To demonstrate competence in this unit you will need to show that you can design and develop a project plan. Your task is to select an idea, improvement or opportunity that could be applied in a business operation. Describe the business and the project you might initiate. You will need to describe and define the project in context. Explain why such a project would be beneficial.
The implementation of goals for human capital management, assisting with transitioning individuals, while effecting the organizations business strategy are value-added functions that influence competitive advantage. In a competitive marketplace, organizational success depends on talent management. Talent management is the implementation of combined strategies or processes which provide a conduit that should increase workplace productivity. By developing and implementing processes that will attract, develop, and retain people equipped with the
PPM has helped project officers negotiate between stakeholders according the to the organisation’s PPM status. PPM improves organisations understanding about decisions and the consequences prior to accepting projects. This allows organisations to evaluate whether the resource is well utilised and if it isn’t, the PPM prioritisation criteria will determine whether the project is to be avoided or terminated. The maturity model which is a technique used in PPM which focuses on developing
Duty ask the question of whether your action is that of a rational thinking person. Finally, virtues based ethics view states that one's happiness is attained through virtuous acts. Virtue ethics have had arguments raised against it. Some people argue that virtue is relative to each person and also it changes over time. It is important that a business or company takes the time to develop sound ethical practices.
Business ethics includes the principles and standards that guide behavior in the world of business. The ethical behavior of a company is being judged and determined by its stakeholders. They may not always be right but their judgment affects the company’s reputation in society. There are several benefits of business ethics. Ethics contribute to investor loyalty – ethical conduct results in shareholder loyalty and can contribute to success that supports even broader social causes and concerns.
Economic Order Quantity EOQ, or Economic Order Quantity, is defined as the optimal quantity of orders that minimizes total variable costs required to order and hold inventory. Every company worries about two things when deciding how to manage their inventory. How much should we order? And how often should we order? These represent variables that come with their own changing costs.
Although it would appear wise to accept gifts or provide gifts to another company to earn their business you are in fact interfering with normal business practices and in most companies can be a reason for termination for such actions. Successful careers are not built by the gifts or bribes one receives but by the determination of professional individuals whose physical and mental labor is the foundation of any profitable business. While professional ethics are the mold that results from the morally obligation to provide fair and equal treatment to others, professional values are the substance that is engulfed by smart business practices and mission statements. Certain Mission Statements can include particular values such as a specific services that are responsible for providing their customers the services or products they demand. Examples of some mission statements are listed in table 1 below.
We will always look for the best possible profit outcome from any kind of situation. The leaders of businesses are expected to run their business as profitably as can. Both successful and money-making business in itself can be a remarkable provider toward the common good of the social order. Here actually comes the word ‘Ethics’ in a business. In business ethical decision is a must thing and to succeed in the long term, it is important to be ethical in every aspect.