Constraints Based Management and Project Management - Essay Example

Final Project Summary of the internship process An internship process can be described as a system of on-job training for professional careers (Baird 4). In professional careers, internships are quite similar to apprenticeship processes. In most cases, internships operate as an exchange of services for experience purposes between the employer and the student. In certain corporations and work settings, interns can be fully, partly or not paid at all. Some of the professional fields whereby paid internship is practiced include science, engineering, law, medicine and advertising fields. In addition, the internships can also be part-time or full-time. During the internship process that I undertook in a certain construction company, I gained extensive knowledge in the construction sector. As I was specializing in the quality assurance and control department of the company, I received substantial information in connection to project management. In this internship process, I received full payment for the services that I offered. In fact, in the whole internship process I learnt how to apply the expertise I had obtained in school. There are two main types of internships which include work experience internship and research internship. The work experience internship is practiced by students in their school period while the research internship is accomplished by students in their final school year (Baird 19). The work experience internship requires the apprentice to implement what they have learned in school. On the other hand, the research internship requires learners to research on a company in order to come up with several recommendations that can enhance the growth of the company. In this case, the internship process enabled me to gain all the information required to deal with the procedures incorporated in maintaining quality. In addition, the help from my fellow interns also enabled me to obtain the skills required while working in the department. Ranking of the sessions in the course 1. Introduction to Project Management 2. Case Studies in Project Management 3. Business Development 4. Introduction to Finance 5. International Issues in Business 6. Quality Assurance and Control 7. Managing High Performance People 8. Constraints Based Management 9. Intellectual Property and Innovation Introduction to Project Management The discipline of project management is closely related to the process of internship. A project is simply defined as a temporary endeavor which is time-constrained. Therefore, project management can be defined as a discipline that involves organizing, planning, managing and even securing various resources in order accomplish certain goals. However, in project management, the main challenge involved is achieving all the intentions and objectives of the project. Therefore, a project is usually undertaken in order to meet certain goals and objectives hence, bringing about added value and beneficial change (Newbold 23). The modern-day project management era began in the 1950s. In this era, project management was recognized as a different subject from the study of management. There are various approaches that are also applied in project management in order to develop an effective outcome. Based on a traditional view, project management comprises of several elements including several process groups and a key control system (Newbold 21). Some of these process groups include initiation, development, execution, controlling and closing. As stated above, the introduction to project management is closely correlated to the internship process. This is because both projects involve planning and managing in order to accomplish a certain task or goal. In addition, these processes are also aimed at bringing beneficial change. For example, in project management the main benefit involves accomplishing the set goals and standards (Newbold 12). On the other hand, an internship also develops professional careers in various industrial sectors. An internship process also incorporates an interest in various career opportunities for several individuals (Baird 10). Therefore, the activities entailed in the internship process are closely attributed to those in project management. Research also affirms that, in most internship processes elements such as controlling, execution and development are also incorporated during the process (Baird 15). These procedures are incorporated in order to improve the capability of the interns to deal with the job market. This proves that the introduction to project management is closely related to the process of internship. Introduction to Finance In this section, finance can be defined as a discipline that explains how investors allocate their assets under conditions of assurance and doubt. Research affirms that finance aims at pricing assets based on their risk level and expecting a certain return rate. There are three main sub categories in finance including corporate finance, personal finance and public finance (Advani 34). Personal finance involves decisions whereby an individual pays for his needs and requirements. Corporate finance involves the provision of funds to sustain the activities of a corporation (Advani 12). On the other hand, public finance defines finance in relation to public entities, agencies and even sovereign states. In the discipline of finance, capital is the most salient aspect required from a financial perspective. This ascertains that there is a close relationship between internships and finance. The brief introduction into the world of finance, it is evident that finance is based on a risky level with the expectation of returns. In internships, the interns use their capital to pay companies in order to locate permanent and paid employment opportunities. During the internship period, the learners are usually subjected to some of the most common job practices in relation to their career interest (Baird 12). In this period, they are taught how to handle several aspects related to work and working conditions. This can be identified as one of the most risky levels in the internship process. In fact, most individuals do not make it through the whole internship period. For example, when individuals are trained to become police officers, they undergo several difficult studies that mold them all round as effective police officers. This training period is rather difficult and earth-shattering hence; most individuals quit even before the internship process is over. From another perspective, the interns are also taught how to manage their capital. This is usually performed in both research internships and work experience. This information is rather vital to the interns because it enables them to have a chance to invest their money in various projects (Baird 13). Later on, most individuals who undergo the internship process are considerably