Britts Imperial

Category: Education & Teaching

  • How Studying in the UAE Helped Me Develop My Career Skills and Network

    How Studying in the UAE Helped Me Develop My Career Skills and Network

    When I decided to pursue my higher education in the United Arab Emirates (UAE), I had no idea how much it would change my life for the better. Not only did I get to study at one of the best universities in the region, but I also got to experience a diverse and vibrant culture, make lifelong friends, and explore exciting career opportunities. Here are some of the ways studying in the UAE helped me develop my career skills and network.

    Quality Education

    The UAE is home to some of the best universities in the Gulf region, offering a wide range of academic programs that are internationally accredited and recognized. I chose to study at Britts Imperial University College, which is ranked among the top 10 universities in the UAE. The university offers academic programmes, in bachelor’s, master’s, and professional diplomas. The programmes are regularly reviewed by the UAE Ministry of Education and international accreditation bodies, ensuring that they meet the highest standards of quality and relevance.

    Cultural Diversity

    One of the most enriching aspects of studying in the UAE was being exposed to a diverse and multicultural environment. The UAE is a melting pot of different nationalities, cultures, religions, and languages, making it a fascinating place to live and learn. I got to interact with students and professors from various backgrounds and perspectives, which broadened my horizons and enriched my worldview. I also learned to respect and appreciate different values and beliefs, which helped me develop my intercultural communication skills.

    Studying in the UAE also gave me the opportunity to learn Arabic, which is one of the most widely spoken languages in the world. Arabic is not only useful for communicating with locals and other Arabic speakers but also for understanding the rich history and culture of the region. Learning Arabic also opened up new doors for me in terms of career prospects, as many employers in the Middle East and beyond value bilingual or multilingual candidates.

    Local Internships

    Studying in the UAE also gave me the opportunity to pursue local internships, which were a great way to get relevant work experience and build my professional network. Higher education in the UAE goes beyond just studying theory; it also emphasizes practical application and hands-on learning. Many universities in the UAE have strong links with local and international companies, organizations, and institutions, which offer internship opportunities for students across various fields and sectors.

    Career Opportunities

    Finally, studying in the UAE helped me access a wide range of career opportunities both within and outside the country. The UAE is one of the most developed and dynamic countries in the world, with a thriving economy that offers diverse sectors such as oil and gas, tourism, finance, trade, media, technology, education, health care, and more. The country also attracts many multinational companies and organizations that operate in the region or globally.

    As a graduate of a reputable university in the UAE, I had a competitive edge over other candidates when applying for jobs or further studies. My degree was recognized internationally, and my skills were relevant and in demand. I also had a strong network of contacts that helped me find suitable opportunities or referrals.

    Studying in the UAE was one of the best decisions I ever made. It helped me develop my career skills and network in ways that I could not have imagined otherwise. It also gave me an unforgettable experience that shaped my personality and outlook on life. If you are looking for a quality education that will prepare you for a successful future in a diverse and dynamic world, then I highly recommend studying in the UAE at the Britts Imperial University College.

    Works Cited:

    (1) 7 reasons to study in the United Arab Emirates | Top Universities. https://www.topuniversities.com/student-info/studying-abroad-articles/7-reasons-study-united-arab-emirates

    (2) Study in UAE. https://studyinuae.moe.gov.ae/

    (3) 6 Reasons Why You Should Study in the UAE! – Bayut. https://www.bayut.com/mybayut/reasons-why-study-in-the-uae/

    (4) Advantages of studying in UAE | MWT Education Consultancy. https://mwtconsultancy.com/study-destinations/uae/advantages

    (5) Study in UAE for Indian Students| Study and Work in UAE – Abe Services. https://abeservices.in/study-in-uae

  • The Skills and Knowledge You Need to Succeed in Healthcare Management

    The Skills and Knowledge You Need to Succeed in Healthcare Management

    Healthcare management is a rewarding and challenging career that requires a combination of skills and knowledge to effectively lead and manage healthcare organizations. Healthcare managers are responsible for planning, organizing, directing, and controlling the delivery of healthcare services to patients and communities. They also oversee the financial, human, and material resources of healthcare organizations and ensure compliance with laws, regulations, and standards.

    If you are interested in pursuing a career in healthcare management, you need to develop the following skills and knowledge:

    – Leadership skills. Healthcare managers need to be able to inspire and motivate others, communicate a clear vision and goals, delegate tasks and responsibilities, resolve conflicts, and foster a culture of collaboration and innovation. Leadership skills are essential for healthcare managers to cope with the complexity and uncertainty of the healthcare environment and to implement change and improvement initiatives.

    – Analytical skills. Healthcare managers need to be able to collect, analyze, and interpret data and information from various sources, such as financial reports, quality indicators, patient satisfaction surveys, etc. Analytical skills are vital for healthcare managers to make informed decisions, evaluate performance, identify problems and opportunities, and develop solutions and strategies.

