Moral and Social Dimensions of Management

Shrestha, Joeti L.

Submitted in partial fulfillment for the degree of Masters in International Relations

under Claro M. Recto Academy of Advanced Studies dated October 24, 2008 at the Graduate
Reading Room, Lyceum of the Philippines University, Intramuros, Manila.

Electronic copy available at: http://ssrn.com/abstract=1366924

I. Introduction

Over the past four hundred years during what has come to be called the ‘modern era,’

the manner in which people have come to work and live has undergone dramatic changes. It

has only been in the modern era that commercial exchange has become the primary manner

in which we cooperate with one another in order to grow our food, make products and

exchange goods (Heath, 2002). Due to our intertwined lives in commerce, it is of particular

interest to consider the value of commercial relations and to examine, from a normative point

of view, the foundations, operations and effects of a management’s morality and socio-

cultural system over its society.

In the perspectives on management, the modern management operates in a dynamic

system with rapidly changing technologies and in an increasingly complex environment. Kast

& Rosenzweig says that the development of organization and management practice is

strongly influenced by these forces. Concepts and actions are affected by value system

(morality) determined not only from within the organization but by the socio-cultural norms

of the broader society as well.

Hence, the report sees the necessity to understand the importance of ‘moral and social

dimensions of management,’ through the four functional areas of management, such as

• Human Resource Development (HRD),

• Marketing,

• Finance and

• Production

Electronic copy available at: http://ssrn.com/abstract=1366924

 These are supported by psychological, sociological and philosophical foundations.

Moral & Social Dimensions of Management

Psychological, Sociological & Philosophical Foundations

Human
Resource Marketing Finance Production
Development

Analytical Understanding of Moral Dimensions

II. Management & Values

Management is the planning, organizing, leading and controlling of human and other

resources to achieve organizational goals effectively and efficiently.

 Kast & Rosenzweig states that management concepts and practices are influenced by the

ideologies of the broader society. Values are normative standards that influence human

beings in their social roles and choice of actions. Values are subject to evolutionary change,

and the modern management is faced with a number of ethical norms that are often in

conflict.

The capitalistic ideology has not been the norm or standard ethic throughout history. In

ancient Greece and Rome, and throughout much of the medieval period, commercial

activities were tolerated as necessary evils. The rise of the capitalistic ethic has been

associated with changes in the religious ethic resulting from the reformation and the

Protestant movement. Adam Smith provided the capitalistic ethic with its grand theory. He

argued for economic freedoms on the premise that by maximizing their self- interests, each

person would benefit the total society. The Protestant ethic and the emerging spirit of

capitalism were favorable to the growing emphasis on scientific investigation and

technological applications. However, Marx and Engels saw the capitalistic system as a

primary threat to the social structure and recommended revolutionary remedies. Other forces,

such as emerging government regulation and labor unions, helped transform the classical

capitalistic ethic. The Great Depression of the 1930s brought a low point the esteem for

business and the greatest challenge to the capitalistic ideology.

Therefore, the world is a society of moral and ethical pluralism and the management is

caught in the middle of conflicting values.

III. Definitions of Moral and Social Dimensions

1. According to the Dictionary:

 a. Moral:

According to the Oxford Dictionary, the word ‘moral’ originated from the Latin word

moralis, which means, concerned with the principles of right and wrong standards of

behavior.

b. Social:

The word ‘social’ originated from the Latin word socialis which literally means

allied. The Oxford Dictionary defines social as having to do with society and its organization,

which is a community of people living in a country or region and having shared customs,

laws and organization.

2. According to Psychology:

a. Moral:

According to Wade and Travis, psychology explains ‘moral’ as an action made over

judgment according to what people do and why they do. The development of moral focuses

on; judgment, emotions and actions:

• Judgment- reasoning about morality.

• Emotions- acquiring empathy, guilt and shame.

• Actions- learning to behave morally.

b. Social:

The word ‘social’ is explained by the field of social psychology as a concern of a

person’s perception, attitude, emotions and behavior in conformity with the group,

organization, culture and relationship associated to others.

3. According to Philosophy:
 a. Moral:

According to Normative theories, philosophers propose some principle for

distinguishing right actions from wrong actions. These theories can be divided into

consequentialist and non- consequentialist approaches. Many philosophers have argued that

the moral rightness of an action is determined by its results. They argue that if the

consequences are good, then the act is right, if they are bad, the act is wrong. By contrast,

non-consequentialist theories contend that right and wrong are determined by more than the

likely consequences of an action. They believe that other factors contribute to the moral

assessment.

