latest blogs of assignment help services

Introduction

In this report they have to discuss some of the important points which will make the business projects easy. In this report They have also discusses what are the important project management processes. Globalization is involving other foreign countries in the business by either hiring people or taking raw materials for the products also discussed what are the factors effecting the project management.To manage a successful business there is need of understanding problems and drawbacks of organization and learn about the scope of business in future about demands of customers in managing the concept of globalization.The importance of Work breakdown structure and Gantt chart to explain the importance of business projects. They are working on London fashion week will be on 16thFebruary to 19th February2019 where they must launch a new product show on a new brand. He is the product manager Fila shoe company.

• Establish your aims and objectives for the project. Outline objectives and timeframes based on the scenario set.

The aim and objective are too mandatory to achieve a goal in a particular project. The project aim and its objective are set up by the project manager; it helps the manager to make a better plan in an easy way to finish the project. A primary goal for the private sector is to earn a profit for their business by fixing goal; some other aims are like to achieve a sustainable position of business in the market. Total expensive to spent on the aim to achieve specific goals. The British fashion brand of London. The Burberry started a project for improvement and maintains improvement in local communities by setting an aim and objective to achieve a clear goal for it. The aim and objective are mentioned below-

Project aim- Fila is planning to launch new summer shoes in the market where there is already influence of other big brands. The aim of the project is to establish new market for their brand new shoes by launching it in London fashion week. This project helps the company to about the attractiveness and advantages among the competitors by gaining the attraction of people through such projects and activities, helping the company to take place globally and increasing its brand value. The company have to set specific goal to launch product by following business strategies and managing successful business projects.

Project Objective- Objective gives a clear direction to follows specific steps for the succession of a project carried out by an organization; an objective for a project is established in various steps for creating a framework for achieving the desired goal of the project. The company has set an objective of the project; the company wants to gain an advantage in competition with other competitors to place the business in a new market. The company must ensure the quality of their project and about the capability of cost for new project and resources which are needed in the project. The company must analysis their project about the advantage of it and involvement of people and their reaction towards it, if there is recommendation for change than company have to implement those changes.

• Produce an appropriate project management plan that includes relevant actions to meet objectives and timeframes.

Management Plan- Project management plan includes strategy, ideas, skills, activities, techniques to meet project objectives. Management Planning is a process (a set of steps and levels which are needed to gain the result of the project) and steps which are useful throughout in the whole project to achieve its output. The main objective of the Management plan is to run the organization in a systematic manner by explaining the project aim, objectives and goals. The following elements are needed for a proper management plan-

•   Costs – Cost is an important element of the project, the approximate cost is required for the project like payment to employees, travelling, Raw materials, administration expensive, organization insurance, communication charges, promotion charges.
•   Scope – Project scope is essential to set the goal of organization project. The project scope includes planning of the project, its future scope the project, and the basic needs of the projects.
•   Time – Time is always an important specification for the business project. Project time includes the total time to complete the project. A Time limit is set for starting of the project and to end of the project to achieve the project goal on time.
•   Quality – Organization must ensure the quality of their project because the project is like be a promotion for business among people and competitors. 
•   Communication – Communication is key to do best for the project. Communicating with the people and stakeholder involvement in the projects ensure the main strategy for the succession of the project.
•   Risk – Every business project has some risks. The organization get advantage from the project but there are also some risks of it due to the failure of a proper management plan, limitation of cost, time, failure of involvement of volunteers and governments.
•   Resources – Resources includes the experienced staff, skilled human power involvement and proper and required investment and the positive attitude of the management in the project.

Business implementation Plan – Business implementation plan is defined as to increase business effectiveness by using some strategy and methods. Breakdown structure and a Gantt chart are explanation methods of working task in management process. Brief explanation of Gantt chart and Breakdown structure is given below-

Breakdown structure – As the name indicates itself to breaking of task in subtasks, so execution process become easy. Breakdown Structure is used by various organizations to carry out their business operations by dividing task segments in groups and subgroups so it became easy to manage. The Break down structure is very important business implementation plan.

The project is launching of a new shoe by Fila shoe company in London fashion week.this event is very crucial as many fashion enthusists will be coming to see what new coming in the fashion sector.

A proper management plan is been made by the upper management of the Fila shoe company to launch the new shoes in the London fashion week and also to make a forum to maintain and take feeds from the old loyal customers of the Fila.

Schedule of project – Schedule of project is brief statement of the tasks and activity of particular project like when task is started and date of completion of task. Schedule of project is also defined as to state duration of completion of task.

Activity Name	Duration	Initial Date	Ending Date
Project Initiation	14 Days	22th December 2019	4th January 2019
Market Investigation	6 Days	22nd December 2018	27th January 2019
Portfolio Assessment	5 Days	27th  January 2019	31st  January 2019
Idea Generation	2 Days	31st  January 2019	1st January 2019
Project Planning	9 Days	2nd  January 2019	10th  January 2019
Product Scheming	3 Days	2nd  January 2019	4th  January 2019
Material Preparation	2 Days	4th  January 2019	5th  January 2019
Budget and Risk Preparation	4 Days	5th January 2019	8th  January 2019
Development	21 Days	9th  January 2019	30th   January 2019
Product Manufacturing	14 Days	9th January 2019	23rd  January 2019
Product Testing	8 Days	23rd  January 2019	30th  January 2019
Project Closure	21 Days	30th   January 2019	20th February 2019
Product Completion	12 Days	30th   January 2019	12th February 2019
Induction of the Project	4 Days	12th February 2019	15th February 2019
London Fashion Week	5 Days	16th February 2019	20th February 2019

The execution plan of the Fila project implies the plan when the scheme will work in actual terms. The execution plan includes the actions and in how much time they will be completed separately. A project management tool named Work Breakdown structure is used for screening the time schedule and ordering of the doings involved in the project of Fila. WBS is a division of the entire project into the units that are not only controllable but also small for easy conclusion. Resulting is the WBS of the project of Fila:

Gantt chart 

When the project schedule activities are represented in systematic and graphical way by giving a clear description of different task performed at which time. To represent activities in Gantt chart, there is need to make a project schedule activity to define activities in clear way. 

The project Management plan is set of instruction or rules (maybe formal approved document) which define executions, monitoring, and controlling of a project from its initiating to its closing in a proper manner to achieve a specific goal. The quality of The project is directly linked to the quality of the project management plan. Milestone schedule in the project management plan indicates towards the responsibility of management, deadlines of the project, real budgets. Milestones help to be on track and complete the given project on time. Milestones table sets management plan for monitoring and completing aim into practical, concrete terms, project deadline and responsibilities in tabular form to help on concentrating management plan. Monitoring and completing the aim and objectives of the project is to monitor the performance of the project about its complexity and approach of the project among the people and competitors. 

• Conduct research to generate knowledge which will form the basis for analysis of the scenario posed in the brief.

Project management process is the collection of some process which is used to managing a project in a systematic manner. Project Management process collections are divided into five groups for understanding the proper concept of the project management process. Five process groups are initiating Process, planning process, executing a process, Monitoring and controlling and closing process.

Figure 1: Detailed Planning

(Source: logical, 2018)

A Small scale research has been conducted by the management of Fila before launching the new shoe launching to take the feedback from the loyal customers of the company.

Research conducted to analyse the kind of customers Fila has which category of shoes are been mostly liked by the customers.

According to this small scale research it was found that most of the customers out of all like the Sneakers category shoes of Fila and they disliking the Sports segment according to research as they are costly and are not very comfortable to wear. A fabric improvement is required in the sports shoe segment.

Questionnaire

1What type of shoes people want to wear? Court T-bar Flat Sling back 2.Organization offer personalized or customized footwear Yes No 3.What are the main factors if you switch to buy the footwear of another brand? Quality Price Innovation  Advertisement Others 4. Have you bought any footwear influenced by any ways of marketing or branding program? Yes No    5.The most appropriate channel for promotion of new shoes.     Television     Social Media     Print media

D)Analyse your findings and conclude and give recommendations:

The Fila shoe company will be going to launch their new sneaker shoes in the February week in London fashion week. A small scale research has been conducted recently to prioritize the categories of the shoes. There are certain finding been made as Sneakers are the most loved Category.

So the research suggests and recommends Fila shoe company to launch a sneaker as in this recession period and low market period a launch of a shoe which is not too famous among fila lovers would be risky.  

1.What type of shoes people want to wear?

Court	30
T-bar	20
Flat	10
Sling back	40

In these analyses, the customer can mostly like the choice of their own or by recommend by others.

2.Organization offer personalized or customized footwear

Yes	60
No	40

We can analyses about the organization; people understand what they offer to their customer.

3.What are the main factors if you switch to buy the footwear of another brand?

Quality	40
Price	10
Innovation	20
Advertisement	20
Others	10

In this analysis, we analyse that customer first priority towards quality of shoes.

4. Have you bought any footwear influenced by any ways of marketing or branding program?

Yes	70
No	30

In this mostly customer influenced by the branding or marketing. It creates trust towards the quality of item.

5.The most appropriate channel for promotion of new shoes.

Television	40
Social Media	50
Print media	10

In these analyses, the company can refer to marketing about the creation mostly on social media. After that, television and print media. 

The conclusion of the Analysis

In this, the analysis is given about the entire performance of the corporation and getting the response of the customer about the product. Here the corporation should build a product shoe for seasonal and how they can make it better than the other business to attract the customer by giving a eminence product at a sensible price.

The analysis of the business plan using qualitative and quantitative research:

The validity and reliability of any project is to analyse two basic things: qualitative research analysis and quantitative research analysis.

 The qualitative research helps to analyse the confusing and unsolved difficult part in the research. The qualitative research is used to generate research. Being product manager qualitative research is required to launch a new product as same kind of shoes not be available already in the market as it will not attract the customers. The important concepts are validity and reliability. The research should be valid and it should also be reliable in context of the business plan. 

Qualitative research: In qualitative research an open-ended plan has been developed to target the basic aim of the project. There are following two types of data collected in it. Primary data and secondary data. The online interview will collect the primary data. The senior manager will take the telephonic data. The primary data will be collected via Google forms etc. it is not that much important for any research in a new shoe product launch.

One on one interview: Re-branding is generally a very difficult task to actually conduct as rebranding can involve new recruitments for the new products so which require quality employees who can work in good ethics. Direct one on one interviews are more personal kind of interaction where a participant chosen by them can speak more candidly and the interview. They can connect easily with the view of the candidate.

This is very important part for a business which is going to re brand them as the person whom they are recruiting should have the ethics and knowledge on the new product which the company is going to produce.

Mixed methodology: There are some advantages and dis advantages of the qualitative and quantitative research. By qualitative research a person can understand the positives a negative of a business plan.

The Benefits of qualitative research are:

• It tends to record the audio which makes it easy to analyse response.
• It provides you the privilege to access and explore multiple topics.
• Qualitative research tends to be cheaper for an organisation as for mass recruitments it will be costly to conduct.
• It can be undertaken as they have no need to conduct large interviews in single time.

What is quantitative research?

A small business firm which has clear on what are its needs they use quantitative research as they requirement are the numbers not the kind of people. It can be paper based such as survey or telephone call.

The Benefits of quantitative research are:

• It allows busy people to give privilege or permission to provide or collect data in very large volume. The analysis and surveys can also be conducted in speedy way.
• A detailed set of information in large volume can give you a good amount of confidence while setting future goals.

E)Present and produce your project in an appropriate manner for the intended audience.

This process connects the activities of the project and makes it easier for the project manager to manage and control the project. Initiation will involve researching and evaluating existing product and idea generation while planning will implement product design along with planning of materials, budget and risks. The execution phase consists of product manufacturing and testing. Product finalization, launching and London Fashion Week will constitute the closure phase. 

Mixed methodology is one of the effective research ways for collecting data. For conducting the research, Fila Shoe Company has developed questionnaires for collecting the data for research analysis.

The questionnaire contains 5 questions regarding the project of introducing the new summer shoe in the market. The questionnaires were given to various customers of each class and their responses were taken.

As per the analysis made from the data collected by the research, majority of customer feels that the price of the new summer shoes should be affordable price. Competitive pricing strategy was the least selected pricing strategy. As per the analysis, Fila Shoe Company should adopt affordable pricing strategy.

The report has provided a detailed project management plan of File Show Company. The company should focus more on conducting market research using qualitative and quantitative research methods for gaining more accurate and detailed information. 

There are mainly two types of methods of research: qualitative research and quantitative research. This comparison is important because as a product manager of a shoe company,shoe are something which people buy if they like, so the likings of the people  in UK should be considered.

There are 3 platforms where these two research methods can be explained and compared.

• Validity
• Reliability
• Accuracy

Validity: Validity in qualitative research says “appropriateness” of the process and techniques. Whether the research query is appropriate for the given provided question, the choice of methodology is correct with the given data analysis. The concept of “individuals” is different in different fields. Where humanistic group of psychologists believes the humans are the existential and social awareness. 

Reliability: The research which will be conducted should be reliable to the shoes product to be launched and research should be conducted to analyse the kind of people the age group been attended in London fashion week.

 In qualitative method reliability means the exact repetition of a kind of quality of a kind. Reliability lies with the consistency. There are 5 approaches to enhance the reliability such as use of tables, data comparison etc. the scope and analysis of the data should be comprehensive and reliable   in context quantitative aspects. 

Accuracy:

They compare qualitative and quantitative analysis in terms of accuracy, then qualitative analysis is more accurate in business planning because in qualitative research the needs or requirement of the organisation given the priority so more accurate person is required which can fulfil the needful.While quantitative survey or research does not require these.

There are basic two analysis tools have been used in the research process. The transcription data process analysis has some advantages and disadvantages also. The transcription process reduces the demand of fashion business plan.

The encoding type of data analysis has some good and bad features. By encoding data analysis, a good speed can be maintained by the researcher but the process will reduce storage space of the product. It will also increase the accuracy of the process and increase the market selling of the shoes. But the encoding process can destroy the relevance of the data.

F) Communicate your recommendations in an appropriate manner for the intended audience.

Fila are the shoe fashion company which wants to cover the market of the fashion world. They need to communicate with the customer by advertising of the product which they can produce After analysing all the data, the organization has come to a point that if a shoes company or organization has become highly ethical or highly socially connected then the bonding .They the colleagues and managers can be improved. This will also positively affect the total production area of the company. In this fashion world company has the main aim to compete with the competitor and customer can like the product what they can sell. For cover and sell the market, they need to focus on plan what they can implement, how to create the coordination between the process and product. If the product can satisfy the needs of customer then they can easily attract from the company. From this, they will make a more efficient and effective product as compared to the past product. In this survey, they can give a fine product and also know about the new demand for the product as customer need

Steps to evaluate decision making process:

• Once when you clear all the data and understood the process they should start finding and identifying the alternatives of solutions. There are many kinds of ways to reach a solution so They have to understand all the alternatives.
• Weight the alternatives: They should analyse and evaluate by acceptability, desirability to know the best alternative. And then select the path which has the highest chance of success. Weigh the pros and cons and try to neglect the cons.
• Choose among alternatives:  while choosing the best alternative they should know which alternative is best suited and should also know that they should not hinder our project with the risk involved.

