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Resource Management in Projects MBA – Resources include all the necessities that are utilized in the execution of a project. They include from equipment, place, people, and money among other resources. A wide range of resources must be assigned to each project management activity for it to be actualized.
Before assigning resources to any project, it is crucial to ensure that they are available. Resource availability ranges from information associated with which resources are required for during project execution, to when and how they are available.
However, due to various reasons such as occurrence of unplanned risks, resources often fall short, which tends to considerably delay the delivery of the project (Sepasgozar, Razkenari & Barati, 2015). As a result, project managers find themselves under pressure to deliver their project as planned.
Although resources are constrained, one’s ability to control and manage them to successfully address the project’s needs is not; therefore, it is essential to integrate various interventions to address or minimize avoidable causes of resource shortage in project management when planning and scheduling project execution.
Causes of Lack of Adequate Project Resources
One of the main steps that is considered after noticing that the assigned resources are not adequate for project execution is identifying the context. Resources can range from personnel to material and the condition that resulted in the stretch of the resources to a breaking point. Several reasons are behind resource shortages including new technology, unforeseen events, poor planning and emergence of high-priority projects.
Resource Management in Projects and New Technology
In recent times, technology has become a backbone of many sectors and organizational aspects including project management. Due to the ever-changing technological trends, a mismatch in technology that was planned to be used and the technology that is eventually used in project execution can have far-reaching consequences in the execution budget (Sepasgozar, Razkenari & Barati, 2015).
The case is so because the project manager can be working on software programs that are advanced than they can support or there is lack of adequate skills to work on that technology. As a result, it creates a personnel shortage.
For example, big data has been one of the most influential technologies in most industries, with companies taking advantage of the numerous data available to them in various formats to assess and predict the future consumer behaviors and marketing decisions.
However, the integration of big data as a project will require a team that is competent in developing, analyzing and using the architecture and an organization that has integrated the necessary architecture. Therefore, lack of such skills or the necessary infrastructure means that the project will be significantly delayed due to lack of adequate resources.
In project planning, the team prepares a risk assessment and analysis plan that helps in identifying and establishing a mitigation plan for potential uncertainties. However, there are various risks that cannot be planned for such as people getting sick, taking unplanned off, death or even other non-human factors that can suddenly impair the supply of resources (Kerzner, 2019).
These unplanned risks cause resource shortages either directly or indirectly. For instance, a chief project engineer can fall ill in the middle of the project, which makes his services unavailable and the project team may lack his or her expertise to execute the project as planned, thus causing a sudden personnel shortage because hiring another engineer may also be a difficult task due to their numbers in the labor market.
Therefore, such an incident causes a direct impact on the resource supply. In an indirect case, the occurrence of floods in an area where building materials were being sourced can trigger supply shortages because the construction material may be temporarily unavailable until when the floods are over or an alternative source is found. That being the case, it can significantly delay the completion of a project as planned.
Poor Planning and Resource Management in Projects
One of the most essential tools that are utilized in project implementation is the plan. The plan entails all the steps and resources that will be required during the implementation phase. Planning involves estimation of resources and task lists that will be utilized and is often used to calculate cost estimates.
When planning is done poorly, it results in wrong estimations, which further leads to resource constraints. (Kim, Chang & Castro-Lacouture, 2020) For instance, if the plan estimates a budget of about $1 million to implement a certain project like constructing a camp, then the actual budget after sourcing the raw materials is $900,000 then it means that the financial resources were poorly planned for since they will not be enough to complete the project unless it is extended.
Emergence of Higher Priority Projects
Organizations often run multiple projects at a time, with each having its own priority levels. When one projects with a higher priority is launched, more attention and resources are allocated to that particular project to ensure that it is completed within the estimated time frame.
As a result, some of the resources may be pulled from one project to another, thus limiting or the available resources. As a result, resource shortage is triggered, which ends up extending the project implementation time.
Addressing Resource Shortage in Project Management
Since shortage of resources is bound to occur at any time of project implementation, it is important for project manager to be aware of what steps or processes that he or she should take to enhance resource management in projects.
One of the key steps to take after encountering resource shortage is identifying the situation behind it and its implications on the project (Kerzner, 2019). By doing so it helps the project manager to determine why it occurred and figure out its impact on the overall project implementation.
Without such knowledge, a project manager cannot resolve the resource shortage challenge since they are not in a position to identify the root cause of the problem.
The second step is leveraging the change regulation board. While resource shortage is an issue that is perceived as a problem that a project manager alone can address, it is not. Involving the change regulation board can be helpful as they can help by providing multiple options available to resolve the issue.
Their recommendations can result in optimization adoption of an option that optimizes resource usage. Besides, if the options available cannot address the demand for additional resources, then they can opt to allocate them and allow the project manager to re-baseline his or her project.
Recommendations to Address the Resource Shortage Problem
There are various strategies that one can adopt to address minimize resource problem. Some of them include monitoring the resources and creating a well-analyzed resource plan.
Monitoring Resources Being Used in the Project
One of the most recommendable strategies to managing resources is monitoring them throughout the entire project. With the advanced technology, there are various approaches that can be used to track resources such as the use of tracking software.
These software programs are embedded with several functionalities such as tracking resource availability, managing workload allocation, viewing project schedules, and monitoring resource productivity. That being the case, one can effectively track project resources in real-time, thus pushing everyone working in the as accountable as possible while minimizing wastage.
Creating a Well-Analyzed Resource Plan
Developing a thoroughly analyzed resource plan enables one to capture all the necessary details and resources required in project implementation. To begin with one can, create a thoroughly evaluated list of the resources needed, the quantity of each resource, and scheduling them to meet the desired deadline (Mavi & Standing, 2018).
Adhering to that list is defined as the schedule since one is required to figure out the duration of each resource and it effect on the schedule. There are various strategies in which the resource plan can be optimized to ensure that it does not vary significantly with the actual resources used.
One of the options is seeking for expert judgement, whereby an expert who has previously done similar projects is consulted. Consulting such personnel can help in developing a realistic resource plan since they have an actual experience about the project (Watt, 2014).
Secondly, project managers should conduct an alternative analysis because it ensures that only the optimal option is selected, which will less likely cause resource constraints. The third strategy that can be adopted to enhance the resource plan’s efficiency is by researching on published speculated data. Project managers should research on books, periodicals, journals, and articles about similar projects as it may help in getting crucial data about similar projects.
Conducting a bottom-up estimation can be an effective approach to integrating an effective resource plan. The case is so because it enables complex activities that are difficult to plan for to broken down and simplified into several manageable pieces.
Resources are then assigned on each piece and then combined together to get the entire estimated resource project plan. Lastly, incorporating a reserve analysis can be a beneficial strategy to addressing deadline pressure caused by any factor outlined. The case is so because project managers add an additional time to the planned schedule, which helps them account for any extra risk that may occur along the way.
Although resources are constrained, one’s ability to control and manage them to successfully address the project’s needs is not; therefore, it is essential to integrate various interventions to address or minimize avoidable causes of resource shortage in project management when planning and scheduling project execution.
There are various causes of lack of adequate resource including but not limited to poor planning, new technology, unforeseen events, and emergence of high-priority projects. These factors limit resource availability in various ways discussed therein.
When a resource shortage is identified, there are two steps that the project manager should consider in order to excellently address the issue. One of them is identifying the situations that triggered the shortage and assessing its impact.
Secondly, they should consider involving the control board as they can help with ideas that when deployed can address the issue. Lastly, the recommended solutions to the resource problem include developing an informed resource plan and monitoring those resources as the project is being implemented. With these tips, a project manager can execute his or her project while addressing the resource problem issue, thus driving project success.
