The Accelerated MBA Program – Since the time of its inception, MBA degrees have held a lot of weight in the profile of a job applicant. In fact, even seasoned professionals understand the value of an MBA and the number of career prospects that the degree would open up. Many professionals contemplate the amount of time and money they would require and whether the decision to take a career break and join an MBA program is worth it.
At times, they come up short on both time and money. However, to help students who find themselves lacking in both these regards, many top universities have begun to offer Accelerated MBA programs in their curriculum.
If you are one of those who are determined to pursue an MBA but feel that an accelerated program might be a better option, this article will answer your questions regarding the program.
Accelerated MBA Program
Regular MBA versus Accelerated MBA
Many professionals realize the significance of an MBA and the doors of opportunities it opens for them. There are many, who are still apprehensive, primarily about the time that they need to take off from work to both, prepare for and pursue a typical MBA degree.
Many business schools have recognized this concern and have come up with an innovative solution: the accelerated MBA programs. The criteria upon which you can decide which is better for you boils down to your career goals and undergraduate experience.
Both of these programs will require you to learn the same subjects. After your graduation is over, your workplace would treat both the accelerated MBA degree and the regular MBA degree the same. While the regular MBA degree usually is a two-years-long program, the Accelerated MBA degree would take twelve to fifteen months to complete.
The curriculum is delivered in a strict manner, the class schedule is kept tight, and you might not get any time off from your studies. The workload increases because of the restricted time and no difference in the course material. Most colleges will have a difference in the cost of both programs too.
Why choose an accelerated MBA program?
There is no shying away from the fact that a student will be more burdened with coursework in an Accelerated MBA program as opposed to the regular program. However, there are a few upsides to this program too.
Many surveys have disclosed that the one-year program piqued the interest of students mainly because they could enter the workforce faster and with the same knowledge as that dispensed by the regular MBA programs. Another great reason is this course saves the students both time and money.
I should add that the right candidate for the accelerated program should have extensive business experience. Networking at your business school is a minuscule part of your day-to-day, but it will draw herculean results. Students do not get time to foster relationships with peers and professors due to the tight schedule and they do not have time for summer internships either. This is why the accelerated program is mostly preferred by working professionals.
Schools offering accelerated MBA programs?
Recently, one-year programs were popular only in Europe. However, with time and progress the USA and other countries have also caught up with the trend. Few business schools that offer one-year courses include INSEAD, London Business School, The University of Chicago Booth School of Business, Johnson Graduate School of Management Cornell to name a few.
Criteria for application
An accelerated MBA requires you to have an academic background in business or economics. In case you do not have such a background, you must take courses in finance, statistics and other topics before they apply.
Several schools offer alternative programs for students from other fields. For instance, Suffolk University allows attorneys to get credit for work done in law school. Working professionals can check their prospective courses and get an accelerated business degree through alternate means.
Chicago Booth opened an accelerated course for its undergraduate students. The program is an addition to an already established Chicago Booth scholars’ program. If an undergrad student in the third or fourth year is accepted into this program, they may take up to six business courses in their undergrad studies itself, which would later count towards an MBA.
The one-year MBA program is not considered ideal for someone looking for a career change or to change their industry since students miss out on summer internships. However, it is an excellent choice for someone who wants to climb up the hierarchical ladder in their industry. However, if you are looking for a traditional MBA experience, you may prefer a regular MBA program of two years.
If you enjoyed reading this post on accelerated MBA program, I would be very grateful if you could help spread this knowledge by emailing this post to a friend, or sharing it on Twitter or Facebook. Thank you.
Diversity Management Dissertation Topics – Managers can take active steps to reduce the negative effects of perceptual problems and biases in organizations. An organization is market by the perceptions of its employees that they put forward while interpreting and judging their environment. Perception is basically defined as the, “Process by which people interpret the input from their sense to give meaning and order to the world around them”.
It has been seen that various perceptual problems arises through perceivers’ knowledge and biasing attitude. Often the characteristic of the target and the situation also affects perception. The main perceptual problems arising in any organization include sexual harassment (for both genders), race discrimination, career progression and hidden dealings etc. Such biased issues lead to faulty decision making and dissatisfaction among the employees.
The majority of the top management members consider themselves as the ruling power over every decision to be made in the organization. As quoted by Paul Brunton, “Every discussion which is made from an egoistic standpoint is corrupted from the start and cannot yield an absolutely sure conclusion. The ego puts its own interest first and twists every argument, word, even fact to suit that interest.”
