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MD4060 : New Business Venture Development
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MD4060 : New Business Venture Development
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Course Code: MD4060
University: University Of Central Lancashire
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Country: United Kingdom
Question:
A framework of specific tasks you will undertake as the consultant.The tasks should be presented chronographically e.g. from the first task you will undertake through to the final delivery of the consultancy report to the client.
Your framework should also identify key issue you anticipate through the lifetime of the projectg. risk, time, resources, quality and cost.
Your framework should also identify key stakeholders within the project and a stakeholder management plan.
Finally, as lead consultant, you will provide a reflection of the key skills and capabilities you will implement to deliver the project including teamwork and management skills.
Answer:
Introduction:
Production is the essence of any industry which can lead to the profit and the business of the organization. The production of any enterprise is dependent upon a number of factors like the demand of the clients as well as the capacity of the organization in terms of the production of the services and products that is to be assessed (Jensen 2017). The production of any small business firm is dependent upon a number of factors and firms often has the tendency to produce in excess to what is required in an industry leading to the concept of wastage. Wastage is defined as the loss incurred by a company in terms of the production and the raw materials of the manufacturing sector. According to Chahal (2012), Wastage though is a common topic for any industry, the firms even appoint consultants to reduce and minimise the concept of wastage in any company. In the report, a group of consultants have been hired to formulate a consultancy plan for the reduction of wastage in a small business producing cable ties for industrial use. The following paragraph highlights the framework of specific tasks that is being assigned with the identification of key issues and stakeholders for the with a stakeholder management plan. Finally, a reflection of the principle skills and capabilities of the project is being analysed in the report.
1. Framework of tasks done by the consultant
In order to provide a framework for the ways in which the production wastage can be reduced in a production cycle, the consultant has to go through a number of ways and measures which can prove beneficial for the industry as well as the company for maintaining the amount of wastage and the ways in which the firm can improve on the same. The framework is as follows –
At first, the consultants have to look and examine the industry and understand the ways and means of the industries which help in the production of the industry. According to Friend and Hickling (2012), the difference in the methods in which the production of the company is being done is to be analysed in the first place which can help the consultants to make sure that the methods used for the production are best for the means.
The elements and the raw materials are then to be assessed to understand the wastages that are formed in the course of time and the amount of toxicity the waste products have for the society and the environment. According to the views of O’Mahoney and Markham (2013), the toxic waste products are then planned to be segregated from the non-toxic means to improve the reduction in waste.
Plans should be made to recycle the waste materials and products from the cable manufacturing unit and should be assessed as per the requirements of the industry for the better programming of the waste materials (Siemiatycki 2012).
When the waste materials and their implications are being assessed for the betterment of the industries and ways are found for the recycling of the same in terms of the raw materials and the finished goods, then the plan is to be made that should contain all the steps of the consultancy plan and evaluated on the basis of suggestions and recommendations (L?z?roiu 2015).
At the end of the planning, the plan is to be handed over to the clients for them to understand and make sure that all the recycling methods are to be implemented by the company for the better production and less wastage in terms of the cable ties.
2. Key Issues identified in association with the project
There are a number of key issues that are used to anticipate the lifetime of the project which can help the clients and the stakeholders to analyse the implications of the project. The key issues described are as follows –
2.1 Risks
One of the major issues that is to be addressed by the key stakeholders is the risk factors associated with the production of the cable ties and the problems that can be faced by the industries if the conventional model of production is supressed for the fear of wastage. According to Hawkins (2013), the risk associated is also mentioned for the loss of monetary benefits that the company can induce in terms of productions among the clients.
2.2 Time
The time that is being taken for the planning for the reduction of wastage is one of the key issues that is there in the framework (Prince 2012). The framework of the consultancy plan requires a lot of time to be analysed and done which is a hindrance.
2.3 Resources
Resources or the amount of stock that is required for the framework of the consultancy plan is again one of the major issues in the process. According to Czerniawska (2016) requirement of both monetary and non-monetary resources are necessary for the plan which can be less for a small business.
2.4 Quality
The quality of the consultancy plan framework is one of the key issues that is to be addressed for the framework of the consultancy plan by the consultants in the small business circuit. The quality of the plan can be an issue which is also related to the quality of products that is being manufacture.
2.5 Costs
The principle key issue that is being assessed by the company for the consultancy plan is the cost of hiring the consultants and also the cost of drafting the plan and making sure of the revenue that is being assessed to the same (Doloi 2012).
3. Key stakeholders within the consultancy project
According to Jones, Wicks and Freeman (2017), Stakeholders are defined as the people who have their interest, both monetary and non-monetary in the business and who take part in both the profit and loss of the business or any project. The list of the key stakeholders of the consultancy project are as follows –
The major project stakeholder that is identified in the consultancy project is the owner of the firm in which the consultancy is being done. Their role in the concern is major as with the reduction in wastage, they have a dual effect to have. According to Downes (2012), on one hand, they have to implement major technical changes which can make the reduction in wastage but in the long term they will gain from the wastage reduction.
According to Verbeke and Tung (2013) the employees of the organizations are also the stakeholders in the project as they are the one who will be able to manufacture the products with good technical machines and will help the organization to have better access to the productions.
The third stakeholders are the customers of the cable ties which are the other industries as with the less amount of wastage, they will be able to get the products at a lower cost which will also mean that their own industrial cost of production will be less to an extent (Bourne 2016).
The fourth stakeholder is the consultancy firm and the consultants who are conducting the project of wastage reduction as they have their occupations in the whole matter. In addition, they will be able to make changes to the industries which can earn them good reputation if their project become successful (Fassin 2012).