Keywords: Strategic Planning, Risk Management, Stakeholder Collaboration, Scrum and Agile Methodologies, Change Management, Data Analysis, Project Lifecycle, Process Improvement, Workflow Optimization, Training & Mentoring, Strategic Planning, Risk Management, Stakeholder Collaboration
Kerzner, H. (2015). Project management 2.0: leveraging tools, distributed collaboration, and metrics for project success. John Wiley & Sons.
Kerzner, H. (2019). Using the project management maturity model: strategic planning for project management. John Wiley & Sons.
Kim, S., Chang, S., & Castro-Lacouture, D. (2020). Dynamic modeling for analyzing impacts of skilled labor shortage on construction project management. Journal of Management in Engineering, 36(1), 04019035.
Mavi, R. K., & Standing, C. (2018). Critical success factors of sustainable project management in construction: A fuzzy DEMATEL-ANP approach. Journal of cleaner production, 194, 751-765.
Sepasgozar, S. M., Razkenari, M. A., & Barati, K. (2015). The importance of new technology for delay mitigation in construction projects. American Journal of Civil Engineering and Architecture, 3(1), 15-20.
Watt, A. (2014, August 14). 11. Resource Planning – Project Management. Pressbooks.
Quality and Quality Management System at Barclays Group
Quality Management System at Barclays Group – The present business climate is characterised by fierce rivalry and constantly shifting client needs. A further factor driving competition is the proliferation of new technology, globalisation, and corporate consolidation (Bouranta et al., 2019). Many banking institutions are suffering economic issues because of the COVID-19 epidemic. Managers must examine their company processes in light of the negative macroeconomic climate to make investment decisions.
This report evaluates Barclays’ quality management procedures and investment decision processes (Kugbonu, 2020). Quality management trends are also examined in this paper, as well as how the QM system might be aligned with these trends. Barclays bank should incorporate these trends into its Quality Management (QM) to achieve a competitive edge in the business.
An Overview of the Situation
This bank has two divisions: Barclays International and Barclays UK. Its service subsidiary, Barclay’s execution services, supports these divisions. Over 83,000 people work for the bank, which has operations in 40 countries and employs approximately 83,500 people in its two primary markets, the United States and the UK (Diekola, 2016).
Personal banking, commercial banking, investment management, corporate banking, and internet banking are just some of Barclays’ many offerings. In addition to individual and small business banking, the bank also provides corporate and investment banking services.
TQM Principles at Barclays and its Significance TQM
The HR department’s TQM principles include employee involvement and open communication. Human capital is a key strategy for the bank in achieving its objectives (Salah, 2018). “We want to promote their health and well-being to empower and drive them to offer exceptional services” the business said in a statement.
To boost productivity, the company makes significant investments in the well-being, professional growth, and mental health of its workers. 83 per cent of the bank’s employees say they’re engaged, with 67 per cent of those surveyed responding (Nyamari, 2017).
According to employee surveys, between 74% and 78% of employees report having stress levels they can manage and a work-life balance they feel they have achieved (Parvadavardini et al., 2016). To foster a culture of innovation and creativity amongst its workers, the bank offers a variety of educational opportunities, including classes, workshops, and seminars.
Internal clients are just as crucial as external ones when it comes to a company’s success. Internal customers and external customers can both benefit from service firms’ efforts to improve the quality of the services they provide (Rafailidis et al., 2017). Human resource policies including organisational commitment, employee engagement and training are connected to optimal corporate performance and shareholder profitability. There are ways in which Barclays’ present HR policies can contribute to its long-term competitive advantage.
An annual poll of employee engagement is conducted by the corporation, allowing for two-way dialogue between top management and the workforce. Employees, consumers, investors, and stakeholders all have input in decision-making and strategy formation (Kugbonu, 2020). To help clients make well-informed financial decisions, the organisation says it is transparent about its financial offerings. The corporation engages stakeholders using surveys, social media, and other broadcast methods.
Using Kaplans and Nortons Balanced Scorecard, the company’s communication’s organisational impact may be measured (BSD). The BSD aims to improve the quality of life for both employees and the general public via better communication (Al Ghamdi et al., 2016). To create connections and satisfy consumers, Kaplan and Norton’s approach requires management to communicate. To boost performance and customer happiness, the leaders need to convey their priorities effectively.
Nyamari (2017) emphasised the importance of leadership in achieving quality objectives in a business. To keep their teams focused on the pursuit of quality improvement, bank leaders instil a sense of urgency in them. Demonstrate a high level of leadership and management to lead the radical adjustments necessary for continuous improvement, Deming claims.
To increase productivity and revenues, transformational leadership may enhance the quality of the entire process (Diekola, 2016). Leadership at Barclays is responsible for establishing the bank’s long-term strategy and defining its basic principles. To help their employees achieve their goals, they are also directly involved.
Significance of TQM Principles at Barclays
An Ever-Evolving Process
This bank has a section dedicated to service and efficiency enhancement. The lean six sigma paradigm, which states that a corporation may enhance product/service quality by removing wastes along the value chain, is used by the company to accomplish continuous improvement (Bouranta et al., 2019).
Focusing on theory implies that proper precautions are taken to prevent errors and increase operational efficiency. The business says that it recycles risk-weighted assets to improve operational performance and keep costs in check while also maximising the efficient use of available resources.
To reduce inefficiencies caused by inefficient work methods, it has also used new technologies in the invoicing and documentation procedures (Salah, 2018). Banks may enhance their financial and non- financial performances as well as their operations related to supplying chain management by making investments in continuous improvement. The bank’s performance may be improved through operational efficiency and better customer service as a result of the continuous improvement projects.
For the bank, customer-focused service is a primary value proposition. Customers’ wants and connections are at the heart of all of the company’s actions and plans. Investment programmes can be adjusted to match the specific demands of each customer (Rafailidis et al., 2017). Access and tracking of investments are available online for clients. As a part of its financial education programme, the bank offers free telephone updates and money-mentoring services.
Barclays Bank also provides new goods and services to enhance the customer experience (Mahanga, 2016). For instance, consumers may save time by serving themselves and gaining access to the majority of the bank’s goods and services through the use of the bank’s mobile applications and online banking platform.
Customers from a variety of backgrounds may simply use the applications because of their basic design. In accounting and banking organisations, customer-centred services improve client happiness, customer loyalty, and customer retention levels (Parvadavardini et al., 2016).
These findings suggest that a company’s ability to retain customers may be improved by tailoring technology to match the demands of clients. In today’s highly competitive market, a company’s ability to retain and gain new customers is vital (Kugbonu, 2020).
According to the bank, a 32 per cent decrease in customer complaints may be attributed to the bank’s efforts to enhance its service delivery method. Customer service is a priority for the organisation, and it has taken the necessary steps to improve it.
The bank’s operations with reduced defect and waste creation can boost productivity and create cheaper expenses. Additionally, the bank may be able to maintain and grow its client base, resulting in greater financial success (Al Ghamdi et al., 2016). TQM’s societal advantages include customer happiness and brand approval in the marketplace.
To complement the bank’s quality plan, these TQM principles need to be adapted. Using the TQM principles, the bank may fulfil its strategic goals of diversification by implementing four proposals (Diekola, 2016).
TQM impacts competitive strategy creation and is a source of sustained competitive advantage, according to research (Nyamari, 2017). A competitive advantage may be gained through the use of the TQM paradigm, according to these studies. Using the 14 TQM principles, a firm may have a competitive edge, better financial performance, and better customer satisfaction.
This is confirmed by the company’s 2020 annual report, which notes that the improvement in customer satisfaction may be ascribed to the company’s quality measures (Mahanga, 2016). Because it concentrated on TQM principles, the bank’s financial results have improved.
