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In economics, organizational effectiveness is defined in terms of profitability and the minimisation of problems related to high employee turnover and absenteeism. [4] As the market for competent employees is subject to supply and demand pressures, firms must offer incentives that are not too low to discourage applicants from applying, and not too unnecessarily high as to detract from the firm ...
A systematic review of 50 years worth of literature defined organizational adaptation as "intentional decision-making undertaken by organizational members, leading to observable actions that aim to reduce the distance between an organization and its economic and institutional environments". [1]
The organizational life cycle is the life cycle of an organization from its creation to its termination. [1] It also refers to the expected sequence of advancements experienced by an organization , as opposed to a randomized occurrence of events. [ 2 ]
The price elasticity of demand is a highly useful tool in managerial economics as it provides managers with the predicted change in demand associated with an increase in the price charged for its goods and services. [24] The price elasticity principle also outlines the changes in demand for goods with changes in the income of a populous. [24]
Although there are many types of organizational changes, the critical aspect is a company's ability to win the buy-in of their organization's employees on the change. Effectively managing organizational change is a four-step process: [36] Recognizing the changes in the broader business environment
Organization development (OD) is the study and implementation of practices, systems, and techniques that affect organizational change. The goal of which is to modify a group's/organization's performance and/or culture. The organizational changes are typically initiated by the group's stakeholders.
Organizational economics is known for its contribution to and its use of: Transaction cost theory : costs incurred to organize an activity, especially regarding research of information, bureaucracy, communication etc.
In a business context, agility is the ability of an organization to rapidly adapt to market and environmental changes in productive and cost-effective ways. An extension of this concept is the agile enterprise, which refers to an organization that uses key principles of complex adaptive systems and complexity science to achieve success. [ 3 ]