The government and the agencies are the major stakeholders as they will be able to control the waste production which will excel the quality of environment and society in the long term and will reduce their implications in the said matter.
According to Bourne (2016), the environment is another major stakeholder in the reduction of wastage in the production industries as due to the reduction in wastage, the environment is positively affected and have been measured in terms of the better quality air and water quality.
4. Stakeholder management plan
Stakeholder
Risk
Level of Influence
Level of Interest
Communication and engagement level
Owner of the firm
High
High
High
Communication is done through the medium of direct communication and also by the means of some means of reports and charts. Indirect communication through the medium of authorities and the management.
Employees of the firm
High
Low
Medium
The communication is through the means of indirect medium through the reports and the higher authorities.
Customers of the firm
Medium
High
Medium
The customers communicate through the medium of agents of the industries who are actively engaged in the firm.
Consultants of the project
Low
Low
Low
The consultants communicate and are engaged to the authorities and clients of the firm who are both the extremes of the industries. The consultants make sure to provide the best of the reports so that their work is being seen as honest and to the point.
Government
Low
Medium
Medium
The engagement of the government is high as all their reputations and work for the management of the environment and society from the evil effects of wastage is to be assessed. The influence and interest both is moderate.
Environment and society
Medium
Low
High
The environment and the society are affected by the wastage of materials and the level of influence is high as with the required level of the wastage, the overall effect on the environmental pollution and the society is worse.
Figure 1 – Stakeholder Management Plan
(Source – As created by the author)
5. Reflection of the key skills and capabilities that help to deliver the project
There are a number of key skills and capabilities that are required by a consultant to prepare and deliver the project to the concerned authorities in a stipulated period of time. As a consultant to a small business firm which is engaged in the production of the cable ties for the industrial use, a lot of capabilities are required for the work of the consultants. The key skills and capabilities that are required for the delivery of the project that has been required by me are the professionalism, the management of time, judgement of the right, knowledge for the matter. All the roles and responsibilities that will be assigned to me should be borne by me with the required amount of diligence and effort which is to be maintained at the level of the time. One of the best qualities that I should adhere to is the quality as a team player and the involvement of the other consultants in the gameplay. The knowledge in the matter of waste products in the small business firm of the tyre and also the level of the recycle that can be done should be in my knowledge and I should be capable of maintaining the same in the required stage.
As a lead consultant, it is my duty to deliver the best to the clients and also to make sure that all the consultants who are working under me are managed in a proper order. The management skills of mine should be of top level to highlight the basic requirement of the consultancy leaders in the case. The teamwork of the team is of urgent need as this will enable me to have the basic ideas of the requirements of my teammates as well as the necessities to conduct a well-researched project plan in the course of time.
Conclusion:
In conclusion, it can be stated that for the production of the cable ties in the small business firm, a huge amount of wastage is being created which needs to be catered by the use of some of the key measures and by the application of a consultancy firm with the consultants. The report here mentions a number of facts and tasks that need to be assessed to the means like the finding of the chief stakeholder issue and the key issues that are determined by the key issues at the loss of wastage of the materials in the concerned time span. The management of the chief stakeholder of the work is being assessed as this will enable the stakeholders as well as the consultants of the firm to have the base of the management system in association with the key ways to reduce the waste in the stage of the production in the small business firm. At last, it can be stated that the consultants of the firm can make sure to have the best of the reports for the reduction in wastage in production to have the base of the industrial business.
References:
Bourne, L., 2016. Stakeholder relationship management: a maturity model for organisational implementation. Routledge.
Chahal, V., 2012. An advance lean production system in industry to improve flexibility and quality in manufacturing by implementation of FMS & green manufacturing. International Journal of Emerging Technology and Advanced Engineering, Certified Journal, 2(12).
Czerniawska, F., 2016. Management Consultancy: what next?. Springer.
Dawson-Shepherd, A., Kellner, K. and Neumann, J.E., 2013. Developing organisational consultancy. Routledge.
Doloi, H., 2012. Cost overruns and failure in project management: Understanding the roles of key stakeholders in construction projects. Journal of construction engineering and management, 139(3), pp.267-279.
Downes, S., 2012. Learning objects: Resources for learning worldwide. In Online education using learning objects (pp. 47-57). Routledge.
Fassin, Y., 2012. Stakeholder management, reciprocity and stakeholder responsibility. Journal of Business Ethics, 109(1), pp.83-96.
Friend, J. and Hickling, A., 2012. Planning under pressure. Routledge.
Hawkins, P., 2013. Coaching, mentoring and organizational consultancy: Supervision, skills and development. McGraw-Hill Education (UK).
Jensen, M.C., 2017. Value maximisation, stakeholder theory and the corporate objective function. In Unfolding stakeholder thinking (pp. 65-84). Routledge.
Jones, T.M., Wicks, A.C. and Freeman, R.E., 2017. Stakeholder theory: The state of the art. The Blackwell guide to business ethics, pp.17-37.
L?z?roiu, G., 2015. The role of the management consultancy industry in the knowledge economy. Psychosociological Issues in Human Resource Management, 3(2), pp.71-76.
O’Mahoney, J. and Markham, C., 2013. Management consultancy. Oxford University Press.
Prince, R., 2012. Policy transfer, consultants and the geographies of governance. Progress in Human Geography, 36(2), pp.188-203.
Siemiatycki, M., 2012. The role of the planning scholar: Research, conflict, and social change. Journal of planning education and research, 32(2), pp.147-159.
Verbeke, A. and Tung, V., 2013. The future of stakeholder management theory: A temporal perspective. Journal of Busines2s Ethics, 112(3), pp.529-543.
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