This presentation explores the key operations and functions of an organization, including finance, strategy, operation, and product design. It also discusses the external business environment factors that affect decision-making and provides recommendations for improving operational efficiency.
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Leadership and Management Concepts
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KEY OPERATIONS OF THE COMPANY Rolls-Royce upholds its prime operations in Europe, Asia, North America, and emerging in Middle East as well (Roll- Royce, 2019a). Key operations of the company are: •Production of military and commercial aerospace engines •Marine services •Production and supply of power generation systems •Rolls-Royce Motor Cars
KEY FUNCTIONS OF THE ORGANIZATION Key Functions Finance StrategyOperation s Product Design Source: (Drucker, 2012)
FINANCE Finance management is an art to manage the organization’s money effectively to accomplish the goalmouths (Hersey & Blanchard, 2007). •Financial planning •Investment plan •Money Raising Roles & responsibilities of Finance managers:
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STRATEGY Tactics that would aid in optimizing the resources & developing competitive advantage. Roles & Responsibilities of managers include: •Supply Chain Configuration •Sales and marketing •Oversee human resources •Capacity to hold money Source: (Kumar, 2015)
OPERATION This part of the organization is concerned with directing, organizing, planning and overseeing overall organizational activity( Hansen, 2016). Roles & responsibilities of manager include: •Assisting HR manager •Certifying legal and regulatory documents •Identifying opportunities •Oversee policy and planning •Maintain communication •Forecasting
PRODUCT DESIGN This fragment ensures that the product design is competent enough to cater the market needs. •Evaluating the design feasibility •Management and co- ordination for development •Developing design creation strategies •Evaluation of designs and its impact •Managing timelines (Ali, 2012). Roles & Responsibilities of Design Manager:
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EXTERNAL BUSINESS ENVIRONMENT FACTORS EFFECTING THE DECISIONS OF MANAGERS AND LEADERS Factors that happen outside but affecting the business functions are known as external influences or factors. These factors would primarily affect the prime business functions and its objectives (Zogjani & Raçi, 2015).
Cont… The external factors would primarily effect the following three sections of the organization, causing issues for management and leadership. •Organizational Environment •Resources •Culture & •Roles of the employees (Mio, et. al., 2015).
WAYS TO IMPROVE OPERATIONAL EFFICIENCY TO MEET BUSINESS OBJECTIVES •Transformational Leadership •Servant Leadership •Situational Leadership
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Cont… Through these leadership and management approaches Rolls-Royce could competently meet the business objectives( Osborne, 2019). Management Approaches Classical approach Behavioural approach Quantitative approach
RECOMMENDATIONS •Rolls-Royce should ensure that best management and leadership strategies are being used to meet the organizational objectives. •The company should focus more on Product Design & Strategy. •The company should focus on a leadership strategy for new ideas and innovations.
CONCLUSION •Rolls-Royceneedstofocusonimprovingits management and leadership style in most of the business areas. •The company needs to revise their management strategy to overcome the present challenges. •Management and leadership approaches could aid the company to manage the influences caused by external factors. •Effective leadership and management style parts an imperativeroletomanagetheorganizational functions.
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REFERENCES •Ali, A. (2012) Leadership and its influence in organizations–A review of intellections.International Journal of Learning and Development. 2(6), pp.73-85. •Drucker, P. (2012).Management. London: Routledge. •Dugan, J.P. and Komives, S.R. (2011) Leadership theories.The handbook for student leadership development, pp.35-57. •Hersey, P., Blanchard, K.H. and Johnson, D.E., 2007.Management of organizational behavior(Vol. 9). Upper Saddle River, NJ: Prentice hall. •Kumar, P. (2015) An analytical study on mintzberg’s framework: Managerial roles.International Journal of Research in Management and Business Studies.2(3), pp.1-19. •Mio, C., Venturelli, A. and Leopizzi, R. (2015) Management by objectives and corporate social responsibility disclosure: First results from Italy.Accounting, Auditing & Accountability Journal. 28(3), pp.325-364.
•Osborne, T. (2019)Rolls-Royce Resolving Trent 1000 Issues [Online]. Available from: https://www.mro-network.com/manufacturing-distribution/rolls-roy ce-resolving-trent-1000-issues [Accessed 24 March 2019] •Rolls-Royce (2019a)Our History[Online]. Available from: https://www.rolls-royce.com/about/our-history.aspx[Accessed 22 March 2019] •Rosenberg Hansen, J. and Ferlie, E. (2016) Applying strategic management theories in public sector organizations: Developing a Typology.Public Management Review. 18(1), pp.1-19. •Zogjani, J. and Raçi, S. (2015) The Role of Leadership in Achieving Sustainable Organizational Change and the Main Approaches of Leadership during Organizational Change.Academic Journal of Interdisciplinary Studies. 4(3), p.65.