To What Extent Does The Theory And Practice Of Public Management Have Lessons For Managers In The Private Sector?
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To What Extent Does The Theory And Practice Of Public Management Have Lessons For Managers In The Private Sector?
Managing in the Public sector assignment:
To what extent does the theory and practice of public management have lessons for managers in the private sector?
The current financial crisis, which started in the United States and recently exploded into a full-blown economic crisis worldwide, is often singled out as the culprit why many businesses are floundering. Upon closer investigation, the economic crisis is the aggregate result of what is internally happening in these businesses. The economic crisis is more of an aftermath of how these businesses are performing. In other words, the crisis came about after these businesses especially those listed at Wall Street, one by one, started showing signs of financial difficulties. With further scrutiny of these businesses, it becomes apparent that the internal dynamics within these organizations is largely to be blamed for the financial woes more than the overall economic turmoil. The way these organizations are run tells the entire story. Analyzing the management of these organizations depicts the complete picture of why these organizations are faltering. The financial complications of these organizations can be traced from the operational inefficiencies of their businesses. Thus, the management of these businesses warrants a deeper analysis to explain the financial difficulties, which brought about the current economic climate.
How are business organizations run? The simplest way to answer this question is to look at the profit motive. Business organizations exist mainly because of the intention to earn money. Owners and stockholders expect to get a decent return on their investments. Managing business is driven by this motive of making money to maximize return on investment. Profit maximization comes first. Everything else is secondary especially if it contradicts the profit motive. This is how executives and managers run their businesses. They are expected to produce the bottom line...
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