Management Assignment: Recognition Of Prior Learning
You management assignment task is to complete the following module using relevant resources:
Unit 1: Contribute to the development of learning and development strategies
- Contribute to learning and development strategy formation
- Contribute to design of organisational learning and development strategy
- Recommend improvements to strategies
Unit 2: Lead strategic transformation
- Prepare to undertake strategic change
- Lead strategic change
- Review strategic outcomes
Unit 3: Implement improved learning practice
- Evaluate ways to improve learning practice
- Manage and monitor the means to improve learning
- Analyse and advance the adoption of improved learning practice
Unit 4: Lead financial strategy development
- Prepare financial strategy
- Implement financial strategy
- Monitor implementation of financial strategy
Unit 5: Lead innovative thinking and practice
- Generate innovative thinking and creativity
- Lead innovative practices
- Support a culture of innovation
- Sustain innovative thinking and practice
Unit 6: Develop and cultivate collaborative partnerships and relationships
- Determine partnership outcomes
- Establish partnership through activity
- Cultivate partnership performance
Unit 7: Lead and influence ethical practice
- Establish ethical standards
- Apply ethics in organisation
- Promote ethics in organisation
Unit 8: Lead strategic planning processes for an organisation
- Analyse environment
- Determine direction of strategic plan
- Develop and execute strategic plan
- Monitor and review strategic plan
Management Assignment Unit 1
1 Contribute to learning and development strategy formation
1.1 In NGHI, the acquisition of knowledge, attitudes, and skills collectively are essential for proper learning and development against organizational requirements. I have assessed that training, development, and education about petroleum refining and other chemical processing aspects are integral to the learning experience at the organization. I have learnt from the personal experience that the process of creation, retention and transfer of knowledge within organizations is known as organizational learning and development. The experience an organization like NGHI Sons has gathered over time is key to the development of organizational learning. Case studies and projects along with seminars and experiential activities have significantly helped me contribute to organizational learning and development. Organizational learning and development has also provided me a comprehensive knowledge structure of the company.
1.2 The development of constructive and productive relationships over the long term is associated with stakeholder involvement and consultation has immensely helped me understand the trends, challenges, and perceptions of the modernized operations of the oil and petrochemical industry (Basten and Haamann, 2018). Organizational learning and development creates a significant impact on the organizational health and provides numerous benefits to the organizational culture. I have personally witnessed an increase in staff job satisfaction, lower rates of employee turnover, enhanced productivity and revenue. An increase in proficiency levels is also one of the direct benefits of organizational learning and development. Stakeholders can make decisions regarding investment options if the organizational reputation is very favourable.
1.3 An organizational learning strategy in the NGHI refinery should implement quality policies and procedures by a serial method involving mapping defining and developing metrics related to the process and policies. I have identified that documents and data should be recorded and the focus should be made on the agenda. Identification of organizational goals and critical factors of success are also important quality procedure metrics which ai found integral. Feedback from the customers and implementation of rigorous improvements in operation are also considered suitable ways to deploy quality policies in an organization.
1.4 The plan should have a proper alignment with other talent management funds and should be able to capitalize on the learning systems and organizational capabilities. I have found that the policy requirements are managed and maintained by the governing bodies related to legislations and other legal implications.
1.5 I have also seen and experienced those technological systems requirements should be able to influence organizational learning indirectly by impacting contextual factors like the constitution and surroundings. These factors can be instrumental in influencing learning in an organization.
1.6 Organizational strategy can be aligned with HR policies as both are required to measure and track employee performance (Brassey, Christensen and van Dam, 2019). As per my personal industry experience I have noticed that factors that help in successful alignment with the two functionalities in NGHI are organizational structure, employee compensation, and employee development.
1.7 Collaborating with educators and learners requires classroom discussions by using integrated technology by visual representation of the learning and curriculum by companies to monitor the learning outcome. These factors have immensely helped me in contributing my learning experiences at the industry level.
2 Contribute to design of organizational learning development strategy
2.1 I have seen that the development of an effective learning strategy involves implementation of strategies and the importance of being goal-driven. The proper assessment of legislative and other needs and requirements has helped me place myself at the focus of the strategy and contribute to the successful measurement and implementation of the learning strategy.
2.2 The relevant stakeholders of NGHI are the customers and investors who are instrumental in designing the organizational strategy accordingly to meet their expectations and outcome from the organization. The proper learning outcomes of the employees effectively have helped me understand the fact that stakeholders to connect with the organizations which can benefit both the company and the stakeholders (Garnett and Cavaye, 2015). I have understood that flexible learning strategies are a combination of various alternative educational programs that are targeted at the marginalized section of employees in an organization. It is a method of learning where the employees are provided freedom in learning various aspects of organizational development.
2.3 Trainers in an organization are scheduled to provide employees an allotted time for the collaborative and interactive session which can help organizational and employee growth. As per my personal opinion, a few steps need to be considered before the implementation of organizational strategies like the formation of plans that need to be executed. I have conducted proper analysis of the external and internal resources for proper utilization of the various relevant resources.
2.4 I have also prepared timelines that should be developed for executing a pertinently scheduled plan and the creation of methodologies related to the objectives (Giannakos, Mikalef and Papas, 2019). Key steps to conduct a compliance and risk assessment include possession of a thorough knowledge of the present market state and current affairs. I have evaluated the potential risks prevalent in the NGHI refinery and petrochemicals which needs a proper mitigation plan and procedure. An evaluation of the controls should be conducted by te company that helps in prevention, detection, and correcting violations in the external and internal environment of the company.
3 Recommend improvements to strategies
3.1 Vietnam’s biggest oil refinery, Nghi Son started commercial operations in late 2018 and has a present capacity of 200,000 barrels per day. The company has restarted operations in March 2021, after shutting down due to a blackout for a few days (Vu, 2021). The impact of Covid created a long-lasting impact on the operations of the refinery. However, with trade being normalized it is expected that the company will resume full operations within this year.
3.2 The company is creating an experience for learning and development by creating a solid and supportive progress team that helps to identify in-house experts. I have also understood the fact that it helps transform team leaders into training advocates who can successfully develop measurable performance criteria. As per my personal opinion NGHI should also provide ongoing reinforcement of organizational learning measures and systems.
3.3 The organization plans to meet around 33% of the fuel demand of Vietnam and assures to provide a secured energy supply for the country’s development and economy. The company is committed to sustainable development and strengthening the financial prospects of Vietnam in the coming years (Kapur, 2020).
