Organization Value and Business Reflection Topic
Introduction
Business management is a fascinating topic, more so when the lessons in the class are integrated with real-world case studies. The integration offers the students opportunities to employ the management skills learnt in the class through creative thinking and problem solving approaches to provide solutions to real business problems. The experience equips the learner with practical skills that enables the student to be an economic productive person in the society. The paper will evaluate the critical management skills the author has leant in the class. The paper will review management functionalities in the firm, relevance of effective communication in the business, application of CPI and JIT management styles, and the influence of teamwork to the success of a project (Malinowski, 2011). The paper will review the necessary skills the author would need in the future preparation towards business management and as well as well evaluate organizational value based on the customer, shareholders`, employee, and the management perspective.
One if the critical things that I have learnt in the business management are the different functionalities of management and leadership. Previously, I had viewed business as entirely dealing with the organization, budgeting, scheduling, and optimization of the available resources in the industry. However, in the class and in the case studies, I have learnt that leadership aspects that deal with the social and psychological aspects within and outside the enterprise are as much critical as the scientific approach of management. As a good leader, social aspects such as promoting employee voice in the industry, offering and observing codes of ethics, business core values, and effective communication are equally important. The scientific business management must be integrated with the social, personal, and ethical principles for optimal productivity and efficiency in the business (Beaver, 2000).
Functions of the HR department as a necessary Cost and a Source of Value
The human resource department plays a critical role in the business management that I had not known previously. I had viewed the HR department in the organization as a necessary expense in the industry. The cost of maintaining a human resource department was a necessary expense to the business for it provided essential management tasks such as hiring, job training, determination of the employees` compensation plans, as well as resolving internal and external business and legal issues (Don, 1998). I had thought that for the organization that assumes an organic structure where job descriptions and professionalism are replaced with responsibilities and accountability, the department was not critical. However, I have learnt that the department is a source of value to the firm. Through the recruitment process, the HR department ensures the firm gets the best labor in the market. Through performance evaluation, the department identifies the employees` that need training towards their career development that improves their performance and efficiency to the benefit of the organization (Chini, 2006).
Effective Communication in Business Management
I have learnt that effective communication skills play a significant role in the organization management. The decisions made to steer the business in the face of competition and towards the attainment of its goals through expansion need to be understood perfectly by the workers for their effective adoption and implementation. In addition, the decisions to be made are better when the management involves all the workers in the decision-making process (Beaver, 2000). The advantage of involving the laborers in the decision making process is two-fold. One of the critical benefits is that the decisions are reached from a better understanding and consideration of the effects of the change to all the departments and workers. That way, the employees know the direction the organization is taking and their role in gearing the institution towards that direction. The other benefit is that the workers fell as part of the business. The sense of belonging and feeling that the management values their opinion creates a better employee-management relationship that fosters the laborers productivity (Chen & Hsieh, 2006).
Application of Continuous Process Improvement and Just in-time Management
One of the most critical management tools and approach that I have learnt in the class is the use of the continuous process improvement model to evaluate the performance of the organization and improve the entire productivity. The design has been a critical management design in the 21st century as the globalization competition has threatened to close the local enterprises. The design involves identification of the key and valuable products and services offered by the firms in the lens of the consumers (Gonçalves, 2010). Diversification of the services and products in the industry that results to production of goods that are not needed by the consumers is unnecessary production. The management identifies the goods that are demanded by the consumers and embarks on establishing the most cost-effective method of producing them. Just in-time management play a critical role in the type of production where the amount demanded is the critical determinant of the amount to be produced. The approach ensures that the firm does not produce surplus products that may go to a waste and that the amount produced and supplied is enough to meet the demand (Don, 1998).
Teamwork and Effects of Group Dynamics in the Success of a Project
The lessons and the real world business issues that I have learnt have indicated the relevance of teamwork towards the efficiency and success of the projects in the organization settings. I have leant that, the production designs are broken down to tasks that are allocated to various departments. The success of the entire project will depend on the determination of the production critical path and the completion of the tasks by all the concerned departments. In the light of that, I have learnt that, team work play a significant part in the success of the projects. The project manager must demonstrate and provide essential tools necessary to foster teamwork. The leader must provide the linkage that will build the entire production system together such as the organization mission, core values and objective. In addition, the leader must provide appropriate communication to all the departments so that everyone understands their role in the production process (Maliwonski, 2011, p. 57).
Application of Lessons and Skills learnt in the Future and my Plan to improve my Leadership Skills in the Next 12 Months
I have applied the skills I have learnt in the class to solve real-world cases in the case studies that we have covered in the class. I have used creativity and problem solving skills to evaluate the challenges facing organizations and have offered applicable solutions that have enabled business to improve. In the future, I would like to develop my career along the organizational management approach. I have realized that the current business sector is faced with critical competition with the supply chain within the industry forming a critical source of value and competition. I wish to develop my supply chain management skills along the just in-time management approach (Olhager, 2002). In addition, I wish to learn more on the application of the meme`s stack organization value system to identify the dominant systems in the organization (Rosado.net, 2016).
