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The New Principles of Management

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Andrzej Kozminski and Dariusz Jemielniak

The New Principles of Management is a textbook meant for European students of principles of management. Developed basing mainly on international cases as well as drawing from international examples of managerial practices, it attempts to address the needs of globalized companies better than other, typically US-centric textbooks. The New Principles of Management challenges many of the fossilized and outdated management notions and covers the topics most relevant for modern 21st century organizations, rather than their historic developments.

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CHAPTER FIVE. EXTERNAL AND INTERNAL BALANCE

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CHAPTER FIVE EXTERNAL AND INTERNAL BALANCE 112 Chapter Five Key terms and definitions Theory A selection of theories and beliefs The systems approach Stakeholders The situational approach Case Studies The silence of the lambs Delayed balloon One pint, please! Onions online Who rejected the German External and internal balance: Crossword Supplementary reading External and Internal Balance “Life is like riding a bicycle. To keep your balance you must keep moving.” Albert Einstein Key terms and definitions Balance is crucial for understanding the dynamism (changes in time) of the relations of organizations with their environment as well as the relations within organizations, as it is commonly believed that changes consist in, on the one hand, restoring balance, and on the other hand, disrupting this balance. Thus, each condition of the organization is a certain resultant of these two opposing tendencies. This is the condition of dynamic balance: a condition that is subject to fluctuations within determined boundaries. In economics, the condition of balance is defined in terms of market exchange and is associated with the balance of demand and supply. A comparable situation can be found in the organizational world. Organizations also conduct some form of exchange with their environment. They offer the environment their products and expect to receive resources in exchange for the continuation and possibly further development of their activity. If the environment contributes to the organization, it means that the organization meets the expectations of the environment. This condition of exchange between the organization and its environment...

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