Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
Management is required to set realistic goals for the company along with objectives. A plan of action will be set and requiring management to let others be aware of the policies that need to be followed. Is helps keep the companies managers aware of the finances and the future of the company’s finances to make the right decisions. Controlling is when the company must follow the original plans that have been set from the beginning. Organizing and directing is thinking of ideas and putting into effect.
A business venture’s success is determined by the planning put into the process; a balanced execution of the process; the smooth running of the process and the financial prospect or accruement of the venture. In short, a feasibility study is the definition of a problem or opportunity to be studied. It starts with an idea that must take into consideration the pros and cons of the project with plans on how to circumvent the cons as much as possible. A good feasibility study will have the following components: 1. Scope or Description of the Business which looks at the product or services to be offered and how they will be delivered 2.
When goals are supported by plans then it is possible to help the team to reach the target which is deliver quality standards to customers. We need to first break the goals into smaller achievable, measurable steps. We need the members to be clear about the actions they need to take in order to achieve the goals, the goals that involves customer service, objectives and standards has to be clear. Time frame, milestones and deadlines has to be identified. Specific roles will have to be given to individual team members and allocate resources that help goals to be achieved.
Planning/strategizing works together with the organization’s primary purpose based on where the organization wants to be and what it will take for them to get there. Planning/strategizing enables management to go beyond daily activities to set realistic goals for the organization’s success. Organizing involves setting the structure and the coordination and use of available resources needed to carry out tasks necessary to achieve the organizational plans. Leading is the ability to motivate people to give their best both individually and within group settings. Through guidance, leadership ability, and supervision of employees managers achieve organizational goals.
Ensuring adequate training is received by all, allowing individuals of to provide feedback and feel like they are part of the “team”, and offering quality production incentives can be implemented to help keep the turnover rate down and increase the production and quality of performance are some of the changes that can help management meet organizational goals. 2. Using the above scenario, consider Organizational Level 2: Entity (Culture) and Strategy (Mission). Which Leadership Challenge response is most appropriate: Defining, Shaping, or Publicizing? Using the theories discussed in Chapters 1-4, explain why you chose that response.
PROJECT 1 In organisations which are concerned with continuous improvement and with ongoing business success, managers must build trust-based relationships, develop effective communication systems and processes, share information, base decision-making on consultative processes and provide opportunities for staff to develop the competencies they need. They must also be aware of relevant legislation, codes of practices and ethical principles. Explain the actions you, as a frontline manager, would take to achieve these things and explain why they are important to an organisation’s sustainability and ongoing success. To build trust based relationships I would take the following actions: 1. Being honest: from my point of view this is the first step to build trust.
3CJA- Contributing to the Process of Job Analysis 1.1, 1.2, 2.1 Explain the Principles and Purpose of Job Analysis Job analysis is an important function of HR, which is related with many activities of HR Management. It can help a company to run their staffing activities more efficiently and effectively. It can contribute to cutting costs and time saving. Job analysis can be defined as “A systematic exploration, study and recording the responsibilities, duties, skills, accountabilities, work environment and ability requirements of a specific job.” It can support recruitment plans, position posting and performance development. When a company creates a new job they must come up with a job analysis of the role so HR knows what kind of job applicant they need to recruit.
The importance of planning and preparation by the gathering of information to create options, to really know the situation and its causes, and to understand the objectives, attitudes, and interests of all parties is stressed to make for a tactically supported plan to achieve the best strategic outcome. Understanding how current negotiation strategies and tactics are chosen to effectively achieve positive results provides construction managers and other negotiators in the construction industry the means for continuous improvement of practical negotiation methodology, thus perpetually improving efficiency in the construction management field. Negotiation in the Construction Industry Sources, Strategies, and Tactics Analysis The construction industry makes its mark as a significant participant in business and development worldwide. Fredrick Gould and Nancy Joyce (2003) noted that “according to the Bureau of Labor Statistics, the industry employs nearly 6 million people and represents 5 percent of the work force, making it the [United States’] largest single employer” (p. 3). The dynamic nature of projects and the adversarial environment in the construction industry make conflict and disputes unavoidable
Name: Vinay Bansal Balance scorecard Definition A balance scorecard is a strategic planning and management system that is used to arrange and align the various business activities with the vision statement of an organization. In some cases, a Balanced Scorecard also attempts to translate the sometimes indefinite, moral hopes of a company's vision/mission statement into the practicalities of managing the business in a better way at every level. A Balanced Scorecard approach takes a broader view of an organization and interrelate the processes so that the efficiencies are experienced by all departments and in a joined-up fashion. To embark on the Balanced Scorecard path a company first must know and understand the following: * The company's mission statement * The company's strategic plan/vision Then: * The financial status of the organization * How the organization is currently structured and operating * The level of expertise of their employees * Customer satisfaction level Origin of Balance scorecard Balanced Scorecard has been launched about twenty years ago as a first set of principles for balanced strategic Objectives and Measures/KPIs setting and measurement. The “parents” of Balanced Scorecard are Dr. Robert S. Kaplan, Baker Foundation Professor at Harvard Business School and Dr. David P. Norton, the founder of the consulting team that contributed over the past two decades to the development of Balanced Scorecard into today’s integrated and aligned management system.