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Managing people

Launch:

Leadership is included part of your life. Regarding to corporate main and former All of us presidential candidate Ross Perot, the guidelines of management are amazing because, in a quickly changing world, human being nature remains a continuing. Most of us experience leadership in our life from early on childhood inside our family members, through friendships, public, recreational and sports activities, school and advanced schooling, to politics and administration, and, of course, inside our work, we all recognize control in other people and often in ourselves. In administration, global corporations and smaller businesses alike, the authority role is becoming more demanding, more available to scrutiny and more challenging [Roger Gill].

The development of command theory also parallels the introduction of organizational theory. The bureaucratic form of corporation is seen as a laissez-faire control' - whereby so-called leaders tend to avoid taking a stand, dismiss problems, not follow-up, and refrain from intervening - or transactional command, in which market leaders practise management by exception, focusing only on deviations from what is required, and contingent praise, satisfying people (either materially or psychologically) for obtaining what's required. The introduction of the post-bureaucratic form of corporation in the late nineteenth century shows the development of the idea of transformational management.

Theory & Methods to Leadership:Range of Leadership theories and methods has been developed based on Style, Trait, Behavioural, Transformational, Situational and Charisma. Many experts made efforts linking a few of the theories across these management techniques. But each model has its own pros, negative aspects, assumptions and limits. Latest researches are conducted on Situational & Transformational control styles. Leadership experts offered new models as versions to the already existing models. Max Weber, MacGregor, Bernard Bass, Warren Bennis & Nanus are few important researchers in the region of transformational authority. Understanding the difference between transactional and transformational control is vital in getting the complete concept of transformational authority theory.

In standard, a romantic relationship between two different people is dependant on the amount of exchange they may have. Exchange need not be money or material; it could be anything. A lot more exchange they may have the more better the relation. Manager's desires more productivity from employee to be able to give good rewards. In this manner, if something is done to anyone predicated on the come back then that relation is named as Transactional' type. In business, market leaders announces rewards in turn to the efficiency. These relations are about requirements, conditions and rewards. In life, at one point of your energy, things happen without expectation from other area. Say, mom's dedicated service to her kid. Mommy doesn't expect anything from the kid and the service she provides in boosting the child isunconditional, dedicated, devoted. Mom plays a significant role in shaping the kid's future life. This type of relation is called as Transformational'. Market leaders do exist in this world with these behaviours. Transformational Market leaders work toward a common goal with enthusiasts; put followers in front and develop them; take supporters' to next level; inspire followers to transcend their own self-interests in reaching superior results.

Leadership Strategy in TATA Group:

TATA Group founded in 1868, can be an Indian multinational conglomerate headquartered in the Mumbai, India. The Group has 500, 000 employees disperse over six continents (more than 80 countries). TATA Group has market capitalization worth $70bn as of today which is the largest private commercial group in India. TATA Group is biggest employer in UK, using more than 50, 000 people. TATA Group has interests in marketing communications, IT, executive, materials, services, energy, consumer products and chemicals. Its chairman, Ratan Tata is one of India's and the world's most important person right now. The Tata Group is well known for its good business ethics and corporate governance.

The Group command style has been quite regular from its lifetime. The Group has incorporated some more management changes which are essential in current century to drive towards more competitive. In conditions of command style, TATA Group has followed a team-led culture.

With Ratan as a leader, the management style of the whole group transformed, trust became an enormous facet and theme of the group. Ratan devote a whole organisational restructuring set up when he needed over taking a more matrix-style strategy building teams, exchanging many of the senior managers with youthful ones and providing the retirement age of senior professionals to 65 from 70 years. These changes would have obviously transformed a lot in the business, senior managers would have had to be on their feet and versatility and adaptability became essential attributes to possess. The leadership altered from a centralised, control centre to a much more allocated form with employees and all managers enjoying increased responsibility and understanding of the Group, which could have in turn; encouraged these to work harder so that as an organization. From distinctive Command models available including the McGregor Theory X and Y; where a theory X supervisor believes workers dislike work, aren't creative and avoid all responsibility while a theory Y director believes that personnel get just as much enjoyment from work as they can derive with leisure, accept responsibility and are creative; it could be seen from this, that Ratan required all his managers to be modelled as meticulously to Theory Y and he himself could be called a Theory Y supervisor. He encouraged professionals to be progressive and share all their ideas, consulting actively with them and providing them with more responsibility and notably motivated team-working. Using standard management style models of Autocratic, Democratic, Paternalistic and Laissez-faire, Ratan Tata serves as a the leader who employs a more democratic approach but also uses facets of the other three models, a perfect leader in my view. He is democratic because he motivates communication and contribution, and workers have access to some of the knowledge of the business. However, he is also paternalistic in a way, because he cares greatly about the well-being of his employees as was visible because following the 26/11 terror problems, he personally stopped at each affected employee's property (80 in total) which ultimately shows he has a humanistic touch to his management as well. He is autocratic in certain ways but only once needed in particular when quick and knowledgeable decisions need to be taken, but he's never too commanding in his aspect, being a man of few words and being more of a guy of action, this is noticeable from the manner he aggressively pushes for daring international bargains, such as through the global acquisitions of business powerhouses such as Corus, Jaguar and Land Rover, and Tetley Tea. This quote from Mr. Muthuram, another executive director, clearly implies that he is a person, who is intention on succeeding which is certain of himself,

Ratan was the principle architect of the Corus offer. I was worried about the magnitude and the amount of money.

