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The connection of management concepts to the Capsim simulation

Exam Revision 2018 14 Pages

Business economics - Business Management, Corporate Governance

Excerpt

Table of Contents

Instructions:

Selected Responses

Strategy

Functions of Management

Goals and Objectives

Benchmarking

Decisions

Reflection

References

List of Tables

Table 1: Relevant Literature for additional reading

Instructions:

Answer each question to the best of your ability.

Use proper English – APA Style version 6.0.

Single-space your responses.

Keep your essay responses to no more than two (2) pages per individual question response.

Incorporate literature references you deem appropriate.

Begin each question on a separate page. Put the question at the top of the page.

Include an automated table of contents.

Include a cover page.

Include a reference list (APA Style).

Include all materials in a single document.

Submit both a physical copy and an electronic copy.

After instructor review and approval, submit for publication.

You must do questions 11 and 12.

Answer any five (5) from the remaining questions (including 11 & 12).

1. This semester, our simulation introduced the concept of strategy. Please define the term strategy, and discuss how it affects corporate management and leadership.

2. Our simulation involves direct application of the primary functions of management. Please identify and discuss examples of each primary management function within the context of your simulation.

3. The simulation involves considerations of both goals and objectives. Please define both terms and delineate their commonness and differences. Within your discussion, please explain how you have incorporated both goals and objectives within your simulation.

4. Our simulation integrates the primary domains of business administration ranging from accounting to forecasting. Please identify and explain three domains within the context of the simulation.

5. The simulation necessitates considerations of contingencies. Please define and explain the basic concept of contingency planning. Within your response, please discuss how you incorporated the basic concept of contingency planning.

6. The simulation necessitates considerations of benchmarking. Please define the basic concept of benchmarking, and discuss how it is applicable within the context of your simulation.

7. Please identify and explain three instances of marginal or poor performance that your team experienced during the simulation. How do you believe your team can rectify the unsatisfactory performance, and incite change toward generating positive outcomes within the simulation? What process improvement methods and maturity models are available for improving your performance?

8. Please identify and explain three instances of good or superior performance that your team experienced during the simulation. How do you believe your team can maintain the acceptable performance toward generating positive outcomes within the simulation?

9. The simulation necessitates a variety of strategic, tactical, and operational decisions. Identify and explain an example of each type of decision that you have implemented within the simulation.

10. The simulation necessitated communication and information sharing within the context of running the technology company. Please discuss how you integrated communication and the intelligence cycle when experiencing the simulation.

11. Required: How would you assess your performance this term throughout the course of the simulation? What opportunities for performance improvement do you see regarding your simulation experience? How do you plan to take advantage of these opportunities to generate positive outcomes within the simulation? Refer to your answers from the preceding questions to support your answer. Include literature as necessary.

12. Required: Include a literature table that incorporates the basic topic areas that you used throughout the course. Within each topic area, include a minimum of four literature references that supported your discussions. Include these items in your reference listing. A good way to earn the points is to finish the literature table that we started this semester using the instructor’s template. You may add additional references beyond those in the template to satisfy this requirement.

Your submission format should be presented in the following format:

1. Cover page

2. Contents

3. Question sheet – this document.

4. Your Selected Question Responses – start the response to each question on a new page. Place the question at the top of the page. Your responses should be a minimum of one page, but no more than two pages. Answer the questions in numerical order.

5. Question #11 and your response.

6. Question #12 and your response (add your discovered references to the table).

7. References (add your discovered references to the reference template).

Selected Responses

Strategy

This semester, our simulation introduced the concept of strategy. Please define the term strategy, and discuss how it affects corporate management and leadership.