The Importance of Total Quality Management Barclay’s Quality Management System (QMS)
Building a Quality Management System begins with understanding the current organisational environment, which includes things like structure and culture as well as a leadership style (Akanmu et al., 2020). Customer satisfaction was a key consideration in the development of Barclays’ quality management system.
EFQM is evident in the bank’s procedures, which have been scrutinized in depth by the bank’s auditors. To achieve excellence, the EFQM relies on five enablers and four outcomes (Carmona et al., 2016). Enablers are concerned with how a company accomplishes its work, whereas outcomes are concerned with the results it achieves. Results are generated through enabling factors, while enablers may be enhanced via the use of feedback from those results (Khan et al., 2017).
This methodology helps the company to examine its real condition according to European quality measures and determine its advantages and disadvantages in accomplishing goals (Harthy et al., 2020). Within the annual report, Barclays says it gathers and assess information on the 9 EFQM model criteria and employs the applicable improvement plan to boost each criterion’s performance. The bank’s planned quality management system (QMS) looks like this.
The EFQM model establishes the framework for QMS quality measurements to be focused on, as seen in the image above. It collects information on EFQM enablers, including employees, leadership, strategy, and products/services (Elrayeh, 2016). Customer satisfaction feedback is utilised as a quality indicator for the people criteria, whereas financial development data is employed as a metre for products and services (Waduu et al., 2019).
These quality criteria are a reflection of the leadership’s commitment to employee development, involvement, and the organization’s overall mission. Continuous improvement is possible because of this system’s design (Mahmood, 2020). The subsequent phase is to formulate quality policies, define roles and duties within the QMS, make a strategy for the management of risks and opportunities, and, as the last step, devise strategies for the regulation of change.
Elements of TQM
There are several fundamental QM components and building blocks, including ethics, integrity, trust, education, collaboration, leadership, and recognition. An employee’s code of ethics is a set of rules that he or she is expected to follow at all times while at work (Harthy et al., 2020) Customers both internal and external expect the bank to uphold a high standard of integrity.
Ethics and integrity lead to trust, which in turn determines the level of ownership and dedication to an organisation. Ethics and integrity are demonstrated through the bank’s CSR, which can be found in its society criteria in the EFQM (Odeny, 2016).
With so much face-to-face contact between customers and staff, the foundation of every successful business is solid training, collaboration, and strong leadership. TQM training helps employees acquire the skills and information they need to properly execute the concepts (Khan et al., 2017). For the bank to meet its quality goals, staff must work together as a team. Investments in quality assurance are a sign of the company’s dedication to quality management.
Quality Assessment Standards
An ISO 9001 certification indicates that the bank meets the quality standard. International quality assurance standard ISO 9001 offers precise QMS standards for the company’s leadership, planning, operating, assessment and improvement activities (Odeny, 2016). Such measurements are used by organisations to demonstrate their capacity to fulfil all applicable consumer and regulatory criteria for their products and services.
The TQM system helps banks achieve their strategic goals by satisfying the needs of their customers (Ishibashi et al., 2021). The QMS can assist the bank in achieving its strategic objectives by meeting the demands of all stakeholders. The QMS is linked to banks’ strategic goals by aligning it with stakeholder needs.
Quality Metrics for Stakeholders
The bank provides quality for all stakeholders by regularly reviewing ways to enhance metrics to satisfy their demands (Carmona et al., 2016). Various types of stakeholders’ data are gathered, including the following:
Rates of digital involvement with clients
Complaint scores are a measure of consumer satisfaction
The number of bank workers who advocate working there
Customers who would suggest the bank’s products and services to their friends and family members
Monitoring the degree to which workers are aligned with the intended company culture is the goal of this indicator
The yearly carbon dioxide emissions
Number of participants in the institution’s Life Skills programme; the bank hopes to increase financial capability and employability in the community
The bank examines financial results such as revenues, market shares, operating expenses, and equity to determine how to provide attractive returns for investors (El Manzani et al., 2019). Measuring the operational costs aims to tighten budgets and increase productivity for the business.
Key Trends in Quality Management
Competition and increasing consumer expectations are the primary motivators of quality management. Stakeholder opinions of a company’s brand and overall quality/services are referred to as perceived quality (Bagur-Femenías et al., 2016). Intelligent quality management uses modern technology and smart systems to improve corporate operations, processes, and product quality (Kumar et al., 2018). The human-focus strategy leverages people to satisfy the company’s service offerings and stakeholder satisfaction.
These tendencies are important to consider since the example firm operates in a sectorof the economy that is highly competitive and marked by consistent market shifts (Barclay et al., 2017). A good example of a cloud-based technology user is the banking industry. Barclays has also adopted cloud technology to customise its clients’ digital experience to current technological advancements.
Companies that go out in front of the game or catch up quickly are more likely to have a leg up on the competition (Demir et al., 2021). That’s why it’s so important for a firm to be up to date on the latest trends to remain relevant in the marketplace.
Cloud computing, in keeping with current market demands, shows the company’s capacity to implement intelligent quality control systems (Hicks et al., 2019). Barclays also places a high value on its social duties, including reducing its impact on the environment and combating climate change. Perceived quality is directly linked to a brand’s image, regardless of its corporate social responsibility (Leung et al., 2021).
Many studies have shown that a company’s CSR policies have an impact on customer happiness and loyalty as well as its financial performance. Customers’ impressions of a company are shaped by their impressions of its perceived quality, which in turn shapes their loyalty to the brand.
Human-centeredness is seen in the bank’s culture of soliciting input from its stakeholders to enhance its business practices. Human-centred strategies lead to higher levels of employee loyalty and productivity (Nyanaro et al., 2018). There is a correlation between a company’s ability to compete in the long term and its ability to develop and retain its human resources.
Intelligent quality management systems, which monitor and forecast problems with minimum human interaction and allow real-time communication with stakeholders, can also help the bank achieve its quality targets at a cheap cost (Tahri, 2018). Barrington can use evidence-based methods to improve and make decisions.
Quality Management System Alignment Expectations with the Trends
These new trends will be easier to implement if the organisation has the right resources and competencies in place. For a smooth transfer, you need financial resources, skills, and a well-trained team behind you (Demir et al., 2021). In addition, the business may assist such adoptions by reconfiguring its approach well with current developments in Quality Management. Incorporating QM trends into new strategic goals allows it to realign its overall strategy.
Having a strategy aligned with current trends will ensure that resources are allocated accordingly (Maina, 2017). These new trends may be adopted by empowering and encouraging individuals to accept the organisational transformation. Employees can be retrained or reskilled to help them adapt to the new environment.
New quality initiatives may face difficulties in gaining stakeholder buy-in. QM often fails because of CEO disinterest. Even if intermediate management is successful, success is unlikely without upper management’s commitment (Hicks et al., 2019). Risk aversion and a lack of understanding of the relevance of Quality Management have contributed to the lack of CEO support for a created project.
Investment may be discouraged by the high cost of implementing and maintaining QM trends, particularly intelligent quality management systems (Desjardins, 2020). The administration may be reluctant to continue funding the project if it does not show a favourable return on investment.
The quality management procedure at Barclays has been modified to incorporate the concepts of customer orientation, leadership, continuous improvement, communication, and staff involvement (Tahri, 2018). Customers’ loyalty and retention are enhanced by the bank’s TQM, which adds favourably to its financial performance and productivity.
Investors should seriously examine TQM as an alternative source of competitive advantage in light of the competing demands in the business sector (Hudnurkar et al., 2019). For the firm to reach its greatest potential, it needs its entire support. They should help the organisation financially and with leadership skills to drive and sustain positive transformation.
