3.2 RANGE OF STRATEGIES THAT CAN CONTRIBUTE TO A BUSINESS COMPETITIVE ADVANTAGE When a business thrives in gaining competitive advantage, it often sets eyes on a manifold of strategies that aim to em-better its image and its competitive positioning. It focuses on strategies that may help increase its rate of consumers acquisition, retention and satisfaction; strategies of industry and competitors analysis. Moreover, it sets eyes on those strategic process to build strong investments portfolios ( Liquidity) that can help establish longevity and leadership in the market. Competitive advantage inevitably leads to faster, continual exponential growth, increased sales, market share gains and overall business profitability. Competitive
The main issue is that would it say it is a decent thing decreasing the customization characteristics? The test confronted when actualizing customization into ERP is that on the grounds that the current undertaking asset arranging had have a fix interface for the client in this manner there's a restriction to customization. Customization was expected to enhance the capacities of an ERP framework by permitting it to help each sort and size of business however by and by, cutting edge ERP arrangements incorporate pertinent peculiarities and apparatuses that give organizations the straightforwardness in overseeing key information, for example, content, date and number records. Through a led examination, they gave the cutting edge ERP framework eventually to figure out if it can stay aware of the current performance of their business, and they decide to tweak in the long run at whatever point it is important to do so. Truth be told, it was uncommon for entrepreneurs to depend on their ERP software as it is without performing any personalization errand that is expected to match the framework with their industry or business profile.
agile project management stresses correspondence instead of procedures or arrangements. agile project management yields noteworthy advantages; its benefits originate from numerous variables, essential of which is expanded profitability and quality. Efficiency comes about because of its streamlined nature, versatility to change, shared nature, also, concentrate on benefits in the commercial center. Projects that have utilized agile project management were five times more compelling than those utilizing traditional project management as a part of expense and quality; moreover, agile project management projects have 11 times more noteworthy rate of return (Rico et al., 2009). What's more, agile project management has demonstrated itself a viable approach to oversee high-chance, time-delicate innovative work projects because of its lightweight procedures that lead to proficient basic leadership and profitability.
The understanding of such a project is facilitated by some tools such as writing on a board or using a software to define each step of the study and long the task will take to be fully accomplished. Thanks to those means, the whole units composed of Project Managers will be aware of the project timeline and development. What’s new in Agile PM ? There are many differences in Agile development model when compared to traditional models: The agile model emphasizes on the fact that entire team should be a integrated to the units and be fully aware of what have been already done. This includes the developers, sometimes the shareholders (in small companies), project management, and the customer.
The primary drivers are increased productivity and quality. Productivity comes from its streamlined nature and quality from its uncompromising discipline. However, its real power comes from its adaptability to change, collaborative nature, and focus on bottom line business results for the
For project management, PRINCE2 is process based approach focused on providing easily saleable and tailored method for the management of projects of various types. In the PRINCE2 approach, the processes are defined with outputs and inputs along with the particular purposes and actions of the project. The processes that are included in the PRINCE2 approach are Directing Project: This phase runs throughout the project form its initiation phase until its closure. In this phase the project board monitors and manages the project via reports and control the project through a number of decisions. Starting Up: This is the first process also known as the pre-project process and is focused on ensuring that the pre-requisites of the project are ready.
In risk management, the presence of risk can be in a strong or weak side of the project (Nedeljakova, 2007). Hence, this assessment used to get an overview on options how to lower probability of threat and increase probability of opportunity for the possible risks in future (Nedeljakova, 2007). The SWOT analysis template is normally presented as a grid, comprising four sections, one for each of the SWOT headings as Strengths, Weaknesses, Opportunities and Threats (Chapman, 2006) and defined as below:- • Strengths – the advantage of the organization or business over others (RiskAid, 2015) • Weaknesses – the disadvantages of the organization or business relative to others (RiskAid, 2015) • Opportunities – potential aspects of the organization, business or operating environment that could be exploited to its advantage (RiskAid, 2015) • Threats – potential aspects of the organization, business or operating environment that could damage the organization or business (RiskAid,
The sequence of event is, Idea Analysis Design Development Test Final Product Once the project scope is defined, project manager will be assigning the teams together with a clearly defined goal and timeline. Different teams get different aspects or modules. Both waterfall and agile method are iteration. The difference between Waterfall and Agile is that in Agile, module evaluation is in present before it is passed along. In Waterfall method, project flow passes along and along and expect for good outcome.
Each campaign requires planning and effective execution to ensure that the campaign is successful. Marketing professionals tend to focus more on the creative element and are weak at the basics of project management like balancing a budget, creating schedules or managing tasks. Project Management in the creative process is often overlooked yet it is the driving force behind any venture. Project management is the skills, tools and management processes required to undertake a project successfully (Westland, 2006. Effective project management can push a project to the fullest of its potential, creating work that surpasses the wildest of expectations.
Stable political environment How the Investment in Technology Leads to the increase in the Production Possibility Frontier An economy often experiences technological progress with increase in investment in new technology and R&D. Technological progress would mean that society is able to produce more output from the same amount of productive resources. Technological progress aids in increasing quantity and quality of all factors of production. As a result, the production of the good in question, will