Strategic Implementation for Talisman Energy Incorporation

STRATEGIC IMPLEMENTATION FOR TALISMAN ENERGY INC. 23

StrategicImplementation for Talisman Energy Incorporation

Author’sname

Contents

Executive Summary 2

Organizational Description and Strategic Purpose 3

Assessment of Organizational Strategy and Value Chain Analysis 4

Positive Strategy Execution and Competitive Capabilities 5

Environmental Scanning 5

Break Even Strategy 6

Labor maximization Strategy 7

Negative Strategy Execution and Impact on Competitive Capabilities 7

Strategic Analysis and Discussions 8

Building Competencies at Talisman Inc. 9

Organizational Leadership and Approaches 9

Organizational Structure and Design 11

Customer Value Proposition 12

Assessment of Potential Pillars of success 13

SWOT Analysis 13

Outsourcing 13

Management 14

Ethics 14

Excellent Benchmarking 15

Teamwork 15

International Strategy and Global competition 16

Future Action Plan Analysis 16

References 22

Executive Summary

Managementas an art entails getting things done through the use of people andmachines. An expounded stand on management is the process ofplanning, organizing, leading and controlling the efforts of theorganizational members and using all the available resources toachieve the organizational goals. Additionally, it may refer to theprocess of grouping together organizational materials and theavailable human resource geared towards the maximum utilization ofthe scarce resource for the benefit of the organization (Best2006).The paramount keys in management are efficiency and effectiveness.Management is a multidimensional concept that comprises thecoordination of several activities in an organization. It is alsopersuasive in nature as managers are bound to be inspiring to theirteams.

Implementationof management calls for the inter-relationship of the variousdisciplines and departments in an organization. Management being aprocess heavily relies on a proper definition of the variousstructures in its implementation. Organizational structures aredesigned in a way to reflect the organizational goals and objectives.Planning is the principal key factor in management implementation(Mazzola2010).It involves making of decisions on what plan of action to be followedhaving considered all the options available and their resultingconsequences. Strategic planning encompasses the process of topmanagement establishing both the short and long term goals. It isthrough his function that management implementation process gets thedefinite direction. Strategic implementation is a key factor to thesuccess of any organization, and this explains the reasons behindthis study (Link2008).

Organizational Description and Strategic Purpose

TalismanEnergy Inc. is a world operating company specializing in gasproduction and exploration. The firm was established in the year 1992having its head offices in Canada. The firm operates worldwide nearlyin all the continents and has set established bases. Additionally,Talisman Inc’s management has studied the legislation requirementsof the new foreign markets and embraced them. Management has beenpracticed at both the national and global levels. Talisman Inc hasadopted the transnational strategy approach in handling themanagerial duties (Link2008).

TalismanEnergy Inc has had wide experience in drilling of very deephorizontal wells in. As noted Talisman energy Inc adheres to legalsafety and environmental codes of conduct which also involves mindingthe environmental issues and coming up with the efforts to reduceadverse impacts on the environment. Talisman Energy Inc is awarethat the best environmental policy identifies prevention as the firstundertaking. It has had excellent environmental protection trackrecord since 1992 and its strong commitment on environmentalprotection is highly attributed to this achievement. The nature ofits business always brings Talisman Energy Inc into contact withother people across the regions where operations are carried out. Itis committed to operating with every person in an honest, fair and inan open manner.

Assessment of Organizational Strategy and Value Chain Analysis

Forany strategic implementation process to be successful, proper actionplan should be taken. This involves the clarification of theorganizational situations at hand and also the commitment level ofthe various resources available. It is through this function ofplanning that all the organizational members are involved thusachieving the implementation goal of good management. Implementationof management cannot be successful if there are crisis and lack ofcoordination (Mazzola2010).Strategic management implementation committee should focus onplanning to eliminate uncertainties. This will shift the focus to theobjectives of the organization and thus increase organizationaleffectiveness. All this is geared towards proper implementation ofmanagement.

