Describe what is meant by open-book management.
What will be an ideal response?
Open-book management is the practice of sharing with employees at all levels of an organization vital information previously meant for management's eyes only. This information includes financial goals, income statements, budgets, sales, forecasts, and other relevant data about company performance and prospects. This practice is dramatically different from the traditional closed-book approach in which people may or may not have a clue about how the company is doing, may or may not believe the things that management tells them, and may or may not believe that their personal performance makes a difference. Open-book management is controversial because many managers prefer to keep such information to themselves. Sharing strategic plans and financial information with employees could lead to leaks to competitors or to employee dissatisfaction with compensation. But the companies that share this information claim a favorable impact on motivation and productivity.
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Scenario 7.2
Use the following to answer the questions. ? Both the Toyota Sienna and the Dodge Grand Caravan were very popular choices for family vans. Toyota noticed that the majority of its customers were families with 3 or more children, and so they developed commercials that featured larger families. They also produced commercials that featured Hispanic-looking actors and for some markets, in Spanish. Isabel Desario and her husband were currently shopping for a van for their family. As Isabel listened to a television commercial about the Dodge Grand Caravan, she noticed that the Dodge cost about $27,000 and had gas mileage of about 17 mpg. She recalled an earlier ad for the Toyota Sienna, which also cost about $27,000, but had gas mileage of about 21 mpg. She also liked the way the family was portrayed in the Toyota ad, showing the children in the back seats having plenty of room, watching the DVD players, and having their own sound controls. When she spoke to Gabe, her husband, about how much she liked the Toyota van, he replied that its gas mileage was too low at only 16 mpg. Since Isabel didn't agree with that number, he produced a magazine ad that supported his claim of the 16 mpg for the Toyota. Isabel couldn't believe that she had made such an error in hearing what the gas mileage was for the Toyota and the Dodge. Refer to . The fact that Isabel had remembered the gas mileage of the Toyota Sienna incorrectly is most likely an example of A. selective expression. B. selective retention. C. perceptual extension. D. perceptual bias. E. selective distortion.
Which of the following statements is TRUE?
A) Appropriations of retained earnings require journal entries, but restrictions on retained earnings are usually reported in notes to the financial statements. B) No journal entries are needed to appropriate or restrict retained earnings. C) Both appropriations and restrictions of retained earnings require journal entries. D) Restrictions on retained earnings must be journalized, but appropriations are usually reported in notes to the financial statements.
Describe the functions of members of the Board of Directors of a nonprofit organization
What will be an ideal response?
Explain what the differences are between a business plan and an opportunity assessment plan.
What will be an ideal response?