Recommendations for organizations

• Skilled employees – To Manage successful business project to enter in a new market and taking competitive benefits from other organisation, there is a need human resources who are skilled and experienced in the relevant field.
• Legal advisory – The organisation have to complete all legal procedure which are mandatory for the initial starting of a new project, so it will not become a matter of objection in future.
• Budget – Budget is one of the main require feature for the new project, the management makes sure about the required budget before implementing the program. 
• Product Customization – The quality of the product or service provided by the company must be on the standard parameters. 
• The Good Hotel of London has to follow these recommendations for managing a successful business project by managing the quality of their services.

The qualitative and quantitative analysis both are important for any research in the business planning. Data analysis shows that if a company has to stay in the market for a long run that company has to be socially They will connected and also should be working in the ethics of the organization. The company should be working towards the aim and objective of the company and also good ethical work will also improves the employee and employer relationship.

Project management plan: There are many big and small advantages of a project management. A project management defines the reliability and scope of the business plan. The plan also finds out some major perks and limitations of any project. By the project management the manager can understand risks involved in the project. There are also certain limitations of any project such as: miss directing of any project, probability of any project etc. to establish the fact that the research is going in the correct way the project managers will conduct some small-scale research mainly on two bases the qualitative research and the quantitative research. 

G). Complete a performance review that addresses the following: 

The Organisation considered various things after undertaking research work on the project.  The research work gave lot ideas to the organisation to gain a sustainable development in the market and be strong in competition with competitors by using the base of globalisation. In the undertaken research project of The Good Hotel, we clearly stated that the tools and techniques of research methodologies must be used in a proper and inefficient way so it easy to achieve the aim and objectives of specific goals for organisation success. We learn lots of things from the undertaken project which are as follows.

•   Control on cost – Cost is the main fact of a project, the research thought ideas and techniques to cost control.
•   Communication skills – It helps to makes better communications skills with clients.
•   Negotiation skills – It helps to learn about ideas to manage stakeholders and to make better deals with clients.
•   Skill to manage Risk – The project helps in learning and facing risk in proper manners so project meets the objective.

The project was to acknowledge and get the feedback of the people attending the London fashion week as Fila is launching the new shoe category and they are very looking forward towards it. The London fashion week is a prestigious week for all fashion enthusiast and brands as it is the best way for any brand to connect with their customers one to one.

The Fila has arranged a forum also about the issues and problems they are facing also to take reviews from the customers. Reviews have been taken on forums about their new and old shoes. Performance review has been taken some of the proto types are also showcased some are based on old and some are newly based.

The forums and reviews of the customers help any brand or organisation to work accordingly so that they can improve their performance and future products. Taking feedbacks of any product is very crucial part of any organisation future aspects.

b) . Your own performance.

 

Proficiency	How I have settled in this area	What I need to do to progress further in this area
Logical skills	We can do the development in the plan which will we make for the future.	We can increase the analytical person which can analyze the market feedback.
Investigation skills	We can break the task in parts which they can achieve.	I can prefer qualitative researcher which can give the more efficient result.
Planned skills	By getting better message with the customers and provide them with a good product.	Get experience person for strategic planning.
Project preparation	By rising the worker opinion.	Analyze what the need of the customer and make the plan.
Statement skills	Upsurge the skills of the employees.	Give the training to the employees.
Report writing	Get a correct report of the examination record (Hodgson and Paton, 2016).	We can develop by analyzing the places where the customer is more.
Crew building	Select experience person which already do the work in a team.	Analyses the person from a different department and develop a better team.
Allocation	Get a powerful manager which can give a good result, develop people.	The manager needs more skillful and accepts new technology.
Budget preparation	Do plan which can give qualitative output within budget.	Get a better quality resource within a low budget.
Risk valuation	If the company can take the risk then they get successful.	If the company can take a risk which was effective and give better future output.
Program nursing	Monitoring the plan which can implement by the team.	Make the trained team which can easily solve the problem between the process.

Conclusion

After doing the project work on Managing a successful business project, it makes clear that there is great need of implementation of the proper management plan, project, and management process and to follow the strategy of management for improving the performance and quality of the research project work. There is an important need for research of market where the organization needs to establish their business to get relevant data according to the organization. Project Management helps to manage the business project in an efficient and easy way by dividing it tasks in employees and set time limit to complete a task using Gantt chart and breakdown schedule. There is a need for accuracy and reliable data for the proper research in the project, so it is mandatory to use qualitative and quantitative methods inefficient manner.

References

• Acaps, 2012.Qualitative and Quantitative Research Techniques for Humanitarian Needs Assessment.Acaps.
• Kaplan, R.S., & Mikes, A., 2012. Managing Risks: A New Framework. Harvard Business Review
• • Kerzner, H., 2015. Project Management. John Wiley & Sons, Inc. 
  • Krstic, B., Kahrovic. E., &Stanisics, T., 2015. Business process management in hotel industry: A proposed framework for operating processes, Original Scientific Article Vol. 61, October-December 2015, Page no. 21- 34
  • Kukhnavets, P., 2016. How to Improve Productivity with a Work Breakdown Structure? [Online].Ganttpro. Available at: https://blog.ganttpro.com/en/how-to-create-a-work-breakdown-structure-wbs-with-project-planning-templates/. [Accessed: 4 February 2019].
  • Larson, E.W. and Gray, C., 2013. Project Management: The Managerial Process with MS Project. McGraw-Hill.
• Martinelli, R.J. & Milosevic, D.Z., 2016. Project management toolbox: tools and techniques for the practicing project manager. John Wiley & Sons.
• • McLeod, S., 2017. Qualitative vs. Quantitative Research. Simplypsychology. [online] Available at: https://www.simplypsychology.org/qualitative-quantitative.html [Accessed: 1 February 2019]
• Monnappa, A., 2018. Project Scope Management: What It is and Why It’s Important. [online] Simplilearn. Available at: https://www.simplilearn.com/project-scope-management-importance-rar89-article [Accessed: 30 January 2017]
• Pandey, P., Pandey, M.M., 2015. Research methodology: tools and techniques. Bridge center
• Penfield, T., Baker, M., Scoble, R., &Wyker, M., 2014. Assessment evaluations and definitions of research impact.  Vol. 23, pp 21-32.
• Pmi, 2012. [Online] Pmi. Available at: https://www.pmi.org/-/media/pmi/documents/public/pdf/white-papers/value-of-project-management.pdf[Accessed: 4 February 2019].
• Siles, R., &Mondelo, E., 2015. Development Project Management.

Appendix 1

Project Log Book

Week	Starting Date	Ending Date	Activities
Week 1	22th December 2018	28th December 2018	Project Initiation Phase: Market Investigation- Started & Completed Portfolio Assessment- Started
Week 2	29th December 2018	4th January 2019	Portfolio assessment- Completed Idea Generation- Started & Completed Project Planning Phase: Product Scheming- Started
Week 3	5thJanuary 2019	11th January 2019	Product Designing- Completed Material Preparation- Started & Completed Budget & Risk Preparation- Started & Completed
Week 4	12th January 2019	19th January 2019	Project Development Phase: Product Manufacturing- Started
Week 5	20th January 2019	27st January 2019	Product Manufacturing- Still Continued
Week 6	28st February 2019	4th February 2019	Product Manufacturing- Completed Product Testing- Started
Week 7	5th February 2019	12th February 2019	Product Testing- Completed Project Closure Phase: Product Completion- Started & Completed Induction of the project
Week 8	13th February 2019	20th February 2019	Induction of the project Completed London Fashion Week- Started & Completed

 

Introduction

In this assignment, the appreciation of the role leaders plays in the operations function of an organisational environment is discussed. Demonstrating an understanding of the relation between leadership and management, the proper coordination between the two for the effective decision making and proceedings of the business. Ways in which leaders can make benefits by the application of operations management. It also discusses the different factors of the business environment like competitors, customers, economic issues, political and legal factors affecting business is explained in the context of the business world. Lastly, the operations management and its application on business will be evaluated and analyzed for the successful working of a business organization.

LO 3

P4- Explain the key approaches top operation management and the role that leaders and management play.

Often the work of leaders and management are considered indistinguishable but there lies a fine gap between both of the departments.  Managers are mainly considered to set the rules and objectives while leaders are known to implement those set of rules within the organization to achieve to set target and objectives. (Simiyu,2015)

In case of Tillsonburg District Memorial Hospital (TDMH), the major work of top operation management is to provide a right direction to the organization to increase its productivity and market rate and to provide better services to its patients.

The role of management in the TDMH is to manage the whole organization in an apt, well organized and a fair manner. This can be attained by properly managing the human resource department, Finance department and other departments which somehow helps in smooth running of the business. In the past so many years, TDMH never faced finance deficit condition because of the proper team under the management.  

The role of leaders in TDMH is to ensure that all the patients are kept at the first priority and no other thing should come before them. In TDMH, leaders understand that there are flaws and weakness in every department. They make systematic planning to weed out the shortcomings by making a proper blueprint for the meticulous running of the different hierarchy. 

P5- Explain the importance and values of operations management in achieving business objectives.

Operation management is the very foundation of any organization. The main goal of operations is to design, organize and implement various resources needed by Tillsonburg District Memorial Hospital for the effortless running of the business. The major values of operational management of TDMH believe in providing ultimate customer satisfaction. (Majukwa & Haddud, 2016). For proving better services to the customer’s various changes are made in TDMH where the entire cynosure is patient for the entire team. The needs of the patients are considered to be the first priority and the entire organization tends to fulfil that. The whole organization is bifurcated into different department so that work can be divided so that TDMH can easily achieve its goals and targets. The front line team is considered to be at the top because they are nearest to the patients and are entirely responsible for the decision making. At the base, they have senior executives. Senior executive and executive leaders sum up to Leadership Council which coordinates the different departments of the hospital by supporting decision making and taking up the charge of all the teams and try to resolve if they face any issue or problem. 

M3- Evaluate how leaders and managers can improve the efficiencies of operational management to successfully meet business objectives. 

This can be done by increasing team participation. As team participation in TDMH has turned out to be very effective. Leaders and managers should focus more on optimizing the website of TDMH and make it user-friendly so that it is accessible to any layman. This can be achieved by appointing proper and skilled SEO (Khraim,2015). They should also work on improving customer services to meet business objectives. 

They can also introduce a plan of incentives and other perks to the employees and other staffs so that they can be motivated in reaching the targets and even working hard after achieving the desired targets and goals.

LO4.

P6. Assess the factors within the business environment that impact upon operational management and decision-making by leaders and managers.

• According to Iedunote, (2017), Decision making by leaders and managers in business environment must be highly specific and actions need to be measured precisely. There is a number of factors that define the final decision. The general environment comprises of factors like: 
• Economic conditions: It includes measures like interest rates, inflation, tax.
•  Technological conditions: Modern world is getting evolved each day so the decision made, must be adaptable with the latest technologies. 
• Socio-cultural conditions:  These factors define the demand for the product and services as different cultures have different tastes.
• Political-legal boundaries.
• Global factors: The globalization is in the roots of business, factors like trade, global acceptance of the product and services.
• These factors come under the external environment that governs the decision by leaders and managers. The external environment consists the different factors such as 
• Competitors: The quality of product or service and the price determining factor is competitors.
•  Suppliers: The demand and supply depend upon the suppliers.
• Customer: “The customer is the king.” This saying is very true in the business market and the priority while any decision is customers.Strategic regulators.
• Business partners: the sync between the business partners defines the success of the business.

Now the internal environment of the business also plays a keen role in the decision-making process. These comprise of:

• Owners.
• Board of directors.
• Employees: the most important asset of the organization. If their energy is applied in a positive manner the organization is bound to achieve success.
• Mission.
• Organizational structure.

All these factors influence decision making as the proper coordination between internal and external factors must be understood by the leader. Any decision taken affects the organization, therefore, the leader is bound to analyze the factors and accordingly decide.

M4. Analyse how these different factors affect the business environment and the wider community.

The factors affect the business environment and the  wider community in the following manner(Gleeson, 2018)

Mission: The mission should be clear before taking any decision. Mission gives ideas, direction and purpose to the organization.

Communication: Problem when discussed between a number of minds, the most effective solution is easily achieved. Effective communication leads to better decision making. (Gleeson,2018.)

 Political-legal boundaries: Business laws vary from country to country. The political and legal boundaries play a  significant role in the decision of a firm. 

Problems: the type of problem always defines the strategy to resolve it. If the problem is structured then the decision is taken according to the policies and action plan of the organization. Whereas, when the non-programmed problem arises, new action plans are made.

D2. Critically evaluate the application of operations management and factors that impact on the wider business environment.

Operations management is basically a department or strategic process that is focused to increase the profitability of the business. It is concerned with planning, organizing and mentoring the production processes in a effective way i.e minimum input and maximum customer satisfaction.the process has effective principles that includes direct tie-ups with the customer, rapid improvement, unified purpose, investing in HR, maintaining equipment etc. operations management application in any business will improve the profitability and strategies of business to meet the goals and objectives easily. The lean and agile manufacturing is a recent trend in operations management that is highly effective in reaching the latest challenges in the competitive business world. (Cleverism, 2016.) 

Fig. operations management.

(Source: praqtise, 2016.)

Conclusion

Various key features about TDMH were being discussed which has helped it to be awarded four-year accreditation with distinction by the Canadian Council on Health Facilities Accreditation and received the Health Care Quality Team Award sponsored by the Canadian College of Health Service Executives and 3M Health Care. 

Opting of decentralization in decision making and other planning over centralization is also being discussed and how it has benefited in achieving the set of targets and goals by imbibing a sense of responsibility in each and every individual which is directly or indirectly related to TDMH.  

Reference

Iedunote, 2017. Internal and External Environment Factors that Influences Organizational Decision Making.[Online] Iedunote. Available at: https://iedunote.com/organizational-environment-elements [Accesed on:19 Feb. 19]

Chron, 2018. Internal and external factors that affect an organization.[Online].chron. Available at:https://smallbusiness.chron.com/internal-external-factors-affect-organization-16641.html [Accesed on:19feb.19]

 Cleverism, 2016. Operations management.[Online] Cleverism.Available at: https://www.cleverism.com/operations-management-definition-principles-activities-trends/ [Accesed on: 19 Feb. 19]

Praqtise, 2016. Career options after MBA in Operations Management.[Online] praqtise.Available at: http://blog.praqtise.com/wp-content/uploads/2016/11/operations_management.jpg [Accesed on: 19 feb.19]

Introduction 

Law can be stated as the rule that defines the aa and procedure of society. It is a system that ensures and regulate the community and individuals to adhere to the will of the state. This report is based on the case problem which depicts the act of negligence by the parties. Apart from this, it also analyses the different elements of negligence with their defenses. It also discusses the defenses that are available to the parties such as contributory negligence. 

