Business Activities To Achieve Result Essay

Question1 Discuss how is each function of the organization is related to each other Answer: Discuss how is each function of the organization is related to each other.  Your business’s functions are the things it does — production, sales, marketing, research and billing, for example. The organizational structure defines the relationship and interactions between the parts of your business, and identifies how the chain of command runs through the different levels. You can set up your business structure around your organizational functions, but even if you don’t, function and structure will influence each other. Planning Vision Directional and motivational guidance for the entire organization Mission An Organization’s reason for being. It reflects the culture and values of ownership.  The planning function of management controls all the planning that allows the organization to run smoothly. Planning involves defining a goal and determining the most effective course of action needed to reach that goal. Typically, planning involves flexibility, as the planner must coordinate with all levels of management and leadership in the organization. Planning also involves knowledge of the company’s resources and the future objectives of the business. Look more:  define problem essay Organizing The organizing function of leadership controls the overall structure of the company. The organizational structure is the foundation of a company; without this structure, the day-to-day operation of the business becomes difficult and unsuccessful. Organizing involves designating tasks and responsibilities to employees with the specific skill sets needed to complete the tasks. Organizing also involves developing the organizational structure and chain of command within the company. Related Reading: How Do Control Mechanisms Affect the Four Functions of Management? Staffing The staffing function of management controls all recruitment and personnel needs of the organization. The main purpose of staffing is to hire the right people for the right jobs to achieve the objectives of the organization. Staffing involves more than just recruitment; staffing also encompasses training and development, performance appraisals, promotions and transfers. Without the staffing function, the business would fail because the business would not be properly staffed to meet its goals. Coordinating The coordinating function of leadership controls all the organizing, planning and staffing activities of the company and ensures all activities function together for the good of the organization. Coordinating typically takes place in meetings and other planning sessions with the department heads of the company to ensure all departments are on the same page in terms of objectives and goals. Coordinating involves communication, supervision and direction by management. Controlling The controlling function of management is useful for ensuring all other  functions of the organization are in place and are operating successfully. Controlling involves establishing performance standards and monitoring the output of employees to ensure each employee’s performance meets those standards. The controlling process often leads to the identification of situations and problems that need to be addressed by creating new performance standards. The level of performance affects the success of all aspects of the organization. http://smallbusiness.chron.com/relationship-between-organizational-functions-organizational-structure-18571.html Question 2 Explain the aims and objectives for any company. Also, draw a process map for any of the function Answer: A business aim business’s aims are targets in from of statement of purpose that defines where an entity wants to be within a certain time span. Any business aim must be measurable, achievable, and realistic, because an entity’ aims are important in defining the nature of policies that will be formulated to run a business unit. It is important for individual to note that, not all business aims are measurable quantitatively, because some business aims are aimed at improved service delivery and maintaining the rapport of an organization Aims are set with this in mind: S- Specific M- Measurable A- Attainable R- Realistic T- Time A business objective  is the plan you will use to reach the goals you need for your organization If you are making a business or organization for your company’s coming you will not garner much success without clearly defined business objectives. A business objective will create a union between the mission and the strategies of your organization (i.e. marketing, productivity, projected profits, results). If you and your employees do not know where the organization is headed—then everyone will just travel in different failing directions The company that I choose is Apple. Apple Inc. is an American multinational corporation headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software and personal computers. Its best-known hardware products are the Mac line of computers, the iPod media player, the iPhone smartphone, and the iPad tablet computer. Its consumer software includes the OS X and iOS operating systems, the iTunes media browser, the Safari web browser, and the life and iWork creativity and productivity suites. Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne on April 1, 1976 to develop and sell personal computers. It was incorporated as Apple Computer, Inc. on January 3, 1977, and was renamed as Apple Inc. on January 9, 2007 to reflect its shifted focus towards consumer electronics. Apple is the world’s second-largest information technology company by revenue after Samsung Electronics, and the world’s third-largest mobile phone maker after Samsung and Nokia.