Foundations of Business Management

This document provides an overview of the foundations of business management, including the importance of communication and collaboration. It discusses the use of the Weighted Score Card Model to evaluate business options. The document also includes a reflection on the learning experience and the development of skills in business management.

Foundations of Business
Management

Table of Contents
PART 1............................................................................................................................................1
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................1
CONCLUSION ...............................................................................................................................4
PART 2............................................................................................................................................5
REFLECTION.................................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCE...................................................................................................................................8

PART 1
EXECUTIVE SUMMARY
Business management refers to planning, organizing as well as analysing business
different kinds of operations in business. It plays an essential role in developing organisational
activities such as human resource and finance. However, it improves the production and
organize resources to accomplish business objectives. This is the process which boost morale and
assist coordination in order to achieve the targeted goals. Luton Town Residences is considered
in this report which focus on communication and collaboration changes in the company. It is
summarised that communication is important to share relevant information with employees and
customers which give assistance to build strong relationship with workers in order to improve
efficiency in workplace. On the other hand, collaboration gives individuals to work cooperatively
towards a common goals to maximize satisfaction of employees.
INTRODUCTION
Business management is defined as managing, coordinating and organising business
operations through planning. Manager is responsible to supervise and direct to perform their
tasks effectively (Abbaszadeh and et.al., 2019). This is a continuous process as it need to
overcome with solutions on ongoing basis. Management take decisions regarding the
implementation of plans and activities for the purpose to attain business objectives and goals.
This report includes Luton Town Residences. This is a part of Anacreonte group which is
operating by family members. This is situated in United Kingdom. This focus to implement the
collaboration and communication changes in the selected company. This report covers reasons
related to solve the business problems, business options using Weighted Score Card Model to
conclude business options, expected benefits which involves quantitative as well as qualitative,
dis-benefits, timescales, maintenance costs and projects costs.
Reasons:
In business of Luton Town Residences, there is many issues due to communication such
as employees behaviour, skills, cultural differences, outdated technologies, improper
communication tools which decrease the productivity and performance in workplace (Filser and
et.al., 2021). On the other side, there is various challenges in collaboration regarding limited time
to interact with each other and not having proper planning which affect the organisational
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objectives and goals. In Luton town Residences business problems arises in communication and
collaboration which arise due to various challenges when there is lack of workers engagement,
feedbacks and irregular transmission of messages. Luton Town Residence is a located in Luton
town centre, London which is situated near all the amenities. This case study mainly focus on
communication and collaboration. Good communication and collaboration is essential for the
foundation of business management. There are many ways to solve communication as well as
collaboration problems which is explained below:
To overcome with this issue management of Luton Town Residences clearly defines the
objectives along with the vision towards goals, using accurate communication tools in workplace
such as feedbacks, emails and social messages. This is method which is two way process which
helps them to solve queries and communicate their strategy to employees in order to increase
profitability and performance (Jena, 2020).
Collaboration is essential in workplace is indication of effective team among the
individuals. In this process, problem solving, improve the knowledge and skills of peoples is best
to build strong relationship with team members in order to enhance them.
Business options:
Business options is the form to develop the performance and growth of company to earn
more money. Weighted score card is defined as average of set of grades which gives various
amount of importance. This is used to rank the plans of business as well as members is focusing
on the methods take decisions regarding the products features and plans. Using weighted score
model, company is evaluating different options to present the business options which is
mentioned below:
STEP 1: List out your options: This is the stage where company get different options to
incorporate in project. However, the options involves characteristics, software and recruit
applicants for project. This is used to evaluate the how the raw material and resources will be
used in products, different advance technologies as well as software to improve the performance
and productivity in order to compete with competitors. Therefore with the help of technologies
they can communicate their ideas and opinions to employees which help them to build strong
bond with them (Machado and Davim, 2019).
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STEP 2: Brainstorm your criteria: The criteria which affect the weight to accomplish
business objectives and goals. Therefore, it includes various criteria such as cost, risk, quality,
time and efforts which is useful for each initiatives in project.
STEP 3: Assign weight values to your criteria: In this type, each criteria scores different
in order to see which factors have to improve efficiently. However, it is evaluated in the form of
percentage to allocate values. Thus, they can choose which options will be best to proceed
(Marchiori and Mendes, 2020).
