Managing Successful Business

This report covers topics such as project management, research methods, and communication in managing successful business. It includes information on project aims and objectives, project management plan, qualitative and quantitative research methods, and recommendations for data analysis. Find study material, assignments, and essays on these topics at Desklib.

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Managing Successful Business
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Lecturer’s Name

Managing Successful Business
Task 1:
LO1:
Establish project aims, objectives and timeframes for Recycling at East End College
P1 Devise project aims and objectives for a chosen scenario
Vision and Mission-To effectively start a venture the vision and mission ought to be
completely clear to everybody with the goal that they have a superior comprehension about
the assignment. It illuminates the normal result or fancied state and the procedure to fulfil it.
Project targets- After setting the vision and mission of the venture it is essential to set up the
business destinations or business objectives. re pioneer, the recurrence of the gatherings, the
plan to be talked about, the meeting minutes and so forth.
Mediation and execution system- It is thought to be the meet of the venture and comprises of
whole examination for deciding the best intercession procedure to determine the issue in the
work put. There different quality administration systems like underlying driver investigation,
inquiring as to why five times and so on that can be utilized. Once the mediation procedure is
chosen then the execution technique needs to settle down.
Hierarchical Ailment-For appropriate authoritative disease all the venture colleagues ought to
be available with the goal that little group obstacles can be led in which everybody will gave
a preparation or messages or e-learning modules which ought to contain the WIFM ( what's
in it for me) to connect with the enthusiasm of the partner to get the best out of them.
Measure and responsibility- The group pioneer, colleagues and workers ought to be locked in
and refreshed by utilizing only a straightforward strategy and i.e. utilizing of score card
where every individuals exhibitions will be measure and will demonstrate their responsibility.
The best entertainer will be remunerated.
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P2 Produce a project management plan that covers aspects of cost, scope, time, quality,
communication, risk and resources
In order to execute the project, there has to be a budget planning that will cover up the costs,
time, quality, scope and other related elements ofthe venture.
Cost of the project: The aim of the project is to focus on the recycling elements in the college
premises that initiatesany old machineries and stuffs to be recycled for the betterment of the
environment as well as the college. The cost of the project might vary depending upon the
time and demands of the essentials.
Scope of the project: The scope of the restoring and recycling old elements of the college can
help them to save much cost for new higher priced elements. The students themselves can
indulge themselves to upgrade the inactive products and events in the college premises. The
efficiency of the workforce as well as the items increases from the project management and
that increase the scope of betterment.
Time of the project: Experimenting, reinstallation, renovation takes time and that depends on
the efficiency of the workforce who will be taking up the task. The estimated project time can
be taken as six months to a year where there will develop much changes in the regular order
of streaming.
Quality of the project: Considering the environmental issues, it can be assumed that quality
control exercises decide if acknowledgment criteria have, or have not, been met. For this to
be viable, details must be under strict setup control. It is conceivable that, once concurred, the
detail may should be changed. Ordinarily this is to oblige change demands or issues, while
keeping up satisfactory time and cost requirements. Any subsequent changes to
acknowledgment criteria ought to be affirmed and imparted.
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Communication of the project: The communication of the interrelated to all the points which
are mentioned there in the above because when a project is recycled or reinstalled that time it
becomes easier for the student or for the governing body to understand because the
characteristic of the project remain same after recycle. The students are habituated with the
old process because the old process is the common process for the students and if any new
project is installed by replacing the current one that time it will became problem for the
student to operate or become familiar with the project. It will take lot of time to became
familiar and lot of money to install the new project so it is very much natural and easy for the
student and also for the authority of the collage to recycle or to re install the old project by
upgrading the system which will manage the current work flow.