[4] Fortune magazine named Apple the most admired company in the United States in 2008, and in the world from 2008 to 2012. On September 30, 2013, Apple surpassed Coca-Cola to become the world’s most valuable brand in the Omnicom Group’s â€Å"Best Global Brands† report. However, the company has received criticism for its contractors’ labor practices, and for Apple’s own environmental and business practices. As of May 2013, Apple maintains 408 retail stores in fourteen countries as well as the online Apple Store and iTunes Store the latter of which is the world’s largest music retailer Apple is the largest publicly traded corporation in the world by market capitalization, with an estimated market capitalization of $446 billion by January, 2014. As of September 29, 2012, the company had 72,800 permanent full-time employees and 3,300 temporary full-time employees worldwide. Its worldwide annual revenue in 2013 totaled  $170 billion. As of Q1 2014, Apple’s five-year growth average is 39% for top line growth and 45% for bottom line growth. In May 2013, Apple entered the top ten of the Fortune 500 list of companies for the first time, rising 11 places above its 2012 ranking to take the sixth position. Apple is the most successful startup company of all time, by market capitalization, revenue, and growth Apple has been the biggest public company in the world since overtaking Exxon Mobil to reach the number one spot last year, but Monday’s move means that it has now entered the record books as the biggest company ever. At Monday’s close of trade, Apple shares need to settle at $657.50 for the record to be set on a closing basis as well, according to S&P Dow Jones indices. The shares were trading 2 percent higher to $661.15 at around 1.19 p.m. Apple shares have rallied as investors anticipate the release of the iPhone 5 and possibly an iPad Mini in September as well as more details about the company’s plans for an Apple TV, according to analysts at Bernstein Research. â€Å"Everyone loves a winner, if you play the quick trade be careful,† said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices in emailed comments. â€Å"If you are an investor check the fundaments and business plans, and avoid the hype in your decision.† Apple scaled new heights as fellow technology heavyweight Facebook Inc briefly plumbed new depths. The No. 1 social network slid to a record intraday low of $18.75 on Monday before bouncing back to trade around $20 after Capstone upgraded the company’s stock to buy from hold on Monday. http://upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Apple_Headquarters_in_Cupert http://www.ask.com/question/what-is-an-aim-for-a-business?ad=SEO&an=SEO&ap=google.com.ly&o=102140 Question 3 (This question provides evidence for grading criterion 1.3 ) Identify if there is a quality gateway implemented on the output of the process you had chosen in previous task Answer financial services practice, equally your company and you, in my opinion, are exposed to risk every day. Some of those risks are the same as those faced by every small business, but some are single to the financial services industry In all cases, understanding the risks and the potential for losses keeps you one step ahead. Minimizing risk must be one of your key strategic objectives as you idea the future of your business. Financial Risk Almost all sorts of large businesses require a minimum sort of risk analysis. For example, commercial banks need to properly hedge foreign exchange exposure of oversees loans while large department stores must factor in the possibility of reduced revenues due to a global recession. Risk analysis allows professionals to identify and mitigate risks, but not avoid them completely. Proper risk analysis often includes mathematical and statistical software programs Compliance Changes Every advisor who plans an investment strategy for a client must consider tax and regulatory issues. Investment plans often incorporate tax advantages put into place by the federal or state government in order to encourage investing. The danger arises if tax or regulatory laws change and clients are financially damaged by the changes. Even if you are not held legally responsible, such a situation may damage your reputation. Keeping that risk to a minimum means staying on top of tax law and researching the effects of planned changes to your clients’ portfolios. It should go without saying that you should structure your clients’ strategies on sound investment principles, rather than trying to exploit the latest tax loopholes. Expectation Risk As a professional advisor, you must follow SEC and other federal and state  regulations in your dealings with clients. Many individual clients, however, do not necessarily understand your role in their investments. This can lead to clients believing that you are providing services that you are not, or that you are constantly monitoring their portfolios for them. Misunderstandings in this area can result in litigation and damage to your reputation. In order to ensure that your clients are on the same page with you, draft an engagement letter that clearly outlines your services and have clients sign it. Market Risk The portfolios you manage on behalf of your clients – as well as your own – are subject to the ups and downs of the investment markets. The strategies you have in place for your clients are partially dependent on whether a bull or bear market exists. Data Security You have access to significant financial and