BBA 1st Year Business Ethics Work Life in Indian Philosophy Long Question Answer

Holistic Approach for Managers in Decision Making: The word, holistic has originated from a Greek word ‘Holos’ which means the whole. Holistic approach is a proc which enables convergence or integration. This convergence/integration is related with coI of parts i.e. profits and capitals.

Holistic Approach It means everything is inter-related. Decisions taken w ce department would affect other departments also. Managers should keep in mind the whole of tcprttion while taking any decision because his decision would affect the interest In other words, managers should make decisions keeping in view the various inte!u.,s such as interest of workers, customers, suppliers etc.

Those decisions should be taken that does not harm the interest of any group,,wore5 customers, management etc.
The holistic approach is based on the principle of unity or non-duality. Unprcjple of unity, the universe is an undivided whole where every particle is connected with 1er rtic1e

The necessities of a good decision making are as follows:

(1) Decision should leave the manager in a healthy state of mind, it means : áns made by the manager should not only solve the problem but also provide a sort

(2) The backward and forward linkages of problem should be clearly unde1

(3) Managers should receive the information related with the problem his subordinates, but also make efforts at his level to collect facts related with the

(4) Managers must not involve the personal evaluation in decision making.

(5) Decision must bring unity and cooperation in the organisation.

Q.1O. Discuss the major managerial challenges in modern organisation.. How does holistic approach in decision making help to tackle such challenges?

Or What are the emerging management issues in modern world? How does h— in decision making help to resolve such issues?

Ans. Managerial Challenges : In the era of rapid technological advances ianr:: – economic liberalization in India, new challenges are emerging in Indian business e .. changing scenario, only those organisations which have the capacity to compete emerge and take over the place of olden ones. Because of this changing en—.—t, imiiii; rnanagerial issues are faced in the modern world:

1. Globalization: Open market system is there. No restriction on the outside the geographical boundaries of the country. Today world has become a IwrspIIOIIau economic relevance has extended beyond these boundaries.

For Example: In the era of globalization process many companies like Wipro, Satyam, Videocon, Maruti, Pepsi, and TCS etc. earn 50% of their total revenue from foreign markets. Globalization is helpful in earning profit but it also creates many challenges for management. Cultural diversity, workforce diversity and economic diversity are some of the major challenges.

2. Mergers and Acquisitions: Every organisation strives for growth which may either come from company’s own projects or through mergers and acquisitions. In merger, one Qrganisatjon merges with another organisation in its entity while in acquisition one organisation acquires the control of another organisation. Liberalization has paved the way for mergers and acquisitions. For example: Vodafone, Essar, Hindustan etc. In the absence of proper integration between the two, mergers and acquisition efforts are likely to be nonproductive and useless.

3. Increasing Quality Consciousness: With the increasing competition in the market, customers as well as organisations have become more COnSCiOUS about the quality of their products and services. Quality is a sense of appreciation that something is better than other. Quality means the customer’s expectation should meet with the performance of the product: Increasing quality consciousness has generated the adoption of the following practices:

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