Organizational Value
Organization vale is relative to the eyes of the observer and depends on the position and the responsibilities of the person. To the customer, the value of the business will be determined by its effectiveness in meeting their needs in a satisfactorily and reliable manner (Deshpande, 2012). The quality, availability, and pricing of the commodities will form the basic customer value principles. Customer service relations foster the trust and the link between the fir and the consumers. On the other hand, the shareholders view the value of the organization depending on the value of the returns in the investment (Malinowski, 2011). The employees value the organization depending on the business working environment, Company climate and culture, compensation methods, recruitment and hiring processes, employee-management relations, as well as promotional methods. The management views the value of the organization from the optimal utilization of the available human and mechanical resources in the firm (Wempe, 2009).
Efficiency of the Business Mechanical/ Technological Systems
The value of the business as observed from the management eye will depend on the efficiency of the business mechanical and technological approaches. In the face of the global competition, the enterprise must ensure optimal system performance to reduce the cost of production. Reduction of the cost of production translates to increased profits and higher returns in capital for the organizations that satisfies the requirements of the shareholders. In addition, the optimal productivity of the technological and mechanical systems provides a better working condition through efficient and smooth production processes (Beaver, 2000). Incorporation of the current production technologies in the firm provides a competitive hand in the face of the global competition. The approach adds value to the production process that increases the productivity of the workers, the ability of the firm to satisfy the consumers, and leads to increased returns on investment. An organization that remain adamant to the current technological changes will eventually become outdated and spend more in their traditional production methods that have been eliminated by faster, cheaper, and efficient processes (Deshpande, 2012).
Optimal Utilization of the Available Human Resources in the Enterprise
The value of the organizational can be described as the optimal utilization of the available human resource in the firm from the management perspective. The human resources available in the industry play a critical role in the efficiency of the production process through appropriate planning and scheduling. The management plays a cortical role in ensuring the available human resources are utilized efficiently in the organization through employee training, motivation, scheduling, and compensation methods (Andreassen & Olsen, 2008). Job descriptions and performance appraisals play critical parts towards achieving this value. When the firm has adequately identified the current skills and needs in the organization, the human resource department will either recruit to outsource for the skills that are needed and lack in the industry. Alternatively, the organization may embark on employee training to equip the present workers with the needed skills. The approach is significantly useful when the business is undergoing strategic changes to respond to the changes in the technology and the demand (Abu-ELSamen, Akroush, Al-Khawaldeh & Al-Shibly, 2011).
Revenues and Returns on investment Realized in the Industry
The shareholders of the business will value the enterprise depending on the amount in revenues and the returns on investment. To the business owners, an organization is as good as the amount of the profits realized that translates to the returns on investment. The top management of the organization are tasked to steer the business in the best manner to ensure maximum returns on investment to the Company owners (Don, 1998).The pressure from the owners is significant considering that the management must also observe and consider satisfaction of other stakeholders in the organization. Job satisfaction in the workers will translate to their increased production and efficiency that would be beneficial to the organization in many ways. In ensuring workers satisfaction, the business managers must employ various methods such as competitive rewards and compensation programs, motivations, training, and career developments. On the other hand, the managers must ensure quality and proportionately priced products to appeal to the consumers. All these aspects could mean investing in them, and the management must ensure the amount invested translates to the outcome else the shareholders expectations will not be met (Wempe, 2009).
Customer Satisfaction and Trust
The customer is the most critical person in the organization. The success of the organization will depend with the people consuming the goods and services produced by the customer. Therefore, the value of the organization is determined by the customer perception about the industry (Gonçalves, 2010). The critical factors that determine the value of the business from the customer perspective include the quality of the products and services, reliability and accessibility of the products, pricing, packaging, customer care and relations. The organization must ensure production of quality products and services that are appealing to the consumers. In addition, the pricing of the commodities must be competitive without compromising on the quality of the products (Olhager, 2002). The organization must be able to supply the commodities in a timely manner to meet the demand in the market. The organization must establish methods for ensuring their products are readily available and accessible to their customers in the target areas. After sale services, customer relations and services are essential in maintaining a good relationship, trust, and loyalty of the consumers to the firm (Wei, Chen, Yang, C., & Yang, C. C. 2010).
Employee Relations
The value of the organization can be viewed differently from the lens of the workers. The value of the organization to the employees is based on the working environment, openness in the hiring and recruitment processes, promotional methods, rewards and compensation plans, as well as organizational culture and climate (Malinowski, 2011). The involvement of the workers in the critical decision making processes play a significant role in improving the employee-management relationships that fosters workers productivity and job satisfaction. If the organization has an open recruitment and hiring process with its promotional methods based on choice and merit, the laborers are satisfied with it and their productivity is improved (Chini, 2006, p. 59).
Conclusion
Business management is a fascinating topic that covers the essential organization operations that ensure the success of the industry. In the class, we have learnt various management skills that we have been able to apply to offer solutions to the real-world business problems through the case studies that we have evaluated (Wei, Chen, Yang, C., & Yang, C. C. 2010). I have learnt different approaches in the organization management such as lean management approach, just in-time management as well as the business improvement using continuous process improvement method. I have learnt the value of the organization from the various perspectives depending on the position and the relationship of the viewer to the Company. The business value is different from the customer, employees, management, and the shareholders` perspectives.
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