Mission Statement Public vs Private Sector
Group: AC220 8D
Group members:
Laila Nabila binti Ibrahim (2012680426)
Syazwani Lyana binti Abdullah Ghani (2012419104)
Nur Afiqah binti Sazali (2012496342)
Ummi Diyana binti Ahmad (2012232442)
Nursolehah binti Abdul Hamid (2012630808)
Stakeholders:
1. Customers
✓
✓
✓
✓
2. Suppliers
3. Managers/Employees
✓
✓
✓
4. Community-at-large
✓
✓
✓
✓
5. Owners
✓
✓
6. Others
The differences between firms in the private sector and public sector are in term of profit and decision making process. As we can see, in private sector, financial managers are generally motivated by profit and pushed to maintain a minimum level of profitability while for public sector, head of department are more focus on to meet the expectation of customers by providing the best services that comply with the government standards.
Next, in term of decision-making process between private and public sector, decisions are generally made from the top and filtered down through the hierarchy of the business for private sector management. In public sector management, it is not that simple, as the decision maker often has to work with political constituencies. The decision-making process cannot typically be handed down and passed off to the next in command without any approval.
Lastly, the fundamental difference between public and private sector is the context in which they operate. This context can make all the difference when it comes to how the works approached. The profit-driven by private sector will generally have the ledway to get done what needs to be done in order to maintain the bottom line. With public sector, various constraints may prevent officer from acting with autonomy. The political framework of public sector may against elected officials on occasion, causing significant limitation to getting the job done.
Group members:
Laila Nabila binti Ibrahim (2012680426)
Syazwani Lyana binti Abdullah Ghani (2012419104)
Nur Afiqah binti Sazali (2012496342)
Ummi Diyana binti Ahmad (2012232442)
Nursolehah binti Abdul Hamid (2012630808)
Stakeholders:
1. Customers
✓
✓
✓
✓
2. Suppliers
3. Managers/Employees
✓
✓
✓
4. Community-at-large
✓
✓
✓
✓
5. Owners
✓
✓
6. Others
The differences between firms in the private sector and public sector are in term of profit and decision making process. As we can see, in private sector, financial managers are generally motivated by profit and pushed to maintain a minimum level of profitability while for public sector, head of department are more focus on to meet the expectation of customers by providing the best services that comply with the government standards.
Next, in term of decision-making process between private and public sector, decisions are generally made from the top and filtered down through the hierarchy of the business for private sector management. In public sector management, it is not that simple, as the decision maker often has to work with political constituencies. The decision-making process cannot typically be handed down and passed off to the next in command without any approval.
Lastly, the fundamental difference between public and private sector is the context in which they operate. This context can make all the difference when it comes to how the works approached. The profit-driven by private sector will generally have the ledway to get done what needs to be done in order to maintain the bottom line. With public sector, various constraints may prevent officer from acting with autonomy. The political framework of public sector may against elected officials on occasion, causing significant limitation to getting the job done.