Discussion Responses- ITGE
See the attached document.
Discussion 1:
The top-down approach is where an executive makes all the decisions regarding the economy. They give directions concerning how things should be done and gives a bigger picture of its components. This approach obtains its driving force from its constituents (Xin et al., 2019). It is mainly associated with microeconomics and macroeconomics. The top down-driven system in government has a significant impact on the economy’s decision-making processes. Some several advantages and disadvantages are associated with this approach.
This approach is beneficial because it creates clear authority boundaries by giving power to the people at high rank to make decisions. This approach also allows for standardization of products and the services offered and therefore increases the profit margin (Ettore & Enrico, 2017). A top-down approach is a fundamental approach since it enables the firm to achieve goals quickly, streamline tasks, and minimize the risk resulting from poor decisions. This is because the topmost personnel makes the organization’s decisions, and they are the most informed. It also leads to the achievement of strong management because the top-level personnel can determine the best practices that would enable the organization to reach its goals quickly. Therefore,this approach is an essential tool for the achievement of preset objectives.
However, this approach also has some shortcomings. This approach leads to limited creativity since the employees are only limited to performing their responsibilities, and they do not contribute to the overall decisions made in the company. This may cause the employees to underperform due to frustration and lack of motivation (Bastian & Marcus, 2019). The top-down approach also may appear to be dictatorial since the employees do not have a chance to participate in the process. Therefore it may be considered as an oppressive approach. The top-down approach also leads to a slow response to challenges. This is because few people are allowed to make decisions and if there are is a problem, and it might take them longer to obtain a solution. Therefore, these shortcomings can be solved by using the bottom approach since it allows everyone in the organization to participate in the process, contribute their ideas, and thus be able to make the most informed decisions.
References
Bastian Melsheiner, Marcus Walther, (2019), Combining Top-Down and Bottom-Up in Research Information Management
Ettore Boloisani, Enrico Scarso, (2017), Applications for Knowledge Management in Small and Micro Firms: Top-Down Vs. Bottom-Up Approach, Social Knowledge Management in Action,81-99
Xin Li, Torben Juul, Carina Antonia, (2019), A Zhong-Yong Perspective On Balancing Top-Down Approach and Bottom-Up Approach in Decision Making
Discussion 2:
Because of the globalization the homegrown economies have gotten on the durable and prompting increment their exhibitions on the planet. The global economy is constrained by the huge organizations and the legislatures, in the interim this is a confusion. The legislatures hold control over the nations and their economies and it is the huge banks and the enormous associations that controls and it is exceptionally fundamental store the administrations
The global economy alludes to the interconnection of the overall financial exercises that will happens in various nations. The exercises can have a positive or negative effect on the nations that are associated with the interconnection. The development has appeared by expanding markets and it is a decent sign for the world economy (Veronica, 2020). Besides, as indicated by money related projections nowadays dependent on the socioeconomics and the capital patterns, the GDP on the planet market are probably going to continue expanding in a positive manner and a rising business sector estimate that likewise directed by the center financial aspects additionally shows the equivalent.
The global economy is significant since there is huge increment in the total populace and that has prompted expanding in the market that is developing in the financially and furthermore making them probably the best motor of the world economy development. This global economy contains a few qualities like globalization which portrays a technique by which the provincial and public economies, social orders have gotten an incorporated through the global organization of correspondence, transportation and movement (Kuziemski, 2020). These advancements has prompted the global economy.
References:
Kuziemski, M., & Misuraca, G. (2020). AI governance in the public sector: Three tales from the frontiers of automated decision-making in democratic settings. Telecommunications Policy, 101976.
Veronica, S., Shlomo, T., Antonio, M. P., & Victor, C. (2020). International social SMEs in emerging countries: Do governments support their international growth?. Journal of World Business, 55(5), 100995.
