The Case-Study Method involves studying information from hypothetical or actual business situations to formulate recommended policies based on given facts. This approach is widely used in business education, notably through Harvard case studies, to gather, organize, evaluate, and generalize relevant data. Analyzing how companies handle real-world occurrences helps determine the effectiveness of management policies and offers improvements when necessary.
Centralization refers to the process or situation where decision-making authority is concentrated within the upper echelons of an organization, as opposed to being distributed among lower-level managers.
An anticipatory financial control approach where managers forecast potential issues and take preventive actions before they manifest. This approach contrasts with feedback control, which addresses issues after they have occurred.
Organizational planning refers to the process of transforming organizational objectives into specific management strategies and tactics designed to achieve these objectives. It is one of the most crucial management responsibilities.
A vision is a comprehensive view of the future that can significantly influence and guide current management strategies. It serves as a long-term organizational goal, aligning efforts and providing a clear direction for future growth and development.
