Assignment Sample on BUSI1602 Global Business and Sustainability
Introduction
The report reveals my experience with a business simulation project with four other teammates. I was responsible for overseeing the agency’s numerous activities. I made significant judgments that were crucial for the economy’s progress. This report has provided me with an excellent learning opportunity. I was able to comprehend the company’s various activities. The conversation gets hampered by relationship dynamics. “The process of outwardly evaluating and studying a topic of concern, generated by an event, which produces and illuminates significance in daily life communication and resulting in a transformed design perspective,” according to Boyd and Fales. In this paper, we’ve focused on two main sorts of reflection: relational characteristics and squad member achievement. The team’s main goal seems to be to allocate responsibilities and design a suitable plan to accomplish the organization’s strategic goals.
Simulation Game Play
KPI is a performance indicator that will assist the organization in effectively achieving its objectives. KPIs are used at differing stages within the firm to assess performance after achieving goals (Ante et al. 2018). Elevated KPIs focus on overall firm performance, while limited KPIs focus on specific departments such as sales, management, HR, as well as client service. KPIs help in deciding the conceptual, budgetary, and operational accomplishments of a corporation. The various forms of Key Performance Measures are as follows:
- Financial Metric
- Customer Metrics
3. Process Performance Metrics
We have primarily concentrated on analyzing customer and procedure evaluation methods in this professional networking software program. Every KPI has a metric attached to it. It requires a well-defined data source (Dawdy et al. 2020). The chosen KPI will be linked to the economic goal. Client metrics will aid this organization in keeping track of its customers frequently. Client satisfaction and devotion evaluation would be among the aspects involved. It aids in the correlation of the gross revenue development and increases the profit margin (Domínguez et al. 2019). Consumer KPIs are primarily concerned with efficiency, corporate reputation, and customer support. Assessment results are used to track and measure how well a company’s operations are running.
My job was to help the company create a consistent user experience. I was in charge of overseeing the company’s many sections in order to boost productivity and streamline the operations of the company. In Australia, it was noticed that the demand for cell phones was expanding.
Figure 1: Key Performance Indicators
(Source: https://www.activegarage.net)
Human Resource management has proposed the hiring of fifteen security researchers and the procurement of equipment and materials (Gabriel et al. 2021). The team needs to work mostly on advertising strategy and execute solutions in relation to it. We must also undertake decisions in order to suit the needs of our clients. On a regular basis, I examine and inform the management team of the projected outcomes. My job was to keep the company’s specific goals up to date. This has drawn a large number of customers. I had decided to raise the bonus and compensation so that staff could contribute their full capacity to the corporate experiment. My main responsibility was to learn about the company’s goals and formulate plans for accomplishing them (Habibi et al. 2019).In a company, the hiring procedure is a difficult endeavor. For our organization, the greatest talent was required to meet the targets on time. The methodical technique is taken to recruit the best personnel for the firm, from the filtering of suitable applicants through numerous job websites to the interviewing procedure. There were a few data transmission hurdles in the organization, but they were eventually resolved as the team members grasped the project goal. The next duty was to assess each participant’s effectiveness. Everyone’s eyes were opened by the encounters they obtained (Ibatova et al. 2018). I could see how important it was for the team dynamics to operate together. Every group member should have been aware of the company’s values and culture, and they must act appropriately. In the future, I could make good decisions to help the organization meet its goals more quickly. An HR owner’s role is critical in bridging the gap between staff and managers. The HR agency’s decisions are critical to the growth of a firm.
Teamwork Dynamics
For company development, team cohesion is critical. The organization will not be able to fully use the potential of its employees unless they have positive team chemistry. A team that has favourable organizational interactions will develop trust among its members. A successful and cooperative team will have favourable organizational relations (Li et al. 2017). It fosters crew members’ common agreement and identity action. A team featuring bad group interaction is prone to failures and provides unfavourable results.
A functional team would be made up of numerous deputies who will be in charge of various departmental functions. Our organization also has distinct cognitive teams, such as administration, branding, management, and human resources. These sections may have various roles, but they all work together to accomplish the institution’s common goal. A good dynamic is important because it can influence things like innovation, performance, and efficiency. It will produce greater results and deliver happiness for clients. This is essential for any business firm.
Figure 2: Poor Team Dynamics
(Source: https://www.synergita.net)
Cross-functional teams comprise professionals from different departments and work in a cooperative manner to meet the objectives of the company. They are experts in their respective fields and they do not need any advice from their seniors for accomplishing the task (Scopetti et al. 2021). They are very efficient in handling their tasks. The company has decided to manufacture Smartphones with the latest technology at an affordable price. It focuses on giving reliable and developing trust with the customers. Time management is an important process for utilizing the key aspects of business operations. The company comprises major departments like finance, HR, Marketing, customer support and so on. These departments are allocated with various roles and responsibilities. All these departments have their own roles but they all work together to fulfil the objectives of the company.
