In: Economics
In international business, briefly, explain the difference, or similarities between monochronic and polychronic cultures – choose at least three comparisons. Then, give an example of how each culture would differ in its response to any two particular business situations. (I am confirming you understand the practical significance of these temporal considerations.)
The term 'mono' means one, thus Monochronic Culture refers to doing or concentrating in one task at a time.
The term 'poly' refers to many, therefore Polychronic Culture means doing or concentrating in more than one task at a time.
a. In monochronic format, time is given maximum importance. Completion of one time bound activity will open the path for another.
In polychronic culture, time is treated as a mere variable which can be adjusted as per the requirements of the players involved.
b. In monochronic - planning, timely execution of the plan and proceeding to the next step as per schedule is of outmost importance.
In polychronic - convinience and quality is given outmost importance. Delayin execution of plans or starting of activities as per schedule is treated with minimum importance.
c. As everything is done as per schedule, lesiure hour is limited in monochronic culture.
Haste makes waste is the gospal of polychronic culture.
d. Rigidity leads to problem of adjustment in case of change in monochronic culture.
Polychronic Culture is quite effecient in adjustment due to its flexible approach.
e. Timely completion of task is important for monochronic culture.
Polychronic culture's target is proper competion of a task.
Both monochronic and polychronic culture uses time as a measuring rod - timely completion of activity is of outmost importance for former and latter believes time should be used in lesisurely manner without rushing.
Business situation (A)
Lets say, P wants to start a business of producing cloths.
If business is operated based on monochronic culture, P will first make the business plan. Business Plan will include activities to be performed, the sequence of the activities and finally the duration. P will calculate the whole duration and will complete the same accordingly.
If business is operated based on polychronic culture, then P will give outmost importance to the quality of the production. P will change the timeframe as per the convinience of the people involved in the process of production rather than time schedule.
Business situation (B)
Scheduled time of a meeting
In monochronic culture, if a meeting is supposed to start at say time 't', than every individual associated with the meeting should be present on or before the scheduled time. Any delay is looked down upon.
In polychronic culture, if a meeting is supposed to start at say time 't', it will start as per schedule even if some attendees are missing. The only thing is as the meeting started without full capacity, it will be extended beyond the timeframe and till all the important points are discussed with all the members.