The Management Revolution Business and society are today in the midst of a revolution comparable to the Industrial Revolution in both scale and consequences. Today's revelation has four components: the globalization of markets, the spread of information technology and computer networks, the dismantling the traditional managerial hierarchies and the creation of new information economy. These four components are all occurring quickly and simultaneously and are affected by and affect another. Globalization once simply meant exporting some goods and services to other nations and may be setting up a few production facilities abroad. Today, globalization means that more and more managerial decisions must consider the world rather than the region of the nation, as the relevant marketplace. Because of the tremendous improvement in communication and transportation, taste and converging internationally, many more products than in the past are now imported and most others have parts of components made abroad, and domestic producers face ever-growing competition from abroad. Next is the spread of information technology and computer networks. Practically every bank teller, post office worker, retail clerk, telephone operator, bill collector, and so on works with a computer today. This greatly speeds up the delivery of goods and services, cuts waste, reduces inventory, and generally increases productivity. The computer has also dismantled the traditional managerial hierarchies and decimated the ranks of middle management. In the past, middle managers were the transmission lines for information between to management and workers. Today, information can in most instances be transmitted from top management directly to workers and vice versa by a simple tap of a computer key without any need of middle management. Surviving middle managers are today assuming more important roles and are increasingly being used to shelter senior managers from the day-to-day operations of the firm so that the latter can concentrate their energies on the strategic management of the firm. The other component is the raped spread of the information economy, where the creation of value is increasingly based on knowledge and communications rather than as in the past on natural resources and physical labor. Today's four-pronged revolution affects drastically not only how traditional products and services are produced and distributed but also the entire organization of production, consumption and management in ways that are not yet fully evident or understood. Questions 1. The main task of managers is to make decisions. How managerial decisions making have changed in view of today's changes in digital services and globalization. In such a rapidly changing business environment, what managers must consider if they must make decisions about future strategies. 2. In view of the above case study, how do you assess management capabilities regarding decision making, competitiveness and strategic planning in the Kingdom of Bahrain. In your opinion, what are some of the strengths and weakness of managerial decision makings among managers in both public and private sectors in Bahrain? 3. Taking into consideration the current market changes, driven by the Fourth Industrial Revolution, what recommendations can you provide to firms in Bahrain to increase their participation in the global markets and take advantage of the information economy. Do you think that Bahrain is an integral part of the information economy? Why and why not? 4. Using data sources from business publications and the Internet, discuss significant trends in both demand and supply in the oil industry that have influenced the price of oil over time. What are the implications of these trends for managerial decision making in the oil industry