Wisdom In Management Research Articles

Practical Wisdom: Management’s No Longer Forgotten Virtue

The ancient virtue of practical wisdom has lately been enjoying a remarkable renaissance in management literature. The purpose of this article is to add clarity and bring synergy to the interdisciplinary debate. In a review of the wide-ranging field of the existing literature from a philosophical, theological, psychological, and managerial perspective, we show that, although different in terms of approach, methodologies, and justification, the distinct traditions of research on practical wisdom can indeed complement one another. We suggest a conciliatory conception of the various features of practical wisdom in management. This we take as a point of departure for a discussion of the significant implications of the subject for the theory and practice of management and for the direction of further research in the field.

基于物联网技术的车位管理系统研究与设计

目前的停车管理的智能化水平较低，多数管理系统适用性差，使得停车难的问题已经成为了阻碍城市交通发展的一大障碍，基于物联网技术的车位管理系统的研究是为解决车位管理效率低下而设计。现提出一种由在线车位查询与预定、无障碍出入停车场、室内泊车诱导、反向寻车和后端云管理平台、物联网相关底层硬件设备等模块构成的车位管理系统，各模块之间相互联系，底层获取数据、应用层对数据进行分析反馈，共同组成了智慧停车的智能化管理。试验结果表明，此系统能够克服传统管理低效的弊端，具有运行稳定、精确检测自动识别车辆，提升管理水平实现智能化车位管理，满足车位自动管理需求，具有不错的应用前景。 At present, the level of intelligent management of parking management is low, and most of them have become a major obstacle to the development of urban traffic. The research and design on parking management system based on Internet of Things Technology is to solve the problem of low efficiency of parking management. It is proposed a parking space management system con-sisting of modules, such as online parking query and scheduled, accessible access parking lot, in-door parking induction, reverse search vehicle and back-end cloud management platform, Inter-net of things related hardware equipment and other modules. The modules are interrelated, the bottom layer obtains the data, the application layer analyzes and feedbacks to users. With those model formed together constitute the wisdom of intelligent parking management. The test results show that this system can overcome the shortcomings of manual management inefficiency, with stable operation, accurate detection of automatic identification of vehicles, to enhance the management level to achieve intelligent parking management to meet the auto management needs. And it will have a good application prospects.

『주역』의 變通的 時中觀과 인간경영의 지혜

『주역』의 變通的 時中觀과 인간경영의 지혜

『주역』의 變通的 時中觀과 인간경영의 지혜

『주역』의 變通的 時中觀과 인간경영의 지혜

Informing management with monitoring data: the value of Bayesian forecasting

AbstractInventory and Monitoring Programs in the National Park Service (NPS) provide information needed to support wise planning, management, and decision making. Mathematical and statistical models play a critical role in this process by integrating data from multiple sources in a way that is honest about uncertainty. We show the utility of Bayesian hierarchical models for supporting decisions on managing natural resources of national parks. These models can assimilate monitoring data to provide true forecasts, resulting in probabilistic predictions of future states of park ecosystems accompanied by rigorous estimates of uncertainty. We discuss a novel approach for communicating these forecasts to decision makers who need to evaluate the probability that NPS goals will be met given different management actions, including the null model of no action. We illustrate how this approach has been used successfully to inform decisions on the elk (Cervus elaphus nelsoni) population management in Rocky Mountain National Park based on 47 yr of monitoring data. Forecasts from a discrete time, stage‐structured population model assimilated with annual census and sex and age classifications are being used annually to help park managers decide on actions needed to meet goals for elk and vegetation. In particular, park managers were able to determine the probability that the elk population would fall within a desired population range, which led to both population reduction actions and no action depending on the year of interest. Moreover, this approach allowed multiple survey methodologies from the last 47 years to be incorporated into a single model with associated estimates of uncertainty. Models like this one are especially useful for adaptive management where continuous improvement in models and data results in long‐term improvement in the wisdom of policy and management.

Strategy: Does the Concept Exist in Islamic Sources of Knowledge?

<p class="1main-text">The study brings new insights about the notion of strategy by exploring it in the Islamic sources of knowledge. It employs qualitative research methodologies to analyze the content taken from the texts of the Quran and the Hadith, their interpretations as well as from the biographies of Muhammad PBUH. It is part of the efforts which are being made to explore alternate perspectives in order to overcome the prevailing issues emerging in the classical management theory and practice. While works of scholars from cultural contexts different from the western cultures are surfacing in this area, it seems to be useful to also explore the Islamic sources of knowledge for the very purpose. Current study should be considered an early attempt in the specific area of strategy. It is a straightforward manner of looking into the Islamic sources of knowledge for the managerial wisdom and bringing it to light by an individual or collective effort. It should not be considered a way of negating the existing body of knowledge, but it is an attempt to bring something which may complement it.</p>