The writer Thomas says that although some thinkers differentiate between ‘ethics,’

‘moral,’ ‘ethical,’ or ‘morals’, it is largely observed that the two words are used

synonymously. Moral or ethics began in ancient Greece when philosophers focused primarily

on the nature of moral virtue. Socrates (469-399 BC), focused on the relationship between

ethics and human personality. He argues that a moral person is someone who is free from the

grip of vices as lacking freedom, self-control and intellectual clarity which are needed to live

happily. In connection with Socrates, Plato (427-347 BC) described morality as a proper

balance and harmony between different aspects of the ‘soul’- reason which rule over the

physical desires with the help of emotions. Whereas, Aristotle (384-322BC) viewed moral as

a character or personality, which stresses on the inner dimensions of human action. Virtue

depends on character and our character is shaped by every action we perform.

b. Social:

In ancient Greece, being social meant an interaction within the city- states between

statesmen, nobles and the merchants. Socrates (469-399 BC) addressed ‘good life’ for both
individuals and societies as the first rule for a successful life. The social order for the

Athenians was to be ‘good.’ Knowledge of ‘good’ was then the goal of life. But knowledge

of the ‘good’ came from both the goodness/badness of the character and the

wisdom/foolishness of the intellect. It was necessary to develop both for themselves (ethics)

and for their society (politics). Plato (427-347 BC) focused his discussion on politics

(society). He believed that in order to have a ‘good life,’ there was a need for good society.

Hence, justice was said to be the harmonious union of citizen, with each group excelling at

what they did best and with no group interfering with the activities of any of the other which

eventually meant being in social harmony.

4. According to Sociology:

a. Moral:

‘Moral’ according to some socio-psychologists is the development of values, attitudes

and beliefs through a process of interpersonal communication. The values, attitudes and

beliefs represent how one views the world and the tendency to respond to things in certain

ways.

b. Social:

The values, attitudes and beliefs learned from the people one associates with,

particularly ones reference group is called as being social. The reference groups consists of

those people whom one admires, like and identify with whom one uses as a source for ones

goals and aspirations.

IV. Moral and Social Dimensions according to the Four Functional Areas of

Management
 In the wake of the 21st century, a management strategist has to understand the

implications of moral and social dilemma within its core functional areas. The two words

‘moral’ and ‘social’ are intertwined such that one doesn’t stand without the other. The

morality of issues raised in any organization always has its repercussion on the society. The

social issues in management result from opposing ideas or actions about ethical behavior.

Since management and employee or consumers have contrary positions and interests,

there is element of tension in transactions that brings about a need for moral decisions.

Hence, to understand such complications, an overview of the functional areas is to be

tackled.

The Four Functional Areas of Management:

1. Human Resource Development (HRD).

2. Marketing.

3. Finance.

4. Production.

1. Human Resource Development:

Human Resource Development (HRD) is defined by Nadler as a “series of organized

activities conducted with in a specific time and designed to produce behavioral change.”

There are three different types of activities and their relationship in HRD:

• Training Job

• Education Individual

• Development Organization & Society

- Excerpt from Human Resource Management in the Philippine Setting, Thomas D. Andres, New Day Pub.,
Q.C., 1991.
 a. Moral Aspect of Human Resource Development:

According to Andres, the continued growth and stability of an organization depend on

the quality and adequacy of its human resources. Therefore, it is desirable that its employees

and officers be developed to the optimum level of their potential. He explains that the

morality of HRD illustrates that human beings have the capacity for growth and should strive

constantly in order to sustain the growth of the company. Since each one is a person in his

own rights and is capable of innovative contribution, employee’s interest and organizational

objectives can be integrated. The morale of the members of an organization is at its highest

when their basic need for security and recognition is met.

b. Social Aspect of Human Resource Development:

The advantage to society of having a well- trained national work force is very real.

Without such expertise, the high standard of living of technology- based societies would not

be possible. Furthermore, those who have been trained are more valued in the labor market.

This provides them with higher standard of living, higher status, a greater degree of job

security, better promotion prospects, greater job satisfaction and recognition as well as

personal satisfaction.

