Running head: BUSINESS MANAGEMENT TECHNIQUES

BUSINESS MANAGEMENT TECHNIQUES

Name of the University

Name of the student

Author notes
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Table of Contents
Assessment 1..............................................................................................................................2

Assignment 2............................................................................................................................11

Assignment 3............................................................................................................................13

Assignment 4............................................................................................................................15

1 References................................................................................................................................19
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Assessment 1

Question 1

As an inventor does not have any legal right to raise capital directly from the general

public so it can not raise fund for the development of his product. where as a public company

has the legal right to raise fund directly from the public and can utilize the fund for the

development of the product. The inventor has to form a public limited company and then

raise fund from the public to make development in its products (Lu 2016).

Question 2

Before taking the decision of setting a new plant for car manufacturing a Japanese

company will mainly consider the labour cost that it has to pay for carrying on its operation
2
in United Kingdom. If the Japanese’s company found that its is possible to get skilled labour

at cheap price then it will be easy for them to take the decision. In addition to that the

availability of the raw materials is also required to be verified, if the raw materials required

for the construction of the car. If there is unavailability of raw material then the Japanese

company may have to import raw martyrial which may attract import duty on bringing raw

materials from japan. For this reason, the company has to check whether the government of

UK will give any relaxation in the import duty or not (Oats and de Widt 2019).

The Japanese company has to analyse the market to understand the competitive ness

in the British market and the demand of the cars among the consumers in Britain. In addition

to that the Japanese company should also consider the availability and price of land in Britain

where the company will set the factory.

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Question 3

List briefly the actions required to form a public limited company

To form a public limited company as per the UK law and some commonwealth

jurisdictions. The public limited companies are also considered as limited liability company

the minimum share capital of the company will be 50000 and the shares should be sold and

traded freely in the recognized stick exchange (Ahmad Kodwani and Upton 2016).

A public limited company should add the words PLC after its name. although some

public company are formed under the special legislation and these organizations are excluded

from the obligation to affix the word PLC after their name.

The PLC’s that are established in the in Britain are require to register with company’s
3
house which is an agency of the department for business innovation and skills. It is essential

to have minimum one director to get the status of public limited company. There are some

eligibility criteria to become the director of a public limited company, such as the director

should not subject to a restriction order for bankruptcy, or the age of the director should not

be more than 70 and less than 16 (Halbouni and Yasin 2016).

The members of the PLC’s should not hold the entire number of shares and should

give there consent to sell some part or all the shares at the time of its registration. the blame

of all the members of the company should be mentioned in the memorandum of association,

who have purchased the shares of the company and the number of shares purchased by each

member should also be mentioned in the MOA. These members who agreed to purchase the

shares are considered as subscribers and the shares are classified as subscribed. The public
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limited company will allot shares the minimum b\value of which should be 50000, and the

quarter part of which should be fully paid up.

A memorandum of association has seven parts thee are name clause, registered office

clause, objective clause, object clause, liability clause, capital clause and the association

clause. The MOA is a legal paper that is essential for setting up a public limited company.

The main purpose of the MOA is to briefly describe the relationship of the public

limited company with its stakeholders. The MOA is considered as the constitution of the

organization. The public limited companies that are situated in United Kingdom requires

MOA.

Name clause
4
The name clause contains the proposed name of the company the following points are

included in the name clause

The name must end with the suffix limited it is a public company,

There should not be similarity with the name of any other company

It can not allude to the newly formed organization that is doing the business of a company

that is already doing business.

The name should not be misleading in any sense.

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Registered office clause

The clause of the registered office states the name of the province or state where the

organization’s registered office is situated. The main points that are included in the registered

office clause are stated below:

From the physical location of the company it will be possible to know that under

which jurisdiction of the registrar of the company will fall and under which court the legal

matters of the company will be judged.

The company’s residential status is also mentioned in the memorandum of accounts.

5 The full address of the registered office will be mentioned in the MOA.

Objective clause

The objective clause is considered as the most imp [orthant clause of the memorandum of

association

The objective clause contains the limits and scope of the operations of the company

It specifies the area of activities of every member of the company and states that in

what way the capital of the members will be utilized.

The object clause provides various clauses which will protect the fund of the

shareholders and provides the guidelines that are to be used to utilize the funds for the right

purpose in order too o prevent the misutilization of the funds (Oats and de Widt 2019).

Object clause
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The object clause is used to explain the reason for the formation of the company. It is

not legally possible for the company to do any kind of business that is not specified in the

object clause. The following points are included in the object clause:

After its incorporation what type of business will it do should be listed in the object clause

The incidental objects that will be required to do the main object

Other objects that are not mentioned in the main object.

The object should be legally viable

The objects should be made in such a manner that it can protect the interest of the public.

The clause should not contain anything that is against the law of the country.

6
Liability clause

The liability clause provides the details of the total capital that is raised by the

company. This is also known as the authorized capital. Companies are not allowed to

generate money which exceeds the amount that is mentioned under the authorized capital.

The process by which the company will be divided into the equity shattered capital and the

preference share capital is also required to be mentioned in the liability or capital clause. The

number of shares that the company keep in the equity capital and the preference shares are

also required to be mentioned in the memorandum of association (Caramanis and BU 2018).

Association clause

The association clause describes that any member of the company who is authorized

to sign at the end of the memorandum of association will be associated with the organization

that is formed by then organization. In case of a public limited company the MOA should be
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signed by at least seven people. In case of private company, the memorandum of association

should be signed by two members. The signatures should be made in the presence of a

witness. There should be third party who will be present as a witness and the members will

not be allowed to act as witness. the address and occupation of every subscriber and the

witnesses must be they’re in writing (MAHESHWARI and MAHESHWARI 2016).