Some areas in the project plan needed improvements to bring more efficiency and effectiveness. The decisions taken by each member could have been better to produce the best outcomes. The team should have taken the necessary actions at the beginning of the project (Smith 2020). This could have prevented the significant delay in the stages of the project. The team needs to work mostly on advertising strategy and execute solutions in relation to it. On a regular basis, I examine and inform the management team of the projected outcomes. It has impacted the business operations which develop a negative reputation of the company. In order to meet the challenges, the company must develop strategies to sustain itself in the market. The steps that could be followed to have an effective action plan in the future are
- Identifying broad actions
- Develop effective Strategies
- Eliminate unnecessary process
- Remove harmful actions
The company needs to invest more in research development methods. The team members must be clear about the business operations. The brand promotion could be done with the help of social media. The training program must be arranged for employees. They could suggest innovative ideas for the product. It must be made mandatory that all employees should attend the training programs. This program will help the organization to develop new strategies. Various tools could help employees in mastering new skills. The organization must collect feedback from their customers through the program so they can understand the needs of the customers (Song et al. 2017). We must also undertake decisions in order to suit the needs of our clients. Time management is an important process for utilizing the key aspects of business operations. The unnecessary activities should be removed from the activity list by the employees. The employees could devise strategies that will bring efficiency in the business operations. The task must be scheduled and planned properly at the initiation phase of the project.
Conclusion
This business simulation project has given me the opportunity to understand the various aspects of business processes. The organization has different departments which need to be monitored on a regular basis by the management team. The organization will not be able to utilize the potential of their employees unless they have positive team bonding. They are assigned various tasks that need to be done before the deadline. The key performance indicators metrics will be helpful to the organization and will benefit the management team to track the activities of the business. The departments have their women roles and responsibility but they all work together to achieve the common goal of the organization. It will bring improvements in the company’s sales and profit margin. The customers could provide valuable feedback to the organization. They can develop strategies accordingly which will fulfil the desires of the customers. In the future, the team could make good decisions to help the organization meet its objectives more effectively and efficiently.
Reference List
Journals
Ante, G., Facchini, F., Mossa, G. and Digiesi, S., 2018. Developing a key performance indicators tree for lean and smart production systems. IFAC-PapersOnLine, 51(11), pp.13-18.
Banu, G.S., 2018. Measuring innovation using key performance indicators. Procedia Manufacturing, 22, pp.906-911.
Dawdy, K., McGuffin, M. and Fegan, C., 2020. Understanding team dynamics to promote team building in a radiotherapy department. Journal of Radiotherapy in Practice, pp.1-6.
Domínguez, E., Pérez, B., Rubio, A.L. and Zapata, M.A., 2019. A taxonomy for key performance indicators management. Computer Standards & Interfaces, 64, pp.24-40.
Gabriel, P.M., Smith, K., Mullen-Fortino, M., Ballinghoff, J., Holland, S. and Cacchione, P.Z., 2021. Systematic Debriefing for Critical Events Facilitates Team Dynamics, Education, and Process Improvement. Journal of Nursing Care Quality.
Habibi, M., Kermanshachi, S. and Rouhanizadeh, B., 2019. Identifying and measuring engineering, procurement, and construction (EPC) key performance indicators and management strategies. Infrastructures, 4(2), p.14.
Ibatova, A., Kuzmenko, V. and Klychova, G., 2018. Key performance indicators of management consulting. Management Science Letters, 8(5), pp.475-482.
Li, Y., O’Donnell, J., García-Castro, R. and Vega-Sánchez, S., 2017. Identifying stakeholders and key performance indicators for district and building energy performance analysis. Energy and Buildings, 155, pp.1-15.
Scopetti, M., Padovano, M., Manetti, F., Gatto, V., D’Errico, S., Santurro, A., Frati, P. and Fineschi, V., 2021. Key Performance Indicators in Claims Management: Definition of a set of indicators for the evaluation of the Medico-Legal Activity. Current pharmaceutical biotechnology, 22(15), pp.1971-1984.
Smith, N.L., 2020. The Purposeful Team: Building Positive Team Dynamics through Mindfulness. University of California, San Diego.
Song, H., Ryan, M., Tendulkar, S., Fisher, J., Martin, J., Peters, A.S., Frolkis, J.P., Rosenthal, M.B., Chien, A.T. and Singer, S.J., 2017. Team dynamics, clinical work satisfaction, and patient care coordination between primary care providers: a mixed methods study. Health care management review, 42(1), pp.28-41.
