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.

A Leader that I Admire

I have been thinking about this question for quite some time, but I was unable to really pin down a leader that I actually admire. For the most part, all successful leaders are a bit self-centered, egotistical, and probably gets on people's nerves. All leader are not perfect beings, they just happen to possess the right idea and necessary skills that allows them to be on top of their game. With that said, therefore, the leader that I "admire" is none other than the devil in glasses - Bill Gates.

As we know, Bill Gates has revolutionized the computer industry. Over the years, he has been consistently ranked in the Forbes 100 as one of the richest man alive. On the other hand, he was also involved in several lawsuits. Most notably, his company , Microsoft, was found to be in violation of the Sherman Antitrust Act, in which the company attempted to monopolize and block the competition. A lawsuit was also filed against Microsoft for their use of "permatemp" employees, which are employees that are employed for years as "temps," therefore unable to receive any medical benefits.

Everyone has his/her own opinions of Microsoft and Bill Gates. Some hate him, while others admire him. But I am sure everyone can all agree on one thing - we all love to own the kind of money he has. The way I look at it, I admire him for having the balls to kill off the competition, to do whatever it takes to remain at the top of his game. Just as General Pang Qingyun said in the movie "The Warlords" - "Winning is all that matters in a war."

"兵不厭詐 這是戰爭" - 龐青雲

Chapter 4 Ideas

Chapter 4 detailed the necessary documents that are necessary to the success of a project. Documents such as the project charter, statement of work or a communication plan all have important roles in the project. Specifically, there are three essential tips that I found to be most essential:

1. Agreement on the goals of the project among all parties involved

This idea ties into everything we have learned in the class so far. From the prior readings, we have learned how crucial it is to have all participants involved within the project to be on the same page, to keep everyone informed and to establish thorough communication so that no one is left out. In addition to that, it is also important to have everyone focused on the same goal. In my opinion, a team that doesn't aim for the same goal cannot be called a team, it is merely a bunch of people working on different projects.

2. Establishment of a Statement of Work

The writing of a SOW helps all parties to see what is expected of this project, the obstacles, as well as the definition of success. As the books says, it lays down "the rules of the game." A clearly written SOW allows the participants of the project to be more focused and to have a clear understanding of what they needed to do in the completion of this project. It serves as a standard and guideline for all the team members to follow.

3. Dealing with Change

As a project manager, he/she must understand the changes that may occur within a project. As a leader, he/she must be able to adapt to the changes, and make adjustments accordingly so that project can still be completed. When changes occur, it must also be reflected in the SOW.

Dealing with change is, in my opinion, the toughest part of project management. When a change takes place, the successful project leader controls the altered environment, helps the team to stay focused, and keep the progress of the project on pace. Therefore, the ability to "deal with change" is essential.

week 03 - Chapter 3 Ideas

Chapter 3 is filled with important tips in regards to the success of a project. The topic of this chapter centers on the "stakeholders." Stakeholders, as discussed within this chapter, are anyone that is involved in making the project to the person that will be affected by the project. As project managers, we have an obligation to understand and identify the needs and opinions of the stakeholders. Without a solid understanding and cooperation from them, the project will never succeed. Within this chapter, I paid special attention to three ideas:

1. Keep Team Members with Minor Roles Involved

This is especially important in any kind of a project. People with small but essential roles should not be ignored and always be kept informed of the overall progress. As I was reading this section, in my mind I thought about a car. In order for a car to move, every part of the car needs to be in perfect condition.and be positioned at its rightful place. If a screw is loose, eventually the car may cease to function. In a project team, if we as project managers fail to keep everyone in the loop, the project will eventually come to a halt because some crucial team members was unproductive due to their lack of information.

2. Control Who Becomes a Stakeholder

As a project manager, one should also be aware that people that are not involved within this project should not be influencing the pace and direction of the project. While we do respect the opinions of others, these people should not disrupt the flow of the team. A project cannot achieve success if the project manager is affected by the opinions of others.