other sensitive information about your clients; they expect you to maintain confidentiality and protect their information. A security breach can land you in legal hot water and can destroy the reputation you have built. If you are not sure how to beef up the security around your clients’ data, meet with a data security expert to learn how to properly handle and store confidential information. The Bottom Line It is impossible to protect you and your company against all risks, but you can minimize them through proper planning. Being aware of potential risk pot holes, before you hit them, can keep you on the right road. Gateway Review Process : The Gateway Review Process examines programs and projects at key decision points in their lifecycle. In order to provide a project’s Senior Responsible Owner (SRO) with meaningful, timely advice, a review should be conducted prior to a project  decision point. For example, a Gateway review of a business case should occur several weeks before the business case is submitted through the relevant Public Authority approval process. This enables recommendations to be addressed before the business case is submitted for approval. The review provides a project’s SRO with independent guidance that can improve or advance a project. The primary purpose of a review is to add value to the project team’s own expertise in order to help them be more successful in delivering the project. Gateway reviews are applicable to a wide range of programs and projects. To help you determine if your project may be suitable for a Gateway Review, please complete the project assessment tool. http://www.ask.com/wiki/Compliance_(physiology) http://www.ask.com/web?q=++Compliance+Changes&qsrc=364&o=15732&l=dir http://www.ask.com/web?q=Compliance+Changes&qsrc=19&qo=spellCheck&o=15732&l=dir Question 4 (This question provides evidence for grading criterion 2.1 ) Develop a plan according to the task given by any company In any business we have some steps or point the we have to go under if we are going to open any new business like for example in McDonald is going to open a franchisee in Libya there will be few steps they have to do includes strategic planning, operational planning, market research and financial analysis Strategic planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. In order to determine the future direction of the organization, it is necessary to understand its current position and the possible avenues through which it can pursue particular courses of action. Strategic planning is the process of looking at an organization’s current status and determining where that organization wants to be in the future. Strategic planning involves looking  at an organizations strengths, weaknesses What Are the Steps in Strategic Planning & Management? There are many different frameworks and methodologies for strategic planning and management. While there is no absolute rules regarding the right framework, most follow a similar pattern and have common attributes. Many frameworks cycle through some variation on some very basic phases: 1) analysis or assessment, where an understanding of the current internal and external environments is developed, 2) strategy formulation, where high level strategy is developed and a basic organization level strategic plan is documented 3) strategy execution, where the high level plan is translated into more operational planning and action items, and 4) evaluation or sustainment / management phase, where ongoing refinement and evaluation of performance, culture, communications, data reporting, and other strategic management issues occurs. Leadership Above all, the strategic planning process needs drive — the continuing commitment to pushing the process on through difficulties, obstacles and opposition. The whole process requires someone to be designated as coordinator and to be responsible for keeping the process moving against the timelines. Without a strong commitment, there will be no outcome . Consultation After this comes the ability to recruit, consult and persuade members and stakeholders. A successful strategic planning process will be genuinely inclusive, involving all its stakeholders — paid and volunteer staff, board, clients, funders, and the community. Resources There are resource implications in embarking on strategic planning. It’s going to take time, staff, and attention away from your day-to-day operations. If your Board isn’t prepared to commit resources to the project then you’re better off not attempting it. Operational planning is the process of linking strategic goals and objectives to tactical goals and objectives. It describes milestones, conditions for success and explains how, or what portion of, a strategic plan will be put into operation during  a given operational period, in the case of commercial application, a fiscal year or another given budgetary term. An operational plan is the basis for, and justification of an annual operating budget request. Therefore, a five-year strategic plan would typically require five operational plans funded by five operating budgets. Operational plans should establish the activities and budgets for each part of the organization for the next 1 – 3 years. They link the strategic plan with the activities the organization will deliver and the resources required to deliver them. An operational plan draws directly from agency and program strategic plans to describe agency and program missions and goals, program objectives, and program activities. Like a strategic plan, an operational plan addresses four questions: Where are we now? Where do we want to be? How do we get