Many examples of perceptual problems can be seen prevailing in the companies among less educated staff, women, older people and minorities especially. They are seen to be set one step behind while making necessary decisions; in formal and informal discussions; in recruiting processes; while granting incentives and awarding promotions etc. The minorities are seen to be treated with bias without considering its negative effects on the company’s production and progress.
Managers within an organization have an authority to handle such issues and devise strategies to nullify the negative effects of such perceptual problems and biased behavior and fight them back by promoting equality and diversity. They can do so by practicing following steps:
Firstly, the managers should educate the employees and provide proper regarding diversity.
The managers need to have a self-insight of their perceptual skills and abilities while solving perceptual issues.
They have the right ability to analyze the situation. They have the proper knowledge of the layered infrastructure comprising of varied organizational culture and the employees of varying cultures, races and gender etc. They can better know the needs, thinking and motivational entities of their employees.
Managers have the ability to motivate, inspire and lead their people. They can do so educating the work force with diversity policies and equality. They can properly guide the employees by thorough training for avoiding perceptual issues.
Managers can predict the abilities of its employees and thus know how better one is or can perform. They can award incentives, promotions etc. for the talented ones, whether they are among minorities or not.
They must take the authority of hiring people regardless of their race, culture, gender, age or disabilities.They must deal and solve the perceptual issues and direct them for justified conclusions to higher authorities and executive committees.
As a matter of fact, currently many of the organizations, either local or international, are going through diversity changes. Every company has sensed the need of removal of the perceptual biasing issues and is trying their level best to promote healthy working environment.
Diversity Management Dissertation Topics
It has been that the companies having perceptual issues are going through more turnover ratios which thus result in less employee satisfaction. Present world is the world of knowledge at one’s door step. Every person is well aware of his/her abilities, expertise, importance and need. Every employee needs a job satisfaction and justice and equality in his/her profession.
The importance of manager’s role can be well identified through their power of controlling the working environment and the perceptions of its employees. It is highly suggested that they must acknowledge their importance in fighting back such biased issues and promote equality among their employees.
They must devise diversity and equality policies and educate every employee so that there runs no prejudiced behavior among the organization. The managers must take active parts in removing all such issues starting from the top management and then cascading down the lower staff ones. The managers hold the power of educating other’s minds to provide a biased free working atmosphere. As quoted by Robert Anton, “We all only see that which we are trained to see.”
If you enjoyed reading this post on diversity management dissertation topics, I would be very grateful if you could help spread this knowledge by emailing this post to a friend, or sharing it on Twitter or Facebook. Thank you.
Ethical Decision Making In Business – The daily running of a business entails various ethical issues and considerations. Every business organization must understand different business ethics and ethical approaches to make rational decisions in diverse situations. This paper explores business ethics and values by considering three scenarios where ethical dilemmas exist, with the situations calling for ethical decision making.
In the first instance, the manager is forced to fire 500 employees to save the business, which employs over 100,000 people, from bankruptcy. The manager employs the five ethical approaches, which include utilitarian, rights, common good, fairness and justice, and virtue approach. In the NHS case study, the institute must decide whether to approve beta interferon drug based on its proved clinical efficacy only or to consider its cost effectiveness since the drug costs up to £10,000 per patient per year.
Finally, BDL Company has a policy of not hiring people over 50 years old as it considers young people to be more productive since ageing is known to diminish a person’s cognitive functioning, especially in speed. However, this policy is challenge by the provisions of the Age Discrimination in Employment Act, which prohibits employers from practicing age-related discrimination. The three scenarios exhibit challenging ethical dilemmas that require a careful application of ethical approaches and theories.
Ethical Decision Making Considerations and Values
There are various ethical considerations and values that impact the daily running of a business. As a result, it is important for organizations to understand different business ethics and ethical approaches to make rational decisions in diverse situations.
For instance, the manager in the first case below is required to fire 500 employees to save the business that employs over 100,000 people from bankruptcy. In the process, the management has to consider such issues as acting for the common good, which means firing the few to save the majority while still observing their rights to truth, justice, and fairness.
In the NHS case study, the body must decide whether to approve beta interferon drug based on its proved clinical efficacy only or to consider its cost effectiveness since the drug costs up to £10,000 per patient per year. Finally, BDL Company does not hire people over 50 years old since ageing has been shown to significantly reduce performance in cognitive tasks. However, the Age Discrimination in Employment Act prohibits employers from practicing age-related discrimination, which makes the firm appear to be acting against the law.