- After completing the unit I came to know about the various aspects of organizational learning and development and its importance in the formulation of business and operational strategies. It creates a significant impact on the health and sustainability of organizations and can help them earn more revenue and profits.
- I have also learnt about the structure and design of organizational learning and development strategies and how they help in shaping the advancements and modifications in the learning and training procedures.
- Organizational trainers are perceived to be an integral aspect of organizational learning as they can effectively provide strategies for overall organizational improvement. I came to know this aspect from the recommendations of learning strategies of this unit.
Basten, D. and Haamann, T. (2018). Approaches for Organizational Learning: A Literature Review. SAGE Open, [online] 8(3), p.215824401879422. Available at: https://journals.sagepub.com/doi/full/10.1177/2158244018794224 [Accessed 28 Sep. 2021].
Brassey, J., Christensen, L. and van Dam, N. (2019). The essential components of a successful L&D strategy. [online] McKinsey & Company. Available at: https://www.mckinsey.com/business-functions/organization/our-insights/the-essential-components-of-a-successful-l-and-d-strategy [Accessed 28 Sep. 2021].
Garnett, J. and Cavaye, A. (2015). Recognition of prior learning: opportunities and challenges for higher education. [online] www.researchgate.net. Available at: https://www.researchgate.net/publication/306042966_Recognition_of_prior_learning_opportunities_ and_challenges_for_higher_education [Accessed 28 Sep. 2021].
Giannakos, M., Mikalef, P. and Papas, I. (2019). (PDF) Technology-Enhanced Organizational Learning: A Systematic Literature Review. [online] ResearchGate. Available at: https://www.researchgate.net/publication/335699240_Technology-Enhanced_Organizational_Learning_A_Systematic_Literature_Review [Accessed 28 Sep. 2021].
Kapur, R. (2020). The Practice of Learning and Development in Organizations. [online] www.researchgate.net. Available at: https://www.researchgate.net/publication/339200211_The_Practice_of_Learning_and_Development_ in_Organizations [Accessed 28 Sep. 2021].
Vu, K. (2021). RPT-UPDATE 1-Vietnam’s Nghi Son refinery restarts after blackout. Reuters. [online] 18 Feb. Available at: https://www.reuters.com/article/vietnam-refinery-outages-idUSL1N2KO09S [Accessed 28 Sep. 2021].
1. Prepare to undertake strategic change
1.1 According to my responsibilities related to the task objectives, the Nghi Son Refinery & Petrochemical LLC’s responsibilities in the strategic transformation are to pursue the fundamental purpose of the organization within the framework of its core value that will effectively and optimally reconcile and meet the existing needs of the stakeholders and the target market (Miller, 2020).
1.2 The Petrochemical LLC ensures their compliance with the performance standards of IFC that is required under the Environment and Social Action Plan by Lenders specifically the requirements of the society like monitoring the community health, management of grievance, and supporting the locally affected people in order to store their livelihood. I have found evidence that they also strategize to mitigate and manage the social risks that the community can face or bring from and to the organization.
1.3 The key stakeholders involved in the strategic planning are the ones interested in the organization’s success. As per my observations, the opinions of the stakeholders are necessary to give an early-stage insight into the planning to understand the operating environment (Sanker, 2020). The internal and external stakeholders of the organization are Kuwait petroleum Europe, Mitsui chemicals, consumers, employees, suppliers, funders, government, and the local community.
1.4 The communication channels have a direct impact on the experience delivered to the employee as well as improve and increase productivity. As per my personal industry experiences, the channels that can be used are Formal channels include business plans, annual reports, strategy; informal channels like the conversations during the lunch break; digital channels, and face-to-face communication.
2. Lead strategic change
2.1 The management of the change of people’s side is considered as the most critical and challenging component for the organization’s transformation. As per my knowledge of change management is concerned, the individual perspective of change management is to understand the experience of people with change and the goal of leading the people side of change by Petrochemical LLC is to ensure the individuals comprises of the knowledge, ability, desire, awareness, and reinforcement (Hicks, 2020).
2.2 I have identified the various risks involved in the change management that impacts the project of the organization. The risks can be attributed to lack of commitment by the stakeholder, lack of desire for the support of the plan, overburden of change over employees, and so on. It is essential for the project leads of change to document the risk that the organization might face during the change. The assessment of the changing risk will help me identify the known spots of trouble or areas potential for resistance.
2.3 I have found that the learning and communication process will help Petrochemical LLC in addressing the risks and problems that arise during the organizational change. The organization needs to evaluate the impact of change and readiness of the organization, formulate the management strategy, and develop a detailed plan, execution, and completion of the plan (Grossman, 2020).
2.4 For the change management process, I have found out that changes are required to be made in assessing the situation, needs, channels, and people. The plan I should make must support the behavioral change based on the objective of the business goals and the behaviors desired for employees. Further, I need to prepare the key people for the influencer role that will lead and reinforce progress.
3. Review strategic outcomes
3.1 As per my personal observation and experiences the leaders of the Petrochemical LLC help in providing motivation for change and getting people involved with the creation of necessity for change. It also creates a sense of urgency and shows passion and commitment towards getting things done (Maranki, 2019). With the help of self-reflection the awareness of problems in the performance traits and ability to develop solutions on adjusting these aspects of the leadership style increases.
3.2 With the growing pace of change in the industrial field, I experienced that organizations search ways that help people adapt and become more resilient. As per my personal experiences, the core of every effective change management for any organization is communication. The Petrochemical LLC understands the importance of communicating consistently with the staff and taking their feedback.
3.3 The encouragement and application of feedbacks can help me and the team members to open up and give opinions about the experiences. The staffs get the opportunity of conveying the things that work for them and what don't in accordance with the organization's leadership styles (Cornett, 2019). The feedback is essential as it enables me to identify the conflicts between the employees and the leaders. The important aspect of communicating through change is to provide the people with tools to halt, reflect, accumulate and share ideas.
1. As per my research, I have found that in order to undertake the strategic change in the chosen company, there must be an establishment of a proper level of organizational goals based on which the entre change process can be developed.
2. I have found that allowing participation of each member in the firm to make a change leads to more innovative as well as creative change in the business and the accomplishment of organizational goals can be easier.
3. In this part, I have learned about review of strategic outcome, which is important to make sure that the overall outcome of the strategies for the change process meets the organizational goals and objectives.
Cornett, I. (2019). The Essential Role of Feedback in Leadership Development. [online] Eaglesflight.com. Available at: https://www.eaglesflight.com/blog/the-essential-role-of-feedback-in-leadership-development [Accessed 29 Sep. 2021].
