Despite aiming for vastly different goals, the approaches to management used in for-profit and not- for-profit organisations are largely similar.”

Despite aiming for vastly different goals, the approaches to management used in for-profit and not- for-profit organisations are largely similar.” 150 150 Affordable Capstone Projects Written from Scratch

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I need to do a whole new research as this research should actually use my skeleton as the guide but i messed up all of it.

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The business environment today has become turbulent, and management strategies that are adopted in different organizations determine the success and performance of the team. Organizations need leaders and managers who can make a significant impact on the organizational objectives, mission, and the industry. The management of any organization is mandated with controlling, staffing, organizing, and planning nearly all the operations to ensure success (Jepson, 2009). The management has a supervisory role in capital budgeting, human assets, work activities, and functions. However, the general structure of organizations differs from each other due to numerous factors. Parmenter (2012) lists motive as one of the main factors that differentiate organizations as either for-profit (FP) or not-for-profit (NFP). On the one hand, FP organization aims at maximizing its profits while it provides a service or product. On the contrary, an NFP organization aims mainly at serving a community or providing social services which are not focused on profit making or profit maximization. This present paper concentrates on the management approaches employed in the for-profit and not-for-profit organizations. These organizations aim for different objectives as one is to make a profit while the other is to provide community service. However, the management approaches are similar as effective leadership is imperative for the success of both organizations.

Different Goals Set by Each Organisation

According to Northouse (2016), every operational organization has different missions and objectives in the industry that they operate. There exist some categorization, and one of the most distinct ways is profit and non-profit organizations.  The goals of these organizations are different as profit organizations have a goal to make profits. Rodwell and Teo (2004) defines profit organization as a corporation, institution, or other forms of legal entities which are organized to ensure maximum profits and benefits to the owners or shareholders. The shareholders in these organization share all the profits made among themselves, and they are free to reinvest the total profit or part of it in the business. The sharing of the benefits is also dependent on the agreement that exists between the different shareholders. Management approaches adopted must be directed towards achieving the primary goal which increases the wealth of the business.


 

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