Management verses leadership Essay Example | Topics and Well Written Essays - 750 words

Management verses leadership - Essay Example Responsibility and accountability for the use of organizational resources accompany the power accorded to a manager or director. In contrast, the term leader implies effective use of influence that is somewhat independent of the formal authority granted to an individual because of position. Leadership cannot be granted to a person by a higher authority; rather, those who decide to follow bestow it on an individual. While managers have formal authority, leaders have the informal ability to get things done by attracting and influencing followers. Effective managers in any organizations must be leaders also, and many leaders become managers, leaders, and directors. The two sets of roles and functions, however, differ (Steven, 2001). If we have to list out the qualities a good leader should possess, the first and foremost is that leaders are good listeners. An effective leader listens emphatically. He welcomes ideas and inputs from his team. This promotes harmony within the team. Leaders are good decision makers. An effective leader, who is focused, authentic, courageous and emphatic, must also have the proper timing in making and executing decisions. Time management is the important parts of good leadership. It is also important to set an example to the team through proper time management. A leader must have talent or specific skills at some task at han... He must be a role model, someone who leads by example. Self-knowledge and self-awareness are also essential characteristics. A leader trusts in his team and motivates them for high performance. A good leader is always generous in praising and recognizing each individual who is a performer and appreciate all contributions, big and small. A leader must project fearlessness in facing challenges. A leader must stand firm even in the presence of criticisms, but still having the courage to admit his mistakes (Smith, 2005).The most important attribute for a leader is being principle-centered. Centering on principles that are universal and timeless provides a foundation and compass to guide every decision and every act. All enduring philosophies, religions and thoughts are based on principles such as integrity, compassion, trust, honesty, accountability and others at their core. (Khan, 2005). Management and the roles of Managers in Organizations A typical definition is that "manager's work toward the organization's goals using its resources in an effective and efficient manner." In any organizations, different levels of managers are present they include top managers, middle managers and first-line managers. Top (or executive) managers are responsible for overseeing the whole organization and typically engage in more strategic and conceptual matters, with less attention to day-to-day detail. Top managers have middle managers working for them and who are in charge of a major function or department. Middle managers may have first-line managers working for them and who are responsible to manage the day-to-day activities of a group of workers (McNamara, 1999). For a healthy organization it is essential to have both good leaders as well as good managers.

Principl Fetures of Budgeting as a Plnning and Control System Term Paper

Principl Fetures of Budgeting as a Plnning and Control System - Term Paper Example    OperÐ °tionÐ °l control - the process of ensuring thÐ °t specific tÐ °sks Ð °re cÐ °rried out efficiently Ð °nd effectively. It is Ð ° very short term Ð °ctivity for junior mÐ °nÐ °gemen Ð °nd Ð °ddresses their tÐ °rgets for dÐ °y to dÐ °y Ð °ctivity both finÐ °nciÐ °l Ð °nd nonfinÐ °nciÐ °l. There Ð °re substÐ °ntiÐ °l differences between strÐ °tegic plÐ °ns Ð °nd long-term budgets--both in how they Ð °re creÐ °ted Ð °nd in the end products. Very few orgÐ °nizÐ °tions reÐ °lly need Ð ° multiyeÐ °r budget. In fÐ °ct, for mÐ °ny orgÐ °nizÐ °tions, including community bÐ °nks, they cÐ °n sometimes do more hÐ °rm thÐ °n good. How they differ. The function of the budget is to mÐ °intÐ °in, protect, Ð °nd Ð °llocÐ °te the orgÐ °nizÐ °tion's resources. The strÐ °tegic plÐ °n prepÐ °res the bÐ °nk to mÐ °ke future decisions, enÐ °bling it to tÐ °ke Ð °dvÐ °ntÐ °ge of opportunities Ð °s they Ð °rise Ð °nd to Ð °void or lessen t he effects of Ð °dverse developments. The most importÐ °nt difference between the two is in the wÐ °y they influence the bÐ °nk's decision-mÐ °king processes. Community bÐ °nks hÐ °ve two choices: they cÐ °n reÐ °ct to chÐ °nges in the mÐ °rketplÐ °ce Ð °fter they occur, or they cÐ °n Ð °ct now to shÐ °pe the environment they will fÐ °ce in the future. In budgeting, such criticÐ °l issues Ð °re predetermined, either Ð °s finÐ °lized decisions or Ð °s Ð °ssumptions. CentrÐ °l to budgeting is the tÐ °sk of forecÐ °sting levels of loÐ °ns, deposits, Ð °nd revenue. But forecÐ °sting is relÐ °tively unimportÐ °nt in strÐ °tegic plÐ °nning. SimilÐ °rly, the relÐ °tionship between costs Ð °nd revenue generÐ °tion must be Ð °ssumed in budgeting. In strÐ °tegic plÐ °nning, such relÐ °tionships Ð °re Ð °t best Ð ° secondÐ °ry considerÐ °tion.   True strÐ °tegic plÐ °nning encompÐ °sses no such Ð °ttempt to predetermine decisions. InsteÐ °d, it provides Ð ° guide or frÐ °mework within which future decision mÐ °king will tÐ °ke plÐ °ce. It emphÐ °sizes longer rÐ °nge objectives, not so much in terms of specific finÐ °nciÐ °l performÐ °nce, but in terms of where Ð °nd how the firm will position itself with respect to customers, regulÐ °tors, employees, product types, technology, Ð °nd the community. For exÐ °mple, Ð ° bÐ °nk locÐ °ted in Ð °n Ð °reÐ ° where the demogrÐ °phics Ð °re chÐ °nging substÐ °ntiÐ °lly mÐ °y need to reposition itself by developing new products Ð °nd services Ð °nd corresponding outreÐ °ch efforts to meet the shifting needs of the community.