DQ1 SWOT Analysis Assignment Example | Topics and Well Written Essays - 250 words

DQ1 SWOT Analysis - Assignment Example A second strength of talent management is that it can help enhance the skills and capabilities of the employees. Companies that have solid talent management plans tend to have higher employee retention rates. Using talent management can also enhance the human capital of a firm. The human capital of a firm is its most valuable asset (Investopedia, 2013). A weakness of talent management is that is costs money to implement an adequate talent management plan. Companies spend money on training and development, seminars, and educational opportunities to effectively implement an adequate talent management plan. If a company is not able to identify the skills gap of the workforce the training initiatives of the firm can become ineffective. An opportunity associated with talent management is the ability to identify the potential of young talented employees. Another opportunity of talent management is that it helps foster a strong corporate culture. A strong corporate culture enhances the productivity of a firm. A threat of talent management is that companies may spend money and resources developing talent to have those employees leave the company for the competition. A second threat of the implementation of a talent management is potential for interpersonal conflict. A talent management plan can create internal competition between the staff. Sullivan, J. (2004). Talent Management Defined: Is It a Buzzword or a Major Breakthrough? Retrieved March 8, 2013 from

Finance Effects Economy Essay Example | Topics and Well Written Essays - 1000 words

Finance Effects Economy - Essay Example A finance student studies a bachelor degree in business administration with a major in finance. The purpose of this paper is to discuss and describe the history of finance, how it affects the economy, and areas of specialization in finance. The field of finance as we know it today began in the 1950’s. When finance education started it was often part of the curriculum of economics or a part of business administration. Today the focus of the finance major is integrated as part of a business administration education. The majority of undergraduate finance degrees in the U.S. are part of a business curriculum, but at the graduate level finance is often taught based on the economic approach (Miller). One of the primary focuses of a finance education is to teach students how to make better decisions. Finance professionals are supposed to be able to maximize shareholders wealth (Besley & Brigham). The finance field is often referred to as the cousin of accounting due to the fact that a lot of the concepts and data used in finance come from accounting information. Many small companies integrate the accounting and finance departments. Two extremely important financial concepts in finance, risk and return, were first introduced to the general public by Harry Markowitz in 1952 in his publication Portfolio Selection published in the Journal of Finance. The work finance people perform in an organization is very important. For instance once the accountant completes the accounting cycle and prepares the financial statements the finance people can analyze the information to determine the financial performance of the company. The four major financial statements are the income statement, balance sheet, statement of retained earnings, and statement of cash flow. The income statement measures the profitability of a company, while the balance sheet illustrates the financial condition of a company at a specific point in time. The statement of cash flow is composed of three sec tions: operating, financing, and investments. The financial statements for the entire fiscal year are included within the contents of the annual report. Public companies also release quarterly financial statements to comply with the regulations of the Security and Exchange Commission (SEC). Three financial analysis the can be used to analyze the financial statements are ratio analysis, vertical analysis, and horizontal analysis. Ratio analysis is a tool that is often used by finance professionals. The five categories of ratio analysis are liquidity, solvency, profitability, activity, and coverage ratios (AccountingExplained). Horizontal analysis can be used to compare the different items or elements of the financial statements against the performance of the previous accounting period. The objective of vertical analysis is to report each amount or item in the financial statement as a percentage of another item. When performing vertical analysis on an income statement all the items of the statement are typically compared against the sales total of the company. The discipline of finance can also be used for other analytical purposes. Financial managers often have to evaluate the firm’s valuation and the valuation of other companies that the firm might invest in. A financial model to evaluate the risk of a

Why did the United States fail to sign the Treaty of Versailles Research Paper

