Engineering Management : Assignment

   

Added on  2021-04-17

11 Pages2491 Words37 Views
Running head: ENGINEERING MANAGEMENT 1Engineering ManagementStudent NameInstitution
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ENGINEERING MANAGEMENT 2Table of ContentsIntroduction.................................................................................................................................................2Business description....................................................................................................................................31.Business description........................................................................................................................32.Business model canvas of Element Engineering Australia..............................................................32.1 Key partners, key activities, value proportion and audience segment............................................42.2 Resource and channel of distribution.............................................................................................52.3 Cost and revenue...........................................................................................................................53.The relationship between nine blocks..............................................................................................64.Success factors for Element Engineering Australia.........................................................................65.Downside Risk.................................................................................................................................76.Changes I would make to the business model..................................................................................8Conclusion...................................................................................................................................................9Reference...................................................................................................................................................10IntroductionEngineering management is an important aspect of company operations that help managevarious engineering and construction services. As Chesbrough and Rosenbloom (2002) indicate,business models contribute to the success of the business or failure of the business. One exampleof a business that largely depends on a diverse business model is Element Engineering Australia.The company has been a key player in mechanical engineering and industrial management
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ENGINEERING MANAGEMENT 3services. The following paper explores business model as applied in engineering management ofElement Engineering Australia. Business description 1.Business descriptionElement Engineering Australia is a company that designs, analyses and certification of acurrent design, mechanical and production of a prototypes for customers in Australia andinternationally. Element Engineering Australia operates in the industrial sector, particularlymechanical engineering and management services. The market where Element EngineeringAustralia is a key player formally includes Australian and New Zealand industrial or engineeringmarket but currently Asia-Pacific region and South America (Element Engineering Australia,2018). The market for Element Engineering Australia has been of both industrial andmechanical engineering management services sector. Through its mechanical services, ElementEngineering Australia provides mechanical design services that also comprise of designing,building and maintaining these assets. Some of the products and services include mechanicaldesigning services, wheel chock, marketing of designs, tyre inspection stand, mechanicalanalysis, rim component stand, tyre assembly standand certification of a current design(ElementEngineering Australia, 2018).2.Business model canvas of Element Engineering AustraliaElement Engineering Australia has an interesting business model that basically consistsof servitization of products business model. The business model mainly consist of converting
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ENGINEERING MANAGEMENT 4products into services that is evidence by wheel chock that is product yet offered as service. It isimportant to understand the business model based on the nine building blocks as indicated bybusiness model canvas. In order to understand more about the business model and its buildingblocks each aspect of business are analyzed critically. 2.1 Key partners, key activities, value proportion and audience segment Firstly, Element Engineering Australia key partners include local or indigenouscommunities, industrial key players, government agencies, and suppliers. The desire forpartnership and collaborations is the key drive that glues together the company with its partners.For instance, the desire diligently serve local community is creating job opportunities for localcommunities. Secondly, the company has variety of key activities that forms its value proportionand some of these key activities include designing of structures, civil constructions, provision ofstructural maintenance, and delivery of certification of a current design services, providesoutsourced facility services, and provision of mechanical services (Osterwalder, 2004). ElementEngineering Australia value most of its activities as nearly all the activities contribute to thebusiness revenue stream. Thirdly, the value proportion of the company is based on inclusivityand support for indigenous communities living in Australia through development andsustainability. The company creates employment opportunities for local community andprocurement of local goods and services. Moreover, through projects within the localcommunities, the company stresses on the need to incorporate local community in the company’sbusiness model. Fourthly, the company business model offers a unique audience relationship thatis fostered by their philosophy for customer satisfaction (Element Engineering Australia, 2018).Integration of audience expectation into the business model is key for success of the businessespecially those indigenous communities which is key goal of the business. Finally, the audient
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