The HRD includes not only the training, education and development work carried out in

an organization on behalf of its employees, but also that variety of HRD activities being

carried out for non- employees such as work study, cooperative education, apprenticeship,

and training activities carried out for customers and users of an organization’s products.

2. Marketing:
 Mason defines marketing is an act of making product to a certain demographic

consumer. A market focused organization first determines what its potential customer’s

desire, and then builds the product and services. He says that the two major factors of

marketing are the recruitment of new customers (acquisition) and the retention and expansion

of relationship with existing customers.

According to Davidson once a marketer has converted the perspective buyer, the base

management takes over. The process for base management shifts the marketer to build a

relationship nurturing the links, enhancing the benefits that sold the buyer in the first place,

and improving the product/ service continuously to protect the business from competitive

encroachment. For a marketing plan to be successful, the mix of the four "Ps" must reflect

the wants and desires of the consumers in the target market.

The Four Ps of marketing:

• Product: The product aspects of marketing deal with the specifications of the actual

goods or services, and how it relates to the end-user's needs and wants. The

scope of a product generally includes supporting elements such as warranties,

guarantees, and support.

• Pricing: This refers to the process of setting a price for a product, including discounts.

The price need not be monetary - it can simply be what is exchanged for the

product or services, e.g. time, energy, psychology or attention.

• Promotion: This includes advertising, sales promotion, publicity, and personal selling,

and refers to the various methods of promoting the product, brand, or company.

• Placement or distribution: Refers to how the product gets to the customer; for example,

point of sale placement or retailing. This fourth P has also sometimes been
 called Place, referring to the channel by which a product or services is sold (e.g.

online vs. retail), which geographic region or industry, to which segment (young

adults, families, business people), etc.

- Excerpt from The Moral Dimensions of Marketing: Essays on Business Ethics, Kirk Davidson, South- Western
Educational Pub., NY, 2002.

Marketing managers are often characterized as naturally competitive and aggressive

so that they can outsell the competition and gain market share; therefore, less-than-attractive

qualities sometimes emerge such as greed, selfishness, and unethical behavior. Despite this

downfall, these marketers still serve an indispensable link between production and

consumption, which drive the free market economy. Marketers can elect to treat customers

with respect and develop long-term relationships or they can choose to deceive the customers

and turn a quick profit.

a. Moral Aspect of Marketing:

Davidson explains that the vulnerable target audiences of marketing are mostly

children, senior citizens, disabled individuals, minorities, and the less educated population.

His core argument is that these vulnerable people are not on equal standing with the

sellers. Therefore, marketers are faced with a situation where they have a significant

advantage over the customer. Targeting a vulnerable market becomes a moral issue for

marketers when products with some health or welfare risk, such as sugar coated cereal,

cigarettes, or malt alcoholic beverages, are added into the mix. The buyer's barrier is lack of

knowledge, maturity, or poor judgment. The free market economy will often chastise the

marketers who chose an adversarial relationship with vulnerable target audiences because

society does not tolerate exploitation.

 Hence, marketers must question the fairness of the relationship between morality and

pure profit oriented strategy.

b. Social Aspect of Marketing:

In terms of product liability, Davidson suggests that it is often debated who is

responsible for the harm caused to consumers and society. Whether the distinction between

right and wrong is determined by the legal system or public opinion, it is constantly changing

and the blame is often shifted back forth between seller and buyer. It may be in the best

interest of the seller to make safety alterations, but the buyer must take some individual

responsibility. Other ethical issue involving products are packaging, which can harm the

environment, downsizing, which can deceive the buyer, and working conditions under which

the products are made. In order to ameliorate these ethical concerns, both the seller and the

buyer must exercise some sort of restraint and good judgment. Greater responsibility, on the

part of the organization, for the interests of the buyers has the potential not only to prevent

more government regulation, but also lead to greater long-term profits through a competitive

advantage.

A major segment of society perceive some of the practices in marketing as offensive and

unacceptable but not serious enough to classify as unethical. Inappropriate marketing

behavior creates tension between economics and respectability, social acceptance, and good

taste. The marketers attempt to draw potential buyers away from competitors and capture

their attention thought creative advertisements, placements, and sponsorships. Joking about

ethnic backgrounds, displaying sexual images, and/or demeaning a rival's product will draw

attention to the product or service, but it is a very tricky tactic that can blow up in the
marketer's face. Even though marketers are tempted by short-term gains, they must remain

focused on the long-run.