Why did the United States fail to sign the Treaty of Versailles - Research Paper Example In fact, he worked a lot for that to happen but the end result did not turn out as he had wished. The United States did not sign the treaty because Wilson did not have the vote of all the Senate members. Wilson required constitutionally mandated two-thirds vote for ratification which he did not get. Henry Cabot Lodge and Alfred Beveridge were highly against the treaty. Lodge was a Republican and the Senate majority leader and Chairman of the Foreign Relations Committee, thus holding a lot of power and responsibility. The failure of the United States to ratify the Treaty of Versailles and, eventually, join the League of Nations is a story of conflict. However, no matter where the focus is on – personalities, political parties and branches of government, or ideas and institutions, Wilson certainly did lie at the crux. It was his overweening confidence in the view that he held of the world that he dealt with which formed the basis of the defeat of the very tool that he had devise d in order to secure the world of future wars. Clemenceau once said bitterly: â€Å"Talk with Wilson! How can I talk to a fellow who thinks himself the first man in two thousand years to know anything about peace on earth?† and â€Å"I get on with you. You are practical.... Wilson was a visionary reared with a strong moral background. While others wanted to punish Germany, Wilson wished to get rid of the old system and come up with a new world order which would not treat Germany like a defeated enemy; instead he wanted to her to be like others, a partner of the new system he had envisioned. On the other hand, Clemenceau did not wish to end the old system but rather to make it stronger to build peace, and this meant that the conquerors would divide the spoils to come up with a reimbursement as satisfactory as possible to their respective nation’s requirements. History has paid substantial attention on the personal enmity that existed between Wilson and Lodge, and, from the consequences that we have seen it is clear that there was, in fact, a lot of political animosity between them4. It should also be considered, however, that they had opposite views regarding the issues of the day and thus their political behavior showed varied opinions. From the way Lodge was repudiating the President it seemed that it was his behavior rather than genuine ideological opposition. Instead of coming up with actual and meaningful debate that would list the reasons why the treaty should not be signed, Lodge kept delaying action by reading – word-for-word – the language of the Treaty5 6. Therefore, what it resulted in was just endless criticism that took about six weeks of public hearing. For the Senate Foreign Relation Committee he chose those senators whom he thought would go against the treaty. After the committee had reported the Treaty to the full Senate they did so after burdening it with corrections which Lodge had said were necessary to adopt and

Experiences of Schizophrenia Counseling Essay Example | Topics and Well Written Essays - 500 words

Experiences of Schizophrenia Counseling - Essay Example One of the greatest rewards in working with those who have schizophrenia is mentoring those who are feeling like they have hit rock bottom then climbed the ladder to emotional stability and happiness. That is when they know that have achieved success by regularly attending group therapy sessions, practiced exercises they have been taught and made progress day by day. Some challenges I face are that some of the patients are inconsolable and have thoughts of suicide. This is where I believe that family therapy is also helpful because they need as much support as they can receive. This of course is supplemental to the drug therapy which is the backbone of treatment. The behavioral and family therapies are a means of supplementing drug therapy to help re-integrate schizophrenic individuals into society through the development of social skills. By re- integrating the individuals back into society, the probability that the patients adhere to their drug therapies increases. I believe this i s crucial for them to live a normal life.

AN INVESTIGATION OF IT INVESTMENTS IN SMALL AND MEDIUM SIZED Essay

AN INVESTIGATION OF IT INVESTMENTS IN SMALL AND MEDIUM SIZED ENTERPRISES - Essay Example The primary research will include a short survey which will contain basic questions on the use and adoption of IT in the business. An area of the UK will be chosen for this survey, preferably an area where the author resides to reduce the costs associated with travel and to increase survey response. No personal information will be made public and participants will be notified of this. The author will use online and library resources to obtain a list of SMEs in the selected area. As a result of the methodology, the research will largely be descriptive as it will be collecting information from surveys (Creswell 2003). The research will also be explanatory because the author will attempt to provide an explanation between IT investment and productivity in SMEs (Creswell 2003). This also means that the research will be largely qualitative. Small and medium sized enterprises (SMEs) are considered to benefit the economies they serve, as they create employment and attract investment into certain areas. However, due to their size they are not able to always access and enjoy the advantages of much larger companies. For instance, large enterprises often have direct access to international and local capital markets, as they can afford the transaction costs (Enterprise Development Agency 1998). This suggests that SMEs are confined to regional markets which does not fully maximise their potential. Larger enterprises are also able to market their products and services across national boundaries whereas SMEs will be restricted to national and/or regional boundaries (Enterprise Development Agency 1998). If one considers the characteristics of SMEs, one will find that most of these enterprises are relatively small and have high operational costs which may prevent them from expanding into larger, more successful enterprises. Howeve r, there have been concerns that SMEs may not expand at a favourable rate due to their lack

Anaylsis of gambling industry Essay Example for Free

