Question

"Management's Responsibility". determine the level of responsibility management had for the business failure you resarched, and create a list of three best practices that not only would have helped the company you eerched from figure, but would also apply to the rest of the industry your company was part of

Answer 1

To determine the management responsibility for the business failure it is required to focus on the leadership practices that were conducted. A leader or an operational manager is given the responsibility to focus on the business process. The manager’s responsibility is to properly analyze the business and monitors the activities related to growth, decision-making process, supply chain management, and other controlling activities of the organizational ethical cultures. All factors if not taken into considerations may lead to the business failure; the management responsibility is to keep a close eye on the day to day process in business. The failure may lead to a huge loss in the financial management of the company; the revenue losses may take place.

In this situation, the management should concentrate on the present projects which are in their hand and an esteemed level of customer satisfaction has to be provided. The work structure is required to be highly implemented from the past references. The communications with the clients are likely to be influenced by the highest convincing mode; the transparency needs to be high rise with the efficiency of work. These processes may bring out the organization from failure to success and in this way with the most effective work the situation can be taken under control.

Three best practices for monitoring the business to make successful:

1. Analytical decision-making process by market researching the feasibility of the business process.

2. Identifying the marketing competitiveness and make the objectives, plans, and strategies to cope up with the situation.

3. Revenue and cash flow are required to be utilized as per the level of sufficiency of the fund and with the understanding of the area of the highly influential market and targeted population. This will bring more profits to the organization and it will sustain the process with a height of success.