The three sectors of the economy are “Not for Profit”, “Private Sector” and “Public Sector”. Briefly review these three sectors of the economy and describe the main challenges each sector faces.
Challenge for Public sector: The major challenge faced by public sector organizations is about cost cutting. This challenge can be managed by making changes in the various processes for increasing efficiency and enhancing capability of business activities, for example by implementing best practices of financial management.
Challenge for NGOs: The Non-profit organizations must work for managing the various risks associated with the operations and financial matters of the organization effectively. This must be done with an aim of reducing the losses of funds and high attrition rate in the organization due to organizational frauds and increasing rates of interests etc.
Challenge for Private sector: The major challenge for the private sector is of generating employment, promoting innovation and help in producing revenues for various other sectors of the society.
The four levels of management are “Top”, “senior”,” Middle” and “First Line”: Outline their main responsibilities.
The responsibilities of four levels of management:
Planning and organizing the work therefore they are known as administrators of the organizations.
Mobilization of organizational resources.
Long-term planning ranging from 5-20 years.
Must ensure that the plans formed by them provide most effective and efficient results.
Provides advices to top management.
Execution and implementation of the plans formulated by the top management.
Co-ordination of activities of all departments.
Acts as a channel of communication between top management and lower management. The various internal factors include:
Financial factors such as various sources of finances, and investment opportunities etc.
Physical factors such as tangible assets, location and organizational facilities etc.
Human resources include employees and targeted audiences etc.
Intangible resources such as patents, trademarks and copyrights etc.
Current processes factors such as software, organizational hierarchies and employee training programs etc.
The external factors include:
Political factors like tax policy, trade laws and environmental laws with which the government intervenes in the economy.
Economic factors like foreign exchange rates and rate of inflation etc.
Technological factors like R&D, Technological advancements and aspects related to automation etc.
Environmental factors include climate change, global warming etc that gets affected due to tourism and farming etc.
Legal factors deals with employment laws, safety laws and laws of discrimination etc.
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