Anaylsis of gambling industry Essay Introduction A service is the result of applying human or mechanical efforts to people or objects. Services are intangible products involving a deed, a performance or an effort which cannot be physically possessed (s dibb, 1994). Within this report their will be a number of topics discussed including the marketing mix, the effects of gambling and the ongoing conflict between services and product. These topics will be referred to the specific service which is the gala casino in Edinburgh. Methodology. In the UK there are many different gambling bodies, such as Gala, William Hill and Betfred. The gambling industry is one of the most successful services in the Britain.. Gala casinos are owned by the Gala Group who in 2005 merged with another European gambling business Coral Eurobet to create Europes largest integrated betting group. At present, Gala employs over 17000 people and generates over ? 400 million per annum, serving over 2 million customers (Gala Group, 2005). The casino that this report will focus on will be the Maybury Casino in Edinburgh, which is owned by Gala. Despite it being a large city, there are only two casinos in Edinburgh, the Maybury being the bigger and more successful, rather than the William Hill casino closer to the centre of town. The casino has a high quality restaurant which is used all year round. Unlike some casinos, the Maybury has all the major casino tables, such as craps, roulette, blackjack and various types of poker. It has also has two function rooms mainly used for poker tournaments or mah-jong tables. Main body Marketing mix The marketing mix is key when developing any business whether it is a product based company or a service provider. The marketing mix is a very simple tool yet effect is basically a step to step guide on how to market the product(foxall, 1999). The following are the main marketing mix elements which refer to all business however in some cases a further 3 of physical evidence, people and process, all of these ingredients mask a major role of the retailer which is to select and acquire goods in order to sell their product (d Gilbert, 1999) Place For many different services the location of a business is a powerful marketing tool by itself( d Carson, 1991) . For example: the Waverley Hotel on Princes Street is on one of the busiest streets in the country and is therefore almost guaranteed to make a profit. Although this is not really the case for the Maybury Casino, it is still in a good position. It is situated in Corstorphine which is just out of the centre of Edinburgh. Despite this distance from the busy city centre, its location does allow for increased space. Most customers would want a casino closer to the centre of Edinburgh, but this would almost certainly mean that the venue would be smaller, with higher costs for the customer and the business. Having the business out of town allows for more space which in turn means the company can offer a better service to the customers. The other advantage of this location is that it is situated next to the main road into Edinburgh from Fife, going through Haymarket. This allows passers by to see the establishment. The benefit to having this out of town location is access: it is very simple to travel to the casino as Edinburgh has an award winning bus service with more than two buses running 24 hours a day that go past the casino. Price is one of the most difficult aspects of the marketing mix to tackle. Companies can do many things with promotion and can offer great products, but when it comes down to it, the cost of this is all that the vast majority of customers are interested in(j lee, 2002) Price is tricky when it comes to gambling, as it is an entertainment industry solely based on money. All casinos are always going to cost money when it comes to betting on tables, so there is nothing any one particular company can do differently, as it is generally up to the customer how much they spend. However, there are other aspects that are important in this industry, the main one being the membership price. The Maybury Casino does not charge a membership fee ? this is quite rare for most casinos. This is an enormous marketing tool in itself, as the amount of gamblers and money spent on gambling is increasing. Therefore, if it is free to play then this will entice gamblers even more, and at the end of the day free is free. Another aspect of price is the poker room. This room is used for weekly poker tournaments, which is something that a lot of casinos do. However the Gala Casino differs from others: poker is one of the fastest growing pastimes, which has encouraged Gala to offer poker tournaments every day of the week with different price levels. Having all these different price levels can encourage a larger range of customers, allowing those with less money to not miss out. One of the best reasons for the lower priced tournaments is the large amount of students this attracts. Students generally have less money than most members of the public, and as poker is becoming increasingly popular with younger people today, the casino is therefore an affordable place they can go with friends. The general misconception about casinos is that they are for older businessmen who enjoy an expensive lifestyle and are happy to have expensive food and drink prices, but this is not the case. The prices of the drinks in the casino are the same as most Edinburgh bars with similar ranges and well trained staff. The restaurant is of a high quality and not overpriced. Therefore, it cannot be said that the price of the establishment could be responsible for putting people off going to the Casino. Promotion in general is harder for a service rather than a product. This is especially the case when referring to casinos. The only way in which casinos tend to promote themselves is in the actual casino itself. Casinos cannot advertise in the same way that normal products can, due to legislations so they rely heavily on word of