Question 1:
The five core competencies that are discussed and broadly tackled in the MBA program are as follows:
Competency 3006.1.5: Legal and Regulatory Requirements
Competency 3020.1.4: Motivational Concepts in Human Resources
3012.1.4: Microeconomic and Macroeconomic Principles
3013.1.4: Marketing Strategy
3014.1.1: Financial Analysis
The graduate in these core competencies of the MBA program is taken through the rules and regulations as well as the legal procedures that they should be privy to, so as to analyzes applicable legal and regulatory requirements of their organizations and assist them to determine whether organizations meet legal responsibilities or not. The graduate in this competency applies management skills and manages diverse human resources, where they are required to apply motivational concepts that will assist in enhancing organizational performance of the organization’s staff, which in return boosts the organization’s performance.
The graduate is also required to explain fundamental economic principles and grasp them. The economic principles that include; supply and demand, opportunity cost, scarcity, income and cross-price elasticity, price, role of government, monetary and fiscal policy, and inflation. The graduate is required to design a strategic marketing plan meant for a new product or service that an organization they are in is set to roll out. This is so as to make sure that the product or service is marketed well so as to be embraced by the target population and beat the competitors in the market. The graduate analyzes financial statements to evaluate the organization’s performance and make necessary recommendations that will gear the organization forward so as to achieve even better results in the next financial period. This is quite a crucial point of an organization as financial statements determines an organizations general performance and evaluates how it has been performing in comparison to its competitors and its previous periods.
Question 2:
The core competencies that we were taught in class were very crucial. I came to realize this when I was faced with real time situations where I was forced to apply them as described below:
Competency 3006.1.5: Legal and Regulatory Requirements
In the firm, I was mandated to oversee implementations of strategies that would drive the firm from its recent woes to a point of glory. I was therefore able to effect the changes but on legal grounds that would ensure that the clients’ financial data and payment processes will follow the required laws despite the upgrades. For instance; when we were changing the systems, we ensured that we will have no delays and that the clients’ data will not be compromised as required by law, especially the operations department and deposit treasury in the firm, as it was a very vital department in the firm. I also brought to light the fact that the firm’s top management did not know that they had the right to make the final decision on the employees that they have been forwarded from the HR office for approval as the used to approve without question which made the company hire some unqualified employees.
Competency 3020.1.4: Motivational Concepts in Human Resources
The company used to overwork employees leading to less productivity and more bulk on employees, thus, there will also be incentives that will ensure the best and top performing employees will get rewarded so as to ensure that the rest of the employees put in more efforts in their work so as to also receive awards. The employees will also be granted extra training to ensure that they are up to the task that they have been hired to undertake as the productivity levels has been really low at the firm in recent times.
3012.1.4: Microeconomic and Macroeconomic Principles
These are based on economic factors that affect the organization as a whole based on external economic factors that affect the country at large. For instance, there was a rise in inflation in the beginning of this year in our country at large, where the cost of doing business was affected as prices of raw materials, labor, transportation, and other inept costs that the organization incurs in its day to day operation. The major macroeconomic factor that also affected the firm’s financial performance was the 2008 financial crisis that hit the world. The lending rates depreciated greatly, hence, affecting the company’s business and lowering its profits.
3013.1.4: Marketing Strategy
The marketing strategy that a company integrates in the market is what determines its success or failure in the market. A workable, effective, and efficient marketing strategy gives every organization a competitive edge in the market. I influenced the decision to deal away with the old method of processing files, where employees of the firm processed clients records, and brought about the introduction of Vendor‘s application to process the Image Cash letter (ICL – X937) files. This is different from what our immediate competitors are doing, and thus will enable us to attract more clients and gain a competitive edge in the market over our competitors.
3014.1.1: Financial Analysis
At the end of every financial year, a board meeting is convened to discuss the financial statements of the company, where previous targets are analyzed and new ones are set for the coming financial year. This is done before the AGM where now the top management releases the results to the various stakeholders. In the firm, the Treasury Management Department was faced with an uphill task of allocating budgets as they needed to balance the allocation of cash to ensure that it is well distributed as they were already lagging behind as compared to the immediate competitors.
b.)