Minimum Advertised Pricing: Patterns of Violation in Competitive Retail Markets

Manufacturers in many industries frequently use vertical price policies, such as minimum advertised price (MAP), to influence prices set by downstream retailers. Although manufacturers expect retail partners to comply with MAP policies, violations of MAP are common in practice. In this research, we document and explain both the extent and the depth of MAP policy violations. We also shed light on how retailers vary in their propensity to violate MAP policies, and the depth by which they do so. Our inductive research approach documents managerial wisdom about MAP practices. We confront these insights from practice with a large empirical study that includes hundreds of products sold through hundreds of retailers. Consistent with managerial wisdom, we find that authorized retailers are more likely to comply with MAP than are unauthorized partners. By contrast to managerial wisdom, we find that authorized and unauthorized markets are largely separate, and that violations in the authorized channel have a small association with violations in the unauthorized channel. Last, we link our results to the literatures on agency theory, transaction cost analysis, and theories of price obfuscation. Data, as supplemental material, are available at http://dx.doi.org/10.1287/mksc.2015.0933.

Traditional Wisdom in Land Use and Resource Management Among the Lugbara of Uganda

This article is the result of PhD research work into traditional and modern law, order, and judicial systems among the Lugbara of Uganda. Although a segmentary society, the Lugbara used indigenous wisdom and lived experience to develop traditional law to guide in the management of land, flora, fauna, and water for posterity. Cultural beliefs, values, norms, and practices that guided land use and resource management were handed down by word of mouth through generations. Clan elders were the custodians of clan resources, guiding the people in negotiating the pitfalls and contradictions of human life. Development and its associated problems could be addressed using indigenous knowledge and wisdom. The beneficiaries need the capacity to sustain development by using the available local knowledge and resources. Rethinking traditional knowledge and wisdom could act as a strategy for sustainable development.

Political Wisdom in Management and Corporate Governance

In response to conventional rationalistic approaches to management and corporate governance, the Aristotelian tradition is emerging as a basis for alternative theories in which practical wisdom is central. This paper, following Aristotle and Thomas Aquinas, considers the specificity of “political wisdom” -directed to the common good- as being different from individual practical wisdom. We suggest that the business firm is a “political community”, understood as a whole formed by free and intelligent individuals called to cooperate for common goals and to pursue a common good. This orientation toward the common good requires political wisdom. After discussing the concepts of “political wisdom” and the business firm as “political community” we propose a number of implications of political wisdom in management and corporate governance.

Service Productivity: What Stops Service Firms from Measuring It?

Productivity measurement poses a challenge for service organizations. Conventional management wisdom holds that this challenge is rooted in the difficulty of accurately quantifying service inputs and outputs. Few service firms have adequate service productivity measurement (SPM) systems in place and implementing such systems may involve organizational transformation. Combining field interviews and literature-based insights, the authors develop a conceptual model of antecedents of SPM in service firms and test it using data from 276 service firms. Results indicate that one out of five antecedents affects the choice to use SPM, namely, the degree of service standardization. In addition, all five hypothesized antecedents and one additional antecedent (perceived appropriateness of the current SPM) predict the degree of SPM usage. In particular, the degree of SPM is positively influenced by the degree of service standardization, service customization, investments in service productivity gains, and the appropriateness of current service productivity measures. In turn, customer integration and the perceived difficulty of measuring service productivity negatively affect SPM. The fact that customer integration impedes actual measurement of service productivity is a surprising finding, given that customer integration is widely seen as a means to increase service productivity. The authors conclude with implications for service organizations and directions for research.

The Theory Of Constraints: A Comparative assessment

The worldwide economic reorganisation of the last decade has regularly been accompanied by appeals to concepts of lean manufacturing and flexible systems. These generally imply a scaling of productive and operating capacity to match demand and current throughput levels. The issue of how to manage scarce capacity has risen in priority both because of a constant search for greater efficiency and because of imbalances between the supply and demand of many resources. Multiple constraints have emerged throughout the Irish economy for individual firms, and for entire sectors. In “The Goal” Eli Goldratt reinvigorated traditional optimisation insights by presenting them in the repackaged form of the Theory of Constraints (Goldratt and Cox ,1993). This management best seller took the form of a thriller following the struggle of plant manager with 90 days to save his loss making operation from shutdown. In it Goldratt and Cox attack cost accounting as the “enemy number one of productivity” and instead called for a holistic process of ongoing improvement integrating techniques such as MRP, Just in Time and Statistical Process Control. This paper examines in detail the relative utility of the Theory of Constraints compared to traditional management accounting approaches to resource utilisation in aiding decisionmaking. It also considers the propagation and evolution of the Theory of Constraints and critically examines the response it has generated in the accounting and management literature. The continuing survival of cost accounting in the face of frequent assaults similar to Goldratt’s may in part be due to the ability of the discipline to adapt its practices to integrate the mandated improvements into practice and educational curricula. The paper reflects on the process by which new ideas are assimilated into the conventional management wisdom based on this example.

