BUSA 2005 – Management Principles Application Assignment ✓ Solved

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BUSA 2005 – Management Principles Application Assignment (2020)

The following is detailed information about your BUSA 2005 “Management Principles Application” assignment. The assignment is divided into 2 parts: part 1 is the written component (theory and applied) and part 2 is an individual PowerPoint presentation. The purpose of the assignment is to describe, apply, and present the four management functions (e.g., Planning, Organizing, Leading, and Controlling). This is an individual assignment.

Part 1 Written component (Theory and application) – 15%

Length words (hint: double space, 12 point font is approximately 250 words per page)

a) Cover page (not included in word count)

b) Introduction Part 1 (approximately 125 words)

c) Description/understanding of the four management functions (approximately words) - Examples of content: Explain what the four management functions are. For each function, what is a manager responsible for? Why is each management function important? What aspect(s) of each function do you find particularly useful for a manager?

d) Application of the four management functions (approximately words) - You are the manager of a small business and you are looking for investors to grow your company. Prior to lending you funds to grow your business, a potential investor is interested in your ideas about how you will efficiently and effectively manage your business in the next year. The potential investor wants to know, what are your future plans? How will you organize your business resources to achieve your plan? How will you demonstrate leadership? And how will you show that you have achieved your goals? - Your business XXXX (your choice of service/product: coffee shop, ice cream store or producer, yoga/pilates studio or Covid-19 related products such as masks and hand sanitizer) has 3 employees working for you. Up to now, you did not have a formal strategy nor structure as your growth has been organic and unstructured. Your profit for last year was $50,000 after all expenses. You are expected to double your staffing and profit next year.

e) Conclusion for Part 1 (approximately 125 words)

f) References for Part 1 (not included in word count) APA citation, referencing and assignment format: - You are required to use APA standards for your citations, references, and for your assignment formatting. - APA format: 1.5-2 spacing, 12 points font, 1 inch margins. You can refer to the following website for more details: format.html. - Minimum 3 academic references are required in addition to your textbook. - Writing style: Paragraph essay with headings to separate your main sections.

Part 2: PowerPoint presentation - 5%

Length: 5 minutes In a 5-minute presentation, present your ideas to your potential investor (section (d) of Part 1): a) Present your main ideas from the application section (d) of Part 1 in a 5-minute PowerPoint presentation delivered online. Your camera will have to be on for your presentation where you will be given presenter status. b) Maximum of 5 PowerPoint slides (not including your introduction and conclusion slides). c) Instructor will assign your presentation date/time d) Upload your PowerPoint slides on the Learning Hub at least 12 hours prior to your presentation date/time.

Paper For Above Instructions

The BUSA 2005 Management Principles Application Assignment is designed to provide students with a comprehensive understanding of the four essential management functions: Planning, Organizing, Leading, and Controlling. These functions are critical for any manager, enabling effective and efficient operations within an organization. In this paper, I will explore each management function, explain the responsibilities of managers within these areas, and illustrate their importance through a practical application in the context of a small business.

Introduction

The management process is crucial for achieving organizational goals and entails a series of functions that guide how an organization operates. Planning involves setting objectives and outlining strategies to achieve them. Organizing entails the allocation of resources and defining roles and responsibilities. Leading focuses on motivating and directing employees towards achieving the organization’s objectives, while controlling involves monitoring progress and making necessary adjustments. Understanding these functions not only assists in the management of resources but also aids in creating a cohesive team committed to achieving the organization's mission.

Understanding the Four Management Functions

The four primary management functions can be described as follows:

• Planning: This function encompasses setting organizational goals and determining a course of action to achieve those goals. A manager is responsible for identifying what needs to be done, when, and by whom. Planning is important as it provides direction, minimizes uncertainty, and outlines strategies for resource allocation.
• Organizing: Organizing follows planning and involves arranging resources and tasks to implement the plan. Managers need to create a structure that allows for efficient workflow. This function is vital as it establishes a hierarchy and ensures that resources are used effectively.
• Leading: Leading involves motivating and guiding employees. Managers are responsible for creating a vision, inspiring employees to engage with that vision, and maintaining morale within the team. Strong leadership is essential for fostering an innovative and productive work environment.
• Controlling: The controlling function refers to monitoring the organization’s progress towards its goals and making adjustments as necessary. It ensures that the organization is moving in the right direction and allows for timely changes when needed, which can help avert failures.

Application of the Management Functions

For the purpose of this assignment, I will assume the role of a manager of a small coffee shop named “Bean’s Delight.” This coffee shop offers a variety of artisanal coffees and baked goods. The shop currently has three employees, and in the last fiscal year, it earned a net profit of $50,000 after all expenses. My objective is to double both the profit and the number of employees in the upcoming year by securing investment for growth.

Planning

In terms of planning, my future strategy includes expanding the menu to cater to a wider audience, including vegan and gluten-free options. Additionally, I plan to implement a loyalty program to encourage repeat customers and increase sales. I will set measurable goals, such as increasing customer foot traffic by 30% within one year and achieving a profit of $100,000.

Organizing

To organize resources effectively, I will need to hire additional staff to meet the demands of increased customer traffic. My plan is to recruit three more employees with a focus on customer service and operational efficiency. Additionally, I will reorganize our current workspace to improve workflow, ensuring that employees can perform their tasks efficiently. This will involve creating distinct areas for preparation, serving, and customer interaction.

Leading

Demonstrating leadership will be vital in fostering a positive work environment. I intend to lead by example, showcasing a strong work ethic and commitment to customer service. I will also implement regular team meetings to encourage open communication, provide feedback, and recognize employee achievements. Empowering employees through training and development opportunities will also be a focus to enhance their skills and performance.

Controlling

Finally, controlling will involve setting up a reliable tracking system to monitor sales and customer feedback. I will regularly review financial statements and customer surveys to assess where adjustments need to be made. Goals will be re-evaluated bi-annually to ensure we stay on track towards doubling our profits and our workforce.

Conclusion

In conclusion, understanding and applying the four management functions is critical for achieving business success. Through effective planning, organizing, leading, and controlling, I am confident that "Bean’s Delight" will not only secure the necessary investment for growth but also foster a thriving work environment conducive to employee satisfaction and customer loyalty. Each function plays a significant role in driving the business towards its goals, and their integrated application will be the key to our success.

References

• Bateman, T. S., & Snell, S. A. (2019). Management: Leading & collaborating in a competitive world. McGraw-Hill Education.
• Robinson, S. P., & Judge, T. A. (2019). Organizational behavior. Pearson.
• Mintzberg, H. (2009). Managing. Berrett-Koehler Publishers.
• Kotter, J. P. (2012). Leading change. Harvard Business Review Press.
• Drucker, P. F. (2007). The effective executive: The definitive guide to getting the right things done. HarperBusiness.
• Daft, R. L. (2015). Organization theory and design. Cengage Learning.
• Robinson, S. P., & Judge, T. A. (2017). Essentials of organizational behavior. Pearson.
• Heifetz, R. A., & Laurie, D. L. (2001). The work of leadership. Harvard Business Review.
• Tannenbaum, R., & Schmidt, W. H. (1958). How to choose a leadership pattern. Harvard Business Review.
• Wheelen, T. L., & Hunger, J. D. (2017). Strategic management and business policy: Globalization, innovation, and sustainability. Pearson.

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