Grossman, D. (2020). Change Management Communication: 5 Step Planning Guide. [online] www.yourthoughtpartner.com. Available at: https://www.yourthoughtpartner.com/blog/change-management-communication [Accessed 29 Sep. 2021].
Hicks, K. (2020). 6 essential skills for successful change management. [online] Zendesk. Available at: https://www.zendesk.com/blog/skills-change-management/ [Accessed 29 Sep. 2021].
Maranki, M. (Maher) (2019). My Personal Reflection on Change Management - leadership. [online] MY PERSONAL REFLECTION ON CHANGE MANAGEMENT. Available at: https://peopledevelopmentmagazine.com/2019/11/17/my-personal-reflection-on-change-management/ [Accessed 29 Sep. 2021].
Miller, K. (2020). 5 Critical Steps in the Change Management Process | HBS Online. [online] Business Insights - Blog. Available at: https://online.hbs.edu/blog/post/change-management-process [Accessed 29 Sep. 2021].
Sanker, G. (2020). The Goals of Change Management: What Outcomes Are We Trying to Achieve. [online] www.thinkhdi.com. Available at: https://www.thinkhdi.com/library/supportworld/2020/goals-change-management.aspx [Accessed 29 Sep. 2021].
1 Evaluation of ways to improve learning practice
1.1 According to my personal experiences, vocational education enables the learners and employees of a petrochemical organization like NGHI Sons to enhance their productivity and performance levels. I have ensured that it provides a stress-free working atmosphere in which the employees can properly function within their designated areas. Training related to petrochemicals involves various ways in which the employees can learn the procedures of oil refining.
1.2 Effective learning practice in organizations that exist nowadays can be attributed to focusing on incorporate movement and build a foundational cognitive skill set and abilities. I have found that creating a growth mindset in the minds of the trainees and employees is also an effective way of improving the organizational learning process in NGHI Sons refinery and petrochemicals (Kazmi and Naaranoja, 2015). I have tried to focus on this aspect that the oil and petrochemical industry is very deep-rooted and complex in terms of operational and functional aspects.
1.3 I also found that it requires a pool of skilled employees and trainees with technical knowledge about the different processes of refining or the nature of various petrochemicals. The background interests of the trainees and employees should provide quality learning opportunities for them and help them serve the company proficiently.
1.4 Ample scope and opportunity should be provided to their interest areas as it will likely help them to explore and engage more in the industrial and operational learning procedures. The implementation of learning theories can help me identify the employee's and trainee's skills, knowledge gaps and helps me analyze the learning and developing requirements.
1.5 Learning theories and models can effectively allow reliable prediction of the industrial and operational strategies of the company related to future sustainability. Training and assessment strategy is an important document that I found very important as it outlines the structure of the training delivery program and generally results in a recognized qualification nationally or globally (Liu, 2018). It has significantly helped me describe the qualifications and the desired outcome of the training in organizations like NGHI Sons.
2 Manage and monitor the means to improve learning
2.1 From my personal learning experience, the various modes of learning are integral to the proper functioning of operations in a company like the NGHI Sons refinery. The learning styles help in improving the learning procedures of employees and trainers to perform efficiently in organizations. Kinaesthetic and mathematical learning also known as physical and logical learning is is required to be properly trained in the petrochemical and oil industry.
2.2 Management and improvement of learning require the implementation of technology as it offers ease, information dissemination, and convenience in training employees (Odor, 2018). I have analyzed that use of digital screens to display the various functions of the oil and petrochemical industry helps trainees and employees to enhance learning and productivity. Technology provides a positive impact on the employee by enriching their learning experience at organizations.
2.3 I have found that peer or leader instruction is the most appropriate and effective way of learning that can be provided to the trainees or employees of an organization like NGHI Sons. The experiences of the leaders in organizational operations provide the best learning and development options for the trainees and employees.
2.4 Practice or practical implementation of the theoretical training has immensely helped me provide the best possible scope for the trainees to improve and assess the learning and development experience at organizations (Sheeba and Christopher, 2020). The theories and models can be connected by the employees if the learning and development options are properly utilized.
3 Analyze the adoption of improved learning practice
3.1 I have found from my learning experiences that proper vocational education and training involve the combination of a few characteristics that a good learner possesses like associated feedback and questions related to training, being interest-driven, and pushing through challenges.
3.2 Good learners also have a strong determination for success and carry inner motivation and self-discipline. As per my personal industry experiences an improved VET learning practice involves the usage of summative assessments required to frame performance objectives and display the criteria and models in advance (Odor, 2018). Proper assessment should be provided before teaching and appropriate choices should be offered by the trainees.
3.3 Proper research has helped me improve my training and learning methods by empowering with the data that strategically helps in effective training purposes. Research helps me apply knowledge in practical situations.
3.4 The complex nature of technical and other aspects sometimes makes it harder for trainees and employees to grasp. Trainers need to implement real-life examples from various organizations based on situations to effectively help the trainees understand the core matter. I have understood from the core learning concepts that a material or learning is considered more effective once a learner can connect them with real-life situations.
3.5 Mentoring the colleagues in NGHI Sons refinery and petrochemicals will significantly help me provide opportunities to reflect and teach from the advice and experience of various team members (Vu, 2021). I consider it to be a valuable way to share the best practices and helps the trainees identify and achieve the goals as the entire process is focused on organizational development and solutions.
1. After the completion of this unit I came to know about the evaluation method of improving the learning practice. As per my learning experience I have come to know that vocational training is an important aspect of learning and is effective in improving the productivity and output of organizations.
2. Proper management and monitoring of learning methods can improve organizational efficiency and I have also learnt about the methods that are adopted for improving productivity and performance quality of manufacturing or processing industries.
3. I have also come to know that good and fast learners can be instrumental in designing the future of an organization. They have the power to enrich the operational efficiency and optimize productivity in various organizations.
Kazmi, S.A.Z. and Naaranoja, M. (2015). Cultivating Strategic Thinking in Organizational Leaders by Designing Supportive Work Environment! Procedia - Social and Behavioral Sciences, [online] 181(1), pp.43–52. Available at: https://www.sciencedirect.com/science/article/pii/S1877042815031572 [Accessed 28 Sep. 2021].
Liu, H. (2018). A Brief Analysis of Learning Organization Practice from the Perspective of the Fifth Discipline Model Theories—A Case Study of Jatco (Guangzhou). American Journal of Industrial and Business Management, [online] 08(11), pp.2143–2157. Available at: https://www.scirp.org/journal/paperinformation.aspx?paperid=88294 [Accessed 28 Sep. 2021].
