Business Administration Assignment : Marks and Spencer (M&S)
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Added on 2021-01-01
Business Administration Assignment : Marks and Spencer (M&S)
Added on 2021-01-01
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Business Administration 70
Table of ContentsINTRODUCTION...........................................................................................................................31.1 Importance of defining objectives, scope and success criteria of decisions to be taken.......31.2 Importance of analysing potential impact of decision making.............................................31.3 Importance of obtaining sufficient valid information to enable effective decision making.41.4 Importance of aligning decisions with business objectives, values and policies..................41.5 Explaining validate information used in decision making process.......................................41.6 Explaining address issues that hamper the achievement of targets and quality standards....52.1 Difference in the influence of managers and leaders on their teams....................................52.2 Suitability and impact of different leadership styles in different contexts............................62.3 Theories and models of motivation and their application in the workplace.........................63.1 Manager's responsibilities for planning, coordinating and controlling work........................73.2 Managers ensure that team objectives are met......................................................................73.3 Manager's role contributes to achievement of an organisation’s vision, mission andobjectives ....................................................................................................................................73.4 Analyse theories and models of management......................................................................83.5 Application of management theories guide a manager's actions..........................................83.6 Operational constraints imposed by budgets.........................................................................84.1 Relationship between business objectives and performance measures.................................94.2 Features of a performance measurement system..................................................................94.3 Setting key performance indicators (KPIs)...........................................................................94.4 Tools, processes and timetable for monitoring and reporting on business performance....104.5 Use of management accounts and management information systems in performancemanagement..............................................................................................................................114.6 Distinction between outcomes and outputs.........................................................................11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................13
INTRODUCTIONIt is very necessary for organisation to follow principles of leadership and management.The leadership is the way to lead other for work performance and management is process ofplanning, organising, staffing, directing and controlling entity (Burian and et. al., 2014). Both areimportant functions of organisation to run it successfully. The given assignment is based onMarks and Spencer (M&S) founded in 1884 at London which deals in selling home products,clothing and luxury food items. It has 979 stores in UK including 615 which only sell foodproducts. The report has covers objectives, scope, success criteria, impact, information requiredfor decision making. The leadership style which suits and impacts business along withresponsibilities of manager for team work. It has covered tools, processes and timetable ofperformance measurement system along with key performance indicators.1.1 Importance of defining objectives, scope and success criteria of decisions to be takenBefore taking any decision in organisation, they need to analyse importance of definingobjective, scope and success criteria. Here, Marks and Spencer want to change their traditionaltechnology to new and updated. For taking such big decision they have to analyse variousaspects. The objective set by M&S is to increase sales by 20% in next three years by using newand updated technology. This set objective helps staff about work performance and way ofachieving target. The scope of decision to be taken lies between level, decision makers,consideration and appropriatenesses. M&S need to take strategic decision as new technologyrequires huge investment. The decision maker lies with organisation because such technologywill be use by employees working in organisation. The success criteria of decision to be taken isbased on time period of implementing such technology. It depends upon objective set andwhether decision is taken in favour of organisation (Cheng and et. al., 2012).1.2 Importance of analysing potential impact of decision makingThe importance of analysing potential impact of decision making are based on following:Financial Implications- It is important to analyse about resources and their use. If it isused more then cost can increase and if used less then work cannot be done perfectly (Hechanovaand Cementina-Olpoc, 2013). Here, financial implication should be appropriate for M&S inorder to achieve set goals.
Allocation of Work- M&S should allocate work to employees as per skills andknowledge. In case if not done correctly, then work cannot be performed.Proper Understanding- Being manager of organisation, it is important to understandabout project and task. If it is not clearly mentioned then incorrect decisions can be taken thatleads to loss to M&S.1.3 Importance of obtaining sufficient valid information to enable effective decision makingIt is very important to obtain valid information to enable effective decision making inorganisation. As it assist in avoiding wrong decisions for entity. The valid information takenfrom authenticate sources leads success to organisation (Morden, 2017). Here, Marks andSpencer want to adopt new technology for manufacturing products which leads to increase incost along with profit enhancement. As it also save time of employees which helps in moreproductivity. If enterprise obtain wrong information which is not required to business and itsobjective then loss may occurs. Thus, in order to run business successfully in competitive era, itis necessary to do proper market research so that better decision can be made.1.4 Importance of aligning decisions with business objectives, values and policiesBusiness objectives means outcomes that need to be achieved and business values isdefined as core principles, set standards and conducting activities ethically. It is very importantof aligning decisions with business objectives, values and policies for ensuring that works hasbeen undertaken in order to meet sales, customer requirement and productivity. It is alsonecessary to ensure about tasks are performed in order to meet moral, ethical, financial,reputation of business. The following of rules and procedures set by organisation help managerto ensure work is up to standard.1.5 Explaining validate information used in decision making processThe validate of information used in decision making process based on various factorssuch as:Accuracy- The information should be accurate that is required in organisation. This helpsin making effective decision in organisation without any failure (Parris and Peachey, 2013). Forexample, M&S should depend on new technology for more productivity and produce.
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