Unit 6: Management a Successful Business Project

ASSIGNMENT 1 FRONT SHEET
Qualification BTEC Level 4 HND Diploma in Business
Unit number and title Unit 6: Management a Successful Business Project (491)
Submission date 2/10/2020 Date received (1 st submission)
Re-submission date Date received (2 nd submission)
Student name Nguyen Ba Cuong Student ID GCH18483
Class GBH0902 Assessor name Dang Son Tung
Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that
making a false declaration is a form of malpractice.
Student’s signature:
Cuong
Grading grid
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Contents
I. Introduction:........................................................................................................................................................4
II. Project aims and Objectives:...............................................................................................................................4
III. Project management plan:..............................................................................................................................5
1. Cost:.................................................................................................................................................................5
2. Scope:..............................................................................................................................................................5
3. Time:................................................................................................................................................................6
4. Milestone Schedule:........................................................................................................................................6
5. Quality:............................................................................................................................................................6
6. Communication:..............................................................................................................................................7
7. Risk and resources:..........................................................................................................................................7
IV. Work Breakdown and Gantt Chart:..................................................................................................................9
1. Work Breakdown Structure:............................................................................................................................9
2. Gantt Chart:...................................................................................................................................................10
V. Primary Data:.....................................................................................................................................................10
Qualitative research:.............................................................................................................................................10
1.1. Talent management clarification:..........................................................................................................10
1.2. Understand the age of group:................................................................................................................12
1.3. Determine the method of TM of each age group:.................................................................................14
VI. Research Methods:........................................................................................................................................16
1. Primary Research:..........................................................................................................................................16
2. Secondary Research:......................................................................................................................................17
3. Quantitative Research:..................................................................................................................................18
4. Qualitative Research:.....................................................................................................................................19
VII. Conclusion:....................................................................................................................................................20
Bibliography...............................................................................................................................................................21
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I. Introduction:
The age profiles in the companies is a matter of constant concern. Because it affects
every department of the organization, this would have a significant effect on the
corporate growth. The key aim of this report is therefore to perform a small experiment
to collect knowledge and evaluate how other organization tackle this issue.
II. Project aims and Objectives:
The workers of today are employed longer than their predecessors; the average
workplace will have four generations or more. Although this age diversity is certainly
something to celebrate, keeping everybody happy could feel like a real challenge for
business leaders. One of the biggest problems facing business leaders is that a team
spanning 16 to 60 years old will be difficult to manage. Each age has many different
views in their life and career. That shows us that when it comes to work they will all
have different wants and needs (Content Team, 2019). That said, one of the things
that is essential to helping a business succeed is must come up with a project for
talent management by age.
-To clarify talent management
-To Defining the various age groups in the organization
-To confirm the method of talent management for each age group
A research performed conducted by Rocio Lorenzo and his team found that the more
diverse an organization is the more creative it becomes. Through global surveys of
1700 businesses, research found that only 26% of innovation was achieved in
companies with below average diversity. On the other hand, it accounts for more than
45% of innovation revenue in above average diversified companies. These
businesses often pursue unconventional solutions to the problem and generate more
and better ideas, with a higher chance that any of them will become the market's
winning goods and services (Hrinasia, 2018).
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For example, when a new project is launched from the younger generation in the
company, the previous generations with more experience will make an opinion based
on their previous real-world knowledge. From there they can coordinate very carefully
and reasonably to decide whether the project is feasible or not. Furthermore, along
with a variety of perspectives on issues in many aspects, company will have more
effective solutions to corporate problems.
III. Project management plan:
1. Cost:
One of the things needed to link a detailed project with large external organizations
requires large capital investment. The cost calculation is very important to the
success of the project in the future. The cost of the initiative includes project
preparation and payment for staff to collect and analyze data on age group
diversification issues within the business. Salary of £ 8/60 working hours, excluding
other support fees (paper money, travel expenses, ...) The total estimated cost the
company has to pay for this project is £ 500.
2. Scope:
1.1. Deliverables:
With this large-scale research project, Deliverables will give the company a
better overview of talent management, its advantages and disadvantages to
minimize the risk of avoiding dissent within the company. Knowing the
knowledge, personality and how to work about age groups, leaders will
more easily manage and operate their subordinates. Knowing what age
groups want will help motivate them to optimize their productivity. Contribute
to making the company growing stronger.
