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Market demand shows us the behavior of buyers looking to purchase products at the lowest price possible, while market supply illustrates the behavior of sellers trying to maximize profitability in competitive markets. The equilibrium price in competitive markets can be thought of as a compromise point where the quantity demanded equals the quantity supplied. Here, sellers would like to charge more and buyers to pay less, but both sets of parties benefit enough to give them incentives for participating in the market. Equilibrium is not a static point. It changes as the determinants of supply and demand change and is often in the process of change when events cause it to begin changing in other ways. The behavior of markets provides valuable lessons, and paying attention and acting on these successfully help firms succeed in challenging environments.

In the short run, firms in competitive industries can experience profits or losses but tend to earn average rates of return over the long term. These returns are enough to cover their opportunity cost but low enough to keep them competitive with profit-seeking competitors. In the long run, assets are mobile and employed where the returns to them reflect the risks and opportunity costs involved. Firms may seek to establish monopolies in order to generate profits above what would be seen in free markets, but the tendency over time is for competing firms to figure out new ways to compete and drive down prices. The best sources of high returns are uniquely appealing products that are innovative and new that the competition does not have alternatives to – yet.

The overarching goal of strategy is to cut costs, increase price, and maximize performance and profitability. Though it is a simple goal in the reading, firms are doing this function in competitive environments with other firms looking to outperform them in the same quest. Because of this, a firm’s structure and strategies are of crucial importance. In this chapter, we learn about the Five Forces Model. It gives us the tools to assess the attractiveness of different industries and helps us to identify opportunities and strategies in different industries that can be entered or where current performance can be improved.

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Your initial post should be based upon the assigned reading for the week, so the textbook must be the primary source utilized and listed in your reference section (and properly cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion. This means that they support the material from the textbook. Do not use other sources to substitute for or replace the textbook.

Resourcing Projects.

This chapter demonstrates how to schedule resources on projects: determining the need for workers, understanding who is available, and assigning people. All of the techniques of resourcing projects are integrated with the behavioral aspects of how to deal effectively and ethically with the people involved. Resource needs are shown on a Gantt chart developed in Chapter 8, the responsibilities are shown as they change over time, conflicts and overloads are identified, and methods for resolving conflicts are introduced. Alternative approaches for creating and compressing schedules are shown. Many of the techniques in this chapter are also shown with MS Project.

After completing this chapter, each student should be able to perform the following:

Core Objectives:

  1. Show resource assignments on a RACI chart, Gantt chart, and resource histogram.
  2. Develop an effective project schedule, considering resource constraints.
  3. Describe methods of resolving resource overloads.

Behavioral Objectives:

  1. Create a Human Resources Management Plan including role descriptions and staffing management plan.
  2. Assign roles and responsibilities based on strengths.

Technical Objectives:

  1. Compress a project schedule using crashing and fast tracking, and describe the advantages and disadvantages of both.
  2. Compare various alternative scheduling methods.
  3. Using MS Project, assign resources, pinpoint overloads, and describe methods of dealing with them

provide a graduate-level response to each of the following questions:

  1. Describe a potential timing issue that can occur early in a project and a potential timing issue that can occur at the end of a project. How would you address each of these issues in your project?
  2. Compare a project you’ve worked on that was limited mostly by activities with another project you’ve worked on that was limited mostly by resources. Which did you find more challenging? Why?
  3. You are the project manager in charge of construction of a new school building. Give one possible example each of a known known, known unknown, and unknown unknown you might encounter.
  4. Give an example of how a project manager could run into problems with cash flow, even when he is within budget on the overall project.

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Peer Response

This week’s readings present significant concepts on one lesson business, extent decisions, benefits, costs, and decisions to enable better economic management to promote business performance. The powerful concepts learned from chapter two include that voluntary transactions contribute to wealth through moving assets from lower to higher valued concepts.

In the chapter, the article presents the critical relationship between costs, decisions, and benefits. In the business environment, prices are connected to organization decisions that control the organization’s operations and determine the organization’s profits. Costs and findings contribute to various consequences to the business that contributes to the organization’s benefits. Business operation is influenced by different costs, such as fixed costs that do not vary with output. Variable costs shifts as the output changes. Decisions that shifts output will contribute to change in the variable costs. In addition, providing rewards to managers as a result of an increase in economic profit promotes profitability. Also, practical cost analysis enables financial performance and accounting measures that contribute to higher organization benefits.