Issue

Whether Jack can bring the claim against Meave or not?

In this case, the Meave wants to reach the post office quickly while driving she receives a call from her friend, and due to this she is not able to observe the road, and that knocked the cyclist. Later on, Meave noticed that Jack, a cyclist was injured and carried to the hospital. Apart from this, it can find that Jack suffered from brain injury and that upset Meave. By observing the facts, it can be analyzed that Jack can bring the claim against the Meave and have right of compensation. 

Law

By analyzing the facts of the case, it can be asserted that the Meave is negligent while driving and that represents the negligence of traffic rules. Negligence is the theory that is based on the lawsuits of the car accident. In this, the party is negligent which means he or she behaved carelessly and thoughtlessly that caused the injury to another person. Driver must take care and avoid injury of passengers, pedestrians. They are duty-bound to drive at a reasonable and prudent speed. It also deals with the Road Traffic Act, 1988 that constitutes the offence of speeding and applies to vehicles to on road where the parties can easily have accessed. 

It can be stated the law of negligence can be assessed in general terms, and the party should have the duty, actual cause, damages and proximate cause etc. To prove the negligence, it is necessary for the other party to have different elements such as the defendant has a duty for others to exercise the care. The duty can be breached by the act of the defendant, and that results in the damages and injury. There should be an act of causation that will be the consequence of defendant act and omission. 

Application

By observing the facts and situations of the case, it can be asserted that while driving the vehicle, the driver should be responsible while encountering the individuals on the road. Apart from this, the law of Ireland uses the imperial system and also set the restrictions and limits according to an hour. In this problem, the Meave was in a hurry and not able to observe the road properly. While driving she receives a call of her friend, and she did not feel able to concentrate on driving, and that leads to an accident. Later on, she realizes that she knocked the cyclist. 

The cyclist, Jack was lying on the road, and he was not able to move as he suffers from an injury. By observing this situation, it can be asserted that the Meave was negligent and she acted carelessly behind the wheel or failed to exercise the act with due care and caution. 

Whether Jack can bring a claim against Meave or not?

The main issue raises, in this case, is whether Jack can bring the claim against the Meave or not. Yes, the Jack has the right to bring the claim against the Meave as he gets an injury from the act of Meave and that leads to the hams. This act can be termed as the act of negligent as it is the ac of failure to exercise the ethical and appropriate care expected among the different situation and circumstances. Driver must drive at a prudent and reasonable speed. The Meave should drive in the light of existing traffic rules, weather condition so that there will be no chances of an accident (Ogden and Hylton, 2016).

 To bring the claim against the left Jack has to prove the certain elements of negligence and that is as follows:

Duty: The foremost liability of the defendant towards the plaintiff is based on the failure of the defendant to fulfil the responsibility. In this case, Meave must drive carefully and abide by the rules and law. These terms are not followed by the Meave, and that leads to negligence. In this case of Dooghue v Stevenson (1932), the principles of duty of care and fault are explained. 

Breach of duty: To prove the negligence, it is necessary to prove that the defendant breached his duty towards the plaintiff. The defendant breaches the duty to exercise reasonable care towards its duty. As in this case, Jack must take proper caution while moving, but he did not wear a helmet, and due to this, he suffers from an injury. 

Cause in fact: The other rule in the case of negligence is that the plaintiff should prove the actions of defendants and that is the cause of injury. As per the facts, of the case, if the cyclist does not receive the injury due to the acts of meaves then in that situation the Jack is not liable for the compensation (Goudkamp and Nolan, 2019). 

Proximate cause: It can be stated that the defendant is liable for that harm that can be foreseen through the act and actions. If the defendant causes the damages that are outside the scope, then, in that case, they are not liable for compensation. In this case, the accident occurred by the act of negligence, and that comes in the ambit of course of transactions. By analyzing this Jack was able to recover the damages from Meave. 

Damages: To prove the act of negligence the parties should suffer from the damages and harm. As in this situation, the Jack gets injured, and that leads to brain injury. 

Defenses

By observing the above facts, it can be stated that Meave is not liable for the act of negligence. As per the scenario of the case the Meave was negligent while driving but it can’t be stated that she is totally responsible for her acts. On the other, it can be observed that the Jack which is a cyclist, he did not wear a helmet, if he wears a helmet, then he can be protected from the injury. So the Meave can take the defense of contributory negligence, and in this situation, the Jack is not liable for the damages and compensation (Goudkamp, 2017). 

It can also be observed that the accident is not much that severe that leads to the injury of the brain. It can be inevitable that could not be possible, and it can be prevented by the exercise of ordinary skill, care and caution. If the Meave followed the rules of traffic and did not attend the calls while driving, then there will be no chances of an accident. On the other side, if the Jack, cyclist wear the helmet and then perform the act then there will be no accident (Wilson, et. Al., 2019).  

By ascertain all the facts and circumstances of the case, it can be advised that Meave should take the proper care and caution while driving. They have to abide by the rules of traffic as it leads to the minimization of inconvenience and other mishaps. Meave should have control towards the vehicle and also use the proper equipment in the vehicle that leads to less accident. 

Conclusion

From the above analysis, it can be asserted that in the personal cases, the victim relies on the case of negligence to prove the fault of another party in case of an accident. One of the important reason for a driver can be under the influence of illegal drugs and rash and negligent driving. In this scenario, Meave was careless and did not abide by the rules of traffic, and that leads to an accident.

Conclusion

From the above discussion, it can be noted that negligence is the act of failure to exercise the ethical and appropriate care that can be exercised in different situations. The important thing is that the parties should exercise due and reasonable care in their actions. If anyone suffers the loss that can be caused by the negligence of another party, then they can be able to sue for the compensation and damages. This loss can be in terms of injury, illness, loss etc. Apart from this, it can also be stated that the act of negligence can be assessed through different elements such as actual cause, duty, breach etc.  

References

• Goudkamp, J. and Nolan, D., 2019. Contributory Negligence in the Twenty-First Century. Oxford University Press.
• Goudkamp, J., 2017. The contributory negligence doctrine: four commercial law problems.
• Ogden, B. and Hylton, K.N., 2016. Incentives to Take Care Under Contributory and Comparative Fault. Boston Univ. School of Law, Law and Economics Research Paper, (15-04).
• Wilson, A.B., Chapman, M. and Stott, D.M., 2019. The effect of audit opinion signature on a jury’s perception of negligence. International Journal of Auditing, 23(1), pp.45-56.

Introduction

China is one of the biggest developing countries in the world. It has appeared as a powerhouse in terms of human resources. It has always been world’s factory for low-end products. Even though the number of university graduates keeps increasing rapidly year by year, the vacancies in both Chinese and foreign invested companies still cannot be filled. There is a significant gap between supply and demand in terms of skilled labours. Between the year 2003 and 2008, even though 15.7 million people graduated from different Chinese universities, the McKinsey Global Institute estimated that only 1,2 million of them will be fit for jobs in multinational companies. Also, there is not only difficulty in finding fine-tuned and skilled resources but retaining them is problematic too. Having shortage of skilled workers is one issue and retaining the trained ones is one whole other challenge in current Chinese market. Moreover, turnover of employees costs a lot to the companies, starting from replacement hire to training the new ones to making them fully productive like the previous ones. This process of runaway turnover and replacement hire can drain on the productivity and morale and can have devastating effect on organization’s finances, total efficiency and productivity.

Given the problem of ageing population and rising labour cost, maintaining the quality of labour and speeding up the process of training and transformation is the need of the hour. Specially, there is acute shortage of professionals at senior manager level.

The final aim in this scenario should be coming up with the driving forces that help to retain the trained skilled resources in long term. Not only the number of employees with training and skills is less but also the enterprises inclined towards industrial upgrading lack what it takes to achieve the same.

Based on different studies and reports it is appropriate to say that China needs to put forward Macroeconomic transformation and structural change in order to bridge the gap for skills mismatches in the Chinese labour market.

Current scenario and challenges: (Why is skilled labours need of the hour?)

• Though, China has always been the major dealer for low end products, for the past few decades it seeks to transition up the value chain to be a figure with high-end technology, products and services.
  But, the figures show that skilled/ trained workers account for only approx 19% of the total workforce, of which the highly skilled workers comprises only 5%.
• Not being able to be well versed with different languages also comes as an obstacle for multinational companies to hire Chinese workers. Along with unwillingness of many of the university graduates to relocate, most of the potential talent pool goes away from the hands of domestics and foreign-invested companies.
• The wage difference between skilled and untrained labours is way too high in the country. In 2007, the average pay for labours with at least a college education was 1.86 times higher than that of workers who have education till middle school or lower. In the year 2013, this increased to 2.75 times showing high demand for qualified workers.
• Because of socio-economic growth, globalization and urban migration, percentage of citizens aspiring for quality lifestyle is increasing tremendously. This shows strong need for China to move up the value chain and start developing industries, modern technological services etc. which utilizes and demands for substantial number of professionals.
• Since Manufacturing which contributes the most to the Chinese economy, is mostly concentrated in the eastern provinces, for the last two decades high skill industrial development and largest employment has happened in the Eastern provinces itself in China. Consequently this region faces land and labour costs rise. Due to this costlier socio-economic environment, medium and low level industries and labours tend to squeeze out of this region. Moreover, it has also led to increase in the competition amongst the high skilled professionals in eastern region.
• Since Eastern region has become hub for highly skilled labours, both demand and supply for them is considerably less in the western regions of China. And there are visible disparities in economic development, labour supply or demand, and industrial policies/ production methods or technologies across different Chinese cities. Also, there is shortage of diverse skill sets among workers in the western regions.
  For example, manufacturing industries or finance sector in Shenzhen or in Shanghai both have relatively greater demand for high-skill workers as compared to the labour demand for high skill workers in Chongqing for different sectors.
• Apart from facing shortage of technically skilled labours, China is also facing a challenging acute shortage of professionals with international management and strategic long term planning skills. Almost all the firms are facing skill shortage of one degree or the other when talked about competitive entrepreneurial talents internationally. This leads to high and strong demand of the more educated workers for better development.

Labour supply and retention problems:

 

• In most of the cases, there is a broad difference between the way students are taught in school, universities and other educational institutions and the kind of work they get after the employment leading to job dissatisfaction and low rate of retention. Problems like unprepared students for employment, minimal practical value of the learning from school/colleges (70% of the companies believe that), huge dissimilarity between the actual job and the students’ expectations for the employment lead towards the retention problem in China.

• Considering the facts like decline in the number of applications for vocational training and education, reductions in number of trainers from government etc. shows that till date more preference is given to general education over vocational training. Unwillingness of the companies to be involved in the technical training process, lack of cooperation from the school/universities and lack of funding from government make the whole process difficult for Vocational education schools resulting in less number of trained workers.
• In China, the population of migrant workers was almost 280 million in 2015.According to facts, only 33% of migrant workers have undergone through formal training, and only 5.9% of them are certified. Only 0.3% of migrant workers got their jobs via referrals by a vocational training institute. The percentage of skilled labourers can be increase tremendously if training of migrant workers is prioritized. Also, the analyses show that the three groups with the greatest risk of unemployment are migrant workers aged 16–29, college graduates aged 22–24, and the middle aged and elderly aged 45-60.

Reasons for Retention Problems in China:

There are four main reasons due to which MNE’s are facing problems to attract and retain qualified managerial staff in China. The reasons are listed below:

• Short of Talent: Short of talent is one of the main reason reasons due to which MNE’s are facing problems to attract and retain qualified managerial staff in China. The talent can be defined as the people who are efficient, progressing and professional. According to Chinese Ministry of Education the ratio of science graduates to arts graduates is unbalanced in the past five years. Many younger people major in arts rather than science with certain reasons (Ministry of Education PRC, 2006).In China, the major of arts such as management, marketing and language emphasize on theory and perception. It differs from science as it has no opportunity to take practice and exercise. In Chinese universities students with major in Arts learns only Arts subjects which is not related with other basic knowledge of finance, information technology or mathematics. Students are easily passing the exam and finish school successfully with no skills and techniques. They have not received any kind of training, except diploma. They also did not possess strong skill in language and no strategic thinking in management. Due to these reasons they are not qualified managerial staff on the job. These reasons would ultimately result in increase in shortage of skilled labour force in China. 
• Differences in Social Environment: Due to differences in culture, labour market, and employment systems between China and other countries it create challenges for MNE’s to attract and maintain qualified staff in Chinese market. In 1980s, after the opening-up of Chinese reforming policy has been introduced by Deng Xiaoping. After this, the concept of human resource management has been developed because of the return of foreign companies. There is no extra incentive for managers if they work hard. Due to this the managers don’t work efficiently. They are not punctual on their job and do personal things in private time. Due to this attitude of managers, they will lose their skills and it will be difficult to train them after some period of time. 
• Compensation and Benefits: Employed compensation and benefits system talent is also one of the main reason reasons due to which MNE’s are facing problems to attract and retain qualified managerial staff in China.  The main reason for local Chinese qualified staff to leave their company is to find a better-paid job. In MNE’s, the salary of employees, depends on their performance, which means that there is not much compensation and benefits for Chinese staff. Due to this pay system, job dissatisfaction is increasing among the qualified and experienced staff. In contrast to this, Chinese staffs are getting a variety of compensation and benefits in their domestic companies, especially for the qualified managerial employees. These state-owned enterprises are the main competitor of MNE’s as they had occupied most of Chinese qualified employees. In these state-owned enterprises apart from the basic wage, the qualified managerial staff gets several other benefits in the form of social insurance, which had been called “five insurance and one fund” in China. After completing a long-time in the company some managerial staff will be treated as family-friendly benefits, which are supportive of caring for their family.
• Expatriate failure: Apart from the shortage of qualified and experienced staff in China, it is difficult to engage local employees in the beginning. Many MNE’s have used to expatriate top management staffs to establish their operations. Due to globalization, most MNE’s need expatriates to manage their subsidiaries as they are more familiar with management techniques and methods used in the company than local employees. But, the problem is that many companies have faced a high level of expatriates as most of them returned earlier or had a poor job performance in China. There are many reasons for expatriate failure, but the main reason is culture shock. Many expatriates become lost, confused and anxious in new country because of the unfamiliar situations and different cultural norms and values. The expatriate failure would bring in many negative results for multinational companies. Work productivity and efficiency of expatriates would be abated. Due to the uncomfortable feeling in new country, expatriates would not exert their efforts to achieve excellence during the working time.  As a result, the local staff gains little chance to be progressed and qualified, which would consequently worsen Chinese talent shortage for multinational companies. 

Study on Retention in China:

The Society for Human Resource Management (SHRM) and Development Dimensions International (DDI) worked together for studying the Employee Retention issue in China in the year 2007. Two sponsor (BMR magazine and ChinaHR.com) provided additional support in recruiting participants for the survey involved.

Online surveys done in various organizations present in China for various job profiles in different regions of the country. Apart from the online survey, one-on-one telephone interviews were also conducted with Human resource professionals as well as the employees to gain insights and point of view from them.

