THE COMPLEXITY OF MANAGEMENT Research Paper Example | Topics and Well Written Essays - 2500 words

THE COMPLEXITY OF MANAGEMENT - Research Paper Example e the business to compete with its competitors and also deal with the other four factors of competitiveness as outlined by Michael Porter, which include threat of new entrants, threat of substitute products, threat of bargaining power of suppliers and the threat of bargaining power of customers. In management, the threat of bargaining power of the employees is also a relevant factor that any business executives must be able to strategically manage in order to secure the future of the business. Business management is therefore any process that is geared towards safeguarding the interests of the business (Stacey, 2000). This indicates that business management is a complex process and cannot be defined in one sentence. The processes of business management are many and varied and in most cases require a team of experts in various fields in order for it to be complete. However, the core functions of management are as follows; Like has been identified, management is a process that involves the present as well as the future. In this regard, forecasting becomes a very important part of business management. It is only by knowing or forecasting the future that the business managers can prepare for it. Any business that fails to forecast, or provides misinformed forecasts will have a troubled future and any problems in the future are likely to affect the organization in an adverse way thus making it hard for the business to be resilient against poor market conditions. This kind of scenario was seen in the previous global economic recessions, especially America where even big multinationals had to either close their doors of business or had to file for bankruptcy. Good business managers must take this function with seriousness in order for them to be able to navigate the business across all kinds of economic weather (Center for Complex Adaptive Agent Systems, 2007). They must carry out due diligence with regard to the future and anticipate any problems that may arise in the