Doing Research in Business and Management - Essay Example

Individual Reflection During the of this module and completion of my project, I have applied various skills and knowledge from other modules. One of them has been my knowledge on marketing, sales, and promotion, which has aided me in identifying potential consumers, while also working out how one can get these consumers to buy their products and services (Heerkens, 2014: p28). I have also applied skills and knowledge from my human resources classes, which was used to identify how the staff within the project would be managed. Understanding business financials was also essential in this module, especially since the primary goal for the business project was to make profit. Good financial management proved essential in achieving business goals, especially in relation to understanding financial statements that is critical to business succeed. Negotiation and communication skills from previous modules also proved useful in the business project module, particularly since these skills were invaluable in understanding how to deal with suppliers, customers, business associates, and employees (Heerkens, 2014: p28). Finally, knowledge about business legal issues was also applied because business projects are subject to various legal requirements like contracts with suppliers. My experiences working with the team on the project, especially our development as a virtual team, were particularly insightful. For example, it became increasingly evident as we progressed with the project that virtual team-working allows project team members to share information, decision-making, and innovation without the hazards, cost, and time of travel (Edmonson, 2012: p75). However, creating a virtual team was more difficult than I had initially anticipated. It was especially difficult to create high performance within the team without the required careful support, structuring, and attention to processes that enable teamwork to achieve its full potential. The most important challenges in making the virtual teamwork were leadership, management of conflict, relationship building, and effective communication. In relation to communication, it became increasingly important for the team leader to focus on processes for situation adaptation, especially given that the use of technology reduced the social presence and richness present in a face-to-face context (Gignac, 2013: p44). Moreover, initial building of high-quality relationships based on commitment, cooperation, respect, and trust was difficult despite its importance to the efficient functioning of teamwork. In completing the business project module, I also gained important insights into important project management techniques can be applied to ensure the objectives of the project are achieved. Generally, project management techniques are descriptive of the manner in which project teams collect information and communicate in order to achieve their goals in the most effective and efficient way (Randolph & Posner, 1988: p69). Critical path analysis was one of the more important project management techniques, which was useful in identifying both critical and non-critical activities related to the work plan or business process. This analysis enabled for the definition of a sequential set of essential and related steps that made up the work plan. Most importantly, the critical path analysis technique allowed the project team to identify non-essential steps that should be eliminated in order to improve the work plan or value stream. Another technique that proved useful to the project team was cycle time analysis, which examines the length of time needed for specific activities in the project to complete their cycle (Heerkens, 2012: p34). This technique was especially useful for us in identifying activities that did not add value to the workflow, as well as in comparing current and desired measures. In completing the business project, we also used marketing research, especially in the business planning phase. Market research is essential for any project team in order to know the types of services or products that could be profitably introduced into the market (Saunders & Lewis, 2012: p19). In this case, good market research proved useful to our team because it enabled us to know whether our product would satisfy the needs of the customer, as well as whether we needed to effect any changes in the product. In addition, market research proved essential in the project plan because it enabled us to come up with a viable marketing plan. The market research enabled us to chart the collection and analysis of relevant data for the team to make essential marketing decisions. Most importantly, I now realize how important market research is to anticipating or spotting market changes and trends, as well as in ensuring that the business will be competitive in relation to existing competitors (Saunders & Lewis, 2012: p19). Thus, I now understand the importance of market research in business planning in its ability to reduce risks of failed ventures. Working on the business project module has also taught me the essentials in identifying business opportunities and developing a business plan. For instance, I now understand the importance of identifying business opportunities to the overall survival and growth of the business. Indeed, it is critical for any individual seeking to start a business to know where these opportunities are, as well as to understand how they may take advantage of such opportunities (Timmons, 2014: p30). I have come to learn that working out the best business opportunities has to do with conducting a SWOT analysis. In addition, working out the best business opportunity will require me to establish my business’ unique selling point. I now also appreciate the importance of developing a business plan. In this case, the business plan has emerged as a critical tool in exploring the already identified business opportunities, while it also provides a way for the businessperson to continuously analyze potential business opportunities (Finch, 2010: p28). I now understand the importance of business planning as a process of finding answers to critical issues concerning the business, especially those that are important in realizing the business. Finally, I have also learnt a lot about my abilities and skills in the course of the business project module, especially in terms of areas where I need to develop. I now realize that it is essential for me to develop my skills in planning and organizing, managing scarce resources, adhering to strict deadlines and presentation (Joyce & Woods, 2011: p41). I believe that developing these skills further will be useful in future management of business projects. This module has also drawn me to other weak areas in my skill set, particularly in relation to time management. Time management is defined as the process of conscious control over time spent on particular activities, particularly in relation to increasing efficiency, effectiveness, and productivity. Time management has proved especially critical in project management because of its role in determining project scope and completion time (Atkins and Murphy, 1994: p51). Since I believe that time management is one of the core functions of project management, it is important for me to improve on this skill. References Atkins, S., & Murphy, K. (1994). Reflective Practice, Nursing Standard, 8(39), 49-54. Edmondson, A. (2012). Teamwork on the Fly, Harvard Business Review, 90(4), 72-80. Finch, B. (2010). How to Write a Business Plan, London: Kogan Page. Gignac, F. (2013). Building successful virtual teams. Boston: Artech House Heerkens, G. (2012). Project management. New York: McGraw-Hill Heerkens, G. (2014). The business-savvy project manager: Indispensable knowledge and skills for success. New York: McGraw-Hill Joyce, P., & Woods, A. (2011). Strategic management: A fresh approach to developing skills, knowledge and creativity. London: Kogan Page Randolph, W., & Posner, B. (1988). What every manager needs to know about project management, Sloan Management Review, 29(4), 65-73. Saunders, M., & Lewis, P. (2012). Doing research in business and management: An essential guide to planning your project. Harlow, Essex: Financial Times Prentice Hall Timmons, J., Zacharakis, A., & Spinelli, S. (2014). Business plans that work: A guide for small business. New York: McGraw-Hill Read More