Question

How can you, as the chief strategist for your future, apply the strategic planning and management techniques and theories discussed throughout this course to the "business" called "your life?" Be specific and use examples to illustrate your response. (Basically, how would you apply these concepts to your everyday life and provide an example).

Answer 1

“Business” called “your life”

Management refers to the individuals who set the strategy of the organization and coordinate the efforts of employees (or volunteers, in the case of some voluntary organizations) to accomplish objectives by using available human, financial and other resources efficiently and effectively. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, natural resources and other resources.

Management involves far more than just telling others what to do. Before any of you decide that you think you can do your boss's job, let's take a look into more of what a manager does.

The major functions that a manager completes can be categorized into four different functions known as planning, organizing, leading, and controlling. For some of us, we only see the final two - leading and controlling - but you should know that for every managerial behavior you do see, there is an equal amount that you do not. Behind the manager's closed door, he or she spends a good deal of his or her time planning and organizing, so that he or she can effectively carry out the functions of leading and controlling.

Now, before you think your boss is different, you should also know that the four functions of management are standard across industries, whether that be in a manufacturing plant, a home office, a grocery store, a retail store, a restaurant, a hotel, or even an amusement park. Effective managers understand how planning, organizing, leading, and controlling are used to achieve organizational success. Unfortunately, I do not have a rebuttal for those of you who have ineffective managers, but perhaps learning a little more about the four functions of management will help to identify what steps your ineffective manager needs to take to become an effective one.

Try to think about the four functions as a process where each step builds on the others. Managers must first plan, then organize according to that plan, lead others to work towards the plan, and finally evaluate the effectiveness of the plan. These four functions must be performed properly and, when done well, become the reason for organizational success.

Planning

The first of the managerial functions is planning. In this step, the manager will create a detailed action plan aimed at some organizational goal.

For example, let's say Melissa the marketing manager has a goal of increasing sales during the month of February. Melissa needs to first spend time mapping out the necessary steps she and her team of sales representatives must take so that they can increase sales numbers. These steps might include things like increasing advertisements in a particular region, placing some items on sale, increasing the amount of required customer-to-sales rep contact, or contacting prior customers to see if they are interested in purchasing additional products. The steps are then organized into a logical pattern so that Melissa and her team can follow them.

Planning is an ongoing step, and can be highly specialized based on organizational goals, division goals, departmental goals, and team goals. It is up to the manager to recognize which goals need to be planned within his or her individual area.

Organizing

The second of the managerial functions is organizing. This step requires Melissa to determine how she will distribute resources and organize her employees according to the plan. Melissa will need to identify different roles and ensure that she assigns the right amount of employees to carry out her plan.

Risk

Risk Management is the identification, Assessment, and prioritization of Risks by coordinated and economical application of resources to minimize, monitor, and control the probabilityand/or impact of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business Goals.

Precautionary Principle states that if an action or policy has a suspected risk of causing harm to the public, or to the environment, in the absence of scientific consensus (that the action or policy is not harmful), the burden of proof that it is not harmful falls on those taking an action that may or may not be a Risk. Duty of Care

Liability

Legal Liability means that you are responsible or answerable in law and legally obligated. Legal Liability is a legal-bound obligation. Something that politicians should have. Accountable.

Contingent Liability are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or 'worst case' financial outcome. A footnote to the balance sheet may describe the nature and extent of the contingent liabilities. The likelihood of loss is described as probable, reasonably possible, or remote. The ability to estimate a loss is described as known, reasonably estimable, or not reasonably estimable. It may or may not occur. Negligence

Public Liability is part of the law of tort which focuses on civil wrongs. An applicant (the injured party) usually sues the respondent (the owner or occupier) under common law based on Negligence and/or damages. Claims are usually successful when it can be shown that the owner/occupier was responsible for an injury, therefore they breached their duty of care. The duty of care is very complex, but in basic terms it is the standard by which one would expect to be treated whilst one is in the care of another. Once a breach of duty of care has been established, an action brought in a common law court would most likely be successful. Based on the injuries and the losses of the applicant the court would award a financial compensation package.
Public Liability is not ignoring Duty of Care so to avoid negligence, damages, injuries or losses. But you also need to know more then the definition of responsibility, you must also fully understand life itself, the thing that you are responsible for. You can be responsible, but if you don't understand Life, or understand the cause and effects of your actions and inactions, then the only thing that you will be responsible for is destroying life and murdering people, and that is something you don't want on your resume.