Build Business Practice Assignment

Added on - 28 May 2020

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Running head: BUILDING BUSINESS PRACTICEBuilding Business PracticeName of the studentUniversity nameAuthor’s note
1BUILDING BUSINESS PRACTICEExecutive summaryThe current report focuses upon the aspect of building effective business practice methods. Oneof the most important aspects of business management is teamwork and effective team play. Inlarge as well as small scale organizations people are working as part of teams. There is aconstant exchange of information and knowledge which helps in the achievement of the businessgoals and targets. The business management simulation game refers to engaging in an activitywhich is mainly implemented to generate more curiosity in the learners and develop certainamount of responsibility in them towards managing and handling of a project. It helps in thedevelopment of management skills along with necessary risk management strategies for thesuccess of a business project. The red ocean situations of the market require that excellentmanagerial skills be applied as there is a constant threat from the competitors. Additionally, thetaste of the target customer base is constantly changing.
2BUILDING BUSINESS PRACTICETable of ContentsComponent 1................................................................................................................................3Introduction......................................................................................................................................3Personal reflective statement...........................................................................................................3Component 2................................................................................................................................7360 Degree assessment evaluation..................................................................................................7Key issues of undertaking a team project......................................................................................11Presentation (refer to appendix 1).................................................................................................12Development as team player and team working skills...............................................................13Conclusion.....................................................................................................................................15References......................................................................................................................................16Appendix 1.....................................................................................................................................18
3BUILDING BUSINESS PRACTICEComponent 1IntroductionIn the current business report a particular scenario has been focussed upon as part of abusiness management simulation game. The business simulation is used for providing training tothe management students regarding the business ethics and protocols which are to beimplemented in a particular scenario. The business management simulation game is used forbusiness acumen training and development1. Some of the objectives covered under the trainingprogram are - decision making, strategic thinking, problem solving, financial and marketanalysis, leadership and teamwork. The word simulation can be further referred to as theprocessing and analysis of a problem situation to find out the correct alternative.Personal reflective statementThe skills required for management of the business activities can be divided into anumber of steps and procedures such as evaluation of the information sources, collection andpresentation of the data, balancing of the emotional intelligence while working with others. Oneof the most important aspects of conducting a business project is conducting market analysisabout the different risk factors which might affect the success of the business plan2. Therefore,working as a part of a team in a business management simulation game I need to focus upon the1Loon, M., Evans, J. and Kerridge, C., (2015). Reprint: Learning with a strategic management simulation game: Acase study.The International Journal of Management Education,13(3), pp.371-380.2Kenworthy, J. and Wong, A., (2014). Developing managerial effectiveness: assessing and comparing the impact ofdevelopment programmes using a management simulation or a management game.Developments in BusinessSimulation and Experiential Learning,32.
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