TalismanInc has succeeded in the strategic implementation process throughcrafting vision, mission and objectives. This is achieved through aprocess called strategic management that entail the forming ofstrategic vision, setting objectives, crafting a strategy andimplementing the strategy crafted. Talisman Inc’s vision statementreflects the management’s aspirations for the organization and itsassociated business. It is chiefly concerned with ‘where theorganization is going’. A well-crafted vision statement willenhance the success of the implementation of management. On the otherhand, a mission statement principally deals with defining who theorganization is and what it does. These two key ingredients ensurethat management remains on track and thus its implementation isachieved fully.

Strategicimplementation process focuses on strategic analysis of theenvironmental factors affecting the business. Synergism conceptproposes that the interaction of an organization with other systemsresults to greater effects that when it operates on its own. Theseinteractions with the external environment make the organization facethe environmental (Best2006).Contingency theory of management expounds the concept of contingentrunning of the organization. It is principally guided by the factthat many of the changes that happen to managers today are as aresult, of the unforeseeable uncertainties. This explains the reasonsbehind the strategic analysis and value addition to the firm.

Positive Strategy Execution and Competitive CapabilitiesEnvironmental Scanning

Thesuccess of organizations in their environment is dependent on thewellbeing of the environment itself. This is to mean that if thesociety is healthy and wealthy, the organization benefits from thesepositive factors. Customer initiatives involve incurrence of costs,and their activities do not benefit the organization immediately(Best 2006). However, it has been proven the equality benefits anorganization in the long-run. Therefore, business case can be seen asa beneficial investment whose results are to be accrued in thefuture. Notably, equality has been employed as strategic competitiveadvantage. Ethical equity in simpler terms means executing theaffairs of the organization with minimum ill-effects or exploitationof humanity in a society where the organization practices itsbusiness. Treats should go to the animals as well as all that existsin the environment whether natural or artificial. This creates arapport with the members of the environment. This favors through‘positive buying’ as the consumers will purchase fromorganizations that meet their ethical threshold(Mazzola 2010).

Humanresource department should recognize the importance of human capitalin the work setup. Human effort is an asset to the organization andshould be valued like other assets. Merit should be the key torewarding employees. Discrimination should be avoided at all levelsregardless of the race or gender (Thompson 2014). Women at theworkplace should be offered equal opportunities as their malecounterparts. It will also draw the attention of the extent to whichthe state and the trade unions can contribute towards strengtheningpotential business case for equality in organizations. The primaryconcept of business strategy and in particular the equality caserests on the value for employers.

Break Even Strategy

Break-evenanalysis is a management technique usually used by the management inthe cost-profit analysis of a firm. A firm is said to have reachedthe break-even point when all the costs are covered with the revenuegenerated, and no profit is gained. At break-even point, profit isequal to zero and also cost is equal to revenue. It is the analysisof break-even that guides the management on whether to continue withthe undertaken project or to withdraw. It also guides plant managerand also the line managers in the product development cycle they canidentify which product is at what stage is depending on the time ofreaching the break-even point. Talisman Inc has employed the conceptsuccessfully in its operations (Mazzola 2010).

Labor maximization Strategy

Thefirst area of recommendation is an increase in daily production rateper employee so as fully to employ labor factor of production. Thebusiness is operating under capacity as the employees’ rate per dayis only 3units. Another area the management of the business shouldcheck is the pricing of the output. The management should carry outmarket research on the reaction of the customers if the prices go up.A business should also consider applying the minimum wage legislationin the business. The management should also consider the introductionof new technology in the business so as to improve the operations.The world is going globally technology-driven and so the managementshould improve the efficiency levels of production (Trish 2012).

Acompany should discontinue from operations only when the break-evenpoint is not reached for a long time. Also, when the total costs inthe long run exceed the total revenues in the same time. Anotherscenario is where the business continues to deteriorate in operationsin the long run. In the case provided the management should firstapply the recommendations and test the business in the long runbefore making the decision of closing down (Pratima 2009).

