UNDERSTANDING WORKING PRACTICES FOR BUSINESS

Planning and Prioritizing Methods

Planning methods refer to analysis techniques and decision making strategies that enable managers to design the future of a business (Nickols, 2011). Forecasting and modeling are examples of planning methods used to develop the future business strategies of companies. Forecasting is the application of historical data to predict future trends in a company’s target market (Boyer et al., 2010). Budgets, business statistics and market demographics provide useful historical data for forecasting. Alonso, Verdún and Caro (2010) reveal that mathematical models are commonly applied in forecasting to analyze historical data and forces in the market environment that influence current and future business strategies of a company. Forecasting is limited by the fact that it does not account for unseen forces in the business environment, such as fluctuations in interest rates (Nickols, 2011). Modeling is the use of conceptual representations to understand causal relationships or interactions between specific outputs during business planning processes (Alonso et al., 2010). Qualitative and graphical models are often used to represent business information, resources, flows and relationships during strategic planning. Modeling is disadvantageous because it is complex and increases the costs of planning and forecasting (Boyer et al., 2010).

Prioritizing methods refer to strategies used to determine the relative benefits or value of business alternatives and choices (Alonso et al., 2010). Cost-benefit analysis is argued to be the most effective method of business prioritizing and planning. It allows for making decisions or implementing actions that have the greatest benefit to the business. Through cost-benefit analysis, managers are able to prioritize on less costly and profitable projects or ventures (Boyer et al., 2010).  Nickols (2011) demonstrates that cost-benefit analysis allows managers to develop accurate plans after comparing available options. It is also aligned with the short-term and long-term financial goals of a business. Unlike modeling, cost-benefit analysis is simple and practical (Alonso et al., 2010). Boyer et al. (2010) illustrate that cost-benefit analysis is more objective and reliable than forecasting. Therefore, cost-benefit considerations are most useful in goal setting and decision making processes of managerial planning and prioritizing.

Principles of Time Management

The principles of time management refer to fundamental skills that enable individuals to effectively use limited time while pursuing specific goals or objectives. They include clarity of purpose, commitment, prioritizing workload and scheduling (Bamberger, Rugh and Mabry, 2011). Clarity of purpose enables an individual to determine goals and objectives and strategies of achieving them (Rigby and Bilodeau, 2011). Commitment refers to active engagement or dedication towards achievement of desired goals (Rapp, Bachrach and Rapp, 2013). Bamberger et al. (2011) assert that prioritizing workload is important as it provides justifications for starting with the most important or worthwhile work-related tasks and activities. Scheduling entails setting timelines for specific activities. Rigby and Bilodeau (2011) recommend that work schedules should be realistic or practical.

The use of planning tools is an effective strategy of making use of limited time within work settings. It involves the use of pocket diaries, electronic planners, wall charts, calendars, note books and index cards to support need of workers to use time in a meaningful and effective manner (Bamberger et al., 2011). Planning tools are useful because they allow workers to stick to their schedules (Rapp et al., 2013). Effective management of distractions is another useful time management strategy for employees. It entails avoiding interruptions to work obligations, such as small talk, social networking and online shopping. Notably, the management of distractions should focus on minimizing the time spent on personal and social engagements during working hours (Rigby and Bilodeau, 2011).

Team Working

Team working refers to cooperation among individuals working on a specific project or work tasks (West, 2012). Team working aims at enhancing the efficiency of individuals who are pursuing similar objectives and goals (Yang, Huang and Wu, 2011). The engineering team at Virgin Atlantic provides useful insights on the importance of team working. The members of the engineering team work collaboratively with a view of ensuring that Virgin aircraft operate effectively and efficiently (Seedhouse, 2015). Through teamwork, engineers at Virgin Atlantic share creative ideas which enable them to develop innovative solutions for troubleshooting problems, making inspections and maintaining aircraft (McLimore, 2013). Diversity is an important characteristic of Virgin’s engineering team as it enables people with different talents, skills levels and experience in aviation engineering to work collaboratively towards shared objectives, such as supporting flight operations and guaranteeing safety (Flottau, 2014).  