3. Manage Upward

This idea runs together with the second idea I've discussed above. As a project manager, I should understand that the role that was given to me grants me the privilege to manage those that have higher authority than myself. Well, I do not think that this necessary means that I can manage them. Rather, I should always keep them informed and make them understand what I am doing and why I am doing it. In my opinion, keeping the high-ups satisfied is equally important as keeping my team members united.

week 02 - chapters 1 & 2

the first two chapters are easy reads, laying down the foundational concepts in regards to project management. of the two chapters, i've picked up three main points that i valued very much.

from chapter 1:

1. constant, effective communication among everyone involved in the project

this is especially important. a team that doesn't focus on the same goal can not be managed. as a result, the project manager would be rendered useless and the project would never reach its goal. communication is important so that everyone involved can get their point across. whether it is an idea, a compliment, a concern, or a dislike, they are all equally crucial to get it out in the open. effective communication allows all members of the team to be on the same page.

from chapter 2:

2. set realistic expectations about the cost-schedule-quality equilibrium with all the project's stakeholders

having a realistic expectations serves two purposes. first, all the members of the team, including the stakeholders, will understand what the overall outcome will be. it also minimizes the uncertainty of what is to become of this project. second, it will directly motivate the team members in achieving the final goal. as long as everyone in the team understand what is expected and what needs to be done, they should be pleased as each step of the overall project has been taken care of.

3. on budget

we are all in this to make a profit. so the first thing to do is definitely to NOT go over the budget. there may be small discrepancies, but the project should never be excessively over budget.

when referring to the case of over budget, i am always reminded of the kevin costner's 1995 flick "waterworld," which went severely over budget and raked up approximately 175 million dollars in production costs but only made 88 million domestically. the movie did so bad in the u.s. that it is still now the all time boxoffice bomb. as far as kevin costner, his career went downhill from that movie on... ouch. (on a personal note, i still love him in "the bodyguard").

so, in any case, being on budget is very, very, very crucial. nowadays, money is quite difficult to recover. no one should be unwillingly placed in the position of dishing out more money before making a profit.

week 01 - expected project and goal

my project, and the final goal, which should take place in the nearby future, is to open up a store for salon supplies. this store is aimed to be in direct competition with sally's beauty supply, but with more supplies brought in to cater to the asian population in the bay area.

you may ask, what do you mean by "catering to the asian population"? simple, i plan to stack my store with more supplies that would be used in asian hair salons. from my personal experience, and after talking to several friends of mine, it would seem that almost everyone that i know go to asian hair salon when they need to get their hair done. some of my friends are even willing to drive over 40 minutes to their favorite location.

the reason?

1. when they are interacting with a stylist from their own country, they feel that they can more appropriately get their point across.

2. the techniques and materials used in asian hair salons are far different from the ones used in "supercuts"

after all, if you get a bad haircut, you'll have to suffer for at least 2 month to get your hair back.

in any case, this is what i plan to accomplish in the nearby future. it is definitely an ongoing project, and one with several obstacles. here are the steps to my project:

1. gather a group of individuals with similar interest to come up with the initial funding

2. survey distribution to nearby hair salons - to determine what they like to see in the store

3. SWOT analysis - this will be used to determine our expected chance of success

4. search for a location within the bay area area

5. design/decorate the store

6. negotiate with the supplier to bring in the materials to fill up the shelves

7. design advertisements to promote the store

8. store opening

once the first step begins, the project is expected to be completed in 18 month.

week 01 - intro

hi all,

my name is chia hui lee. for the past several years, i've spent my days in the real estate business. i was making good money for a while, but juggling between a hectic work schedule and paying attention to my family proved to be a bit too overwhelming.

i needed a break. but more importantly, i need a job that allows me the flexibility of creating my own working hours. after much thought, i understood that the only way to do so is to become my own boss. but with no management background, i felt that i lacked the proper skills to do what i wanted to do.

so, i decided to go back to school. not only because it offers me a fresh break away from my old lifestyle, i would also be able to learn something in the process. through the completion of the courses that i am taking, i hope to learn more about the intricacies of working in teams as well as gain a better understanding of the fundamental principles in management.

someday, you will see me watching the sunset, with a tequila in one hand, from one of my privately-owned beach houses in the bahamas.