Negative Strategy Execution and Impact on Competitive Capabilities

Whenan organization outsources its service, there is a chance of losingcontrol of the business procedures and processes. This mainly happensin the case where a product is manufactured using a secretive code.When the code is exposed to other organizations that are competitors,there is the risk of lost business. Business outsourcing sometimescompromises on the quality of services and products produced. Thisoccurs when the oversee third party compromises the productionprocess quality. Another problem with business outsourcing is the lowturnaround time and also lower response to customer complaints. Mostof the times, business outsourcing does not fulfill the managementexpectations.

Strategic Analysis and Discussions

Legislationwhich is new poses another challenge to the management. It is beyondthe management’s control in matters relating to legislation. One ofthe common legislation that affects management is the minimum wage.Minimum wages refer to the least hourly pay to a person. It may alsorefer to the lowest pay per day for those who are paid on a dailybasis, or also the least minimum monthly pay for those who are paidon a monthly basis. This matter has been on the debate among manyeconomists some of whom support it while others oppose. It is arguedthat higher minimum wages are likely to raise the living standards ofthe employees (Best 2006). It is also argued that higher minimumwages lower the poverty levels of the workers. On the contrary,raising the minimum wage affect the profitability level of manyorganizations and this poses a danger to the management as well asthe shareholders.

Humanresource department should recognize the importance of human capitalin the work setup. Human effort is an asset to the organization andshould be valued like other assets. Merit should be the key torewarding employees. Discrimination should be avoided at all levelsregardless of the race or gender (Thompson 2014). Women at theworkplace should be offered equal opportunities as their malecounterparts. It will also draw the attention of the extent to whichthe state and the trade unions can contribute towards strengtheningpotential business case for equality in organizations. The primaryconcept of business strategy and in particular the equality caserests on the value for employers.

Healthof a person is a paramount factor in the working environment. Therehave been reported cases of people working too long hours tocompromise resting. Medical practitioners have advised on the needfor rest amongst workers. Factories have been advised to rescheduletheir working hours so as to leave room for every person time torest. This has emphasized by the enactment of favorable labor laws.Normally one is supposed to work for a reasonable number of hours andleave room for recreation and other social activities. However, aproblem arises whereby some people work for too long hours tocontemplate resting.

Building Competencies at Talisman Inc.Organizational Leadership and Approaches

Businessworld have recently witnessed tremendous changes in the manner ofmanagement. There has been several corporate collapses that havereshaped the board composition and the level of transparency inorganizations. For instance, the collapse of Enron led to thelegislation of Sarbanes Oxley Act that guides the management in theirmanagerial capacities. The concept of corporate governance outlinesthe various major issues related to management and the relationshipwith the outside community. Managers are the stewards tasked with theresponsibility of managing the firm on behalf of shareholders who arethe owners.

Theseparation of ownership and control motivates the owners to incurcosts to monitor the activity of the managers.Oneof these controls is the hiring of an external auditor who certifiesthe accuracy of the financial information provided by the managers.Corporate governance has led to increased transparency in disclosuresand reporting by the management. The resulting effect s increasedcredibility in the information reported to the general public.Talisman Inc has invested highly in the concept of corporategovernance (Mazzola2010).There is a document outlining the standards and the ethicalperceptions to be followed by the management and the stakeholders.

HalKvisle is the president and CEO of Talisman Inc since September 2012. He has vast experience in the industry of oil and gas spanning fromthe year 1975. He is also known for his vigorous and aggressiveleadership qualities. In the year 2008, he was awarded as Canada’soutstanding CEO. He has also received several awards relating to hisleadership and managerial works. He is assisted with his managerialwork by four executive vice presidents. There are guidelinesrelating to the roles and responsibilities of each and every leaderat Talisman Inc.

TalismanInc’s directors are guided by the principles of practicing ethicalbusiness strategies. Everyone in the management team has a copy ofthe guidelines that are preserved in the form of a document folderfor quick review. It is the role of the management to be accountableto each and every step or action taken during the managerial process.This has resulted to the increased level of transparency andefficiency in the operations of the firm. The board is governed bythe principle of maximizing shareholders wealth. Governance atTalisman Inc has also been enhanced by the way the board is presented(Best 2006). Conflict of interest in the company has been minimizedthrough separation of roles and duties. Staffing in the firm is alsotransparent, and this promotes the value of harmony. Talisman workstogether effectively to deliver results that go beyond one`scapabilities. Through working together, superior results areachieved. The common and clear goals support teamwork. it is awarethat for teamwork to be realized it has to be rooted in trust andneeds to accept and needs to provide, ask for aids and give advice aswell as feedback.

