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Managing financial uncertainty in the external environment
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| Words: 2658 | Submitted: 25-Aug-2011
66.1% | Number of pages: 12 | Filetype: Word .doc
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DescriptionThis report details how management can minimise threats to the business posed by financial uncertainty in the external environment by using the controlling and planning functions of management
Executive Summary 3
Identifying a problem 7
Identifying Decision Criteria 7
Allocating weights to the criteria 7
Developing Alternatives 8
Analysing Alternatives 8
Selecting an alternative 8
Implementing the alternative 8
Evaluating Decision Effectiveness 8
This report details how management can minimise threats to the business posed by financial uncertainty in the external environment by using the controlling and planning functions of management.
Automotive conglomerates such as General Motors face huge challenges in the 21st century mainly found within the external market. Therefore it is imperative, in order to avoid damage to the organisation, that management consider very carefully the effects of financial uncertainties in the external market.
In the current market environment, an organisation cannot afford to overlook the important role that the financial uncertainty in the external environment plays on its operations and indeed future endeavours, or subsequent pitfalls and economic challenges. With the world economy slowly creeping its way out of the massive recession which befell it less than a year ago, it’s become very important to businesses that they implement effective means of control to cope with the after-effects and to employ further planning to support control methods and to adapt to the foreseeable future.
This report will focus on the effects that financial challenges in the external environment had on General Motors Company recently and also on how management have controlled and adapted to those effects. In addition concepts and theories from the functions of management described by Fayol (Robbins, Bergman, Stagg, Coulter, 2008, p. 12) relating to controlling and planning will be discussed in order to better understand how GM management can use (or have used) these concepts in order to ensure that financial uncertainty in the external environment does not harm their organisation.
It was on September 16, 1908 that William C Durant filed incorporation papers for the General Motors Company. This effectively brought together – over the next few months – Buick, Oldsmobile, Cadillac and Oakland (later Pontiac). Today the corporation embraces Buick, Cadillac, Chevrolet, GMC, Holden, Hummer (which is produced in the Eastern Cape), Opel, Pontiac, Saturn and Vauxhall. It has a manufacturing presence in 34 countries, with sales infrastructure in another 140 (CAR/GM Centenary, September 2008, p.6). On June 1, 2009, General Motors filed for Chapter 11 bankruptcy proceedings, which were completed on July 10 of the same year with the US government contributing US$57.6 billion (King, Neil (October 30, 2009). "Politicians Butt In at Bailed-Out GM"). On April 21, 2010, GM CEO Ed Whitacre Jr. announced that the company had paid back the last amount of the US and Canadian government loans, with interest, a total of $8.1 billion ahead of schedule (“GM pays back government loans from US, Canada" Associated Press, 21 ...
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