Managing Communications, Knowledge and Information - Assignment Example

Managing Communications, Knowledge and Information Table of Contents Table of Contents 2 Task 3 1.Major decisions to be taken in order to set up Classic Badges Company 3 1.2.Information and knowledge needed to ensure effective decisions making 3 1.3.Internal and external sources of information required: their suitability and reliability 4 1.4.Recommended improvements in the use of different sources of information and knowledge 4 Task 2 5 2.1.Contributions expected from the stakeholders 5 2.2.Communication strategies aimed to establish effective communication with stakeholders 5 2.3.Stakeholder communication plan 6 2.4.Strategies to improve personal networking skills 6 Task 3 7 3.1.Existing processes of communication in this organisation 7 3.2.Methods to address drawbacks in the current communication processes 7 3.3.Integrating the organizational communication process 7 3.4.Create a personal plan to improve own communication skills 8 Task 4 8 4.1.Approaches for collection, formatting, storage and dissemination of information and knowledge 8 4.2.Changes to be made in information and knowledge collection and formatting process 8 4.3.Recommend to enhance information access 9 Reference List 10 Task 1 1.1. Major decisions to be taken in order to set up Classic Badges Company In order to set up this company and ensure a consistent future growth, it is extremely important that the managers make a range of decisions. First of all the managers need to have a thorough idea of the product that will be sold through the company and the purpose that it is intended to serve. This makes it important for the manager to decide upon the customer segment that is to be targeted. Following the decision regarding the customer segment, the mangers will have decide upon the best strategy that is directed towards ensuring effective communication and marketing of the product in front of the target market (Atkinson, 2009). Marketing and communication is extremely important for a new company like Classis Badges as it will enable the company to enhance its brand image in front of the target customer base. Thereafter decision is to be made regarding funding the operations. In this case the mangers have to make a decision about the source of funds for the operations. It is extremely important for the mangers to formulate an effective financing plan by deciding on whether to fund operations through already stacked up savings or by availing bank loans. Both these options have its fair share of risks but both of them can reap heavy rewards for the company. Decisions regarding financing plan is extremely important as an inappropriate financing plan can stall the operations thereby landing the company into trouble. In addition to the financing plan, the next range of decisions includes the business location and the staffing decision (Badri and Davis, 2010). The choice of business location is extremely important as it proves to be a fundamental determinant of the viability of the company. Setting up the business in a highly commercial area would allow the managers to target its customer base appropriately. Last but not the least the staffing decision. The managers of Classic badges need to have a detailed vision regarding the kind of people who needs to be appointed within the organization. The managers will have to compile a good mix of talent, skill and experience in order to make sure that organizational growth is sustained at all cost. 1.2. Information and knowledge needed to ensure effective decisions making The managers of Classic Badges need to consider a number of factors in order to ensure effective decision making. First of all, it is extremely important for the organizational managers to have a good idea about the organization objectives, goal and vision. Only then will they be able to translate the same into action. The managers need to have detailed information about its target market. They need to pool up vital details that are associated with the tastes and preferences of their target customers. In that way they will able to make an appropriate assessment of the demand and supply of products that exist in the market. Not only is this a measure of the feasibility of the business but also is a good indicator of the future growth potential. Alongside that, they will also have to have a thorough understanding of their competitors, the substitute products sold by their competitors as well as the current market share that is being enjoyed by the rival company. In order to ensure effective decision making, the managers also need to have a detailed understanding of the bargaining power of the suppliers as well as the buyers. This idea is in complete alignment with the theory stated within Michael Porter’s five forces. This will enable the managers to negotiate well with the suppliers and set a proper price to the product and ensure that the revenue of the company skyrockets (Clarke, 2008). 1.3. Internal and external sources of information required: their suitability and reliability As far as internal sources of information for Classic Badges is concerned, the company accounts is one of the most reliable sources of business intelligence. This will enable the managers to make an assessment of the funds that are available at the company’s disposal. The organizational database is another suitable internal source of business intelligence which will allow the managers to keep track of the progress made by each and every functional department working within the organization. The employee database is also a crucial internal source of information which will make it easier for the managers to evaluate the strength of the organizational workforce. The employee database will also give an idea of the skill sets associated with the workforce to the managers. Such a reliable form of internal source of infraction will facilitate an effective performance appraisal process (Crawford, Pollack and England, 2008). Talking about the external source of business intelligence, market research reports can be a reliable source which will allow the managers to assess the market in which the organization is operating presently. These reports will also enable the managers to adjudge the presence of competing companies, substitute products as well as the current state of the economy. Alongside market research reports Classic Badges can also resort to other external information sources such as questionnaire survey and interview. These are primary market research instruments which will enable the managers of Classic Badges to identify the tastes and preferences of their customers. Questionnaire survey and interviews are very effective and reliable sources of information as it is obtained directly from the public in general. This information can be utilized so as to devise marketing strategies. Governmental database is also another reliable external source of information which will keep the managers of Classic Badges appraised about several economic and political factors such as labour wages, loan interest rates, inflation, foreign exchange rates, newly enacted rules and regulations (Haas, 2007). 