This semester, we utilized the Capsim simulation which introduced the concept of strategy. This simulation allowed us to experience what it’s like to manage a business. It allowed us to be involved in business by exposing us to concepts and terminology in a simulated environment. This simulation required a great deal of thought, planning, trial and error, and strategy. There were several different tabs, such as pricing, operational, and product, each calling for a different method of filling them out. Strategy was one of the most vital elements used in progressing through the simulation. Simply entering numbers and values would have led to less than sufficient outcomes. The class had to formulate strategies to be successful and meet objectives. This concept is true in the real world as well, as strategy plays a great role in corporate management and leadership.

Before discussing how strategy is intertwined with business and corporate management, it is important to first understand exactly what it means. Strategy is a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem, and strategic management applies this concept (How Has This Term Impacted Your Life?, n.d.). It is an organization’s long-term scope, which brings about an advantage through its use of materials. It allows market demand and stakeholder’s expectations to be met (Riley, n.d.).

Corporate management, the process of leading, administrating, and directing a company, goes hand in hand with leadership and varies based on the company’s overall strategy (What is Corporate Management?, n.d.). Separating facets of a business into smaller categories such as pricing, products, and operations, not only makes processes much smoother, it also requires different strategies for each one. The methods a company chooses to use affects corporate management and leadership. The way it operates determines how management directs staff and employees. Certain strategies require different things and responsibilities from the workers in order to meet long term goals. Depending on the strategy, managers and company owners must choose how strict or lenient they will be on their employees and even increase or decrease their workloads. Also, communication processes must be adjusted based on strategy. Company leaders must understand how to effectively communicate with people like investors, stakeholders, and employee. A successful leader must know how to adjust based on who he or she is talking to and must communicate according to the company’s strategy (Anthony, 2018).

Functions of Management

Our simulation involves direct application of the primary functions of management. Please identify and discuss examples of each primary management function within the context of your simulation.

While progressing through our simulation, we were required to carry out the primary functions of management. The functions of management include planning, organizing, leading, and controlling, and each of them are connected in some way (Principles of Management, n.d.). Each of these functions can be found in a majority of, if not all, companies and businesses. The simulation mimicked a realistic company in a market situation; therefore, it comes as no surprise that it required us to apply them.

Planning refers to defining performance goals for the organization and determining what actions and resources are needed to achieve these goals. By planning, a company is able to forecast future states of the organization and determine how to reach that state (Principles of Management, 2015). The class did a great deal of planning within the simulation. Much time and thought had to be spent things on setting prices and similar things before submission for the next round. Without planning, the results would have been insufficient.

Organizing can be defined as forming an organizational structure and assigning tasks to employees to reach goals and objectives. Usually, it is outlined graphically by charts that represent the chain of command within a company or business. Decisions regarding the structures are called organizational design decisions (Principles of Management, 2015). In our simulation, we used the spreadsheets for each category. They had charts, tables, and graphs that we used for making decisions. Also, in the beginning of the year, we assigned a leader who then assigned tasks to the rest of the class. These are all instances of organizing that we used in the simulation.

As stated in Principles of Management, leading encompasses the “sources of influence” that are used to get a certain result from others (2015). Effective leaders should be positive and uplifting, and willing to show effort to reach company goals (Principles of Management, 2015). Our leader exhibited these skills during the simulation and was relatively enthusiastic throughout.

Controlling is making sure that the team does not stray from company expectations and standards (Principles of Management, 2015). There are three steps in the control process. The first step is to establish standards. Next, performance must be assessed based on those standards. The last step is correcting any changes from the set standards and plans (Merchant, n.d.). Controlling was used during our simulation. When each round begins, we set a goal for the results we wanted to see. Once we carried out the necessary steps that we hoped would lead us to reaching the goals, we submitted. We checked to see how we did and tried to adjust so we could avoid the same result next round.

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Details

Pages
14
Year
2018
ISBN (eBook)
9783668690684
ISBN (Book)
9783668690691
File size
535 KB
Language
English
Catalog Number
v417971
Institution / College
University of West Alabama
Grade
90.00
Tags
capsim business management capsim simulation reflection essay college paper strategy decision strategic management

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Title: The connection of management concepts to the Capsim simulation