open (adjective, o-pen, \ ˈoʊpən \) book (noun, book, \ bʊk \) management (noun, man-age-ment, \ ˈmænədʒmənt \)
Definition: is a management approach that motivates workers to contribute to the firm’s development by sharing vital data that contains information about all of the company’s financial operations and results. Such a methodology consists of four essential practices: a) coaching workers to increase their business management related proficiency so that they can analyze financial statements, b) allowing workers to use the presented information to increase the efficiency of their day-to-day operations, c) treating on workers as equal business partners, and d) compensating them for the company’s accomplishments.
In a Sentence:
- While Caroline was still working for the LLC Company, she dedicated most of her efforts to adapting the firm to open book management.
- Following the introduction of OBM, the organization managed to raise their profits up to $8 million a year.
- MelArt Print witnessed an increase of its received revenue by 26.3% in a short span of four years after the introduction of open book management.
Synonyms and related words: distributive bargaining, quality of life management, financial data, financial statement, total quality management