Akanmu, M.D., Hassan, M.G. and Bahaudin, A.Y.B., 2020. A preliminary analysis modeling of the relationship between quality management practices and sustainable performance. Quality Management Journal, 27(1), pp.37-61.
Al Ghamdi, A.A., Aziz, F.S.B.A., Yusoff, R.Z. and bin Mustafa, M., 2016. The Moderating Role of knowledge management on the relationship between employees’ commitment and total quality management: A Study on the public healthcare sector in Saudi Arabia. International Review of Management and Marketing, 6(4), pp.790-797.
Bagur-Femenías, L., Perramon, J. and Barquero, J.D., 2016. Does intensive social network management lead to positive effects in quality practices?. Total Quality Management & Business Excellence, 27(11-12), pp.1246-1260.
Barclay, L.J., Bashshur, M.R. and Fortin, M., 2017. Motivated cognition and fairness: Insights, integration, and creating a path forward. Journal of Applied Psychology, 102(6), p.867.
Bouranta, N., Psomas, E., Suárez-Barraza, M.F. and Jaca, C., 2019. The key factors of total quality management in the service sector: a cross-cultural study. Benchmarking: An International Journal.
Carmona-Márquez, F.J., Leal-Millán, A.G., Vázquez-Sánchez, A.E., Leal-Rodríguez, A.L. and Eldridge, S., 2016. TQM and business success: Do all the TQM drivers have the same relevance? An empirical study in Spanish firms. International Journal of Quality & Reliability Management.
Demir, A., Budur, T., Omer, H.M. and Heshmati, A., 2021. Links between knowledge management and organisational sustainability: does the ISO 9001 certification have an effect?. Knowledge Management Research & Practice, pp.1-14.
Desjardins, C. and Fortin, M., 2020. From split seconds to lifetimes: the temporal fabric of fairness dynamics. In Handbook on the Temporal Dynamics of Organizational Behavior. Edward Elgar Publishing.
Diekola, A.M., 2016. The moderating effect of environmental regulation and policy on the relationship between total quality management (TQM) and organizational performance in the Malaysian food and beverage companies (Doctoral dissertation, Universiti Utara Malaysia).
El Manzani, Y., Sidmou, M.L. and Cegarra, J.J., 2019. Does IS0 9001 quality management system support product innovation? An analysis from the sociotechnical systems theory. International Journal of Quality & Reliability Management.
Elrayeh, G.A.E., 2016. Causes of non-Implementation of ISO 9001: 2008 Quality Management System in Sudanese banks (Doctoral dissertation, Sudan University of Science and Technology).
Harthy, A.M., Aslam, N., Al Saqri, S.M., Arni, S., Nair, S. and Karim, A.M., 2020. The Use of Structural Equation Model (SEM) to Evaluate the Effectiveness of ISO 9001 Quality Management System (QMS) on the Performance of Oil and Gas Drilling Companies. International Journal of Business and Management, 15(1).
Hicks, A., Barclay, J., Chilvers, J., Armijos, M.T., Oven, K., Simmons, P. and Haklay, M., 2019. Global mapping of citizen science projects for disaster risk reduction. Frontiers in Earth Science, p.226.
Hudnurkar, M., Ambekar, S. and Bhattacharya, S., 2019. Empirical analysis of Six Sigma project capability deficiency and its impact on project success. The TQM Journal.
Ishibashi, F., Kobayashi, K., Kawakami, T., Tanaka, R., Sugihara, K. and Baba, S., 2021. Quality management system for screening esophagogastroduodenoscopy improves detection of Helicobacter pylori-negative interval gastric cancer. Endoscopy International Open, 9(12), pp.E1900-E1908.
Khan, M.I., Khan, K.I., Sheeraz, M. and Mahmood, S., 2017. Impact of quality management practices on the performance of manufacturing sectors. Abasyn Journal of Social Science, pp.1-17.
Kugbonu, J.M., 2020. Total quality management practices and customer retention at Unity Rural Bank, Ghana (Doctoral dissertation, University of Cape Coast).
Kumar, V. and Sharma, R.R.K., 2018. Leadership styles and their relationship with TQM focus for Indian firms: An empirical investigation. International Journal of Productivity and Performance Management.
Leung, C.Y., Barclay, J.E., Botz, C.T., Hanf, N.K., Jasperson, J.C., Kirby, K.N., Mull, C.J., Shinde, A.S. and Vogl, M.M., 2021. Change management: A framework for measuring and implementing organisational change. Management in Healthcare, 5(4), pp.299-316.
Mahanga, M.Y., 2016. The impact of customer care on customer attraction and retantion in Tanzania: a case study of Barclays bank Dar es salaam (Doctoral dissertation, The University of Dodoma).
Mahmood, W., 2020. The influence of total quality management, school climate and job satisfaction on school performance in government schools in Pakistan (Doctoral dissertation, Universiti Utara Malaysia).
Maina, J., 2017. Effects of Environmental Factors on Performance: A Case of Barclays Bank (Doctoral dissertation, United States International University-Africa).
Nyamari, P.M., 2017. Effect of total quality management practices on operational performance of commercial banks in Mombasa County, Kenya (Doctoral dissertation, University of Nairobi).
Nyanaro, N.N. and Bett, S., 2018. Influence of strategic planning on performance of commercial banks in Kenya: Case of Barclays Bank of Kenya. International Academic Journal of Human Resource and Business Administration, 3(2), pp.235-255.
Odeny, B.A., 2016. The Influence of service quality on performance of Barclays Bank of Kenya Limited (Doctoral dissertation, University of Nairobi).
Parvadavardini, S., Vivek, N. and Devadasan, S.R., 2016. Impact of quality management practices on quality performance and financial performance: evidence from Indian manufacturing companies. Total Quality Management & Business Excellence, 27(5-6), pp.507-530.
Rafailidis, A., Trivellas, P. and Polychroniou, P., 2017. The mediating role of quality on the relationship between cultural ambidexterity and innovation performance. Total Quality Management & Business Excellence, 28(9-10), pp.1134-1148.
Salah, S.A., 2018. Total quality management practices and performance of commercial banks in Garissa County, Kenya. International Academic Journal of Human Resource and Business Administration, 3(1), pp.52-67.
Tahri, A., 2018. Consumer based brand equity in retail banking industry: a cross analysis of a domestic and global bank operating in the UK (HSBC vs Barclays) (Doctoral dissertation, Anglia Ruskin University).
Waduu, D.W. and Rugami, M., 2019. Total Quality Management Practices and Performance of Commercial Banks in Kilifi Town, Kenya. International Journal of Current Aspects, 3(VI), pp.1-15.
This post intends to provide you with a list of quality MBA thesis topics and how to structure your own MBA thesis. Move universities differ when it comes to writing a thesis, this includes referencing style and word count. The MBA thesis structure below will provide useful when structuring your MBA thesis, I have used the below structure on a couple of occasions and benefited from it.
MBA Thesis Structure – Essential Components
Writing a dissertation introduction is perceived as a relatively straightforward aspect of the dissertation writing process. The reason for this may be that we often find typical components in an introduction that we can use, regardless of the study we are writing. One of the challenges of writing a good introduction, however, is to be brief, and to stay focused – This will help you with to write the best MBA thesis topics.
