REFLECTION
Answer # 1
A research shows that the four functions of the management process are planning and decision-making, organizing, controlling, and leading. The management sets the company’s objectives and determines methods to attain them in the planning and decision-making stage. In organizing, the management decides the effective way to group engagements and reserves. The controlling stage screens and adjusts continuing jobs for facilitating the achievement of objectives. The last function of the management process is leading which motivates workers to undertake tasks seriously for a company’s best interest (Ricky Griffin 6-8).
I worked for Great Experience, where I found mishandling of a function of the management process, which is leading. My supervisor who was the academic officer had no approach to motivate his members of the department although they used to perform well. My supervisor could have handled this situation through appreciation, encouragement, interaction, awards, and approach seniors for their promotion due to exceptional performance.
Answer # 2
The most frustrating aspect of this course was the collaboration among students due to the different schedule in order to complete a group project. In order to complete a big project assigned to a group of students, it is central that every one of them must show his or her due involvement in order to make it successful. Unfortunately, required attention was not given to the group project, which showed an outcome that was not above-average. According to my evaluation, in the stated scenario, individual project needs to be assigned by the course instructor if the schedule of students in a group is not linked each other. This strategy will allow each student to manage the project requirements effectively as per his or her independent schedule and deliver the milestones of a project in time to the course instructor. This would be positive for a student to secure good marks in the project due to his or her commitment, involvement, and on-time submission concerning a project.
The other problem is the research project, where an understanding of different chapters of the research must be understood by a student to complete it successfully. In order to enable a student to understand the research project effectively, the involvement of the Professor of Mathematics and Statistics along with the Professor of English and Business Communication is central to make a student’s project successful. The stated suggestions are realistic and logical as it will allow students to finish their research projects in a smart way which would be free of research and writing errors.
Answer # 3
Although there were few of the impediments in learning, overall I gained a lot during the class. My course instructor did not only explain the concepts, but related all with practical examples of organizations working in the today’s competitive environment. This approach of my teacher made me learned a lot academically and professionally. I am now in a position to know the significant role played by education in an individual’s career. Moreover, I know how to grab a job opportunity in the market and compel recruiters to consider me for a job. I got all of these skills in my class.
In sum, my teacher has detailed comprehensively about the ways to become an influential learner, and I know that personal SWOT analysis is very helpful for one to gauge once strengths weaknesses opportunities and threats and accordingly blueprint a career as evident in a research (Creately). My strategy to capitalize the strengths is to get professional diplomas, expertise in a specific domain and undertake similar projects.
Answer # 4
Setting of prices openly - it means workers are paid as per the desire of a workplace where they are recruited.
Flexibility in buying, earning, using, and selling private land – no additional public rules emerge before an establishment when it commits to purchase, earn, use, and trade private property list of
Free to compete – in this element, an organization has the right to develop an instant, effective, and cost-effective products and services.
Answer # 5 (i)
Answer # 5 (ii)
Answer # 5 (iii)
A study shows that gross domestic product refers to a benchmark measure for valuing the services and goods manufactured in an economy. The term gross is known as the deduction, which has not been made when it comes to considering the depreciation of equipment, property, and different capital products utilized in manufacturing, whereas domestically refers to manufacturing done through the inhabitants of an economy. For example, multiple products are utilized in an economy for producing different products, gross domestic product is computed through including the value added for every different product (Trends Shaping Education).
The gross development product can be calculated by adding a couple of factors, including consumption, public expenses, investment, exports, and subtracting imports (Investing Answers). The first example is presented through considering the expenditure approach, where consumption = $300, government expenditures = $150, investments = $120, and net exports = $10.
GDP = 300+150+120+10 = $580
The second example is presented through considering the income approach, where the formula for calculating GDP would be different and it is given as below:
The gross domestic product is equal to net income plus indirect business taxes plus depreciation (Econport). However, net income = 490, indirect business taxes = 70, and depreciation = 20.
GDP = 490+70+20 = $580
Two examples have been given to calculate the value of GDP and see that both approaches provide the same values of GDP. The situation does not always emerge as the value of GDP deviate not very significantly when the applications of multiple methods are considered.
Works Cited
Accounting Tools,. "What Is The Difference Between Stocks And Bonds? - Questions & Answers - Accountingtools". Accountingtools.com. N.p., 2016. Web. 1 June 2016.
Creately,. "Personal SWOT Analysis To Assess And Improve Yourself - Creately Blog". Creately Blog. N.p., 2014. Web. 1 June 2016.
Econport,. "Examples Of Calculating GDP". Econport.org. N.p., 2016. Web. 1 June 2016.
Icle,. "Content Files". N.p., 2016. Web. 1 June 2016.
Investing Answers,. "Gross Domestic Product (GDP) Definition & Example | Investing Answers". Investinganswers.com. N.p., 2016. Web. 1 June 2016.
Lameiro,. "Dr. Lameiro's Characteristics Of A Free Market | Gerard Lameiro".Gerardlameiro.com. N.p., 2016. Web. 1 June 2016.
Ricky Griffin,. Fundamentals Of Management. 8th ed. Boston: Cengage Learning, 2016. Print.
Trends Shaping Education. [S.l.]: Organization For Economic, 2016. Print.
Unigo,. "What's The Most Frustrating Thing About Your School? | University Of Arizona | Page 1 | Unigo". Unigo.com. N.p., 2016. Web. 1 June 2016.