there? How do we measure our progress? The operations plan is both the first and the last step in preparing an operating budget request. As the first step, the operations plan provides a plan for resource allocation; as the last step, the OP may be modified to reflect policy decisions or financial changes made during the budget development process. Operational plans should be prepared by the people who will be involved in implementation. There is often a need for significant cross-departmental dialogue as plans created by one part of the organization inevitably have implications for other parts. Operational plans should contain: clear objectives activities to be delivered quality standards desired outcomes staffing and resource requirements implementation timetables a process for monitoring progress Market research is any organized effort to gather information about target  markets or customers. It is a very important component of business strategy The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making Financial Analysis: Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Continue or discontinue its main operation or part of its business; Make or purchase certain materials in the manufacture of its product; Acquire or rent/lease certain machineries and equipment in the production of its goods; Issue stocks or negotiate for a bank loan to increase its working capital Make decisions regarding investing or lending capital Other decisions that allow management to make an informed selection on various alternatives in the conduct of its business. http://businesscasestudies.co.uk/bsi/quality-through-standards/why-is-quality-important.html#axzz2v6zOqYVh http://businesscasestudies.co.uk/bsi/quality-through-standards/why-is-quality -important.html#axzz2v6zOqYVh Question 5 (This question provides evidence for grading criterion 2.2 ) List your aims and convert them into SMART aims Business ‘ goals and objectives , missions and visions are important for success . Must be all the work for its own objectives in order to plan accordingly and work hard to achieve it , and setting goals will also help employees to be motivated to work hard and achieve goals condition. SMART objectives : – it is a set of goals that should be , and measurable , specific goals can be achieved by focusing on the specific results on the exact timing . is specified , stretch, and large. is measurable , motivational , and meaningful . is to be achieved , and agreed to and accepted . is for results , and a realistic and reasonable. is for time bounded Specific: – the specific goals and objectives of any business, must be clear, defined well, understood by the all employees whom are working in a specific project. Measurable: – means that the goal is capable to be achieved and know when it is suppose to be achieved. Achievable: – the goals must be agreed by different stakeholder in the company, therefore they would be motivated to achieve the requirement goals. Results: – the availability of the all requirements resources lead to focus on achieving specific results. Time bound: – setting a time to finish the work in order to work hard to make employees work hard to achieve it on time. SMART objective focus on the time and the achievable goals more than the activities and plans to achieve it. Reasons for using SMART: – Clear goals and objectives to be achieved. Specific goals help to analyze and control the business’ future. Give reasons to implement it. Specific goals add value to the daily works and tasks. Goals motivate employees to work more and more. Set a direction for achieving the goals http://www.statuspath.com/business-goal-and-objective-examples/ http://www.entrepreneur.com/article/38292 Question 6 (This question provides evidence for grading criterion 3.2 ) Choose the right system to complete the objective in the most efficient way ? Quality Management  a recent phenomenon Advanced civilizations that supported the arts and crafts allowed clients to choose goods meeting higher quality standards than normal goods. In societies where arts and crafts are the responsibility of a master craftsman or artist, they would lead their studio and train and supervise others. The importance of craftsmen diminished as mass production and repetitive work practices were instituted. The aim was to produce large numbers of the same goods. The first proponent in the US for this approach was Eli Whitney who proposed (interchangeable) parts manufacture for muskets, hence producing the identical components and creating a musket assembly line. The next step forward was promoted by several people including Frederick Winslow Taylor a mechanical engineer who sought to improve industrial efficiency. He is sometimes called â€Å"the father of scientific management.† He was one of the intellectual leaders of the Efficiency Movement and part of his approach laid a further foundation for quality management, including aspects like standardization and adopting improved practices. Henry Ford was also important in bringing process and quality management practices into operation in his assembly lines. In Germany, Karl Friedrich Benz, often called the inventor of the motor car, was pursuing similar assembly and production practices, although real mass production was properly initiated in Volkswagen after World War II. From this period onwards, North American companies focused predominantly upon production against lower cost with increased efficiency. Why the quality is important for business? The basic model behind most businesses is to create products or services and sell them to customers for a profit. These products or services