An incoherent or unfocused introduction, or one that is over-lengthy, may detract from the overall grade of the dissertation and will not create a good impression on the reader(s). Be mindful that you should avoid being anecdotal in your introduction (i.e. writing as if you are telling a story) and you will also need to avoid wasting words by stating the obvious and writing a series of over-generalized statements.
a clear statement of your MBA thesis aims and objectives;
the problems to be solved to reach your objectives, and initial ideas on how to solve them;
you may also indicate a gap in knowledge, if applicable
research questions – if a research project
Unearthing new theories don’t materialise easily out of nowhere; they build upon the findings of previous academic research and explorations. A literature review illustrates how the academic investigation you are conducting fits with what has been written before and puts it into perspective. A literature review demonstrates to your reader that you are able to:
• Understand and critically analyse the background research • Select and source the information that is necessary to develop a context for your research • Shows how your investigation relates to previous research • Reveals the contribution that your investigation makes to this field • Provides evidence that may help explain your findings later
If you are doing a dissertation, or significant assignment it is likely that you will need to include a literature review. If you are doing a lab write-up or a shorter report, some background reading may be required to give context to your work, but this is usually included as an analysis in the introduction and discussion sections.
What is a literature review?A literature review is an analysis of existing research which is relevant to your research topic, demonstrating how it relates to your investigation. It explains and justifies how your investigation may help answer some of the questions or gaps in this area of research.
A literature review is not a straightforward summary of everything you have read on the topic and it is not a chronological description of what was discovered in your field. A longer literature review may have headings to help group the relevant research into themes or topics. This gives a focus to your analysis, as you can group similar studies together and compare and contrast their approaches, any weaknesses or strengths in their methods, and their findings.
One common way to approach a literature review is to start out broad and then become more specific. Think of it as an inverted triangle. (1) First briefly explain the broad issues related to your investigation; you don’t need to write much about this, just demonstrate that you are aware of the breadth of your subject (2) Then narrow your focus to deal with the studies that overlap with your research. (3) Finally, hone in on any research which is directly related to your specific investigation.
Proportionally you spend most time discussing those studies which have most direct relevance to your research. How do I get started? Start by identifying what you will need to know to inform your research:
What research has already been done on this topic?What are the sub-areas of the topic you need to explore?
What other research (perhaps not directly on the topic) might be relevant to your investigation?
How do these sub-topics and other research overlap with your investigation?
A discussion of the technical literature you have read, explaining why it is relevant for your project critical analysis, e.g. strength, applicability and weakness
Identify any knowledge/research gap and how you may address this gap, if applicable
Note down all your initial thoughts on the topic. You can use a list to help you identify the areas you want to investigate further. It is important to do this before you start reading so that you don’t waste time on unfocused and irrelevant reading.
Searching for sources It’s easy to think that the best way to search for texts is to use the Internet – to ‘Google it’. There are useful online tools that you may use, like Google Scholar. However, for most literature reviews you will need to focus on academically authoritative texts like academic books, journals, research reports, government publications. Searching Google will give you thousands of hits, few of them authoritative, and you will waste time sorting through them. A better idea is to use databases. These are available through the Library in paper and electronic (usually online) forms.
Requirements – MBA Thesis Topics
User requirements for the target system, if applicable; or
Requirements to achieve the success of your project
Evaluation of your proposed system (if building a software system); or
evaluation of your research project, including e.g.
quality of data used: e.g. reliability, coverage/completeness
quality of data collection method, e.g. limitations of sampling methods
quality of analytical methods used, e.g., any limitations? Any bias?
quality of conclusions drawn, e.g. are they affected by potential bias of input data due to methods used, incompleteness of data, etc.
quality of presentations, e.g. which visualisations used to view complex data – what diagrams have been used, are they suitable?
quality of tools used, e.g. are they appropriate? Have you encountered any problems, if so, how did you overcame them?
initial design of software or design of experiments, if applicable; or
methodology for carrying out your research project, inc. where/how you plan to source your data, how you plan to group them, what methods you plan to deploy for analysis,
you can draw a methodology diagram for this.
Questionnaire, if any.
Timetable and work plan for the whole year, agreed with your supervisor, and specifying activities, deliverable and deadlines. See an example timetable here: project management information:
Make sure that you have clearly labelled your time allocation on evaluation and how you will meet the deadlines, etc.
Risk analysis and remedies/management
Appendix (as needed)
An appendix (plural is “appendices”) is a section added to the end of your dissertation. It includes material that expands and explains the subject matter you have discussed in earlier sections. Each appendix should cover a distinct aspect of your subject. Follow the steps below and you will learn how to write an appendix and its importance to your writing. This is essential for MBA thesis topics.
Blank consensus form (if interview/survey are to be conducted)
Blank questionnaire (if interview/survey are to be conducted)
Data tables or diagrams (if appropriate)
Copy of questionnaire or survey
Copies of personal correspondence
Transcripts of interviews
Illustrations or photographs
Explanation of technical information or formulas
And that’s it, everything you need to include. As with everything, it’s a good idea to check with your dissertation supervisor before handing in as they’re the authority on how your University wants your dissertation. Remember, it’s the starting that’s the hard part, once you’ve sat down and committed the time, it should come quite easily.
MBA Thesis Topics Notes
Always check the marking sheet/rubric and make sure that you have meet all of the required work. Also make sure that you observe the percentage allocation for each of the categories and that you have provided sufficient to meet the percentage.
The above is the minimum set of requirements. If you have done more than what is suggested here, for instance a preliminary implementation or tests of existing software tools, by all means report it.
Make sure you do not exceed the maximum pages allowed. If you have useful graphs and data, you can include them in appendix.
Make sure you run spell checker to make sure there is no spelling errors.
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Portfolio Analysis and Evaluation of Project Management Techniques
Portfolio Analysis Project Management Techniques – The techniques and tools are significant for the effective project management. The Project management techniques are specifically making the overall management of the projects effective and easier. The project managers, software of project management and a range of project management aspect take their own techniques and tools that are likely to helpful for the projects to save the maximum cost and time. The problems can also occur in the project management. These problems related to the management of the project must be tackling effectively to complete the project on time without any delay.
All of the problems and their substitute solutions set up some fundamentals of change in the project that must acclimatize. Projects are normally conventional to perform these changes the management of the project is responsible for the successful project completion. So, it is also important to know that each project is exclusive as far as the problems that occur are concern and the main concern and resources needed for it, the atmosphere in which it functions, and the attitude of the project manager to control and guide all of the activities of project. As a result, the project should be planned to fit all of the requirements of organization and the nature of the problems that needed to solve under the project (Seyr, 2019).
The techniques and tools to be used in the project also depends on the organizational structure because depending on the nature of the organization the project available project personnel, resource, priorities, laws, and other possibility can also change. Implementing effective techniques of the project management reduce the disturbance of regular resources of the business activities by placing under a particular control on all technologies, skills required to understand the project. The analysis of the portfolio level is a significant part of organization a derivatives portfolio. The common types of portfolio analysis are Aggregated Cash Flows, Total Value, Value-at-Risk, Stress testing and Risk Sensitivity all of which are essential for effective portfolio analysis.
Portfolio analysis in project management is a quantitative method for optimal portfolio selection that can balance between make the most of the return and reduce the risk in various indecisive environments. In this report there would be discussion regarding the tools and techniques and problems solving method in the project management (Rever, 2007).
Critical Analysis of Tools and Techniques
The project management is very demanding task with numerous complex responsibilities. Opportunely, there are a lot of techniques and tools are available to assist in tasks accomplishment and responsibilities execution. For example, some may need a computer with effective software, while in some of the projects the tasks can be management manually. Project managers need to select some techniques and tools for the project management that are more compatible with the style of management. There are some of the tools and techniques that can be applied to project management to optimize the overall operations of the project (Jackline, 2014).
PERT Technique in Portfolio Analysis
The PERT (Program evaluation and review technique) is a control and planning tool used for controlling and defining the responsibilities necessary for the accomplishment of project and is essential in effective portfolio analysis. The PERT charts are frequently used in the project. The PERT is an extensively used technique for development and large-scale projects coordination (Calmèset. al., 2021). PERT is essentially a tool for the management control and planning. It is also known as road map for particular project or program in which the most important elements have been totally recognized, with their equivalent interrelations’. The PERT charts are time and again built for a lot of projects, the end date is permanent and service provider has flexibility of front-end. A fundamental PERT-style planning element is to recognize the critical activities.
