The Emergence of Trust and Power within a Business Network Essay

The Emergence of Trust and Power within a Business Network - Essay Example It is a critical and strategic issue which needs to be dealt very carefully, this element of trust is vital in all kinds of relationships whether it is within the business or with the external stakeholders. It is very hard to make this trust however one mistake can hurt the reputation very badly and create serious consequences for the future of the business. Power is the acquisition of assets and its control which gives dominance to a party over the other. It is to have the control and ability to influence the decision of the other party. Power has its own benefits and draws backs within a business network. Too much or less of it has its own effects. However, it has been seen that where there is trust there is less likelihood of power causing any harm to the social or business network (Group H.R., 2000). When we talk about the long-term success of the business then this success is dependent on the development of positive networks in the industry. Business networks are an opportunity for the owners of the business and the team of employees to improve themselves continuously. They are a collection of companies linked through agreements for business purposes who work together to get over all benefits for the members in doing so they need to make business dealings and work together and invest and divest money Thinking Made Easy, p21, 2009). A company in the business network tends to learn from one another’s mistakes and successes and based on that they derive solutions to their own problems. Apart from the business perspective networking helps in social activities and events. It leads to strong bonds and close relationships with the business partner which is good for the business in the long term (Daft, p110, 2001). The relationship must be enduring and permanent in nature.  

Project managment Essay Example | Topics and Well Written Essays - 1000 words

Project managment - Essay Example The processes of formulation, implementation and evaluation form the three key stages that define strategic management process. Activities that are involved in the formulation process include the setting up of firm’s vision and mission, and performing an environmental scan in order to identify the external opportunities and strengths. As regards the process of implementation, activities that are involved include budget preparations, developing a strategy-supportive culture and creating the right organizational culture. The evaluation stage involves measuring and evaluating performance in order to determine the viability of the project. With the ever-changing environmental factors, change is inevitable for any strategy developed. As such, a review of internal and external factors is always necessary as well as taking corrective actions. How project management in integrated into strategic management process Given the high level of importance that has been attached to strategic m anagement process, necessary tools have to be put in place to ensure the success of this process. According to (Macmillan & Tampoe, 2001), turning strategy into reality is not an easy thing. It requires constant investment in management resources. This is where project management comes in. ... It also involves identifying performance management goals and developing a management plan. On the project management side, planning involves stakeholders agreeing to project objectives, scope and plans for carrying out the project which has been formally funded and resourced. The other process that integrates project management into strategic management process is the monitoring process. This process measures and assesses the project performance in order to respond to variances and risks (Macmillan & Tampoe, 2001). This is possible if performance measures have been identified and selected and measurement scorecards developed. Under this process, a re-verification of critical success factors is done as well as re-planning of the project. This may include changes in resource allocation or the scheduling of events and activities. The result of this may be changes in the strategies and objectives of the organization which requires performance reporting. Performance reporting falls on th e performance management side and it involves developing of a communications plan and communicating performance results to stakeholders. How organizational culture influences the selection of a project management structure Culture incorporates beliefs, behaviors, and assumptions shared by individuals within an organization (Hill & Jones, 2012). In trying to explain how organizational culture influences the selection of a project management structure, various factors have to be considered. They include whether or not decision-making is done in command and control environments or by self-directed teams, how functional units work with each other and many other factors. How functional units work with each other