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Senior management, executive management, or upper management is an occupation at the highest level of management of an organization, performed by individuals who have the day-to-day tasks of managing the organization, sometimes a company or a corporation.
Executive managers hold executive powers delegated to them with and by authority of a board of directors and/or the shareholders. Generally, higher levels of responsibility exist, such as a board of directors and those who own the company (shareholders), but they focus on managing the senior or executive management instead of on the day-to-day activities of the business. The executive management typically consists of the heads of a firm's product and/or geographic units and of functional executives such as the chief financial officer, the chief operating officer, and the chief strategy officer. [1] In project management, senior management authorises the funding of projects. [2]
Senior management are sometimes referred to, within corporations, as executive management, top management, upper management, higher management, or simply seniors.[ citation needed ]
A top management is a specific form of which typically consists of some of the top managers in a firm. However, there is no clear definition to what the top management of an organization is. It is put together by the chief executive officer (CEO) to work on a specific task. [3] In working on this task, the generally has a much higher responsibility and considerable autonomy than other types of teams.
Possible tasks include:
The way top management is put together and work together as a team can greatly differ from other teams. This is mainly based on the fact that top managers have succeeded as individuals which often leads to a focus on functional team objectives rather than to working interdependently on a shared goal. Top management consist of top managers from different functional areas of the firm, so they usually have different areas of expertise. Diversity and heterogeneity in teams can have a positive effect on teamwork. Nevertheless, there are also negative effects which have to be overcome as a team like not valuing different opinions and perspectives. A CEO that models valuing behavior and ensures the team has both a clear purpose and clear objectives can do just that. This also reduces social categorization effects because it leads to team members focusing more on their shared goals than on their differences.
The exchange of information during the working process is as important for top managements as it is for all other kinds of teams. In order to work effectively, the team needs to understand how to communicate, share information, set goals, give feedback, manage conflict, engage in joint planning and task coordination and solve problems collaboratively. The CEO plays a key role in enabling the team to do so. He or she must take on the responsibility to coach the team and to reflect on their work. In their research in 2005, Simsek and colleagues [4] found that especially a CEO's collectivistic orientation has a positive influence on team work behavior. Collectivistic orientation means that the CEO subordinates his or her personal to the group interests and goals, emphasizes sharing and cooperation within the team and enhances task-relevant processes of teamwork like gathering, processing and interpreting strategic information. This in turn enhances a process called behavioral integration which was developed by Hambrick (1994). [5] It describes the degree to which a group, here the top management, engages in mutual and collective interaction.
Hambrick divided this concept into three parts:
Top managements can face multiple difficulties which mainly derive from their individualistic views and strong opinions. It is therefore of great importance that the team works through these conflicts, creating a climate of safety, keeping their vision and mission in mind and build an appropriate work environment for themselves and the organization.
Corporate titles or business titles are given to corporate officers to show what duties and responsibilities they have in the organization. Such titles are used by publicly and privately held for-profit corporations, cooperatives, non-profit organizations, educational institutions, partnerships, and sole proprietorships that also confer corporate titles.
Management is the administration of organizations, whether they are a business, a nonprofit organization, or a government body through business administration, nonprofit management, or the political science sub-field of public administration respectively. It is the process of managing the resources of businesses, governments, and other organizations.
Virtual management, is the supervision, leadership, and maintenance of virtual teams—dispersed work groups that rarely meet face to face. As the number of virtual teams has grown, facilitated by the Internet, globalization, outsourcing, and remote work, the need to manage them has also grown. The following article provides information concerning some of the important management factors involved with virtual teams, and the life cycle of managing a virtual team.
A chief executive officer (CEO) is the highest officer charged with the management of an organization – especially a company or nonprofit institution.
A team is a group of individuals working together to achieve their goal.
Chief information officer (CIO), chief digital information officer (CDIO) or information technology (IT) director, is a job title commonly given to the most senior executive in an enterprise who works with information technology and computer systems, in order to support enterprise goals.
Team building is a collective term for various types of activities used to enhance social relations and define roles within teams, often involving collaborative tasks. It is distinct from team training, which is designed by a combine of business managers, learning and development/OD and an HR Business Partner to improve the efficiency, rather than interpersonal relations.
An organizational structure defines how activities such as task allocation, coordination, and supervision are directed toward the achievement of organizational aims.
A chief marketing officer (CMO), also called a global marketing officer or marketing director, or chief brand officer, is a corporate executive responsible for managing marketing activities in an organization. Whilst historically these titles may have signified a legal responsibility, for example at Companies House in the UK, the titles are less strict/formal in the 21st Century and allow companies to acknowledge the evolving and increasingly significant role that marketers can play in an organisation, not least because of the inherent character of successful marketers. The CMO leads brand management, marketing communications, market research, product marketing, distribution channel management, pricing, customer success, and customer service.