Following are the main steps involve in PERT planning:
Identify the particular milestones and activities. The activities are the project tasks. The milestones in the process are events that mark the start and the ending of all activities.
Verify the appropriate activities sequence. This step is connected with above one because the sequence of activity is obvious for tasks. Other responsibilities in the project may need some investigation to resolve the accurate classification in which they must be carried out.
Build network diagram. By using the information of the activity sequence, a diagram of the network can be drawn that show the series of parallel and successive activities. Arrowed lines in the diagram stand for activities and circles symbolize the milestones of the project.
Estimation time essential for all activities. Weeks are normally used time unit for completion of the activity, but reliable time unit can be utilized. An individual feature of PERT is its aptitude to handle the uncertainty in completion of the activity. For all activities, the model typically comprises three-time approximation:
Most likely time – time of the completion with highest possibility.
Optimistic time – shortest time to complete an activity.
Pessimistic time – longest time for an activity to complete.
Critical Path Technique
The critical path method is project management technique for planning of all process and defines the non-critical and critical tasks of the project with objective of preventing problems of time-frame and bottlenecks of project process. The critical path method is preferably suitable for projects that consist of a lot of activities that interrelate in a composite manner(Cohen, 2018).
For critical path method implementation, there are quite a few steps that are as follows:
Define all of the required tasks and organize them in ordered list.
Create a diagram or flowchart that shows the relationship between different tasks in the project.
Recognize the non-critical and critical relationships between tasks.
Find out the projected execution or completion time for all tasks.
Devise or Locate substitute for the critical paths
In case a critical path is not right away obvious, it might be helpful to find out 4 timelines for all activities (Ray, 2018):
EF – Earliest Finish time
LF – Latest Finish time
ES – Earliest Start time
LS – Latest Start time
All of these times can measure by using the anticipated time for the activities. The initial finish and start times of activity are find out by forward working via network and formative the earliest time on which an activity can finish and start bearing in mind its predecessor actions.
Gantt charts in the projects are used to demonstrate task assignments of the calendar time in months, weeks and days. This tool utilizes graphic representations to demonstrate elapsed, start and finishing point times of task in any project. The Gantt charts are perfect for progress tracking in the project management. The days required to finish a particular task that achieve a goal can compared with the number that is either estimated or planned. The real workdays, from the start to conclude, are plotted underneath the days scheduled. In the project processes this information help in targeting the possible failure points or timeline slippage. These are also said to be the chats that serve as an important tool of budgeting and can demonstrate dollars spent versus dollars owed (Rever, 2007).
Histograms are said to be the tool that use in the project to make understanding of the project easier for the project team. It is a kind of bar charts that portray variables distribution over time. This symbolizes the mean distribution. This diagram can use different shapes depending on the distribution condition. The histogram used to calculate something next to time for example the histogram plotted with variable on the x-axis and time on the y-axis. The following histogram demonstrates company’s website number of hits on different day time. The x-axis demonstrates number of customers or users active on website and time of the day shows on the y-axis (Osha. gov, 2018).
In the project management flowcharts are rational steps in logical organization to achieve an objective. By using the geometrical objects, the flow charts are drawn as rhombus, rectangular, activities, parallelogram, and points of decision in a process. Flowcharting in the project can also help to identify where on project the problems of quality occur and how problems take place. There are said to be a lot of tools are there today in market for flow charts drawing, for example MS Visio, project management software etc. These techniques and tools are supportive for project manager to incorporate it and understand it and convey a quality product (Hiles, Andrew, 2010).
In the project management a lot of problems also raise and it is important to deal with them effectively in order to minimize the risk of project failure and complete the project on time. There are some of the problems solving techniques to be used by the project management for better project accomplishment (Nowak et. al., 2020)
1. Brainstorming. The first step in the project management to solve any problems is brainstorming, it means to think of different possibilities and techniques of solving the problems and what impact does selecting particular techniques would have on project.
2. Patience. It is also very important to not get panic over the problems, in some of the cases the project management become frustrates with the problems occurring that can further increase the tension. It is essential for the project management team to be patient at the time problem occur. A patient approach would also help keep away from any error that further increase the problem additional issues would also raise.
3. Apollo Root Cause Analysis. This is said to be the technique in the project management that acknowledge that the majority of the outcomes have numerous causes, and find out actions and conditions that might contribute to problem occurs.
3. Data collection. By collecting more information related to the problems and way of its solution, project team members can develop more appropriate response.
4. Consider the effect anticipated solutions for the problems in the project may have as a whole on project.
5. Pareto Analysis. It is the generalized economy rule that 80 percent of the outcomes are get through 20 percent of work. It can also say that 80 percent of problems are caused by just 20 percent of root causes. Pareto was an economist who first comes up with this rule and the analysis produce a table of incidence of every cause and plot it on a bar representing cumulative total(Bragg, 2003).
6. Process evaluation. Some of the Problems in the project management can be approach by dividing the systems into segment that can be investigate for the problem source.
7.Fishbone diagrams. These diagrams look like a fish skeletal structure and chart causes to recognize effects while defect analysis. There are different questions are there used to build Fishbone diagram cause and effect based on whether question related to the problem deals with services. By imagine all cause and connected effect; managers can easily recognize the problems source.
Risk Management in Portfolio Analysis
The risk management objective is to make certain security never redirect the attempt from the established goals of the business. It is also said to be the process that comprise the recognition, prioritization and assessment of risk to manage the impact probability. Here are some of the risk management techniques to use in the project management (Clarizen, 2018).
The reorganization is the initial process idea that is to describe and uncover risks that might affect the project outcome. The major question to ask here is the reason behind the lack goal specification and thinking of risk is misperception. Recognizing a problem and discussing it is key to risk management process beginning(Allan, 2002).
Qualitative Risk Portfolio Analysis
The Qualifying risks an analysis is the method that is used to quality any risk that can occur during the project under this method involves making a list of the potential risks, with ranking them. For risks assessing from qualitative aspect following are some actions to be used (Clarizen, 2018):
Probability and matrix and impact assessment: Rating and analyzing risks using possibility and its impact on like schedule, performance and cost.
Risk categorization: Risks grouping by general root causes to build up effective reaction.
Risk urgency: The risk ranking from the matrix probability mutual with importance can help place priorities of these risks.
Expert judgment: Expert opinion from people in field or with alike experience project can also help in the accomplishment of the project.
Quantitative Risk Portfolio Analysis
These are said to be the methods that deal with definitive probabilistic and measuring techniques of project management. The major risk is risk of money losing and qualitative systems cannot be use to count the overall cost of the project. The following are some of the ways that can be used to minimize the risk associated with the project (Rever, 2007):
Schedule and Cost risk analysis: Cost scheduling and estimates are used as values of input that are randomly selected for the iteration.
Expected Monetary Value analysis: Measuring the average scenarios outcome that may or may not occur.
Probability distributions: It can be used in the simulation and modeling to correspond to the values uncertainty in things like the task labor and costs.
Analysis of Sensitivity: This is very simple method to find out how the risk is affects the project of any organization.
There are a huge number of methods to “count” the project risk throughout the process analysis. Once measurement has happened, the planning final stages have to begin.
Smooth/Accommodate Conflict Management
The accommodate conflict management emphases agreement areas rather than difference areas; giving way one’s position to others needs to preserve relationships and harmony between the project team (Jackline, 2014).”