Risk of the project:
There are some risk to recycle the project or to reinstall the project because e we all know
that every thing has both outcome one is positive and another one is negative ao till now we
have discussed the positive part of recycle a project by the students or by the authority of the
collage but now we are going to talk about the risk and the negative aspect of the project
which h may harm the initiative to reinstall the project. During the time of recycling the
project the recycler have to keep some points in his or her mind that the project should work
properly during after recycling ,all the material should be placed properly after recycling, all
systems of the project should be upgraded and should become a user-friendly to all of the
students buy if this points doesn’t work properly then it will become total waste of time,
money and the labour. The whole communication system will face a crisis. It will become
equal of installing a new project than reinstalling the old project. Another biggest is that the
recycler has lack of proper knowledge or the user might have less knowledge to work with
the project. So the recycler should maintain the proper knowledge during the time of
recycling.
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Managing Successful Business
Resources of the project: when a project is recycled that time some resources are taken
because without any resource nothing can be recycled or reinstall. For example when a
broken tubes are there or any broken material is their inside the lab that time those things are
taken to make other materials by recycling. Like this there are many resources which are been
taken for recycling because all know that recycling is the cheapest mode making new
product.
P3 Produce a work breakdown structure and a Gantt Chart to provide timeframes and stages
for completion
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Managing Successful Business
Figure 1. Project breakdown-structure
Gantt Chart
Milestones Weeks
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Work Breakdown
Structure
Self
Assessment
Define Business Vision and Mission
Identify available information, skills and
support
Feasibility Report
Decide whether to proceed
Define the Opportunity
Market Analysis
Interview owners of existing similar
business
Identify available information, skills and
support
Identify Operating cost
elements
Identify needed resources
Prepare Business Plan
Evaluate Business Plan
Define new requirements
Identify on-going opportunities
Research possibility of
franchise
Summarize Business Evaluation Findings
Evaluate Future Risks and
Rewards
Assess market stability and size
Competition analysis
Assess resources availability
Evaluate initial market share
Determine financial requirements
Review personal Suitability
Evaluate initial profitability
Review and Modify Strategic
Plan
Review and Modify Strategic
Plan
Confirm Decision to
proceed

Managing Successful Business
1 2 3 4 5 6 7 8 9 10 11 12
Self Assessment
Define Business Vision and
Mission
Identify available
information, skills and
support
Feasibility Report
Decide whether to proceed
Define the Opportunity
Market Analysis
Interview owners of existing
similar business
Identify available
information, skills and
support
Identify Operating cost
elements
Identify needed resources
Prepare Business Plan
Evaluate Business Plan
Define new requirements
Identify on-going
opportunities
Research possibility of
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Managing Successful Business
franchise
Summarize Business
Evaluation Findings
Evaluate Future Risks and
Rewards
Assess market stability and
size
Competition analysis
Assess resources availability
Evaluate initial market share
Determine financial
requirements
Review personal Suitability
Evaluate initial profitability
Review and Modify
Strategic Plan
Review and Modify Strategic
Plan
Confirm Decision to
proceed
Figure 2. The Gantt chart
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Task 2:
LO2 & LO3:
Conducting and presenting a research report
P4 Carry out small-scale research by applying qualitative and quantitative research methods
appropriate for meeting project aims and objectives
As long back as 1957, Cronbach pulled in thought in regards to the nearness of two
exceptionally isolate `disciplines of sensible cerebrum inquire about'. One sort of clinician
attempts to test general gauges about human and animal lead, and is concerned with detailing
typical execution; the other sort of advisor in enthused about delineating and decoding
solitary complexities, particularly in regards to various estimations of insightful limit,
personality and psychopathology. The essential sort of expert does tests, regularly on little
examples got for reasons of settlement. The other sort of specialist does greater scale survey
audits or meeting considers, attempts to get assign tests, and has a tendency to use standard,
pre-endorsed measures. When exploring happens, the important sort of expert tends to enlist
t-tests and examinations of distinction. The second sort has a tendency to use relationship,
backslide, and component logical frameworks.
Quantitative research contains those surveys in which the data concerned can be destitute
down similarly as numbers. Research can in like manner be subjective, that is, it can depict
events, individuals and so forth deductively without the use of numerical data ... Quantitative
research is build more direct in light of its extraordinary courses of action and its results are
more immediately inspected and interpreted. Subjective research is more open and responsive
to its subject. Both sorts of research are real and important. They are not absolutely irrelevant.
