In business survival tactics and management, it is a definite fact that effective and efficient problem solving appear to be the most appropriate component. It is however very open that the kind of a problem facing a particular business will be subjected to all the industries and the companies. Nevertheless, the approaches used in the resolutions are just the same.in this particular context, there are myriad of subjects in MBA available to the managerial staffs. These subject will enable us in this study to express their significance in solving business problems. Again, in that subject matter, there exists myriad of theories that draw perfect positive correlation and association in solving business problems. Both the subjects and the corresponding theories can be tailored to a particular business entity and its workers to achieve financial progress and objectives. This is definitely promote and enhance proper working environment and morale of the employees. These subjects would include; management theory and practice, leadership and entrepreneurship, human resource management, marketing management, strategic management, accounting and financial management. These subjects have demonstrated not once but time without numbers ways of solving business problems.
To start with, these subjects are interconnected such that a manager in a business entity would draw skills in a collective manner. They recommend for one another when making sound decisions and when solving business problems. There are various skill obtained from these subjects (McGregor D 2016). Theoretical skills, applied skills, practical skills and reflective skills are the main skill applicable in these subject. To begin with, we consider the theoretical skills with regard to the subjects. Management theory and practice will assist the manager in understanding the management framework of the business entity. Here, there exist management models such as theory x and theory y depending on the nature of workers the management is dealing with. Strategic management will help the managers in project development in the business entity by application of strategic processes such as stochastic process used in the analyzing the best time for a business to engage into a particular investment (Miller TL 2015). This lowers the risk of loss and uncertain business risks once you venture into an investment. Accounting and financial management will assist the managers to an estimate of resources required to accomplish a given business agenda. The manager will do research drawing benchmarks from previous business investments. Processes and models such as a Harrington model will be appropriate.
Secondly, applied skills will also relate to the subject matter. Marketing management is an important subject in the applied skill. It will be applied to determine the best market for a given products and services. Marketing strategies will enhance decision making where determining the kind of a market to venture (Donella HM 2008). The manager will decide where to enlarge the market depending on the current level of consumption and the response of the clients for products and services provide. The manager will also look on the demand and supply forces that influences market shifts. Leadership and entrepreneurial subject in MBA will reflect in the applied risk. It’s a duty of any organization to provide quality leadership. This leadership provide information to the entire stakeholders in order to achieve the set objectives. On entrepreneurship, the business entity always face chaos once unfavorable competition trickle in. therefore a business entity will be required to innovate more ideas to promote their growth (Fletcher F 2012). This a skill that will enable the managers to be innovative to fill the gap that is left by other investor. Applied skills will therefore demand more on creating new ideas rather than having theoretical skills. Accounting and financial management will assist the manager to determine the sources of income to implement the new ideas. They can decide to take business savings and retained profits to invest more in capital development. They can also decide to borrow grants and loans for the same purpose. This will also help the manager to enact ways to repay such loans in case he take that direction. The manager will finally provide the information to other stakeholder so that they ascertain and hence moving in one accord.
Next is practical skills attributed to MBA subject matter. The best assertion on this skill is decision making. It is very important for a manager to know that he is the decision maker in a business. Therefore, any decision made by the manager absolutely count toward the growth and development of any business (Cole 2011). Human resource management is a subject study in MBA. This subject relates to the welfare of workers and human resource management is a subject study in MBA. This subject relates to the welfare of workers and recruitment procedures. Therefore a manager will be required to make decision on how the recruitment process will follow. Again, the manager will be in a position to determine the number of workers to be employed in a given business entity. This means that at any particular time, the number of workers should correspond the work available without any reservation whatever. The manager with other managerial stuffs should make sound decisions when allocating profits and other incentives. They also make decision to the professional personnel to be recruited in a particular field based on skills and competency. This indicates in a simple term how decision making matters in solving all these business problems. Finally, accounting and financial management subject also plays an important role in any business. Capital refers the baseline and motherboard of any business entity. As a manager, you need to have strong skills in accounting principles and financial management. This will help the managers to make decision regarding the financial control. The manager must make sound decisions on whether to making saving and investments. Whether there should be an injection or withdrawal in the business cycle and so on. This will reduce chances of insolvency and bankruptcy of the entire business investment.
