My question is
"What is the difference between value based management and simple management?"

I'll let you know in a couple of days. Let me consult my collegue.

__________________
I don't give anyone a reason to HATE ME. They create their own drama out of PURE JEALOUSY...!!!

OK I'm back............
It took a little longer to reply because it was a bit difficult to find an answer to this question, as even the management accountants were not fully aware of it. But in the end, I got it.

Definition of Management: Management is the Act of Managing, the Act of Conduct, the act of Administration or the Skillful Use of Resources.

Definition of Value Based Management: Value Based Management is the Management approach that ensures corporations are run consistently on value (maximizing shareholder value).
It is useful to understand that Value Based Management includes all three of the following:
*Creating Value
*Managing for Value
*Measuring Value
Value Based Management is dependent on Corporate pupose and the corporate values.

Hope that helps........

Regards

__________________
I don't give anyone a reason to HATE ME. They create their own drama out of PURE JEALOUSY...!!!

Simple Management referes to planning, organizing, directing, and controlling the organizational resources (Ms man, material, money, and machine) for the attainment of organizational goals / objectives. Further u can elaborate the planning phase, organizaing, directing, and controlling as per the specifications of question. And u can further explain the resources i.e man (Human Resource), material (All types of material ie Raw material, in process, and finished form(inventory)), machine (technology / methods / processes / procedures), money (funds/budgets/liquidity/allocation)...organizational goals and objectives, vision and mission can also be described ..............the explanation and length of ur answer should comensurate wid the marks assigned and type of question.

Futher the value based management concept is well articulated by astitute accountant............that can also be extended.

Best of luck

I ve not opeted for Public Administration and Business administration subject b/c of group/marks restriction in CSS subject slection rules as I ve opted for Accountancy and Auditing from this group. But u r most welcome for queries relating to administration and management issues.

And for my respected Astute Accountan: plz donnt confuse management with administration b/c these both are conceptually different.

Since my masters iz in Public Ad n Economics I wil try my level best 2 answer ur Qs.

Definition 1: Value Based Management (VBM) is the management approach that ensures corporations are managed consistently on value (normally: maximizing shareholder value).

Definition 2: Value Based Management aims to provide consistency of:
• the corporate mission (business philosophy),
• the corporate strategy to achieve the corporate mission and purpose,
• corporate governance (who determines the corporate mission and regulates the activities of the corporation),
• the corporate culture,
• corporate communication,
• organization of the corporation,
• decision processes and systems,
• performance management processes and systems, and
• reward processes and systems,
with the corporate purpose and values a corporation wants to achieve (normally: maximizing shareholder value).

THE THREE ELEMENTS OF VALUE BASED MANAGEMENT
1. Creating Value. How the company can increase or generate maximum future value. More or less equal to strategy.
2. Managing for Value. Governance, change management, organizational culture, communication, leadership.
3. Measuring Value. Valuation.
Value Based Management is dependent on the corporate purpose and the corporate values. The corporate purpose can either be economic (Shareholder Value) or can also aim at other constituents directly (Stakeholder Value).

Administration is a wider term while management is its subset. Administration extends to over all country's affairs executive, judiciary, legislature..........that is public administration.
Administration can be defined as the universal process of efficiently organizing people and resources so to direct activities toward common goals and objectives. Administration is both an art and a science (if an inexact one), and arguably a craft, as administrators are judged ultimately by their performance. Administration must incorporate both leadership and vision.

Management is viewed as a subset of administration, specifically associated with the technical and mundane elements within an organization's operation. It stands distinct from executive or strategic work.

Management is closer to the employees. Administration is over the management and more over the money of the organization and licensing of an organization.

Management manages employees. Administration manages the outside contacts and the facility as a whole. As a manger, you can also be administrator but as an administrator, you may not be a manager.

Administration is the paper work. Management is how you deal with the people or people management.

@ Raz
Thanks for correcting me.
BTW, nice contributions as a new comer. Keep it up........

Regards

__________________
I don't give anyone a reason to HATE ME. They create their own drama out of PURE JEALOUSY...!!!

U r Welcom bro. I would appreciate others to participate in this healthy discussion such type of topics well assisst us in our general topics for Essay/Commentray Q in Preci n Compostion paper/Sociology/Public Ad/Bussiness Ad