Women Entrepreneurs Dissertation – The aim of this dissertation is to explore the push-pull theory regarding women’s entrepreneurship in India. Similar to women in other parts of the world, Indian women are progressively broadening their horizons and gaining recognition in the professional domain. They are no longer confined to traditional domestic roles.
Various factors, including social, economic, political, psychological, and familial influences, are motivating women to initiate their own businesses and enter the entrepreneurial sphere. The motivation for women to engage in entrepreneurship is driven by a combination of push and pull factors. Some women are prompted by negative aspects such as the lack of suitable employment opportunities and dissatisfaction with existing working conditions. Conversely, others are drawn into entrepreneurship by their passion and creativity.
This research seeks to analyze these factors and assess the extent of their impact. It includes a comprehensive review of existing literature that explores the diverse factors influencing women in entrepreneurship, accompanied by relevant facts and figures. The push-pull theory is examined, supported by detailed charts and graphical evidence.
The central research question posed is “How does the push-pull theory influence women entrepreneurs in India?” The paper adopts an inductive research approach, exploring the emerging phenomenon of women entrepreneurship. The qualitative data collection and analysis method involve semi-structured interviews with women entrepreneurs in India. The results of the interviews are analyzed, followed by a comprehensive discussion on various aspects related to women entrepreneurship in India.
Investigate the social, economic, political, psychological, and family factors that have contributed to the transformation of women’s roles in India
Conduct a comprehensive analysis of both push and pull factors influencing women’s decisions to become entrepreneurs in India
Assess the impact of women’s entrepreneurship on economic development in India
Investigate the role of education in empowering women to pursue entrepreneurial ambitions
Dissertation Contents – Women Entrepreneurs in India
2 – Literature Review Women’s role in business and entrepreneurship Facts and Figures about Women Entrepreneurs in India Push and Pull Theory
3 – Research Methodology The research question: How does push and pull theory influence women entrepreneurs in India? Research Philosophy – Interpretivism Research Approach – Inductive Research Method – Qualitative Research Methodology – Phenomenology Typology of Phenomenological Methodologies Insider Research Time Horizon and Sampling – Cross-sectional Research Ethics Data Collection and Data Analysis Limitations Conclusion
4 – Findings and Analysis Introduction Analysis Women in Entrepreneurship Reasons for being in business Duration in business Number of employees Level of education and entrepreneurship Level of education of the women interviewed The “man” factor in entrepreneurship Country factor in entrepreneurship Level of satisfaction from business Exclusion of point of interest Discussion Push-Pull Factors
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.
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.
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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.
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.
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.
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.
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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.
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