Firing Some Employees to Save Company from Bankruptcy
The manager’s actions can be explained using the five approaches to ethical decision making, which are utilitarian, rights, fairness and justice, common good, and virtue approaches. To begin with, the utilitarian approach requires that an ethical action should be the one that promotes the greatest good and least harm to the affected parties (Velasquez et al.).
In the scenario under analysis, firing the 500 employees to save the company can be seen as ethical since the collapse of the firm would harm over 100,000 employees, the business owners, the suppliers, and other stakeholders.
Additionally, the manager applies the rights approach in dealing with the fired workers. The approach states that people have the right to truth, privacy, not to be harmed, and self determination among others (Velasquez et al.). By informing them on time and writing them recommendation letters, the manager ensures that the rights of the employees are respected.
The fairness and justice approach might be challenging to determine in this situation since the criteria used to decide the employees to fire is not explained, thus making it hard to determine whether discrimination or favoritism are used. However, the common good approach is evident since retrenching the 500 helps save the firm and the many people depending on its survival.
The principle dictates that ethical actions are those that promote the welfare of everyone, and the manager not only safeguard the interests of the organization but also of the fired employees (Velasquez et al.).
Finally, the manager applies the virtue approach in his dealing with the retrenched staff. Virtue model demands that one acts according to certain ideals, such as compassion, love, honesty, fairness, and integrity among others (Velasquez et al.). The manager not only explains apologetically the reasons for the firing, but he also writes recommendation letters to the affected workers to assist them in finding new jobs.
These approaches have contributed differently to the organization’s overall benefits. For instance, the utilitarian approach has a considerably high impact on the firm’s survival since it directly supports the downsizing of the labor force. Secondly, the common good approach considers the actions that most benefit the larger community and, thus, supports the firing of some to save the majority from negative effects of a collapsed firm.
Moreover, the rights approach benefits both the organization and the dismissed employees. Whereas the workers have the right as humans to be treated as ends and not means, the company also retains its right as an entity to either hire or fire depending on prevailing situations. However, fairness and justice approach seems to be more beneficial to the employees; if the company acted fairly in choosing the workers to discharge, the main effects would be on the employees by shielding them from unfair dismissal.
Similarly, virtue approach seems to be applied by the manager to safeguard the interests of the employees more than those of the company. Nevertheless, even the approaches that seem to benefit the workers more than the firm are still significant for the organization, By making the former feel contented with the decision, the company avoids negative outcomes such as lawsuits.
Clinical and Cost Effectiveness in New Drug Approval
In reference to the case study, the NHS approval of a new drug should be based on both its clinical and cost effectiveness. For instance, whereas the new multiple sclerosis drug – beta interferon – has demonstrated effectiveness in alleviating the effects of the disease, it is significantly costly at £10,000 per person per year (Fisher and Lovell 64).
Cohen and Reynolds define cost effectiveness as the value of a new medication in regard to the increased health benefits it brings in comparison to the increase in cost (2119). The purpose of cost effective analysis is to promote rational decision making for both the clinicians and policymakers. Without this practice, any new drug that proves to be effective in causing the intended outcome would be approved even if its cost were far too high when balanced against the supposed benefits.
Therefore, the National Institute for Clinical Excellence (NICE) is right in prioritizing cost effectiveness and the creation of an economic model that will enable the relevant parties to understand the costs and benefits of the medication (Fisher and Lovell 64). Although the need to have the treatment is so crucial for the MS patients, it is equally important for the relevant agencies to make the analysis to understand fully how much the drug will benefit them clinically and the costs involved.
The cost effectiveness criterion for approving the new drug focuses on consequentialism approach to ethical decision making. Consequentialist or teleological ethics are based on the assumption that the consequences of an action determine whether it is good or bad (Fisher and Lovell 124). Therefore, decisions that lead to good outcomes are to be considered ethical.
In the case study, approving the new drug for free availability on the NHS without considering its cost effectiveness would have some considerable consequences. If the drug’s high cost is not proportional to the benefits to the patients, the users would run the risk of paying so heavily for less significant clinical benefits. The chief executive of NICE emphasizes the critical importance of evidence-based guidance in regard to the medicine’s cost effectiveness and considers delay in approving it to be in the best interest of MS patients (Fisher and Lovell 65).
In doing so, the institute appears to be considering the consequences of the final decision to the patients of MS who must bear the high costs of the new drug. Therefore, the use of cost effectiveness as a criterion by the NHS for the approval of new drugs is based on the consequentialist approach.
