MNG92100: Strategic Asset Management - Reflective Journal Part A

Past papers and solved assignments for students. This reflective journal details experiences in strategic asset management workshops.

MNG92100- STRATEGIC ASSET
MANAGEMENT - ASSIGNMENT -2 -
REFLECTIVE JOURNAL - PART A
Student Name:
Student Number:
Campus:
Assessment Title:
Name of Tutor:
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Table of Contents
Introduction......................................................................................................................................3
Workshop 1......................................................................................................................................4
Experience 1 (Strategy)................................................................................................................4
Experience 2 (Asset Management strategy).................................................................................4
Workshop 2......................................................................................................................................5
Experience 1 (Asset Management Decision Theory)..................................................................5
Experience 2 (MIT Fishbanks Simulation Revisited)..................................................................5
Conclusion.......................................................................................................................................6
References........................................................................................................................................7
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Introduction
In this report, I, share my different experience in two workshops in regards that assist me in
gaining real-life experience which play an important role in my whole life. The undermentioned
experience helps out in enhancing my decision-making skills. The below workshop experiences
enhance my overall skills and lead me towards personal growth and development.
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Workshop 1
Experience 1 (Strategy)
I choose this model as it is an important topic for every business to become successful by
generating desired patterns for the process of making the decisions. According to the author
Adegoke (2013, p.18), this strategy helps me out to communicate and generate an effective
pattern for the decision making process. For the achievement of the personal as well as business
goals, it helps me out to frame different plans accordingly by efficient utilization and allocation
of resources. This topic is turning out to be more fascinating when it is explained with the help
of a case study of Southwest Airlines’ strategy. Further in my business also it helps me out to
attract the customers by offering them the discount schemes so as to successfully compete with
my competitors dealing in the same business. There are several issues that can be faced by the
business and at the same time can be resolved with the successful implementation of the
strategies such as the recruitment of employees and raise finance for the business.
Experience 2 (Asset Management strategy)
My second experience in the workshop is on the topic that I choose is about the strategic asset
management strategy. I chose this topic as it helps me out in guiding all the asset management
activities of the businesses. According to the author Snider (2016, p.48), this strategy is helpful
to resolve the long term issues of the business. It is an interesting topic as it provides detailed
learning in ways of managing the risk with proper allocation of capital. As it assists in resolving
various business issues like the management of the organization, management of the capacity for
making an investment, management of the production, reliability management, and change
management. The asset management strategy is implemented by following its several stages. For
instance, if the business faces difficulty in managing changes than this strategy assists in
improving the profitability and productivity of the business by optimum utilization of resources.
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Workshop 2
Experience 1 (Asset Management Decision Theory)
I choose this topic as it is the most in the interesting and important topic that each and every
person faces at some point in time. Decision-making process plays an imperative and significant
role in making decisions by evaluating various available alternatives. As per the authors Van
Riel (2015, p.10) this theory assists in making effective and efficient decisions for achieving
business goals. In business, the process of making decisions plays an important role in business
growth development. The business manager has to formulate decisions while selecting the
employees. This theory assists the managers to formulate the important decision such as
financing the business activities, managing and recruiting the employees and achieving the
business targets and objectives. In regards to my personal life for taking important decisions that
I had taken is related to my studies for enhancing my career. During this, I also learn about the
decision tree that supports me in making decisions. As I learned with this that I learned to reduce
the uncertainty and also help the managers to avoid loss while incurring the courses of action. It
supports the business to take a strategic decision for managing the business functions. With the
help of this workshop, it supports me in taking decisions by adopting the knowledge of both the
real and finance option.
Experience 2 (MIT Fishbanks Simulation Revisited)
The next topic that I choose is MIT Fish banks Simulation Revisited is the process of learning
that supports the individual to learn as quick as possible as per the given situations. I choose this
topic as it supports in making the sound business strategy and management of the assets of the
company. This process supports resolving the problems with effective and efficient methods of
learning. As per the authors, Ruiz-Pérez (2011, p. 585) model assists the process of learning
through experience as this process supports in channelizing the effective communication in the
business organizations. While the learning process the active experimentation assists me the way
to increase the net worth by effectively analyze the opportunities in the business. I enjoy this
process learning while playing the game and it also gives me the chance to improve my result.
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Conclusion
With the above workshop experiences, it concludes and deals with my personal experiences that
I had attended during the workshops. With the help of the decision making, theory and strategy
formulation are the major experiences that provide me the opportunity to enhance my learning.
The above learning assists me in providing learning and formulating decision in various spheres
of life.
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References
 Adegoke, Y., 2013,‘STRATEGY’, Billboard, 125(48), p.18.
 Ruiz-Pérez et al., 2011,’ An institutional analysis of the sustainability of fisheries:
Insights from FishBanks simulation game’, Ocean and Coastal Management, 54(8),
pp.585–592.
 Snider, B., 2016,’Failure prevention--The ultimate asset management
strategy’, Hydrocarbon Processing, pp.47–52.
 Van Riel, W. et al., 2015,’Decision-making for sewer asset management: Theory and
practice’, Urban Water Journal, 13(1), pp.1–12.
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