Odor, H. (2018). International Journal of Economics & Management Sciences. [online] https://www.hilarispublisher.com/open-access/a-literature-review-on-organizational-learning-and-learning-organizations-2162-6359-1000494.pdf. Management assignment Available at: https://www.hilarispublisher.com/open-access/a-literature-review-on-organizational-learning-and-learning-organizations-2162-6359-1000494.pdf [Accessed 28 Sep. 2021].
Sheeba, M.J. and Christopher, P.B. (2020). EXPLORING THE ROLE OF TRAINING AND DEVELOPMENT IN CREATING INNOVATIVE WORK BEHAVIORS AND ACCOMPLISHING NON-ROUTINE COGNITIVE JOBS FOR ORGANIZATIONAL EFFECTIVENESS. Journal of critical reviews, [online] 7(04). Available at: https://www.jcreview.com/fulltext/197-1584794178.pdf [Accessed 28 Sep. 2021].
Vu, K. (2021). RPT-UPDATE 1-Vietnam’s Nghi Son refinery restarts after blackout. Reuters. [online] 18 Feb. Available at: https://www.reuters.com/article/vietnam-refinery-outages-idUSL1N2KO09S [Accessed 28 Sep. 2021].
1. Prepare a financial strategy
1.1 I have considered analysis of financial statement an important process that aims towards estimating the existing and precedent financial positions as well the operations of the industry. The financial health of the Nghi Son Refinery & Petrochemical LLCs can be determined by analyzing the balance sheet, income statement, cash flow statement, financial ratio, and turning the insights into actions.
1.2 Financial forecasting helps me determine the potential happenings of the future by analyzing the actions of current and past (Masson, 2019). It helps the business to adapt to the uncertainties on the basis of demand for the products and services. With the financial forecasting of the Nghi Son Refinery & Petrochemical LLCs, I have seen that there has been a significant reduction in the expenditure which facilitates the requirement for a significant cost structure in the industry.
1.3 Stakeholder consultation consists of developing productive and constructive relationships in the long term which consequences in mutual benefit and helps to identify the possible and existing threats. After consultation with the stakeholders I found that by identifying and tracking the needs, expectations, attitudes, and perceptions is considered very important for organizational development. Providing feedback, evaluating the actions and implementations, and establishing and positioning the brand value ate also important considerations for the stakeholders.
1.4 The budget strategy is essential in understanding the growth of the organization and some characteristics that make a budget successful. According to personal financial suggestions the budget needs to be well planned, framed, realistic, and flexible, and communicated clearly.
1.5 I strongly feel that there is a need for certain strategies in the petrochemical company for the existing stakeholders in order to enhance the structure of the financial budget. The organization needs to state the purpose of engagement of the stakeholders and I should provide them with an orientation program that communicates the aims, scopes, and outcomes of the engagement.
2. Implement financial strategy
2.1 For the implementation of financial recommendations, there are various resources requirements for the Nghi Son Refinery & Petrochemical LLC Company. I consider the financial resources are the capital available to spend that includes loans, equity funding, liquid assets, and cash. The organization must implement various approaches of communication that will help them to effectively reach the employees and encourage their behaviors for the advancement of strategy and improving the results.
2.2 As per ,my personal experiences regarding customer behaviour and insights the organization must keep its message straightforward and deep in sense and build behaviors on the basis of customer insights and the market. There must be the utilization of a disciplined framework that inspires, educates, and reinforces keeping the thought broader meanwhile making necessary investments (Kimberley, 2021).
2.3 I found it extremely essential to include staff in the implementation of recommendations, wherein a professional atmosphere a skilled person is needed to be recruited for enhancing the performance of the business and expand the growth of the organization. I should respect the vision and values of the organization and they should portray why the company exists, the feedback regarding the same must be taken from the staff.
2.4 I found that the fundamental purpose of monitoring the actual income and expenditure against the budget is to ensure that the income is not exceeded by the expenditure. It is also used to identify the fund's sources that show the significant deficits and surplus. The information that I should include while I was monitoring is the commitments of the future expenditure, budget area of the activities for the entire year or till date, and balance of the remaining annual budget.
3. Monitor implementation of financial strategy
3.1 According to my personal experiences and opinion, the planned budget deviation is the cost difference between the planned baseline and the actual budget. The three main causes of the variance in the budget are expectation that is not met, changing conditions of the business and errors. While the process of budget compilation undergoes the errors by the creators might occur.
3.2 I can significantly deviate the budget objectives and projections by utilizing the data on the market environment, defining the competition, substitutes, and market, and making use of the models of econometric (Huang, 2019).
3.3 I have come to a conclusive point that indicates that method of budget contingencies purposely integrates the risk factors into the process of budgeting for helping the business better grounding the potential contingencies. The Nghi Son Refinery & Petrochemical LLC Company can utilize the budget contingencies for gaining the advantage of meeting performance objectives.
1. In this section I have learned that through analyzing the existing and past actions, the financial forecasting helps in the determination of the potential happenings of the future and also the importance of budget strategy in understanding the organization’s growth.
2. As per my research a proper implementation of communication approaches are important to effectively reach and encourage the behavior of employees for the improvement of results and advancement of strategies.
3. I have found that significant deviations from budget targets and projections can be corrected by using market environment data, substitutes, defining competition, market and applying econometric models.
Huang, W. (2019). Developing a Better Planning, Budgeting, and Accounting System. Built on Value, [online] pp.303–328. Available at: https://link.springer.com/content/pdf/10.1007%2F978-981-13-7507-1_11.pdf [Accessed 29 Sep. 2021].
Kimberley (2021). How to Communicate with Stakeholders Effectively. [online] Swift Digital. Available at: https://www.swiftdigital.com.au/blog/how-to-communicate-with-stakeholders/ [Accessed 29 Sep. 2021].
Masson, D.J. (2019). 6 Steps to an Effective Financial Statement Analysis. [online] Afponline.org. Available at: https://www.afponline.org/ideas-inspiration/topics/articles/Details/6-steps-to-an-effective-financial-statement-analysis [Accessed 29 Sep. 2021].
1. Generate innovative thinking and creativity
1.1 The trends that create tensions for the employees and organizational leaders as the organization goes through changes are globalization, flexibility, diversity, networks, and flats.
1.2 As per my experience, the Company can utilize various techniques and tools to generate ideas and facilitate thinking which are Scamper, Brainstorming, Storyboarding, Attribute listing, Synectics, Role-playing and Mind mapping.