STEP 4: Create your weighted scoring chart: Return on investment is weighted as .10,
cost as .10, efforts as .15, risk as .10, time will be taken to accomplish the business option is .10.
Therefore, these scores impacts the business options to choose. Enterprise predicts which option
will be appropriate to succeed in business environment.
From the above analysis, it is analysed that Luton Town Residences has make strategy to
innovate new more services to give customer satisfaction in which they have to acquire more
candidates to accomplish tasks in a defined manner. Thus, it helps to collaborate and
communicate with them. The criteria selected by Luton Town Residences is cost, time, risk,
quality, return on investment by which they know which option will be suitable to earn more
money. By this criteria management of Luton Town Residences assign scores and create
weighted scoring chart.
Expected benefits
Business options which is taken by Luton Town Residences is beneficial in both
communication as well as collaboration because communication is the way by which they easily
communicate the implementation and options such as product features and software they have to
accomplish. In addition to this, enterprise they score the each criteria in qualitative as well as
quantitative which benefits entity to choose the right and appropriate options.
Expected dis-benefits:
This model eliminate the qualitative aspects. Weighted scoring model don not represent
the utility with a project and it not indicate the project supported or not. In projects there are
many criteria to evaluate.
Timescale
It is defined as the scale which is to measure the length of time to develop an event. There are
two timescale which is discussed below:
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Project timescale: It refers to list of activities which is placed in sequential order. Thus, it
helps manager to look entire project in one place. This is the timeline which is view in horizontal
bar chart where every activities has give title and date. The project timescale is important to
improve communication to accomplish the project which assist manager to capture on that area
to develop the ability and knowledge which lead to build perfect timeline (Popkova, 2018).
Costs
Cost is defined as the sum of money which is exhausted on the business operations and
innovation of products and services. The types of costs is mentioned below:
Project costs: It signifies the costs which is require in performing the project tasks which
is evaluated to complete the project. This costs is important because it ascertain the total amount
needed for each and every activities in the project (Schneckenberg, Velamuri and Comberg,
2019). This costs helps management to run business smoothly. Project costs will benefits over
the timescale by estimating the time need to determine the time.
Ongoing operations and maintenance costs: It is defined as the expenditure incurred in
the project such as in repairs, insurance, overheads which occurred in projects. This states that
the amount of operating and maintenance costs of every components. Luton Town Residences
use this costs to minimize the production costs and improves the quality control (Turner and
Gianiodis, 2018).
CONCLUSION
From the above analysis it is concluded that business management is important to
develop the skills and knowledge for the growth of business opportunities which help them
increase profitability and production. In Luton Town Residences, there are many problems in
communication and collaboration. However to solve this issues management has take effective
communication tool to build strong relationship with employees to perform tasks and activities
efficiently and effectively. Weighted Score card model is used to present the business options by
which selected organisation measure the scores to select the appropriate options. Two costs are
taken which include project cost and ongoing operations & maintenance costs along with the
benefits of timescales.
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PART 2
REFLECTION
Reflection is defined as the attitudes, ideas and behaviours of person which give time to
think yourself, opinions as it inspire to give experiences of yourself. This is my reflection that is
based on my learning experience. Reflection is based on ideas, thoughts and experience on the
basis of work which is done by me on my project. It is important for self awareness which allows
focus on emotions, feeling and experiences. Therefore, this helps to pay attention on your own
decisions to evaluate the strength and weakness which occurs in assignment. Thus, this is
analysed the refection I have used Gibbs Reflective cycle which is explained below:
While studying my course which is related to business management. In this course my
tutor has given project which is related to business. Description is the first stage in which I
received a assignment from my tutor that could help to develop my skills and abilities. This
project was important for me which is assigned by my tutor to complete the task on time. In
relation to this assignment, I have find out many material related to that which is assigned to me.
