Mastering the Project Life Cycle: Initiation to Planning
Project Life Cycle Management
A project is first initialized, then planned, and while it is running, it is monitored and controlled.
Project Initialization
It is important to strive for good management at the initial stage to minimize problems later.
Description of Project
The project description is a process of selecting and refining ideas and perspectives from stakeholders into clearly defined objectives, key success criteria, and risk assessments. It should be clear and precise for universal understanding.
Read MoreEssential Marketing & Business Concepts Defined
Key Marketing & Business Concepts
Integrated Logistics Management
The logistics concept that emphasizes teamwork, both inside the company and among all marketing channel organizations, to maximize the performance of the entire distribution system.
Promotion Mix
The specific blend of promotion tools that a company uses to engage customers, persuasively communicate customer value, and build strong customer relationships.
Madison & Vine
A term that has come to represent the merging of advertising
Read MoreBusiness Fundamentals: Functions, Management, and Marketing
Business Fundamentals and Core Functions
A business is a for-profit organization focused on maximizing revenue and minimizing costs.
Essential Business Functions
- HR Management (Human Resources Management)
- Marketing
- Finance & Accounting: Recording business transactions.
- Operations & Production
- R&D & Innovation (Research & Development): Needs to be more convincing and constant because satisfaction, emotion, and perceived benefit decrease over time.
- Management Information Systems (MIS):
E-Business Models & Website Design Essentials
E-Business Models: Foundations & Strategy
Understanding the structure of business models involves examining the relationships among their elements and how they interact to define how a business operates and generates value.
Content of an E-Business Model
- Information exchanged.
- Resources and capabilities required to enable the exchange.
Structure of an E-Business Model
- The parts that participate in the exchange.
- The ways that parts are linked.
- Order process and adopted exchange mechanism.
Characteristics
Read MoreStrategic Resource Management and Organizational Capabilities
Barney’s VRIN Framework (1991)
Barney’s framework highlights specific conditions for a resource to generate greater effectiveness and efficiency. For a resource to provide a sustainable competitive advantage, it must be:
- Valuable: A valuable resource allows the company to implement strategies that improve effectiveness and efficiency.
- Rare (Scarce): A rare resource is not found in all companies, meaning not all competitors can access it.
- Inimitable: A resource is difficult to imitate if it cannot be
Understanding Job Analysis and Its Legal Implications
Job Analysis and the Law
Fair Labor Standards Act: Employees are categorized as exempt or non-exempt, and job analysis is basic to this determination. Non-exempt workers must be paid time and a half when they work more than 40 hours per week. Overtime pay is not required for exempt employees.
Equal Pay Act: If jobs are not substantially different, employees performing them must receive similar pay.
Civil Rights Act: Job descriptions may provide the basis for an equitable compensation system and an
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