It was found from the whole process that the expected tenure for new-employee by the HR professionals were visibly lower for China as compared to other regions of the world. Also, after talking to different employees it was found that even their expectation was the same. Almost 73 percent of employees who participated had resigned from their previous jobs, and nearly one-fourth (24 percent) had already been to more than three jobs, despite their young age. Also, 22 percent of them agreed that they were likely to change their job in the coming year. From the research, it was found that turnover has become an accepted practice by that time among Chinese employees.

The most concerned finding from the whole study was that leaders in organizations were inclined to leave irrespective of their level. Their loyalty towards the organization was even lesser than professionals and individual contributors. It was also found out through the study that many employees felt that things like great company leadership, nice manager, or a creative/ fun workplace culture were missing from the most of the organizations leading to employee dissatisfaction and prompting them to switch jobs.

The picture given below lists down the most common reasons for low retention among Chinese employees in order from the most important to the least important reason according to the study performed:

It can be seen that the most common reason stated by the HR professionals and the employees themselves was “lack of growth and development Opportunities” in the organizations. Lack of options for personal career growth is leading to impatience among the skilled and trained employees who know their potential and worth.

The data showed that there is high salary competition in the different regions that is leading to turnover. The potential youth when gets better offer from the competitors, they tend to switch their jobs.

It was also found that occurrences where the official and the actual reason for the turnover differed. Well, this scenario is not only in the case of China. The Selection Forecast 2007 found that in the U.S. and Canada more than half of both staffing directors and hiring managers gave external factors as primary reasons for turnover compared to 10 percent of job seekers. It has been observed that employees usually give external factors as their official reason for leaving since the real reason is related to an issue they are not willing to expose.

Recommendations:

 

• Recommendations to resolve the issue of high unskilled labour ratio:

Since it is always the best to build the base/foundation for any major transformation, in order to tackle the unskilled labour issue, China needs to start work from the very granular level which would be school and universities.

Educational institutions should start with school-business cooperation which can build a pathway for students to start understanding the enterprises needs as a part of their curriculum and accordingly adapt. In-depth cooperation between schools and firms should be promoted so that training of students can be carried on the basis of market and enterprises’ demands. Also, a certification system with trustworthy standards in professional and technical skills can be introduced in vocational education chain for different job requirements. This certification process can help in setting standard and right expectations between the trainees and the enterprises. This can also help in reducing talent waste that could happen due to skill mismatches.

Migrant workers and low skilled workers should be encouraged to undergo training and workers’ access to vocational training should be increased.

Multinational companies and enterprises should have a training program for all the new employee based on their job requirements. Moreover, government can help speed up the process by providing government subsidies to enterprises as incentives.

Since there are significant regional differences in types of skill required and the percentage of unskilled labour is pretty high, it is necessary to give more subsidies for helping rural migrant workers gain modern skill sets and upgrade their knowledge base.

Apart from these, formation of labour organizations should also be promoted that can help for better quality on-the job training.

A portal where enterprises get thoroughly involved in industrial training can help a lot.

The whole socio-economic and educational culture should be transformed so that it facilitates and promotes forced labour up gradation, entrepreneurship and industrial training participation in pursuit of equal opportunities, social security and other benefits or incentives.

Also awareness about this ongoing skill gap issue should be spread and prompt and suitable response is needed from government in collaboration with business and academia.

2. Recommendations to tackle low retention for skilled workers:

One of the main reasons for low retention of skilled labours is job dissatisfaction for the employees.

Things like compatible work group or team, good leadership team, organization’s culture, engagement with work group, cooperation, efficiency and ease at resolving conflicts are some of the factors that lead to job satisfaction for employees working in a organization and lead to increase in retention rate.

Employees’ job issues should be addressed at the right time and in the right manner to build the foundation for trust and talent development. Opportunity for accomplishment and nature of work both play major roles in determining the retention in a company by the employee.

In China, the loyalty to company is found to be lesser in the leaders as compared to the employees.

Their lack of leadership skills then encourages turnover among their direct reports, who highly value having a good manager. Employees will more likely to continue in the company if the leadership team is effective with a good manager or boss. The figure given below shows Vicious cycle where turnover of employees and poor leadership skills are interrelated:

The educational system of China has recently started to include what it takes to meet the global competition in its academia. The students still need to be trained well when they enter corporate world and moreover they need to maintain their job skills up to date with fast growing economy. Therefore, those who manage acquire technical skills faster tend to turnover for better job opportunities. So, the companies need to start recognizing its employees worth and change their strategies accordingly to retain their valuable employees and valued talent. The data and findings suggest that organizations need to maintain competitive salary structure since compensation alone is not sufficient for retaining valued talent.

According to Hays survey, 37.8 per cent of employers who participated in the survey do not have a retention plan in place with them even though most of them (88.6 per cent) agree with the fact that employees’ turnover impacts negatively on productivity and finance.

According to one Karvard Business review in 2007, 41% of high-skill Chinese professionals preferred working for a Western multinational and only 9% of them preferred a job in a Chinese company. Again when the survey was conducted around second quarter of 2010, it was seen that 44% of them preferred MNCs and 28% of them (increased from 9% to 28%) preferred to work in domestic firm. The Chinese firms along with government should start taking advantage of this inclination of employees towards domestic enterprises and start taking immediate and effective actions to retain their skilled and unskilled employees and should start training the unskilled employees to enhance their man power in technical and professional fields to compete globally.

References

• Autor, D.H., Dorn, D. and Hanson, G.H., 2016. The china shock: Learning from labor-market adjustment to large changes in trade. Annual Review of Economics, 8, pp.205-240.
• Dasgupta, S., Matsumoto, M. and Xia, C., 2015. Women in the labour market in China. Bangkok: ILO.
• Du, Y. and Yang, C., 2014. Demographic transition and labour market changes: implications for economic development in China. Journal of Economic Surveys, 28(4), pp.617-635.
• Fang, T. and Lin, C., 2015. Minimum wages asnd employment in China. IZA Journal of Labor Policy, 4(1), p.22.
• Fang, T. and Lin, C., 2015. Minimum wages and employment in China. IZA Journal of Labor Policy, 4(1), p.22.
• Hasmath, R., 2016. The ethnic penalty: Immigration, education and the labour market. Routledge.
• Holmes Jr, R.M., Li, H., Hitt, M.A., DeGhetto, K. and Sutton, T., 2016. The Effects of Location and MNC Attributes on MNCs’ Establishment of Foreign R&D Centers: Evidence from China. Long Range Planning, 49(5), pp.594-613.
• Huang, Y., Loungani, M.P. and Wang, G., 2014. Minimum wages and firm employment: Evidence from China (No. 14-184). International Monetary Fund.
• Liu, M. and Smith, C. eds., 2016. China at work: a labour process perspective on the transformation of work and employment in China. Macmillan International Higher Education.
• Mok, K.H. and Wu, A.M., 2016. Higher education, changing labour market and social mobility in the era of massification in China. Journal of Education and Work, 29(1), pp.77-97.
• Smith, C. and Zheng, Y., 2016. Chinese MNCs’ globalization, work and employment. Flexible workforces and low profit margins: electronics assembly between Europe and China, p.67.
• Stockman, N., Bonney, N. and Sheng, X., 2016. Women’s Work in East and West: The Dual Burden of Employment and Family Life: The Dual Burden of Employment and Family Life. Routledge.

1. Goldman, G.A., Nienaber, H. and Pretorius, M., (2015). THE ESSENCE OF THE CONTEMPORARY BUSINESS ORGANIZATION: A CRITICAL REFLECTION. Journal of Global Business & Technology, 11(2) https://pdfs.semanticscholar.org/0ba5/299f6a24031bf587edeb1a6aa1d2453ad858.pdf

The Researchers of the critique are on or after the University of Johannesburg in which they provide the lectures in History and philosophy of management. The audience for the writer  examined the different factors which constitute the distortion of ontological position that exist in the business organisations. By analyzing this paper with other, it would be  asserted that this paper provide a reflection on the business organisation . the other signifies the effects of unsuccessful communication among the medical officer. The topic of contemporary business organisations has been linked or selected to rethink the concept of business organisations and also meet the hurdles that can be posed by the different stakeholders. The scope of this article is a critical dialectic approach and confront the aim of natural status of  institution, organisation and management. 

2. Maurice Odine (2015). Communication Problems in Management. Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB) An Online International Research Journal, 4(2). http://globalbizresearch.org/economics/images/files/54946_ID_S528_JEIEFB_Maurice%20Odine.pdf

In this article the author is the Dean associate in school of journalism and graphic communication, USA. There are workers in the who are working in the organisations are considered as the audiences. After comparing the different papers, it can be observed that there is an issue in  effective communication in organisations. The other paper stress on the different problems of message at  different departments like in health sector, manufacturing industry. But this paper is related with the department of management in firms. It is connected as it identifies the different causes of communication and also provides certain barriers in respect to communication. This paper has wide scope as it provides the various outcomes for the problem of   communication. In addition to this, it specifies the different process of communication that helps to attain the objective. 

3. Xie, E., & Redding, K. S. (2018). State-owned enterprises in the contemporary global business scenario: introduction. International Journal of Public Sector Management, 31(2), 98-112. https://www.emerald.com/insight/content/doi/10.1108/IJPSM-01-2018-0015/full/html

In this paper the author belongs from the School of management and Economics, china. The audience gain the knowledge regarding the state-owned enterprises in the scenario of global business. After observing the different articles, it can be determined that this paper has been focused on the scenario of enterprises. While the other paper emphasis on the process of communication. This paper linked with the different sectors such as public transport , space in different countries. It also provide the deep knowledge of growth stratageies  and the performance of state owned enterprise. The scope of this paper is very vast it covers the different theory such as managerial grid theory, agency theory, exchange theory etc. 

4. Gamil, Y. and Rahman I. A. (2018). Identification of Causes and Effects of Poor Communication in Construction Industry: A Theoretical Review.Emerging Science Journal, 1(4). https://www.researchgate.net/publication/322679807_Identification_of_Causes_and_Effects_of_Poor_Communication_in_Construction_Industry_A_Theoretical_Review

In this article the authors belongs to the university of  Malaysia from the university Tun Hussein and faculty of civil and Environmental Engineering. The audience are in the form of different industries which involve the different parties. These industries are dynamic, complex and fragmented in nature. Although analyzing this  paper, from the other, it can be identified that the paper signifies the communication problem in construction industry and the other has different issue in different sector. It can be determined that construction factory initiate the project and develop the successful and efficient communication in the sector and that is the major scope for the industry. It also  provides the different measures to minimize the effect and cause factors as the construction industry faces the challenges due to changing nature and diversity.

5. Türkel, S., & Akan, A. (2015). Corporate social responsibility (CSR) communication: a Turkish industry example. In Integrated communications in the postmodern era (pp. 151-174) Palgrave Macmillan, London. https://link.springer.com/chapter/10.1057/9781137388551_7

In this critique, the researchers are from the London and publish their article from the palgrave Macmillan , London. In this the researcher focuses on the concept of corporate social responsibility and provides an example of Turkish industry. By observing the other critique, it can be assumed that in this the author has provide an empirical study which is based on the communication of CSR activities. The other critique is based on the strategies of CSR communication for legitimacy in the field of social media. It scope extends to the different models of CSR and also provide the pyramid of CSR . It also provides the different tools that help to provide the true information about the brand of company of its operations.  

6. Golob, U., Elving, W. J., Nielsen, A. E., Thomsen, C., Schultz, F., Podnar, K., & Colleoni, E. (2013). CSR communication strategies for organizational legitimacy in social media. Corporate Communications: an international journal. https://www.emerald.com/insight/content/doi/10.1108/13563281311319508/full/html

In this the researcher belongs to the Department of management and intercultural communication, Copenhagen , Denmark. This research paper was published on 24 April , 2013. It consist of different organisations of business and that can be termed as the audiences. Although , observing the other articles, it can be noted that this research paper is based on the different strategies of communication for legitimacy of organisation in field of media. On the other side the other paper , provides an example of Turkish industry with the help of CSR. It also linked  the business organisations with the today’s environment. It scope applies to the techniques of data-mining that allows assessment of different information which aare provided online. In addition to this, the main aim of this paper is to examine the stragey of communication that are followed in the line of social media and that is more effective to establish the union among the CSR and stakeholders. 

7. Fay, N., & Ellison, T. M. (2013). The cultural evolution of human communication systems in different sized populations: usability trumps learnability. PloS one, 8(8), e71781. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3744464/

The backdrop of the author is from perth, and belongs to the school of psychology, University of western Australia. The audiences investigate the evolution of system of human communication and how they leads to the reproduction fidelity and efficiency. Although comparing with the paper, this paper emphasis on the intergenerational transfers system of human communication and how it impacts the size of population. The other critique involve the bootstrapped  of communication system in absence of different language. It also proposed the selection of content bias and that includes the coding and signs and that provides information in easy manner. In addition to this, it scope extends to the experimental approach and evolve the different generations. It also stress on the size of population on the evolution of communication system in human beings. 

8. Fay, N., Arbib, M., & Garrod, S. (2013). How to bootstrap a human communication system. Cognitive science, 37(7), 1356-1367.https://onlinelibrary.wiley.com/doi/epdf/10.1111/cogs.12048

The researcher of this paper are belongs from different universities such as School of Psychology, Western Australia. Department of Psychology, University of Glasgow. In this critique individual works through acts and gestures and that can be evaluated which are recognised as the audience. Although differentiating this paper from the other, it is based on the human beings as compare to the different sectors and the communication system use the signs to obtain the information. The other research paper is based on evolution of human communication with different population. The main purpose of this research paper is  analyse the human communication system in absence of language which is conventional in nature. It also stress on the acts and gestures which are efficient and effective as compare to the other form of communication. 

9. Curtis, J. R., Back, A. L., Ford, D. W., Downey, L., Shannon, S. E., Doorenbos, A. Z., … & Arnold, R. W. (2013). Effect of communication skills training for residents and nurse practitioners on quality of communication with patients with serious illness: a randomized trial. Jama, 310(21), 2271-2281. https://jamanetwork.com/journals/jama/article-abstract/1787407

In this research paper the researcher are the faculties of the medical department or department of Health and safety in various institutions. The patients, trainees or medical practitioners are considers as the audience in this paper. While stating, about the comparison, this research deals with the different methods of information and its effect on the Nurse practitioners and residents in respect to the quality of communication. The main objective of this research paper is to analyse the different effects of the skills of communication for practitioner and internal medicine on the result of family report. It scope extend to the different participants and practitioner between the period of 2007- 2013 in south California. It does not improve the quality of communication in the end of life care system.  