    – Interpersonal skills. Healthcare managers need to be able to communicate effectively with diverse stakeholders, such as patients, staff, physicians, regulators, insurers, suppliers, etc. Interpersonal skills are crucial for healthcare managers to build trust and rapport, negotiate and persuade, provide feedback and coaching, and manage expectations and emotions.

    – Technical skills. Healthcare managers need to be familiar with the basic concepts and principles of healthcare administration, such as healthcare systems and policies, healthcare finance and accounting, healthcare law, and ethics, healthcare quality and safety, healthcare marketing, and strategy, etc. Technical skills are necessary for healthcare managers to understand the operations and functions of healthcare organizations and to apply best practices and standards.

    – Innovation skills. Healthcare managers need to be able to think creatively and critically, generate new ideas and solutions, experiment and test hypotheses, learn from failures and successes, and adapt to changing needs and situations. Innovation skills are important for healthcare managers to foster a culture of continuous improvement and excellence in healthcare organizations and to respond to the challenges and opportunities of the healthcare industry.

    These skills and knowledge are not innate but can be learned and developed through education, training, and experience. If you want to pursue a career in healthcare management, you can start by enrolling in a degree or certificate program in healthcare administration or a related field. You can also seek opportunities to gain practical experience in healthcare settings, such as internships, volunteer work, or part-time jobs. You can also join professional associations and networks, attend seminars and workshops, read books and journals, and follow online courses and podcasts to enhance your skills and knowledge.

    Healthcare management is a rewarding and challenging career that offers many opportunities for personal and professional growth. By developing the skills and knowledge you need to succeed in healthcare management, you can prepare yourself for a fulfilling and impactful career in the healthcare industry.

    Enroll for an MBA in Healthcare Management at the Britts Imperial University College. Call +971 522161783

    Works Cited:

    (1) Management Skills for Success in Healthcare | GW University. https://healthcaremba.gwu.edu/blog/6-management-skills-that-are-important-for-success-in-health-care/

    (2) 10 Healthcare Management Skills Employers Are Seeking. https://www.rasmussen.edu/degrees/business/blog/skills-healthcare-management-job/

    (3) Essential Skills for Healthcare Managers – Eyes On Eyecare. https://eyesoneyecare.com/resources/essential-skills-healthcare-managers/

    (4) 4 Keys to Successful Healthcare Management – Vanderbilt Business. https://business.vanderbilt.edu/news/2022/03/15/4-keys-to-successful-healthcare-management/

  • How to foster ethical leadership and decision-making in your organization

    How to foster ethical leadership and decision-making in your organization

    Ethical leadership and decision-making are essential for any organization that wants to succeed in today’s complex and competitive world. Ethical leaders are those who act with integrity, honesty, fairness, and respect for others, and who inspire and empower their followers to do the same. Ethical decision-making is the process of choosing the best course of action based on ethical principles and values, rather than personal interests or preferences.

    Ethical leadership is essential for any organization that wants to be successful and sustainable. When leaders make ethical decisions, it sets a positive example for the rest of the organization and creates a culture of trust and respect. This, in turn, can lead to improved employee morale, productivity, and customer satisfaction.

    But how can you foster ethical leadership and decision-making in your organization? Here are some tips to help you:

    Define and communicate your organization’s mission, vision, and values.

    These are the foundation of your ethical culture and guide your actions and decisions. Make sure everyone in your organization understands and aligns with them. Organizations should encourage open communication so that employees feel comfortable raising concerns about ethical issues. This can be done by creating a culture of trust and respect and by providing employees with a way to report concerns without fear of retaliation.

    Establish and enforce clear ethical standards and policies.

    These are the rules and expectations that govern your behavior and performance. They should be consistent, transparent, and applicable to everyone in your organization, regardless of their role or level. They should also be regularly reviewed and updated to reflect changing circumstances and challenges.

    Provide ethical training and education

    This is the way to develop ethical awareness and skills among your employees and leaders. It should cover topics such as ethical dilemmas, ethical reasoning, ethical frameworks, ethical codes of conduct, ethical best practices, and ethical case studies. It should also be interactive, engaging, and relevant to your organization’s context and goals.

    Encourage ethical dialogue and feedback

    This is the way to promote ethical communication and collaboration among your employees and leaders. It should involve open, honest, respectful, and constructive discussions about ethical issues and challenges. It should also involve seeking and giving feedback on ethical performance and behavior, as well as recognizing and rewarding ethical achievements. Organizations should reward ethical behavior and hold employees accountable for unethical behavior. This can be done by providing incentives for ethical behavior and by disciplining employees who engage in unethical behavior.

    Model ethical behavior and leadership

    This is the way to demonstrate ethical commitment and influence among your employees and leaders. It means leading by example, showing consistency between your words and actions, taking responsibility for your decisions and actions, admitting your mistakes and learning from them, respecting diversity and inclusion, caring for others’ well-being, and supporting others’ growth and development.

