Human Resource and Operation Management
Human resource management which is also referred to as personnel management takes into account of the activities undertaken by the enterprise in ensuring that utilization of the manpower and the needed resources are effective mainly for the achievement of the goals of individuals, group and organization (de Menezes, Wood, and Gelade, 2010 p.455). HRM concentrates on the people's side of management thereby putting practices that assist the organization in dealing effectively with its workforce at given phases of the cycle of employment that take into account pre-hire, staffing as well as post-hire. For the purpose of effectiveness, it is necessary that an organization decides on the category of available jobs vacancies existing in the future besides deciding on the essential credentials that perfectly match with the skills required to perform the job effectively. At the hiring phases, the organization selects its workforce and it is imperative to note that the practice of selection involves the aspect of recruiting the applicants, assess their credentials, and eventually select those that deem to be most qualified. It is equally imperative to note human resources, in other words, the manpower stands to the greatest assets that any organization deserves to optimally use for the greater good of all stakeholders put in place and more so for the effective management of the resources available (Daily and Huang, 2001 p.1552).
As noted by Gutierrez-Gutierrez, Barrales-Molina and Kaynak (2018 p.46), major milestone regarding the development of the human resource management can be attributed back to the father of scientific management Taylor who advocated for scientific selection as well as training of the personnel. It is essential that this company have in place mechanism upon which workers can be rewarded once they meet the standards set or exceeds the level of performance through a pioneered incentive system.
For effective time plans when it comes to human resources management it is imperative to note that major activities dealing with human resources takes the phases of pre-hiring, hiring as well as post-hiring (Collings, Wood, and Szamosi, 2018 p.23). In the pre-hiring phases, major human resource activities include job analysis and human resource planning which are the cornerstone upon which other practices of the human resources management are built. Human resource planning assists on the anticipation as well as meeting the changing demands in relation to acquisition, deployment together with the utilization of the workforce. It is imperative that an organization first maps out a plan that is overall referred to as strategic plan. And thereafter forecast demand and supply to estimates number and category of employees required to effectively undertake the duties and responsibilities. Job analysis entails the systematic procedure regarding gathering, analyzing as well as documenting the information concerning a given job. Hiring phase is also referred to as staffing and takes into consideration the procedures and policies to recruit and select employees as used by the organization. As noted by Boon, Eckardt, Lepak, and Boselie (2018 p34), recruitment can be internal or external which brings suitable pool pf applicants legally, cost-effectively and quickly. Selection process as well needs to be legal, accurate and technically sound to matching skills with positions available. Post-hiring phase takes into perspectives of the training as well as development that teaches employees on how of improving on their current or future jobs.
According to Chang (2016), operation management takes into consideration the aspect of the project life cycle, framework management, toolkit displaying project charter, scope as well as implementation plan thereby incorporating tools that include Gantt Chart, roadmap status, completion percentage as well as project blockers. The sequence of the activities for the entire project life cycle is known as the critical path. In as much as many projects tend to be having only one critical path, it is imperative to note that there are projects having many critical paths subject to the flow logic undertaken in project. In case there is interruption from the normal routine, project acceleration or re-sequencing is undertaken for the purpose of attaining the deadlines. Project activities are scheduled based on mathematical calculations via critical path method whereby a project's critical activities are identified.
Gantt chart gives an illustration of the project schedule addition to showing the project manager how each of the activity is interdependency. Gantt chart tends to be universal for any category of project. When involving hundreds of activities, preparing a Gantt chart can be one of the very complex tasks. All in all, there are different ways upon which Gantt can be created for instance in case of the simple and small project in nature, one can create a Gantt chart using Excel. However, in case of projects that have high- risk exposure or high financial value, it is advisable for the project manager to make use of the software a case in point being MS project (Delport, Gerber and Safa, 2016).
Project Roadmap gives a clear vision as well as direction to the project's team thereby incorporating comprehensive overview regarding the schedule of the project, achievement s, and milestones. In other words, it facilitates in giving a complete picture regarding the planned milestone that takes form of releases, Epics, Sprints as project's features to assist one in the aspects of visualizing dependencies on the timeline and therefore have knowledge of how to effectively deal with project blockers (Haines, Rousseau and Calomfirescu, 2018 p.105).