10. Verma, R., Gustafsson, A., Kristensson, P., &Witell, L. (2012). Customer co‐creation in service innovation: a matter of communication?. Journal of service management .https://www.emerald.com/insight/content/doi/10.1108/09564231211248426/full/html

This research article is published on the 22 june 2012 and faculties are from the different institutions. They belongs to the Research center, Karlstad University , Norwegian and service Research Center, Sweden. It consist the different organisations and target customer and that will be the audience . It differentiate with the other article, as the other research paper stressed on the skills of communication and its affects in different areas. But this paper focus on the co-creation of customer in the innovation of service sector and a matter of communication. It also asserts the four dimensions of the communication that is direction, modality, frequency and the content. The goal of this journal article is to improve the relation of customer in the field of service sector . it also examines the various factors that affects the services and products in the competitive world. It also suggested that the innovation and co-creation should be combined and the co-creation depends on the different innovations. It also receives the experience in terms of services and products and that tends to the satisfaction of customer and helps to attain the goal. 

References

Curtis, J. R., Back, A. L., Ford, D. W., Downey, L., Shannon, S. E., Doorenbos, A. Z., … & Arnold, R. W. (2013). Effect of communication skills training for residents and nurse practitioners on quality of communication with patients with serious illness: a randomized trial. Jama, 310(21), 2271-2281

Fay, N., & Ellison, T. M. (2013). The cultural evolution of human communication systems in different sized populations: usability trumps learnability. PloS one, 8(8), e71781.

Fay, N., Arbib, M., & Garrod, S. (2013). How to bootstrap a human communication system. Cognitive science, 37(7), 1356-1367

Gamil, Y. and Rahman I. A. (2018). Identification of Causes and Effects of Poor Communication in Construction Industry: A Theoretical Review.Emerging Science Journal, 1(4).

Goldman, G.A., Nienaber, H. and Pretorius, M., (2015). THE ESSENCE OF THE CONTEMPORARY BUSINESS ORGANIZATION: A CRITICAL REFLECTION. Journal of Global Business & Technology, 11(2)

Golob, U., Elving, W. J., Nielsen, A. E., Thomsen, C., Schultz, F., Podnar, K., & Colleoni, E. (2013). CSR communication strategies for organizational legitimacy in social media. Corporate Communications: an international journal.

Maurice Odine (2015). Communication Problems in Management. Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB) An Online International Research Journal, 4(2).

Türkel, S., & Akan, A. (2015). Corporate social responsibility (CSR) communication: a Turkish industry example. In Integrated communications in the postmodern era (pp. 151-174)

Verma, R., Gustafsson, A., Kristensson, P., &Witell, L. (2012). Customer co‐creation in service innovation: a matter of communication?. Journal of service management

Xie, E., & Redding, K. S. (2018). State-owned enterprises in the contemporary global business scenario: introduction. International Journal of Public Sector Management, 31(2), 98-112.

Annotated Bibliography

Week 1: Evolution of HRM

Full reference:  Rotich, K.J. (2015). History, evolution and development of human resource management: a contemporary perspective. Global Journal of Human Resource Management, 3(3), 58-73.

Research objective and research question:  As per Armstrong (2006) the Human resource management can be stated as a coherent approach to the assets of the organization. The main objective of the research is to focus on the accountability in the telecom industry that ensures the long term goals. 

Outline of the method: This article discusses the historical development of the management. It also emphasis on the different evolutionary phases which outlines the different functions and also shape the development of human resource management. To gather the data, a researcher uses a mixed method for the evolution of HRM. AS it can be determined that with the increase in time the employees use different techniques and practice that leads to the goal of organization’s. It also emerges through sociological and psychological research. 

Discussion of the findings:  This article traced the different historical developments about human resource management. It also emphasizes on the different period and experiences of different countries. During the pre-historic, different methods can be used for the tribal leaders and these actions can be recognized to train and select the individuals for jobs. Later on, the theorist of different countries examines the nature of work systems and applied by professionals and management. 

Summary of the conclusions: From the above analysis, it can be determined that the Human resource management is an important function in management and it also evolves to become the indispensable sector. It consist the different factors such as human resource planning, Knowledge management, performance and quality management, industrial relations management, health and safety etc. 

Indication: It can be stated that if all the functions of Human resource management can be performed effectively and efficiently, then they can easily attain the goals. Through the employees can retain more and develop their activities. 

Week 2: The context of HRM

Full reference:  Malik, M. (2013). Impact of human resource management (HRM) practices on employee performance in telecom sector—With reference to MTS India. Asia Pacific Journal of Marketing & Management Review, 2(4), 41-45.

Research objective and research question:  As Per the study of Malik (2013), it can be identified that the practices of human resource management play a crucial in the telecom industry. It also emphasises on the different elements such as selection, the role of training, selection, job definition, appraisal and participation of employees. It also identifies the different practices for the Telecom industry, and apart from this it also enables the employees to perform their work effectively and efficiently. Through this study, they can understand the different practices and methods that lead to an increase in profit. For this study, the research question is whether the practices of HRM play a crucial role in increasing the satisfaction and productivity of employee or not. 

Outline of the method: By analysing the study it can be identified that the researcher can use the mixed method that includes both qualitative and quantitative method to evaluate the role of different practices of HRM. Data can be gathered through the 50 respondents by using the questionnaire. They also used the different tools to analyse the results of data. 

 Discussion of the findings:  After the completion of the study the Malik (2013), observed that there is a strong relationship between the performance of employee and correlation and that can be derived by the correlation.  Apart from this it also identified the different variables such as training (0.65), performance appraisal (0.47) and participation of employees (0.56). The above result indicated the performance of the employee, and that leads to the goal of the organisation. 

 Summary of the conclusions: From the above study, it can be concluded that several factors lead to the performance of employees. It can also be identified that the MTS use the different practices of HRM to increase the share of profitability and productivity. The different practices such as training, job definition, and selection and performance appraisal contribute towards the organisation. 

Indication: This article analyses the different practices of HRM, and it has been observed that with the high increase in salary the greater number of employees get attracted, and they retain in the organisations. Due to this, there will be a greater number of employees, and that leads to an increase in competition. Apart from this, certain factors help the employees to remain in the organisation; this can be people management, job definition etc. 

Week 3: Industrial relations: Frameworks and practices 

Full reference: Washimkar, G., & Deogaonkar, A. Impact of Employee Productivity Analysis on Service Quality Telecom Industry. International Journal of Scientific and Research Publications, 446.

Research objective and research question:  This main objective of the research is to analyze the relations of employees within the telecom industry. In the sector of telecom, the relations of employee become a crucial part and also judge the profitability of the business. The main goal of this article is to understand the positive and negative impacts of employee productivity due to which the differences can be caused. 

Outline of the method: To analyze this change it is essential for the researcher to study deeply. For this, they have to gather the true and real data from the various sources. They have to do the mixed research in which they can provide the questionnaire o their employees so that they can fill easily. Apart from this, they have to do surveys and take interviews of employees. Through all this, they can easily analyze the relations of employees with the organizations. 

Discussion of the findings:  By analyzing the data, it can assert that the telecom industry is going through the phases of consolidation of business that ensure the margins of profit. In the new era of business, technology plays a crucial role due to this telecom sector requires the employees to enhance their productivity level. It can also be stated that the level of productivity can be maintained through their relations, if employees maintain their positive relationship with their subordinates and superiors then there will be a positive relationship. On the other side, if they show attitude, ego then they are not able to perform well in the organization. This creates a negative impact. Due to this factor, there will be positive and negative relations of employees and that creates hampers the industrial relations. In addition to this impact of this ensures the ownership, trust, and belongingness within the telecom industry. 

Summary of the conclusions: From the above analysis, it can be stated that the impact of Employee productivity on service quality plays a significant role in the future. The enhancements of productivity initiate from the use of technology such as the internet, computer, and the skills within the workforce. If the telecom sector does not provide better services and incentives then it can be assumed that employees are not happy with them and that creates the negative impacts and effects the relationship with the organizations. So, to develop positive industrial relations, it is essential for the HR manager to provides all the relevant factors of HRM so that they can be motivated and perform better to attain the goals. 

Indication: To last for the long term, it is necessary for the manager to provide all the facilities so that a greater number of employees can retain and easily develop in their fields.  Due to this factor, the organization can earn a high rate of profit that leads to a high rate of productivity. If all this factor can be maintained then there will be better relations with organizations. 

Week 4: HR Planning in a changing environment 

Full reference:  Afzal, F., Mehmood, K., Sherazi, S.M.R., Sajid, M. and Hassan, M., (2013). Effect of human resource planning on organizational performance of the telecom sector. In Information and Knowledge Management (Vol. 3, No. 2, pp. 173-182).

Research objective and research question:  According to Afzal and others (2013), this article emphasis on the impact of human resource planning and on the performance of the organization. The main objective of this article is to determine the different determinants of human resource planning that contributes towards the performance of the telecom industry. It raises the question that whether the different factors of HRP constitutes a positive relationship or not. The main objective of this article is to check the continuation of human resources and determine the variables that lead to an increase in organizational performance. 

Outline of the method: To collect the data a survey of the questionnaire was employed that encompasses the population of different firms in respect to the telecom industry. The result of the study is based on the empirical evidence that develops flexibility and becomes a crucial part of the firm. The data can be gathered through the field study and they can adopt the different practices. 

Discussion of the findings:  As per Afzal and others (2013), the practice of human resource management is changing in the sector of the telecommunication sector. It can be analyzed that with the tools of HRP such as training, selection, incentives, benefits for the employee that leads to attaining the goals. Apart from this, it can be analyzed that human resource management is the strategic component and the practices that are distinctive in heir work. Selection, incentives, training provides positive measures and significant to others. In addition to this, it also stresses the role of human resource planning that adopts suitable practices in order to induce the best quality of skills. It also specifies the responsibilities, duties of the individuals that can be performed by them. The performance of an organization can be measured through productivity and financial stability and that leads to effectiveness. It also adopts the three practices that are to develop the abilities, skills among the different employees. It also ensures security and provides participation among the employees. Lastly, it motivates employees by providing incentives and benefits. 

Summary of the conclusions: It can be concluded that motivation is indicating a positive relationship with the other factors. The more incentives will be provided to the employees there will be more motivated. Apart from this, there is an increase in the level of technology and through that, they can train a number of employees. 

Indication: With the increase in the different factors of human resource management the employees can gain their knowledge and experience and that leads to the attainment of the goal. With this, it can be analyzed that a greater number of employees can retain and that leads to the growth of the telecom sector. 

Week 5: Work design challenges in a global environment 

Full reference:   Al-Maamari, M. H., Al-Mamary, Y. H., Nor Aziati, A. H., & Shamsuddin, A. (2015). Issues Related to Employees at Telecommunication Companies in Yemen. International Journal of Hybrid Information Technology, 8(12), 377-390

Outline of the research objective and research question: In this study by Al-Maamari, Al-Mamary, Nor Aziati, & Shamsuddin (2015), different issues related to the telecommunication companies are studied. It also evaluates the concept of Human resource information systems that can be used to record, collect, analyze and retrieve data that concerns the resources of organizations. It can also be stated that the function of human resources is accountable for developing, attracting and maintaining the workforce of the firm. It also supports the different activities such as maintaining the records of existing employees, evaluating the potential employees and creating the programs to develop the skills and talents. The research question for this study is whether the system of MIS increases the effectiveness of HRM practices or not? 

Outline of the method: The researcher uses the mixed method as the uses both primary and secondary source. The employees can evaluate on their basis of performance, and that can be gathered through the secondary source. Apart from this, they also use different systems such as HRM and MIS to gather information, and that leads to effective decisions making. It also carried the qualitative and that is based on the existing research. 

Discussion of the findings: After the analysis, the Al-Maamari and others observed that the management information system is one of the important tools in the sector. The main objective behind this is to provide the complete, reliable and timely to systems. It also provides the reports to their managers so that they can easily access the performance of the organization. The main role of a management information system is to manage the data, organize it and retrieve the information system. It also provides faster and accurate services and also affects the performance of employees. It can be stated that employee satisfaction is more challenging and also includes in the telecommunication sector. Apart from this, different factors hinder the performance of employees. On another side, the other employees are not satisfied while using the systems. This article establishes the stability of demands, autonomy in the jobs and also enhances the motivation. It also discusses the models that optimize the different level of motivations and well-being in the system of work.  Apart from this it also harmonizes the different interfaces between the different jobs. 

Summary of the conclusions: From the above analysis, it can be stated that the system identifies the challenges of work design and that can lead to the dissatisfaction of employees from mechanical jobs. The sector of telecommunication is the promising sector, and that can be available in the field of investment and trade. There is a competition in the service prices, and that leads to an increase in demand. The billing system plays a crucial role in the sector of telecommunication, and that is the combination of software, hardware that groups the information for the individuals and records the payments to the customer. The concept of emerging allows the designers to evaluate the different factors of job design and that can be changed according to the different jobs.  

Indication: In this article, the employees the different practices and also understand the system of MIS that provides the information. It also enables the worker to resolve their dispute and overcome different challenges. With the help of MIS systems, the telecom sector can improve the rate of the market, and it also attracts the employees. 

References

Afzal, F., Mehmood, K., Sherazi, S.M.R., Sajid, M. and Hassan, M., (2013). Effect of human resource planning on organizational performance of telecom sector. In Information and Knowledge Management (Vol. 3, No. 2, pp. 173-182).

Al-Maamari, M. H., Al-Mamary, Y. H., Nor Aziati, A. H., & Shamsuddin, A. (2015). Issues Related to Employees at Telecommunication Companies in Yemen. International Journal of Hybrid Information Technology, 8(12), 377-390

Malik, M. (2013). Impact of human resource management (HRM) practices on employee performance in telecom sector—With reference to MTS India. Asia Pacific Journal of Marketing & Management Review, 2(4), 41-45.

Rotich, K.J. (2015). History, evolution and development of human resource management: a contemporary perspective. Global Journal of Human Resource Management, 3(3), 58-73.

Washimkar, G., & Deogaonkar, A. Impact of Employee Productivity Analysis on Service Quality Telecom Industry. International Journal of Scientific and Research Publications, 446.

INTRODUCTION

In the present era, it has been seen that there are plenty of accounting mistakes are arises while recording of financial transactions. It is because of not having proper accounting system utilize by organisation during the time. The primary objective of using this system is to attain short or long term objectives that are set by the company. Management accounting is an essential aspect for an organisation that would assist manager at the time of managing their day to day operations. This report analyse specific effort that could promote proper understanding among various department among Hilti GB Company which is operating in UK. This project report aimed at providing crucial information about various accounting system and reporting used within an organisation. Apart from this, use of various costing method to calculate net profitability for the company is discussed in this report. Along with that advantage and disadvantage of using planning tools that can assist manager to control their budgets. Further, comparison of different management accounting system in resolving financial problems has been covered effectively in this project report.

