Managing Successful Business Assignment

Added on - 06 Jun 2020

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MANAGINGSUCCESSFULBUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Aim and objectives..........................................................................................................1P2. Project management plan.................................................................................................2P3 Produce work break-down structure and Gantt chart........................................................4TASK 2............................................................................................................................................6P4 Carry out research by using proper methodology.............................................................6TASK 3..........................................................................................................................................11P5 Interpretation and evaluate data analysis........................................................................11P6 Recommendations on findings........................................................................................18TASK 4..........................................................................................................................................19P7 Reflection on the research...............................................................................................19CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONThe growth and success of every business entity rely upon its managers. Effectivemanagement is liable to take important business decisions and ensure firm's vitality in the targetmarket. Along with this, it is responsibility of employers to develop strategies and policies inorder to achieve goals and objectives. They also prevent business from anticipating threats andchallenges. Due to modernisation, it is essential for managers to transformed their businessoperations with the assistance of modernisation; it would helpful in smoothly running of abusiness organisation (Baines, Lightfoot and Smart, 2011). By using new technologies, managerscan save the past data and information in order to take necessary future decisions. Rolex is thechosen organisation in this present report which is luxury watch company. The firm manages itsall functions directly through internet. Apart from this, the report will be describe aims andobjective of digitalisation in terms of business expansion. It will also discuss required tools forthe completion of a project. A research is conducted through primary and secondary data in orderto gather adequate information about project. On the basis of this analysis, certainrecommendations will be provided for successful completion of a project.TASK 1P1. Aim and objectivesIn this ever changing environment, it is essential for managers to make certain technicalchanges for effective completion of business operations. For example: managers need to adoptcommunication techniques so that employees can easily interact with higher authorities.Digitalisation also helps in business advancement and growth in the global environment. Inmodern market, it is known as revolutionary technique which reduces the use of traditionalmethods as per passing days. Technological advancement also put a huge impact on the workingactivities it also includes proper administration of working operations (Brynjolfsson andMcAfee, 2012). With the assistance of cloud technology, process of transferring files and datafrom one to another has become easier. Furthermore, digitalisation also provides an opportunityto business with which it can easily reach to a wide range of customers in a certain period oftime. With this, business activities will be enhanced and Rolex can improve its profitability andsales. For this purpose, proper amount of fund is needed that helps a business to expand itsmarket share and area.1
However, it also provide a platform to managers where they can communicate with targetas well as potential customers of the firm. A firm’s growth and success always depend on thenumber of its customers. By using social media channels and various web portals, businessowners can recognise the current market trends and try to fulfil them in the best possible manner.It also supports business units and connects them with various software and applications.Therefore, data can be secured in a proper manner. Watches of Rolex are produced through aneffective production process, in this, managers also usage imperative raw materials. If businessentities adopt new and innovative tools; then it would help them to achieve their goals andobjectives in specific time period (Cavalcante, Kesting and Ulhøi, 2011). Effective productionmethods also improve the efficiency and capabilities of employees as they can become moreproductive as well as efficient towards work.Apart from this, the firm is also using social media channels and mobile technology to getconnected with customers at international level. While starting any project, managers need to setcertain aim and objectives as per the requirements; it would assists all project activities and givesstrengthen to them(The Impact of Digitization on Business Strategy, 2017).Aim:“To implement digital technology within business organisation for transforming operationsand practices” - A case study on RolexResearch objectives:To determine the impact of digitalisation within a firmTo recognise the requirement of business transformationTo evaluate the effectiveness of modern technology in order to improve businessactivitiesResearch questions:How to regulate digital technology within business?Is it compulsory to improve business operations?How digitalisation put an impact on transforming business?P2. Project management planWhile developing any project, managers need to prepare an effective plan in which allactivities are involved. They also have to set a time framework for all tasks on the basis of theirpriorities. It would be helpful for a company in order to make successful completion of a projectand achieve market growth for longer term period. In this perspective, certain aspects must be2
included i.e. cost, quality, risk and scope. If Rolex wants to extend its business, then it needs toprovide online services in the market. For this purpose, managers need to show concern for allthese elements which are discussed as under: -Scope of the project– Firstly, managers have to find out the scope of project. In thiscontext, they need to plan as well as have blueprint of working which are involved in theproject management plan. Scope of project should always be high which enablesattractive business opportunities in order to improve the market share of company(Colombo, Croce and Grilli, 2013). Project is capable to maximise firm's sales andprofitability in a certain time period. With this tool, business operations would spread inall over the world and deal with online sector.Risk management– Analysing future risks and uncertainties is one of the important tasksof managers because growth and success of a project always depend on externalenvironment. In global atmosphere, there are so many factors which can affect businessgrowth, therefore employers must to have analyse them. Along with this, they also needto develop proper strategies and policies in order to reduce future risks.Quality control– Quality is the major factor on which a firm is required to work more.Management of Rolex has to emphasis on providing qualitative and value added productsin order to attain and retain customers for long term period. This aspect is reallybeneficial for firm to improvise its sales and profits.Cost– A product's cost should always be on or average. In other words, it cannot onfinancial position of the company (Fitzgerald, M. and et. al., 2014). For maintaining,existing financial performance, project managers need to prepare a budget in whichamount is decided for every activity.Time– Project implementation should be made for a specific time period. There are lotsof risks and other problems in long term business projects. Apart from this, time factor ishelpful in order to attain better future outcomes.Communication– There is an effective communication between all levels at workplacethrough which every information can be shared in a proper manner. Free flow ofcommunication will also help in the decision making process of Rolex.Afterwards, for preparing a project management, these steps have to followed: -3
Project statement– A project statement have to be very clear and concise. It also shouldbe enable to keep all data and information regrading project. In project management planof Rolex, the firm is emphasising on covering high market share through online services.SMART goals and objectives have to be designed accordingly.Project strategy –In order to bring project at marketplace, companies need to prepare anadequate market strategy. For example- Rolex is reviewing existing products and servicesin order to determine the gaps that buyers will be feel while launching moderntechnology (Haight, Quan-Haase and Corbett, 2014).Project objectives and scope management– The main objective of the project is to gainhigh competitive market through mobilisation of new techniques and innovation. Apartfrom this, before implementing any project managers need to identify whether or notproject will be succeed at marketplace.Success criteria– In this modern era, the chances of successful of the project are highbecause now customers also wants something innovative and unique which can givesthem maximum level of satisfaction.Assumptions– At last, it as assumed that production would not be maximised cause thefirm will try to achieve optimal utilisation of available resources. Apart from this, Rolexhas hired some software engineers who will gives supports to its all functions.P3 Produce work break-down structure and Gantt chartGantt chart –Generally, it is used in project management process in order to showingactivities or tasks with its timing schedule. In addition, these charts are produced so as todetermine time for activity or task which is involved in project management plan. Gantt chartsare easy to created, upgraded as well as they also can be printed very easily. Apart from this, it isessential for managers to keep project schedule in order to increase the effectiveness of project.Gantt charts are created on graph papers in proper manner. Along with this, it is helpful indelegation of authorities or roles within staff members as per their capabilities and skills (Laudonand Laudon, 2015). With this assistance, Gantt charts gives strengthen to the projectmanagement plan of Rolex, managers are able to get detailed information about specific topics.Important sections are classified into sub-parts, hence team leaders are decided to divide thesesections into their subordinates. Therefore, work can be completed before its given timing4
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