Management Theory and Practice
MANAGEMENT THEORY AND PRACTICE 2
Looking at the organizational function of management within the Bank of America Corporation. The Bank of America structure specifically relates to the physical assets and the monetary resources of the company and how financial realities can have a major impact on the management organization of any company. A matrix structure sets up teams from different departments, thereby creating two or more intersecting lines of authority. Also, matrix addresses issues that arise with the growth, diversification, productivity, and competitiveness in its structure. Matrix structures provide flexibility, enhanced cooperation, and creativity. They enable the company to respond quickly to changes in the environment by giving special attention to specific projects or problems. An approached to organization design in which employees report both to a functional or departmental supervisor and a project supervisor is a matrix design.
In comparison a Businesses are constantly facing with the decision of how to organize as the companies grows. A multidivisional structure organizes department in to larger groups called division. Also, when companies grow and diversify, traditional line structures become difficult to coordinate, making communication difficult and decision making slow. When the weaknesses of the structure occur, miscommunication, and working at cross purposes exceed the benefits and growing firms tends to restructure, often into the divisional form. Banks of America could have a multiple divisional structure basis on the geographic structure, market structure, and products structure. The geographic structure has groups of structure, each organizational function into divisions based on geographical basis.
The market structure group functions into divisions that can be responsive to the needs of particular types of customers. The company...