BUS 523 - Strategic Management Chapter 1 Ideas

Chapter 1 presented some foundational principles in regards to strategic management. specifically, it dealt with the idea that while corporations are the ones that determine the mission, strategic management is essential in that it involves strategic analysis, strategy selection, strategy implementation and strategic evaluation. every bit of the strategic management process is crucial which affects the success of the product itself.

Chapter 10 & 11 Ideas

Chapter 10 deals with the formulation of good team environment. In this chapter, several key points stood out. In order to create a good team environment, it must be noted that a strong leader must be present. The leader must make note of the differences between each member and resolve any conflicts that might arise. As a leader it is very important to set some ground rules. With ground rules, you are laying down the policy for what is acceptable behavior and what is unacceptable behavior. This is a crucial step as it prevents the team turning into a circus. Note, in any team, strong communication skills is a must. Strong communication skills foster the cohesion of the team. Communication skills also involves one being an active listener. After all, effective communication can never take place if one person fails to listen to the other person.

In Chapter 11, we are made aware once again the necessity of communication between members. To prevent anyone from falling behind and to get everyone caught up on the same page, project status meetings is essential. Project status meetings is also vital because it fosters greater commitment from the team members. When the product is made, the team members that created the product should also be accepting of the opinions of the stakeholders. At times, the stakeholders may request a modification in the product after the stakeholder evaluation/modification. Essentially, any project will never succeed if it has no communication.

Chapter 7, 8, 9 Ideas

Chapter 7 deals with the very important issue of establishing and identifying the task relationships. A smart and effective project manager must be smart concise at identifying what tasks needed to be completed, and assign these tasks in sequence so that there are no delays in the progression of the overall project. Additionally, a project manager should also be capable of conducting what is called bottom-up estimating, which includes an estimation for everything from labor to materials. The last bit to remember from Chapter 7, of course, is the idea that as project managers, we can all benefit from acknowledging that computers are merely tools for data storage and calculations.

Chapter 8 warns the readers of the possible mistakes that one may fall into. Specifically, it stresses that no one should make estimates that one will regret at a later time. Whether it is making ballparks in elevators, estimating without complete specifications, confusing the estimate with a bid, or simply padding the estimate, these are all common mistakes that we should always avoid. Instead, we ought to gather the right people for the estimate or make an educated estimate from experience. Lastly, the managers should always be familiar of the differing estimation techniques that are available.

As the name Chapter 9 implies, this chapter focuses on the careful balance cost, schedule, and quality.The chapter goes over the different techniques that are used to sustain a higher level of production, but also warns the readers of the risks involved in outsourcing. Reading this chapter reminds me of one of the class discussions from previous classes. While we all would like to have everything at a low cost, on schedule, and a quality product, there doesn't seem to be a way to meeting all three standards. If we could, then we have found the winning formula. But in most cases, it would appear that we can only achieve two out of three. To me, this is something that I will always keep in the back of my mind.

BUS 520 - Reflections: Strengthen Others Part II

This incident occurred when I was doing translation work for a food company. At the time, I was the Japanese translator that the company had used to communicate with their clients from Japan. As always, I had given my 110% to my work. At some point, the CEO of the company recognized my contribution, and promised me that if I stayed on with them for a while longer, he would promote me to general manager in one of the field offices that will be located in China. To demonstrate that I have what it takes to be a general manager, in the months that followed I was given more work and more responsibilities. In fact, I was doing everything from making copies to making business trips to meet clients overseas. Again, I sacrificed a lot of my personal time to making things work

When the field office opened in China, however, I was NOT given the general manager position. In fact, I was no given anything. There was no promotion, no raise, and no time off. When I approached the CEO of this matter, he simply denied that the promise had ever taken place. His exact words were: "I didn't promise you anything. And besides, I think you are fine where you are right now."

In my mind, I felt really really pissed off. At the same time, I felt really powerless. When he made that promise, it was a verbal agreement between me and him, and there was no way to confirm this agreement ever took place. I remember feeling really disappointed, and thinking to myself: "I made all that sacrifices for nothing..." The next day, however, I quit. I mean, if the CEO isn't a responsible and respectable human being, then I do not wish to work for that company.

I guess that the lesson that I learned from this incident is that in everything that I do, I should always protect myself first. Although I will still devote myself to my work, I am definitely not going to let this incident happen twice.

BUS 520 - Reflections: Strengthen Others Part I

Back when i was in the real estate business, I had always worked my butt off to try to close every deal. Literally, there wasn't a single day when I wasn't working. In order to cater to every client's schedule, I sacrificed all my nights and weekends. Friends around me perceived me as a workaholic. And in fact, I believe i was. I think that if I didn't give it my 110%, then I don't belong in this company. At the end of each month, I was always one of the ones with the most apartments sold. in recognition of my achievement, my supervisor publicly praised me in one of the monthly meetings. His exact words were: "Look at what you can do if you put your heart and soul into something that you feel passionate about."

Needless to say, I was pleasantly surprised. In my mind, I didn't do what I did to get any praises, I was only doing something that I love to do. But then again, I did feel pretty good being recognized for my work. At that moment, I did not feel particularly powerful. Instead, this public praise allowed me to see myself as a capable and effective individual that is very good at what I was doing. In the days that followed, I continued to pour every once of my energy into my work. In return, I was granted the opportunity to handle bigger cases, which allowed me to sustain an above average lifestyle.

I think the most important thing I learned from this is that I did not let the praise get inside my head. Even though it's nice to be praised, but I remained grounded and never forgot what had gotten me the praise in the first place.

Chapter 6 Ideas

This chapter deals with the "Work Breakdown Schedule," detailing the construction and the function of the "WBS." Again, this chapter was discussed thoroughly during the lecture. Several points deserve a special mention:

1. The 8/80 Rule

This rule is especially useful within any project. The essential idea of this rule states that no task should be smaller than 8 hours or larger than 80 hours. The reason why this is crucial is that the enforcement of this rules helps to keep every member within the team focused on his/her task at hand.

2. Breakdown the project into small tasks

This is a continuation of the first rule. Within any project, the project leader should assign small tasks to each member. A small task assigned to each member is easier to estimate and easier to track. This will help maintain the flow of the project and allows the project manager to identify possible flaws within each step of the project.

3. Completion Criteria

All project manager should develop a form of monitoring system to determine the completion of the tasks. Depending on the project at hand, there are different evaluation processes that one can use to determine the completion of a particular task. A project manager should be well aware of all evaluation process, which includes: peer-review, checklist, and systematic testing. Not every evaluation process is applicable to all projects, so project manager should determine the best form of evaluation for his/her project.

Chapter 5 Ideas

Chapter 5 focused on how as a project manager, one should always be aware of the risks involved within a project. There are several key issues within this chapter, but much of it was reviewed during the class lecture.

1. Risk Management Process

The risk management process detail several key components that all projects should be well aware of. Essentially, we have to identify every risk involved, determine its seriousness, and develop a possible solution so that these risks do not affect the overall progress of the project.

2. "Anything that can go wrong will go wrong"

In everything that I do, I always plan ahead and try to get the job done as smoothly as possible. But in order to get things do, I always would have to consider the possibility of things going the wrong way. Essentially, plan for the unexpected, because plans are never set in stone.

3. Contingency Plan

As part of the risk management process, this step deserves a special mention as it is always good to have an alternate solution. In my opinion, contingency plan is simply "Plan B." Don't always think that everything would go according to plan, especially when known risks are involved. Therefore, one should always prepare in advance and come up with a "Plan B" for every risk.