successful. Managing High Performance People Performance management is simply defined as the creation of a friendly environment and relationship which focuses on maintaining the high performance of employees (Daft 78). In most cases, performance management is practiced in companies and institutions whereby the employees are ineffective. According to several scholarly sources, managing the high performance of employees in a work setting can be achieved through several methodologies. These methodologies are usually documented by the Human Resource department of most companies. Managing high performance in an organization also establishes uniformity in the business setting. This topic is closely related to the internship process. In most cases, the interns are required to perform certain tasks in a given period. This mostly applies to the paid interns who work in organizations involving numerous activities and duties such as hospitals, law firms and construction sites among others (Daft 66). The performance of the interns during the internship process ensures that there is a uniform flow in the daily activities that take place in the organization. Moreover, the management of high performance employees in a business setting equips the interns with managerial skills. This is because employees who are involved in the overall management of the high performance of a company are equipped with managerial skills to advance the success of a business. In addition, the methods employed in performance management are also employed in the internship process, to improve the level of skills and experience of the interns (Baird 100). This significantly motivates the interns in an organization to work at their best according to the instructions presented by the managerial team. When interns undergo the internship process, most of them get employment opportunities soon after the process (Baird 100). In their work stations, they learn how to incorporate their ideas together with their fellow workmates in order to establish a better idea in the work setting. This motivates the employees hence, maintaining high performance among the employees. International Issues in Business There are several international issues in the business world that are quite critical. Research asserts that the international business platform is significantly prominent due to the emergence of globalization (Turner and Johnson 15). This is because globalization has substantially attributed to the formation of several brands and products all over the world. In fact, there is no country that has the ability of provide resources to rely on its economic potential and also satisfy the needs of the citizens in that country. Based on the perspective of the external environment theory, international trade is beneficial since, it unites individuals from both the lower and higher living standards. When countries are involved in international trade, the citizens of that country usually have a raised living standard (Turner and Johnson 45). The international issues in the business sector are also correlated to the internship process. In fact, the international issues in the business sector can affect the internship process through several ways. For example, when a country decides to rely on its personal, economic potential in order to satisfy the need of the citizens, the business is affected due to lack of resources. This can lead to the shutdown of the business which results to a major loss in the financial system of the country. The international issues that are based on the emergence of globalization should be scrutinized effectively to avoid any negative impact in the economy. Likewise, the internship process is supposed to monitor the external business environment to ensure that the interns are fully satisfied with the surrounding (Baird 27). This enhances the development of the business venture on a state level based on the hospitality provided to the interns in the company. The external and internal business environment of any company significantly affects the progress of the company in the international scene. In most cases, laxity in the internal business environment is mostly caused by the interns. This can amount to a major impact of the company on the global market. Therefore, interns are cautioned to more careful when working in the company to avoid any significant loses (Baird 32). Intellectual Property and Innovation Innovation is simply defined as the development of an idea, which is later put into practice in order to achieve certain goals (Kalanje 1). Based on a business point of view, an innovation is a business idea that is developed to increase the competitive strategy of the business venture and also lead to increase of the value of goods and services. On the other hand, intellectual property, which is commonly abbreviated as IP, is defined as a unique creation of the human intellect, which results from human creativity and ingenuity. Therefore, the intellectual property right is a legal right according to the jurisdictions in most countries. The main objective in most businesses revolves around the management of innovations. In most economic studies, patents are the most preferred intellectual property rights in connection to the technological innovations (Kalanje 1). Therefore, the intellectual property plays a significant role in innovation that contributes to the overall market success. For instance, the intellectual property and innovation enhances the competitive nature of business ventures that are technologically improved. This can be related to the internship process which also involves several strategies. In the internship process, there are several factors that are supposed to be considered to contribute to the success of the learning procedure. In most businesses, especially the paid internships, the interns are required to present their exemplary nature of the business market to increase the competitive strategy of the business. This is associated with the aspect of innovation whereby the business is gradually in the global market due to the effectiveness of the work presented by the employees (Baird 67). Research asserts that companies that are technologically improved are exceptionally successful because the interns are hard working. The interns should also try to develop an idea that can lead to further success in an organization. This leads to a conclusion that the business environment is rather significant in enhancing the success of the business venture. Business development Business development is one of the most crucial subset in the business field (Webber and Wallace 12). Business development is composed of various processes and tasks that aim at developing and implementing several growth opportunities. In the business world, most of the activities that enhance the success of an organization are usually undertaken under the umbrella of business development. Business