This method also is acquainted with the professional relationships’ importance towards the success of project. As far as the long-term projects are concern, strengthening and persevering becomes very important for the project team. Nevertheless, the members of the project team are continually emphasized on differences, on the project making more of the progress becomes very complicated (Rever, 2007).
Agreement areas to give emphasis to will also vary based on the situation. It can also be said that the project shared commitment and impacts of disagreement on others team members. The project management also needs to position agreement areas that surfaced throughout the project stages. Effectively using accommodating and smoothing requires considerate of the conflict between parties. For instance, are parties really distress about a project work being late. As a project manager, it is very important for successful accomplish the project to eliminate any kind off risk from the project (Rever, 2007).
The quality assurance process is connected with the nonstop analysis and development of process. Before this all levels of the quality must be verified, it is very important to have correct data; as there is an old saying, “garbage in, garbage out.” For that reason, the project team have to conduct a methodical analysis of measurement system to authenticate the integrity and accuracy of system of measurement and data. There are said to be a lot of components of the good measurement system (Clarizen, 2018):
Precision – data is measuring precisely that is supposed to calculate
Reproducibility – unlike appraisers same measuring item get the similar outcome
Accuracy – the true value reflected by the data the property to be measured
Repeatability – following measurements by same evaluator have to be the same
Effort and time have to be made by the project team and project manager to make sure the credibility and accuracy of the system of measurement. The future decisions credibility depends on vital step of the quality assurance. The overall process analysis is said to be the quality assurance key aspect. This process analysis also comprises all of the topics of value-added analysis and root-cause analysis.
Many of the project managers are well-known with the root-cause analysis, in particular use of fishbone diagram or cause and effect. This is very important to know that there is root-cause analysis is to take in five main categories: methods, people, measurement system, materials, machines, and setting when inspecting the sources of the problems occur in the project management. This is also very easy to focus on the greater part of improvement corrective and efforts measures on people. After all, administration decides on the procedures, methods, processes and materials so be confident about the investigation of the root causes in all of the above categories (Jackline, 2014).
Summing up the discussion it can be said that it is important to know that each project is exclusive as far as the problems that occur are concern and the main concern and resources needed for it. Implementing effective techniques of the project management reduce the disturbance of regular resources of the business activities by placing under a particular control on all technologies. PERT is essentially a tool for the management control and planning. It is also known as road map for particular project or program in which the most important elements have been totally recognized, with their equivalent interrelations.
The critical path method is preferably suitable for projects that consist of a lot of activities that interrelate in a composite manner. The Gantt charts are perfect for progress tracking in the project management. The days required to finish a particular task that achieve a goal can compared with the number that is either estimated or planned. The histogram used to calculate something next to time for case in point the histogram plot with variable on the x-axis and time on the y-axis. There are some of the problems solving techniques to be used by the project management for better project accomplishment. Some of the Problems in the project management can be approach by dividing the systems into segment that can be investigate for the problem source. Rating and analyzing risks using possibility and its impact on like schedule, performance and cost.
Allan, A. (2002). Innovation Management: Strategies, Implementation, and Profits. Oxford University Press.
Bragg, S. M. (2003). Essentials of Payroll: Management and Accounting. John Wiley & Sons.
Calmès, Christian, and Raymond Théoret. “Portfolio analysis of big US banks’ performance: the fee business lines factor.” Journal of Banking Regulation 22, no. 2 (2021): 112-132.
Clarizen, T. (2018, February 19). What Are Some Good Risk Management Techniques?
Cohen, E. (2018, April 18). How to Use the Critical Path Method for Complete Beginners.
Hiles, Andrew. (2010). The Definitive Handbook of Business Continuity Management. John Wiley & Sons.
Jackline. (2014). Quality Management Tools and Techniques.
Nowak, M., Mierzwiak, R., Wojciechowski, H., & Delcea, C. (2020). Grey portfolio analysis method. Grey Systems: Theory and Application.
Osha. gov. (2018). Process Safety Management Guidelines for Compliance.
Ray, S. (2018). Understanding Critical Path in Project Management.
Rever, H. (2007). Quality in project management–a practical look at chapter 8 of the PMBOK® guide.
Seyr, B. F. (2019). Portfolio Analysis in the Field of Strategic Knowledge Management. GAZDASÁG ÉS TÁRSADALOM, 2018(3–4), 54-66.
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Risk Management Strategies MBA Project. Risk management is the process of identifying and evaluating the possibility of threats that are posed to operations of an organization. Every organization is faced with challenges whose potential could negatively affect the business. In this regard, the mandate of the organization is to ensure that the risks are identified and evaluated comprehensively so that the best measures can be put in place to prevent a possible spread and damage of those risks.
The management of risks in the operations of an organization includes making them a priority and coordinating resources to mitigate them and preventing damages that could come from them (Hopkin et al, 2018). These risks are posed to businesses and organizations from time to time, making it necessary for the respective organizations to come up with risk management strategies. In this report, the technical aspect of risk management in operations of an organization will be discussed in detail.
Identification of Information Assets using Risk Management Strategies
Every organization has information assets that are very important to them. They are tools of data that help the organization to run its activities and programs. Without the help of these information assets, it is not possible for the business to make progress and plans for the future. There are various types of information assets in a business that should be protected from risks. A lot of threats are posed to these information assets and hence the need to manage those risks. These information assets include;
Trade secrets: Every business has unique features and secrets of trade that makes them different from their competitors in business. These trade secrets include designs, formulas, procedures, processes, techniques and methods of production and operations. All these trade secrets are documented and kept secure for the good of the business. To businesses that keep leading in the market place, their greatest competitive advantage is the trade secrets. They are very unique to the operations and undertakings of the business. (Rampini et al, 2019). They are therefore kept safe and secure so that they cannot be assessed by third parties and intruders. In this way, the organization’s leadership puts measures in place to prevent the risk of having these trade secrets leaked. They form part of the most sensitive part of information assets within an organization and they are also not made available to every member of the team. They can only be accessed by the crucial and relevant team to avoid the aforementioned risk.
Strategies: Every organization has a strategy and a plan that outlines the goals and objectives of the company. They are kept as secret to act as pointers of direction towards a projected future. The quality of those strategies and plan determines the highest level of success and influence that a business can ever command in the marketplace. This piece of information asset is therefore very important to an organization. They help them to understand what is expected of them in every step of the way. The risk of having such information leaked would deprive the organization the chance of leading because the strategy could be implemented to the advantage of a competitor.
Support decision: This is one of the most important parts of information of the organization as far as data assets are concerned. It entails the decisions made the leadership of the organization and the decisions they make from time to time. All the styles of leadership and decisions of progress made are documented in this piece of information asset. There is therefore need to keep such information confidential and out of bound by intruders and third parties. It is very risky to have that information hacked because trade secrets and strategies would be accessed as well. The only way to manage such a risk is to improve security of the network systems and keeping the information with the radius on only relevant staff (Dang, et al, 2014).
Marketing media and techniques: To every organization, there is a marketing team that creates awareness of the brand to the market. Each team has its own techniques that keep them relevant in the pursuit of advertisements. In this way, the secrets of marketing have to be kept safe so that they are copied and implemented to favor competitors. The marketing media therefore and all their details are kept very safe and there is need to manage every threat can could be posed to them. Most marketing videos and posters of advertisement do not carry the trademark because they are raw and specific to the awareness they are intended to create (Louche et al, 2017). To prevent a case where they are tampered with or even stolen, managements ensure that they remain a top secret and safely kept within the organization data. This is done to ensure that all possible risks are mitigated and managed effectively.