The delay by the NHS to give its final decision concerning the approval of beta interferon demonstrates an issue of ethical decision making. The ethical issue arises from the consideration that the drug has been shown to be effective in controlling the symptoms of MS, but it is also so costly, thus raising the question of cost effectiveness (Fisher and Lovell 64).
The institute must determine the best cause of action given that the patients have the right to access the medicine, while the organization is mandated with the responsibility of ensuring the users get the best deal when benefits are weighted against costs. In fact, the appraisal committee had initially indicated that the drug would require a considerable reduction in price to attain cost effectiveness (Fisher and Lovell 65).
Since the institute promised to make transparent the process of creating its economic model with the results being made public for scrutiny and comment from the interested parties, it could be assumed to be acting with the best interest to the patients under consideration. Therefore, the delay by the NHS in giving a final verdict is based on the need to make the most ethical decision.
Excluding Those above 50 Years Old from Employment
BDL’s policy of excluding those above 50 years old from employment may be taken to be discriminative. In fact, the U.S. has the Age Discrimination in Employment Act (ADEA) that was signed into law in 1967 and prohibits employers from showing favoritism on the basis of age (Neumark 1).
Whereas the act had initially set the limit at 65 years, thereby prohibiting age-related discrimination for people between 40 and 65 years of age, the limit was eventually removed (Neumark 1). Therefore, in the U.S., no employer is supposed to base their decision concerning a job applicant on the basis of their actual or assumed age since mandatory employment was eliminated for all ages.
Ethical Decision Making In Business MBA
In the UK, the majority of citizens also view age-related decisions by employers as discrimination, with the concept of ageism emerging as a common term (Loretto et al. 281- 282). Most employees and job seekers view ageism as equal to any other form of favoritism and express their desire to have legislative protection introduced in the law to curb the practice among employers.
Although the concept of age discrimination took long to enter scientific and popular discourse in the UK, increased lobbying could make it to be cemented in law, thus prohibiting employers from practicing ageism in their workplaces. In the 1990s, Britain experienced rising concerns over age discrimination due to an increase in early exit from the labor market for older workers (Lorettto 280). Nevertheless, the UK showed considerable reluctance in formulating laws to protect workers and potential employees from ageism.
However, BDL Company may defend their policy using the rights approach. As an entity, the firm has a right to decide how it runs its business, including hiring and firing. Although this approach appears to be focused on individual’s rights to self-determination and respect for their choices, the owners of BDL may consider themselves as individuals constituting a single entity that has the right to determine who is fit to work for them in line with their mission, vision, and objectives (Velasquez et al.).
Moreover, the firm could argue that their policy is for the good of the business since past studies have established that age affects various cognitive functions, especially speed processing. According to Murman, normal aging leads to significant reduction in performance on various cognitive tasks that require a person to process and transform information quickly (111). These functions include working memory and process speed among others. Since BDL is a shoe making company, most workers must be involved in tasks requiring considering cognitive functioning, which older people might lack.
Eckert et al. affirm the effects of age on cognition, with their findings on brain changes indicating that “a frontal pattern of gray matter and white matter variation were uniquely related to age-related declines in processing speed…” (1). Therefore, it is evident that people above 50 years may not be as productive as young adults, which might explain BDL’s decision not to hire them.
Conclusion
To sum up, there are various ethical considerations and values that impact the daily running of a business. An entity must be conversant with various business ethics and ethical approaches to deal with various situations and make rational decisions. For instance, in the case of the company that needs to fire 500 employees to save the business from bankruptcy, the management has to consider such issues as acting for the common good, which means firing the few to save the majority while still observing their rights to truth, justice, and fairness.
Similarly, ethical issues arise where NHS must decide whether to approval beta interferon based on its proved clinical efficacy only or to consider its cost effectiveness as well. In the end, the institute considers the lack of cost effectiveness as a major factor.
Finally, BDL Company has to contend with the issue of hiring people over 50 years old, considering that ADEA prohibits employers from practicing age-related discrimination, while science has established that ageing reduces performance in cognitive functions significantly. Although the firm’s policy may be seen as discriminatory, it has the right to run its operations to its best interests.
Works Cited
Cohen, David J, and Matthew R. Reynolds. “Interpreting the Results of Cost-Effectiveness Studies.” Journal of the American College of Cardiology, vol. 52, no. 25, 2008, pp. 2119-26.