The next chapter refers to the extent of decisions that involve the implementation of vital choices to promote the organization’s profitability and benefit. The essential types of extent decisions that enable the organization’s success include improving advertisement measures, raising the quality of services, ensuring adequate availability of qualified staff, and increasing after-sales services to customers. Extent decisions are essential in promoting organization performance to enhance more profitability. The high costs to focus on when implementing extent decisions include marginal costs and marginal revenue, which is achieved by selling one more unit. The required method learned from this chapter is implementing marginal costs and marginal revenue in measuring the level of sales (Shorward, 2018). Where the organization is required to sell more when the marginal revenue is higher than marginal costs, the organization should also focus on selling less when marginal revenue is less compared to marginal cost. When marginal revenue is equal to marginal costs promotes maximization of profits.

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In this chapter, we understand how personality matters to organizational behavior. It does not explain all behavior, but it sets the stage. Emerging theory and research reveal how personality matters more in some situations than others. The Big Five has been a particularly important advancement, though the Dark Triad and other traits matter as well. Every trait has advantages and disadvantages for work behavior, and there is no perfect constellation of traits that is ideal in every situation.

Personality can help you understand why people (including yourself!) act, think, and feel the way we do, and the astute manager can put that understanding to use by taking care to place employees in situations that best fit their personality. Understanding personality can also help you understand what strengths you may have (and should strive for) when searching for a job.

Values often underlie and explain attitudes, behaviors, and perceptions. Values tend to vary internationally along dimensions that can predict organizational outcomes; however, an individual may or may not hold values consistent with the values of the national culture.

Learning Objectives:

  1. Describe personality, the way it is measured, and the factors that shape it.
  2. Describe the Myers-Briggs Type Indicator (MBTI) personality framework and the Big Five model,
  3. Discuss how the concepts of core self-evaluation (CSE), self-monitoring, and proactive personality contribute to the understanding of personality.
  4. Describe how the situation affects whether personality predicts behavior.
  5. Contrast terminal and instrumental values.
  6. Describe the differences between person-job fit and person-organization fit.
  7. Identify Hofstede’s five value dimensions and the Global Leadership and Organizational Behavior Effectiveness (GLOBE) framework
  8. Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.Also, provide a graduate-level response to each of the following questions:
    1. Describe the Big Five personality dimension of emotional stability and discuss how it can predict behavior at work.

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Assigned Readings:

Chapter 1. Why Is Marketing Management Important?

Chapter 2. Customer Behavior.

Overview:

This week’s readings provide an understanding of the meaning of the term “marketing”. It will also explain the importance of marketing, as well as, introduce and provide an overview of the marketing management framework. Marketing is defined as an exchange relationship between a firm and its customers wherein the customer wants something from the firm, and the firm wants something from the customer. Marketing can be involved with educating the marketplace. Its importance can be explained through its evolution from the production-focused stage to the sales-oriented stage, and finally, the customer-oriented marketing world. Due to the current customer-oriented environment, firms understand the importance of creating and maintaining relationships with their customers. It will also identify the 5Cs of marketing: customer, company, context, collaborators, and competitors. It then describes the STP (segmentation, targeting, and positioning) framework, followed by an explanation of the 4Ps of marketing [i.e., product, price, place (distribution), and promotion].The explanation of how to identify and describe the three phases of the purchasing process (pre-purchase, purchase, and post-purchase). You will be able to distinguish among the types of purchase for consumers and for businesses (convenience purchases, shopping purchases, and specialty purchases versus straight rebuy, modified rebuy, or a new buy). Students will also understand the role of sensation and perception; learning, memory, and emotions; motivation; and attitudes and decision making in the purchasing process (i.e., consumer behavior), as well as, how culture affects these decisions. From a managerial perspective, the readings will help students to understand how the purchase processes are similar and how the level of consumer involvement depends upon the type of purchase. All five senses of human beings—sight, hearing, touch, smell, and taste—can be used to attract their attention to a particular brand, but the extent to which consumers are attracted also depends on various other factors such as social class, age cohort, gender, ethnicity, and country culture.

  1. Identify and describe the three phases of the purchase process.
  2. The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible. Bullet points should not to be used.