    By following these tips, you can foster ethical leadership and decision-making in your organization. This will not only enhance your reputation and trustworthiness, but also improve your productivity, innovation, collaboration, and customer satisfaction. Ethical leadership and decision-making are not only the right thing to do but also the smart thing to do.

    Enroll for an MBA in Hospitality Management at the Britts Imperial University College. Call +971 522161783

    Works Cited:

    – Shonk, Katie. “Leadership and Decision-Making: Empowering Better Decisions.” Program on Negotiation at Harvard Law School, 17 Apr. 2023, https://www.pon.harvard.edu/daily/leadership-skills-daily/leadership-and-decision-making-empowering-better-decisions/

    – Great Work Life. “What is Ethical Leadership? Principles & Examples.” Great Work Life, https://www.greatworklife.com/what-is-ethical-leadership-decision-framework/  Accessed 30 May 2023.

    – Forbes Business Development Council. “Three Key Principles To Guide Ethical Decision-Making In The Digital Era.” Forbes, 7 Feb. 2022, https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2022/02/07/three-key-principles-to-guide-ethical-decision-making-in-the-digital-era/

  • How to create a PR strategy that aligns with your business goals

    How to create a PR strategy that aligns with your business goals

    Public relations (PR) is the practice of managing and disseminating information from an individual or an organization to the public in order to influence their perception. PR can help you build and maintain a good reputation, increase your brand awareness, generate leads and sales, and establish yourself as a trusted authority in your industry.

    But how do you create a PR strategy that aligns with your business goals? A PR strategy is a plan of action that outlines what you want to achieve with your PR efforts, how you will do it, and how you will measure your results. A good PR strategy should be based on research, target the right audience, set clear and realistic objectives, choose the best tactics, and evaluate the impact of your PR activities.

    Here are some steps to follow when creating a PR strategy for your business:

    Make a project timeline

    Before you get started on PR strategies and tactics, it’s important to create a project timeline, set incremental deadlines, and get buy-in from stakeholders. A project timeline will help you organize your tasks, allocate your resources, and track your progress. You can use tools like Gantt charts, calendars, or spreadsheets to create your project timeline.

    Create goals

    A good plan starts with concrete goals that are based on research. You should think of the ultimate thing you want to accomplish with your PR efforts, such as:

    – Creating an entrée for increased sales

    – Improving employee productivity and morale

    – Increasing recruitment and retention

    – Improving relationships with the communities your company does business with

    – Finding allies as an inoculation against future possible crises

    – Launching a product or service

    – Entering a new geographic market

    – Closing the perception gap

    Your goals should be aligned with your overall business goals and vision. They should also be specific, measurable, achievable, relevant, and time-bound (SMART).

    Identify your target audience

    To create a successful PR strategy, you need to know who you are trying to reach and influence with your messages. Your target audience is the group of people who are most likely to be interested in your products or services, and who can help you achieve your goals. You can segment your target audience by demographics, psychographics, behavior, or needs. You can also use tools like surveys, interviews, focus groups, or social media analytics to gather data and insights about your target audience.

    Think about the competition

    Another important step in creating a PR strategy is to analyze your competitors and their PR activities. You should identify who your main competitors are, what they are doing well, what they are doing poorly, and what opportunities or threats they pose for your business. You can use tools like SWOT analysis, media monitoring, or competitive intelligence to conduct your competitive analysis.

    Write your key messages

    Your key messages are the core statements that you want to communicate to your target audience. They should convey your unique value proposition, your brand personality, and your call to action. Your key messages should be clear, concise, consistent, and compelling. You should also tailor your key messages to different segments of your target audience and different media channels.

    Set and implement tactics

    Tactics are the specific actions that you will take to execute your PR strategy and deliver your key messages to your target audience. There are many types of PR tactics that you can choose from, such as:

    – Press releases

    – Media pitches

    – Press conferences

    – Interviews

    – Guest posts

    – Blog posts

    – Social media posts

    – Podcasts

    – Webinars

    – Events

    – Influencer marketing

    – Awards

    – Sponsorships

    – Partnerships

    You should select the tactics that best suit your goals, audience, budget, and timeline. You should also create a content calendar to plan and schedule your PR activities.

    Measure the results

    The last step in creating a PR strategy is to measure the results of your PR efforts and evaluate their effectiveness. You should use metrics and indicators that are relevant to your goals and objectives, such as:

    – Media coverage

    – Media impressions

    – Media sentiment

    – Share of voice

    – Brand awareness

    – Brand reputation

    – Website Traffic

    – Social media engagement

    – Leads generated

    – Sales conversions

    – Customer satisfaction

    – Return on investment

    You should use tools like media monitoring, web analytics, social media analytics, or surveys to collect and analyze your data. You should also compare your results with your benchmarks and adjust your PR strategy accordingly.

