The educational perspective has a long history in philosophy and management. It was first developed by Manfred Clynes and Michael Peters to show how theory can be applied in practice. The theories that Clynes and Peters developed include experience, knowledge and skills, emotions, and the interaction of decision making and social decision making.
In institutional perspectives, a number of issues related to decision making are discussed. Common themes associated with decision making in both institutional and educational perspectives include autonomy, authority, and accountability.
Both. of these perspectives are common to organizations that manage money. They both provide tools to help managers make good decisions based on information available to them.
The real challenge is to combine the two perspectives to help in decision making. If managers are trained to use both perspectives, they can improve decision making in many areas. However, if they continue to be trained in only one perspective, the results will not be as good as if they combine the perspectives.
To make effective use of both educational perspectives, managers need to be shown how to use the specific skills to the maximum benefit. For example, Clynes and Peters showed that only experience is a valuable commodity in making business decisions. Managerial decisions cannot be made solely on the basis of experience.
It is essential that managers know what they want to achieve and why. They also need to know what they are trying to avoid. They need to have knowledge of the current situation and anticipate what may happen in the future. Knowledge of the past helps managers to understand the future.
Knowledge of the value of time is valuable when managing the day-to-day tasks of a company. Many people prefer to manage their own time. If managers know how much time they spend on activities and how much of their time is valuable, then they will know how to allocate the time to activities that will be most important.
Managers also need to develop skills in taking decisions and the ability to plan. Skills in planning help managers to take action and make decisions that result in success or failure. Too many managers lack the ability to plan for their future. However, if they are trained to take action and make decisions, then they will be better able to manage the future.
The balance between expertise and creativity in management must be maintained. Managers who are experts in one area do not necessarily know how to use their expertise. On the other hand, managers who use their creativity but do not know how to make an informed decision can risk making bad decisions.
To the extent that the managerial decisions that are made are based on either an organizational goal or on some other factor that has a direct relationship to the organization, either the decision makers or the organization should be considered. For example, an organization that uses art to tell its story may not be using it as a means to achieve a managerial goal.
Before beginning to consider European management, managers should understand both the academic and the institutional perspectives. They should also be well grounded in theory so that they can apply the knowledge to decision making. Then they should be trained to make sound decisions based on their experiences.