• Activity 1

1. • Part A
   • P1: Concept of management accounting and its essential requirement

In every business organisation, it has been analyse that manager are always looking to have an effective accounting system that can assist them to record each and every business transactions into their respective statements. It would be reliable for them take necessary decision on that basis of this particular data. The manager are playing eminent role in summering and analysing the information that are collected during the time (Parker, 2012). The primary motive behind doing so is to attain overall goal of Hilti GB Company that has been set for the period. It has been determine that managers are using specific provision for accounting data in accordance to attain better data themselves before they would decide specific matters within the company. it would aids their overall management and profitability aspect to control overall function that are performed within an accounting period of time. There are valuable procedure which is useful for preparing management reports and accounts which would provide reliable and timely financial as well as numerical data those are needed by managers to make specific decisions. Management accounting is mostly generates monthly or weekly statements for an organisation internal department such as finance managers and chief executive officers. The scope of management accounting is very wide because of having plenty of features and characteristics. There is various key definitions that has been provided by scholars or authors. Some of them are mentioned below: 

According to J. Batty: “Management accounting is a specific term that can be used for the purpose of describing the accounting standard, system and provision that complied with certain knowledge and capability of administration in their activity of increasing profitability and losses”.

Types of management accounting system:

Cost accounting system: It refers to an essential system that is design by business to estimate overall cost for their products in order to attain profitability, stock valuation and cost control. The primary motive behind this particular system is to control total cost which are incurred in production of product and services within Hilti GB (Salterio,  2015). It tends to measure the best possible inefficiencies of necessary modification to deal with additional cost or expenses that are incurred during the time.

Inventory management system: It is one of the key accounting system that can be useful for tracking stock levels, sales or purchase delivery record of inventory within an accounting period. It would also assist in production sector to develop a work order and other production related documents. It is all about looking always to increase efficiency that can provide constant flow of units in or out of an available stock position. There are various types of management system tools which are used to record the invoices such as LIFO, FIFO and AVCO.

Job costing system: Another important accounting system used within Hilti GB. It is basically related to assigning and accumulating production cost of single units of output produced during the period. This particular system is useful in case there are various items produced by the company and have sufficiently different from one another. It does have their own number and production date mentioned on it.

Price optimisation system: This particular model is always consists of numerical plan that is helpful for computing overall demand which can vary at several price levels. This approach allows Hilti GB Company to make use of appropriate pricing as an effective profit lever that often is underdeveloped. It can be used to tailor pricing for clients segments through simulating targeted customer responses to cost chances as per the given scenario (Hasniza Haron and et. al., 2013). By the help of this system manager can easily be able to determine overall perception of customer towards the product price which are decided by the company during the time.

1. • P2: Different kind of management accounting reporting

In accordance to examine the company’s overall position or profitability in near future time the reports must be a key aspect that is taken into account. It happens to a valuable source of business intelligence that can assist overall business leaders to make reliable and accurate decision in coming period. However, these reports are basically only as valuable aspects in work that can goes into formulating and presenting specific data that has been collected from various transactions. It has been seen that there are various sources from which data can be gathered in relation to prepare a report (Agrawal and Cooper, 2017). The primary reason of recording data into their respective format is because these reports are presented in front of various investors and stakeholders that are making specific contribution in the various projects of Hilti GB.  The data collect for these reports are taken from various statements such as profit and loss, balance sheet, changes in equity and cash flow statement. It is more complex software that enables manager to control the entire legal reporting process. The overall decision regarding the growth and sustainability of the business is relies on the financial position of the company. There are various types of management accounting reporting that is prepared by the company. Some of them are mentioned below: 

Performance report: This particular reporting system is an essential report which is based on overall performance of company. These are prepared on constant basis by the concern department that is being financed through public capital. In most of the situation, this report is based on past and previous year data that has been collected by the manager to prepare the financial statements of the company. It would be produced for every employee of an organisation or such report can assist the department to assess the overall success of any project that are planned during the period.

Inventory management report: It is an essential reporting system that is based on accurate and reliable information which will allow company to discover current trends as well as examine the positive and negative aspects. The primary ways to prepare this report is to determine opening and closing stock information that has been kept by Hilti GB in their business operation (Laine, Paranko and Suomala, 2012). There are various ways to evaluate the stock position for the company such as activity based costing, economic order quantity and stock turnover ratios. It has been seen that a perfect inventory management strategy can assist in saving time as well as cost. It can also have real time to attain monetary benefits in coming time. 

Job cost report: Another crucial reporting system that can assist as well as accumulating producing costs of individual units of results. This particular job costing is helpful in various items produced that is having sufficiently different from one other. The reports consist of specific information about each group or individual product manufactured during the time. This would support this report, it would allow certain job numbers that assigned to individual items of expenses and earning incurred during the time.

Account receivable report: It is an essential aspect that is legally enforceable claim of payment that has been held within a business for products supplied rendered that to have customer is having ordered but does not paid for that product. This report consists of specific lists of unpaid customer invoices as well as credit memo as per the mentioned date ranges. The aging report is considered as primary tool that can be used through overall collection of personnel to analyse which bill is overdue for payment. This can be helpful for internal decision making because manager can easily be able to determine total time of gaining the outstanding amount (Ismail, 2012).

Budget report: It is an essential report that is prepared for internal purpose in order to make comparison of estimated as well as budgeted projection to that with actual one. It primary reason behind using this report is to known that income and expenses information can changes on regular basis for a company. This particular report often referred to a financial report that consists of detail information about the business owner plans that are made for the future.

1. • M1: Benefits of using management accounting system

In relation to all above discussed various accounting system that are equally beneficial for an organisation in managing and recording their information into their respective statements. In accordance to cost accounting system which is used to control the additional costs those are incurred during production process, whereas inventory management system is basic tool that tends to record all stock related detail information that are sell or purchase during the time. Similarly, price optimisation is another system that is used in business to analyse the overall perception of customer toward various prices strategies those are applied for the product offered by the company to them. However, Job costing system is beneficial to determine one single unit cost that is charged by company at the time of manufacturing process.

1. • D1: Critical analysis of the management accounting system and reporting integration

In context to earn maximum profitability in near future time managers are using various tools or system that can assist towards achieving their task more effectively. In this process both system and reporting are directly relation to one other. Cost related information is recorded by using costing accounting system. This would assist in analysing the strength of the company by using performance report that has been prepared by using data from costing methods. Whereas stocks related entries are recorded by using inventory management reports and system so that chances of minimum order or level of inventories can easily be identified. Further, job cost report or systems are equally reliable in evaluating the total cost they are investing in production of each group or units.

1. • Part B
   • P3: Calculation for the given portfolios

Cost is said to be value of amount which is incurred for the getting something. It is generally done in case of monetary valuation of various departmental data. The value which is given up for assets must be related with Hilti GB engineering company products. There are various specific costing methods which are used by the company in order to analyse total net income they are earning during the time (Budding, Grossi and Tagesson, 2014). The best ways to analyse the performance by using cost benefits analysis techniques which is a right option available with organisation in terms of collecting accurate information about increase profitability. It is an essential procedure that can be helpful for the manager to determine cost of producing products in relation to deal with a business by using proper resources in various stages of manufacturing. The data which is issues through using costing method is taken into account for the purpose of attain long term objectives. Some of the vital methods which can be useful for Hilti GB company is mentioned below: 

Marginal costing: It is said to be additional cost that is incurred by company during the time of producing one extra unit with the same amount of resources. It is also known as period costing because only variable costs are taken into account and fixed cost get written off to get contribution. The reason behind consider more accurate for decision making is because of its nature as there is not any difference occurs in case of any changes in variable cost in production process.

Absorption costing: It is another valuable costing method that can be used by Hilti GB Company to calculate net profit. It is said to be full costing method because both variable and fixed cost are taken during the time of production. There is a constant chance of variation in the direct material, labour or any other overhead those are used during the time. The results are analysing on the basis of over and under absorb concept that has been computed through using production cost and closing stock information (Amoako, 2013). In some situation, company does not thing this method a valuable techniques that can help in overall decision making on the basis of profit generated by the company.

Income statement using marginal costing

Marginal costing
			1st quarter
	Sales	(4500*95)	427500
Less:	Variable cost	10% of sale value	42750
	Direct material	18	81000
	Direct labour	15	67500
	Variable production o/h	9	40500
	Contribution		195750
Less:	Fixed cost		45000
	Fixed production		75000
	Profit		150750

 

Absorption
			1st quarter
	Sales		427500
Less:	Cost of goods sold		231750
	Gross profit		195750
Less:	Fixed cost		-45000
Add:	Fixed production overhead cost		7500
	Net Profit		158250

 

Absorption
			2nd quarter
	Sales		285000
Less:	Cost of goods sold		128750
	Gross profit		156250
Less:	Fixed cost		-45000
Less:	Fixed production overhead cost		-6000
	Net Profit		105250

Income statement using absorption costing

1. • M2: Application of management accounting techniques and financial reporting document

In relation to determine maximum profitability for the company, it is essential to make use of right accounting techniques. It can help in calculating positive outcome for the company so that chances of losses can be overcome. Some of the crucial techniques are standard costing that is associated with the company for analysing their upcoming budgets. It can be evaluated by the help of using difference amount from the standard and actual costs those are incurred during the time. Similarly, another techniques is marginal costing which is used in case of additional cost incurred by the company while production of extra units.

1. • D2: Interpret the financial data for the problem in Annex B

According to the problem number 6 of Annex B, it has been analysed that purchasing price of €7.75 and the total cost of €9.00 could be recommended as an essential element that must be brought in the business. Moreover, actual comparison among marginal cost of manufacturing and buying cost of 7.75 must be taken into account. This would indicate that this particular element must be produced instead of bought. The primary reason behind this is that fixed costs of € 175000 which is collected from the total units of 50000*3.50. According to this outcome the overall capacity will remain unused and fixed cost could not been absorbed during production process. In case, BK 200 bought, the overall earning comes down by € 112.500 that is actual difference calculated from purchasing price on the basis of marginal cost such as (7.75-5.50)*50000.

 

• ACTIVITY 2

 

1. • Part A
   • P4: Advantage and disadvantage of using planning tools to control budget

In every business organisation, it has been essential for them to make proper planning keeping in mind about the profitability and growth opportunities. Planning used to play an eminent role in overall management of organisation resources so that valuable amount of outcome can be attain in near future time. Once the strategic action is worked in financial term through a well effective budget, it could be helpful as a technique for appropriate administration of organisation resources. A budget is a necessary management tool utilize in planning, monitoring and analysing the availability of finance for Hilti GB engineering company. It is an estimation of total cost and expenses that are going to be incurred in near future (Burns, 2014). There are various key planning tools those are effectively useful in controlling budgets that are prepared by company during the time. Some of them tools are discussed below: 

Forecasting tools: This particular planning tools assist the top management of Hilti GB engineering company to cope up with every uncertainty that are going to arise in future. It is entirely based on past and current trends of data which has been recorded into their budgets. There are certain assumption that are relies on administration experience and decisions. In order to analyse the budget issues this model can be more helpful to estimate future information as a valuable function of past data.

Advantage: This particular tool is having certain benefits that provide business more crucial information that can be useful to make future decision. In most of the situation, utilisation of qualitative data has relies on overall judgement made by the concern expert. 

Disadvantage:  The one of the biggest limitation of this tool is that it is entirely relies on estimations. But because of having qualitative nature of predication a business cannot always considered as more profitable within internal growth of the company.

Scenario planning tools: It is basically termed as strategic planning tool that can be use by Hilti GB engineering company to make flexible long term plans. It is in wide areas of adaptation and simplification of techniques which is implemented in group coordinating activity. The primary requirement of this tool is to enable specific scenarios as per the market demand. There is no any doubt about companies to make use of this tool to attain certain profit in coming time.

Advantage: By the help of this planning tools manager can adapt a systematic thinking ability. It would provide a positive mechanism before occurrence of any problem in critical situation.

Disadvantage: It has been seen that in present situation, scenarios are not so clear that can create lot of burden for manager to make utilisation of techniques in right point of time. It happens to be more underscore that can be a sufficient helpful aid to deal with uncertainty.

Contingency planning tools: It is valuable course of action that has been framed to assist an organisation to respond perfectly to a valuable future activity that care going to be occurring in near future time. It works as plan B, because it could be more reliable for company as alternative action in case alternative outcome fail to disappear (Klemstine and Maher, 2014).

Advantage: It is more accurate or reliable tool because manager can use quickly to take necessary steps to deal with a problem that would stop manufacturing of products. It is more essential for a profitable business because it can be work as backup plan in some critical situation.

Disadvantage: The biggest limitation of using this planning tool is its cost and time taking ability. Along with that the employees of staffs need special training to face any urgency situation.  

1. • M3: Analyse the use of planning tools and their application

	Project X	PV factor @12%	Cash outflow
Year 0	-5,000	1	-5000
1	2,500	0.892857143	2232.142857
2	1,000	0.797193878	797.1938776
3	1,000	0.711780248	711.7802478
4	500	0.635518078	317.7590392
5	1,500	0.567426856	851.1402836
6	1,000	0.506631121	506.6311212
		Total PV	5416.647426
		NPV	416.647
		Payback period	5.851140284

 

	Project Y	PV factor @12%	Cash outflow
Year 0	-8,000	1	-8000
1	1,500	0.892857143	1339.285714
2	2,000	0.797193878	1594.387755
3	2,500	0.711780248	1779.45062
4	1,000	0.635518078	635.5180784
5	1,000	0.567426856	567.4268557
6	2,500	0.506631121	1266.577803
		Total PV	7182.646826
		NPV	-817.35
		Payback period	More than 6 years

From the above two project X and Y, it has been clearly seen that project is taking 5.8 years time to recover the amount, whereas project y is taking more than 6 years to recover their 8000 amount. Thus, project X is more reliable and it should be accepted for future planning. The Forecasting planning tool has been used to determine the changes occur in two given projects. 

1. • Part B
   • P5: Comparison of how organisation using MA system to resolve financial problems

Nowadays, it has been seen that there are various kinds of financial and non-financial problems are arising within an organisation. It would directly or indirectly impact the overall performance and productivity of the company. However, it is vital for manager to make regular analysis of these issues so that it would not affect the internal strength of the company. Some of the common issues that are generally found are mentioned below: 

Cash flow issues: It has been analysed that cash issues are more common problems that are faced by most of the business organisation. Capital in more valuable aspects for any successful business without which not any firm can survive for longer period. It can basically arise because of inappropriate flow of cash in the business. In some situation such kind of problem arises because the company is not able to pay their liabilities and it becomes outstanding.

Productivity issues: Another important issue that has been faced by organisation is related with their production capacity. They do not have sufficient amount of resources and capital to manufacture products.  Because of which company cannot be able to generate reliable amount of profit during the time. It can directly impact on the goodwill of the company (Sisaye and Birnberg, 2012).

All the above mentioned financial issues can be resolve by using appropriate MA techniques those are mentioned below: 

KPI (Key performance indicators): It is known as cover sheet for any business that helps in measuring a wide range of business activities from marketing to finance. It would keep close look on the financial performance which is essential part for the company to attain long term success.

Financial governance: It is one of the crucial management techniques which are based on government regulation. The main reason behind development of this rules and regulation is to provide guidelines to smooth operating of their activities.