I think to perform this project before deadline because it is the first assignment which is given to
me. Feelings is the second stage which I have experienced from my project that I faced many
challenges as it was my first project related to business. There is difficulties to initiate the topic
because I felt nervous as I have not done any project related to this topic. I have to gather lots of
information in this assignment which is critical for me to do this. But this help me to develop my
skills and ability which is best opportunities for my career. This gives me more opportunities for
doing further assignment of my courses as it develops the communications and learning skills
during my project.
Evaluation is the third stage in which I evaluated that there are many skills that are weak
for this project such as communication skills. However communication skills which includes
both verbal and written which was important to represent yourself as well as to represent the
presentation which was give by tutor. On the other hand, there was one bad experience was
problem solving skills which includes analysis, creativity, decision making along with the
research that was essential for overcoming with the solution of the issues as well as conflict in
the workplace as it important in submission of assignment. To improve this I read more books
and subjects due to which it assist and motivate to do my work.
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The forth step of this is analysis I analysed that I have experienced that good skills to
complete this project on time which is Information communication technology to use Microsoft
office programs during the projects that is helpful to present the project in power point. On the
other side, team work in project was useful as it divides the work among the team members to
finish the assignment on time. The ICT skills as well as working with team helps me in future
career to attain the goals and business objectives. This unit gives me knowledge about the
business projects as well as to handle the situations in workplace. In teamwork all divide their
topics to know the project thoroughly. I divided my work to the team members based on their
skills and abilities which they are perfect and talented in their topics as it was beneficial for me
to complete my project successfully.
Conclusion is the fifth stage which conclude that it I improved my skills that was
insufficient to conduct my assignment which is improve my taking with friends and collogues
and solve their issues related to their situations which help me for the project as well as in future
career. To improve my communication skills I have take time to connect and talking with people
and interact with them which help me to improve my ability to create my presentation
successfully and completely. On the other side, I improved my problem solving skills by
focusing on solving and defining problems and to be active listener to solve queries related to the
situations. I started my project with the help of gathering information, team work and day to day
activities which lead to successful project in effective manner. As I analysed that my team work
is very good to handle the project as it help with me to complete the task accordingly.
Action plan is the last stage which I boost my skills such as communication along with
problem solving skills which gives me beneficial for acquiring knowledge to complete
successfully. By this way I am eligible for doing any assignment related to business projects
which is beneficial for me in upcoming future assignment. This skills gave me additional things
to do in my another courses as it provide me to develop ability and handle the situations. It is
beneficial for me for the business opportunities as well as to get employment in future. In this
way I completed my project before deadline.
CONCLUSION
From the above analysis it is concluded that Gibbs reflective cycle is important for
learning from experiences which help to set up rules and principles as it give better job in future.
This allow person to learn and implement the changes from the things. I experienced that the
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challenges which occur in my project was helpful for developing my skills and ability in my
courses and in my career. Team work is helpful for me to complete my project before the
submission date. In project the insufficient skills was communication as well as problem solving
skills whereas for assignment my strength was ICT along with working with others as it give me
motivation and inspiration to perform my work.
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REFERENCE
Books and Journal
Abbaszadeh, H. and et.al., 2019. Branding to create consumer value in the Iranian banking
system. Consumer Behavior Studies Journal. 6(1). pp.193-211.
Filser, M. and et.al., 2021. Business model innovation: Identifying foundations and trajectories.
Business Strategy and the Environment. 30(2). pp.891-907.
Jena, R. K., 2020. Measuring the impact of business management Student's attitude towards
entrepreneurship education on entrepreneurial intention: A case study. Computers in
Human Behavior. 107. p.106275.
Machado, C. and Davim, J. P. eds., 2019. Management Science: Foundations and Innovations.
Springer.
Marchiori, D. and Mendes, L., 2020. Knowledge management and total quality management:
foundations, intellectual structures, insights regarding evolution of the literature. Total
Quality Management & Business Excellence. 31(9-10). pp.1135-1169.
Popkova, E. G. ed., 2018. Economic and legal foundations of modern Russian society: A new
institutional theory. IAP.
Schneckenberg, D., Velamuri, V. and Comberg, C., 2019. The design logic of new business
models: unveiling cognitive foundations of managerial reasoning. European
Management Review. 16(2). pp.427-447.
Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial
education outside of the business school. Journal of Small Business Management. 56(1).
pp.131-149.
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