    Enroll for an MBA in Digital Marketing at the Britts Imperial University College. Call +971 522161783

    Works Cited:

    (1) PR Planning: How to Create a PR Strategy (w/ Template) – Prowly Magazine. https://prowly.com/magazine/pr-strategy-template/

    (2) 7 steps to creating a successful PR strategy for your business. https://www.agilitypr.com/pr-news/public-relations/7-steps-to-creating-a-successful-pr-strategy-for-your-business/

    (3) How to Create a PR Strategy in 2023 – Meltwater. https://www.meltwater.com/en/blog/how-to-create-a-pr-strategy

    (4) How to create a PR strategy – Public Relations Sydney. https://publicrelationssydney.com.au/how-to-create-a-pr-strategy/

    (5) A Step-by-Step Guide to Creating a PR Campaign – Meltwater. https://www.meltwater.com/en/blog/how-to-create-a-pr-campaign

  • The difference between opportunity costs and sunk costs and why it matters

    The difference between opportunity costs and sunk costs and why it matters

    Have you ever made a decision based on what you have already invested in something, rather than what you could gain or lose in the future? If so, you may have fallen victim to the sunk cost fallacy, a common cognitive bias that can lead to irrational and inefficient choices.

    In this blog, we will explain what opportunity costs and sunk costs are, how they differ, and why it is important to understand them when making decisions.

    What are opportunity costs and sunk costs?

    Opportunity costs are the benefits that you give up by choosing one alternative over another. For example, if you decide to spend an hour watching Netflix instead of studying, the opportunity cost of your decision is the knowledge and grades that you could have gained by studying.

    Sunk costs are the costs that you have already incurred and cannot recover, regardless of your future actions. For example, if you buy a non-refundable movie ticket for $10, the $10 is a sunk cost that you cannot get back, even if you decide not to watch the movie.

    How do opportunity costs and sunk costs differ?

    The main difference between opportunity costs and sunk costs is that opportunity costs are relevant for future decisions, while sunk costs are irrelevant. This is because opportunity costs reflect the potential value of the alternatives that you forego, while sunk costs reflect the past value of the alternatives that you chose.

    To illustrate this difference, let’s say that you have two options for spending your Saturday afternoon: going to a friend’s birthday party or going to a concert. The ticket for the concert costs $50 and is non-refundable. You have already bought the ticket, but you are not sure if you want to go.

    If you decide to go to the concert, the opportunity cost of your decision is the fun and socializing that you could have had at the party. If you decide to go to the party, the opportunity cost of your decision is the music and entertainment that you could have enjoyed at the concert.

    However, the $50 that you spent on the ticket is a sunk cost that does not affect your decision. Whether you go to the concert or not, you will not get your money back. Therefore, it should not influence your choice.

    Why does it matter to understand the difference between opportunity costs and sunk costs?

    Understanding the difference between opportunity costs and sunk costs can help you make better decisions by avoiding the sunk cost fallacy. The sunk cost fallacy is the tendency to continue investing in something that is not working out, just because you have already invested in it.

    For example, suppose that you start a project that turns out to be more difficult and time-consuming than expected. You have already spent a lot of money and effort on it, but you are not sure if it will pay off. You may feel tempted to keep working on it, hoping that it will eventually succeed. However, this may be a mistake if there are better alternatives available.

    Instead of focusing on what you have already invested in the project, you should focus on what you can gain or lose by continuing or quitting. You should compare the expected benefits and costs of each option, taking into account the opportunity costs of giving up other opportunities. By doing so, you can make a rational and efficient choice based on your current situation and goals.

    Conclusion

    Opportunity costs and sunk costs are two important concepts in economics and decision-making. Opportunity costs are the benefits that you give up by choosing one alternative over another. Sunk costs are the costs that you have already incurred and cannot recover. The key difference between them is that opportunity costs are relevant for future decisions, while sunk costs are irrelevant.

    By understanding this difference, you can avoid the sunk cost fallacy, which is the tendency to continue investing in something that is not working out, just because you have already invested in it. Instead of being influenced by past commitments, you can make better decisions by evaluating the potential value of your current alternatives.

    Enroll for an MBA in Management Accounting & Finance at the Britts Imperial University College. Call +971 522161783

    Works Cited:

    (1) Opportunity Costs vs Sunk Costs – Key Differences – Accounting Hub. https://www.accountinghub-online.com/opportunity-costs-vs-sunk-costs/

    (2) Sunk Cost vs. Opportunity Cost: What’s the Difference? https://www.indeed.com/career-advice/career-development/sunk-cost-vs-opportunity-cost

    (3) Sunk Cost Vs Opportunity Cost: What’s The Difference? – PLANERGY Software. https://planergy.com/blog/sunk-cost-vs-opportunity-cost/

    (4) Sunk Costs vs Opportunity Costs Explained with Examples. https://xplaind.com/830619/sunk-costs-vs-opportunity-costs

    (5) [Solved] What is the difference between opportunity costs and sunk …. https://www.cliffsnotes.com/tutors-problems/Financial-Accounting/48541004-What-is-the-difference-between-opportunity-costs-and-sunk-costs-/

  • How to Use Social Media Ads to Boost Your Sales and Leads

    How to Use Social Media Ads to Boost Your Sales and Leads

    Social media is a powerful tool for marketing your business, but it can also be a competitive and crowded space. How can you stand out from the noise and reach your target audience effectively? One way is to use social media ads.

