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- Open-book_management abstract "Open-book management (OBM) is a management phrase coined by John Case of Inc. magazine, who began using the term in 1993. However, the concept's most visible success was by Jack Stack and his team at SRC Holdings.The basis of open-book management is that the information received by employees should not only help them do their jobs effectively, but help them understand how the company is doing as a whole. According to Case, \"a company performs best when its people see themselves as partners in the business rather than as hired hands\" (Case,1998 as cited in Pascarella, 1998). The technique is to give employees all relevant financial information about the company so they can make better decisions as workers. This information includes, but is not limited to, revenue, profit, cost of goods, cash flow and expenses.Stack and Case conceptualize open-book principles in similar ways.Stack uses three basic principles in his management practice called, The Great Game of Business. His basic rules for open-book management are: Know and teach the rules: every employee should be given the measures of business success and taught to understand them Follow the Action & Keep Score: Every employee should be expected and enabled to use their knowledge to improve performanceProvide a Stake in the Outcome: Every employee should have a direct stake in the company's success-and in the risk of failureSimilarly, in 1995, Case made sense of open-book with three main points:The company should share finances as well as critical data with all employeesEmployers are challenged to move the numbers in a direction that improves the companyEmployees share in company prosperityIn a company fully employing open-book management employees at all levels are very knowledgeable about how their job fits into the financial plan for the company. However taking a company from \"normal\" to open is not as easy as just sharing financial statements with employees. The true success of open-book management is when companies allow numbers to come bottom-up (as opposed to traditional top-down management)(Johnson, 1992 as cited in Aggarwal & Simkins, 2001). While employees need to be trained to understand income statements and balance sheets; open-book's true triumphs are when employees understand the numbers to a level that they are able to report predictions to upper-management. In order to motivate employees to strive for change, open-book management focuses on a \"Critical Number\". The number is different for every company but it is a number that represents a prime indicator of profitability or break-even point. Discovering this Critical Number is a key component of creating an open-book company. Once discovered then a \"Scoreboard\" is developed that brings together all the numbers needed to calculate the critical number. The Scoreboard is open for all to see and meetings take place to discuss how individuals can influence the direction of the \"Score\" and therefore, ultimately, the performance against the Critical Number. Finally a Stake in the Outcome is provided which can be a bonus plan that is tied to Critical Number performance or it can include Equity sharing or both.".
- Open-book_management wikiPageExternalLink 34-open-views-bill-witherspoon-ceo-skyfactory.
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- Open-book_management wikiPageWikiLink Balance_sheet.
- Open-book_management wikiPageWikiLink Business_process_improvement.
- Open-book_management wikiPageWikiLink Cash_flow.
- Open-book_management wikiPageWikiLink Category:Human_resource_management.
- Open-book_management wikiPageWikiLink Cost.
- Open-book_management wikiPageWikiLink Employee_engagement.
- Open-book_management wikiPageWikiLink Employment.
- Open-book_management wikiPageWikiLink Expense.
- Open-book_management wikiPageWikiLink Financial_plan.
- Open-book_management wikiPageWikiLink Inc._(magazine).
- Open-book_management wikiPageWikiLink Income_statement.
- Open-book_management wikiPageWikiLink Jack_Stack.
- Open-book_management wikiPageWikiLink Management.
- Open-book_management wikiPageWikiLink Profit_(accounting).
- Open-book_management wikiPageWikiLink Revenue.
- Open-book_management wikiPageWikiLink Springfield_ReManufacturing.
- Open-book_management wikiPageWikiLink St._Louis.
- Open-book_management wikiPageWikiLinkText "Open-book management".
- Open-book_management wikiPageWikiLinkText "open-book management".
- Open-book_management wikiPageUsesTemplate Template:Reflist.
- Open-book_management subject Category:Human_resource_management.
- Open-book_management hypernym Phrase.
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- Open-book_management comment "Open-book management (OBM) is a management phrase coined by John Case of Inc. magazine, who began using the term in 1993. However, the concept's most visible success was by Jack Stack and his team at SRC Holdings.The basis of open-book management is that the information received by employees should not only help them do their jobs effectively, but help them understand how the company is doing as a whole.".
- Open-book_management label "Open-book management".
- Open-book_management sameAs Q7095699.
- Open-book_management sameAs Open-Book_Management.
- Open-book_management sameAs m.06szsf.
- Open-book_management sameAs Q7095699.
- Open-book_management wasDerivedFrom Open-book_management?oldid=673611137.
- Open-book_management isPrimaryTopicOf Open-book_management.