Management Practice
Jump to navigation
Jump to search
A Management Practice is a business process that involves the methods, strategies, and activities employed by managers to achieve organizational goals effectively and efficiently.
- Context:
- It can (typically) involve Strategic Planning to set long-term goals and determine the best approach to achieving them.
- ...
- It can range from being a Performance Management System to an Operational Process Improvement initiative.
- ...
- It can emphasize Change Management to help organizations adapt to new conditions, technologies, or market environments.
- It can involve the application of Decision-Making Models to guide managers in selecting the best course of action among alternatives.
- It can apply Project Management Techniques to ensure that projects are completed on time, within budget, and to the desired quality standards.
- ...
- Example(s):
- Financial Management Practices to ensure the optimal allocation and utilization of financial resources.
- Talent Management to attract, develop, and retain key personnel within the organization.
- a Total Quality Management (TQM) approach that focuses on continuous improvement of processes and products.
- a Lean Management Practice that eliminates waste and optimizes efficiency in production processes.
- an Agile Project Management methodology that promotes flexibility and rapid response to change in software development.
- Risk Management Practice to identify, assess, and mitigate potential risks to the organization.
- Governance, Risk Management, and Compliance Practice.
- Leadership Development to enhance the capabilities of managers and leaders within an organization.
- ...
- Counter-Example(s):
- Ad-hoc Decision Making, which lacks structured methods and consistency.
- Micromanagement, which often leads to inefficiency and employee dissatisfaction, deviating from effective management practices.
- See: Organizational Behavior, Business Strategy, Operational Excellence