1.3 The creative thinking in the organization can be promoted and encouraged by setting the stage for brainstorming, individuality encouragement, proving a sustainable atmosphere, facilitating the anonymous suggestions, acting on good ideas, and hiring the diverse and finest talents (Tang, 2017).
1.4 There are various barriers in the workplace that restricts innovative thinking and creativity including fear, lack of leadership, thinking short term, lacking focus, stock of ideas but the shortage of delivery to the market, collaborative deficiency, and shortage of resources.
1.5 on the basis of my personal experience, for success in today's day generation there is a requirement of agility and drive to think constantly, react, reinvigorate and reinvent. The enablers of innovation are leadership support and vision, redefining and expanding the team of innovation, and monetizing the creation of value.
2. Lead innovative practices
2.1 By assessing the personality, examining the dominant traits, and paying attention to the area it emerges from can help to assess personal leadership. Further for the assessment, one needs to know the value they hold and understand their weakness and strengths.
2.2 The Company can make use of different practices to model and support innovation. They can make a secure space for innovation, enable the agility of the organization, broaden and widen the perspectives and celebrate success along with learning from setbacks.
2.3 Sustainable innovation incorporates the improvements in technologies that lead to saving of energy, minimizing pollution, recycling waste, and developing green products which make it important to adopt (Pastoors et al., 2017).
2.4 AS per my experience, the promotion of knowledge transfer with relevant stakeholders can be done by deciding the kind of information that needs to be kept, creating a process to transfer knowledge, creating a platform to facilitate and utilizing technologies to transfer efforts.
2.5 The risks associated with innovation are operational, commercial, and financial which can be managed by adjusting risk appetite and setting the culture of risk on top.
3. Support a culture of innovation
3.1 Based on my experience, to promote innovative practices there needs to be the discovery of new and competitive markets. Here, the key is diversity which in terms of composition as a team breeds fresh and innovative ideas.
3.2 To create, capture and communicate innovative ideas the organization needs to make innovation its core value and hire people consisting of distinct perspectives.
3.3 To foster consultation, communication, and development in the team the organization needs to encourage interdepartmental interactions and tolerating and learning from mistakes.
3.4 Capital is the most necessary resource which helps in supporting innovation along with the equipment, technologies and dedicated time from employees (Tolson, 2019).
3.5 Seeking ideas, allowing the employees to devote the hours of working to exploring and inventing new things, embracing new and effective technologies fosters a workplace encouraging innovative ideas.
3.6 Some various systems and processes support innovation in an organization including Idea mobilization and generation, experimentation, commercialization, implementation, diffusion, advocacy, and screening.
4. Sustain innovative thinking and practice
4.1 The frameworks that can help develop strategies for innovation are taking a holistic approach towards innovation, fostering an innovative culture, and establishing strong communication channels.
4.2 For the ongoing awareness of individual and collective contribution towards innovative practice and thinking the organization must encourage interaction between the different departments and the employees.
4.3 The topmost reason for the inability of individuals and organizations for the failure of achieving the full potential is their fear of failure which can be overcome by empowering the line managers, embracing constraints, creating time and space, and rewarding the various attempts towards innovation (Dziallas and Blind, 2019).
4.4 Efficiency innovation is the way of improving and making the process of innovation more efficient. This helps the business in streamlining and simplifying their current processes and producing the existent product at many decent prices.
4.5 Seeking feedback from the stakeholders helps to glace over their mistakes and understanding the areas they are lacking. Asking the stakeholders open-mindedly and allowing them to answer expendable will make this process more efficient.
4.6 The feedbacks of employees can make the experiences genuinely transformative amidst the quality of conversations and connection. It is thus necessary to make changes on the basis of feedback received from the stakeholders.
1. While researching for this unit, I have experienced that innovation and creativity is the most significant aspect of the business and it can be done through the utilization of various techniques and tools.
2. In this part, I have experienced that innovation can create an improvement in the technologies that helps the firms to save the energy, reduce pollution and many more that also leads to a sustainability in the business.
3. As per my experience, it can be said that the culture of innovation in the business requires discovery of new skills and talent from innovative and creative people. For the creation of innovation in the firm, communication is the key aspect because it will help the firms to discover the more skilled people.
4. Since we have used holistic approach for innovation, I have experienced that this framework helps to foster the innovative culture and to establish a higher level of communication channel. In addition to that, I have also learned that seeking feedback can ensurethe avoidance of any repeated mistakes and errors that will eventually lead them to be more innovative as well as creative.
Dziallas, M. and Blind, K. (2019). Innovation indicators throughout the innovation process: An extensive literature analysis. Technovation, [online] 80-81, pp.3–29. Available at: https://www.sciencedirect.com/science/article/pii/S0166497217301402 [Accessed 29 Sep. 2021].
Huang, W. (2019). Developing a Better Planning, Budgeting, and Accounting System. Built on Value, [online] pp.303–328. Available at: https://link.springer.com/content/pdf/10.1007%2F978-981-13-7507-1_11.pdf [Accessed 29 Sep. 2021].
Kimberley (2021). How to Communicate with Stakeholders Effectively. [online] Swift Digital. Available at: https://www.swiftdigital.com.au/blog/how-to-communicate-with-stakeholders/ [Accessed 29 Sep. 2021].
Masson, D.J. (2019). 6 Steps to an Effective Financial Statement Analysis. [online] Afponline.org. management assignment Available at: https://www.afponline.org/ideas-inspiration/topics/articles/Details/6-steps-to-an-effective-financial-statement-analysis [Accessed 29 Sep. 2021].
Tang, M. (2017). Creativity and Innovation: Basic Concepts and Approaches. Handbook of the Management of Creativity and Innovation, [online] pp.3–32. Available at: https://www.worldscientific.com/doi/pdf/10.1142/9789813141889_0001 [Accessed 29 Sep. 2021].
Tolson, A. (2019). 17 ways to foster an innovation culture in your business. [online] Idea Drop | Idea Management Software. Available at: https://ideadrop.co/innovation-culture/17-ways-to-foster-an-innovation-culture/ [Accessed 29 Sep. 2021].
1. Determining partnership outcomes
Developing and cultivating collaborative partnerships and relationship is crucial for the firm in order to trade business efficiently while earning profits as well. Collaborating with partners as well as stakeholders enables the company to succeed as a venture.
1.1 As per my experience, in order to identify new partnership, while assessing the existing partnership in accordance to the objective of the task, it is crucial for the organizations to develop realism and clarity of the purpose, while ensuring commitment and trust.