Eckert, Mark A., et al. ‘Age-Related Changes in Processing Speed: Unique Contributions of Cerebellar and Prefrontal Cortex.” Frontiers in Human Neuroscience, vol. 4, Art. 10, 2010, pp. 1-14.
Fisher, Colin, and Alan Lovell. Business Ethics and Values: Individual, Corporate and International Perspectives. 2nd ed., Pearson Education Limited, 2006.
Loretto, Wendy, et al. “Ageism and Employment: Controversies, Ambiguities and Younger People’s Perceptions.” Ageing and Society, vol. 20, 2000, pp. 279-302.
Murman, Daniel L. “The Impact of Age on Cognition.” Seminars in Hearing, vol. 36, no. 3, 2015, pp. 111-21.
Neumark, David. “The Age Discrimination in Employment Act and the Challenge of Population Aging.” NBER Working Paper Series 14317, National Bureau of Economic Research, 2008.
Velasquez, Manuel, et al. “Thinking Ethically.” Markkula Center for Applied Ethics.
If you enjoyed reading this post on ethical decision making, I would be very grateful if you could help spread this knowledge by emailing this post to a friend, or sharing it on Twitter or Facebook. Thank you.
Statistics Project – One of the most powerful platforms in existence today is social media. The use of social media is one of the primary things that distract us as human beings, and it may have a greater influence on our thoughts and the way we go about our lives daily than we realize.
By determining the average number of hours per day that males and females spend using social media, this study aims to assess the extent to which social media impacts men and women. The number of hours people spend on social media is broken out for you in this research.
You can tell from the responses that people gave how many spend more than ten hours daily on social media. To test the hypothesis that there is no significant difference between the mean values of time spent on social media by men and women, online surveys and questions were posed to several colleagues in our college who are active on social media.
After categorizing respondents according to whether they were male or female, we next asked them a series of questions based on the average number of hours per day that they spent using various forms of social media platforms.
The data was also obtained by interviewing our colleagues in college after class. A two-sample t-test was used to examine the results of the responses. c since the p-value is less than the Alpha value.
This indicates that the null hypothesis is false and that women spend more time on social media than men do on average throughout the day. Based on this, we do not accept the null hypothesis, and there is adequate evidence to attest that this is the case.
The Question
How many hours in a day do male and female people spend on social media platforms like Facebook, Twitter, and Instagram? Is it true that women spend more time than men do on social media?
The data that was collected by sampling 40 men and 40 women says that the mean average of hours spent by males is μ= 7.125.
The significance level used is 0.05 (Alpha value)
Sampling
The sample deployed is convenience sampling because the data I obtained came from my colleagues in college. In other words, the sample comprises people who are easily accessible to the researcher. I could only collect some of the data I needed from school, so I decided to post the questionnaires online for my social media friends to fill the gaps.
I questioned a total of forty males and forty females, which gives me a sample size (n) of forty for both of the populations I was interested in. “How many hours a day would you say that you spend on social media?” was the question I posed to my friends on various social media platforms.
After I had collected some of my data, I started to inquire further by asking, “Which social networking app would you say you use the most?” This is a question I wanted to ask since I believed it would make the meaning more interesting. It would be more intriguing.
Surprisingly, the majority of the people surveyed, both male and female, claimed that Whatsapp is where they spend most of their time online. Except for the remaining subjects that I questioned my colleagues in school because they were a bit older, half of them said Instagram and Whatsapp and the other half couldn’t give an exact answer because they said that they spend the same amount of time on all of the social media that they have.
Data Table Statistics Project
Statistics Project – Data Table
Statistics Project – Two Test Sample
Significance Test
H0: μ1 = μ2
H1: μ1 > μ2
μ1 is the mean number of hours men spend a day on social media
μ2 is the mean number of hours women spend on social media
Hypothesis 1: The study’s hypothesis is the difference in hours taken by men and women on social media platforms.
Ho denotes the null hypothesis
The letter H1 denotes the alternative hypothesis.
Ho: There is no difference between the mean values of males and females.
H1: There is a difference between the mean values of males and females.
Hypothesis 2: The difference between the hours spent on social media by men and women
Ho: Females spend fewer hours on social media than men.
H1: Females spend three more hours on social media than men.
Hypothesis Assumptions
If the alternative hypothesis, H1, is correct, we can deduce that women spend more of their waking hours on social media than males. Assuming that the alternative hypothesis is correct, we may deduce from the data that the mean and average values are extremely different.