In order to avoid being thought of as inappropriate and offending potential buyers,

marketers must conform to what the majority of the population defines as socially acceptable.

3. Finance:

Finance is a field that studies and addresses the ways in which individuals,

businesses, and organizations raise, allocate, and use monetary resources over time, taking

into account the risks entailed in their projects. The term finance may thus incorporate any of

the following:

• The study of money and other assets;

• The management and control of those assets;

• Profiling and managing project risks;

• The science of managing money;

• As a verb, "to finance" is to provide funds for business or for an individual's large

purchases (car, home, etc.).

- Excerpt from www.wikipedia.com/finance (Sept. 13, 2007)

Hillard explains that the activity of finance is the application of a set of techniques

that individuals and organizations (entities) use to manage their money, particularly the

differences between income and expenditure and the risks of their investments.

a. Moral Aspect of Finance:

The moral aspect according to Hillard is that finance is used by individuals (personal

finance), by governments (public finance), by businesses (corporate finance), etc., as well as

by a wide variety of organizations including schools and non-profit organizations. In general,

the goals of each of the above activities are achieved through the use of appropriate financial

instruments, with consideration to their institutional setting. Without proper financial

planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is

essential to ensure a secure future, both for the individual and an organization.

But, it is such that the adversarial side of finance is its denseness that no layman can

understand. There has always been a speculation of banks, insurance companies and financial

corporations underestimating the client by deceiving through using technical jargon terms

and conditions, policy and procedures which often is manifested through credit collection,

insurance exchange coverage of premium for a certain eventuality and the like. Huge global

corporations have fabricated statements of corporate profits, improper concealments of

corporate debts, exploitive trading of mutual funds, self- serving reports by security analysts,

unauthorized payment and perks to senior executives etc.

Hillard adds that good faith (Uberrimae fidei) which refers to absolute honesty must

characterize the dealings of morality between both the financial institutions and the entities.

b. Social Aspect of Finance:

Hillard addressed key issues facing financial institutions in today’s business

environment, such as corporate responsibilities, scope of customers’ privacy and ethical

implications of unacceptable financial policies.

This tension not only affects the financial institutions and clients (entities); it impacts

society as a whole-including communities, government agencies, advocacy groups, media,

suppliers, etc. When combined with an imbalance of power, this tension becomes even more

problematic.
4. Production:

Production is the act of making things; in particular the act of making products that

will be traded or sold commercially. Production decisions concentrate on what goods to

produce, how to produce them, the costs of producing them, and optimizing the mix of

resource inputs used in their production. This production information can then be combined

with market information (like demand and marginal revenue) to determine the quantity of

products to produce and the optimum 'pricing'.

- Excerpt from www.wikipedia.com/production (Sept. 13, 2007)

In macroeconomics, Blamont says that production is measured by gross domestic

product and other measures of national income and output. An organization depends on

production efficiency and marginal productivity which is a calculated price based on the

required rate of return on investment, or rate of return on sales. Hence, in order for a quick

return of investment and a cheaper product to beat competition, companies use immoral

strategies to harness their profitability.

a. Moral Aspect of Production:

The practice of unethical use of toxic raw materials, substandard equipments and

materials, unobserved safety guidelines for employees, exploitation of child labor etc are

evidently found all over the world which are being exercised to increase production rate at a

lower price to reach the global competitive market. Manufacturers overlook these areas to

gain quick revenue which in unforeseen circumstances jeopardize the safety of employees,

the welfare of society and ultimately their own company.

b. Social Aspect of Production:

 Production of a product should suit the free market economy that fits within the

framework of the technological scheme, defined as the control for human benefit. It is the

responsibility of companies to realize the implications of their actions and exercise restraint

in matters that limit the freedom of other individuals in the society. It is to the company’s

benefit that they follow practical and economical production plan, purchase of standard and

specialized machines, compliance with government safety regulations, compliance of waste

disposal and management regulations, adaptability for employees, promotes workers' health.

Such production planning and control will be advantageous to every aspect of business:

 For the company

• Less working capital required

• Less money invested in stock

• Increase in factory safety

• Easier production control

• Lower labor, maintenance and transport costs

• High production yield

• Fewer laborer; fewer salaries and wages to pay

 For the supplier of raw materials

• Assured of a continued relationship with the factory.