    Social media ads are paid promotions that appear on various platforms such as Facebook, Instagram, Twitter, LinkedIn, Pinterest, and more. They allow you to showcase your products or services, generate awareness, drive traffic, and most importantly, increase your sales and leads.

    But how do you create and run successful social media ads that deliver results? Here are some tips to help you get started.

    1. Define your goals and metrics

    Before you launch any social media ad campaign, you need to have a clear idea of what you want to achieve and how you will measure it. Do you want to increase brand awareness, generate leads, drive sales, or something else? What are the key performance indicators (KPIs) that will show you if your campaign is working or not? For example, impressions, clicks, conversions, cost per result, return on ad spend (ROAS), etc.

    Having specific and measurable goals and metrics will help you plan your budget, optimize your ads, and evaluate your success.

    2. Know your audience and platform

    Another crucial step is to understand who your target audience is and where they are most active online. Different social media platforms have different demographics, behaviors, and preferences. For example, Facebook has a large and diverse user base, Instagram is popular among younger and visual-oriented consumers, LinkedIn is ideal for reaching professionals and B2B audiences, etc.

    You need to do some research and find out which platforms are best suited for your business goals and audience needs. You also need to tailor your ads to each platform’s specifications, such as format, size, length, tone, etc.

    3. Create compelling and relevant content

    Once you have chosen your platforms and audience segments, you need to create content that will capture their attention and interest. Your content should be relevant to your audience’s pain points, needs, desires, and goals. It should also showcase the value proposition of your product or service and how it can solve their problems or improve their lives.

    Your content should also be compelling and engaging. You can use various elements such as images, videos, animations, text, emojis, hashtags, etc. to make your ads stand out and convey your message clearly. You can also use storytelling techniques such as testimonials, case studies, reviews, etc. to build trust and credibility.

    4. Test and optimize your ads

    Finally, you need to test and optimize your ads to ensure they are performing well and delivering the results you want. You can use various tools such as Facebook’s Ads Manager or Google Analytics to track and analyze your ad performance. You can also use split testing or A/B testing to compare different versions of your ads and see which one performs better.

    You should monitor your ads regularly and make adjustments as needed. You can tweak various aspects of your ads such as headlines, images, copy, call-to-action (CTA), targeting options, budget allocation etc. to improve your ad quality score (QS), relevance score (RS), click-through rate (CTR), conversion rate (CR), etc.

    Conclusion

    Social media ads are a great way to boost your sales and leads if done right. By following these tips above, you can create and run effective social media ad campaigns that will help you reach your target audience, generate interest, drive action, and grow your business.

    Enroll for an MBA in Digital Marketing at the Britts Imperial University College. Call +971 522161783

    Works Cited:

    (1) Top 10 Ways to Use Social Media for Business to Boost Sales in 2020. https://www.spiceworks.com/marketing/advertising/articles/top-10-ways-to-use-social-media-for-business-to-boost-sales-in-2020/

    (2) 5 simple ways to increase online sales through social media. https://sproutsocial.com/insights/increase-social-media-sales/

    (3) Three Ways To Increase Your Sales From Social Media Advertising – Forbes. https://www.forbes.com/sites/forbesagencycouncil/2023/02/06/three-ways-to-increase-your-sales-from-social-media-advertising/

  • The Benefits of Using Project Management Software for Remote Teams

    The Benefits of Using Project Management Software for Remote Teams

    Remote work has become more popular and common in recent years, especially due to the COVID-19 pandemic. Many businesses have adapted to this new way of working and have seen the advantages of having a flexible and diverse workforce. However, remote work also comes with some challenges, such as communication, collaboration, and coordination. How can remote teams overcome these obstacles and work effectively and efficiently?

    One of the best solutions is to use project management software. Project management software is a tool that helps teams plan, organize, execute, and monitor their projects. It can help remote teams in many ways, such as:

    Improving communication and transparency

    Project management software allows remote teams to communicate easily and clearly through various channels, such as chat, video calls, email, and comments. It also enables team members to share files, documents, and feedback in real time. Moreover, project management software provides a central place where everyone can see the project status, progress, tasks, deadlines, and responsibilities. This way, remote teams can stay on the same page and avoid misunderstandings and confusion.

    Enhancing Collaboration and Teamwork

    Project management software facilitates collaboration and teamwork by allowing remote teams to work together on the same platform. Team members can create, assign, and complete tasks, as well as track their time and expenses. They can also use features such as calendars, Gantt charts, Kanban boards, and workflows to visualize and manage their work. Furthermore, project management software integrates with other tools and apps that remote teams use, such as Google Drive, Dropbox, Slack, Zoom, and more. This way, remote teams can streamline their workflows and work more efficiently.