Organizational Structure and Design

Thestructure of an organization highly influences the way theorganization is run and thus its success. In fighting for success, aswell as market share in the foreign market, Talisman Inc has done thefollowing among others. The organization’s management and employeeshave learnt and embraced the new culture in a foreign market. Thishas eliminated cases of alienation of their products (Mazzola 2010).Additionally, Talisman Inc’s management has studied the legislationrequirements of the new foreign markets and embraced them. Managementhas been practiced at both the national and global levels. TalismanInc has adopted the transnational strategy approach in handling themanagerial duties. Market research has also been prioritized in allthe tasks of entering new markets. Moreover, training has beencarried out for the locals to understand the working of the system(Pratima2009).Finally, but not the least, employees are sourced from the localcommunities. The management has also emphasized the promotion of adevelopmental culture which is sustainable and all inclusive.

TalismanInc’s management applies a silent decentralized approach ofmanagement in the running of the organization. This is evidenced bythe openness and trust among the employees and top management (Best2006). There is also the free flow of communication with no givespecific chain of command. This system of management is advantageousbecause different people are endowed with different skills.Additionally, there is a shared control and spirit of co-ownership ofthe task being performed (Pratima2009).The effects are highly motivated employees who have the desire toperform. The absence of a complex chain of command is anotherinstance that shows the decentralized approach of management atTalisman Inc. This policy encourages communication thereby solvingany problem as it arises. It also places the firm at a globalcompetitive edge among its competitors.

Customer Value Proposition

Customervalue propositions are the aspects that make it possible better tounderstand the core measures of the customer perspective. Customerhas always been said to be the boss, and this is confirmed atTalisman Inc. There is a policy of maximum customer focus (Pratima2009).Any customer problem is resolved immediately and in a detailedmanner. The sales people involved with channels management are welltrained to equip them with the right skills of the products. They areundertaken through a technical training aimed at raising theirawareness levels on the products of the company. Customer relation isanother area of training that is given to the sales people to improvetheir customer interaction. Quality in the production process isstrictly observed to meet the customer needs. Innovation is not leftbehind at Talisman Inc since they have software that ensures a smoothflow of goods in the production process (Mazzola 2010).

Talismanobjective is to develop the best working conditions where it won’tcreate any harm to various parties. TalismanInc emphasizes the importance of promotion of human rights and humandignity. In all the locations they operate and they enhance thelives of the local communities through practicing best businessprinciples. The firm also embraces the culture of the host communityand integrates them in their operations. The firm has been able toincorporate the local communities in their daily activities. The firmconserves the natural habitats in relation to the disposal of wasteas well contamination of the environment. The firm is also involvedin the sponsorship of the various programs such as disastereradication programs.

Assessment of Potential Pillars of successSWOT Analysis

TheBCG matrix explains the market share analysis in relation to a lineof products in an organization (Mazzola2010).Thefollowing is a diagrammatic representation of BCG matrix.

Relativemarket share (cash generations)

Stars- High market characterized by fast growing industry

Question marks-High market growth with low market share

Cash cows-High market share characterized by slow growing industry

Dogs-Low market share with mature industry

Managementconsultants should apply the matrix’s concept in productdevelopment lifecycle. In SWOT analysis, the management analyses thestrengths versus the weaknesses of a firm. Also, it involves analysisof opportunities and threats. These helps in management of strategiesto be applied in production and marketing of the product (Mazzola2010).