1.2 In order to select partner according to the strategic objectives, the company need to define and validate the market clearly, while negotiating with the partners about the business agreement and objectives (Peek, 2016).
1.3 In order to effectively collaborate with partners, the company needs to establish a communication strategy (Dart, Roberts, and Rogers, 2016). Prioritizing the major objectives of CSR, the company can frequently engage with its partners and the stakeholders, while following the joint venture model of partnership, such as successfully joining venture with other companies etc.
1.4 In order to establish key indicators and feedback process for evaluating the health of the business partnership, the company needs to allow accessing most of the information to the partners about the project, while the company also deep dives into the performance assessments of the partners, while monitoring their performance (Bonheure and Rinaudo, 2020).
1.5 The strategic compensation for stakeholders and employee commitment and contribution, can be implemented, which will enhance the interest and performance of both the employees and the stakeholders.
2. Establishing partnership through activity
Legal framework and process for partnership activity in collaboration with partners are essential while working in the joint venture.
2.1 In concern to the legal framework for partnership activity, it can be said that all the procedures, policies, and objectives of the company has to be presented in a writing form, which has also to be agreed upon by the partners, while clearly setting out the outcomes of the partnership. The documentation also reflects the strategies, and business plan of the company, which will allow working flexibly within the boundaries of the partnership structure.
2.2 In order to accomplish activity with partners, it is crucial for the company to plan and allocate resources, for which the company first analyzes the scope of the available resources, and thinks historically about the schedule of the project and the aligned performance of the team (Landau, 2019). As perm my experiences, the company needs to follows a strict routine and makes full use of the resource report in order to efficiently manage the resources to achieve the partnership goal.
2.3 Working in partners means working in diversity which may raise conflict in the organization. In order to resolve conflicts in a fair and equitable manner, the company should make an unbiased decision, while giving an equal opportunity, rights, and share to the partners, as per the agreement.
2.4 In regard to conflict, the company should follow the approach of win-win by viewing the resolution of the conflicts as an opportunity, with the outcome of mutual benefit. In regard to the reporting system, the company also needs to implement collaborative outcomes reporting approaches to check the credibility, performance, and contribution to measuring partnership activity outcomes.
Cultivate partnership performance
3.1 The collaborative outcomes reporting implemented by the company is a participatory approach that impacts the evaluation base around the performance while showing how the partnership performance has contributed towards the impact and outcome of the project. It maps both existing and additional data against the intended outcomes while addressing the process of review to develop the outcomes.
3.2 The improvements that have been identified in collaboration with the partners are the ability to recognize the culture, capabilities, and motivational factors. The improvement that can be identified after the implementation of the partnership operations are such as ability to understand the strength and weaknesses, capability, Culture, and Collaboration of the partner before joining the venture.
3.3 These can be implemented so that the partnership becomes stronger and the partners can work together in collaboration. These can be implemented through policies and agreements of partnership contracts that will be binding to all the partners.
1. While completing unit 6, I get the chance to collect any data, information, and knowledge about the partnership in business in order to enhance the business performance. I also experienced that in order to identify partners, it is essential for the organization to consider the objectives of both firms.
2. I get to know that it is crucial for the companies to establish partnerships within a legal framework, in order to avoid breaches in the partnership business. On the other hand, it is crucial for the organization to plan and allocate the resources while establishing partnerships through activities, and an appropriate process to resolve the conflicts.
3. As per my experiences, if the companies followed strict policies and procedures in the collaboration then the chances of achieving the organizational goal will eventually increase. The partnership in collaboration will improve various aspects of the companies such as recognizing the culture and capabilities, strength and weakness, etc, which will robust the performance of both the companies while increasing profitability
Bonheure, A., Kenneth and Rinaudo, E.K. (2020). Checking the health of your business partnerships. [online] Available at: https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/Strategy%20and%20Corporate% 20Finance/Our%20Insights/Checking%20the%20health%20of%20your%20business%20partnerships/ Checking-the-health-of-your-business-partnerships.ashx [Accessed 29 Sep. 2021].
Dart, J., Roberts, M. and Rogers, P. (2016). Collaborative Outcomes Reporting. [online] BetterEvaluation. Available at: https://www.betterevaluation.org/en/plan/approach/cort [Accessed 29 Sep. 2021].
Hydrocarbons (2020). Nghi Son Oil Refinery and Petrochemical Project - Hydrocarbons Technology. [online] www.hydrocarbons-technology.com. Available at: https://www.hydrocarbons-technology.com/projects/nghi-son-oil-refinery-and-petrochemical-project/ [Accessed 29 Sep. 2021].
Landau, P. (2019). 10 Resource Allocation Tips for Managers. [online] ProjectManager.com. Available at: https://www.projectmanager.com/blog/resource-allocation [Accessed 29 Sep. 2021].
Pastoors, S., Scholz, U., Becker, J. and Van Dun, R. (2017). Towards Sustainable Innovation. [online] Available at: https://library.oapen.org/bitstream/handle/20.500.12657/26005/1004078.pdf?sequence=1 [Accessed 29 Sep. 2021].
Peek, D. (2016). Evaluating and Selecting a Strategic Partner. Management assignment [online] Entrepreneurship.org. Available at: https://www.entrepreneurship.org/articles/2006/12/evaluating-and-selecting-a-strategic-partner [Accessed 5 Oct. 2021].
1. Establishing ethical standards
In the corporate world, ethics and standards play the most significant role in business growth and expansion.
1.1 It is important for business organizations to consider all the codes of ethics so as to make sure that the overall business practices have been conducted as per the law. Therefore, the considerations of ethics and standards will help the organization to to enhance the regulation by adopting the most acceptable business practices as per the governmental control.
1.2 The strength of ethical conduct in the organization is that such considerations will enable the business to conduct its operations in the most effective way. The weakness of ethical conduct in the organization is that business ethics develops a boundary for the management under which the firm needs to operate as per the governmental control of each country. The threat of ethical conduct in the organization is that, if the firm fails to follow the law and ends up operating in another way, the consequences of the same might be harmful to the overall business.
1.3 In order to mitigate the identified threat of ethical conduct as per the organizational and industry practice, the best possible solution for the firm is to practice an appropriate risk mitigation strategy, on the basis of probability, consequences, and occurrence of the identified risk (Mitre, 2015).As per my personal experience, the firm also need to analyze the government policies of each country before aligning with them, while focusing on not to violate any of the ethical standards of the other country in terms of completion of the project.