mouth. In some ways, promotion is actually very important to a service, (especially this type of service) as they are relying on their own performance to act as their promotion. Product This is the most important part of the marketing mix for a service, as this is all they have. In regards to a service this element is basically the result of the previous three elements of the marketing mix without this one they all fail. In all aspects of retail, whether it is in a service or providing a product, it is this that matters to the customer. It does not matter how they promote it or at what price they sell it at they will fail either way if the product is not up to standard. The three extra elements only really refer to services due to the intangible element of human behaviour, where quality and its control is off paramount importance(d Gilbert,1999 ) People are also vital in services as they are your promotion they do all the work. Again the service as a whole can be great but if it is not applied properly by the staff then this becomes irrelevant. They employees are the face of the service so they must look and act in the way that is suitable for the service such as in the bank clean and in a shirt and tie. Process is very similar to some of the other elements as this is the procedures that are undertaken in providing the service. Other elements of process are the information that is available about the service, if customers are not aware of the details of the service they are unlikely to take part. Physical evidence is reasonably self explanatory, it is the physical elements the tangible elements of the service for example in a hotel the cleanliness of the curtains would be an example of physical evidence. Effects of gambling on society Gambling is one service (unlike most) where it can be taboo in mainstream society to advertise or promote itself. There are many laws and regulations on gambling such as (Hanson, 2005). For casinos to make a profit and to attract customers they have to rely on peoples need for gambling. Many people feel that gambling is immoral and praying on the weakness of others and their lack of discipline; because of this many people feel that gambling should be abolished completely. However despite those people who do not agree with gambling, there are plenty of individuals who support it. Many people feel that it is their own choice to spend their own money, and the few who lack the discipline to control their gambling should not stop others who can. With the relatively recent boom of internet gambling, especially poker, gambling is becoming more and more of a hot topic with governments and groups throughout the world. Casinos should take advantage of this surge of interest in gambling in order to make a profit and keep it available to customers; however, they should also remember to do so without angering people. Difficulty of services compared to products Citizens of the Western world are living in increasingly service-based economies. Services are no longer a minor or superficial part of economies, but go to the heart of value creation within the economy. (Palmer 2004) What Palmer is suggesting here is that services are no longer viewed in the traditional way as an unproductive aspect of the economy, but are now the base of many economies. In spite of this it is still incredibly difficult to succeed in a service. In general it is much easier to sell a tangible product people can see, touch or taste before purchasing (c gronroos, 1978). Service providers must rely on the quality of their own performance with many variables that can scupper a good experience. This however can all depend on the economy of the country, i. e. providing a service in a country such as Portugal where many other nations go to vacation and for many parts of the country being a service provider is simpler such as bars in a busy tourist area. This is not so much the case in the more powerful countries such as the UK, U. S. A and France. These countries are very much consumer driven and succeeding as a service provider can be difficult in many ways due to the attitude of society in the 21st century. There are, like previously mentioned, so many variables which can effect a service provider and with most customers being viewed as fickle if the service in anyway is not more than their level of tolerance they will try bring this service down. There will always be a conflict between services and products and each has their day in certain societies. Conclusion The service provider chosen has pros and cons from many different topics. The difficulties that a casino like this faces will never change and it is not an attack on the way in which they are providing this service it is always going to be on the service itself and societys view of it. The service encounter was however more full of positive notes rather than negative. In order to get past people views on gambling, they have decided to divert all their efforts on how they provide this service and in this, there are few flaws. integral to the selling activity in all markets( dibb, 2001) They have utilised ever point of the marketing mix well and definitely to their advantage, providing the best service possible to customers. Their use of location is especially impressive, normally out of town locations can prove to be a stumbling block for many services but the casino has utilised it to their advantage and turned being an in-town location into the less popular of the two. The conflict between services and products is always going to be around. However services are growing and growing with 73% of the employees working in the UK are working in the service sector (ILO, 1999). To conclude, if services are to be performed in such a manner as the Gala casino then the service industry will continue to rise.