Outsourcing&nbsp

Outsourcingorganizations are able to realize huge revenues and the return oninvestment. There is also low labor cost which is accompanied byeconomies of large scale in the production process. Outsourcing ofbusiness processes has encouraged innovation and creativity in theprocedures of manufacturing. The mother company, which is practicingbusiness outsourcing, is able to save on time. This helps themanagement to have ample time to attend to other managerial mattersof the organization. The speed and also the quality of services andproducts are also catered for by outsourcing (Mazzola2010).The level of resource utilization is optimized by business processoutsourcing. This reduces the level of cash outflow in theorganization. Firms, which have not equipped themselves withnecessary technological platforms, fit well in outsourcing. There isthe exchange of technology in the manufacturing processes. The firmalso enjoys the benefit of innovation and innovativeness in theproduct development. The advancement in technology in the world hasbrought many changes in the production processes. There has been theuse of the new platforms to bring change.

Management&nbsp

Inthe segregation of duties, the factor of positions should beaddressed in a just way so as not to favor any gender. Managerialpositions should also be given to women as they can also lead astheir male colleagues. There should be no factor of highly paid jobsor even lowly paid jobs in the discrimination program. Women beingthe pillars of their family should be accorded special jobs favors ascompared to men. This is because of the many times they will be awayfrom work to attend to family matters. There are those who classifiedthemselves as neo-liberals, and they greatly supported the businesscase approach (Mazzola2010).They entirely looked at the aspect of fairness to and for all in theworkplace. They also argued that human capital had a lot of potentialin them which was a source of opportunities for the organization. Thebenefits ranged from the short term ones to the long term which werepermanent.

&nbspEthics

Thepractice of ethical equity is company-based purchase can beconsidered as a positive reward to organizations that are positivelycontributing to society. This plays the role of an incentive tomotivate the corporate society to be responsible hence shifting theorganization and the society towards future sustainability. Also,referred to as Eco-etiquette rewarding, ethical consumer decision hasparticipated in shifting the attention of the corporations from beinga mere profit making machine to a responsible member of the corporateworld. Business strategy concept faces a lot of opposition because ofits limitation. There are social injustices that are not addressedproperly by this concept. Employees on their part should fight fortheir equality rights at work place. All managerial personnel shouldensure strict adherence to the rule of law.

Excellent Benchmarking&nbsp

Staticsshows that 40% of the sales taskforce fail to hit the set targets.The key solution lies in benchmarking by the sales managers. Gageshould analyze the sales data for the whole industry and also for theleading organization and compare it with theirs. Benchmarking shouldbe applied in strategy formulation, implementation and development toachieve the set goal of revenue increase. From the benchmark report,the sales taskforce will be able to address all the problems facingtheir various strategies. Benchmarking will improve their customerservice delivery and also lower the associated cost for the deliveryof those services. Benchmarking will also improve the level ofmotivation among the sales taskforce.

Teamwork&nbsp

Teamplayer spirit and value for others are other traits that managersshould embrace in their day to day running of organizations. Equityat any given level of organization management is a key factor tosuccess. Stacy Adams Equity Theory (1965) states that, there is aninfluence from the feelings as equity and fairness. Employees shouldbe made to feel equal to another through the various incentiveprograms adopted. The policy of trust and openness is a key topromoting equity and fairness at the workplace (Mazzola 2010).

International Strategy and Global competition

Thesuccess of organizations in their environment is dependent on thewellbeing of the environment itself. This is to mean that if thesociety is healthy and wealthy, the organization benefits from thesepositive factors. Customer initiatives involve incurrence of costs,and their activities do not benefit the organization immediately(Best 2006). However, it has been proven the equality benefits anorganization in the long-run. Therefore, business case can be seen asa beneficial investment whose results are to be accrued in thefuture. Notably, equality has been employed as strategic competitiveadvantage. Ethical equity in simpler terms means executing theaffairs of the organization with minimum ill-effects or exploitationof humanity in a society where the organization practices itsbusiness. Treats should go to the animals as well as all that existsin the environment whether natural or artificial. This creates arapport with the members of the environment. This favors through‘positive buying’ as the consumers will purchase fromorganizations that meet their ethical threshold.