1.4 In concern to the organizational policy regarding the suspected unethical conduct of the staff, the firm first investigates the unethical behavior conducted by the staff, while compiling the proof, and files a claim to the HR department of the company (Peloquin, 2015). The company communicates with the staff with integrity and negotiates honestly with the staff; while the reports are generally sent through certain electronic devices.
2. Applying ethics in the organization
2.1 The complex ethical matters that are relevant according to the code and practice of practice, and standards of the organization, along with the legislation are such as any form of discrimination and harassment within the workplace. As mentioned earlier it is crucial for the companies to practices the concept of respect towards all the stakeholders, workplace harassment and discrimination is arguably a complex ethical issue within the firm. Another complex ethical matter is regarding workplace health and safety, within which the firm needs to provide a safe working environment, which is also the right of the employee as per the legislation (SpriggHR, 2020).
2.2 Within the scope of responsibility, the firm needs to provide clearly written policies and procedures ensuring transparency, and ethical practices that are applied in the firm. In order to resolve the identified complex ethical issues, the firm also needs to communicate, while enforcing a robust code of ethics while making decisions, and asking the same to the employees a well. The firm also needs to be aware of the law of discrimination that exists in the region, within which the company operates, while staying informed regarding the rules that might impact the firm.
2.3 In concern to the ethical decision making and policy setting, the rudimentary framework can be developed and implemented, and as per my experiences, the comprises also need to identify the problem, generating alternatives, deciding on a course of action, and finally implementing the decision (Wrha, 2015).
3. Promoting ethics in the organization 3.1 In order to identify opportunities for the promotion of ethical industry practice for the organization, the firm should also focus on integrity, along with the influence and affluence of the board members and the policy of the firm. For this, the firm also needs to educate the employees regarding the risk of unethical conduct within the organization. Furthermore, the firm also needs to be transparent regarding the policy, procedures, and finances, while seeking truth to the authority, within the legal context (Checco, 2020).
3.2 Incorporation of ethical consideration refers to the usage of society's standards that comprises of both right and wrong behaviors that influence, develop, and revive the existing policy and procedures of the firm. This may include a written code of ethics and standards, ethics training for the employees, managers, and the executive, while uncovering the potential impacts of the decision making, within the context of organizational policy and procedure.
3.3 In order to create an opportunity to promote dialogue on organizational values and ethics with and between staff, the firm needs to create and practice ethical code, while engaging the employees and the prime stakeholders in terms of decision making, or updating the policies. This will make the employees feel a significant part of the organization, and hence the firm can take the opportunity to promote ethical standards.
3.4 In order to continuous improvement of ethical conduct for staff, the firm needs to train the employees regarding the risk and importance of code of ethics, while rewarding the ethical behavior can be the best strategy for the firm in aid to so.
1. My experience, in relation to the task of unit 7 is that ethics plays a vital role within the organization, and the conduct of strong ethical standards within the company will enhance the business operations in an effective way. In order to regulate the operations of the business smoothly, it is crucial to adopt and practice appropriate ethical standards within the company. Though the practice of ethics will create a certain boundary for the organization, it will ensure efficiency in terms of business operation.
2. As per my experiences, while completing the task, I get to understand the importance of ethics within the organization, and the risks associated with it. It is crucial for the organizations to implement an appropriate risk mitigation strategy in order to identify or avoid unethical practices within the organization while applying ethical code and practices within the legal framework to make a healthy and safe working environment for everyone.
3. Another thing that I experienced is that in order to promote ethics within the organization, it is essential for the firm to focus on integrity. The ethical practice of the firm should also consider the standard of society while educating the employees about the risk of unethical practices within the organization.
Checco, L. (2020). Five ways to promote ethics in your organization. [online] Candid Blog. Available at: https://blog.candid.org/post/five-ways-to-promote-ethics-in-your-organization/ [Accessed 29 Sep. 2021].
Mitre (2015). Risk mitigation planning, implementation, and progress monitoring. [online] The MITRE Corporation. Available at: https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-mitigation-planning-implementation-and-progress-monitoring [Accessed 29 Sep. 2021].
Peloquin, A. (2015). How to Report Unethical Behaviour in the Workplace. [online] www.careeraddict.com. Available at: https://www.careeraddict.com/report-unethical-behaviour-in-the-workplace [Accessed 29 Sep. 2021].
SpriggHR (2020). 6 Ethical Issues in Business and What to Do About Them • SpriggHR. [online] SpriggHR. Available at: https://sprigghr.com/blog/hr-professionals/6-ethical-issues-in-business-and-what-to-do-about-them/ [Accessed 29 Sep. 2021].
Wrha (2015). Ethical Decision-Making Framework EVIDENCE INFORMED PRACTICE TOOL. [online] Available at: https://professionals.wrha.mb.ca/old/education/files/EIPT.pdf [Accessed 29 Sep. 2021].
1. Environmental analysis
1.1 The vision, mission, and values of the organization are the key factors that drive the business towards success. As per my experience, the vision of the company should follow the concept of respect for all the stakeholders and aims towards meeting the higher expectations of the society while contributing towards sustainable growth of the nation. The mission of the Company should endeavors towards playing a beneficial role by creating a prosperous environment for the society, relying on the trust of each other, while constantly achieving operational excellence. The core value of the company should comprise of leadership, excellence, safety, humanity, social responsibility, and diversity while holding pride in their abilities (Nsrp, 2019).
1.2 As per the organizational policies and procedures, it can be analyzed that the organization had to face certain difficulties since form the beginning of the project. It was mainly because of the huge budget of the project chosen by the organization. It is also tough for the company to find the sponsorship for such big budget project.
1.3 As per my personal experience, the resources and the stakeholders that are required for the development and review of strategic plan are such as investors, employees, executives, the community, and so on. For instance, after the Nghi sons and refimerar petrochemical LLC joined the venture, there were many stakeholders of the organization, and the primary stakeholders are Vietnam Oil and Gas Group, Idemitsu Kosan Co., Ltd., Kuwait Petroleum Europe, Mitsui Chemicals Inc., (Nsrp, 2019b).
1.4 SWOT analysis of the company:
Weakness- Limited resources
Opportunity- extension of business
Threat- World-class competitors in the international market
1.5 The current strategic plan of the organization should focuse on the sustainable growth and development of both the firm and the country; however, the organization has to face the issues of limited resources. Therefore, taking advantage of the identified opportunity, the organization needs to focus on making the best use of the available resources in order to fill the gap.
1.6 PESTEL analysis of the organization
Political- Political factors such as various policies, rules, and regulations of various countries also effect the business operations.
Economic- The organization also need to find economic support, in order to deliver excellent financial outcomes.
