Discuss the benefits and pitfalls of open-book management.
Open-book management means that a firm reveals the budgetary position of the firm to its worker, who can then form their opinion about the operations of the firm. Why would a firm want to open the books? Give three situations in which open-book management is beneficial to a firm. Explain why worker empowerment becomes more effective if the firm applies open-book management. What type of workers is more likely to appreciate worker empowerment?