A virtual team usually refers to a group of individuals who work together from different geographic locations and rely on communication technology such as email, instant messaging, and video or voice conferencing services in order to collaborate. The term can also refer to groups or teams that work together asynchronously or across organizational levels. Powell, Piccoli and Ives (2004) define virtual teams as "groups of geographically, organizationally and/or time dispersed workers brought together by information and telecommunication technologies to accomplish one or more organizational tasks." As documented by Gibson (2020), virtual teams grew in importance and number during 2000-2020, particularly in light of the 2020 Covid-19 pandemic which forced many workers to collaborate remotely with each other as they worked from home.
Teamwork is the collaborative effort of a group to achieve a common goal or to complete a task in an effective and efficient way. Teamwork is seen within the framework of a team, which is a group of interdependent individuals who work together towards a common goal.
The chief risk officer (CRO), chief risk management officer (CRMO), or chief risk and compliance officer (CRCO) of a firm or corporation is the executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities, to a business and its various segments. Risks are commonly categorized as strategic, reputational, operational, financial, or compliance-related. CROs are accountable to the Executive Committee and The Board for enabling the business to balance risk and reward. In more complex organizations, they are generally responsible for coordinating the organization's Enterprise Risk Management (ERM) approach. The CRO is responsible for assessing and mitigating significant competitive, regulatory, and technological threats to a firm's capital and earnings. The CRO roles and responsibilities vary depending on the size of the organization and industry. The CRO works to ensure that the firm is compliant with government regulations, such as Sarbanes–Oxley, and reviews factors that could negatively affect investments. Typically, the CRO is responsible for the firm's risk management operations, including managing, identifying, evaluating, reporting and overseeing the firm's risks externally and internally to the organization and works diligently with senior management such as chief executive officer and chief financial officer.
Organizational architecture, also known as organizational design, is a field concerned with the creation of roles, processes, and formal reporting relationships in an organization. It refers to architecture metaphorically, as a structure which fleshes out the organizations. The various features of a business's organizational architecture has to be internally consistent in strategy, architecture and competitive environment.
The following outline is provided as an overview of and topical guide to business management:
A functional manager is a person who has management authority over an organizational unit—such as a department—within a business, company, or other organization. Functional managers have ongoing responsibilities, and are not usually directly affiliated with project teams, other than ensuring that goals and objectives align with the organization's overall strategy and vision.
Howard M. Guttman is an American management consultant and founder of Guttman Development Strategies, a consulting firm. Guttman is best known for his theories on corporate organizational hierarchies, positing that the traditional, top-down model of management is less effective than the horizontal, high-performance organization, where decisions are made by cross-functional teams with equal authority.
Organizational ambidexterity refers to an organization's ability to be efficient in its management of today's business and also adaptable for coping with tomorrow's changing demand. Just as being ambidextrous means being able to use both the left and right hand equally, organizational ambidexterity requires the organizations to use both exploration and exploitation techniques to be successful.
The term director is a title given to the senior management staff of businesses and other large organizations.
Team effectiveness is the capacity a team has to accomplish the goals or objectives administered by an authorized personnel or the organization. A team is a collection of individuals who are interdependent in their tasks, share responsibility for outcomes, and view themselves as a unit embedded in an institutional or organizational system which operates within the established boundaries of that system. Teams and groups have established a synonymous relationship within the confines of processes and research relating to their effectiveness while still maintaining their independence as two separate units, as groups and their members are independent of each other's role, skill, knowledge or purpose versus teams and their members, who are interdependent upon each other's role, skill, knowledge and purpose.
The high performance organization (HPO) is a conceptual framework for organizations that leads to improved, sustainable organizational performance. It is an alternative model to the bureaucratic model known as Taylorism. There is not a clear definition of the high performance organization, but research shows that organizations that fit this model all hold a common set of characteristics. Chief among these is the ability to recognize the need to adapt to the surroundings that the organization operates in. High performance organizations can quickly and efficiently change their operating structure and practices to meet needs. These organizations focus on long term success while delivering on actionable short term goals. These organizations are flexible, customer focused, and able to work highly effectively in teams. The culture and management of these organizations support flatter hierarchies, teamwork, diversity, and adaptability to the environment which are all of paramount success to this type of organization. Compared to other organizations, high performance organizations spend much more time on continuously improving their core capabilities and invest in their workforce, leading to increased growth and performance. High performance organizations are sometimes labeled as high commitment organizations.
Senior Management although providing the authorization for the funding, must be seen playing an active role in providing top–down leadership for the project and participate in key decisions related to the project.
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