Business - Assignment Essay Example | Topics and Well Written Essays - 1250 words

Business - Assignment - Essay Example In Hatten (2012) Knowledge Management System (KMS) can assist the managers to collect, organize, record, retrieve, and disseminate information. The Knowledge Management System manages accounts records, the company’s or business practices, documents, operational skills and the unrecorded procedures. The management system can be used in acquisition and the creation of knowledge, executed from the internal management processes as well as from the external environment. The collected information can then be integrated in the company’s policies and procedures so as to facilitate the dispersion of information to the various stakeholders. Supply Chain Management abbreviated as (CRM) is a management system which can help the managers to govern business interactions with its existing customers and the organizational operations namely service, marketing and sales (Hatten, 2012). Another management system application that can be employed by the managers is the Supply Chain Management (SCM). Based on Hatten (2012) the system facilitates effective management of a supply chain through the integration of its components. The core players or components of the supply chain include the final customers, the manufacturers, retailers and the wholesalers. The system provides a cost effective means of managing the supply chain. According Hatten (2012) Interpersonal skills refer to the life-skills managers’ use in the communication and interaction with their employees. Managers use decision making in the planning and execution of key business functions to achieve business objectives. Successful managers usually employ decision-structuring so as to minimize business complications and deadline failures. Successful managers usually use negotiation in settling of the organizational challenges. Negotiation prevents work disputes and stoppages reached through the formation of an agreement. Successful managers strive to strike the best option in settling a disagreement (Hatten,