Finally, the last skill to consider in the MBA subject is reflective skill (Bonney G 2016). This skill as the word suggest enable the managers to reflect on personal attributes in propelling the success of a business. After deeply going through the selected MBA subjects, the manager is able to gauge his skills with regard to the outer appearance of the business progress. Management theory and practice enable the manager to reflect what he has become. In this case, the manager is able to consider the various theories used in leadership and solving business plan. The manager has become very sensitive towards the working environment of the workers. Still, the manager become very strong in management by enacting policies and decisions towards the development of the business. Strategic management makes the manager to be responsible in various strategies of business. (Addison J 2016). He is therefore superior to his subordinate staffs. The manager become an icon in that business and every stakeholder always lay trust in them. Accounting and financial management becomes the most challenging aspect in the management life. The manager need to present budget for revenue collection and the corresponding expenditures. This become challenging when collecting resources from various sources. A further problem arise when allocating funds to the departments. Every department would demand the best share from that common pool of funds. It becomes challenging when presenting the expenditure report to the shareholder. High corporate taxes are imposed to businesses and so on (Nickels GW 2015). Therefore this issue of accounting and financial management becomes the most challenging factor in managerial sector. However, the good thing in this case in the study subject of accounting and financial management in MBA. This particular subject has trained managers towards solving such business problems. They are equipped with viable skills in accounting. Finance data keeping and presentation are among other skills that the manager gain. Finally, on reflective skill, the most enjoyable aspect is to see a success despite the many challenges. It is enjoying for a manager to realize how important his decision matters. It makes the manager to work with zeal and tenacity. It is also enjoying to see how your employing appreciate your decisions and policies (Daft RL 2015). The manager enjoys when the worker are implementing his polices and by the end of the day great success is achieved. This is the main thing that keeps the manager on tract always.
This last part of this essay discuss the various theories corresponding to the MBA subjects under discussion. We explain how these theories interrelate to the subjects and the application of these theories in solving the business problems. Lastly, we assert how the subjects and the theoretical models gives an effective manager knowledge based on the management requirement. There are four theories that relate to the discussed subjects namely:
- Contingency theory
- System theory
- Chaos theory
- Theory X and theory Y.
This is an important theory that explains how leaders in management makes decisions depending on the situation at hand. The management team will take the key action depending on facts that are most crucial at such particular point in time or rather at that current situation. For example, in order to improve business performance, contingency theory prefers the manager to apply the leadership approach mechanism rather than applying the autocratic approach mechanism when requesting workers and employees to participate in a particular task (Donaldson L 2011). The importance of this theory is to enlighten the manager on the approach to use based on the level of his workers or the circumstance at which such a directive will be given. A manager in a business entity is advised to use leadership approach when giving directives to his team of workers whereas a manager in the army may use an autocratic approach to his army of solders. The application of this theory would be in business entity by applying leadership approach to delegate duties to workers.
In this theory, the management team realize how different systems affect the employee and the converse of how these employees affects the systems that surround them. A system in that matter would refer to the various entities that work closely to achieve a certain objective (Wild JJ 2014). In business field, this objective is to realize profits. System theory will enable managers to in coordination and extermination of sequences and events in the working environment. Managers will be able to coordinate the workers to work as a team teamwork is profitable and more effective rather than working at individual or the isolated department levels in an organization. The importance of this theory is to help managers to group their workers in groups that have similar objectives and ideology. It will be applicable in solving business problems where conflict of ideas arises.
Entropy is disorder and chaos is entropy. Therefore for this case, change is constant. It is not usually simple to control all the events in an organization. Some circumstances cannot be controlled. This theory demonstrates how difficult it is to control change (Gleick J 2008). For that reason we assert that change is inevitable. During boom seasons, some events and complexity of an organization grows. This demand a corresponding increase in power to maintain the increased level of complexity. More energy must be gathered as stability tends to tends to increase by increasing stability structure (Karunadasa Y 2013). These systems progresses in change and evolution. The importance of this theory is to help the organization or business entity to stabilize when facing chaos of increasing business complexity and structure.
Theory X and Theory Y.
Depending on how workers express their attitude on business or management, this theory uses the high influence of their attitudes and beliefs to make a verdict. For workers and employees who lacks incentives and ambition to propel productivity, they are subjected to theory X by their managers (Graziosi D 2017). On the other hand, the responsible workers are highly value by their managers. These managers believe very little that need to be done and applies theory Y. Theory X will make managers to use power, authority and sanction for their workers while theory y will make managers to encourage their workers and employees toward achieving their objectives. Finally, this theory is important in solving business problems because managers will be in a position to value their workers for profitable gain. Subjects and theoretical models will give knowledge to the effective managers by considering the best theory that fits their workers for maximum productivity without any reservation whatever.
In conclusion, it is important for managers to realize how important the subjects discussed above assist in solving business problems. Each subject has a great weight in a particular field. This implies if the managers applies them collectively businesses will scale the greatest heights of production. I recommend further analysis of other subject in MBA so as to assist all the managers whose work is geared to achieving the best output
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