P – Value
A statistical test will produce a p-value, a probability that informs you how likely it is that you found a particular data set, given that the null hypothesis is correct. This probability is determined by the test results (Pagano et al., 2022).
The P value for the study is 0.00837, which is less than the alpha value (0.05); therefore, we reject the null hypothesis. We conclude that the alternative hypothesis is correct.
Significance Test Conclusion
Because the P-value is lower than the significance level, we have concluded that the null hypothesis should be rejected. We conclude that there is a significant level even though we reject the hypothesis known as the null hypothesis, which states that there is no difference between the means.
Sampling Method Strengths
The sampling method used in this case was an effective one. By combining convenience sampling and online surveys, I could reach a large sample size of 80 people, both male and female. This allowed for the results to be more reliable and valid.
Moreover, by asking specific questions regarding the use of social media, I was able to obtain more detailed data and draw more meaningful conclusions. Overall, this sampling method provided the necessary data to analyze and draw conclusions.
Weaknesses
The sampling method used in this case also had some weaknesses. The main weaknesses of this method are the lack of randomization and the lack of representative sampling. It could not access a representative sample of the population by relying mainly on convenience sampling and online surveys.
Furthermore, the lack of randomization meant that it could not be certain that the sample accurately represented the whole population. Additionally, it could not obtain data from certain groups, such as the elderly, which could have provided additional insight into the use of social media. Therefore, the sample used in this case needed to be more representative.
What Could Be Done Differently?
If I were to do the study again, I could use a more comprehensive sampling method. Instead of relying mainly on convenience sampling and online surveys, I could use a combination of different sampling methods, such as stratified sampling and random sampling.
This would allow us to obtain a more representative sample of the population and ensure that the sample accurately represents the whole population. Additionally, I could use a larger sample size to increase the reliability and validity of the results. Furthermore, I could use a different set of questions or survey methods to gain a deeper understanding of the use of social media.
Overall, a more comprehensive sampling method would allow me to obtain more accurate and detailed data, ultimately leading to more meaningful conclusions.
Extraneous Variables, Which Became an Issue
One extraneous variable I had yet to anticipate was the age of the subjects. As I relied mainly on convenience sampling and online surveys, I needed help accessing a representative sample of the whole population. This is because certain age groups, such as the elderly, were not included in the sample due to the lack of access.
Additionally, certain age groups may use social media differently from other groups, which could lead to inaccurate results. Furthermore, the lack of randomization meant that certain age groups may have been over- or under-represented in the sample, which could have impacted the results.
How To Resolve
If I were to do the project over, I would use a combination of different sampling methods to obtain a more representative sample of the population. Specifically, I would use a combination of stratified and random sampling to ensure that the sample accurately represents the whole population.
Additionally, I would use a larger sample size to increase the reliability and validity of the results. Furthermore, I would also use a different set of questions or survey methods to obtain a deeper understanding of the use of social media. Overall, using a more comprehensive sampling method would obtain more accurate and detailed data, ultimately leading to more meaningful conclusions.
Extrapolation
I am comfortable extrapolating my results to the population of young adults aged 18-25 years old. This is because this was the age group that was mostly represented in my sample. Additionally, this age group is most likely to be the main social media users, as they are more likely to be tech-savvy and use social media more frequently than other age groups.
Moreover, this age group is also the most likely to be impacted by the use of social media, as they are in the process of establishing their identities and are more likely to be influenced by the content they see online. Therefore, I am comfortable extrapolating my results to this population.
Conclusion
This study found that males and females use social media differently. Women spend more time on social media than males, the research found. This means women are more influenced by social media and internet information. The study emphasized employing a broad sampling approach to get accurate results.
By combining sampling methods, a more representative population sample can be obtained, leading to more valid results. This study sheds light on social media use and its impact on individuals.
This study reveals gender variations in social media use. It shows the need for a comprehensive sampling approach and that males and females use social media differently. This study’s conclusions can be utilized better to understand social media’s effects on individuals and target messages and content to different groups.
References
Pagano, M., Gauvreau, K., & Mattie, H. (2022). Principles of bio-statistics. CRC Press.
If you enjoyed reading this statistics project post, I would be very grateful if you could help spread this knowledge by emailing this post to a friend, or sharing it on Twitter or Facebook. Thank you.
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.
Unforeseen Events
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.
Resource Management in Projects MBA
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.
Conclusion
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
References
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.
Did you find any useful knowledge relating to resource management in projects in this post? What are the key facts that grabbed your attention? Let us know in the comments. Thank you.