Social- It is crucial for the organization to aim towards the growth of a sustainable and prosperous society, in order to gained trust and support from society.
Technological- The organization need to cope and adopt advance technologies, which helps the firm to bring out the best outcomes and efficient organizational operations.
Environmental- The firm also needs to prioritize the environment while promoting sustainability through its various operations, in concern to the protection of the environment.
Legal- The policies and procedures of the organization are legally abided by the legal procedures of other aligned countries as well.
1.7 In the global market, the environment for petrochemical organizations is growing tough due to the rapid advancement in technology. However, the advancement in technologies has also provided the opportunity to increase demand for curd oil throughout the globe.
1.8 However, there is an environmental risk along with the limitation of the resources, while the trends are often related to the macroeconomic factor of the industry, with the opportunity to expand subsidiaries globally.
1.9 The identified barrier to organizational goal for the firm is a lack of strategic decision, and lack of consistency, which hinders the firm to achieve its organizational goal (Ryan, 2018). To overcome these barriers, the firm must include all the employees and the primary stakeholders in terms of decision making, while clearly clarifying the strategic goal and objectives of the organization to all the relevant stakeholders.
2. Determining the direction of the strategic plan
2.1 As per my experience, the firm needs to establish an effective communication process, while engaging all the team members in terms of decision making, while providing opportunities to the team members to express their opinions regarding the change and decision of the organization.
2.2 In consult with the relevant stakeholders, such as an investor, executives, and employees, the organization must transparently discuss the policies, procedures, changes, and requirements within the parameter of the planning process.
2.3 The relevant staff should assigned with the responsibility to act as a leader in order to motivate other staff as well while collecting feedback from the other employee that helps in the development of strategic plans and decisions.
2.4 The planning process and direction of strategic plan of the organization should also include employee training, in order to understand the parameters of the planning process and strategic plan.
2.5 It is crucial for the organization to prioritize the organizational goal while developing the planning process
2.6 The forecast of the financial budget of the organization was estimated at about $9 billion and considered to be one of the biggest budgets in Vietnam
2.7 Furthermore, it is crucial for the firm to collect and analyze the feedback of the stakeholders, while making the required changes accordingly. This will help the firm to make a better strategic decision while prioritizing the organization, and improvement in the organizational performance.
2.8 In order to fill the identified gaps, the organization should consider the involvement of employees in decision making and formation of strategic plan, internal motivation etc while creating the roadmap.
2.9 Focusing on the feedback of the consumers as well as the staff will help the organization to improve the identified gaps.
3. Developing and executing the strategic plan
3.1 In concern to the performance, it is essential for the organization to determine the key performance indicators by monitoring over the various activities the organization, while estimating the budget and timeline in order to produce the efficient outcome.
3.2 To develop an annual operational plan, facilitating the implementation of the long-term strategic plan, the organization needs to ensure the strategic plan is in the appropriate place while identifying the important goal.
3.3 The organization also needs to develop tracking systems, while effectively communicating with the team members. To confirm long-term viability, the HRM of the organization should plan to make full use of the resources, while focusing on the recruitment of the best talents, and providing adequate training, and remuneration to the employees.
3.4 In order to own skill workplace, the strategic plan of the strategic plan of the organization should also include tanning session to the employees.
3.5 It can be recommended to the key stakeholders to be more serious about the growing competitive global market while prioritizing the rising concern of sustainability.
3.6 Communicating with the stakeholders, can be assigned to monitor milestones, manage identified risk, allocate resources, etc.
3.7 In order to implement strategies, the stakeholders should also be provided with the opportunity to share opinions and perceptions regarding the strategies and decisions.
4. Monitoring and reviewing the strategic plan
4.1 In order to develop knowledge management systems to capture team progress, insights, experiences, and learning, the organization needs to define a high-level process of foundation, while determining and prioritizing the technological requirements (Backer and Rinaudo, 2019).
4.2 The organization also needs to monitor both the financial and non-financial indicators, along with the progress against a timeline and key performance indicators.
4.3 As per my experience, the organization needs to focus on the revenue growth, profit margin, rate of client retention, and the satisfaction of employees and customers.
4.4 In order to monitor against the timeline and key indicators, the firm must focus on the Customer acquisition cost, revenue per customer, and revenue of return assets.
4.5 While seeking feedback from the various stakeholders, it is essential for the organization to document over the feedback received in order to further develop strategic plan.
1. What I experience while completing this task is that it is crucial for the organization to have a vision, mission, and values, within which the operations of the company should operate. In the competitive market, it is common for the firms to get both strengths and opportunities, along with threats and weaknesses. The firms are also influenced by various factors such as political, economic, society, technology, environmental and legal factors; however, the firms need to analyze their strength in order to overcome all the identified challenges.
2. As per my experiences, communication is the primary tool for the organization, and it is essential for the organization to communicate with all the members while engaging them in terms of decision-making as well. The organization needs to be transparent about the policies and develop a strategic plan, considering the feedback of the employees as well.
3. While researching for the execution of the strategic plan, what I experience is that for executing the strategic plan it is crucial for the organization to identify the budget and timeline while developing the annual operation plan. In concern to the annual operation plan, a long-term strategic plan can be formed, while communicating with the stakeholders and considering their feedback both in the formulation and implementation of the strategic plan.
4. From this task what I experienced is that the organization needs to have a high-level process of foundation in order to monitor the activities of the firm, including both financial and non-financial indicators.
Backer, R.D. and Rinaudo, E.K. (2019). Improving the management of complex business partnerships. [online] McKinsey & Company. Available at: https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/improving-the-management-of-complex-business-partnerships [Accessed 29 Sep. 2021].
Nsrp (2019). Core values – Mission – Vision. [online] nsrp.vn. Available at: https://nsrp.vn/about-core-values-mission-vision/ [Accessed 29 Sep. 2021].
Nsrp (2019). Press release on Nghi Son refinery and petrochemical complex project’s commencement of commercial operation. [online] nsrp.vn. Available at: https://nsrp.vn/releases-article/press-release-10th-december-2018-nghi-son-refinery-and-petrochemical-complex-project-commences-commercial-operation/ [Accessed 29 Sep. 2021].
Ryan, W. (2018). 6 Barriers to Organizational Change, and How to Overcome Them. [online] Kadabra | Leadership and Culture Experts | Expand What’s Possible. Available at: https://www.wearekadabra.com/2018/08/28/6-barriers-to-organizational-change-and-how-to-overcome-them/ [Accessed 29 Sep. 2021].