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This weeks reading talks about the decision analysis paradigm and the pairwise scale used for comparison. The decision analysis paradigm basically has 2 models at its core ie the system model and the value model. The system model focuses/ incorporates the criteria or the aspects of environment, uncertainty and input for alternatives which then lead to an outcome of what would work and which of these outcomes are selected is based upon the value model that one chooses which then leads to a preference that the decision maker chooses. The scale used for the pairwise comparison ranges from 0-1 where the definition and the importance for numbers is based not according to the ascendance or descendance of the number but, which is favored ie equal importance, no relationship, importance of one alternative / option to name a few over the other etc.

  1. What experiences have you had with group decision making? What difficulties do you see arising when trying to perform a multiple-criteria analysis with many interested parties involved? How might these difficulties be overcome, or at least mitigated?
    My experiences with group decision making so far have been a mix of both relatively good but for a few exceptions here and there. The best experience was when we all recognized each other’s strength and weaknesses and categorized the tasks accordingly. This was an intra and intercompany project that I was working on.
    MCDA or multiple criteria decision analysis presents an analytical tool to apply to solving problems which are seen as choice(s) between alternative(s). At the core, MCDA allows a complex decision into a task which are easily dividable and present a sense of accountability. Additionally, it lets the decision maker to analyze each task and then integrate, if need be, these tasks into a meaningful and actionable solution. Essentially MCDA could be seen as made up of 5 components ie goal, decision maker(s) with preferences (if any), alternatives, evaluation criteria.
    Let’s take the example of building a pool. Some of the difficulties that I see occurring on a group project doing an analysis with multiple parties involved as the stakeholder are as follows – Inability to come to a consensus about the how the rating of the resources should occur for the following – proximity to other facilities providing pool as a recreational option of recreation, proximity to users, ease of access, environmental impact, compatibility with the surrounding area, future demand to name a few. I believe most or all these problems can be mitigated by using the relative scale of rating. The key here is that the stake boulders should come to a decision about what is the relative importance or priority of the rating that they choose to assign ie high, very high, not important etc. Once this is done, all the stake holders should rate and see the final score of each alternative, based off on which they can discuss and reassign to decide what it is the best way to move forward. (-, -)
  • In conducting a group study using a multiple-criteria method, you reach a point at which two of the participants cannot agree on a particular response. What course of action would you take to placate the parties and avoid further delay?
    While doing the multi-criteria method, if two of the members disagrees on a typical assent or concur on a specific reaction at that point, I believe it would be wise to see which one is ideal ie cost wise and suits the project more while strengthening the outcome of a project which is what is needed. I believe it would work for the best, if there was a neutral party not affiliated or associated with the party so any future conflicts can be successfully resolved without either of the individuals thinking that their option was not regarded due to any favoritism or being partial.
    (Shtub & Rosenwein, 2017)

Bibliography

-. (-, – -). Multi-Criteria Decision Analysis. Retrieved from https://projects.ncsu.edu: https://projects.ncsu.edu/nrli/decision-making/MCD…

Shtub, A., & Rosenwein, M. (2017). Chp 6. Multiple-Criteria Methods for evaluation and group decision making. In &. M. A. Shtub, Project Management : Processes, Methodologies and economics. Pearson.

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RESPOND about the strategy they selected to implement for smoother termination.

Key steps that I found to be most helpful in making the termination process go smoothly were ensuring all supporting documentation is in order, immediately cutting off company property access, and considering a severance agreement.

It is crucial that the employer has supporting documentation on file that justifies termination of the employee. This includes performance reviews and any dated record of corrective action taken. These documents should prove the decision was not subjective or involving any personal feelings from either party. As an HRM professional, I would suggest requiring all leaders and managers to take annual training sessions on employee evaluation and coaching, conflict resolution, and steps to take in corrective action. HR should also ensure the organization has a written policy and procedure on the steps of corrective action such as oral reprimand, written reprimand, suspension, and then termination. Documenting each action taken with reason will also prove the termination is valid and defensible.

Cutting of an employee’s access to company property upon termination is important for the organization and the employee. This protects the company from any potential danger if the former employee seeks out revenge. This also protects the company from any security breach of secured data. A vengeful ex-employee may be inclined to steal important data, so it is best to collect all access cards, keys, and company devices prior to or at termination. My current employer requires us to sign a document acknowledging all the company property (door access cards, computer, take-home laptop, additional take-home monitor, company-issued apparel) that we received when initially hired. Attached to this document is an “exit sheet” that we have to acknowledge once we leave the company for any reason stating we’ve returned all company property and violating this agreement could potentially result in legal action. Once signing this, the former employee is escorted to their vehicle by security personnel.