1.2. Technical requirements:
Technical requirements require project workers to have knowledge and
experience on this topic. Factors such as processing, analyzing and
evaluating ability, logical thinking, and agility must be included in order to
achieve high efficiency in understanding project information. Research and
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research to give authentic information, have high confidence and give an
objective comment about the project.
1.3. Limits and exclusions:
This project makes us have a little bit of difficulty and disadvantage in terms
of knowledge because this topic takes a lot of time to do field research in
companies to make the most accurate comments. The project only studies
age groups while talent management is evaluated by many different factors
leading to these making the assessment not so objective.
3. Time:
The project is carried out from 8 August 2020 to 20 October 2020 and excluding
weekends. Since this is a project that takes time to complete the survey of large
external organizations, it is necessary to consult and authorize the company
management.
4. Milestone Schedule:
Milestone Schedule Project Duration
Draft Proposal 09/24/2020
Project Proposal 10/01/2020
Draft Findings 10/13/2020
Research Findings 10/20/2020
5. Quality:
According to the International Organization for Standardization (ISO), Quality is the
frequency at which the available properties of a product or service meet the set
requirements or latent requirements. (Chu, 2019).
According to the Project Management Institute (PMI), Project Quality requires
policies and practices that identify the project's quality strategy, priorities and
responsibility to address the needs with which it has been implemented. (Chu,
2019).
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In this project, we will base on the standard criteria to evaluate the quality of the
project. Outlines the measures that need to be taken in advance to successfully
implement the project.
6. Communication:
For the project to go well, everyone must understand the project's real goals. Know
the interests of the stakeholders in the project. The leader wants a way to verbally,
physically, and body language relay and convey the signals so that people can’t
misunderstand the purpose and signals of the project. Hence, a successful project
manager can only boost the efficiency of team coordination by being prepared to
lead. We are directly or indirectly able to communicate.
7. Risk and resources:
a. Risk of project:
In an ordinary project there are many risks. Financial risks will be the most
typical example. If the business does not have the preparation of abundant
capital, there are many risks that the project will be eliminated. On the other
hand, science and technology are also one of the uncertainties that we
cannot ignore. If the company cannot handle a project that requires a lot of
high quality techniques and technology, it is likely that the project will be
wiped out. Before starting any project, it must be scrutinized and evaluated
for commercial value because the commercial risk the company may incur
is the possibility that the product may not be satisfied commercial value of
the company.
There may be threats to this project, such as governance risk, job style risk,
expenditure risk, contact risk, ... In comparison, goals are not reached by
the specific initiative. For example, it can lead to the project not working as
expected or the project crashing, large or small, no matter the blame. Plan
implementers should also set effective risk assessment practices in place.
b. Resources:
In this project, human, money and equipment are the key resources.
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Human factors: Within each project, it is the most important element. This is
an individual's assigned project and I am the one in charge of this project.
The money factor: Money is the second most important factor when you
want to start a project after the people factor. As long as we have money,
we can pay for the labor we hire. In short, the conditions for the project to be
implemented smoothly need to have funds for the project
Equipment factor: The latest modern equipment are the things that the
company needs to prepare for the project. Because high-end devices will
give us the most accurate results along with the ability to work more
efficiently. Laptop and smart phone are required to complete this project.
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IV. Work Breakdown and Gantt Chart:
1. Work Breakdown Structure:
Work Breakdown Structure of Talent management of age profile
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2. Gantt Chart:
The Gantt chart shows a list of tasks to be done in the order of the plan's execution
V. Primary Data:
Qualitative research:
1.1. Talent management clarification:
1.1.1. Definition of Talent management:
Talent Management (TM) is treated in terms of modern and efficient way of
implementing personnel policies that enables organizations to achieve their
strategic goals through the proper use of the potential inherent in people.
Although this process involves many costs, enterprises and other
organizations decide to use it on account of the future potential benefits
associated with the creation and development of intellectual capital,
important from the perspective of functioning of an organization and creating
its value. This problem has, therefore, a deeply utilitarian character, which
does not exclude the analyses of an epistemological and theory genic
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nature. On the contrary, in the author’s opinion, good design and effective
implementation of the talent management system requires answers to the
most fundamental questions: What is talent in the context of implementation
of professional tasks? What criteria determine the recognition of an
employee as talent? What incentive effects, but also discouraging threats
may arise as a result of talent management? Should talent management be
addressed to the narrow, elite group of employees or the egalitarian concept
is justified according to which every employee ought to be seen and treated
as talent? These are important issues from the perspective of the human
resource management practices, yet very complex and interdisciplinary.
