What makes you trust someone else? Conversely, what triggers you? What are the qualities you value that inspire your trust? That night, I met with a colleague who was also a manager for dinner and poured my heart out to him. Managers must be able to understand the implications of the activities of these agencies and groups. Delegation. It’s impossible to do all the work by yourself, and for this reason, managers delegate. This means a manager must know the people on the team well, to be able to assign tasks to the right people, based on their skills.

making Evidence-based practice for effective decision-making

Managers must be careful about technological factors. Investment decisions must be accurate in new technologies, and they must be adaptable to them.

A good business-government relationship is essential to the economy and, most importantly, for the business. Diagnosis: a leader analyzes strengths, weaknesses, risks, and opportunities. Diagnosing a situation lets leaders see similar situations which happened in the past and may help find the right approach to the current problems. The global society concept has brought all the nations together, and modern network of communication and transportation technology, almost every part of the world is connected.

Making Process - CliffsNotes The Decision‐Making Process - CliffsNotes

Likewise, a leader can be a manager. But it can also be anyone else on the team, if they step into that role. My Example: A manager’s job is to continually aim for better and better outcomes for their team. If my team is not happy or not producing good work, then I am not doing a good job. A manager’s three major levers for better outcomes are: people—hiring, coaching, and matching the right person with the right role; purpose—clarity on what success looks like; and process—clarity on how to best work together. Of these three levers, I believe people is the most important. Business laws also protect society at large. The laws regarding a merger, acquisitions, industry regulation, employment conditions, unionization, workmen’s compensation, and the like affect a firm’s strategy. Good leaders are very attentive and “sniff” the wind of change. They realize staying in comfort zone when changes are about to happen is dangerous – pretend that nothing is going on, and you will fall behind. This is why leaders scan the business environment and change the company course so that it fits the new reality. One point is to be noted that although the industry environment affects all the firms in the industry, in reality, all firms are not affected equally. Influence of Internal and Environment on BusinessTherefore, strategy-makers need to analyze them in an interrelated fashion to understand and visualize the ‘whole of the environment. Industry/Task Environment of Organization – Industry Factors that are Vital for Business Functions Owners are people who invest in the company and have property rights and claims on the organization. Owners can be individuals or groups of persons who started the company; or bought a share of the company in the share market. Financial resources include capital used for financing the organization’s operations, including working capital. Leaders inspire and motivate, sharing a common goal and giving team members a sense of purpose. This has a couple of important implications for an organization's success.