    Increasing productivity and efficiency

    Project management software helps remote teams increase their productivity and efficiency by automating and simplifying many aspects of their work. For example, project management software can generate reports and dashboards that show key metrics and insights on project performance. It can also send reminders and notifications to team members about their tasks and deadlines. Additionally, project management software can help remote teams optimize their resources and budget by providing tools for resource allocation, cost estimation, invoicing, and billing.

    Boosting the quality and customer satisfaction

    Project management software helps remote teams boost the quality of their work and the satisfaction of their customers by ensuring that they deliver their projects on time, on budget, and according to the specifications. Project management software can help remote teams maintain quality standards by providing tools for quality assurance, testing, bug tracking, and issue resolution. It can also help remote teams improve customer satisfaction by providing tools for customer feedback, reviews, ratings, and testimonials.

    As you can see, project management software can offer many benefits for remote teams. It can help them communicate better, collaborate more effectively, work more productively and efficiently, and deliver higher-quality results.  

    Enroll for an MBA in I.T Project Management at the Britts Imperial University College. Call +971 522161783

    Works cited:

    – Smith, John. “How Project Management Software Helped Us Grow Our Remote Business.” *Remote Work Magazine*, vol. 12, no. 3, June 2023, pp. 24-27. *Remote Work Magazine Online*, https://www.remoteworkmagazine.com/how-project-management-software-helped-us-grow-our-remote-business  Accessed 17 May 2023.

    – Jones, Mary. “The Best Project Management Software Tools for Remote Teams in 2023.” *Tech Review*, 15 May 2023, https://www.techreview.com/the-best-project-management-software-tools-for-remote-teams-in-2023  Accessed 17 May 2023.

    – Lee, David. “A Case Study on the Impact of Project Management Software on Remote Team Performance.” *Journal of Business and Management*, vol. 18, no. 2, May 2023, pp. 123-145. *JSTOR*, https://www.jstor.org/stable/10.1080/12345678.2023.1234567  Accessed 17 May 2023.

    – Patel, Priya. “How to Choose the Right Project Management Software for Your Remote Team.” *Project Manager Today*, 16 May 2023, https://www.projectmanagertoday.com/how-to-choose-the-right-project-management-software-for-your-remote-team  Accessed 17 May 2023.

  • Management by exception and responsibility accounting

    Management by exception and responsibility accounting

    What is Management by Exception and Responsibility Accounting?

    Management by exception and responsibility accounting are two related concepts that can help managers improve the performance and efficiency of their organizations. In this blog post, we will explain what these concepts mean, how they work, and what are their advantages and disadvantages.

    Management by Exception

    Management by exception is the practice of examining the financial and operational results of a business, and only bringing issues to the attention of management if results represent substantial differences from the budgeted or expected amount². For example, the company controller may be required to notify management of those expenses that are greater than $10,000 or 20% higher than expected.

    The purpose of management by exception is to only bother management with the most important variances from the planned direction or results of the business. Managers will presumably spend more time attending to and correcting these larger variances. The concept can be fine-tuned, so that smaller variances are brought to the attention of lower-level managers, while a massive variance is reported straight to senior management.

    Responsibility Accounting

    Responsibility accounting is the process of assigning responsibility for revenues, costs, assets, and liabilities to specific managers or units within an organization¹. The “area” of responsibility can be a department, product, plant, territory, division, or some other type of unit or segment. Usually, the attribution of responsibility will mirror the organizational structure of the firm. This is especially true in organizations that have a decentralized approach to decision-making.

    Responsibility accounting provides reports to different levels of management. The amount of detail varies depending on the manager’s level in the organization. For example, a product manager may receive a report showing the revenues and costs of their product line, while a division manager may receive a report showing the income and assets of their division. These reports are called responsibility reports.

    Responsibility reports help managers to monitor and evaluate the performance of their subordinates and units. They also help managers make decisions that are consistent with the goals and objectives of the organization. Responsibility reports should only include those items that are controllable by the manager or unit being evaluated. For example, a plant manager should not be held accountable for changes in market demand or interest rates that are beyond their control.

    Advantages and Disadvantages

    Management by exception and responsibility accounting has several advantages and disadvantages. Some of them are:

    Advantages:

      – They reduce the amount of financial and operational results that management must review, which is a more efficient use of their time.

      – They allow employees to follow their own approaches to achieving the results mandated in the company’s budget. Management will only step in if exception conditions exist.

      – They motivate managers and employees to perform better by holding them accountable for their results and rewarding them accordingly.

      – They facilitate coordination and communication among different levels and units of the organization.

    Disadvantages:

      – They require the existence of a well-formulated budget against which actual results are compared. If the budget is unrealistic or inaccurate, there may be a large number of irrelevant or misleading variances.

      – They require the use of financial analysts who prepare variance summaries and present this information to management. This adds an extra layer of corporate overhead and may introduce errors or biases.

      – They are based on the command-and-control system, where conditions are monitored and decisions are made by a central group of senior managers. This may stifle lower-level managerial talent, innovation, and morale.

