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BUSINESS DYNAMICS AND ENTREPRENEURSHIP (FIRST CHAPTER)

INTRODUCTION TO MANAGEMENT

MEANING:

Management is a Universal process. It has its place not only in business enterprises but also in political, military, religious, charitable and educational institutions. The term Management is used in different senses. Generally, the term management is used to refer to the process of managing the activities of an enterprise. In short, it is used to refer to a process, function or activity. Management is used to refer to the group of managerial personnel of an enterprise.

DEFINITION:

According to “Henry Fayol”, “To manage is to forecast and to plan, to organise, to command, to co-ordinate and to control”.

According to Peter F Drucker, “Management is a multipurpose organ that manages a business and manages managers and manages workers and work”

FUNCTIONAL CONCEPT OF MANAGEMENT

1. Management is what Management does: according to many Management experts, Management is what Management does. That is Management is the sum total of all those functions concerned with the working of an enterprise.

2. Management is a process for the utilisation of minimum input for the production of maximum output.

3. Management is the art of getting things done through people.

4. Management is the function of executive leadership everywhere.

5. Management is the development of people not the direction of things. It is personnel administration.

Management will mean the sum total of all those functions or activities which relate to the laying down of plans, policies, and purposes, securing men, money, materials, and machinery needed for the achievement of the organisational objectives, putting all of them into operation and supervising and checking their performances.

OBJECTIVES OF MANAGEMENT

An effective mgt must achieve the following general objectives.

1. Obtain maximum output with minimum input

2. Maximize employer’s and employee’s prosperity

3. Improve efficiency

4. Social justice and human betterment

NATURE AND CHARACTERISTICS OF MANAGEMENT

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1. UNIVERSAL PHENOMENON

Management is a universal phenomenon or process. It is present not only in business undertakings, but also in political, social, religious, charitable and educational institutions. In fact management is present wherever there is human activity.

2. DISTINCT PROCESS

Management is a process, function or activity. It is a distinct or separate process. As a process, it includes a series of actions or operations deliberately undertaken. It is concerned with,

a) Determination of the aims or objectives of the enterprise

b) Formulation of the plans and policies

c) Bringing together the various factors of production

d) Exercise of effective or proper control over the performance

e) Creation of proper conditions in which the persons associated with the business

3. SOCIAL PROCESS

Management is a social process. It is a social process, in the sense that it takes place only through people, and is concerned with relations among the people.

4. ORGANISED OR GROUP ACTIVITY

Management is concerned with organised or group activity towards a common objective.

5. MANAGEMENT OF PEOPLE

Management is concerned with the Management of people and not the direction of things. Management inspires and motives the personnel to put forth their best efforts.

6. GETTING THINGS DONE THROUGH PEOPLE

Management is the art of getting things done through people in formally organised groups.

7. INTEGRATING PROCESS

Management is the task of welding or integrating into a single working force the human and physical resources.

8. GOAL ORIENTED

Management is concerned with the achievement of the pre-determined objectives of the organisation. The success of Management is measured by the extent to which the organisation goals are achieved.

9. DYNAMIC

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Management is dynamic & not static. That is Management adapts itself to changes in environment & also introduces changes & innovations in methodology.

10. SYSTEM OF AUTHORITY

Management is a system of authority i.e., the right to give orders and power to get them executed. Since Management is the process of directing men to perform the pre-determined task, authority to accomplish the work from others is implied in the very concept of management.

11. DECISION-MAKING

Decisions are taken in all the activities of management. In fact the success or failure of an organisation is judged by the quality of decisions taken by the managers.

12. GOOD LEADERSHIP

In the words of R.C. Davis, “Management is the function of executive leadership everywhere”.

13. MANAGEMENT AT DIFFERENT LEVELS

Management is needed at different levels of organisation, viz., at top level, middle level and lower level.

14. MANAGEMENT IS INBORN AS WELL AS ACQUIRED ABILITY

According to the traditional concept, management is an inborn ability. That is, managers are born, and not made by imparting training. But, today, management is considered not only as an inborn ability but also an acquired ability by proper training.

15. ONE OF THE FACTORS OF PRODUCTION

Management is one of the factors of production like land, labour and capital, managerial skills also have to be acquired and used for the production of goods or services.

16. PRODUCTIVE UTILISATION OF RESOURCES

The rationale of management is productive utilisation of resources. That is, management is concerned with the best utilisation of the available resources.