1.4. Recommended improvements in the use of different sources of information and knowledge Classic Badges can also appoint their own market research team who will be accountable for conducting primary market research on behalf of the organization. This will not only prevent the company from incurring cost of availing services of an external market research team but will also enable them to obtain more reliable and authentic information in a lesser time frame. Besides that Classical Badges could also centralize their internal information database instead of maintaining several databases for different functional departments and employee statistics. A centralized database will make information collection very convenient for the managers which in turn will contribute to the operational efficiency of the company (Jiang, Klein and Balloun, 2010). Task 2 2.1. Contributions expected from the stakeholders As far as establishment of the Badge production company is concerned, the main stakeholders in this regard are the organizational board members, the project team members, the marketing team, the suppliers and the customers. In order to ensure that effective decisions are made it is extremely important for the managers to encourage the stakeholders to provide valuable inputs which would be considered while business development decisions are taken. Therefore, at the initial level, it is expected that the project team members will make an appropriate assessment of the prospects as well as risks associated with the project. It is also expected from the project team members that they will provide valuable inputs regarding the technological incorporations required for the establishment of the company. The team members will be expected to follow the project timeline very closely which will enable them to finish the project within the stipulated deadline. The marketing team is expected to formulate effective marketing and communication strategies which will enable them to not only promote the products effectively but will also allow them to maintain a strong engagement with the target customers (Jiang, Klein and Means, 2007). The suppliers are expected to deliver the raw materials at the right time, at the right place and at the proper quantity. This will enable the managers of Classis badges to ensure that the inventory is not wasted. Lastly the customers are expected to provide rationale and unbiased feedback regarding the products and services that will be sold by the company. It is expected that the target customers of Classic Badges will participate in surveys and interviews voluntarily which in turn will enable the managers to design the services and products according to their preferences and needs. All the above mentioned aspects associated with the expectations from stakeholders are extremely critical while business development decisions are made. 2.2. Communication strategies aimed to establish effective communication with stakeholders The managers of Classic Badges will follow a rationale decision making model that will facilitate an effectual flow of information among the organizational members. The project managers will be conducting weekly meetings with the internal project stakeholders in order to be appraised about the weekly progress that has been made. The project manager will also arrange for a meeting with the account managers every two weeks in so as to be able to gauge the requirement of funds for the successful conclusion of the project (Crawford, Pollack and England, 2008). Daily progress has to be logged in by the individual team members which will enable the project managers to learn about the discrete progress that is being made in the project. A meeting with the management will be conducted once in a month while the project is ongoing where the project managers will be reporting the overall progress made in this project in the entire month (Kloppenberg and Opfer, 2007). The suppliers will be contacted through emails and orders will be placed every two weeks. All other communications mentioned above will be done in person. This will enable the project managers to convey crucial information related to the project effectively. 2.3. Stakeholder communication plan Stakeholders Document name Document format Frequency and time of meeting Contact medium Management Monthly progress report Hard copy report + ppt. presentation Once in a month Face to face Account manager Weekly accounts report Hard copy report Once in a week Face to face Marketing manager Weekly progress report Hard copy report + ppt. presentation Once in a week Face to face Suppliers Order details Electronic copy Order to be placed every two weeks Email Target customers Flyers, promotion pamphlets Hard copy + electronic copy To be delivered once in a week In person and email 2.4. Strategies to improve personal networking skills It is extremely important for me as the project team member to communicate effectively with other members of the team. I will have to ensure that vital information regarding the project is channelized among every team members. I will also have to take the responsibility of communicating the daily progress of the project to my immediate superiors. It is imperative for me as a project team member to convey each and every issue that crops up over the life cycle of the project. I have to engage in frequent discussions with my superiors which in turn will not only help me to contribute to the organizational decision making process but will also allow me to enhance my networking skills (Kwak and Ibbs, 2009). Alongside that in order to improve my personal networking skills I will have to make it a point to attend office events where my primary objective will be to engage in communication with people unfamiliar to me. This will be a robust stage for me to improve my personal networking skills. Decent presence over social media platforms can also be another way of improving my personal networking skills (Lee and Kim, 2009). I may also attend workshops in the future where people are provided with proper training in order to improve their personal networking skills. Most of all, I will always have to be confident while communicating with others and resonate the same through my gestures and communication skills. Task 3 Company background The organization that I currently work for is primarily engaged in the preparation of market research reports which are subsequently used by organizations, institutional investors and individual investors for the purpose of analyzing a particular market. It is sole proprietorship based company which caters to provide high quality customized market research report prepared by highly skilled and enthusiastic group of market research analysts. 3.1. Existing processes of communication in this organisation As far as the existing process of communication is concerned, all information related to new projects is exchanged between the team members and the project manager through a private intranet portal established within the office. Project related issues are discussed among team members in group meetings in the presence of the project manager (Jiang, Klein and Balloun, 2010). Any further information is communicated over emails and telephone. The project manager organizes group meetings once a week and all project related information are piled up over the next three weeks. This information is thereafter channelized to the management at the end of the month through and elaborate email and the project status reported is presented in the form of PowerPoint presentation. 