It is workable for a single examination to use both strategies.
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Subjective research is harder, more annoying and extra dreary than various sorts. If you have
to get your MEd piece or whatever finished quickly and easily do a reasonable survey
consider. Subjective research is fitting for people who consider it, think of it as critical, and
are set up for obligation.
Quantitative research is, as the term suggests, stressed with the get-together and examination
of data fit as a fiddle. It tends to underscore decently enormous scale and operator sets of
data, and is consistently, wrongly in our view, showed or saw as being about the party of
`facts'. Subjective research, of course, is stressed with get-together and exploring information
in however many structures, for the most part non-numeric, as could sensibly be normal. It
tends to focus on examining, in however much detail as could be normal, smaller amounts of
events or outlines which are seen as being charming or illuminating, and plans to achieve
`depth' rather than `breadth'.
Research is a productive examination to find answers to an issue. Investigate in master
humanism areas, like ask about in various subjects, has generally taken after the traditional
objective coherent system. Since the 1960s, in any case, a strong move towards a more
subjective, naturalistic and subjective approach has left human science ask about isolated
between two battling procedures: the consistent correct custom, and the naturalistic
phenomenological mode. In the consistent strategy, quantitative research systems are used
attempting to develop general laws or gauges. Such an intelligent approach is routinely
named nomothetic and acknowledge social in all actuality objective and outside to the
individual. The naturalistic approach to manage investigate underscores the importance of the
subjective experience of individuals, with an accentuation on subjective examination. Social
the fact of the matter is seen as a generation of individual mindfulness, with noteworthiness
and the appraisal of events seen as an individual and subjective advancement. Such a
consideration on the individual case rather than general law-creation is named an ideographic
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Managing Successful Business
approach. Quantitative research is correct research where the data are as numbers. Qualitative
research is correct research where the data are not as numbers.
P6 Communicate appropriate recommendations as a result of research and data analysis to
draw valid and meaningful conclusions
Infrastructure organization: The rule inspiration driving it is to give the correct design of
groupings at the opportune time with right number of people and back to back blueprint. A
better than average system organization expect to expend the push to synchronize the strategy
and hide the need. This strategy furthermore helps in beginning the wander and sorting out a
honest to goodness course of action.
Completion: Completion includes four things with the help of correspondence organization.
In any case it requires ID in which they need to know to disconnect the information into
typical and to be passed on in various divisions. Next is the extension where the information
are joined together and organized. The third step is the assignment where the information's
are apportioned to required regions so that the correspondence is clear. At long last, seven
days by week status report ends up being awesome to appreciate the week after week status
of the use of the information that discussions the progress of the wander.
Quality organization: The explanation behind the quality organization is to ensure the
methodology are taken after viably which moreover ensures the quality completing of the
wander in coming future.
Implementation: On authentic execution of the quality organization handle helps the
relationship to certify quality work and completing of the extensive number of steps which
helps them to declare the perfect closing of the wander.
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These are the aspects that can be looked into for the betterment of the qualitative and
quantitative research analysis and project development.
Task 3:
LO4:
In the end part of the report the students are expected to reflect on the value gained
from conducting the project and its usefulness to support sustainable organizational
performance using either Gibbs reflective cycle or Kolb’s learning cycle
P7 Reflect on the value of undertaking the research to meet stated objectives and own
learning and performance
Kolb's Learning Cycle is a notable hypothesis which contends we gain from our encounters
of life, even on an ordinary premise. It additionally regards reflection as a necessary piece of
such learning. As per Kolb (1984), the way toward learning takes after an example or cycle
comprising of four phases, one of which includes what Kolb alludes to as 'reflective
observation'.
The stages are:
Stage 1: Experience (Kolb's "Strong experiences")
Life is overflowing with experiences we can pick up from. Despite whether at home or at
work or out on the town, there are inestimable open entryways for us to 'kick-start' the
learning cycle.