Comparison: 

Hilti GB Company	Airdri
It is essential for the company to make use of cost accounting system to deal with their additional cost or expense those are charged during production process.	In relation to resolve financial issues the company need to make use of JIT as inventory valuation techniques to overcome inventory related issues (Van der Stede, 2015).
Key performance indicator techniques must be use on regular basis overall idea about the current performance can be taken into account.	Financial governance is the best ways to follow all the regulation in the business to overcome any future mistakes.

M4: Analysis of MA in resolving financial problems

It has been analysed that in accordance to attain better future or sustainability in coming time the company need to make utilisation of right accounting system. There are various financial problems those are related with inventory, cash and profit. These all can be overcome by using Key performance indicators and setting a benchmark for future losses. Inventory management related problems can be resolve through using just-in-time methods. Every method or techniques of management accounting can lead to Hilti GB to attain better potential or growth in coming period.

1. • D3: Evaluation of planning tools for accounting to solve issues

It has also been evaluated that in order to overcome financial issues that are uncertain for the company can also be resolve by using various planning tools. Some of them are forecasting tools that is based on future budgeted risks can be helpful for manager to deal with upcoming implications. In accordance with the contingency situation a plan B must be available with the company to overcome cash related problems (Zoni, et., al., 2012). All of these are equally valuable for attaining maximum growth and sustainability for the company in near future.

 

• CONCLUSION

 

From the above project report, it has been concluded that management accounting is a key element that helps any business organisation to record and summary their everyday business transactions. However, both management accounting system and reporting can help Hilti GB Company to deal with their accounting information. Further, use of right costing methods can give positive outcome in terms of net profit to the company. It has been suggested that with the proper use of planning tools budget related issues can be reduce. Also, financial issues could also be overcome by the help of appropriate accounting system and chances of attaining sustainability can also be enhanced in near future.

 

• REFERENCES

 

Books and Journals: 

Agrawal, A. and Cooper, T., 2017. Corporate governance consequences of accounting scandals: Evidence from top management, CFO and auditor turnover. Quarterly Journal of Finance. 7(01). p.1650014.

Amoako, G.K., 2013. Accounting practices of SMEs: A case study of Kumasi Metropolis in Ghana. International Journal of Business and Management. 8(24). p.73.

Budding, T., Grossi, G. and Tagesson, T. eds., 2014. Public sector accounting. Routledge.

Burns, J., 2014. Qualitative management accounting research in QRAM: some reflections. Qualitative Research in Accounting & Management. 11(1). pp.71-81.

Hasniza Haron, N., Kamal Abdul Rahman, I. and Smith, M., 2013. Management accounting practices and the turnaround process. Asian Review of Accounting. 21(2). pp.100-112.

Ismail, N.A., 2012. The impact of information technology on performance: The mediating role of management accounting systems. Jurnal Teknologi. 46(1). pp.27-44.

Klemstine, C. F. and Maher, M., 2014. Management Accounting Research (RLE Accounting): A Review and Annotated Bibliography. Routledge.

Laine, T., Paranko, J. and Suomala, P., 2012. Management accounting roles in supporting servitisation: Implications for decision making at multiple levels. Managing Service Quality: An International Journal. 22(3). pp.212-232.

Lim, M., 2011. Full cost accounting in solid waste management: the gap in the literature on newly industrialised countries. Journal of Applied Management Accounting Research. 9(1). p.21.

Parker, L.D., 2012. Qualitative management accounting research: Assessing deliverables and relevance. Critical perspectives on accounting. 23(1). pp.54-70.

Salterio, S.E., 2015. Barriers to knowledge creation in management accounting research. Journal of Management Accounting Research. 27(1). pp.151-170.

Sisaye, S. and Birnberg, J.G. eds., 2012. An organizational learning approach to process innovations: the extent and scope of diffusion and adoption in management accounting systems. Emerald Group Publishing Limited.

Van der Stede, W. A., 2015. Management accounting: Where from, where now, where to?. Journal of Management Accounting Research. 27(1). pp.171-176.

Ward, K., 2012. Strategic management accounting. Routledge.

Zoni, L., Dossi, A. and Morelli, M., 2012. Management accounting system (MAS) change: field evidence. Asia-Pacific Journal of Accounting & Economics. 19(1). pp.119-138.

 

• Appendix

 

1. • Working note for Absorption costing

Working note		1st Quarter
Cost of goods sold
Variable cost	5000*42	210000
Variable expenses	(5000*9.5)	47500
Less: Closing stock	(500*51.5)	-25750
COGS		231750
Fixed prodn o/h cost pr unit	15	75000
Budgeted production/h	(5500*15)	82500
over absorbed fixed prodn cost		-7500

 

Working note		2nd Quarter
Cost of goods sold
Opening stock	(500*51.5)	25750
Variable cost production	5900*42	247800
Variable expenses	(5900*9.5)	56050
Less: Closing stock	(3400*51.5)	-175100
COGS		128750
Fixed prodn o/h cost pr unit	15	88500
Budgeted production/h	(5500*15)	82500
over absorbed fixed prodn cost		6000

 

Introduction

The paper discusses the product placement for the Milkabar, which is a chain of milkshake cafes targeted at the teenagers as well as their parents. The decision making and the strategies used by the Milkabar are also discussed. There is also a critical review of some research articles related to the topic for the better understanding. To get the depth of the topic case studies are also being discussed. The findings of these articles will also be mentioned. The challenges the company faces will also be discussed along with the controversies the business get across which operating in the market. The issues related to the product placement of the Milkashake are also to be taken care of to give the relevant information to the associates of the company.

Critical Analysis of Academic Papers

The authors (Matthes and Naderer) in their paper “Product placement disclosures: Exploring the moderating effect of placement frequency on brand responses via persuasion knowledge”, discusses the product placement of music videos. The presence of internet has made it very convenient to place the products online. The role of brands in the product placement is immense. The authors (Matthes and Naderer) found two convincing addition from their research, the investigation made the persuasion of in relation to placement of music videos. They also added how recall and recognitions are affected by the disclosures. The product placement disclosures have two important aims, they try to save the consumers from the stealthy advertisements and keep the consumer informed about the tactics of the advertisements. They also mentioned that that according to the EU compliances the companies has to disclose the product placement at the beginning and at the end of the program. The authors (Matthes and Naderer) found that subtly no knowledge can activated when audience doesn’t recognise the placement. The authors (Matthes and Naderer) also stated in relation to several studies that the view is divided about the brand memory due to the disclosure norms. But placement prominence can lead to the creation of brand memory. The authors (Matthes and Naderer) used the online survey based in the Austria. The variables used were the placement prominence and the disclosure norm.  The sample population was 527 and the respondents were engaged through music websites and the social media platforms. The survey was about 27 minutes long and the participants chosen were random. The findings of the research were as follows: there were favourable results for the effect of the disclosure on the product placement. There was no evidence or proof found for the activation of persuasion of knowledge. The attitude certainty can be found higher for the more familiar brands. The Milkashake can use the disclosures for making their brand noticeable.

The authors (High, et. Al., 2016) in their research on the Wal-Mart on the product placement discuss the product placement within a shopping complex. The research was done on the stores and the respondents were the customers of the Wal-Mart. The product placement strategies of the Wal-Mart drew people towards the stores. They were found to be very satisfied with the services. The data was collected from the surveys across several stores of the Wal-Mart. These strategies of the Wal-Mart can be applied in the context of Milkashake, to offer various discount and make the brand popular, the location strategy of the Wal-Mart can also be utilised.

The researchers (Briggs, et al, 2014) did research on the topic of the interactive product placement and its system. They mainly focused on the product placement through the videos as the medium. They found that the videos and online promotions are one o the interactive system of advertising as people find it interesting.  The data was collected on the online videos platforms. They just focused on the online videos platforms not on the social media which is growing day by day. The Milkashake have this option available for them also. They can also use the promotion techniques of this sort to make their brand popular.

The research scholars (Liu , et. Al., 2015)  focuses on the factors determining the efficacy of the social media in the product placement. The research used the two way models and questions. The questions were asked through the questionnaires through the social networking sites from the random samples. It was found that the social media plays an important role in the placement of new products for the millennial. As the brand is focused mainly on the teenagers, their connectivity on the web can be a great source of promotion for the company.

The research of the authors (Chaney, et al, 2018) was based on the product placement and the product memorisation and recall during the screening of the movies. There were several movies which were considered for the research and the advertisements at the beginning, at the intermission and at the end were considered.  It was surveyed though the audience and it was found that the beginning of the movie is the best time to place an advertisement for better brand memorisation. The Milkashake can use this technique in the movies which are for the children’s and their parents.

The researchers (Eagle and Dahl, 2018) compare the old and new media of the product placement. They tried to find out the differences on the attainment in the objectives through both the media. The surveys were carried out on random populace through the questionnaires. The findings of the papers were in favour of the new media for better product placement.  The new generation is the targeted customer base for the company; so they must use new media to reach out to the aimed public.

The authors (Chan, et. al., 2016) researched on the product placements across cultures. The research was based on the two countries sample of which one was of high assertiveness and the other was of low assertiveness. The cultural differences and the effect of product placement were examined. There were certain differences found the cultures with high assertiveness require dynamic product placement techniques. This is useful for the purpose of setting up the Milkshae cafes across different regions even within the country as the cultures are diverse.

In this study (Binder, et. al., 2019) tried to focus on the preferences and influences on the children’s eating behaviour through various interactive product placement. The children were asked about the food they like and why they like it. Most of the answers were like that they like the food which is preferred by their cartoon. The child preferences are influenced by these things. The techniques discussed in the paper are of utmost importance a for the Milkashakes they focus the kids and teenagers.

Case Study 1

Red bull is an energy drink company, based in Austria. Their product placement has been unprecedented. They targeted the sport enthusiasts through the sponsorships of the various sporting events around the word. Their sport marketing strategy has been qualified by some researchers as the best in the industry. The company integrated their advertisement strategy into the biggest extreme sporting events around the world. The sale of red bull doesn’t come from the general and super stores, but from the college parties and bars, etc. They also sponsor various events in the colleges, distributing free samples for the students. They also sponsor the music festivals which are very famous among the young generation. The produce the tag lines such as ‘Go big or go home,’ to encourage the youth which is adventurous. The focus of the Red Bull advertisement team is on the enjoyment of the audience, not on the product itself, which makes it very convenient. The tagline of Red Bull, “Gives You Wings” the youth consider it as that they are being offered freedom, the youth which strives freedom from various things and situations in life. The people at Red Bull have created a loyal fan base through their product placement. The Milkabar, can also learn from this case study of how Red bull created its loyal customer base. Their style of engaging the targeted audience is unmatchable. The targeted audience of the Milkabar is the teenagers and the parents, which they can also use to place their product through the sponsorships at the school events, at the super markets and the adventure parks. 

Case Study 2

Starbucks founded in Seattle in the USA is a chain of coffee house. The managers at the Starbucks use the strategy or technique of 4P’s that suffices the ace position of the company in the coffee chain industry. The four P’s determine the product, price promotion and placement. The managers at the Starbucks used this strategy efficiently to become the leaders and produced an example for others how effective marketing mix can be used to build a strong network of chain business and brand image. They also change their strategy according to the challenges and the competition. The systematic approach made the Starbuck a leader in the beverages industry. The location of the coffee houses is one of the major factors responsible for their growth. The Starbucks uses the strategy of premium pricing, which means that people conceives the high price with high value. With the changes in the business environment Starbucks launched its mobile app for making the experience more convenient for the customers.

Issues, controversies and challenges

The Milkashake can use the strategy of communication mix to place their product. The communication mix is the strategy used by companies to place their products for its targeted audience. The company can use various promotion techniques to promote the product like special discounts, etc. But there are some issues related to the product placements, the company need t take care of these matters. The first phase of the product design, the design should be free from issues that it should be away from the legal troubles. The distribution should also be convenient that the supply should be smooth. The company should be able to manage all the issues for better placement of the product. When there are issues related to the any part of the product placement would create the trouble for the company. As the company is planning to open 25 stores, they should get the favourable location, which can attract its targeted customers. The supply to these stores should also be convenient as it’s among the most important issues. 

The businesses also confronts controversies, they should be stay away from these as these controversies degrades the image of the business. The company can face controversies related to the milkshakes content as they have high sugar content. The controversies can also arise from the advertisements which some people can found provocative; this can cause the loss of sales or negative image for the company. The company should manage the standards of the items according to the compliance of the food and safety standards of the country. The company should take care of laws and compliance from the legal experts to stay away from the controversies as the negative branding would create a bad message for the customers. The use of ingredients should be to the levels as prescribed by the food standards in the country.

The company has the first challenge of the costing to compete its competitors. The other challenge is to create the awareness about the products to its targeted customers. The customers are the ones the product is designed for. The targeted customers are the teenagers and the parents, so product and the ambience of the cafe should be designed to suit them. The location should be where their reach is easy. The challenge is to establish the brand which becomes a household name with the use of taglines as used by the Red Bull to make the brand of eminence.

Conclusion and Recommendations

The report has analysed the product placement with the use of academic resources and their findings were discussed. There results were in favour of the practices to be used by the Milkashake, to place its product. The case study of the energy drink giant Red Bull was discussed to give the preview of the strategies which Milkashake can get information to its own benefits. The challenges were also discussed which the company faces in this intense competitive business environment. The issues with the product placement were also elaborated along with the controversies the company might face, and the measures to tackle those controversies were also elaborated.

The Junior Marketing Manager get to across various companies and read their case studies. From his experience through this period of the research, it is recommended, the Marketing Manager should design the ambience of the cafe which should attract the teenagers and there should be a separate section for the parents who if wants can sit there. There should be a tagline that should be an appealing one, which attracts the teenager and that they should relate themselves to it. The company should run sponsorship campaigns to create the awareness about the brand, they should engage in the events where the teenagers usually go. The menu should have some catchy names some can be named after the superheroes or the fairy characters which the teens find appealing. The wifi facility is also a must have as the youth is very much socially connect every time. There is one thing that can give us an advantage over the other, by putting sugar free shakes in our menu for the health concerned customers. There should be a period of loyalty rewards to build a loyal and satisfied customer base. The one of the most important tool is the feedback system; there should be a system to ask the customer about the satisfaction of the services offered by the company.  These things should be put forth as my observation, they will improve our business.

References

Binder, A., Naderer, B. and Matthes, J., 2019. Do children’s food choices go with the crowd? Effects of majority and minority peer cues shown within an audiovisual cartoon on children’s healthy food choice. Social Science & Medicine, 225, pp.42-50.

Briggs, C., McBurnett, H., Galindo, D. and Knuth, F., Cinsay Inc, 2014. Interactive product placement system and method therefor. U.S. Patent 8,893,173.

Chan, F.F.Y., Petrovici, D. and Lowe, B., 2016. Antecedents of product placement effectiveness across cultures. International Marketing Review, 33(1), pp.5-24.