17. NEED FOR ORGANISATION

There is the need for organisation for the success of management. Management uses the organisation for achieving the objectives determined by administration.

18. DIRECTING AND CONTROLLING

Management is concerned with directing and controlling of the various activities of the organisation to attain the pre-determined objectives.

19. INTANGIBLE

Management is intangible. That is, it cannot be seen with the eyes. It is evidenced only by the quality of the organisation and the results, such as the increased morale of the subordinates, increased productivity. Etc.

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SCOPE AND FUNCTIONAL AREAS OF MANAGEMENT

1. MANAGEMENT IS A UNIVERSAL PHENOMENON OR UNIVERSALITY OF MANAGEMENT

Further, universality of management implies that management principles can be applied regardless of time and place.

Again, the principles of management are applicable at all levels of management from the bottom level foreman to the top executive.

Above all, the concept of universality of management suggests that managerial knowledge can be transferred from one organisation to another organisation within the same country and also from one country to another.

2. MANAGEMENT IS AN INTER-DISCIPLINARY SUBJECT

Though management is regarded as a separate discipline (i.e., subject of study), it draws ideas and concepts from a number of other disciplines or subjects like commerce, economics, statistics, mathematics, engineering , sociology, psychology, history etc. That means, management is a multidisciplinary subject. For the correct and effective application of the principles of management, a good knowledge of other subjects is quite essential.

3. MANAGEMENT IS A SCINENCE AS WELL AS AN ART

A question often raised is whether management is a science or an art. To answer this question, it is necessary to know the meanings of the terms ‘Science’ and ‘Art’.

What is Science?

A science is a systematized body of knowledge pertaining to a particular field of learning or subject.

What is an Art?

An art is the way of doing specific things.

Is Management a Science or an Art?

Management is a science. It is a science for the following reasons:

Management has a systematised and organised body of knowledge.

It has certain principles which have been evolved through observation, experimentation, experience and inference.

It is applicable to all kinds of human activities.

Management is also an art

It is an art for the following reasons:

Management practice makes use of the principles management is the specific situations.

In the application of the principles of management solving specific management situations, the skills and efforts of managers are involved.

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Management is creative. Creativity is the major dimension in managerial success. It creates new situations for further improvement.

4. MANAGEMNET AS A PROFESSION

A profession is an activity which necessitates the acquisition of the requisite knowledge and skill and the possession of the right mental attitude by the men engaged in that activity. Profession refers to any occupation which requires the use the of specialised skills and talents acquired through extensive education and training and pursued to serve the largest interests of the society. There are certain trends today which indicate that management is moving in the direction of profession. In short, modern management can be recognised as a profession.

Attributes of profession:

Existence of a body of knowledge

Facilities for formal training

Existence of a representation body

Ethical standards or codes of conduct

Social responsibilities

Self discipline

Reasonable remuneration

5. SUBJECT MATTER OF MANAGEMENT MANAGEMENT PROCESS: management process is defined as the process composed of interrelated social & technical functions & activities, occurring in a formal organisational setting for the purpose of accomplishing predetermined objectives through the utilisation of human and other resources.

According to D.E.McFarland, Management process is the distinct process by which the managers create, maintain, operate purposive organization through systematic, co-ordinated & co-operative human efforts.

The subject matter of management comprises the various functions or process of management or managerial activities.

6. FUNCTIONAL AREAS OF MANAGEMENT

1. Financial Management: It includes cost control, budgetary control, financial planning, management accounting, standard costing etc.

2. Personal Management: It includes aspects such as recruitment, training, transfers, promotions, retirement, industrial relations, social security etc.

3. Purchasing Management: It consists of purchasing raw materials, maintaining of records, materials control, social security, etc.

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4. Production Management: It deals with aspects such as production planning, quality control and inspection, production control techniques, etc

5. Marketing Management: It includes marketing of goods and services, price determination, market research, sales promotion, advertisement, publicity etc.

6. Office Management: It is concerned with office layout, staffing, equipment of office, etc., 7. Maintenance Management: It relates to the proper care and maintenance of the building,

plant and machinery etc. 8. Transport Management: It includes packing, warehousing, transportation by rail, road, air

etc.