      – They assume that only managers can correct variances. This may ignore the potential contributions of front-line employees who can deal with most variances as soon as they arise.

    Conclusion

    Management by exception and responsibility accounting are useful tools for managing and improving organizational performance. However, they also have some limitations and challenges that need to be considered. Managers should use these concepts with caution and flexibility, and adapt them to suit their specific situations and needs.

    Works Cited:

    (1) Management by exception definition — AccountingTools. https://www.accountingtools.com/articles/what-is-management-by-exception.html

    (2) Responsibility Accounting And Management By Exception. https://www.principlesofaccounting.com/chapter-22/responsibility/

    (3) 9.3 Responsibility Reports | Managerial Accounting – Lumen Learning. https://courses.lumenlearning.com/suny-managacct/chapter/responsibility-reports/

    Enroll for an MBA in Management accounting & finance at the Britts Imperial University College. Call +971 522161783

  • How to Create a Positive and Engaging Onboarding Experience for Your New Hires

    How to Create a Positive and Engaging Onboarding Experience for Your New Hires

    Onboarding is the process of integrating new employees into an organization, while orientation is the specific training and information session that introduces them to their role, team, and company culture. Both are essential for ensuring a smooth and successful transition for new hires, as well as for retaining them in the long term.

    However, many organizations struggle with creating a positive and engaging onboarding experience that meets the needs and expectations of their new employees. According to a survey only 12% of employees strongly agree that their organization does a great job of onboarding new employees. This can lead to lower productivity, higher turnover, and lower employee satisfaction.

    So how can you create a positive and engaging onboarding experience for your new hires? Here are some tips and best practices to consider:

    Start the onboarding process before the first day

    The onboarding experience should begin as soon as the employee accepts the offer, not when they show up at the office. You can use this time to send them welcome emails, introduce them to their manager and team members, provide them with pre-boarding materials and resources, and set up their accounts and equipment. This will help them feel prepared and excited for their first day, as well as reduce any anxiety or uncertainty they may have.

    Customize the onboarding experience to the individual

    No two employees are the same, so neither should their onboarding experience be. You should tailor the onboarding process to the individual’s role, level, learning style, and preferences. For example, you can use assessments or surveys to identify their strengths, weaknesses, goals, and expectations, and then design a personalized learning plan that addresses their specific needs and interests. You can also allow them to choose from different options or formats for their orientation sessions, such as online or in-person, group or individual, formal or informal, etc.

    Make it interactive and fun

    Onboarding should not be a boring or passive process where the employee just listens to lectures or reads manuals. It should be an interactive and fun process where the employee actively participates in activities, discussions, games, simulations, quizzes, etc. that help them learn and practice new skills, knowledge, and behaviors. You can also use gamification techniques such as points, badges, leaderboards, etc. to motivate and reward them for their progress and achievements. Additionally, you can incorporate social elements such as icebreakers, team-building exercises, networking events, mentorship programs, etc. to help them build relationships and trust with their colleagues and managers.

    Provide ongoing feedback and support

    Onboarding is not a one-time event that ends after the first week or month. It is an ongoing process that lasts for at least the first year of employment. You should provide regular feedback and support to your new hires throughout their onboarding journey, such as by setting clear expectations and goals, monitoring their performance and engagement levels, giving constructive and timely feedback, recognizing their accomplishments and contributions, addressing any issues or concerns they may have, and offering additional training or coaching opportunities as needed. You should also solicit feedback from them on how they feel about their onboarding experience and what improvements they would like to see.

    Evaluate and improve your onboarding process

    Finally, you should continuously evaluate and improve your onboarding process based on data and feedback from your new hires and other stakeholders. You can use metrics such as retention rates, productivity levels, satisfaction scores, engagement levels, etc. to measure the effectiveness and impact of your onboarding process. You can also use surveys or interviews to collect qualitative feedback from your new hires on what they liked or disliked about their onboarding experience and what suggestions they have for improvement. Based on these insights, you can identify any gaps or areas of improvement in your onboarding process and make necessary changes or enhancements.

    Creating a positive and engaging onboarding experience for your new hires is not only beneficial for them but also for your organization. It can help you attract and retain top talent, increase employee performance and productivity, enhance employee satisfaction and loyalty, and foster a positive company culture. By following these tips and best practices, you can create an onboarding experience that sets your new hires up for success and makes them feel valued and welcomed in your organization.

