Human Resources Concentration - Assignment Example

Business Portfolio - Human Resources Concentration al Affiliation Business Portfolio - Human Resources Concentration Outcome 1. Analyse real-world business problems and generate recommendations for action. Characteristics: a. Identify management problems issues that Chief Executive Officers (CEOs) face in their daily management duties b. Identify the main causes of business problems in the current world of business c. Recommend solutions to the problems using a theoretical approach Learning Statements: • I have learned to identify the cause of a company’s poor performance in the marketplace. In most of the cases, the root causes of problems are hidden, and it is difficult to identify these problems. Rather, most of the time the chief executive may be addressing the symptoms of the problem thinking that it is the cause. A business person can identify the cause of a company’s problems by analysing both the internal and external environment. • I have learned that indecision is one of the greatest causes of business failure. Situations get worse when the CEO is unable to make a quick decision that can save the entire organization from sinking. Some problems require split second decisions and such situations require immediate responses from the management team. • I have learned that business strategy guides managers in addressing root causes to company problems. A change in business strategy sometimes a company some lifeline when faced with serious management issues. An approach enables the company to focus its efforts and resources towards getting solutions to imminent problems. Evidence Used to Support Learning Statements: • Tab 1-1, Video Case Study: Starbucks CEO Howard Schultz Talks Tough Decisions. Retrieved from http://video.cnbc.com/gallery/?video=3000045897 Outcome 2 2. Integrate marketing, accounting, finance, management, and economics into a strategic business analysis. Characteristics: a. Establish a connection between accounting, marketing, finance, management and economics. b. Apply the five fields in analysing the strategy of a business Learning Statements: • I have learned that plans for action require a deep understanding of both the financial and physical capabilities of a business. Management should adopt recommendations that complement the core competencies of the company. The rationale is that such an approach ensures that the company strengthens its competitive advantage in the marketplace. • I have become familiar with how modern control and accounting theory can be used to evaluate a company’s economic conditions and develop management decisions. • I have learned the concepts and language of the five areas of study and can use them to communicate effectively. I can also use these ideas to monitor and even allocate resources to various business functions. • I have learned the meaning of various business terms and how they can the world of business uses them. For example, I now know how to differentiate between a hostile takeover and a corporate takeover. Evidence Used to Support Learning Statements: Outcome 3 3. Assess the effects of the global business environment in business situations. Characteristics: a) Establish the primary factors of the global business environment. b) Demonstrate the implications of the factors in the developing economies Learning Statements: I have learnt that factors such as the unavailability of capital impair the growth and development of the low-income economies of the world, In addition, lack of global investment opportunities due to foreign restrictive policies details globalisation. The foreign policies limit the market for goods produced in the low-income economies. I have learnt that the levels of capital stock of a developing country have an impact on the economic development of a developing economy. The developing economy can use the additional proceeds to invest in economic projects that will lead to an increase in corporate profits as well as efficiency. I have learnt that Foreign Direct Investments provide the best mechanism for increasing developing stock in the low-income economies as a result of its commitment and durability. It’s a venture where a country invests in a foreign country that came as a result of globalisation. I have learnt that FDIs enable a country weather short-term economic changes that would otherwise prove to be setbacks in access to markets. Therefore, the flow of finance is kept steady as per the money equilibrium theory. I have learnt that despite the usefulness of the FDIs, they might threaten the sovereignty and economic independence of a developing economy. The country might end up depending too much on the country to which it has invested and might make the latter to have a particular influence over the investing country. I have learnt that the short term impact of FDIs mostly increases the demand of the host country. However, in the long run, it might lead to the change in profits from the host country to the originating home country. This occurs as a result of the change in capital flows that take place as a result of technological changes between the two countries (Jensen, 2008). I have learnt that FDIs need a constant sustainable strategic implication in order to cause growth of profits of the home country. Without scheduled implementation, it might cause the reversal of net capital flow where only the host country’s economy will thrive. I have learnt that FDIs might distort the average balance in the labour market of the host economy. When the labour costs go up, the