RESPONSIBILITIES AND SKILLS OF PROFESSIONAL MANAGER

A manager should be able to motivate himself as well as his team. The following are the managerial skills:

1. Conceptual Skills Conceptual skill is to have a vision and set of objectives for the organization and to build a team that has the drive to attain them. Conceptual skills are important at the top management level. They should provide an ideal plan or a clear blue print for the members of the organization. The next step is to delegate work to his team members and entrust them with responsibilities. This will not only help the top management to successfully operationalise their vision, but also to bring the skills of each individual member of his team to the forefront. This is followed by reviewing the progress of the plan on a periodic basis. Diagnostic or Analytical Skill

A manager should have the skills to take effective and right decisions at the right times. Thus, a manager has to make a correct analysis of the problem or the situation at hand.

2. Human Skills This is the ability of the manager to deal and interact effectively with people. A manager should focus on the objectives of the organisation as well as the well being of its employees. A manger must also learn to recognize performance and accomplishments. Every employee is in the organization as well as being of its employees. A manager must also learn to recognize performance and accomplishments. Every employee is the organization should be made to feel important at work and given responsibilities, however small they may be. A manager can make the work environment less authoritative and more friendly. An ideal manager is one who can convince the management to include all the employees in collective decision making in exceptional circumstances.

3. Technical Skills

This is the person’s knowledge and proficiency about the process or techniques followed in the organization. If the business organization is engaged in the export of readymade garments, qualified tailors should be there to stitch the items as per the different styles and patterns. This type of skill and competence are to be possessed by the lower level management, because they are directly involved with the production.

Apart from these four managerial skills, a manager also needs following additional managerial skills.

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COMMUNICATION SKILLS ADMINISTRATIVE SKILLS LEADERSHIP SKILLS PROBLEM SOLVING SKILLS DECISION MAKING SKILLS

LEVELS OF MANAGEMENT AND TYPES OF MANAGERS

In an organization, there are different levels of management, according to the chain of command or hierarchy of authority. These levels are based on the authority and responsibility or superior and subordinate relationships. The levels represent different managerial positions and the hierarchy of command. These levels are defined in the organization to determine the authority, responsibility and status of the managers. The number of managerial levels within the organization depends upon the size and nature of the firm the managerial levels are represented in the below diagram.

TOP LEVEL MANAGEMENT AND MANAGERS

It consists of the Board of Directors and the chief executive officers of the firm referred to as top management. The chief officer can be referred to as general manager, President, President cum Chairman, Chairman cum Managing Director etc. The top level is held responsible for the overall management, administration, policy making, directing and controlling.

The following are the functions performed by the top level management:

To define the long term objectives, plans and policies of the firm.

Appointment of department heads and key executives of the firm.

To review the overall activities of the company.

To co-ordinate the various activities of different departments

To define the development and organizational activities of the firm and to implement the same.

UPPER MIDDLE LEVEL MANAGEMENT & MANAGERS

Top Level Managers

Upper Middle Level Managers

Low Level Managers

Middle Level Managers

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The departmental and the divisional heads are called the upper middle level management. These managers are responsible for achieving the short term goals and targets as decided by the top level management, day to day management of various activities within their departments, co-ordinating, controlling and directing their subordinates etc. these managers acts as the middlemen between the top management and middle and lower level mangers. Their responsibilities include executing and implementing the orders, plans and policies of the top level management and to supervise the lower level managers. These mangers are also known as intermediate management. Marketing manager, accounting manager, Finance manager, HR manager, Production manager etc. are referred to as intermediate management. Their functions can be listed as follows:

To co-ordinate the activities of the departments

To be responsible for the specific results of their departments

To attain the objectives as designed and defines by top level management.

To supervise the middle and lower level management.

MIDDLE LEVEL MANAGEMENT & MANAGERS

These managers handle the day to day activities of the firm. They also develop, train and recruit the operating lower level management. This level of management consists of co-ordinaters of different departments, sectional office, plant managers, office managers, brand managers, area managers, deputy department heads and assistant managers etc.

The functions are listed below:

To develop and train lower level staff

To co-ordinate various activities within their department.

To give clear instructions to be carried out in their departments

To control wastage, inefficiency, etc, in their department

To interpret and explain the policies framed by the lower level and upper middle level management etc

OPERATING/ LOWER LEVEL/ FUNCTIONAL LEVEL MANAGEMENT & MANAGERS

These managers generally possess technical knowledge. These managers are responsible for explaining the procedures, sending reports, supervising and controlling the workers maintaining discipline and to maintain a good interdepartmental relationship within the organization. The lower level managers consist of foreman and supervisor.