Lastly, I believe an employer should consider a severance agreement when necessary. This is not always the case for terminations, so it should be on a case-by-case basis. HR should collaborate with the legal representatives of the organization to ensure the severance agreement doesn’t admit to any unfair practices of termination and that the exiting employee will not file a wrongful termination lawsuit against the employer. I’ve experienced this first-hand in college. I worked part-time at a well-known retail department store and was there for over 6 months. The store manager openly communicated to us that our location was scheduled to be closed within a year, so most part-time workers were expecting to be let go. I was called to HR during a shift and advised I would be terminated due to “downsizing by least seniority.” I was very surprised when I was offered a 2 months’ severance package that averaged my normal pay. Although I was part-time, I made decent income. I didn’t hesitate to agree to the severance package and agreed to refrain from filing a lawsuit. I even worked at a different location for this same store chain in another city because of how well they handled that situation. Offering severance pay isn’t always the answer for an employer, but they should consider it, especially if they don’t have documentation disproving wrongful termination.

Reference

Frick, R.E. (2019, August). Decided it’s time to terminate an employee? Now what?Talent Management Excellence Essentials

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#1. How important are a quality culture and a risk culture for effective organization management?

#2. Discuss their relationship between quality management and customer satisfaction

#3. Small to medium businesses are exposed to risks on a daily basis. The impact of these risks could cause a decrease in revenue and/or an increase in expenses. As we all know, every business is subject to risks at any time. The potential losses as a result of unmanaged risks could be catastrophic. Insurance policies can be purchased that can help protect businesses from risks caused by certain events and from risks to their employees’ personal security.

You have been given the task of persuading your business’s board of directors to purchase insurance policies that will help manage the risks mentioned above. The insurance policies have already been chosen, but now you must explain the details of the insurance policies, including the contracts involved in the policies, to the board and convince the board that these policies really will protect the business from risks. In addition, you must describe what the terms in the insurance contracts mean and how they can be applicable to each business area.

In order to this, you will need to create a portfolio document with the following sections::

Define insurance and an insurance policy.

Identify the two basic types of insurance.

Describe how insurance policies can be used to protect the business from risks caused by certain events and from risks to their employees’ personal security while on the job.

Define the four essential elements of a valid insurance contract: offer and acceptance, consideration, legal capacity, and purpose.

Identify the common terms found in insurance contracts that specify exactly what risks an insurer will cover.

Define catastrophe theory and how it differs from risk management principles.

Discuss how catastrophe theory can be utilized by your organizations to manage and recover from risks.

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The plan is to consider Kanban methodology for the SCC problem summarized below and answer the following questions. 

  • Identify the prioritization technique the project manager will use to prioritize work delivered in the process.  Look at options like PV, IRR, NPV, Pay Back Period
  • Identify and describe the optimum organizational structure for your methodology.

Susans Consulting Company (SCC) – Problem Overview

Susans Consulting Company (SCC) has been in business for ten years and has experienced a significant turnover in the project management group, which has prompted senior leadership to investigate. 

A preliminary review by senior leadership has determined that Project Managers are frustrated with the amount of required project management documentation, which has impacted their ability to manage projects successfully. 

A recent review of the project management process has determined that SCC has spent between 30-40% of its total project budget on projects’ overhead costs to include project management costs. A review of industry standards is between 5-15% higher than most companies. In addition, senior leaders found that projects are being delivered between 25% and 50% over budget and late 95% of the time.

Note: Project Management overhead includes the PM’s time managing the project, attending meetings, and developing the required documentation.   

SCC Request:  SCC has reached out to your team because you are experts in defining project management processes and delivering projects on time. The SCC request includes the following:

  • The development of a new project management process which at a minimum should include the following:
    • The ability to track issues, risks, changes
    • The ability to view project activities consists of a view of what has been completed and what activities the team is working on over the next reporting period
    • The company must have a view into total life cycle project costs to include what has been spent to date, baseline budget, any changes to the budget, remaining budget, and cost of the project at completion
  • In addition, to the new process request, SCC has a new project they need to complete by the end of the year with a limited budget and no project management staff.
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