They concern not only the formal systems, procedures, tools, but primarily,
underlying at their formation, the way of human understanding, one’s nature
and psychophysical possibilities important in fulfilling the professional roles
(Moczydłowska, 2012). Managing the talent of high performers is becoming
a very important issue for every organization that is still operating around
the world. The need for talented human resources in many key roles is very
high because those are the people who will help the company thrive. Those
are the reasons why organizations always have to scramble to find people
with excellent qualities.
1.1.2. Advantages of Talent management:
Talent plays a very important role in the company. They are the people who
will help the company optimize revenue performance, provide solutions to
help the company deal with the problems that are being encountered
effectively and quickly. In addition, they also create many strategic ideas
that can help the company grow sustainably and in the long term.
1.1.3. Disadvantages of Talent management:
In a business, maintaining talented brains will greatly affect the company's
capital. If you abuse them and ignore the development of other resources
and the unfortunate company will be at risk if they leave the company, it will
take time to find new factors and let they adapt to the job. Ultimately, if there
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is no consistency in contract, there will be a conflict between their
management and their personnel.
1.1.4. Benefit of Talent management:
Talented employees contribute to a more considerable extent to the
fulfillment of organization's strategy and economic goals; costs of fluctuation
and acquirement of new employees drop; the organization becomes a
sought after and attractive employer; talented employees are identified and
retained; succession planning for key positions is more efficient as well as
ensuring of employees from the internal sources and their motivation;
talented employees are appointed to appropriate positions and their
potential is better used; losses connected with vacant key positions are
minimized (Horváthová, 2011).
1.2. Understand the age of group:
1.2.1. Age generation in the company:
Currently, in a working environment there are at least 3 generations
working together. But the way each generation works and the work
requirements are completely different. Therefore, business managers have
been facing extremely important challenges posed by these multi-
generational employees. It is a difficult problem for managers, they must
know how each generation works to resolve conflicts and create an
effective, comprehensive working environment (vieclam24h, 2019).
Today's workforce has 4 generations, including:
-Baby Boomers (1946- 1964)
-Generation X (1965- 1980)
-Generation Y or Millennials (1981- 1995)
-Generation Z or iGen (1995- Present).
1.2.2. Personality and working capacity of each age group:
i. Personality traits of Baby Boomers generation:
It is characteristic of the people of this generation to be very
hardworking and loyal. The ability to change jobs in this age group is
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very low. These people are trusted and respected by other generations
in the company because they are very responsible and experienced in
their work. The downside is that as they age, they will slowly catch up
with advanced technology, they are the ones who attach great
importance to tradition, so it is difficult to change working habits.
ii. Personality traits of Generation X:
In generation X, they are the most comprehensive workers. In the
organization, they have a very reasonable regulation between family, life
and career. This generation is the biggest revenue generator for the
company. Disadvantages is that this generation is willing to argue if they
are dissatisfied with managers younger than them
iii. Personality traits of Generation Millennials:
In all the workforce of today's generations. Millennials are the most
individual workers. Working culture, social responsibility, and ethics are
things that they care about in a company where they work. They like to
do their own research and research and they know exactly what they
need to do. Because this age group has the characteristic of being
independent, they rarely participate in group work. They may pose a risk
to the business because there is a high chance that they will leave the
company if they cannot meet their own needs.
iv. Personality traits of Generation iGen:
This is the most active generation and willing to work for the business
even though the salary company does not meet their desires with long-
term goals. They can learn, absorb and use cutting-edge technologies,
the latest developments compared to the remaining generations. At the
present time, this age group has many people building their own
business model. The downside is that they depend a lot on technology
to come up with solutions for their own problems.
1.2.3. Advantages and disadvantages of diverse age group:
i. Advantage of diverse age group:
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The benefit of diversifying age groups in the business is that it will forge
the company's workforce the ability to adapt to all circumstances. Each
age group will have different perspectives, personalities, ways of facing
and seeing problems. Each individual is required to practice the
adaptability and flexibility in order to continue to contribute to building a
company. In the future, when any difficult problem occurs, adapting is
not too difficult for them anymore. Moreover, the diversification of age
groups will help the company have more ideas, have a broader view,
and generate more reckless ideas. They can cultivate each other at
work, the previous generations will have more professional experience
to transmit to the next generations and vice versa, the next generation
will help them understand how to use the tools. advanced technology
helps them keep up with market trends, making communication and
information transmission more flexible. The previous generations are
always exemplary, well-ordered and cultured people, disciplined and
upright to help the next generation to follow.
ii. Disadvantage of diverse age group:
Because of working in an environment of diversifying age groups, most
businesses often see people forming independent groups because the
personalities and working patterns of each age group are completely
different. Age groups are more likely to find common ground, so they will
find it easier and more comfortable to talk and talk in their own age
group. They have very limited contact with other age groups. On the
other hand, when discussing a certain topic, among age groups, it is
easy to have a situation of dissimilarity, easily causing internal
arguments.