Functions can be listed as follows:

To plan day to day production activities laid down by the top level and upper middle level management.

To assign the jobs to workers

To explain the work procedure to the workers

To maintain discipline and good human relations among the workers

To get feedback from the workers

ADMINISTRATION VS. MANAGEMENT

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Though the term Management includes administration, for academic purposes, administration can be distinguished from Management.

The main academic differences between administration & Management are as follows:

ADMINISTRATION MANAGEMENT

Administration is regarded as a higher level activity.

Management is regarded as a lower level authority.

Administration is regarded as a thinking process.

Management is regarded as a doing process.

The functions of administration are largely determinative.

The functions of Management are largely executive.

Administration is concerned with the formulation of the overall plans & the broad policies of the enterprise.

Management is concerned with the execution of the overall plans & the broad policies formulated by the administration.

Administration sets the objectives of the enterprise.

Management has to work within the limits described by the administration.

Administration devises the structure of the organization.

Management uses the organization structure devised by the administration for achieving

Administration makes the overall decisions. Management takes the routine decisions for the smooth working of the organization.

Administration is not directly concerned with the direction of human efforts in the plans and policies in the execution of the plans and policies of the enterprise.

Management is directly concerned with the direction of human efforts in execution of plans & policies of the enterprise.

Administration is vested with the entire authority

Management utilizes the delegated authority for carrying out the work assigned to it.

Mainly used in government and public sector enterprises.

Mainly in business organisations.

FAYOL’S 14 PRINCIPLES OF MANAGEMENT

Henry Fayol suggested 14 principles of Management for running the business effectively these principles are studied as follows:

1. DIVIISION OF WORK: The objective of division of work is to derive benefits from the principles of specialization. The various functions of Management like planning, organising, directing etc., cannot be performed by a single proprietor and they have to be entrusted to specialists in the related fields. Division of work in the process produces more and better work with the same effort.

2. AUTHORITY AND RESPONSIBILITY: Authority & Responsibility go together or Co-Exiting & both are the two sides of a coin. The manager gives orders to his subordinates to perform the job as per his direction. A manager may exercise his official authority & also his personal authority. Authority is closely related to responsibility & it arises wherever authority is exercised. An

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individual to whom authority is given to exercise power must also be prepared to bear the responsibility to perform the work.

3. DISCIPLINE: Discipline means sincerity about the work & enterprise, carrying out orders & instructions of superiors & to have faith in the policies & programmes of the business enterprise, in other sense discipline in terms of obedience, application, energy, & respect to superior. A well disciplined working force is essential for improving the quality & quantity of the production & for the smooth running of the business.4

4. UNITY OF COMMAND: A subordinate should take order from only one boss & he should be responsible & accountable to him. If two superiors wield authority over the same person or department, it causes uneasiness, disorder, indiscipline among employees & undermining of authority. Further for the same job, if the workers have to report to more than one superior, they will be confused.

5. UNITY OF DIRECTION: It is “one head & one plan” which means that group effort on a particular plan be led and directed by a single person. This enables effective co-ordination of individual efforts and energy. This fulfils the principles of unity of command and brings uniformity in the work of same nature. It emphasises the attainment of common goal under one head.

6. SUBORDINATION OF INDIVIDUAL INTERESTS TO GENERAL INTERESTS: Principle of management state that employees should surrender their personnel interest before the general interest of the enterprise. In a business concern, the interest of one employee or group of employees should not prevail over the common interest or should not block the fulfilment of general goals of the business concern.

7. REMUNERATION: The remuneration that is paid to the personnel of the firm should be fair & as far as possible, afford satisfaction both to the personnel & the firm. Employees who are paid decent wages or salary will have a high morale & their efficiency will be high. The rate of remuneration paid should be based on general business conditions, cost of living, productivity of the concerned employees & the capacity of the firm to pay.

8. CENTRALIZATION: If subordinates are given a higher role and importance in the management and organisation of the firm, it is decentralisation whereas if they are given less role and importance, it is centralisation. Management has to decide the degree of centralisation and decentralisation’s decisive authority on the basis of the nature of circumstances, size of undertaking, the type of activities and the nature of organisational structure. The objective should be the optimum utilisation of faculties of the personnel.