must live up to a certain quality standard expected by customers. If the quality level is not met, there are consequences to face for the business. Therefore, quality is important to a business for a number of reasons. Customer Retention and Value To retain customers for repeat business, a company must sell products that live up to the customer’s expectations. If a customer has a good experience, they are likely to come back and spend money with your business again the next time they are in need of your products or services. A customer must feel like the product or service he bought from your company was worth the price. If some customers feel that they paid too much for the quality or product received, you will likely not get any repeat business from them in the future. Reputation A company’s reputation relies heavily on the quality of its products or services. This is relevant to both customer reviews and company marketing. For example, high-end clothing designers or expensive car companies often set the bar high through their marketing efforts, which typically promise perfection, as well as the expensive price tags on their products. If those expectations are met by the customers who buy their products, the company maintains its reputation. Customers who receive a lower-quality product than expected will complain to friends, family and co-workers about how the product or service did not live up to expectations, which will ultimately lower your consumer reputation, especially if the majority of your customers have negative experiences. Legal Issues The things you sell to consumers must also be safe, and not just for legal reasons. If you are in the food industry and you sell rotten food to a customer, it can lead to health issues for that person. Similarly, if you sell an electronics device that has not passed safety inspections, it can lead to safety issues for the consumer, like an electrical fire or shock. Malfunctioning or unsafe products are a threat in almost every industry, and could lead to dangerous situations for your customers Safety The things you sell to consumers must also be safe, and not just for legal reasons. If you are in the food industry and you sell rotten food to a customer, it can lead to health issues for that person. Similarly, if you sell an electronics device that has not passed safety inspections, it can  lead to safety issues for the consumer, like an electrical fire or shock. Malfunctioning or unsafe products are a threat in almost every industry, and could lead to dangerous situations for your customers Costs Poor quality increases costs. If you do not have an effective quality control system in place, you may incur the cost of analyzing nonconforming goods or services to determine the root causes and retesting products after reworking them. In some cases, you may have to scrap defective products and incur additional production costs to replace them. If defective products reach customers, you will have to pay for returns and replacements and, in serious cases, you could incur legal costs for failure to comply with customer or industry standards. THE BENEFITS OF QMS Quality management systems, such as the ISO (International Organization for Standardization) standards, have a number of benefits. While these systems may demand time and resources when being created and implemented, the benefits will continue for as long as the procedures and processes are followed. And this will outweigh any disadvantages or inconveniences that a quality management system brings. Repeatable Processes Quality management systems will provide your business with a number of processes that are constantly repeated to produce a product or a service. Over time, these processes are honed and refined until you have a system that is effective and produces high-quality results. Knowledgeable Staff Because you will have so many repeatable processes, the staff carrying out these actions will have a clear definition of their roles and responsibilities, as well as what you as a manager require of them. In knowing the exact process that needs to be carried out, mistakes and errors will decrease. 9000Resource.com states that staff members â€Å"are more satisfied and motivated once there are defined roles and responsibilities.† Increased Business Many clients actively seek an organization that has some sort of quality  management accreditation, whether it be from ISO or from another body. If you have implemented quality management systems and been accredited by a global body, your company will stand out among your competitors. Supplier Relationships A good quality management system will define a procedure whereby all new and existing suppliers are vetted on a regular basis to ensure their competence and quality of service. Ongoing agreements and relationships can therefore be struck with reliable suppliers, and you can be assured that the service you are given is of the standard that you require. Customer Satisfaction Because a quality management system defines processes and procedures that lead to a high quality product or service, your customers will be pleased at what you are providing. This will prompt them to return to your company, as well as recommend you to friends, family and colleagues. This will boost your business reputation and attract clients and suppliers. Improved controls, discipline (e.g. prevents the use of short cuts and duplication of activities), procedures, documentation, communication, dissemination and customer satisfaction, quicker identification and resolution of problems, greater consistency (i.e. the job is done the same way, time after