The success of Virgin’s engineering team is based on the ability of flight engineers to communicate and participate actively in the execution of specific engineering tasks (Seedhouse, 2015).  Members of the engineering team exhibit skills such as information sharing, collaborative decision making, openness, respect and trust. These skills enable members of the engineering team to share skills and knowledge for efficiency in making emergency repairs and scheduled maintenance of aircraft (McLimore, 2013). Additionally, conflicts among team members are effectively managed due to their cohesiveness, respect for each other and willingness to pursue the goals of the engineering function.

Management Techniques in Teams

Motivation is an effective technique of managing Virgin’s engineering team. Members of the team need regular motivation to encourage active participation in team activities. Goetsch and Davis (2014) indicate that members of a work team support each other, share creative solutions and purse common objectives when they are adequately motivated (Boxall and Purcell, 2011). Motivation takes various forms, including recognition, incentives and positive feedback. Delegation is another effective management strategy that will make members of Virgin’s engineering team more productive. Delegation will enhance the speed with which the team makes decisions during emergency maintenance exercises (Moe, Dingsoyr and Dyba, 2010). Furthermore, delegation provides team members with more freedom and encourages innovation and creativity (Goetsch and Davis, 2014).

Employee engagement strategies such as clarifying individual and team roles, empowerment, inclusion, fairness and mutual respect will also enhance the management.  Boxall and Purcell (2011) argue that effective communication between managers and subordinates is the most effective strategy of employee engagement. Therefore, efficient communication between team leaders and Virgin’s engineers will promote their participation in shared tasks, productivity and loyalty to the airline. Effective managers also implement employee development strategies to empower members of their teams (Goetsch and Davis, 2014). The leaders of Virgin’s engineering team can empower members through meaningful and challenging assignments, mentorship and recommendations for promotions. Moe et al., (2010) explain that members of a team are motivated and committed to their organization when their career development needs are met.

Reference List

Alonso, I.A., Verdún, J.C. and Caro, E.T., 2010. Project prioritization as a key element in IT strategic demand management. Innovations and advances in computer sciences and engineering, pp.417-422.

Bamberger, M., Rugh, J. and Mabry, L., 2011. RealWorld evaluation: Working under budget, time, data, and political constraints. Sage.

Boxall, P. and Purcell, J., 2011. Strategy and human resource management. Palgrave Macmillan.

Boyer, J., Frank, B., Green, B., Harris, T. and Van De Vanter, K., 2010. Business Intelligence Strategy: A Practical Guide for Achieving BI Excellence. Mc Press.

Flottau, J., 2014. Past glory: Virgin Atlantic’s decision to shutter Little Red follows its shift toward transatlantic services. Aviation Week & Space Technology, 176(36).

Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper Saddle River, NJ: Pearson.

McLimore, D., 2013. Virgin Rebel: Richard Branson in His Own Words. Agate Publishing.

Moe, N.B., Dingsoyr, T. and Dyba, T., 2010. A teamwork model for understanding an agile team: A case study of a Scrum project. Information and Software Technology, 52(5), pp.480-491.

Nickols, F., 2011. Strategy, strategic management, strategic planning and strategic thinking. Distance Consulting LLC, pp.1-8.

Rapp, A.A., Bachrach, D.G. and Rapp, T.L., 2013. The influence of time management skill on the curvilinear relationship between organizational citizenship behavior and task performance. Journal of Applied Psychology, 98(4), p.668.

Rigby, D. and Bilodeau, B., 2011. Management tools & trends 2011. Bain & Company Inc.

Seedhouse, E., 2015. Revolution through Competition. In Virgin Galactic (pp. 21-32). Springer International Publishing.

West, M.A., 2012. Effective teamwork: Practical lessons from organizational research. John Wiley & Sons.

Yang, L.R., Huang, C.F. and Wu, K.S., 2011. The association among project manager’s leadership style, teamwork and project success. International journal of project management, 29(3), pp.258-267.