development is also associated with several other projects and their practices, which enhances the growth in the business industry. The business developers usually perform several tasks and processes to increase the effectiveness of the employees. Business development also has an impact on the global economy based on the strategy employed (Webber and Wallace 19). Business development is also related to the internship process because it also affects the interns in a business venture. The interns are supposed to exhibit professionalism in the business venture in order to sustain development and enhance the global economy. Interns are usually required to perform their duties as expected, therefore; when they are employed they can substantially improve the strategic plan of the organization. Nowadays, companies leverage their level of expertise based on the employees and the technological advancement in the corporation. Interns are supposed to portray exemplary professionalism when studying the operation of the business venture. This improvement in the development of the business also leads to progression of various opportunities in relation to the sales process. In some developed cases, the interns can also create and venture into new business ideas which also improve the national and global economy (Baird 88). This is achieved through identification, research and analyzing the business market to develop an idea which focuses on business development. The vast interrelation between the internship process and business development has led to the invention of various job opportunities and creation of business ventures. Quality Assurance and Control In several instances, the terms quality assurance and quality control are confused by numerous individuals. These terms can be used interchangeably especially when referring to the quality of a good or a service. Quality assurance is the act of being certain. In quality assurance, there are several activities that are implemented to improve the quality requirements of a product or a service (Webber and Wallace 23). On the other hand, control is the basic evaluation that indicates the required corrective responses. Thus, quality control is the use of observation techniques to ascertain that something meets the quality requirements. On the contrary, some individuals claim that Quality Assurance is not quality control. This is because quality control involves a review of certain phenomena while quality assurance attempts to stabilize the production of goods to minimize defects (Webber and Wallace 67). In relation to the internship process, quality assurance and quality control are vital in the business setting. The managerial team should effectively control the eminence of the business output through the help of the interns who operate in the organization. This is enabled through educating the interns on the critical aspects of the business. The interns are also taught on the importance of being certain about the developments made in the business setting. They are also equipped with information which is used in employing their observation techniques to ascertain the quality of business provided by the company. Therefore, the interns are also responsible for quality assurance and control in the business setting (Baird 58). They enable the business to meet the requirements that are set by the state. Therefore, when the interns detect any malicious events in the organization, they are advised to report the issue to the managerial team in order to improve the business. Quality assurance and control is also associated with the management of high performance interns in an organization. In this case, my internship procedure in the construction company in the quality assurance department is quite applicable. When interns do they job as required they substantially boost the eminence of the goods and services provided in the organization (Baird 19). Constraints Based Management In the recent past, efficient management of a business is one of the salient aspects in an organization (Daft 12). Since the early 19th century, most organizations have been continually searching for better ways of dealing with the management in the business environment. Businesses are supposed to deal with the constrained resources daily. The most prevalent predicaments in a business setting include capital, market and time. However, product strategy does not consider most of the constraints in the business. It is rather crucial to comprehend the constraints involved in the business especially through the constraints based management. This alienates most of the obstructions that can be involved in the business setting. Therefore, effective constraints based management is critical in businesses, especially those that operate in high-tech technologies (Newbold 67). This principle is also relevant to the internship process. The managerial team in any business setting should employ the facet of internship to develop the efficiency of the business in the business world. The constraints based management system ensures that the interns are subjected to several skills to maintain the exemplary performance in the company. This enables the interns to understand the constraints involving the business hence, avoiding some of the necessary errors that are made in the business setting. Research asserts that rules and regulations are also part of the constraints based management system because they limit some of the operations performed in the company (Newbold 62). When interns are allowed to perform various tasks according to their free will, the business can collapse due to ineffective nature and lack of management. Various scholars also assert that employees should employ a constraint based managerial system especially during the internship process to tap maximum potential from the interns (Baird 48). When the interns learn about the constraints in the business environment, they are able to work according to the required standards (Baird 18). This approach is also helpful especially during the internship process. Works Cited Advani, Reuben. The Wall Street MBA. New York: McGraw Hill Press, 2012. Print. Baird, Brian. The Internship, Practicum, and Field Placement Handbook. New York: Pearson Press, 2010. Print. Daft, Richard. Management. Mason: South-Western College Publishers, 2011. Print. Kalanje, Christopher. Role of Intellectual Property in Innovation and New Product Development. New York: World Intellectual Property Organization Press, 2012. Web. Newbold, Robert. Project Management in the Fast Lane: Applying the Theory of Constraints (The CRC Press Series on Constraints Management). New York: CRC Press, 1998. Print. Turner, Colin and Johnson, Debra. International Business: Themes and Issues in the Modern Global Economy. Hull: T & F Books. Webber, Larry and Wallace, Michael. Quality control for dummies. Ohio: Dummies Press, 2012. Print. Read More