The characteristics between management and leadership

The characteristics between management and leadership This assignment is initially discussing about the characteristic difference between management and leadership, how their skills are engaged in an organisation including with their roles and responsibilities. Then the discussions follows to the main objectives of this assignment, those are (i) Identifying and evaluating the personal and professional skills which are required for a successful manager and evaluating how he/she meets the organisational or personal goals; importantly covering the key managerial/leadership skills such as time management, running meetings, making presentations, stress management, etc. (ii) Providing a range of suitable practical methods for developing or improving those skills (iii) Identifying preferred learning style by using an effective personal audit in order to develop managerial/leadership skills (iv) Developing a workable development plan in order to develop or improve those skills to become an effective manager according to SMART and SWOT analysis (v) Reviewing/monitoring process and feedback what I have undertaken in order to achieve those skills and finally (vi) Concluding how/what I have learned from my analysis and how I can use this similar approach for future development. 1.1 Manager The Manager plays a vital role in order to achieve and improve the productivity and organizational objectives. He/She is responsible for managing, planning, distributing and monitoring the work of their employees, achieving the effective utilization of the organization resources and brings the employees objectives along with the organization objectives. Good managers are born and not made. Managers are autocratic in nature, they do the right things to avoid risk and they formulate the policies/ systems to consistent manner; also they are rigid with their subordinates (Hollingsworth, 1999). Managers mainly rely on strategy, structure and systems (Watson, 1983). 1.2 Leader Leaders are those who involved in the process of setting a new direction or vision for their group to follow and motivating them by satisfying their basic need in order to achieve the common organization goal, it is the process of influencing the performance of the employee by respecting their freedom towards the group goals. Good leaders are made and not born. Leaders are democratic in nature, they do the things right and they wont formulate the policy they use to predict with set examples; also they like risks and flexible with the other group members (Hollingsworth, 1999). Leaders mainly rely on style, staff, skills and shared goals (Watson, 1983). 2.0 Outcome 1 Methods to improve Personal and Professional skills This part of the assignment mainly identifies and evaluates the importance of personal and professional skills which are required for a successful manager and how he/she meets the organisational or personal goals; importantly covering the key managerial skills such as time management, running meetings, making presentations, stress management, etc. In addition, it provides a range of suitable practical methods for developing or improving those skills. 2.1 Skills for successful manager and its importance The managers important role in any organization or workplace is that to manage the people/worker/subordinates in order to meet the organization objective or goal and also promote positive employee motivation and employee morale. The mangers activities are very complex and varied because they have to coordinate with all the organization resource such as human resource, material resource, financial resource and informational resource in order to achieve the overall organization goal (Pride, Hughes and Kapoor, 2008, P187). The role of the manger is very crucial as they have to deal or handle various people. Therefore, the successful manager must have the personal and professional skills which are very essential and listed in page-**; and utilize them in a proper way, so that they can perform their duties and activities efficiently. Personal skills are his/her own development skills in order to achieve his/her career goals in life and it can be continuously developed on day to day basis; For example, wants to become a manager. Professional skills are working environment skills in order to achieve organisation goals and it can be developed and utilized whenever the opportunity arises in the working environment; For example, becoming an effective manager. In practical, the effective manager must have and develop the both skills in order to achieve his/her goals as well as the organisation goals. To be an effective manager at all level of organisation (i.e lower, medium and top level), they need to possess combination of all the skills listed above. Among these skills, the first four are the very important skills to become a successful manager. This part of assignment evaluates how these skills are important and providing a range of best suitable methods for developing or improving these skills, which enables me to meet both organisational and own goals and objectives. 