1.3. Determine the method of TM of each age group:
In the context of the diversification of age groups in the company today, it is
essential to provide an effective form of management. Because of any age,
they contribute their talents to the company in a distinct way. If you know
how to manage these age groups skillfully, the age diversity in the company
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will play a huge role, helping the company achieve more achievements and
fulfill more goals.
Ways to help companies manage age diversity include:
- Facilitate solid contact networks:
This is a simple yet powerful way to give your company a voice
consistency. Age groups will have different personalities and working
forms, linking them will make the company more united, together
contribute the most creative and appropriate ideas to solve good
problems. create new products and projects to grow your business.
- Spend plenty of time developing relationships among the individuals in
the company:
The fact that managers create an inclusive and healthy environment by
regularly organizing team-building sessions, large holiday meals for all
members of the coming age groups will help these people have
opportunity to exchange, learn from each other. Make them able to find a
common voice and reconcile disagreement within the company. Younger
age groups can find seniors who can gain experience in many different
fields and vice versa.
- Encourage them to work in groups:
The captain is classic and refuses to change the way of working that
cause employees to have a look at them will not be sympathetic.
Employees would not like themselves being ordered and viewed as
slaves. The most effective way to solve this problem is to create groups
of employees of different age groups that have their work side-by-side to
fulfill requirements. They will unite to find appropriate options and divide
the work equally for the assigned task. Recognize and praise the groups
for their efforts and allow deficiencies to occur. Through the mistakes, we
always learn the extremely valuable experiences.
- There must be methods to reconcile contradictions:
In a business with diverse age groups, disagreements often occur about
language and opinion. So managers need to have for themselves the
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ability to quell conflicts quickly before those problems go too far. The
manager must stand in the middle of the matter to consider and find a
solution to satisfy the disputing parties.
- Honoring outstanding achievements:
Celebrating individuals or groups with outstanding achievements will
make them feel excited and will work harder in continuing to promote
their strengths. Doing them will make more effort to contribute to the
development of the company.
VI. Research Methods:
1. Primary Research:
1.1. Definition of Primary Research:
Primary data is the kind of data obtained from primary sources by a
researcher, using techniques such as survey, questionnaire or experiment
(Lan, 2019).
1.2. Evaluate the reliability of the study:
Primary data is usually very reliable. Because the researcher will get many
different sources of information by many methods of field research such as
observation, interview or investigation. Therefore, the accuracy of the
information is constantly updated, to meet the needs of research. But this
method also has shortcomings because we have to collect the information
by ourselves, so it takes a lot of time and money.
1.3. Data Collection Tools:
A typical primary research tool is interview, survey or experiment.
Researchers will go to the field to meet, view and survey or interview the
specimens to obtain related data for the project. To gather information about
primary research, we will use questionnaires related to the information we
need to collect. It usually consists of a set of questions to which the
respondent will answer, and the researcher will receive the necessary
information. Such information will be recorded by rewriting, video recording,
if permitted, or audio recording. There are two types of questions: open
question and closed question. Open-ended questions allow the researcher
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to prepare questions for interview, the interviewee will answer according to
their personal opinion. Closed-ended questions are questions with available
answers prepared by the course, and respondents only have to choose the
answers they think are most appropriate.
For example, to study the learning methods of people who achieved outstanding
achievements in school. You will go to schools to find and interview high achievers.
The data you collect during that research is primary data.
2. Secondary Research:
2.1. Definition of Secondary Research:
Secondary data is data that has been already collected for many different
purposes. Researchers will find and reuse those studies for their projects
(Lan, 2019).
2.2. Evaluate the reliability of the study:
Secondary data makes it easy for researchers to find information in a short
period of time and reduces costs significantly. Help them save more time
and money. But the disadvantage of secondary data is that it is difficult to
assess the accuracy and reliability of the processed data. Such information
may have been collected a long time ago inaccurate at the present time or
information may be falsified.
2.3. Data Collection Tools:
The previous information that was gathered by the researchers was
instrumental of secondary data. A project researcher will use data
collection tools such as journal research or the internet to find the issues
they need. There is a difference between journal and newspaper or
magazine. Research journal is only for academic and technical audience.
