Business Studies | Unit-14 | Emerging Management Concepts | Class-12

Class-12 Business Studies Unit-14: Emerging Management Concepts 1. What is knowledge management? Describe about the importance of knowledg...

Class-12

Business Studies

Unit-14: Emerging Management Concepts

1. What is knowledge management? Describe about the importance of knowledge management.

Answer: Knowledge is concerned with experience, values, contextual information and expert insight that provide a framework for evaluating and incorporating new experience and information. Information management refers to any systematic actions for creating and sharing knowledge so that it may be converted into business results and used for the organization's success. Knowledge management is a process that assists organizations in identifying, selecting, organizing, disseminating, and transferring critical knowledge and skills in order to achieve organizational success.  Knowledge management is important due to the following reasons:-

• Competitive Advantage
• Improved Performance
• Mutual Trust
• Enhanced Human Capabilities
• Image Building
• Competitive Advantage: - Knowledge management provides competitive advantage in relation to competitors. It aids in the formulation of corporate strategies for surviving and growing in this globalized era. Adaptation to the environment is made easier. A culture of knowledge is promoted.
• Improved Performance: - Knowledge management provides know-how to improve, organizational performance. Resources can be put to good use. Effective decisions can be made. Costs are reduced. Profits are increasing. It is feasible to respond quickly to client needs. The human and technological resources are better coordinated.
• Mutual Trust: - Knowledge managements builds mutual trust between knowledge workers and management. This facilitates better labour relations. Human relations improve.. Sharing of knowledge is facilitated.
• Enhanced Human Capabilities: - Knowledge motivates people to enhance their intellectual capabilities. They learn new skills. They improve existing skills.
• Image Building: - Knowledge management helps organization to improve its image in the global market. Its goodwill increases. Success is achieved.

2. What is participative management? Explain its importance.

Answer: Participate management is a democratic group-oriented concept. It acknowledges that employees are people. They want to be a part of the leadership team. They want to be included in the decision-making process. Autonomy, self-control, recognition, and accountability are what they seek. They want to share power with one another. Participative management is formal involvement of employees in decision making. It is seeking ideas from employees. It is giving autonomy to employees in doing their jobs. It is empowerment of the employee. The following are the importance of participative management:-

• Better Decision: - In participate management both manager and subordinates involve in decision making process. Subordinates may possess expertise in their respective areas of responsibility. As a result, participative management allows for improved decision-making.
• Improve Efficiency: - Participative management makes it easier for employees to work more efficiently. In this method, superiors and subordinates collaborate to address organizational challenges by sharing their knowledge and ideas. Such sharing of experience and knowledge helps to improve efficiency of member and for maximization of productivity.
• Promote Team work: - The modern management paradigm emphasizes teamwork and collective effort. Participative management is a teamwork method in which both leaders and subordinates work together to achieve a common goal. Here all the members of the organization contribute from their own area of function to achieve goals.
• Job Satisfaction: - In participative management, subordinates are involved in decision making process with their immediate superior. Their opinions and ideas are also taken into account. As a result, they are aware of the management's choice and its consequences. It aids in employee, satisfaction with their work.
• Practice of Self Control: - Subordinates are involved in decision making process with superiors. They are aware of the decision and its implications for the organization and they return to them. As a result, they perform their duties to the best of their abilities. Employees' self-control is improved as a result of this program.
• Improve Employee Relation: - Participative management helps to improve management- employee relationship. They work together as members of the organization to meet common goals. They value each other and concept of good human relation is developed among them.
• Emphasis Human Creativity: - In participative management, creativity of all the employees from upper level to subordinate level is taken into consideration. Even subordinates can show their skills, efficiency and creativity in decision making process.
• Overcome Resistance to Change: - Employees resist the change because of lack of information and knowledge about the outcomes of the change. Both supervisors and subordinates exchange information and knowledge about any changes in participatory management. Such exchanges of ideas and information aid in the dissemination of knowledge regarding the change's outcomes.

3. What is conflict management?

Answer: Conflict involves disagreement over such things as group goals the allocation of resources, distribution of rewards, policies and procedures and the assignment of roles Anger, suspicion, hatred, fear, and resentment as well as personality classes, all contribute to it. It denotes a scarcity of many things in a sharing setting such as comprehension, agreement and mutual understanding. Employees' satisfaction and performance might be harmed by conflict, which can trigger emotions and anxiety.

According to Griffins, "Conflict is disagreement among two or more individuals, group or organizations."

On the one side, conflict management entails skillfully encouraging and handling constructive disagreement, and on the other, resolving or reducing dysfunctional conflict. As a result, the effects of conflict must be determined as they may benefit or harm the organization.