Despite implementing the above strategies, I faced two major obstacles where one of them is where the employees were slow to adapting to new strategies set as well as opposition of the newly discussed strategies from managers in their respective departments. The other obstacle was the revamping of the firm’s financial systems which meant numerous changes and thus, it was hectic.
I decided that I will be a hands on leader and thus, I personally supervised the managers to implement the strategies set in the meeting in their various departments. I applied a lot of pressure to the vendors and the employees charged with the specific task to meet a deadline that was strict.
c.)
I figured that I am a fast thinker and that I was also a team leader. I realized this when I was tasked with the current job position, as I came up with strategies in an instance of urgency and during brainstorming sessions at work. I also made sure that I brought on board the necessary players in team and supervised them effectively.
I will continue to apply these strengths and evaluate more that I have in future projects as they have assisted me in driving the organization forward. For instance: given the fact that I am a fast thinker, I will make sure that in future projects I will come up with the most soluble solutions to ensure that projects undertaken will have the best strategies, similar to those applied in the business paper. I have also noticed that I am a team player, and it also works effectively for me, hence, I will ensure that I set a team of expatriates to undertake projects.
Question 3:
a.)
i.)
My most valuable core competencies that were the most significant in my MBA program were: Microeconomic and Macroeconomic Principle, Marketing Strategy, Financial Analysis. These three competencies influenced my career positively as it broadened my mind to a point that I could now come up with workable strategies that would drive the company forward.
ii.)
My MBA program has helped me learn a lot in regards to not only being a leader but also an effect leader. The core competencies that I have learnt in the program has also given me a highlight in my career as I can now comfortably establish a workable and effective strategy and distinguish it from a rogue one. I have also learnt on how well I can deal with various challenges that I encounter in my career path and also how important it is to be a team leader and work closely with junior employees as well as the senior employees. The above lesson will greatly influence my career in a positive way, as previously encountered.
b.)
Specific – I would like to improve on my time management skills by setting timelines on tasks. This will help improve my career as it will assist me to improve on my time skills during projects and tasks at work.
Measurable – I will work on a weekly basis target on tasks and monitoring the progress. Targets will assist me promptly in measuring my tasks achievements and progress on projects.
Assignable – I will monitor my time all by myself. This will grant me discipline in meeting deadlines at work.
Realistic – I plan on achieving a timeline management skill in three months. The timeline will assist me in achieving my deadline before the next financial year
Time-related – The result is achievable in a month to three months depending on one’s discipline. The timeline will meet my planned schedule.
Personal Plan
Time management is a crucial tool when it comes to making strides in life, and it is in this perspective that I have decided to focus on my time management skills. I will monitor my achievement of tasks on a weekly basis to ensure that I keep tabs on my progress towards achieving this goal. As I realized I am a good team player, I will delegate and assign duties to my team and give them a strict deadline in which it will also assist in my progress of monitoring my time management skills. This goal is achievable in a span of three months for effective achievement, though I will give myself a progress report in about a month or two.
I am also planning on having a team that is made up of dedicated and up to task individuals who are results-oriented and fast thinkers. I will construct a team of ten members that I will work closely with in coming up with strategies and the best way of implementing them effectively. I will assign a task force of three individuals from the HR department to interview individuals and give me the top ten performers. This task can be realized from the staff that the firm has already employed as the resources for hiring a new team is not available in this financial year. Therefore, in a span of one month the HR has to do thorough interviews to select the best individuals and give me a dedicated team.
My other crucial plan is to ensure that we provide the best financial services to our clients so as to increase our clientele and maintain our loyal clients. This plan is realizable by making sure the financial systems and the Image Cash Letter (ICL-X937) files are up and running. The duty will be assigned to the marketing, operations, and deposit treasury department heads of the firm. This goal can be realized as the systems have been put in place and so are the strategies awaiting implementation. The results are to be achieved in a span of one financial year of the company.
