UNCERTAINTY

Managers And Their Dealings With Uncertainty

Managers And Their Dealings With Uncertainty

Introduction

The success of any organization depends upon the efficient and effective management of its business operations. The management of different departmental units emerges as a one factor behind the performance of the businesses. Managers play their important roles in managing the business organizations. The skills and capabilities of managers help them to manage with the risks and uncertainties that are always present in the internal as well as external environments. Therefore managers are also required to possess risk management and performances skills to deal with risks and uncertainties.

The managers are in charge to create the balance between the performances and risks in order to provide the values to stakeholders and other shareholders of the company. Various factors are present in the internal and external environment that creates the challenges for the managers to deal with them. Internal challenges involve achieving the organizational objectives and goals and to achieve these challenging goals managers are required to have performance management skills in order to monitor the work performances of the employees and in order to motivate them to get the work done efficiently. The business structures also have great impact upon the management systems. The structured decisions by the upper level authorities also exert great pressures upon the managers.

The external environment also puts great pressure and challenges upon the organizations and in order to deal with such challenges, managers are required to perform their performances in best way. Alone, the managers are unable to perform their duties effectively unless and until the managers have support by their subordinates and team members (Lalitha B., 2012, 1235). External environment challenges particularly involve the economic factors, the risk and threats by other competitors in the markets, the crisis that emerges and affects the world's economy etc. In such cases the risks management skills of the managers can help the organizations in dealing with emerging risks and their abilities performed have significant impact upon the entire organization.

Managers are considered to be the one who exist to deal with uncertainties and associated risks. According to almost all the modern management theories, this concept is true that management deal with uncertainties that some time known or even unknown to them. Similarly it is often considered by many people in business area that the performance management and risk management are different concepts and managers are not always utilizing the skills associated with these management concepts (Lalitha B., 2012, 1235). However, this concept is not such true at all. Risk management and performance management are although two different concepts but managers are always found to utilizing the skills of these two concepts because the managers are always exist to deal with uncertainties that can emerge at any time to the managements and organizations.

The following paper aims at discussing the examples that how managers deal with the uncertainties and risks in both the internal and external environments and also it is discussed that how their approaches and strategies affect ...