Stage 2: Reflect (Kolb's "Shrewd recognition")
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Reflection incorporates considering what we have done and experienced. A couple people are
ordinarily incredible at this. Others set themselves up to be more contemplate about looking
over their experiences and recording them.
Stage 3: Conceptualize (Kolb's "Special conceptualization")
When we go from contemplating our experiences to unravelling them we go into the area of
what Kolb named 'conceptualization'. To conceptualize is to make a theory about the
essentialness of our experiences.
Stage 4: Plan (Kolb's "Dynamic experimentation")
In the dynamic experimentation period of the learning cycle we enough "test" the
speculations we have grasped. Our new experiences will either support or test these theories.
To pick up from our experiences it is not sufficient just to have them. This will simply take us
into stage 1 of the cycle. Or, on the other hand perhaps, any experience can yield adjusting,
yet just if we experience each one of Kolb's stages by pondering our experiences, interpreting
them and testing our explanations. Summing up, picking up from our experiences
incorporates the key part of reflection. Unmistakably, a considerable number individuals
don't guess about their learning thusly, however in their learning take after Kolb's cycle
without knowing it.
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Figure 1: Kolb's learning cycle
(Source: reflectivecycle.com)
The usefulness of the project development and planning has been able to make us reflect our
experience regarding the whole execution time and our executive experiences. Project
management is one of the most essential part of management that emphasizes on the agenda
of the business stream and objectives. Unless and until a project is planned and executed, the
efficiency of the firm is not determined. In case of East End College, developing the project
plan was a great task indeed and that uses the theory of Kolb's learning cycle.
References:
Books:
Bryman, A. and Bell, E., (2015). Business research methods. Oxford University Press, USA.
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Eriksson, P. and Kovalainen, A., (2015). Qualitative Methods in Business Research: A
Practical Guide to Social Research. Sage.
Okpara, J.O. and Idowu, S.O., (2013). Corporate Social Responsibility. Springer Berlin
Heidelberg.
Peteraf, M., Gamble, J. and Thompson Jr, A., (2014). Essentials of strategic management:
The quest for competitive advantage. McGraw-Hill Education.
Journals:
Baskerville, R.L. and Wood-Harper, A.T., 2016. A critical perspective on action research as a
method for information systems research. In Enacting Research Methods in Information
Systems: Volume 2 (pp. 169-190). Springer International Publishing.
Boehm, M. and Thomas, O., (2013). Looking beyond the rim of one's teacup: a
multidisciplinary literature review of Product-Service Systems in Information Systems,
Business Management, and Engineering & Design. Journal of Cleaner Production, 51,
pp.245-260.
Boehm, M. and Thomas, O., (2013). Looking beyond the rim of one's teacup: a
multidisciplinary literature review of Product-Service Systems in Information Systems,
Business Management, and Engineering & Design. Journal of Cleaner Production, 51,
pp.245-260.
Brinkmann, S., (2014). Interview. In Encyclopedia of Critical Psychology pp. 1008-1010
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
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Carroll, A.B., 2015. Corporate social responsibility. Organizational Dynamics, 44(2), pp.87-
96.
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Chen, L.L., Ames, A.P. and Vivekanandan, P., International Business Machines Corporation,
(2014). Lifecycle management of privilege sharing using an identity management system.
U.S. Patent 8,631,478.
Cheng, B., Ioannou, I. and Serafeim, G., (2014). Corporate social responsibility and access to
finance. Strategic Management Journal, 35(1), pp.1-23.
Cochran, P.L. and Wood, R.A., 2008. Corporate social responsibility and financial
performance. Academy of management Journal, 27(1), pp.42-56.
Dhaliwal, D.S., Li, O.Z., Tsang, A. and Yang, Y.G., (2011). Voluntary nonfinancial
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Hwang, B.G. and Ng, W.J., (2013). Project management knowledge and skills for green
construction: Overcoming challenges. International Journal of Project Management, 31(2),
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Korschun, D., Bhattacharya, C.B. and Swain, S.D., (2014). Corporate social responsibility,
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Schrempf-Stirling, J., Palazzo, G. and Phillips, R.A., (2016). Historic corporate social
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