• Assured of regular orders from the factory.

 For the dealer

• Regular supply at a reasonable price.

• Assured against having to search for suppliers all the time.

• Usually assured of a certain quality, quantity, timely and correct delivery.

 • Costs reduced.

 For the worker

• Job satisfaction is promoted.

• Healthy and safe working environment.

• May result in improved wages or salaries.

• Knowledge of what is expected.

• Less exertion.

• Less handling.

• Happier and more productive in pleasant working conditions.

• Fewer accidents.

 For the consumer

• Regular supply at right place and time.

• Quality product due to production plan.

• Lower prices due to reduced production costs.

 For the community

• Clean and healthy environment.

• Lesser possibility of disease outbreak.

• Good job opportunity for the community.

- Excerpt from Global Production, F. Blamont, Prism Pub., London, 2001.

V. Understanding Moral Problems

Moral problems occur frequently in management. The problems extend far beyond

the commonly discussed issues of bribery, collusion and theft, reaching into areas such as

corporate acquisitions, marketing policies, capital investments and preserving environment.

‘Right’ and ‘just’ and ‘fair’ are moral terms. They express a judgment about our behavior

toward other people that is felt to be morally correct. These beliefs help to form our moral

standards of behavior. They reflect our sense of obligation to other people. The problem,

however, is that frequently it is difficult to avoid harming other people, and this is

particularly true in management as various groups are involved in an organization- managers

at different levels, workers of different skills and background, suppliers, distributors,

creditors, stockholders, citizens of different communities, states and countries- and benefits

for one group frequently result in harms for others.

Moral problems represent a conflict between an organization’s financial performance

(measured by revenues, costs and profits) and its social performance (stated in terms of

obligations to persons both within and without the organization). Unfortunately, the dilemma

of management is that these obligations are costly, both for organizations evaluated by

financial standards and for managers subject to financial controls. But, frequently there is a

balance between the financial outcome and the social impact of an organizational decision,

and the dilemma of management comes in attempting to find the point upon that balance that

is ‘right’ and ‘just’ and ‘fair’. These moral problems could be examined by the factors that

enter into analytical structure which are as follows:

Understand all Determine the

Moral Standards Economic Outcomes

Define complete Consider the Propose Convincing

Moral Problems Legal Requirements Moral Solutions

Recognize all Evaluate the

Moral Impacts Ethical Duties

Benefits to some
Harms to others
Rights exercised
Rights denied
 Figure: 1 Analytical Process for the Resolution of Moral Problems

- Excerpt from The Ethics of Management, LaRue Tone Hosmer, McGraw- Hill, Singapore, 2006.

1. Understand the Moral Standards:

Moral standards of behavior are the gauges of individuals and organizational actions.

They are the means we all use to decide whether our actions and those of the other people

and other groups with whom we live and work are justifiable. The problem is that our moral

standards of behavior are subjective and personal. The first step to understand is that moral

standards are not an adequate framework for decision because they are variable as well as

personal. They vary by individual, group, region country, culture and time. Moral standards

of behavior differ between people because the goals, norms, beliefs and values upon which

they depend also differ and those in turn differ because of variations in the religious and

cultural traditions and the economic and social situations in which the individuals are

immersed. These relationships are as follows:

Religious/cultural
Traditions

Personal Goals
Personal Norms Subjective Standards
Personal Beliefs of Moral Behavior
Personal Values

Economic/Social
Situations

Figure 2: Individual Determinants of Moral Standards

- Excerpt from The Ethics of Management, LaRue Tone Hosmer, McGraw- Hill, Singapore, 2006.
 a. Personal Goals:

Goals are our expectations of outcomes. They are the things we want out of life and

the things we expect others probably ant out of life as well. They include material

possessions, lifestyle preferences, personal goods and social aims.

b. Personal Norms:

Norms are our expectations of behavior. They are the ways we expect to act and the

ways in which we expect others to act in given situations.

c. Personal Beliefs:

Beliefs are our expectations of thought. They are the ways we expect to think, and the

ways in which we expect others to think, about given situations. Our beliefs generally

support our norms, and our norms usually lead towards our goal.

d. Personal Values:

Values are our priorities among goals, norms and beliefs. They are the ways we judge

the relative importance of what we want to have, how we want to act, and why we believe as

we do.

