Principle of Business Management

PRINCIPLES OF BUSINESS MANAGEMENT 2

Essentials of Business Management

Name

Principle of Business Management

Professor

University

September 11, 2020

A growing number of managers believe that in order to work on difficult business problems, they must refrain from looking at e-mail for certain blocks of time during the day. In what ways might checking e-mail frequently interfere with problem solving?(Use a work experience or personal example to support your answer

A manager gets several emails that need to be answered. However, most of them do not require immediate response and it is not appropriate to interrupt an urgent thing activity you are undertaking to spend more time answering emails that can otherwise be answered later (Scarborough, 2016). Instead, the manager should set some limited time each day to check emails that requires immediate response. Reading emails can take valuable time and affect the achievement of objectives of important tasks (Scarborough, 2016). Besides, it reduces the thinking ability on tasks that requires more attention. Primarily, frequent checking of emails diverts attention that results to poor management of managerial tasks.

Skill-Building Exercise 14-A: Costs Reduction through Information Technology.Page 535. Do exercise individually and use a work experience to support your answer. A contribution of this exercise is that it translates the wonders of information technology into concrete savings for a company. The cost savings from information technology have helped some companies and hurt others. For example, drastically fewer photocopies are made today because of the widespread dissemination of e-mail messages, and fewer letters are mailed. You might identify savings in your company due to the use of Infomation Technology

Information technology is crucial in enhancing business operations, increasing competitiveness of a company and reducing the cost of operations (Schaltegger, Burritt & Petersen, 2017). I worked for a transport and Logistics Company and I observed how information technology helped in reducing cost and increasing revenue stream to the firm. The company used IT infrastructure to centralize redundancy tasks to reduce amount of money paid to employees. For example, the payroll function was moved to one location to increase the efficiency in administering the function. On the other hand, the high cost functions such as advertisement was moved to online environment. Email support was offered to customers with lower cost than live customer support call. Outsourcing opportunity and lower cost communication options helped the firm to reduce unnecessary expenses. Communication technology is changing the business terrain and all companies must change to experience the benefits that come with the same.

What is your reaction to the following statement made by many business graduates? "It may be nice to study ethics, but in the real world the only thing that counts is money."

The statement is correct since the primary goal of business enterprises is to make money. However, it is essential for firms to instill the culture of ethical practice to balance between profit and positive engagement with the stakeholders (Schaltegger, Burritt & Petersen, 2017). Various countries have different treatment concerning value on ethics and money. Business entities should act to influence good behavior in an industry since firms should be innovative enterprises. This helps business in creating standard which set the stage for ethical practice (Schaltegger, Burritt & Petersen, 2017). Primarily, an organization is likely to be judged not based on the amount of money earned but based on the ethical practices.

References

Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.

Schaltegger, S., Burritt, R., & Petersen, H. (2017). An introduction to corporate environmental management: Striving for sustainability. Routledge.