3.2. Methods to address drawbacks in the current communication processes Given the fact that the organization is relatively smaller in size, till date no such loopholes have been identified within the organizational communicational process. However, there are certain areas within the organizational communication process which can improved further in order to increase the efficiency of this process (Haas, 2007). Firstly, the company could create a centralized database which can be used by employees to report their daily progress. The database will also have a separate portal whereby employees will be able to request for their leaves as well as keep track of the available number of leaves (Kloppenberg and Opfer, 2007). This database will also have a secure portal which can only be accessed by the management and will help them to keep track of the company accounts. The intranet portal for communication that exists in the organization can be embedded with voice call and video call option which can be used by the management and project manager to communicate with the project team members who are logged in the portal (Jiang, Klein and Means, 2007). 3.3. Integrating the organizational communication process In order to integrate the organization communication process it is extremely important for the managers to integrate the communication on all tactical and strategic dimensions. The managers will have to set up a robust communication framework which joins all functional departments within the organization. This includes the marketing team, the human resource and the public relations team (Kwak and Ibbs, 2009). The communication framework has to be established in such a way that it facilitates a lucid flow of information. This will enable the managers to ensure that the objectives of each and every individual within the functional departments are completely aligned with the overall organizational objective (Lee and Kim, 2009). 3.4. Create a personal plan to improve own communication skills Plan Objective Duration Attend communication skills development workshop To be confident while communicating with others 6 months Reading newspapers and books to construct sentences properly To be fluid in spoken English 3-4 months Attend office events and engage in communication with unfamiliar people To enhance networking skills 6 months Task 4 4.1. Approaches for collection, formatting, storage and dissemination of information and knowledge As far as collection and storage of information is concerned, the company has its own archive of hard copy which stores every crucial facts and figures associated with the company and its operations. In addition to that a log book is maintained which keeps record of all information and knowledge that is transmitted within a group meeting. Other intricate details related to projects are collected and stored within emails. Information and knowledge is disseminated mainly through emails which helps the company to transfer knowledge through an inexpensive medium. In addition to that a monthly report is published by the management which highlights the improvements that are to be made within the operational levels. This report is then circulated to all the individual group members through emails. 4.2. Changes to be made in information and knowledge collection and formatting process As far as the current process of information collection, storage and dissemination is concerned, two major changes can be recommended. Firstly, the organization should enhance its presence over the social media by creating a page of its own. This will enable the managers to collect, store and disseminate crucial information regarding business development to and from the stakeholders. Another improvement that can be made here is to publish quarterly magazines which will help the company to transfer knowledge and information effectively among the stakeholders. This will help the managers to convey the business development strategies to the stakeholders which in turn will not help them to enhance the engagement level of the employees but also increase the brand loyalty of the customers. 4.3. Recommend to enhance information access Firstly it is extremely important for the managers to make the organizational members aware about the importance of accessing and presenting information. The managers will have to maintain a robust database which will not only help employees to access information but will also enable them to provide their valuable inputs which can prove to be beneficial for the development of the organization (Jelinek, 2010). The database has to be user friendly which will make it easier for the employees to comprehend the overall process of information access. Proper training and development has to be provided to the employees in order to help them understand the intricacies associated with the database which in turn will enable the employees to facilitate a lucid flow of information within the organization (Juli, 2010). Reference List Atkinson, R., 2009. Project management: cost, time and quality, two best guesses and a phenomenon, it’s time to accept other success criteria, International Journal of Project Management, 17(60), pp. 337–342. Badri, M. A. and Davis, A., 2010. Comprehensive 0–1 goal programming model for project selection, International Journal of Project Management, 25, pp. 243–252. Clarke, A., 2008. A practical use of key success factors to improve the effectiveness of project management. International Journal of Project Management, 17(3), pp. 139-145. Crawford, L., Pollack, J. and England, D., 2008. Uncovering the trends in project management: journal emphasis over the last 10 years, International Journal of Project Management, 24, pp. 175–84 Haas, M. R., 2007. Knowledge gathering, team capabilities, and project performance in challenging work environments. Management Science, 52(8), pp. 1170–84. Jelinek, S., 2010. The Impact of Management Practices and Organizational Structure on Firm Performance. 2nd ed. Germany: Grin Verlag Jiang, J. J. Klein, G. and Balloun, J., 2010. Ranking of system implementation success factors. Project Management Journal, 26(4), pp. 49-53. Jiang, J.J., Klein, G., and Means, T.L., 2007. Project risk impact on software development team performance. Project Management Journal, 31(4), pp. 19–26. Juli, T., 2010. Leadership Principles for Project Success. 5th ed. Heidelberg, New York: Springer Verlag Kloppenberg, T. and Opfer, W. A., 2007. The current state of project management research: trends, interpretations and predictions. Project Management Journal, 33(2), pp. 5–19 Kwak, Y.H. and Ibbs, C.W., 2009. Calculating project management’s return on investment. Project Management Journal, 31(2), pp. 38–47. Lee, J. W. and Kim, S. H., 2009. An integrated approach for interdependent information system project selection, International Journal of Project Management, 32, pp. 111–118. Read More