturbance in the money market that it threaten to slow down the whole economy of the world. It is my assumption that many of the managers were aware of this problem but no one could it stop it earlier and now we are seeing write-down of billions of dollars.
Saying all this does not mean that managers can take any decisions and in the end just say we were dealing with unknowns. But a balance will be good idea.
In management schools, subjects are taught in isolation and many of the managers out of these management school thinks themselves as expert in one of the stream of business. I think that is one of the mistake and stops growth of some managers because when they grow in their career and they need to deal with other stream of management they find it difficult to deal with them and they are not able to take decisions with full confidence. Problem is they are not familiar with the unknowns in other part of the organizations. Every decision has some impact on whole organizations. It does not matter problem is concerned with marketing, sales, HR, strategy or operations, all problems are same to some extent. All problems have some unknowns and complete solution is not possible, there are some possible outcomes and one needs to just pick one option and then bet on that.
Since managers are working with unknowns they should not forget that they might have taken some decision that is not bringing desired output. As soon as they realise this they should take some action to prevent bigger disasters. Billion dollars disasters does not happen all of a sudden, they happen over a time and many of the managers involved in this identify it much earlier but because everyone wants to save his/her face they keep hiding the mistakes. most of the time they so much pressure from outside world that they have no chance to accept the mistakes but this culture does not bring good to anyone in long run. The sooner it is realised that managers were dealing with unknowns and they can mistakes, the better it will be for everyone.
I am talking about this because there is so much disturbance in the money market that it threaten to slow down the whole economy of the world. It is my assumption that many of the managers were aware of this problem but no one could it stop it earlier and now we are seeing write-down of billions of dollars.
Saying all this does not mean that managers can take any decisions and in the end just say we were dealing with unknowns. But a balance will be good idea.
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