2.1a Evaluation and Methods to develop Time management Time management skill is one of the valuable assets for manager, and it helps how the valuable time is effectively utilized/ managed in order to meet the goals. As time costs money, it is lost and not recoverable if the time is wasted. Therefore successful manager must find every opportunity to save time in order to improve productivity/profit by analysing workload and understanding subordinates capability, controlling time wasting activities, etc. The key elements to the effective time saving/managing skills are listed below: Define the goals to meet the deadline Budget the man-hour or cost Plan and schedule the workload Provide marginal budget for unforeseen workload or changes Prioritize and organise accordingly Distribute the workload to subordinates Review and track the planned task Use and maintain time management log for daily or weekly Control the wastage time and use effectively Guide/encourage the subordinate to improve production Above listed elements of time management skill can be achieved by set of workable practical methods such as procedures, policies, spreadsheets, checklists, etc. For example, Gantt chart for planning and scheduling, time log sheet for consumed budget hour and to estimate balance hour respective to task, Weekly progress report for reviewing/tracking the planned task, etc. As I want to become a manager, I need to develop or improve time management skill. Though majority of this skill and key elements can be developed while working as manager, I have developed lots of key elements of time managing skill while studying this course, in order to achieve the course outcome. For example, time log sheet enabled me to maintain and review how I am spending daily hours (see appendix-**), Gantt chart for assignment work (see appendix-**), etc. 2.1b Running meeting Organising meeting skill is one of the vital skills for the manager, and it helps to get collective decision-making, better focused discussion, to improve the productivity, to motivate the employee, etc to build an effective organisation. Importantly it is a best place to communicate the management/project objectives to team-worker or other discipline employee, to reward the performer, etc (Pocket, 2006, P47-69). The key elements for the effective running meeting skills are listed below: Defining the purpose of meetings Prepare agenda (meeting time, place, chairperson, attendees) Circulate agenda and Invite the participants in advance Welcome the participants with refreshments Clear and focused discussion by using visual aids Encourage group discussion Take notes for agreed outcomes/ actions/ responsibilities Review past meeting outcomes Control and avoid repeated discussion Encourage feedback/idea and questionnaire session Prepare minutes of meeting and circulate Therefore above mentioned components of meeting running skill can be achieved by set of workable practical methods such as procedures, agenda, minutes of meeting, forum, meeting templates, spreadsheets, etc. Though the key elements of this skill can be developed when the opportunity arises probably while working as manager, I have developed lots of key elements of running meeting skill while studying Strategic management course in order to achieve the group task as a chair person for SILVER SPOON group. For example, agenda sheet enabled me to invite participants and define the meeting perspective, venue and time (see appendix-**) and Minutes of meeting enabled to confirm the action plan to group member (see appendix-**), etc. 2.1c Making presentation Presentation skill is one of the important skills for a successful manager in many aspects of their work, and to communicate efficiently in a group of audience. The most important factors to consider in presentations are audience attitudes, actions, needs and responsibilities throughout the presentation. This enables the audience or subordinates in many ways such as time saving or effort, make money, help to take advantage of opportunities, make them more popular and famous, and increase their curiosity and enjoyment (Suzy, 2008, P6-10). The great presentation is a process and combination of the following key elements: Think and research on the topic before presentation Organize the content with introduction, body and conclusion Attract the audience by eye contact, posture, movement, gesture, etc Interact the audience to think, not only listen Deliver the presentation with confidence Use visual aids effectively Overcome presentation nerves and avoid vague language Effective communication skill by oral/written/drawing Keep it short and simple (KISS) Capability of answering the audience questions Therefore above mentioned key elements of presentation can be achieved by set of workable practical methods such as Power-point slides, handouts, seminars, etc. As manager gives presentation in various groups meeting with subordinates/supervisor/ clients, using techniques should be graspable/ understandable by audience. Actually these above mentioned key elements can be developed while working or when the opportunity arises. Though I have gained bit of presentation skill in Strategic management course when presenting SIVLER SPOON group task, I must need to develop this skill, where I have lot of scopes to improve. 