supply also shoots but the consumption might remain at the same levels causing losses for the multinational companies of the host economy. I have learnt that in the long term, therefore, FDIs are not beneficial to developing economies because of different needs of the poor and the rich and difference in policies among other reasons. Evidence Used to Support Learning Statements: Outcome 4 4. Apply quantitative tools and methods of analysis of business situations. Characteristics: Learning Statements: I have learnt that good inventory keeping is a useful quantitative tool for forecasting of business and in extension in the making of decisions of a company. I have learnt that inventories help one be aware of trends in the physical counts of various parameters in the business. For instance, inventories provide a record of sales, the stocks in the warehouse and other things in a systematic chronological order. I have learnt that useful tools of inventory keeping include the use of SPSS and Excel programs as they provide a true record of the business historical trend in physical counts of various things. I have learnt that with inventories, a company can project an increase or decrease in the demand for the products of the company. After that, the business organisation will be able to make useful financial, production and supply decisions. I have learnt that good forecasting tools need one to be able to enable the company project to a near accuracy the future events that might happen soon. A useful forecasting tool should be able to detect an event soon enough to allow the country room to formulate necessary steps. The steps might help either to prevent an impending economic crisis. Alternatively, if it is a positive event, the business might put in place measures to welcome and use the opportunity effectively. Evidence Used to Support Learning Statements: Outcome 5 5. Perform professionally and ethically in business and society. Characteristics: Learning Statements: I have learnt that the fundamental ethical concern in a business problem lies with the individual consequences on each of the parties involved. An issue in the business that only benefits one individual in the group is deemed unethical. Key ethical issues revolve around integrity and the art of reciprocity. I have learnt how to view business actions and plans in two different views as characterised by business ethics. Business ethics requires that whatever action a company takes, it should have a positive influence in the community, the government, its employees, its customers and also to the environment.  I have learnt that as much as education marketing is beneficial to both the consumers and the business, it might be unethical basing on its long-term effects on the business. For instance, education marketing benefits young consumers by giving them knowledge. On the other hand, the company providing the education will also gain in the long run. I have learnt that the determination of whether an act is ethical or unethical depends on the long-term consequences.Studenst and teachers both benefit from education marketing as well as the company involved. However, it is the long-term effects that tell which one benefited the most and which one suffered the most. I have learnt that according to the Utilitarian theory of ethics, it is only the students and the teachers that get the most benefits from organizational education marketing. On the contrary, the organisations using the initiatives do not help much. Evidence Used to Support Learning Statements: Outcome 6 6. Communicate effectively to relevant audiences orally and in written materials. Characteristics: a) Identify the elements of oral and written communication. b) Identify the main causes of failures in communication. Learning Statements: I have learnt that the root of failures in a business communication arises mostly as a result of the lack of understanding between or among the communicating parties. In almost all situations where there has been a failure in the communication, one party usually presumes that he knows all there is to know (allness). I have learnt that the problem of allness arises due to characteristic lack of knowledge of the subject matter which culminates in the development of negative attitudes and suspicion from the other parties to a communication. I have learnt that effective and successful communication requires that the elements (sender, message, the receiver, the decoding process and the receiver’s response) all work sufficiently. Each element has a significant role without which the whole process will suffer disruption, and the message will also undergo distortion. I have learnt that the sender is the most important element in the whole communication process. The sender determines who or what the other elements will be and how they will work. The factor enables him or her to be able to dictate the terms of the whole process such as the content of the message, the communication medium and the audience. I have learnt that good communication is a critical factor in the business organisation. It is the medium of running or managing the whole business by communication to the workers and is also the mechanism through which the business serve its customers. It is, therefore, imperative that everyone develops good communication skills in the organisation. Evidence Used to Support Learning Statements: Outcome 7 7. Collaborate in teams to produce required deliverables. Characteristics: a) Demonstrate the awareness of the factors at play in production and operative strategies. b) Demonstrate