Importance of International Business And Globalisation Essay

Importance of International Business And Globalisation - Essay Example International business enhances efficiency of national organizations to enable them to bear the stiff competition in the global markets. National organizations use contemporary management technologies to enhance efficiency and attain economic growth, such organizations employ qualified and experienced experts and workers. With international business, people are highly motivated by increased benefits, salaries, international promotions and transfers and this leads to organizational efficiency and increased economic growth. International business increases economic growth through economic expansion and diversity to earn more profits. Customers’ creation through international markets leads to increased profits. International business creates global markets for their customers through new products introductions, introduction of new distribution methods like e-commerce, e-communication, and shopping. B Globalization influence on countries Globalization has in the past, influenced d ifferent stakeholder groups, and will affect other stakeholders in future. It has caused various changes in the globe. As clearly defines, it is the extensive economic, social and cultural transformations or interdependence that has let to various changes such as a crucial economic prosperity increase, democracy spread, free capital and ideas flow and heightened entrepreneurship and competition. Globalization has opened world economy for both developed and developing nations to participate and benefit as it allows nations to trade products and services with each other. Globalization has accelerated the rate of trade among nations, for instance, by trading with one... This paper approves that since no two cultures have similar characteristics, therefore comprehending business culture and social culture of the people in another country is crucial for business success. This is because culture dictates the content and activities of a society, ranging from its business operation, marketing strategies, its reactions to marketing and advertising, to sales negotiations. Expanding business internationally may face cultural risk and shock, therefore, investigating the culture of the nation one intends to expand to be crucial for successful marketing. Comprehending these issues ensures that one is better prepared to face and overcome the risks before entering the market. This report makes a conclusion that the firm will be unfamiliar with foreign politics and law as no two nations have similar systems of law and politics. All governments have their own laws and regulations in relation to foreign companies and goods so operating in a foreign land may be difficult. Foreign laws and regulations may adversely affect the potential of permanent achievement of the firms. Finally, just like technological advancement, infrastructure if business in foreign markets may be at diverse development level and this may affect the ability of the firm to market its products. The author of the paper talks that the firm will experience some market intelligence challenges, for instance, limitations in understanding how markets operate and how to determine the best market strategy for entry. It will be hard to find reliable data and information for foreign markets.

Architecture - Project Management - Exam Research Paper

Architecture - Project Management - Exam - Research Paper Example The involved parties may not be able to complete the project if the circumstances become unfavorable. Sometimes, such political changes occur that make the execution of project meaningless, thus making it useless for the involved parties to continue the project. 5. The cost has not been rightly estimated at the outset. Sometimes, lack of competence of a single estimator ruins the whole project that is worth billions of dollars. If the cost is under-estimated, the contractor in particular incurs a lot of financial loss. 6. The contractor is not experienced in the nature of work. This can generally cause the project to fail because of weakness in several areas like risk management, construction management, and cost management etc. 7. The people involved in its supervision, execution or management are not experienced or competent enough. A strong work team is fundamental to the success of every project. 8. There parties involved in it like the client, consultant and contractor do not ha ve good rapport with each other. Personal grudges are the biggest threat to the success of every project. 9. â€Å"Failing to break projects into manageable 'chunks'† (Khan, 2011). 10. The procurement method is not consistent with the specifications of the project. List and explain five critical success factors in project management. Five of the ten critical success factors in project management as mentioned by Emond (2011) are as follows: 1. Clear goals and vision: This is the first and foremost requirement in order for a PM to be successful. 2. Support of Executive Management: In order to utilize his/her full potential and make rational decisions keeping in view the resources at hand, a PM requires support of Executive Management. 3. Proper planning: Planning is one of the fundamental PM functions. 4. Realistic expectations: The PM should take care of time, cost and resource constraints while assigning tasks to individuals so that the expectations can be realistic. 5. Skill ed workforce: Since the staff is involved in the work at the grass root level, its competence directly affects the chances of success of a PM. Pre-contract planning vs contract planning: Pre-contract planning revolves around the development of contract. In order to develop a contract, first, the project feasibility study is conducted, followed by the preparation of drawings and identification of specifications, selection of procurement method, time and procedure and selection of contractor for contract. Contract planning takes care of all events that follow the development of contract, which involve development of schedule, cost scheduling and resource leveling. Project Manager Roles Define Project Management. Project management can be defined as the application of competence and methodologies to accomplish activities of a project that is meant to satisfy or exceed the needs and expectations of stakeholders from it. Another definition for project management is â€Å"the process of controlling the achievement of the project objectives, after noting a project to be the achievement of a specific objective, which involves a series of activities and tasks that consume resources† (Munns and Bjeirmi, 1996, cited in Mavengere, n.d., p. 38). Comparison of responsibilities of a Client’s PM with those of a Contractor’s PM at the pre-tender, tender and post-tender stages of project: Pretender stage: Client’