2.1d Stress management Stress is one of the persons reactions of the body and mind to change. It is very important for everyone to manage and control the stress, to become healthier and happier. Effected stress produces physiological, psychological, stress related issues on him/her. Manager has high chances of developing stress due to various demands such as task demands, Role demands, Interpersonal demands and Organisational structure. Though it can not be fully avoidable, but it can be manageable by using effective stress management skill (Robbins and Decenzo, 2008, P206). Overstress resulting to decrease the productivity, decrease profit, leading to mistake, etc. Therefore, it is mandatory for manager to have stress management skill in order to avoid stress related problems; that is control or manage the stress by using time management, running meeting, making presentation skills. The stress management skill is the combination of following key elements (Cartwright and Cooper, 1997, P416): Recognise, anticipate, monitor and regulate stressors Redesign the task or work environment Establish flexible work schedules Encourage participative management Include employees in career development Build a good and supportive team Establish fair employment policies Find alternative routes/solutions Actually this is the follow-up skill of Time management, Running meeting and Making presentation. So, the above mentioned key elements of stress management skill can be achieved by using same set of workable practical methods, which used in others. Actually these above mentioned key elements can be developed while working as manager. So I am looking chance for developing this skill. I also feel that, with remarkable development of other managerial/leadership key skills, I can easily develop the stress management skill. Outcome 2 Personal skills audit 3.1 Preferred learning style As I want to become a more effective manager, I need to learn several skills which are listed in page-**. This part of assignment examines my learning style by undertaking personal skill audit, which helped me to identify my current possessing skills, knowledge, abilities, values and preferred learning style along with my strengths and weaknesses in order to achieve my effective manager goal. Appendix-** illustrates the Learning style questionnaire (LSQ) with my answer, and its result proves shows that my preferred learning style is PRAGMATIST. 3.2 Strengths and weaknesses As I am PRAGMATIST, my learning style strengths and weaknesses are listed below: Strengths: Tries to put own ideas, theories and techniques into workplace Innovative and experimental Analyse and evaluate with various options Set targets, and tries to achieve them Works well independently Weaknesses: Acts without caution end up with negative outcome Task oriented rather than people oriented Undervalues personal feelings Is impatient and needs full control Likes to work independently Referenced from Week-1 hand outs and (Honey and Mumford, 1992) 3.3 How it affects my skills development As I audited and analysed my strengths and weaknesses of my learning style, below discussion reveals that how it will affect and how to overcome in order develop the four key skills for an effective manager. For example, Time management: As I am pragmatist, my planning/target may fail due to without taking any caution or overriding the task to others or effectively not using the source, which clearly affect my performance. However as strength I set/try to achieve the target with ideas, techniques and options, so I try to plan the task with right person/man-hour. Also assigning right task to right person and monitoring frequently enables to track and avoid last minute problems. Stress management: As I am pragmatist, giving more importance to the task rather than people or their feelings, may results to generate huge stress due to poor quality/inefficient project outcome. However as strength I take opportunity to experiment and evaluate with various options, so I try to encourage/educate the subordinates in order to meet the task. Further more, frequently reviewing the task progress and rewarding person enables to avoid workplace stress. Outcome 3 Personal development plan 4.1 SMART analysis Objectives and goals are widely used in planning and design. It is a composite statement of the end target, to be attained within the specified time and schedule. SMART is one of the key methods to create an effective objective or goal. So, the SMART objectives are: Specific : Objectives should be well defined and clearly state that what is to be achieved Measurable : Objectives needs to be quantifiable in order to measure or monitor the goal process and confirm whether it is in favourable condition. Performance could be quantitative and qualitative measure that allows us to make changes if anything goes wrong during the process and stay on track to meet the targets Achievable : Objective is within the capability and ability to reach the most desirable target. Also it must be realistic and appropriate for the business or activity Relevant : Objective should be specific and must relate to the short or long term business target Time defined : The end result should be accomplished with in the targeted deadline (Mike, 2008, P**) 4.2 SWOT analysis SWOT analysis is one of the powerful tools to analyse the personal strengths, weaknesses, opportunities and threats. This process enables to improve the strength, overcome/minimise the weakness/gaps as well as taking the greatest opportunities that are available. Appendix-** explores my SWOT analysis for my personal development and it is in Edexcel level 7 format. 