Discussion Post
vishal1252
ResponsePosts.docxPOST1)
Executive Sponsorship:
Executive Sponsor is one who is a senior executive in or just below the board level who is responsible for the project to be delivered or success of the project. An engaged executive sponsor with vested business interests in the project right from the start to end of a project can make a big difference in the project from between success and failure.
There are many responsibilities of the sponsor which he is responsible to the board. Project and key management suggests that having a C Level Sponsor is key requirement for success. The sponsor makes sure that the project goals are aligned with overall company strategy. Gathers all support and information needed from other support executives and provides a direction for the project to move on in the direction of success. One of the most important duty for an executive sponsor would be to frequently and concisely communicate with the team about why the changes are important and risks about not implementing those changes. Executive Sponsors are expected to take lead in building and maintaining a group of leaders who support change and are willing to legitimate in other parts of organization.
References:
https://en.wikipedia.org/wiki/Executive_sponsor
https://hbr.org/2015/05/how-to-be-an-effective-executive-sponsor
POST2)
Executive sponsorship is critical to project success. Yes, I agree with that, executive sponsorship is the best practice to perform the accountability. The executive sponsorship must be at higher level of authority. For example, if the CEO of the organization is the executive sponsorship there will be more benefits to the organizations. CEO will have access to all the key elements in the organization, which will help him to understand the role CEO can play as an executive sponsorship. The role of an executive sponsor is high level, requiring periodic and regular attention to the status of the program, particularly with budget issues, staff resources, and milestone progress (Smallwood, 2014). Executive sponsorship has the 6 key areas to purpose the project. Budget, the financial commitment must be adequate to oversee the expenses that project might come up with in future. Planning and control, sponsor will play a role to set the directions and stakeholders’ expectations and the commitments to be made by each department. Decision making, the executive sponsor will have the complete authority to approve or decline the decision and sponsor will have a right to make any decisions at any time, which is good for the project. Expectation management, the executive sponsor must manage expectation, since success is quite often a stakeholder perception (Smallwood, 2014). Anticipation, setting the expectation and providing the mile stones is the responsibility of the sponsor. Approval, when all the objectives and the tasks were completed the executive sponsor is the one who mark them as done.
All the keys elements that executive sponsor will perform are the critical to success of the project. There must be higher authority as an Executive Sponsor to make the project more transparent and successful.
References
Smallwood, R. F. (2014). Information governance: concepts, strategies, and best practices (1st ed.). Hoboken, NJ: John Wiley & Sons, Inc.
POST3)
In order for a company to run as expected, an entrepreneur must have a business plan or better policy development known as a business plan. A business plan is a document that expresses confidence in the ability of a business to sell goods or services by producing satisfying and attractive profits for funders.
a. Make a Business Description: The business description aims to explain briefly what line of business will be run, along with the potential of the product and its possibilities for survival and growth in the future. In this business description, it is expected that everyone who is later involved in the business will know the potential and direction of development of the business.
b. Carry out Marketing Strategies: The marketing strategy to be carried out must be the result of careful market analysis. Market analysis is a force that must be used to create a target buyer. In writing this strategy, you need an appropriate analysis so you can take advantage of the opportunities that exist. The type of analysis that can be used for example is a SWOT analysis . With this analysis, you can find out the strengths, weaknesses, opportunities and threats for a product so that it can implement the right marketing strategy without wasting time, effort and cost. Make Competitor Analysis: Competitor analysis is used to determine the strengths and weaknesses of competitors in the same market. After discovering the strengths and weaknesses of competitors' products, the company can then look for strategies to market products in a different way to competitors. (Murugesan, S. (2008)).
c. Design Development: Design and development plans are needed to show the product planning stage, development charts in the context of production and sales. Besides being useful for knowing future business plans, the design of the development will also influence the business financing planning. Operational and Management Plans: Operational and management plans are made to explain how the business will run and be sustainable. The operational plan will focus on the logistics needs of the company, for example the various tasks and responsibilities of the management team, how the assignment procedures are between divisions within the company, and the budget and expenditure requirements related to the company's operations.
POST4)
Metrics essentially give us a way of qualifying the health of our organization, and, to that end, HR metrics are now different,” says Ross Sparkman, head of strategic workforce planning for Facebook in Menlo Park, Calif. “They’re measuring how the HR function is doing as a whole and also how we’re leveraging the people in the organization to maximize the performance of the company. That’s the goal, but the reality often falls short. “Most people use data the way drunks use the lamppost: for support rather than for illumination,” says Alexis Fink, Intel’s Portland, Ore.-based general manager of talent intelligence and analytics.
· If you have to recognize the difference between metrics and analytics. “HR metrics are operational measures, addressing how efficient, effective and impactful an organization’s HR practices are,” Fink explains. “Talent analytics, on the other hand, focus on decision points, guiding investment decisions” that impact the workforce and related matters.
· Though metrics can be used to monitor performance, most data scientists emphasize their use in gathering the intelligence needed to resolve an underlying issue or create a new strategy.
· The benefit of using metrics is that the decisions are better-informed and backed by facts .
· Instead, focus on building the business case for what the department is doing. As an example, Fink talks about digging into employee departures. After calculating the exit rate, look into what might be driving workers to leave your organization.
· Though quality measures might get you closer to tracking real business goals, compiling them may be easier said than done.
· For example, if executives find that your company’s work contains too many errors, the solution may lie in studying turnover and performance data, Roberts says. “You’re not using data to figure out the issue .
· If your organization’s executives decide to hire 10 people in Zimbabwe, for instance, inquire about the business reasons driving the decision and whether they’ve considered all of the skills the new hires will need to succeed in such a remote location.
Reference
Michael Housman ( September , 2017) 9 Tips using HR Metrics strategically retrieved from : https://www.shrm.org/hr-today/news/hr-magazine/1017/pages/9-tips-for-using-hr-metrics-strategically.aspx