Taxationlegislation has an impact on employees’ disposable income as wellas employers’ profits. One cannot understand the concept of Publicfinance without looking into tax legislation. The level of retainedearnings for companies is affected by the tax imposed. The higher thetax, the lower the profits and the converse are true. Higher taxeswill lower the disposable income thus lower savings. Taxationlegislation also affects the level of investments in the economy.Higher taxes will scare aware investors and thus lower inflow ofrevenue for the federal government (Mazzola 2010).

Future Action Plan Analysis

Thecontemporary society is a good source of the social classes which arereflected at work places. Work is also another source of the classesamong employees, and it affects their interaction. The greatestdisadvantage of the social classes is the problem of unemploymentamong different people. Divisions are also caused by other factorssuch as gender and ethnicity of the people. All these are the blockstowards the realization of the equality at the work place and even inthe society. The society should embrace an all equal perspectivetowards everyone for justice to prevail (Trish 2012). Women have beenon the move towards addressing the social injustices of genderdiscrimination at workplaces. This has given rise to many womentaking higher positions like their male counterparts. The changeshould be embraced by all employers so as to have a balance of genderat work. All the duties should be distributed randomly withoutsegregating some for women and the minority in the society. Thereshould be a fair playground for all employees regardless of theirgender (Pratima 2009).

Tradeunions advocate the collective bargaining case in the realization ofthe business case for equality. The trade unions take all thegrievances of the ethnic minorities and women and put proper actionto address them. All these are geared towards both the short term andthe long term benefits (Best 2006). There is a fight for equaltreatment at all levels of management in the organizations. Unionmembers are also able to come up with protective measures to theproblems facing them. The voices of women are echoed through tradeunions where they are treated with equality.Trade unionsalso advocate equality in setting of minimum wage laws. All employeesare supposed to be remunerated proportionally to the work done. Thereshould be no cases of discrimination in wage set up. The humanresource management should take the lead in advocating the fairnessin wages. Women and minority groups voice their wage complaints tothe trade unions which sometimes set the minimum industry price. Allthe employers should view the equality concept as an interest to thebusiness. There should be mobilization of power to do away withdiscrimination especially to pregnant women. The argument derivesfrom social justice and the good will of the employees.

Businessoutsourcing has helped many organizations lower their cost ofproduction thus increasing their profitability levels. Businesseshave invested heavily in information technology platforms. Onlinetransactions have increased the revenue of businesses and thecustomer base. Mobile commerce is the exchange of business deals likebuying and selling using a hand held mobile device (Pratima 2009).This form of business is broadly referred to as electronic business,which encompasses the use of information communication technology toimprove the business practices. Transacting through electroniccommunication networks is what is referred to as electronic commerce.Business outsourcing models have been developed to cater for theoutsourcing firms. There is the integration of the modern technologyin the business process outsourcing. A well-planned businessoutsourcing program will help in the execution of manufacturingdecision. It will help the management to have ample time toconcentrate with other managerial work (Best 2006).

Thereare various reasons why companies outsource business processesthrough third parties. One major reason is to evade certain costs ofproduction and manufacturing. In most cases, businesses outsourcethose services that are not critical in nature. Regulation bygovernments’ policies is one of the leading reasons for business tooutsource their services. Companies opt to operate in those countrieswhere the regulation levels are low and would not affect themanufacturing process (Best 2006). The level of government taxationalso affects the decision of the management to outsource itsservices. High taxes are unfavorable for business practices and thuswill encourage outsourcing. When taxes are high, level of profitmargin goes down as tax is inversely related to profit levels

TalismanInc’s management should ensure that all the employees in theirareas of operation enjoy the benefit of job security. There should beproper guideline on the job description to avoid friction at work.Professional boundaries should be fastened at work place.Additionally, an employee should never assign a job to the other andexpect favors to fall on them. Harassments at work should be avoidedat all cost. One should never practice a competing business with thatof their employer. This will lower the chances of conflict ofinterest (Mazzola 2010).

