英语.docx
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英语.docx
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英语
2011-2012年秋学期工商管理专业英语期末作业
Topic(English)
院系:
经济管理学院
专业:
工商管理09-1
学号:
0868100101
姓名:
高娃
成绩:
______________
2012年1月
Structure
TargetmanagementinEnterprises
Extensivecost-cutting,createnewbusinessdepartmentandthelocalizationofdifferentmiddle-managementteam.Strategicchoicetofocusoncorevehicle,productionenterprisesandexitenterprise.Usealargeportionofthefunds,forthedevelopmentofnewproductsandthemodernizationandautomationofproductionequipment.Rationalizationofproductionfacilitiesandprograms,including-inventoryprogram.Implementationofaformalperformance-incentivesystem.Fiatmanagementtoprovidethreetypesofincentiveperformance-reward:
wageincrease,duetomanagementbuyoutplanisthemostimportantperformance-incentivesystem,itistheconcentrationofthesituation.
Theinfluenceoftargetmanagement
FiatthinkMBOprogramcontributesgreatlytothesuccessof.Theyfeltthattheplanwasimprovingtheincentivesystem,withitssmallsize,fullydiscretionarybonuses,mainlybecauseitforcesthemanageratvariouslevelsoforganizationhasdirectdiscussionoftheaimsandachievements.Doingsohelpsmanagersatalllevelstodeterminetheirhighestpriorityandfocusontheir
1.Fiatgoup:
managementbyobjectives
1.1aboutthefiatgroup
foundedin1899,thefiatgrouphasgrowntobetheworldsfifteenthlargestcorporationintherevenues.fiatoperatesin52countriesandemploys286,000people.In1989,revenueswere52trillionlire,andnetincomeaftertaxeswas3.3trillionlire,thecompanyispubliclyheld,buttheagnellifamily.ownsacontrollinginterest.
Thegroupsparent,fiats.p.a.,isaholdingcompanyresponsibleforstrategicmanagementandcontrolofsectoractivities.theparentcompanyalsoprovidesadministrative,fiscal,andlegalsupporttotheoperationunits.Thefiatgroupoperateswithsolid-linereportingthroughoutthefinancialunits.thefiatgroupoperateswitesolid-linereportingthroughoutthefinancialorganization,thatis,financialpersonnelintheoperationunitshaveonlyadotted-linereportingrelationshipwiththeirlinemanagers.
Inthe1970s,fiatgroupsufferedsignificantperformanceproblems.Manyfactorscontributedincludingtheoilembargoesandquadruplingofoilpricesin1973-1974,whichcreatedworldwideovercapacityintheautomotiveindustry;wildcatstrikesandabsenteeism;redbrigadeterrorism;andltalianinflationthatsoaredabove20%.by1980,fiatbankdebttotaledseventrillionlire,andthecompanyssurvivalwasatstake.sointhelate1970sandearly1980s,managementbeganacorporaterestructuring,whichincluded;
1:
extensivecostreductions,includinglayoffsforabout15%oftheworkforce.
2:
creationofnewoperatingcompaniesineachsectorandpositioningofasubstantiallydifferentmiddle–managementteam.
3:
strategicdecisionstofocusoncorevehicle–productionbusinessesandwithdrawfromsomemarketssuchastheunitedstatesandsouthamerica,tofocusresourcesonEuropeanmarketsandbrazil.
4:
largeincreasesinsharecapital,whichwereusedtodevelopnewproductsandmodernizeandautomateproductionfacilities.
5:
rationalizingproductionfacilitiesandprocedures,includingimplementingjust–in–timeinventoryprocedures.
6:
implementingaformalperformance–basedincentivesystem.
Intheperformance–basedincentivesystemwhichwasanimportantpartofthecompany’srestructuring,fiatoffersmanagersthreetypesofmonetaryperformance–basedreward:
salaryincreases,annualbonusesawardedthroughaformalmanagementbyobjectives(MBO)program,andoccasionaldiscretionarybonuses.becausetheMBOprogramisthemostimportantintheperformance–basedincentivesystem,itistheconcentrationofthiscase.
1.2IntroductionoftheMBOprogram
BeforetheMBOprogramwasimplemented,fiatgroupgavesomeseniormanagerstheopportunitytoearnsmallbonusesassignedby“personalbargaining“,lessthan10%oftheirbasesalary.
TheMBOprogramwasoneofthelastelementsinthemajorcompany–restructuringprogramdescribedabove.Fiatgroupintroducedtheprogramcompanywidein1983afterexperimentingwithsmallsamplesofmanagersinthelate1970sandearly1980s.theprogramwasintendedtostimulateidentificationofmanagementprioritiesfortheyear,todirectmanagers’attentiontothosepriorities,andtopusheveryonewhoremainedwiththecompanytomoveintoahighergear.
ThenewprogramcameasashockbecausefiatgroupmanagershadlittletraditionofincentivesandbecausesalaryincreasesformanagersincludedintheMBOprogramwereretarded.first,thetopthirty–fivemanagersinthecompanywerecloselyinvolvedindesigningtheprogram.theirinvolvementimprovedboththeprogram’sdesignandtheiracceptanceofit.second,fiatgrouphadexperimentedwithincentiveprogramsbeforefullimplementationandhadlearnedsomevaluablelessons,asaboutsettingobjectives.third,somemanagersundoubtedlydidnotobjecttothenewsystembecausetheywereafraidoflosingtheirjobsinthisperiodofinstabilityanddownsizing.andfinally,manymanagersrealizedthattheywerebeinggivenachancetoincreasetheircompensationatatimewhenthecompanywasnotperformingwell.
IntheMBOprogram,allthetopmanagersinfiatareincludedexceptforeightmanagersatthemostseniorlevelsthathaveindividuallytailoredincentiveschemes.these521highest–rankingmanagerial–levelpeople(exceptforthetopeight)include:
13sectormanagers,161otherprofit–centermanagers,and347otherlineandstaffmanagerswithsignificantresponsibilities.thoseintheMBOprogramareusuallyinorganizationalpositionsoneortwohierarchiclevelsbelowsectormanagers.butinthelargeautomobilesector,somemanager’sfourlevelsbelowsectormanagersarealsointheprogram.
Astothebonus,theannualpotentialforcashbonus,asapercentageofbasesalary,isquitesimilarforallmanagersintheMBOprogrambecausethe521managersareconsideredtobeoneclass:
topmanager.thehighest–ranking80ofthe521managersaregiventheopportunitytoearnannualcashbonusesoftheirsalaryforachievingpredeterminedgoals.the441lower–rankingmanagersintheprogramhavetheopportunitytoearaspecificamountoflire,calculatedas30%ofthemidpointsalaryoftheirjobgrade.
Onedifferenceinpayoffamongthemanagersissignificant.asarule40%to50%oftheannualMBOawardgiventoeachofthethirteensectormanagersintheprogramisaddedtothemanagers‘basesalarystartinthefollowingyear.theseincreases,whichsubstituteforthesectormanagers‘meritraises,accumulatewithoutlimitbecausefiatgrouphasnosalarymaximumforsectormanagers.thevalueofthispartoftherewardcanbehugebecausethesalaryincreaseprovidesanannuitythatwillbereceiveduntilretirementanditcreatesahigherbasesalaryonwhichadditionalbonusawardscanbeearnedinfutureyears.
TheMBOawardsarebasedonbothfinancialandnonfinancialperformanceindicators.thecriteriaforevaluationandtheirweightingsofimportancearebothtailoredtoamanagers‘sspecificsituation.
Atprofit–centerlevels,thekeyfinancialmeasuresarenetprofitbeforetaxes(PBT)andnetfinancialposition(NFP).Profitismeasuredbeforetaxesbecausetopmanagementjudgesthatoperationmanagershavelittlecontrolovertaxes.thenetfinancialismeasureofdebt,definedasthesumofmiddle–andlong–termfinancialdebts,withbothfinancialinstitutionsandfiatgroup.themeasurewasselectedbecausebytheearly1980sfiathadbuiltupdangerouslyhighcorporatedebt(7trillionlire)andbecausemanagersfeltthatfiat’sattentiontoassetandcreditmanagementwasdeficientandbecauseitisfelttoreflectakeyelementingoodmanagement.
Nonfinancialperformanceindicatorsincludeincreasingsalesinspecificmarketsegmants;completinganacquisition,divestment,orreorganization;improvingquality,assetmanagement,orcustomerservice;andintroducingnewproductsorprocesses.
Mostnonfinancialperformanceindicatorsreflectareasofperformancedirectlyundertheindividualmanagers’control.butsomecross–organizationalindicatorsareused,particularlyatfunctionalorganizationallevels,tohelpover–come“selfishness”.forexample,managerswhoarepartofadesign–engineering–productionteamaresometimesgiventargetsforcustomerservice,productioncosts,orproductiondefect.
ThefollowingpartofMBOprogramisaboutperformancetargetsandsetting.thispartisveryimportantforMBOprogram.accordingtothecorporatepersonneldepartment,allmanagersshouldhavetheseprobabilitiesofachievingeachtargetlevelasfollowing:
withrareexceptions,theoperatingmanagers’budgetedcorefinancialnumbersareacceptedwithoutrevisionandincludedwithinthethresholdrangeofperformanceforMBObonuses.atthesectorlevel,budgetedPBThasbeenoutsidethethresholdrangeonlysixtimesinthesixty-foursector–yearsintheperiod1987-1990.
Thefewbudgetrevisionsthataremadealmostinvariablylowerprofittargetstocorrectforoptimismthatasuperiorjudgetobeunwarrantedordangerous.asectormanagerexplained:
“IrevisebudgetsonlywhenIjudgethesubmissiontooambitious.IhavetobecarefulbecauseIdon’twanttodiscouragethemanagersfromsettinghightargets,butwe’vegottoberealistic.ifwearetoooptimistic,wewilldonothing.consequently,I‘invited‘themanagertorevisethebudget.”
Andalmostuniformly,thebu
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