time and best practices are shared), increased quality awareness, in particular from those departments and people who traditionally perceived ‘quality’ not to be their major concern. A reduction in errors, customer complaints and non-conforming products, services and costs and the retention of customers. Assistance with the liberalization of trade through common rules and language. Responsibility for quality issues is placed firmly where it belongs, with the supplier and not the customer. Reduction in the number of customer audits and assessments and also a reduction in the time taken, leading to a saving in resources need for such activities. Identification of ineffective and surplus procedures and documents and other  forms of waste. better working environment http://blog.simplilearn.com/it-service-management/service-quality http://www.business-online-learning.com/define-total-quality-management.html#.UxdxEx_TkcA Question 7 (This question provides evidence for grading criterion 4.2 ) Devise monitoring and control plan and operationalize it ? Dates of creation revision plan Should reconsider its business plans on a regular basis, especially if the work is to expand quickly, and suffer from cash flow problems, and add new products or services or access to new markets. Align your dates with short-term goals and long-term action plan set out in the original and make a comparative analysis. Depending on your business, and this could be a review of monthly, quarterly or yearly. The development of a tracking system If your business plan contain measurable goals, and to develop a tracking system to evaluate where you stand regularly. For example, if the plan calls for earning a certain amount of revenue per month, and keep track of revenue on a daily or weekly budget to monitor and control the process. This approach allows you to tweak your system if your numbers are off the mark. Monitoring key elements often. Key elements for a plan of action research on the market and competition, as well as the projected income. Each of these elements are subject to rapid change, and must remain aware of where you stand in relation to these issues. Coordination of business and marketing plans Interfere business and marketing plans in several ways, for a review of all the documents at one time on a regular basis can help you to monitor and control objectives and measurements of each plan. If an element of one plan changed dramatically, and assess its impact on other plan. For example, if you invite your marketing plan to be able to launch a major media campaign, but revenue forecasts weak business plan, and review all stay on the right track. Make changes if necessary A business plan is not a document is subject to change. Consideration of the plan liquids that can be tweaked and updated as your business changes and grows. Do not cling to elements of the plan that is outdated or no longer useful. For example, if part of your plan for a period of five years, includes a move to a larger facility, but find that after a five-year facility for your small works just fine, and to review and update the business plan. Constantly reviewing your plan so that you are always looking forward to the one, three and five-year increments, based on expectations of future performance in the past. What is Project Management? Project management focuses on controlling the introduction of the desired change. This involves: Understanding the needs of stakeholders. Planning what needs to be done, when, by whom, and to what standards. Building and motivating the team. Coordinating the work of different people. Monitoring work being done. Managing any changes to the plan. Delivering successful results. More specifically, what is a project? It’s a temporary group activity designed to produce a unique product, service or result. A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources. And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal. So a project team often includes people who don’t usually work together – sometimes from different organizations and across multiple geographies. The development of software for an improved business process, the construction of a building or bridge, the relief effort after a natural disaster, the expansion of sales into a new geographic market — all are projects. And all must be expertly managed to deliver the on-time, on-budget results, learning and integration that organizations need. Project management processes fall into five groups: Initiating Planning Executing Monitoring and Controlling Closing Stakeholder management All management is concerned with these, of course. But project management brings a unique focus shaped by the goals, resources and schedule of each project. The value of that focus is proved by the rapid, worldwide growth of project management: In organizations and businesses, project management can be concerned with anything, particularly introducing or changing things, in any area or function, for example: people, staffing and management products and services materials, manufacturing and production IT and communications plant, vehicles, equipment storage, distribution, logistics buildings and premises finance, administration, acquisition and divestment purchasing sales, selling, marketing human resources development and training customer service and relations quality, health and safety, legal and professional technical, scientific, research and development new business developmentand anything else which needs planning and managing within organizations. https://www.google.com.ly/?gws_rd=cr&ei=0XQXU_H3Mqm60gGjqYGYDA#q=Dates+of+creation+revision+plan+