The role of Production department in the organization Essay

The role of Production department in the organization - Essay Example The intention of this study is a Joint venture as an effort to form an entity, jointly together by any two entities, to undertake any economic activity for lawful purposes. Forming joint ventures is therefore one of the most prominent methods of entering into new markets as it provides an opportunity to tap into the local knowledge as well as skills to make a successful entry. Legally, a joint venture is a partnership which takes place for the short period of time by more than one party for any mutually beneficial purposes. As a general rule, each party to the joint venture contribute its assets towards the formation of the joint venture and also at the same time share the risks involved in forming such partnership. One of the benefits of forming a joint venture therefore is to gain access to the new markets as two entities; one foreign and one domestic and as such foreign entity often bring in new technologies which can benefit the domestic entities due to technology transfer. In US , Joint ventures are mostly regulated by Partnership laws, Contract Act as well as commercial transaction laws. In an increasingly complex business environment, the overall role of the organization and its top management is one of the most critical jobs that have to be performed. It is argued that the role of leadership is always to provide the vision for the future therefore the overall purpose and direction of strategic management is relatively different from that of the lower level of management.