Article: “They Went Thatway” by Franz Edelman

Subject: Consumer Behavior

Paper Model: APA

Paper Type: Assignment

Total Words: 1588

Document Outline

What is your opinion of the value of the article with respect to the business community? Why

What is your opinion of its value with respect to this course?

Summary of the article


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Article: “They Went Thatway” by Franz Edelman

Edelman, F. (1977). They Went Thataway. informs, 7(3), 39-43.

What is your opinion of the value of the article with respect to the business community? Why?

Franz Edelman is known as the father of innovation in field of operation research and Management sciences. In the article “They went Thatway” he has highlighted the revolutionary development. Franz Edelman had great understanding about the future development and in this consideration he is consider as a first person who has developed the entrepreneurial system, good education and at the same time he lend a hand of progress to the future leaders and managers.

 In this article he highlighted the need of managerial development through entrepreneurial strategies and by focusing on the future technological development. At that time, he discussed the importance of the entrepreneurship in business sector that is now has been adopted by the business professionals but he predicted the importance of entrepreneurship at that time.

In this consideration, the value of this article has great importance even for the current business sector as it helps the leaders and business managers to understand the importance of entrepreneurship strategies for the development of their business. He provided a way to strengthen the risk management process within the organization. Still these practices are using within the organization to manage and reduce their risk.

He talk about the importance of strong communication to enhance the effectiveness of the business functions, these consideration highlighted by the Franz, when consider in the current business sector, it creates an understanding about the importance of a strong communication system that left great impact on the overall progress of the business and in the existence of a strong communication system the business risk also reduce at great extent.

 

What is your opinion of its value with respect to this course?

In this course, as I have been engage with the various business studies, we found that the things which have been discussed by the Franz more than four decades before still have great importance for the business students to understand the different aspects of operational research and management sciences.

The importance that Franz has given to the communication system in the context of organizational management practices has great importance even for the current managers and leaders of the present days. In this aspect, when we evaluate the current successful business practices by the famous organization, we find that their communication system give them an advantageous edge in become the leading organizations of the world. When I evaluate the importance of Franz views about the entrepreneurship practices, I found these views still valid in the modern business practices because at the present time the most successful organizations have reached to the peak of success through strong entrepreneurship strategies and practices.

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