4.3 Personal development plan (PDP) Planning is a logical component of the management process. PDP is an ongoing process throughout our life, which helps to manage/develop any individual skills through the process of self learning, reflection and structure on how to achieve their target/goal. In order to become a successful manager, I must have to plan and define the effective objective by using SMART analysis in order to accomplish the target within the scheduled time. Also I have to assess/examine my strengths and weakness by SWOT analysis in order to develop 4 managerial key skills listed in Outcome 1. From outcome-2, I established my learning style is PRAGMATIST using personal skills audit with my learning strengths and weaknesses. As I have analysed myself thoroughly, my PDP for achieving 4 effective managerial key skills are explored in the appendix-**. In that exploring process, my PDP mainly intended to help the following: Improve my personal and professional managerial skill Identify and develop my transferable skill Focus my thinking and plan forward and set realistic targets Articulate my personal goal and objective Evaluate progress towards the achievement Conclusion This assignment work helped me to understand the personal/professional skills for an effective manager and its importance, analyse suitable workable methods for developing these skills, identifying my learning skills with learning strengths and weaknesses, developing a personal development plan by SMART and SWOT analysis, Monitoring and feedback undertaken, etc. Especially, I gained thorough understanding of 4 Key skills in addition to other skills for an effective manager. From this overall task, I have developed a skill that how to set the target, analysing pros and cons, prepare a planning/route and schedule (viable and time), budgeting, analysing strength and weakness, monitoring and reflecting, scope for efficiency/improvisation, and finally meet the target. By using this PDP and methods, it could be very grateful to succeed in my academic career and also it helps me to efficiently utilize these skills in my future employment in order to make a successful and imaginative organis ation. Conclusion Professional development is very important for every professional, irrespective of their employment. It plays a vital role in order to step up their career ladder. For every business and organization, this advanced professional development program boost up their employees personal and professional managerial/leadership skills and knowledge in order to achieve their business objective and improve the productivity. If the managements are lack in those skills and knowledge then they wont be resisting in the Industrial market. The objectives of this assignment are mainly focused on how to improve the managerial/leadership skills including time management, running meetings, making presentation and stress management and these are very important skills for managers/leaders. This assignment works on to identify and evaluate the strategy or method for developing the personal and professional managerial /leadership skills as listed above. Also this covers the learning strategies and styles whi ch will be very useful for me to build my positive skills and to overcome my weaknesses in order to improve my skills and knowledge. By using this development plan and method, it could be very grateful to succeed at my university and also it helps me to utilize these skills in my future employment in order to make an effective and imaginative organization. foster (Word Count: 200) Appendices Appendix 1 Appendix 2 Bibliography using Harvard Referencing System Textbook Reference: Web Reference Personal / Professional skills Why it is necessary Time management It is cost effective and non recoverable Helps to plan, prioritize, organise, schedule and budget the work Organising meeting It is vital to get the solution from group or to improve the productivity or to motivate the employee Helps to discuss/convey the message among the group such as work plan, progress, new awards, etc Presentation To convey key points or improve delivery style Effective visual aid Stress management To analyse and reduce stress developed in job/ life To improve or control physical/emotional situation Self-awareness and self-management Effective communication To communicate clearly and correctly by written or oral or sketch, etc Map out the ideas/objective thinking in a proper way Problem solving and Decision making To provide/decide best or lesson learnt solution, when the problem arises in workplace or subordinate Performance management To conduct appraisals and guide subordinates for their career development Maintain a performance record of subordinate for easy access and feedback Recognise and encourage the top performers Team development Motivation To motivate/encourage the team towards project/organisation goal by monitoring progress Observing skill To listen/observe what is happening in the group Thoroughly understanding the situation and problem Well as I begin I would like to remember you one point that no one can withstand in the market of an organization when the people lack certain skills and knowledge. In order to ensure for proper skills and knowledge a proper idea about the development of their skills are briefed in this report. Keeping in mind, the four skills developed in this report were time management, stress management, running meeting, and group discussion. Not only the skills but also the learning styles were discussed. What are the techniques and objectives to meet the desired characteristics? How to improve the management skills for the effective leadership? The main concept of learning is mentioned clearly in this report which may be useful in the future requirements for an organization to be effective and imaginative.