But he instilled self-confidence.

He also uses facets of the Laissez-Faire model such as the delegation of important duties and decision-making, he also does not at all interfere with any manager's working, he might make a broad strategic analysis but he does not interfere in operational issues and details, this shows that he has complete trust and beliefs in his professionals and believes in their capability, this quote from Mr. Gopalakrishnan, an executive director of the business, shows how much value Ratan Tata places on his trust, this is highly motivating for professionals and workers likewise,

"I recall what Mr Tata informed us at a gathering. He said that he will continue steadily to trust all his professionals, but after they lose that trust, he will follow them. I think that is an extremely fair deal

Looking at other leadership models, such as Maximum Weber's Transactional and Transformational Command models, where a head is classed in three brackets which are Bureaucratic, Charismatic and Traditional, where a bureaucratic leader is one who is always bound by the set in place rule and does not want to tread beyond them; a Traditional leader is one who does and follows everything from an extended past or background and always loyally obeys these customs'; a Charismatic leader is one who uses his own laurels or talents to inspire and it is one who serves as a radically opposed to administrative guidelines and legal guidelines. From these models Ratan Tata easily comes into the Charismatic Model because he is one who leads by example, discovering highly innovative ideas including the one lakh car the Nano', budget hotels or low-end wrist watches, he brought radical change to the Tata Group as a whole, changing it from its Traditional' state of mind to new more adaptable and adaptive ethnic mindset.

One can also take a look at Bennis and Nanus's Transformational leadership model which declares that transformational market leaders make their supporters into self-empowered market leaders and their main concentrate is to articulate eye-sight and values clearly so the newly self-empowered market leaders know where to go; it then talks about the four I's of Transformational management which are

  • Idealised Influence ( being truly a role model)
  • Inspirational Determination( cultivating a team nature, motivate and offer a challenge)
  • Intellectual Activation( Creativity and creativeness)
  • Individual Account(mentoring and providing support for enthusiasts)

Ratan Tata can be then referred to as a full transformational head, because he epitomises all the I's and it is clearly a man with a great perspective; he changed the business enterprise culture to one that is team-based, he empowers all his managers and executives and has complete beliefs in them, he's extremely innovative which is credited for a lot of the Group's new products, he places significant amounts of importance to his Research and Development section and he definitely cares deeply about the welfare of all his employees and managers, which was confirmed through the 26/11 terror attacks that struck Mumbai and targeted one of his hotels. He's a visionary and proof this comes from this quote,

One hundred years from now, I expect Tatas to be much bigger, of course, than it is now. More importantly, I am hoping the group comes to be thought to be being the best in India. Best in the Manner where we operate, Best in the products we deliver, and best in our value system and ethics. Having said that, I hope that a hundred years from now we will distributed our wings much beyond India, that people turn into a global group, working in many countries, as Indian business conglomerate that is at home in the world, carrying the same group of trust even as do today

Ratan Tata is a innovator who realised the kind of market his businesses were in competitively and always desired them to depend on date in all their operations and technology. This famous quotation from his lips is resistant enough of this fact,

"A business or business which remains static is a small business that will pass away; an organization that constantly changes and allows that there are improved ways to do things than the way they are done today, is a company that will endure in the global market that we face. "

Out of this affirmation we can amount that he's a fierce competition and a man who understands the market he encounters. Ratan Tata. He's also a very profound thinker and an excellent strategist as is defined by one of his Executive directors, Mr. Alan Rosling,

He's a deep thinker and intensely strategic. He's always 2-3 steps ahead

Another important quality that Ratan Tata has is the fact he is a guy of strong Integrity and basic principle; he never compromises on his ethics and will not package with any business or company that compromises them and principles his shareholders very highly, another quotation from Mr. Gopalakrishnan shows this fact,

"Tata has shown that there surely is no alternative way he will do business other than do it ethically"

There is proof this fact from the event when the money of Tata Funding were in huge losses credited to financial faults created by senior officers; Ratan announced that the keeping company they managed would supply the necessary finance needed for the unascertained loss, thus giving shareholders their dividend. His personality is reflecting in the Group's reputation and giving them a good global image.

I choose Ratan Tata because I feel he is a total leader and he's somebody who definitely has transformed the face of the Indian business world, he is somebody who never compromises on his ethics and principles and has establish a solid value system for the Tata Group as a whole, in a country where honest and value-orientated business is never a top priority. He's somebody who epitomises the entire innovator with all his characteristics; he is a man of great integrity and dignity, and he's also a champion of social causes along with his the Tata Groundwork being the major charitable organisation basic in the united states, and he's a man of modesty who never loves to take credit for anything even if it can completely participate in him.

Critically evaluate what is the partnership between Prediction Markets and the concept of Open Technology.

Answer to Question 2:

There is a very strong fundamental relationship between Prediction Markets and the idea

Question 3:

Discuss whether also to what extent business organisations can use Prediction Marketplaces and critically examine what are the required changes that organisations have to set up place to be able to profit from the use of Prediction Markets.

Response to Question 3:

In contrast with traditional solutions to demand forecast, Prediction Marketplaces provides

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