Managing Finance - Setting and Acheiving Budgets
"We believe that teams - real teams, not just groups that management calls "teams" - should be the basic unit of performance for most organizations, regardless of size". (Katzenbach, J R & Smith, D K; the Wisdom of Teams, Harvard Business School Press, Boston.)(a) Critically analyse this statement and discuss whether you agree or disagree with it. Justify you answer.Katzenbach, J R & Smith, D K, go on to say, "Teams are more productive than groups that have no clear performance objectives because their members are committed to deliver tangible performance results. Teams and performance are an unbeatable combination" . Nearly all of us at some stage have been members of a group that we've labelled a team, whether it was a sports team, debate team, a committee, a task force at work, or an advocacy group in the community. Essentially, the label of team is given to a group of people who interact well. Nevertheless, it is important to use a more precise definition of a team for two reasons:· We can discern the features a team possesses that distinguish it from a group.· We can identify the features of a high performance team.
The advantages of budgets, which are often mentioned in accounting literature, are as follows:· To aid the planning of a company's annual operations. But if the budget is dictated from above, the personnel may resist it. It is important for example that production managers know the sales department's plans and purchasing managers know the production department's plans. (2), team members share responsibility for the specific outcomes and operations. Co-ordinationCo-ordination is the meshing of all factors of production or services and of all departments and functions so that the company can meet organisation objectives. 00%TOTAL $136,800 $119,675 ($17125) 14. Purchases October November December $50,000. The budget is ruled by previous decisions that have been made within the long-term planning process. High-performance teams also share leadership within the team more than other teams. In a long-term planning process the top-level management will determine the objectives of the company and the strategies to achieve them. In addition, not significantly, high-performance teams seem to have a better-developed sense of humour and more fun". It gives managers the immediate feedback so that deviations from budget can be identified and corrected in due course.
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