Business Report about Prudential Essay Example | Topics and Well Written Essays - 1250 words

Business Report about Prudential - sample ExampleIn the words of Henry Fayol (1987), management is all about forecasting, planning, organizing, forming coordination and keeping control. This implies that management is make of tetrad interlocking functions namely planning, organizing, leading and controlling (Porter, 2008) Management is a continuous process beca determination its four functions are interdependent on each other therefore, management never stops. A deep cleverness into the concept of management shows that the task of a manager is to ensure that all resources of the organization are work in harmony with human resources. A manager is responsible for creating such an environment where workers are cause and they do not lose their focus. Management as a whole is dynamic in nature. It involves the use of various disciplines such as economics, ethics, psychology and sociology etc in order to guarantee that workers achieve their targets on meter by utilizing resources opt imally (Terence Lucey, 2005). Competing Values Framework (CVF) There are a number of approaches to management and fortunately they have all come together in Quinns (1981) competing values modelling (CVF). The idea merchant ship the introduction of this approach was to simplify the language which is useful in defining organizational effectiveness in terms of its designing, analysis and development. This framework can have multiple purposes it serves as a learning dodging in the organization, an idea generator, a map and a mechanism that makes sense of organizing. It helps in the identification of factors and guidelines which take to heart the managers in managing conflicts, congruencies and relationships at different levels of the organizations (Wesley, 2008). The competing values framework (CVF) helps the organizational members and managers create value for the organization as well as improve its performance at both internal and external levels. Cameron and Quinn (2006) propos ed that organizational effectiveness can be demonstrated by four of competing values namely internal, external, flexibility and control. The model illustrates that the erect axis represents structural preferences of organizations from flexibility to control and the horizontal axis shows the perspectives from internal (people oriented) to external (organization oriented) emphasis (see Appendix). The framework is further divided into four quadrants namely human relations model, internal process model, open dust model and rational goal model (Quinn & Rohrbaugh, 1983). 2.0 Application 2.1 Name and Challenge Establishes in 1875 and headquartered in the metropolis of Newark, NJ, Prudential Financial Inc. is one of the leading companies which offers to its customers various products and services of financial nature. These offerings include investment management, uncouth funds, annuities, life insurance policies and special services for the retired citizens. For over more than hundred ye ars, the company is enjoying successful operations in Latin America, United States, Europe and Asia. So far, the number of permanent employees associated with Prudential Inc. has reached up to fifty dollar bill thousand one hundred and four. There are three main divisions of the company namely U.S solitude Solutions and Investment Management, International Insurance and Investment and U.S Individual Life and Group Insurance. Of the many contends Prudential is facing, the challenge of climate change holds significant importance. Global warming has given rise to the issue of