An approach to managing, where managers are guided by organisations shared values in their management practices, is called :
Value-based management
Option 2 — Value-based management is correct.
Value-based management (VBM) is a managerial approach in which the shared values of the organisation become the anchor for how managers plan, decide and behave. Instead of relying only on rules, targets or supervision, managers internalise a common set of values (integrity, quality, respect for people, honesty) and let those values steer everyday practice. The values act as a self-regulating compass so that decisions across levels remain consistent with what the organisation stands for.
Robbins and Coulter describe value-based management precisely as an approach to managing in which managers establish and uphold an organisation's shared values — these values shape decision making, guide employee behaviour and shape the direction the firm takes.
Why the other options are wrong: “Greening of management” concerns making practices environment-friendly, not shared values. “Socially responsible management” and “Social impact management” deal with obligations to society and stakeholders, which is a broader ethical stance rather than the internal shared-values framework the stem describes.
Takeaway: When shared organisational values drive management practice, the term is value-based management.
Similar Questions
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Important Questions from Concepts of Management
The ability to integrate new ideas with the existing processes and to innovate on the job is a crucial __________ for today's managers.
As __________, managers receive a wide variety of information and serve as the nerve centres of internal and external information of the organization.
The ability to understand, communicate with, motivate and support other people, both individually and in groups, defines which of the following management skills?
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