Trademarks and copyrights: No matter how successful a business or an organization is, they are nothing without trademarks and copyrights. Every competitor is out to make a kill and the malicious ones don’t mind doing it the wrong way. One of the wicked encounters that face businesses and organizations is not securing their brands from trademark and copyright infringements. It is very necessary to ensure that the business and its copyright are secured through legal procedures that are within the jurisdiction of the rule of law. In this way, there will be consequences to everyone who tries to tamper with them. If the legal processes are well followed in this regard, the aforementioned risk is managed and mitigated.
Weighted Factor Analysis
This refers to the techniques used by businesses and organizations to assess and audit competing alternatives against each other before implementation. Every implementation especially regarding management of risk is evaluated comprehensively against other possible choices so as to come up with the most appropriate method. It is very important to ensure that proper auditing of alternatives is done before implementation. In risk management, weighted factor analysis is followed before the final decision is made on which path to go (Al-Zuheri et al, 2019).
In the decision-making process for instance, the management will assemble all the listed ideas concerning the best method to mitigate risks. Decisions are not just made without the process of weighted factor analysis. Members of the group might be required to come up with a strategy that would help the organization overcome various challenges. In this respect, they issue their opinions to the management for assessment. This is where the weighted factor analysis procedure comes in. after the various operational evaluations, the leadership of the business or the taskforce given that mandate can make a final decision and that will be the most appropriate in risk management.
The management of the company does not rely on analysis opinions of the members alone. They also engage the leadership team in the process through focus groups and individual assessments. They are allowed to showcase their beliefs and ideologies concerning matters of risk management and possible threats. This is a very important procedure because it puts the two groups under scrutiny and the idea is to assess the most appropriate idea to follow. They can assess and distinguish between the appropriate of ideas given by members against those given by the management. They also assess the possibility of future outcomes and the ideas that were relevant in successfully fighting former risks in business. After that, they are able to make the right decisions that will help in the mitigation of risks and their management (Cohen et al, 2019).
Risk Probability and Impact
Probability of risk is the likelihood of a threat to the business that carries a series of impacts with it. The probability of risk is always assessed and understood by the organization before it is made a priority. The probable risks fall under the category of operational risks, credit risks, market risks or even liquidity risks. Some of the risk probabilities and their impacts are discussed below.
Loss of suppliers and customers: No matter how influential a business can be, it is not functional without suppliers and customers. These two pillars are the working engine of business because it cannot be operated with suppliers and customers. Worse still, it is not possible to operate with one without the other. Businesses therefore need to need to check on all possibilities of losing these two important pillars of business (Wang et al, 2013). The impact of losing them would capsize the business and leave it on its knees. Businesses are not able to operate and the result could be to shut them down.
Natural disasters: Some occurrences are very unavoidable and human control is almost irrelevant. Floods or fire damages are possible risks that face businesses from time to time. Diseases and sicknesses like the current global pandemic of corona virus have brought economies of most businesses to their knees. Some of the business risks from natural disasters are unprecedented and it is important to mitigate the risks as much as possible. The impact felt from these disasters is that businesses lose control and focus. Customers change priorities as they focus on cushioning themselves against those disasters. Nonetheless, the flow of supply and items is affected to a great extent making it hard for businesses to maintain momentum of operation (Lawler et al, 2019).
Bankruptcy and financial loses: Working capital in most businesses is borrowed from financial institutions. Some businesses thrive on those loans and are able to pay them back. However, there is a risk possibility especially when they are not able to clear those debts. More so, business has very many shades and circles that affect its operations and profit making strategy. They are supposed to be managed in the most possible ways and convenient times (Jung et al, 2017). The overall impact of this possible risk is shutting down of businesses, auctioning of property, people losing jobs and filing for bankruptcy.
Acceptance Risk Control
Acceptance risk control is the deliberate approval of strategies put in place to manage risks. There are various processes that the management of an organization uses to implement decisions that pertain to the risks identified and their possible threats. Every taskforce within an organization has the mandate of coming up with the best strategies of risk management and mitigation so as to spearhead approval through acceptance risk control (Rampini et al, 2016).
To accept risk control comes in various shapes and sizes. A good example is avoidance of a certain agenda. If an organization was overspending on budgets, the possible risk is loss of finances whose aftermath would be chaotic to the whole business. There are other negative operational strategies that don’t make economic sense according to the management. The acceptance risk control measure in this case will be to avoid the strategy. Avoidance helps to manage the risk and come up with alternatives methods of operation. This has everything to do with taking action to ensure that all the risks are managed.
Transference and change of tact is part of acceptance risk control. Nothing saves the business from losses and risks better than this tack. Accepting the control measure is simply characterized by action and management-oriented practices. There is transfer of operations within the group and the taskforce is supposed to ensure that the measures put in place can eliminate the probability of extended risks to a great extent. Mitigation techniques are very important at this stage and this call for massive action to curb the threat of various business risks. It is recommended to use the most appropriate methods to ensure that the risks are mitigated through control acceptance (Giannakis et al, 2019).
Microsoft Risk Management Approach
This refers to the technical aspect of risk management strategies and the approach taken by an organization within a network system. There are various security baselines that need to be protected from cyber threats that have been advanced with technological improvements. The possible risk control management approach is to ensure that the best has been done to secure the systems of cyber threats. The approach is to put measures that can possibly deal with cyber crime and that have an aspect of security. These approaches are specific to the intended use as described below.
Putting Up Security Firewalls
Installation of firewalls on computers is important in securing a network system from threats of attacks. Every business faces the danger of being attacked by cyber criminals through malwares and malicious virus (Aven et al, 2016). These viruses are dangerous and they might hack a lot of details that would otherwise cripple the business.
Educating the Team of Cyber Threats
The management should ensure that all members working in their various teams are enlightened on how to avoid these risks. They are supposed to be taught how to control threats like phishing attacks and avoiding to open strange emails, attachments of following suspicious links to avoid entertaining the possibility of installing viruses on computers without knowing.
Keeping Confidential Information Safe
There are very important pieces of data and information that should be kept safe. These pieces of information include trade secrets, trademarks & copyrights, support decisions, strategies and plans and organizational goals and objectives of the projected future. Legal licenses, list of customers and suppliers and financial database also falls under this category. These forms of information should not be let loose to members they don’t concern. They should be kept confidential to avoid the threat of leakage which could otherwise be used to plot a second stage attack to the organization (Giannakis et al, 2016).
Factor Analysis of Information Risk
To every organization, the magnitude of risk posed to them can only be controlled is factor analysis of information is put in place. A lot of data within an organization is at risk considering that the cyber criminals know that it is the epitome of the organization. There is therefore need to have the best mechanisms in place so as to assess the risk that comes with information assets. The aforementioned information assets are supposed to be secured and the best way to do that is through factor analysis.
Accurate possibilities of risk management can only be enhanced through factor analysis. It is not possible to have the best proposal of solutions and this can only be achieved if the analysis is done comprehensively. The assessment of these risks follows a certain pattern that is prominent to the organization in question. In most cases, the proximity of a successful endeavor is determined by the factor analysis of information risk (Leisen et al, 2019).
Information assets are the greatest pillars the organization. They hold the company together through documentation of data that is crucial to the organization. To avoid loss of such data, the most appropriate methods should be put in place to ensure that risks are mitigated in the best ways possible. This can only be achieved if the management is willing to implement factor analysis of information risk.
In conclusion, robust risk management strategies are very important in business. Risks are bound to occur in groups, companies and organizations from time to time. They present in various forms and high-level mitigation is required to avoid getting overwhelmed. In the above-mentioned recommendations, risks can be managed and mitigated effectively if followed through. The quality of business standing and its relevance and longevity in the marketplace is determined by how well risks are managed. In fact, the ability to manage risks in business effectively is a competitive advantage.
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