9. SCALAR CHAIN: Scalar principle means the chain of superiors or the line of authority from the highest executive to the lowest one for the purpose of communication. It states superior-subordinate relationship and the responsibility of superiors in relation to subordinates at the various levels. According to this principle, order of communications should pass through the proper channels of authority along the scalar chain. But in case there is need for swift action, the principle of scalar chain (proper channel of authority) may be reconciled with due respect for the line authority by making direct contact with the concerned authority instead of through the

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proper channel. In case of swift action a gangplank may be created with due respect to line of authority to facilitate quick communication. A diagrammatical explanation of Scalar Chain is given here.

10. ORDER: According to Fayol there should be proper, systematic and orderly arrangement of physical and social factors, such as land, raw materials, tools and equipments and employees respectively. As per view, there should be safe, appropriate and specific place for every article and every place to be used effectively for a particular activity and commodity. This principle also stresses scientific selection and appointment of employees on every job.

11. EQUALITY: Equality means fair dealings, equality of treatment & accommodative or co-operative attitude among the personnel in the understanding. Equality results from a combination of kindness and justice. Equity ensures healthy industrial relations between mgt and labour which is essential for the successful working of the enterprise.

12. STABILITY OF TENURE OF PERSONNEL: In order to motivate the workers to show keener interest in their work, enterprise, initiative & turn out of better work, it is necessary that they should be assured security of job by the mgt. If they have fear of insecurity of job, their morale will be low & they cannot turn out better work. Hence the mgt should ensure stability of tenure of personnel.

13. INITIATIVE: Initiative means freedom to think & execute a plan. The zeal and energy of employees are augmented by initiative. Employees should be welcomed to make any suggestions regarding the formulation of objectives and they should be encouraged to turn out better work with maximum versatility.

14. ESPIRIT DE CORPS: Since “union is strength”, the mgt should create a team spirit among the employees. Only when all their personnel pull together as a team, there is a scope for realising the objectives of the concern. Harmony & unity of the staff of a concern is a great source of strength to the undertaking. If there are any differences or misunderstanding or symptoms of distrust, the mgt should take timely steps to eliminate them.

APPROACHES TO THE STUDY OF MANAGEMENT

Koont Z, O’Donnell and Weichrich have identified different approaches of management.

HUMAN BEHAVIOUR APPROACH

i) Terms

Human Relations, Leadership or Behavioural Science Approach.

Ii) Theme

It bears the existing and newly developed theories and methods of the relevant social sciences upon the study of human behaviour ranging from personality dynamics of individuals to the relations of culture.

iii) Features

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a) As management is the process of getting things done by people, managers should understand human behaviour.

b) Emphasis is put on increasing productivity through motivation and good human relations. c) Motivation, leadership, communication, participative management and group dynamics

are the central core of this approach.

iv) Limitations

Managers can be better placed by understanding human behaviour but equating management with human behaviour is untenable (Not able to maintained).

SOCIAL SYSTEM APPROACH

The real pioneer of this approach is Vilfredo Pareto, a sociologist and later Chester Barnard.

i) Theme

Organization is essentially a cultural system composed of people who work in cooperation. For achieving organization goals, a cooperative system of management can be developed only by understanding the behaviour of people in groups

ii) Features

a) Organization is a social system, a system of cultural relationships. b) Relationships exist among the external as well as internal environment of the

organization. c) Co-operation among group members is necessary for the achievement of organization

objectives. d) For effective management, efforts should be made for establishing harmony between

goals of the organization and the various groups therein.

iii) Limitations

It spreads the boundary and application of management beyond the true concept of organization. For example, there may be many groups which may not be truly called organization and hence no question of management.

SOCIO-TECHNICAL SYSTEMS APPROACH

I.Features a) The socio-technical systems approach of management views an organization views an

organization as a combination of 2 systems - a social system and a technical system. The real pattern of behaviour in the organization is determined by the interaction of two.

b) Social systems of the organization are governed by social laws as well as by psychological forces.

c) Technical systems consist of technological forces operating in the organization like physical

d) Setting of work, rules, procedures etc.

II. Uses

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While analysing management problems of getting things done by people, adequate consideration should be given to technology as well as informal interactions of people.

DECISION THEORY APPROACH

I.Features a) Management is essentially decision-making. b) Members of the organization are decision-makers and problems solvers. c) Quality of decision affects the organization effectiveness.

II. Uses

It demonstrates how managers can discharge their functions effectively and for this approach it provides various tools.