Motivationat work is a factor of ethics of an individual. Employees who arehighly motivated have high chances of performing at work. Theyusually go a mile ahead in their jobs, and this contributes to theperformance of the organization. Good relationships with the seniorsat work are as a result of good morals in an individual. Respect forthe boss should be granted all the times. This will create peacefulworking environment and support cohesiveness at work. Lack ofwork-life balance mostly causes Job resignation (Best 2006). Thesenior management should ensure all the time that employees have abalanced lifestyle. Ample time for the families should be created toreduce cases of family wrangles.An individual shouldportray a professional picture to peers at work. Organizationalconflict of interest should be eliminated. Integrity should beobserved all times by all the employees (Best 2006). This promotesthe level of interaction and professionalism at work. Seniormanagement should avoid all cases of nepotism, favoritism and undueinfluence in making decisions of promotions. One should be promotedbecause of their hard work and also qualification. Trading one’sintegrity to receive the favors will ruin the good workingrelationship. The boss should at all the times ensure a goodrelationship with the juniors.

TheSWOT analysis should be carried out before making the decision ofoutsourcing any business practice. This managerial trait should beembraced by all managers so as to critically analyze the industryrequirements. There are various reasons why companies outsourcebusiness processes through third parties. One major reason is toevade certain costs of production and manufacturing. Regulation bygovernment policies is one of the leading reasons for business tooutsource their services (Mazzola 2010). Companies opt to operate inthose countries where the regulation levels are low and would notaffect the manufacturing process. The level of government taxationalso affects the decision of the management to outsource itsservices. High taxes are unfavorable for business practices and thuswill encourage outsourcing.

Delegationis paramount in managerial duties of running an organization. Thisprinciple is guided by the decentralization aspect of management.This will encourage openness and trust among the employees and thetop management. Free flow of communication with no give specificchain of command should be encouraged within the organization. Thissystem of management is advantageous because different people areendowed with different skills. Additionally, there should be a sharedcontrol and spirit of co-ownership of the task being performed. Theeffects will be highly motivated employees who have the desire toperform (Mazzola 2010).

Teamplayer spirit and value for others are other traits that managersshould embrace in their day to day running of organizations. Equityat any given level of organization management is a key factor tosuccess. Stacy Adams Equity Theory (1965) states that, there is aninfluence from the feelings as equity and fairness. Employees shouldbe made to feel equal to another through the various incentiveprograms adopted. The policy of trust and openness is a key topromoting equity and fairness at the workplace (Mazzola2010).Employees should be allowed to make complaints in case aproblem in the various systems adopted by the organizationalmanagement. Equity is also achieved where employees are encouraged towork as a team to promote cohesion and integration.

Industryknowledge and training is a paramount factor to be considered bymanagement in their running of the organization. There should bedesigned on the job trainings to equip various employees with thenecessary skills to perform their duties. Managers should attendseminars and conferences to have a broader view of the whole industryfunctioning. Management should also invest in research anddevelopment to remain at a competitive edge compared to theircompetitors. IT infrastructures in the organization should beupgraded as per the requirement of the industry. Finally, but not theleast managers should embrace the dynamism of social media in theirrunning of the organization.

Thebranch of management that deals with the formulation andimplementation of decisions and strategies in an organization shouldbe employed. It defines the goals and objectives of all the projectsundertaken by the organization. The project is a unique set ofinterrelated activities geared to a common goal of organizationalsuccess. The project must be completed within a given time frame, andthe results evaluated by the observing team (Mazzola 2010). Inproject planning and management, a strategy is the key factor tosuccess of a given project. Strategy is an action plan formulated toachieve the organizational goals and objectives. The outcomes of theproject are the end results which may include increased sales revenueor increase in customer base. The project is described by itsuniqueness, uncertainty and lifecycle which are temporary in nature.Organizational culture should be promoted by all the members at allthe times in management of a given organization.

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Pratima,B. &amp Natalie, S. (2009). TalismanEnergy Inc.: The Decision to Enter Iraq.Ivey Publishing.

Thompson,A. A. (2014). Craftingand executing strategy: The quest for competitive advantage conceptsand cases.

Trish,G. &amp Matt, S. (2012). The Community Obligations of Canadian OilCompanies: A Case Study of Talisman in the Sudan. Vol.Iss: 4,pp.231 – 261.