Business Environment Essay Example | Topics and Well Written Essays - 2000 words

Business Environment - Essay Example Others macroeconomic factors like production, inflation, employment, investment, domestic income, international business relationships etc are discussed in Macro Economics (Childs, D, and Deitrich, S. 2003). P4: Economics can be described as social science. It is a study of how individuals, households, firms, consumers, nations maximizes there profit with limited resources and availabilities. In economics way we can term it as generating characteristics or optimizing their behaviours. Optimizing or maximizing behaviour means generating more gain for the concerned authorities with limited amount of resources. So in this type of economic social science people came to know how to utilize the limited resources to reach the targeted result. For example for an individual household it is like distributing their limited resource (income) into several household goods and services to gain maximum satisfaction for the all family members. It’s very hard for the households to decide (what to buy and how much to buy?) to maximize their satisfaction level. Three economic systems are Capitalist Economy or free market economy, Socialist Economy or state-run economy and mixed economy or public sector economy. Examples of free market economy are United States Economy. For socialist economy or command economy example can be North Korean economy and for mixed economy it can be United Kingdom’s Economy. In a free market economy capitalist society runs with the method of free organization network. Government’s role in this economy is like- Whenever government get a chance to promote competition it does that. Clear all the restrictions for the organizations to operate in a free market. To control the free competitions government should intervene with the market time to time. Sometimes government interventions motivate free market economy so that other way it wouldn’t be possible. In a command economy government role in it is very prominent and strict. For c apitalist economy where government had minimum role in the economy but for socialist one government plays a huge role regarding markets rules and regulations. Nations with this system not only dislike free economic systems but also they made strict law against it. In this system all the productions units and natural resource are controlled by government and no private organizations are allowed to do that. Another economic system where simultaneously free economic system and socialist economic system works is known as mixed economy. There two sectors private and public resides simultaneously. Here private sector can work as a free market entity in broader economic and political restrictions. Main four questions for any economy is ‘what to produce’, ’how to produce’, ’when to produce’ and ’whom to produce’. All the country cannot produce everything by them. Resources are limited and fixed in this world. If a country wants to produ ce everything by them then that country will not going to make a single thing perfectly and because of lack of resources in middle of the work everything will be stopped or jeopardise. P5 To acquire certain economic goal government policies regarding taxation, current account deficits, subsidiaries and other financial matters which are under government’

Human Element of Project Management Essay Example | Topics and Well Written Essays - 2750 words

Human Element of Project Management - Essay Example Many of the organizations have segregated the change process as the summation of small projects and then take project-based management model to accomplish tasks related to these small projects. According to Melbourne (2003), organizations must develop project management approach in accordance with resource capabilities such as financial resources, human capital, technological capability etc. Careful analysis of the research work of previous research scholars shows that change management and project management is interlinked whereas human elements play significant role in ensuring the success of both the model. Such exhilarating nature of relationship between change management, project management and role of human element has influenced the researcher to dig deep on the topic and understand how these three verticals are interlinked. Focus of this essay has been summarized in the next section. This essay will try to shed some light on role of leadership in driving, managing and directi ng change process. Initially the study will try to understand various aspects of change process in the backdrop of project management but in the later part of the essay, both of the process will be treated separately. Understanding the human factor or role of change agents in business change will be the essence of this essay. On the other hand, difficulties regarding management of human factor and resistance of employees towards the change process will be discussed in this paper. The essay will try to probe into issues like, role of leadership in addressing the conflict of interest between project managers and clients while understanding the role of strategic dimension and competencies in successful implementation of change process will also be the focal point of this essay. 1. Change Management in the Backdrop of Project Management According to Partington (1996), project management can be classified as instigator for change program. Winch et al (2012) have defined project managemen t as the collection of various activities such as planning, controlling, monitoring etc in order to achieve the project objective. Winch et al (2012) have also pointed out that project management can be classified as much needed interventions which are pertinent to change process. However, it is highly arguable topic among research scholars whether project-based management approach facilitates the change management process or not. In such context, the study will try to understand change management in the light of project-based management approach. Winch et al (2012) have argued that, continuous improvement through project based management and organisational change is inseparable axioms, hence it is very difficult to imagine a project management approach which has not been created in order to change the normal process flow. Parker and Craig (2008) have rightly underpinned that project management is a temporary approach which has pre-defined starting point and measurable outcomes. Tea ms are formed in accordance with the requirement of the project and these teams get dismantled after the completion of the project. McElroy (1996) has identified some common characteristics for project management such as coordination of activities, controlling the variance in the outcome of the project, identification of risk, resource planning etc. However, project manageme