Introducing‘Managerial Wisdom’in e-business environment: With IoT

Introducing‘Managerial Wisdom’in e-business environment: With IoT

Exploring managers’ conceptions of wisdom as management practice

AbstractThis paper reports on an exploratory investigation into the concept of managerial wisdom. Six senior managers from diverse and large organisations in New Zealand were interviewed about their conception of managerial wisdom. The findings show that senior managers have a practical and positive conception of wisdom consisting of four factors: experience and knowledge, emotional intelligence, mentorship, and deliberation and consultation. The findings show that concepts of ‘spirituality’, ‘religiosity’, and, perhaps somewhat surprisingly, ‘ethics’, are all absent from the participants’ descriptions of wise managers. A tentative definition of managerial wisdom is proposed based on these findings as well as an explanation for the absence of ethics. As interest in wisdom and management continues to grow, this exploratory empirical research serves as a base for further research on the understanding and place of wisdom in management.

The Relationship between Organizational Wisdom and Knowledge Management, Competitive Intelligence and Business Intelligence

After the strategic management period in the past decades, signs of forming a new approach are seen with a focus on the wisdom of organizations management. This study was conducted with the purpose of examining the relationship of organizational wisdom and the components of strategic intelligence among employees of the Iranian University of Applied Science and Technology in 2014. The method of this study is descriptive correlation from the cross-sectional survey type and as far as the purpose is concerned, it is in the group of research and development. The target population is the influential employees in organization decision-making including 591 participants and the sample size was estimated to be 236 people and the stratified random sampling used was sensitive to the groups' size. To collect data, a researcher-made questionnaire with 108 items was used with 5-point Likert scale that enjoyed content and construct validity. The Cronbach's coefficient was calculated to be 0.93. The collected data was analyzed using the statistical methods of correlation coefficient determination and stepwise regressions. The findings showed that statistically organizational wisdom and strategic intelligence are significantly related with the regression coefficient of 0.67 within the research model (p<0.01), and the components of knowledge management explains 43%, competitive intelligence 32%, and business intelligence 37% of the variation of organizational wisdom; thus, increasing the strategic intelligence in organizations is mutually related with enhancing organizational wisdom.

«Ora et Labora»: Phronēsis Manageriale e Regola Benedettina

This paper explores the potential usefulness of the concept of practical wisdom in the development of business ethics and the debate concerning corporate social responsibility (CSR). Managerial disciplines encounter difficulties in defining their ethical approach to decision making if they do not have a strong ethical substratum. As the managerial function is not only a technical process, the Aristotelian dianoetic virtue of phronesis (practical wisdom), which is not simply a question of knowledge but the fruit of experience, reflection and self-cultivation, can play a considerable role in defining the ethical responsibility of managers and can be helped by spiritual capital. The Benedictine Rule is a good example of the secular sediment of spiritual capital, and is analyzed here as a spring of practical wisdom for management from two points of view: the practical wisdom of monastery leaders (abbots, priors, deans, etc.) and the practical wisdom of a monk, whose cenobitic life must be characterized by wise behavior in terms of both liturgical and practical compliance. The paper ends by underlining the possibility of using the approach to practical wisdom in developing the concept of CSR and, in particular, the modernity of the Benedictine Rule as a source of practical wisdom for management.

Practical wisdom for managing sustainable enterprises – synthesizing Buddhism and ecological economics

Purpose– The purpose of this paper is to highlight how the new transdiscipline of ecological economics (EE) provides a very useful supporting scientific base for Buddhist traditions and their provision of practical wisdom for economics and management.Design/methodology/approach– The key relevant theoretical and methodological features of EE are explained and related to the Buddhist world view. The strong consistencies between the two perspectives are highlighted. The complementary nature of the practical philosophy of Buddhism and the guiding paradigm of EE can contribute to change in contemporary management approaches aligned with sustainable and welfare-enhancing economic systems.Findings– EE provides a very appropriate scientific base to complement and broaden the positive contribution of Buddhist traditions to sustainable economic systems and consistent management practices.Originality/value– Despite some very clear parallels and complementarities, the mutual benefits of integrating and strengthening the cross-over between Buddhism and the influential new “sustainability science” of EE are yet to be realised. This paper is focused on this goal. The potential interplay promises significant benefits for both perspectives – EE needs more development of its sustainability ethical basis, and Buddhist perspectives would be enhanced by support from a highly consistent and influential scientific paradigm in a world where secular market economics continues to prevail.

Practical wisdom in management from the religious and philosophical traditions

Practical wisdom in management from the religious and philosophical traditions

Practical wisdom for management from the Buddhist and Indian traditions

Practical wisdom for management from the Buddhist and Indian traditions

Practical wisdom for management from the Buddhist traditions

Practical wisdom for management from the Buddhist traditions

Practical wisdom for management from the Indian traditions

Practical wisdom for management from the Indian traditions