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Modern Managers Face Complex Challenges

  • 3. 7IQIWXIV SJ 8SXEP 1EVOW ! 5
  •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
  •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
  •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
  •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
  •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
  •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
  • 14. 7IQIWXIV SJ TVSFPIQW : (MWGSYVEKIQIRX SJ JYVXLIV KSZIVRQIRXEP VIKYPEXMSRW :- EPERGI SJ 6IWTSRWMFMPMX] ERH 4S[IV FYWMRIWWIW LEZI E PSX SJ TS[IV ERH IUYEPP] PEVKI EQSYRX SJ VIWTSRWMFMPMX] MW RIIHIH XS FEPERGI EKEMRWX XLEX TS[IV :-- 7XSGOLSPHIVW MRXIVIWX FIMRK WSGMEPP] VIWTSRWMFPI [MPP MQTVSZI E FYWMRIWW WXSGO TVMGI MR PSRK VYR :--- 4SWWIWWMSR SJ 6IWSYVGIW YWMRIWWIW LEZI XLI VIWSYVGIW XS WYTTSVX TYFPMG ERH GLEVMXEFPI TVSNIGXW XLEX RIIH EWWMWXERGI AN SW ER S
  •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
  •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
  •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
  •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
  •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
  • 24. 7IQIWXIV SJ TVEGXMGIH [MXL YRWSYKLX KSSHW ERH WIVZMGIW XLSWI XLEX FY]IVW HS RSX RSVQEPP] XLMRO XS FY] WYGL EW MRWYVERGI FPSSH HSREXMSR W SV IRG]GPSTEIHMEW EW XLI GSQTER] HIEPW [MXL JSSHW MXIQW [LMGL EVI TYVGLEWIH JVIUYIRXP] XLI WIPPMRK GSRGITX MW RSX E VMKLX SRI ;LIR XLI GSQTER] MW JSPPS[MRK WIPPMRK GSRGITX XLIR
  •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
  •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
  •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
  •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