MANAGEMENT SCIENCE APPROACH

It is known as Mathematical or Quantitative Measurement Approach

I.Features a) Management is regarded as the problem-solving mechanism with the help of

mathematical tools and techniques. b) Management problems can be described in terms of mathematical symbols and data.

Thus every managerial activity can be quantified. c) Operations research, mathematical tools, simulation, models etc. are the basic

methodologies to solve managerial problems.

II. Uses

It has contributed significantly in developing orderly thinking in management which has provided exactness in management discipline. Various Mathematical tools like sampling, linear programming, games theory, time series analysis, simulation, waiting line theory etc. have provided more exactness in solving managerial problems.

III. Limitations

It is very difficult to call a separate school of management because it does not provide the answer for total managerial problems. Managerial activities are not really capable of being quantified because of involvement of human beings who are governed by many irrational factors.

SYSTEMS APPROACH

A system is a set of interdependent parts which together form a unitary whole that performs some functions. An organization is also a system composed of four interdependent parts, namely, task, structure, people and technology.

I.Features a) A system is basically a combination of parts, subsystems. Each part may have various

subparts.

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b) An organization is a system of mutually dependent parts, each of which may include many subsystems.

II. Limitation

It is considered as an Abstract and Lack of Universality in it.

CONTINGENCY OR SITUTATIONAL APPRACH

It is the most recent development in the field of management. This attempts to integrate all the management approaches.

I. Features a) Management action is contingent on certain action outside the system or subsystem as

the case may be. b) Organizational action should be based on the behaviour of action outside the system so

that organization should be integrated with the environment. c) It varies from situation to situation.

OPERATIONAL APPROACH

It is also known as Management Process Approach.

I. Features a) Management is the study of what managers do. It emphasises on management functions

and various concepts and principles involved in performing these functions. b) Management functions are universal irrespective of the type of organizational or level of

management in as organization, though there may be differences on emphasis on a particular function in a particular organization or at particular level.

c) The conceptual framework of management can be constructed on the basis of the analysis of management process and identification of management principles.

II. Limitations

Criticisms of Operational Approach are as follows:

a) The basic tenets of operational management that is various managerial functions are not universally accepted. Management functions differ from author to author.

b) Various terms used in this approach are not commonly shared.

CHALLENGES OF MANAGING 21ST CENTURY CORPORATIONS/ ORGANISATION

a) Impact of Globalization: leads to strategic challenges of mixed cultures and languages in the business environment.

b) Managing Across Borders: the ability of an organisation to survive and succeed in the 21st century transnational workforce and borderless business environment. Challenges in managing enterprise-wide production environments.

c) Revolutions of Information Technology: supported by a new world infrastructure of data communications and telecommunications i.e. use of internet, wireless, e-commerce as part of management tools and easing of technology transfer.

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d) Security Issues: Security Issues with wide usage of internet platform in business transactions

e) Knowledge worker: Increasing demand for knowledge-worker in the knowledge driven organization.

The Key to Organisation Survival and Prospering in the 21st Century

a) Corporate Strategy: Organizations must have a structure that helps to unleash the power of their professionals and to capture the opportunities of today’s economy.

b) Ethical Issues: Understanding the new ethical issues emerged from changes in the social and political landscape and from the development of new technologies.

c) Social Responsibility: The issues of privacy and confidentially, accessibility to technology issues, property right and ownership issues, freedom of speech etc.

d) Global Challenges: Impact of globalisation and cross-border work culture. e) Ecological Issues: Oil exploitation and land rights, food security, mining in Africa, climate

vulnerability and ecotourism. f) Workforce Diversity: Cultural Awareness/ Acceptance (i.e. Ethnic Minorities,

Multilingualism, Individual Differences)

Organisation challenges in managing business in the new millennia (21st Century)

1. Enterprise mobility: is commonly defined as the process of extending business applications / solutions through the use of wireless technology, which can be wireless LAN (WLAN), cellular / mobile or other technologies, such as wireless broadband.

2. Maintain and contribute to a sustainable socioeconomic environment: recycle waste and control pollution in the physical environment.

3. Importance of human capital: to create an organisations which support the workers in their cooperative endeavors.

4. Improve organisation management (leadership): Eliminating internal competition, alignment of measurement and reward systems, training and empowering employees to act on the scene and communicate critical problems without delay and to get rapid organisational response.