knowledge of how the factors come into play for the efficiency of the operative strategies. Learning Statements: I have learnt that active production in a business depends on an efficient interplay of various factors in the operation process. These factors include resource allocation, production models, staff input, managerial roles and strategic planning. I have learnt that large manufacturing companies like General Mills owe their efficient operation strategies to strategic planning, the division of labour, appropriate scheduling and punctuality and quality management. I have learnt that quality management is the key feature in efficient production and implementation of the operative strategies. A good management ensures the successful integration of the different processes to ensure smooth flow of activities. I have learnt that a complete integration of human resources is critical to the success of the operative strategies. Hiring of new employees who are more trained ensures that more work gets done in less time and a more efficient manner. I have learnt that successful operative strategies also depend on adequate inventory models. The firms use the inventory models in the process of management as it is then able to forecast and make decisions relating to the supply of raw materials and their storage. I have learnt that there is a need to incorporate new technologies and modern trends in production to increase the efficiency of the operation strategies. There is also need for the company to advocate for the values of hard work, integrity and teamwork to ensure that the whole production process is successful. Evidence Used to Support Learning Statements: Outcome 8 8. Apply project management skills to business situations. Characteristics: a) Identify the main requirements and steps in the practical implementation of business project plans. b) Demonstrate awareness of what could go wrong in a business project plan and its implications. Learning Statements: I have learnt that the critical initial step in the successful development of business project plans is the proper organisation of the structure of a business entity. A well-structured entity is where all the factions of the company work in harmony in the projection of situations and consequent making of decisions. I have learnt that for successful implementation of a project plan, the company needs to do away with parts of it that do not provide a significant contribution to its success. This means doing away with the production of goods that do not incur much profit or whose sales are small. I have learnt that an organisation achieves the highest performance by focussing on its core brands and competencies. Such a move enable the company to save money and time and ensure that the core brand performs well in the market or business environment. I have learnt that a proper organizational structure should be arranged in well laid out management levels for efficient flow of work. Such a structure guarantees that everyone knows his or her supervisory role in the implementation of the project plan. Consequently, there are fewer chances of the individuals clashing which could derail the flow of work. I have learnt that a functional hierarchical organisational structure would determine the flow of communication that is critical for a proper performance of any business project. Such a hierarchical structure ensures that communication does not surpass one individual, and, therefore, every person ends up performing his obligations on time. Evidence Used to Support Learning Statements: Outcome 9 9. Assess the ethical implications of actions for diverse stakeholders Characteristics: a) Identify the various key stakeholders in a business or company. b) Identify the type of ethical issues bound to arise in the relationship between the business and the stakeholders. Learning Statements: I have learnt that ethical issues among stakeholders arise primarily as a result of the weak relationship between the company and its stakeholders. For instance, in the past, large companies like Microsoft suffer from had ethical issues with suppliers of hardware and components. Such unethical practices include late payment of supplied products as well as underpayment for the same. I have learnt that business ethics also extend to the competitors of the company. Each business needs to compete fairly in the market. Fair and ethical competition means there should be no negative portrayal of another business organisation. I have learnt that the environment is also a stakeholder in the business and, therefore, deserves ethical treatment. The environment might suffer severe damage when the industries discharge harmful materials. Such hazardous materials include lead, asbestos and radiation that might lead to diseases and destruction of the ozone layer. I have learnt that ethics requires that the business reduces the content of its production that is likely to pollute the environment. Ethical standards dictate that the company uses renewable energy in the production process to minimise the degradation of the environment in the process of searching for more energy. I have learnt that the strict adherence to the business to ethical codes tends to affect all of the parties in an equal manner in most cases. However, in other cases, it might lead to losses for the business organisation. For instance, ethics might dictate that a company uses a source of energy that though environment-friendly, it might be more costly for the business. Evidence Used to Support Learning Statements: Read More