The Journal is an academic publication which contains many research
papers by experts.
For example, you are researching about the population rate and characteristics of
each region of Vietnam, you use the internet search engine to find research papers
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on that topic, there will be a lot of research articles from Different people have
worked on this subject. Thereby you will easily get the information you need
without having to go anywhere.
 Through the above analysis we can see the difference between the primary
data and the secondary data. For the purpose, for primary data to be used
for field studies, to do research and collect information on its own. As for
secondary data, it will be for research on different topics but maybe in the same
field that the researcher can apply. In terms of data collection, with primary
data, researcher will have difficulty in finding information sources for their
project while secondary data will help them find information easily and more
quickly. In terms of cost and time, primary data will be more expensive than
secondary data because researcher will have to move to places where there
will be the necessary information, self-gathering through many different
sources.
Applying to the talent management project of different ages profile, it is best to
use a combination of these two methods to achieve the best results. Primary
data will help us to better understand the different types of talent management
of different companies. And the secondary data will help us refer to the
research papers of the same field based on many different articles so that we
know where to start gathering.
3. Quantitative Research:
3.1. Definition of Quantitative:
Quantitative analysis is represented by numerical tables and graphs. It is
used to verify hypotheses and assumptions or to validate them. This method
of research can be used to evaluate understandable facts around a topic
(Streefkerk, 2019).
3.2. Evaluate the reliability of the study:
Studies and quantitative data are reliable when analyzing and evaluating
study subjects such as the psychological, cultural, social, economic, and
behavioral impacts of study subjects. The information gathered has a
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definite statistical confidence, which can be used for analysis and reporting.
The results of analysis and quantitative forecast were compared with the
theoretical basis for the analysis and prediction modeling. The fit between
theory and practice will allow the most reasonable and correct decisions
when we get reliable information from qualitative research.
3.3. Data collection tool:
The main tool for collecting quantitative data is to present a table of
questions. Good questionnaires help the researcher collect the necessary
data with high confidence. A questionnaire must contain a full set of
questions for which the researcher wants to collect data from the responses
and must stimulate cooperation from the respondents.
For example, FPT Greenwich University surveyed all the students at the school and
asked questions like "Are you satisfied with your lecturers" with available answers
from 1 to 5 based on very large satisfied to very satisfied. The school will then
perform statistical analysis on the data and make conclusions such as "on average,
students rate faculty A 4.9 / 5".
4. Qualitative Research:
4.1. Definition of Qualitative:
Qualitative analysis is presented clearly through words. It is used to
understand definitions, thoughts or experiences. This analysis method helps
you gain insights into topics that are not widely known (Streefkerk, 2019).
4.2. Evaluate the reliability of the study:
Since quantitative research is time-consuming and costly, creating a
qualitative study cannot have a large sample and the results of qualitative
research are very subjective. This causes the method to limit the reliability
of the research results
4.3. Data collection tool:
The tool to collect information of qualitative research is to interview samples
using open-ended questions related to the problem that the researcher
investigated and prepared by them.
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For example, you will interview about 10 students with questions like "Do you find it
difficult to acquire knowledge about this subject?" "Do you have a habit of reading or
not?" "What will you do to improve your learning?"
Based on the information you have gathered, you will be able to ask follow-up
questions to clarify the topic.
 Through analysis of qualitative research and quantitative research, we can
see a difference. The first is for purpose, qualitative data gain a deeper
understanding of the topic while the quantitative study quantifies the data and
broadens the survey results for the whole. The second is about samples,
usually qualitative data will have small and unrepresentative samples and
qualitative research will have large and highly representative samples. The third
is about data collection. In qualitative research, researchers play a key role in
data collection in the field, in addition, quantitative data has a wide research
source with structured and detailed questionnaires. In the end about data
analysis, qualitative research is not statistical and quantitative research is
statistically in the form of measurements, the information to be studied will be
quantified and measured.
Applying to the talent management research project in all age groups, we
should apply both methods to achieve maximum efficiency in terms of accuracy
and information extraction in more detail. Start with a survey to find general
trends, then interviews to dig deeper into what you need to clarify behind the
general trend.
VII. Conclusion:
Talent management of all ages is a very important issue. We must know how to
balance and unite the age groups to form the strengths to help the company grow
sustainably. Understanding the importance will increase efficiency and minimize the
disadvantage of age diversification within the company.
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