From a methodological point of view, the study of best management practices provides an interesting inductive method for those who wish to get closer to the art and science of managerial practice. In a sectoral sample of 40 large and successful companies in Sri Lanka, a group of researchers surveyed the current management practices and how they contributed to company performance. This paper summarizes the conceptual, methodological and operational aspects of the study on the five best management practices.
This paper describes and analyzes the best management practices of a few selected firms in Sri Lanka's manufacturing sector, and compares these practices with those found in subsidiaries of major multinational corporations operating in Sri Lanka.
Six leading hotels were selected in the study of the hotel sector in an attempt to isolate the best management practices common to the sector. Two of the best practices are related to the customer in terms of creating value, while the other three are located within the people and processes of the hotel, which contribute towards operational efficiencies. Their attempt to provide engaging guest experiences as opposed to merely providing a host of amenities is particularly strategic in terms of the movement away from the limited sun and sand tourism to high-value niche marketing that has been prescribed.
This paper identifies and examines five best management practices of high performing companies in the trading sector. In view of the importance of trade in the gross domestic product of Sri Lanka, an understing of such practices is critical for creating sustained competitive advantage.