Attract, retain, motivate, coach and develop team members for high performance: Gain the tools to manage your people – despite differences in culture, working styles and business experience 2. Communication Skills Communicate, present, assert, and speak senior management language: Frame your ideas in strategic business language, speak and understand the language of senior managers – make a professional impression 3. Business Management Skills
Understand strategy, business functions, decision-making and workflow: Create more value and be a more strategic manager by analysing opportunities, resources and risks with strategic models and tools (b). MANAGEMENT FUNCTIONS: The 4 basic management functions that make up the management process are described in the following sections: (i) PLANNING: Planning involves choosing tasks that must be performed to attain organizational goals, outlining how the tasks must be performed, and indicating when they should be performed. Planning activity focuses on attaining goals. Managers outline exactly what organizations should do to be successful.
Planning is concerned with the success of the organization in the short term as well as in the long term. (ii) ORGANIZING Organizing can be thought of as assigning the tasks developed in the planning stages, to various individuals or groups within the organization. Organizing is to create a mechanism to put plans into action. People within the organization are given work assignments that contribute to the company’s goals. Tasks are organized so that the output of each individual contributes to the success of departments, which, in turn, contributes to the success of divisions, which ultimately contributes to the success of the organization.
Influencing is also referred to as motivating,leading or directing. Influencing can be defined as guiding the activities of organization members in he direction that helps the organization move towards the fulfillment of the goals. The purpose of influencing is to increase productivity. Human-oriented work situations usually generate higher levels of production over the long term than do task oriented work situations because people find the latter type distasteful. (iv)CONTROLLING: Controlling is the following roles played by the manager: 1. Gather information that measures performance.
Compare present performance to pre established performance norms. 3. Determine the next action plan and modifications for meeting the desired performance parameters. Controlling is an ongoing process. (c) Main functions of finance in an Organization: A finance department is one of the distinct departments in an organization or company. The primary purpose of the Finance Department: 1. Monitor and report on the financial position of the company 2. Provide an excellent level of service to their customers and customers in other departments. 3. Organize the accounting and financial affairs of an organization.
Prepares the appropriate accounts and provides financial information to the managers. 5. The financial department deals with everything that concerns finances in the company. (d) Example – BPM added value An example could be the actions involved in processing a customer order from an internet-based mail order company. – Starting with a customer placing an order (the customer need).
Send IT-based information to the warehouse – Stock picking – Packing and recording – Sending the appropriate IT-based information to the distribution hub – Sending IT-based information to the accounts department- Generation of an invoice – Allocation and organization of shipment for the vehicle drivers – Delivery of the item and invoicing (the customer need fulfilled). (e) Supply Chain Management is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective & efficient ways possible. The four support activities in a supply chain are – (i) Operations management (ii) Logistics, (Iii) Procurement (iv) Information technology
SECTION B QUESTION 2 (a) Role of ICT in marketing activities of an organization Product development – use of automated systems Billing in pricing – generation of invoices Advertising e. g. websites – customers are able to see what is being sold easily at the comfort of their seats. Distribution management – a collection of applications designed to monitor & control the entire distribution network efficiently and reliably.
The difference between scheduling and forecasting is Scheduling is the process of deciding how to commit resources between varieties of possible tasks. A forecasting is a prediction of what will occur in the future (e) The merits of outsourcing in an organisation As you evaluate your choices and decisions in outsourcing different components of your operations, you will need to consider the advantages of outsourcing. When done for the right reasons, outsourcing will actually help your company grow and save money. There are other advantages of outsourcing that go beyond money.
Here are the top seven advantages of outsourcing. 1. Focus On Core Activities In rapid growth periods, the back-office operations of a company will expand also. This expansion may start to consume resources (human and financial) at the expense of the core activities that have made your company successful. Outsourcing those activities will allow refocusing on those business activities that are important without sacrificing quality or service in the back-office. Example: A company lands a large contract that will significantly increase the volume of purchasing in a very short period of time; Outsource purchasing.
Cost And Efficiency Savings Back-office functions that are complicated in nature, but the size of your company is preventing you from performing it at a consistent and reasonable cost, is another advantage of outsourcing. Example: A small doctor’s office that wants to accept a variety of insurance plans. One part-time person could not keep up with all the different providers and rules. Outsource to a firm specializing in medical billing. 3. Reduced Overhead Overhead costs of performing a particular back-office function are extremely high. Consider outsourcing those functions which can be moved easily.
Example: Growth has resulted in an increased need for office space. The current location is very expensive and there is no room to expand. Outsource some simple operations in order to reduce the need for office space. For example, outbound telemarketing or data entry. 4. Operational Control Operations whose costs are running out of control must be considered for outsourcing. Departments that may have evolved over time into uncontrolled and poorly managed areas are prime motivators for outsourcing. In addition, an outsourcing company can bring better management skills to your company than what would otherwise be available.
Example: An information technology department that has too many projects, not enough people and a budget that far exceeds their contribution to the organization. A contracted outsourcing agreement will force management to prioritize their requests and bring control back to that area. 5. Staffing Flexibility Outsourcing will allow operations that have seasonal or cyclical demands to bring in additional resources when you need them and release them when you’re done. Example: An accounting department that is short-handed during tax season and auditing periods.
Outsourcing these functions can provide the additional resources for a fixed period of time at a consistent cost. (f) 6. Continuity & Risk Management Periods of high employee turnover will add uncertainty and inconsistency to the operations. Outsourcing will provided a level of continuity to the company while reducing the risk that a substandard level of operation would bring to the company. (g) Example: The human resource manager is on an extended medical leave and the two administrative assistants leave for new jobs in a very short period of time.
Outsourcing the human resource function would reduce the risk and allow the company to keep operating. (h) 7. Develop Internal Staff A large project needs to be undertaken that requires skills that your staff does not possess. On-site outsourcing of the project will bring people with the skills you need into your company. Your people can work alongside of them to acquire the new skill set. (i) Example: A company needs to embark on a replacement/upgrade project on a variety of custom built equipment. Your engineers do not have the skills required to design new and upgraded equipment.
Outsourcing this project and requiring the outsourced engineers to work on-site will allow your engineers to acquire a new skill set. QUESTION 3 (a)Michael Porters Diamond on competitive strategy of Nations The Porter analysis was made in two steps. First, clusters of successful industries have been mapped in 10 important trading nations. In the second, the history of competition in particular industries is examined to clarify the dynamic process by which competitive advantage was created. Factor conditions are human resources, physical resources, knowledge resources, capital resources and infrastructure.
Specialized resources are often specific for an industry and important for its competitiveness. Specific resources can be created to compensate for factor disadvantages. Demand conditions in the home market can help companies create a competitive advantage, when sophisticated home market buyers pressure firms to innovate faster and to create more advanced products than those of competitors. Related and supporting industries can produce inputs that are important for innovation and internationalization.
These industries provide cost-effective inputs, but they also participate in the upgrading process, thus stimulating other companies in the chain to innovate. Firm strategy, structure and rivalry constitute the fourth determinant of competitiveness. The way in which companies are created, set goals and are managed is important for success. But the presence of intense rivalry in the home base is also important; it creates pressure to innovate in order to upgrade competitiveness. Government can influence each of the above four determinants of competitiveness.
Clearly government can influence the supply conditions of key production factors, demand conditions in the home market, and competition between firms. Government interventions can occur at local, regional, national or supranational level. Chance events are occurrences that are outside of control of a firm. They are important because they create discontinuities in which some gain competitive positions and some lose. The Porter thesis is that these factors interact with each other to create conditions where innovation and improved competitiveness occurs.