The goals, norms, beliefs and values of a person will vary depending upon the

cultural, religious tradition, economic and social situation of that person. The economic

situation includes the relative income and financial security of the individual. The social

situation doesn’t mean the social status of the person.

2. Recognize the Moral Impacts:

 Moral problems are complex because the result benefits some and harm the others,

those benefits and harms, that exercise and denial of rights together compose the ‘impacts’ of

the problem. Aspects of moral impacts are as follows:

a. Benefits:

The well- being of financial, material or personal benefits for a group or an

individual.

b. Harms:

Whose well-being will be substantially harmed by the present or proposed action by

an individual or an organization.

c. Rights:

The privilege to do something important that is being exercised by an individual or a

group of people.

d. Wrongs:

Privilege of people denied and made less certain by the present or proposed action by

an individual or an organization.

3. State the Moral Problem:

If the balance of benefits received and harm imposed and the contrast of rights

exercised and rights denied conflict with the personal moral standards, then the situation is

believed to be a moral problem.

4. Moral Analysis:
 If an organization can not simply reach a decision on what is a proper balance of

benefits or harm, rights recognized or denied in any given situation, organizations have to go

further and be able to explain why that balance should be viewed as ‘right’ and ‘just’ and

‘fair’. A convincing explanation requires objective methods of analysis which are as follows:

a. Economic Outcomes:

It is referred to the net balance of benefits over costs for the full society, given

that the values of those benefits and costs are determined by all the people within the society,

acting through free and open market, which is known as Pareto Optimality.

The analytical method of economic outcomes can also be expressed as three dictums:

1. More is better than less

2. Specifically, more is better than less when that ‘more’ consists of what people

really want as expressed through their preference in the product market.

3. More specifically, that more of what people really want is better then less when

that ‘more’ is produced as efficient as possible by using as little as possible of

what people least want.

The concept of the greatest possible economic benefits at least possible economic

costs is considered to be a valid means of morally evaluating the benefits and harms of a

moral problem.

b. Legal Requirements:

A legal requirement is the law adopted by members of society to regulate the

behavior of members of that society. The concept of a law that focuses on the social interests

of all society rather than on the self- interests of a portion of society can be considered to be a

valid means of evaluating the balance of rights and wrongs of a moral problem.
 c. Ethical Duties:

Ethical duties refer to the obligations owed by members of society to other members

of that society.

Hence, these determining factors could clearly assist a management to assume the

morality of its action over the society it thrives.

5. Philosophy of Management based on Morality

People throughout the firm- employees, suppliers, distributors, customers, and owners

react positively when they believe they have been treated in ways that they consider to be

‘right’, ‘just’ and ‘fair’. This positive reaction consists of increased trust, greater commitment

and higher effort, which is the key to a successful management. One such achievement could

be recognized through the philosophy of management:

Organizational
Values

Corporate
Goals

Mission
Statement

Management Philosophy, Financial

Balancing: Supports Trust Cooperation
- Economic Benefits Commitment Innovation
- Legal Requirements Performance Effort Unification
- Ethical Duties Measures

Incentive
Payments

Prohibited
Procedures

Leadership
Actions
 Figure 3: Philosophy of Management to achieve Greater Trust, Commitment and Effort

- Excerpt from The Ethics of Management, LaRue Tone Hosmer, McGraw- Hill, Singapore, 2006.

VI. Conclusion

An organization’s morality is not a stand-alone field; rather it needs to be woven in

every level of the business. In today’s competitive society, organizations are torn between the

drive to increase profits, thereby pleasing shareholders and the desire to act ethically, which

satisfies buyers and other stakeholders. Freedom and wealth are two major factors involved

when organizations are faced with conflicting decisions regarding ethics and economics.

Wealth is a means to achievement and freedom, not an end in itself.

As a result, organizations can achieve both profitability and fairness through ethical

business practices. Organizations must practice restraint when tempted by short term gains

and remain focused on long term profits that can result from ethical behavior.

Over viewing the uncompromising world of business and trade, it has been very

important to study the moral and social dimensions through the perspective of the four

functional areas of management.

Bibliography

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 Global Production, F. Blamont, London, Prism Pub., London, 2001.
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Website:
 www.wikipedia.com/finance
 www.wikipedia.com/production