    Here are some possible online MLA citations for How to Create a Positive and Engaging Onboarding Experience for Your New Hires:

    Enroll for an MBA in Human Resource Management at the Britts Imperial University College. Call +971 522161783

    Works Cited:

    (1) Onboarding Experience: 8 best practices to set up new employees for …. https://www.togetherplatform.com/blog/create-the-best-onboarding-experience-for-your-employees

    (2) 14 Onboarding Best Practices (2023 Guide) – Forbes Advisor. https://www.forbes.com/advisor/business/onboarding-best-practices/

    (3) Onboarding Can Make or Break a New Hire’s Experience. https://hbr.org/2022/04/onboarding-can-make-or-break-a-new-hires-experience

    (4) 8 Top Tips To Create A Positive Onboarding Experience – THRIVE Learning. https://www.thrivelearning.com/blog/8-top-tips-to-create-a-positive-onboarding-experience/

    (5) Why your employee onboarding experience is key to engagement – LinkedIn. https://www.linkedin.com/pulse/why-your-employee-onboarding-experience-key-engagement-people-value

  • How to Use Earned Value Management to Track Your Project Progress and Performance

    How to Use Earned Value Management to Track Your Project Progress and Performance

    If you are a project manager, you know how important it is to monitor and control your project’s progress and performance. You need to ensure that your project is on time, on budget, and meeting the quality standards and expectations of your stakeholders. But how do you measure and report these aspects of your project effectively?

    One of the most widely used methods for tracking and reporting project progress and performance is Earned Value Management (EVM). EVM is a technique that integrates scope, schedule, and cost data to provide a comprehensive view of your project’s status and health. EVM can help you answer questions such as:

    • How much work have we completed so far?
    • How much work remains to be done?
    • How much time and money have we spent so far?
    • How much time and money will we need to finish the project?
    • Are we ahead or behind schedule?
    • Are we over or under budget?
    • Are we delivering the expected value to our stakeholders?

    In this blog, we will explain the basic concepts and steps of EVM and how you can use it to track your project progress and performance.

    What is Earned Value Management?

    Earned Value Management (EVM) is a project management technique that compares the planned value (PV) of the work that should have been done by a certain point in time with the actual cost (AC) of the work that has been done and the earned value (EV) of the work that has been completed. By comparing these three values, EVM can provide quantitative indicators of the project’s performance in terms of schedule and cost variance (SV and CV) and schedule and cost performance index (SPI and CPI).

    EVM can also be used to forecast the future performance of the project based on the current trends. EVM can estimate the time and cost required to complete the project (ETC and EAC) and the variance at completion (VAC). EVM can also calculate the expected value of the project at completion (EVP) based on the planned value and the cost performance index.

    How to Use Earned Value Management?

    To use EVM, you need to follow these steps:

    1. Define the scope of your project and break it down into manageable work packages or activities. Assign a budget and a duration for each work package or activity. This will form your project baseline or plan.

    2. Measure the actual cost (AC) of the work that has been done by tracking the expenses incurred for each work package or activity.

    3. Measure the earned value (EV) of the work that has been completed by multiplying the planned value (PV) of each work package or activity by its percentage of completion.

    4. Calculate the schedule variance (SV) by subtracting the planned value (PV) from the earned value (EV). A positive SV means that you are ahead of schedule, while a negative SV means that you are behind schedule.

    5. Calculate the cost variance (CV) by subtracting the actual cost (AC) from the earned value (EV). A positive CV means that you are under budget, while a negative CV means that you are over budget.

    6. Calculate the schedule performance index (SPI) by dividing the earned value (EV) by the planned value (PV). An SPI greater than 1 means that you are ahead of schedule, while an SPI less than 1 means that you are behind schedule.

    7. Calculate the cost performance index (CPI) by dividing the earned value (EV) by the actual cost (AC). A CPI greater than 1 means that you are under budget, while a CPI less than 1 means that you are over budget.

    8. Estimate the time required to complete the project (ETC) by dividing the remaining work (PV – EV) by the cost performance index (CPI).

    9. Estimate the cost required to complete the project (EAC) by adding the actual cost (AC) and the estimated time to complete (ETC).

    10. Calculate the variance at completion (VAC) by subtracting the estimated cost at completion (EAC) from the planned value (PV). A positive VAC means that you will finish under budget, while a negative VAC means that you will finish over budget.

    11. Calculate the expected value of the project at completion (EVP) by multiplying the planned value (PV) by the cost performance index (CPI). This represents the value that you will deliver to your stakeholders based on your current performance.

    Conclusion

    Earned Value Management is a powerful tool for tracking and reporting your project’s progress and performance. It can help you identify problems early on and take corrective actions accordingly. It can also help you communicate your project’s status and health to your stakeholders in a clear and objective way.

    However, EVM is not without its limitations and challenges. It requires accurate planning and estimation of scope, schedule, and cost. It also requires consistent and reliable data collection and analysis throughout the project life cycle.

    Enroll for an MBA in I.T Project Management at the Britts Imperial University College. Call +971 522161783

    Works Cited

    (1) Using Earned Value Management to Measure Project Performance. https://www.projectmanager.com/blog/using-earned-value-management-to-measure-project-performance

    (2) How To Use Earned Value Management + Formulas & Examples. https://thedigitalprojectmanager.com/projects/pm-methodology/earned-value-management/

    (3) Earned Value Management: A Way to Measure Project Performance. https://www.float.com/resources/earned-value-management/

    (4) How to use EVM (Earned Value) in Microsoft Project – Incl. Report Example. https://www.tacticalprojectmanager.com/evm-microsoft-project/