Financial Planning and Risk management
In any business cash flow is the lifeblood that keeps business effectively undertaking its day to day operations. In view of the Dernier Cri (DC) monthly cash flow forecast, it is apparent that in January the company is anticipated to have a deficit of cash that amount to $10262.50. To plan for this deficit it is imperative that the management make arrangement on how the cash shortage can be dealt with in consideration of the possible source of funds to finance that. Short-term borrowing is appropriate for instance bank overdraft. Other months shows positive cash flow and as months proceeds more cash is generated hence suitable for the company to plan the best means of investment upon which it can invest in. Since the project has a positive Net Present Value, it should be accepted if all other factors remain constant. It is apparent that from the cost-benefit analysis that in Year 1 the present value of the total benefits amount to $2,797,205.00 while that of the total cost is $2,409,505.00. Considering that the initial cost amount to $120,000 and the management undertakes to source all this from the investors, it advisable to take into consideration of the procedures, costs and time involved in raising such amount from various investors and make the best choice based on that. In order to break even the company should at least sell 162 units of the product by May, hence marketing strategies on how sales can be maximized beyond this limit are paramount.
Communicate & Consult
As noted by Alviniussen and Jankensgard (2015), at the beginning of any activity involving risk management, it is necessary to have the answer regarding, who ought to be having useful information in the identification and management of the risk involved? And secondly who should be informed of any action taken?
Establish the context
This step sets the boundaries and scope for the entire process of risk management to provide grounds upon which risks can be identified as well as analyzed. The aspect of establishing context entails taking into consideration the internal and external context as well as that of risk management (Ittner and Keusch, 2017 p.150).
Identify the risk
Risks are mainly identified as they arise. Different methods of identifying risk include; brainstorming, questionnaires, workshops, interview, feedback of the stakeholders as well as data analysis. Other useful tools of management that can be used to identify risks include SWOT analysis, gap analysis as well as scenario planning (Ittner and Keusch, 2017 p.150).
Analyze the risks
Analyzing risk entails the aspect of developing a comprehension of the risk together with the extent upon which such risk can curtail the organization from attaining its goals. It is imperative that when all risks have been identified they be analyzed in a manner that demonstrates how likely such a risk can take place together with the likely consequence in case such risk even takes place. It is imperative to note that a risk assessment can produce a large number of risks, besides dealing with such quantified risk in a way that is meaningful may go beyond the individual's capabilities, resources as well as time limits. Thus it is advisable to appropriately carry out an initial screening evaluation hence creating a shortlist of risk to have a more in-depth analysis (Kerzner and Kerzner, 2017).
Evaluate the risk
It is essential that every risk is assigned to a given risk priority rating in relation to the derived rating from the risk matrix as well as the ability of an entity to control the risk. Some of the main strategies that can be used for the purpose of mitigating include the following; development of a decision-making process take into account the aspect of responsibility as well as the assignment of authority. Refinement of the practices together with the policies. Dealing with any gap regarding the competency of personnel. Also refreshing policies of communication, procedures and other internal mechanisms to the internal staff as well as key stakeholders. Final mitigation strategy entails regular evaluation as well as reviewing the actions of risk management in making sure that the purpose of risk-taking is actually met (Ittner and Keusch, 2017 p.150).
Treat the risk
It is necessary for every person that proposes that an organization have to accept the risk involved to come up with an action plan that can mitigate the risk involved to a level that is acceptable. In such a case scenario, then action plans ought to be executed. Similarly, it is essential to use risk management form which must be used in documenting risk treatment for each and every risk. Such a form needs to be identifying the risk including the cause of the risk, management action for every risk, the target date as well as the individual responsible for completing the action point. In all aspects of risk treatment, it is imperative to have not only clear but also concise channels of communication that provides management with the instruments of elevating particular risk information and at the same time providing oversight as well as transparency. The bottom line is that timeliness, as well as the accuracy of the risk information, is paramount in providing the right information needed to a particular group to facilitate them make decisions that are based on informed risk (Bromiley, McShane, Nair and Rustambekov, 2015 p.276).
Monitor and review
The aspect of monitoring as well as reviewing risk is a critical part of the effective management of risk. It enables the owners of the risk to identify any fresh risks that may come up or change in line with the current risk rating as a result of the changes in circumstances hence reviewing the extent to which such risk ought to have been mitigated. It is necessary that risk owners undertake regular monitoring as well as reviewing thereby ensuring that all changes are recorded in a suitable register of ris...
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