Chaney, I., Hosany, S., Wu, M.S.S., Chen, C.H.S. and Nguyen, B., 2018. Size does matter: Effects of in-game advertising stimuli on brand recall and brand recognition

Eagle, L. and Dahl, S., 2018. Product placement in old and new media: examining the evidence for concern. Journal of Business Ethics, 147(3), pp.605-618.

High, D.R., Chakrobartty, S. and Taylor, R.C., Walmart Inc, 2016. Apparatus and method of monitoring product placement within a shopping facility. U.S. Patent Application 15/061,265.

Liu, S.H., Chou, C.H. and Liao, H.L., 2015. An exploratory study of product placement in social media. Internet Research, 25(2), pp.300-316.

Matthes, J. and Naderer, B., 2016. Product placement disclosures: Exploring the moderating effect of placement frequency on brand responses via persuasion knowledge. International Journal of Advertising, 35(2), pp.185-199.

Robson, K. and Pitt, L., 2018. People of walmart: Targeting the world’s largest retailer and its customers. SAGE Publications: SAGE Business Cases Originals.

Venkatesan, R., 2017. Executing on a customer engagement strategy.

Reflective Statement

I get the understanding of the product placement through various articles and the books. I read about the topic in depth from the books related to the topic and the research papers, which helped me a lot while writing this paper, these were the sources I used while writing this paper.  The key wors used by me for finding the relevant research articles were the product, placement and also checked the credibility of the source through the citations.I did a thorough analysis of the papers notes the important information through them and also analysed them critically which is reflected in this paper of mine. I also read several case studies about the companies which has been successful in placing their product in the marketplace. The most astonishing and amazing case study were of the Red Bull Corporation, how it gained market through various unprecedented techniques of marketing. This was a great learning experience in this field of study and knowing how the good placement of products can take the business towards the highs. The learning about the controversies the companies faces and the challenges were a difficult task to access. I enjoyed being reflecting the role of the Junior Marketing Manager and put forward recommendations from my understanding.

Introduction

Marketing refers to the activity in which the company develops plans as well as strategies to promote the services and products. Marketing is an essential element and plays an important role in the development of the business. Face to face marketing is the process in which the company promotes its services and products through verbal interactions. The marketing skills and techniques are used by the salesperson to increase the sales of the company. Whereas, virtual marketing is the marketing technique in which the company makes use of online sources for promoting the services and products. Teams working in different places will find virtual marketing much more effective than virtual marketing. 

Virtual Marketing (For)

The Marketing Director of the organisation should plan to build a team which involves in virtual marketing method. In today’s business era, virtual marketing is the most common method of promoting the products of the company in comparison to the face to face marketing. Virtual marketing includes a well-developed structure and strategies of promotion. It includes the development of the social networks which helps the company to spread as much information about the product and also reach out to a large number of customers. it becomes easier for the company to share the product related information and also the information regarding the company (Khaneja, 2016). Marketing through online modes reduces the cost and expenses of the company. This helps the company to reduce the investment and also create an international reach. Being the marketing manager, I find virtual marketing as an asset for the ABC Company.

(Source: Cartwright, 2018)

According to Fraile, 2019, Virtual marketing helps the customers and the audience to interact with the company and also view their developed image in the market. Awareness about the products and other related elements is possible through virtual marketing on a regular basis at every location including Melbourne. Nowadays, the development of the apps has helped the companies to make it easier for the customers and the audience to reach out to the wide variety of the products offered by them. Virtual marketing helps to create a brand image of the company on a global level. For example, the positive comments and insights of the customers on the online sites helps the company to influence the buyer behavior and target a large number of customers in the market (Fraile, 2019). According to me, reaching out customers becomes easier with the help of virtual marketing.

Virtual Marketing (Against)

Virtual marketing can be less effective in some cases in comparison to the face to face marketing. As the internet and related devices are used by almost all the customers and audience, there are some regions and areas where reaching out the audience is possible through face to face interaction.  It can create certain problems and issues for the company if the content of advertising is not much relevant. The negative comments of the customers can create a bad image of the company and can create a heavy loss to the business. The thinking of the customers sometimes is that what is shown over the online sources will not be the same which they would receive (Bostanshirin, 2014). Virtual marketing is not much effective in case of analyzing the preferences of the customers. Verbal interactions i.e. face to face communications helps the company to analyze the preferences and choices of the customers and gain their reviews over the product. I find that virtual marketing has some disadvantages in comparison to face to face interaction with the public. 

Counter-Argument and Rebuttal

Being the marketing manager of the company, plans should be structured and developed in such a way that it focuses on face to face communications with the customers as well as on virtual marketing. This will help the ABC Company in reaching out a maximum number of people and increase their sales through effective marketing.  In the words of Bala, & Verma, (2018), Both the methods are effective and should be equally focused on, but it is noticed that the benefits of virtual marketing are more than that of the face to face interactions with the audience. Combination of both methods would be beneficial for the company. There are some areas in which face to face marketing of the products is not easier, in such case virtual marketing enables the company to communicate with the customers and the audience. Virtual marketing is one of the beneficial and smart ways of advertising the products and benefits the company to a great extent (Bala, & Verma, 2018). 

Conclusion

From the report, it has been concluded that virtual marketing is more beneficial than the face to face marketing. Virtual marketing helps the company to reach out to a large number of customers and is a time-saving method of marketing the products. Whereas, face to face marketing is the old method of marketing, but is more time consuming and even costly method of marketing. Teams working in Melbourne, Shanghai, Los Angeles, and Banglore should initiate steps for marketing the products virtually as it is much effective way to promote the products of the company.  

References

• Bala, M., & Verma, D., 2018. A critical review of digital marketing. [Online] ResearchGate. Available at: https://www.researchgate.net/publication/328253026_A_Critical_Review_of_Digital_Marketing. [Accessed: 11 April 2019]

• • Bostanshirin, S., 2014. Online marketing: challenges and opportunities. Proceedings of Socioint14-International Conference on Social Sciences and Humanities. pp. 783-789.
  • Cartwright, H., 2018. The Winning Formula For Successful Digital Marketing in 2018. [Online] Multi Channel merchant. Available at: https://multichannelmerchant.com/blog/the-winning-formula-for-successful-digital-marketing-in-2018/. [Accessed: 11 April 2019]

• Fraile, A., 2019. What is viral marketing? Advantages and examples. [Online] Cyberclick. Available at: https://www.cyberclick.es/numericalblogen/what-is-viral-marketing-advantages-and-examples. [Accessed: 11 April 2019]

• Khaneja, S., 2016. Viral Marketing: A magic wand to Success. GE-International Journal of Management Research. Vol. 4, No. 7, pp. 95-106.

 

Introduction

Management accounting within the business is needed to implement numerous accounting ways to work the operations correct manner. This report focuses on the analysis of management accounting ways that are applicable for the business operations. The report explains edges and disadvantages of the assorted designing ways applied for monetary fund management. Additionally to the present, the report conjointly recommend by which a company will create the employment of explained ways so monetary issues are often managed. During this manner, numerous ways of company accounting are explained that are are useful in coping with economic issues.

LO3

P4

The advantages and downsides of designing techniques used for monetary fund management is as follows-
Advantages

• Budgeting: The particular amount money to pay premiums within the same months to manage their financial gain they are gift to verify and to pay their bills frequently i.e., monthly they are prepared for these payments.
• Worth Setting: Market things like your enemies costs aren’t the alone limits they want to line their fees, costs and prices. They desires to inform their production and overhead prices before you set your rates (Cooper. et., al, 2017). A budget permits them to endeavor their service, health care, marketing, rent, wages, debt charges and various costs so they are going to be ready to learn existence worth per unit of constructing their product or delivering their service. Once you acknowledge this, they are going to be ready to set their prices to create the profit they might like.
• Capital and Credit procural: Few deals capitalists, banks, dealers or various house owners will offer them with money or trust unless they need got cash inquiry to gauge they are a going interest (Abdelmoneim  & Jones, 2014).

Disadvantages 

• The character of the account is numeric, so it tends to focus government attention on the quantitative ways of an employment. In reality, customers don’t care exercise the profits of a business. 
• Blame for results: If the agency does not bring home the bacon its accounted results, the agency controller may action on the opposite agency that offers services to that for not having fully supported is agency (Turner &  Guilding, 2012).
• Expense allotment: The budget may impose that positive amounts of overhead costs are assigned to varied departments, and so the controllers of those agencies may trouble the allotment ways in which used.
• Time needed: The time exercised is lesser if there is a well constructed accounting method in place, employees equal half awake to the strategy, and so the organization uses accounting package (Turner &  Guilding, 2012).

M3 

Planning tools

1. Budgeting

When they have selected what their possible planning involves, they should prefer how these plans are to be sustained (Paulsson, 2012). Understanding of a monetary arrangement is a basic device in guaranteeing that they stay answerable for your operating cost 

• Calculating assets 
• Affirming that approved achievement can in reality be finance. 
• Settling on capital related options in a knowledgeable and very much skilled way. 
• Recognizing regions of possible problem and manufacture planning for same.
• Calculating implementation to date beside pre-arranged limit (Cooper. et., al, 2017).

The character of data given by a monetary plan is balanced to the effort that has been put reserves into it. A financial arrangement on the off possibility that it is to be flourishing should determine the agreement among calculating in somewhat slack to take into explanation unpredicted occasions, while in the interim individual regions in which operating cost can be cut. 

2. Cash Flow Forecasting 

While arrangement is a helpful apparatus for organizing purposes, a Cash Flow Forecast is increasingly perceptive by its very character. It helps the capitalist in unique summits and channels in depository account. A revenue measure will assist with recognizing the requirement in which growth is to be supervises. The revenue estimate is characteristic in character and will help with casting feasible preparations by distinguish regions, for example, Financing fundamentals, Zones of price that should be looked into, Provider conditions that should be renegotiated (Abdelmoneim  & Jones, 2014).

Applications

• Assess Accuracy of a Forecast: Precision of the estimate is urgent for basic leadership and distributing assets for a specific task. Distinctive sorts of estimating strategies give diverse dimension of certainty interim and the administration needs to determine whether the utilization of anticipating strategy is fitting for that specific result. 
• Money saving advantage Analysis: All in all, if more exertion and assets are placed in, the figure will be increasingly precise. Anyway the cost engaged with going for a complex conjecture should be endorsed given the imperative of assets. 
• Timetables of Forecasting: Timetables for figure (choice to make a 5-year estimate or a 10-year measure) is an urgent factor in landing at the exactness of conjecture (Turner & Guilding, 2012). Be that as it may, there is a tradeoff of measure of information included and expanding courses of events, which should be deiced before beginning the determining procedure. 

D3

Findings of the report

Financial analysis is a very important step, whereas considering an organization’s investment perspective. It is a method of ratio between numerous products in monetary statements. Ratios are classified as advantageous ratios, liquidity ratios, plus utilization ratios, leverage ratios and assessment ratios supported the suggestion they supply. A stability sheet, earning declaration is the foremost essential financial declaration and if properly examined and taken will offers precious visions into an organizations employment (Belfo & Trigo, 2013).

Financial Proportions are usually employed by at this time and capable investors, creditors and financial establishments to judge an organization past achieve spot fashions in a very employment and to match its progress with the common company progress (Abdelmoneim & Jones, 2014). Internally, the controller uses these ratios to watch progress and to line specific aims, objectives, and policy actions.

LO4

P5

Key-performance indicators
KPI stands for the set of some standardized parameters that must be adopted by a company compare the inner performance against applied individual standards. As an associate degree example, most accepted level of short liquidity is 2:1 and, an enterprise can compare liquidity of business against this applied commonplace to analysis the areas of problems. 
Through the applying of KPI’s, structural performance is measured against applicable standards (Belfo & Trigo, 2013). It will facilitate identifying the problem containing areas that need improvement. Once the identification of such areas, associate degree economical strategy is made and enforced by management to urge eliminate cash issues and insure property growth.

Benchmarking
This term stands for the tactic that’s expounded to comparison among industry-based-standardized-values and aftereffect of business operations, as an associate degree example, eighteen net profit is assumed higher in Retail market trade of the United Kingdom, so a company is that’s gaining profits eighteen or lots of are assumed smart whereas a corporation that’s not generating profits as per trade commonplace are assumed, low entertainer. Through the applying of benchmarking, a business can improve the internal performance level up to trade parameters to insure sensible profits and enlargement (Cooper. et., al, 2017).

Financial governance
Financial governance is associate in nursing indicator of those moral rules that unit needed to be applied terribly very business corporation to insure security from dirt that may occur due to non-presence of ethical arrangements. Actually, losses from stealing or fraud unit one the key issue for the money problems in business and thus the adoption of economic governance creates Associate in Nursing surroundings of ethics in operation. Also, it ends up within the establishment of sound internal controls in structure, procedures that stops the entity from capital losses (Paulsson, 2012).

M4

 Management accounting have basic objective to produce the management for deciding purpose. As merely simply just in case of economic issues, management wants the knowledge relating to increasing. There are a unit type of corporations have the skills to satisfy these challenges and to contend in a very property economy in step with the Environmental Management and Assessment Institute. The Management Report stands to purpose what vary business entities have disappeared into valuable intelligence and analysis by failing to appreciate trait capabilities. This involves the utilization atmosphere for impact and analysis and news on the impact of environmental and economical factors on employment progress. Throughout this case, the senior respondent may have data on this type of knowledge (Belfo & Trigo, 2013). However, there unit of activity indications that it begins to vary, and predicts fraction of the calculable expected growth at intervals subsequent 2 years for environmental and social information. The financial gain forecasts will facilitate predicts forthcoming money shortages to assist them turn out the proper decisions. It will facilitate in tax preparation, developing with new instrumentation purchases or distinctive if they may would like to secure barely business loans (Brooks & Mukherjee, 2013).

Conclusion

From the above discussion, it is known that unethical operating of workers, low performance of employees and inefficient investment coming up with are major factors for the money problems in business entities and, it may be removed through the applying of management accounting tools. Findings of debate are enough to bring to a close that the employment of management register is extremely helpful for business firms within the consummation of targets.

References

Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea: The case of the balanced scorecard. Contemporary Accounting Research, 34(2), pp.991-1025.

Abdelmoneim Mohamed, A. and Jones, T., 2014. Relationship between strategic management accounting techniques and profitability–a proposed model. Measuring Business Excellence, 18(3), pp.1-22.

Turner, M.J. and Guilding, C., 2012. Factors affecting biasing of capital budgeting cash flow forecasts: evidence from the hotel industry. Accounting and Business Research, 42(5), pp.519-545.

Belfo, F. and Trigo, A., 2013. Accounting information systems: Tradition and future directions. Procedia Technology, 9, pp.536-546.

Brooks, R. and Mukherjee, A.K., 2013. Financial management: core concepts. Pearson.

Paulsson, G., 2012. The role of management accountants in new public management. Financial Accountability & Management, 28(4), pp.378-394.