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Essay / Research Paper Abstract
A 5 page paper looking at time of economic downturn as an appropriate time to plan for the future. The paper discusses the four functions of management – Planning, Organizing, Leading and Controlling – and management's responsibility to manage well. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: CJ6_KSmgmtEconPln.rtf
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Unformatted sample text from the term paper:
economy, its auto industry and its housing market all are suffering some of the worst economic times in memory and in history. Interest rates are at historic lows but
lenders are loathe to extend new mortgages until they see the end of price declines; two of the "big three" auto makers now are in bankruptcy; the economy continues to
lose more than a half million jobs each month. The bottom of the trough of the business cycle is an unpleasant place to be...
It does, however, have a positive feature. That is that it provides an appropriate time for planning for and building for the future. When business is
booming there is time only to keep up with it. When the economy is in the trough of the business cycle and business is slow, that time provides opportunity
for strategizing, planning and implementing plans for the future. Managements Four Functions Several management theorists had defined functions of management before Henry Mintzberg
added concepts to bring us to the four functions of management that we use today. The four functions that Mintzberg described decades ago continue to be applicable today, though
in somewhat different form than when first formulated. Even where true innovation as defined by Drucker (1985) cannot be accomplished - such as
within a department that has to keep pace with the rest of the organization - even individual managers can link strategy with creativity. Todays most successful organizations already have
demonstrated the benefits of including creativity in the four primary functions of management: Planning, Organizing, Leading and Controlling. Planning This aspect of
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