The purpose or objects clause or the clause number 3 is the most essential clause of

the memorandum as with out the object clause it will not be possible to set the busies as the

object clause contains the details of the operations that the company will do. If the operation

of the business is not clearly mentioned then the company will be legally void and it will

north be possible for the company to carry on operations (Sukalkar and Warkad 2017).

7 Question 4

Oil company

If an oil company merges with another oil company then both the companies can

enjoy some benefits of working together. In the oil industry highly, advanced infrastructure is

essential so the company which has advanced infrastructure facility can provide assistance to

the company which does not have highly advanced infrastructure facility. In addition to that

oil company requires huge amount of funds and resources that is essential to carry on the

operations without having any obstruction (Labro 2019).

Clothing retail company

By merging or taking over another company in the clothing retail company one the

major benefit one company can avail is that by acquiring another company it will be possible

for the acquirer to capture the market and customer base of the acquired company and taking
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a competitive edge over the other market participants. As the in the clothing rental industry

there are serval number of market competitor so if two company merges then it will be

possible for these companies to capture a larger share of the market and to expand their

customer base (Baigrie and Coetsee 2016).

Steel works

In steel works it is essential to have highly skilled labours which is not easily

available, by merging with another company the acquirer will be able to utilize the labour of

the acquired company from which the acquiring company will be able to control the cost and

increase the profitability.

Question 5
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Industry in which currently working

Automotive industry

The major departments in the automotive company are management and administrative

department

Department of sales, the service department and the parts department

Management and administration department

The management and administrative department look after the daily productivity and

the management of the affairs of the business. The operations in the automotive industry is a

huge and complex process so to mange the day to day affairs it is essential to manage such

affairs and keep the operation process running. the individuals who have high degree of

integrity and managing skills can handle this kind of department.

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Department of sales

Selling a vehicle is a tough job and the entire revenue is dependent upon the sales

department. the sales pensioned should possess knowledge not only about the feature of the

car but also about the insurance policies and the finance options that the client may want to

take for buying a car, The sales personnel should also provide information about the different

state laws and the federal laws which is related with the sales of the car (Kumar 2017).

The service department

The service department is another most important department in the automotive

company. Cars contain several complex parts which may get damaged or have manufacturing

defect which can be repaired or changed by the employees of the service department. it is
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essential to have an efficient service team which will provide after sales service and satisfy

the customers if they face any problem with the technical parts of the car. The service

department should consist of efficient technicians who have relevant skill and knowledge to

solve any technical problem of the car (Chatzivgeri et al 2017).

The parts department

The service department and the parts department should work with collaboration. The

service department will require different parts that will be required to replace or repair any

parts of the car. The professional that are working in the department of the inventory or parts

order and majorly engaged in supplying the parts to the technicians or engineers who used to

work in the service department.

All the department of the automotive sector works with collaboration with each other

as all the departments are linked with the performance of another department. the entire
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performance of the company depends on the performance of the technicians, sales personnel

and on the management and administrative department (Shekar and Karmokar 2016).

Question 6

The role of the engineering department is to serve technical support on the

improvement of the projects, the range of services varies from development of concepts by

improving the engineering design, managing projects and inspection of construction works.

The engineering department plays an important role in framing the plans regarding how to

execute a project and make the design based on which the project can be structured. The

engineering department monitor all the technical affairs of the production process and suggest

necessary advice that are required to improve the quality of the products. The design of any

10 product is made by the engineering departments and if any mistake is detected in the process

of production it is rectified by the engineers (Dharmadhikari 2018).

Assignment 2

Question 1

Question 2a
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It is difficult to interpret simulation results from the “what if” analysis and for risk

analysis interpretation of simulation results is very essential, this is the main reason why what

if analysis is not appropriate for risk analysis.

Question 2b)

Explanation of the activity

Production /supply / price in different scenario

Capital volume

Production volume

Area of interest

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Stock maintenance

To increase production and stock

Number of orders

Subsystem

Scenario manager

Goal seek

Data table

Question 2c)

What if Immediate Ultimate Recommendatio Subsystems

consequence consequence n
Production get Increase in raw Unnecessary To compute Scenario
reduced material stock blockage of stock level in manager
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working capital different

scenarios such as
worst, most
slightly, better.
Increase in Increase in cash Can order and To compute the Goal seek
capital balance stock more raw quantity of raw
material material to be
stocked or
ordered.
Fluctuation in Difficulty in Difficulty in To compute Data table
production maintaining ordering stock ordering level at
raw material at the right time different
stock and managing production level.
working capital
effectively

Question 2d)

If there is a sole supplier then all the assumptions that are made for the what if
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analysis will become ineffective and for that reason the what if analysis will become in

effective and it will not be possible to get any accurate result from the what if analysis. As if

there is a sole supplier then the assumption that the price will remain same may not become

possible due to the high bargaining power of the supplier. In addition to that it may not be

possible to get raw materials whenever the production increases and there may be a shortfall

in the supply as there is no other supplier is available in the market.

Question 3

i) Purpose of marginal costing

The purpose of marginal costing is stated below

Ascertainment of cost
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Marginal costing is not only used to record costs but also to prepare report based on

that records. Marginal costing help to classify cost in to two categories these are fixed and

variable, which can be used to ascertain the cost easily (Haque, 2018).

Cost control

From the marginal cost statements, it can be possible for the management to interpret

and analyse the areas where cost control process is required. As the marginal costing method

is useful to bifurcate the cost easily it will be possible to exercise control over the cost of

production and based on that the management can take decoctions (Van Erdeweghe Van Bael

and D’haeseleer 2019).

Decision making
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The purpose of marginal costing is to assist the management to take decisions based

on the data provided by the marginal cost statements. From marginal costing it can be

possible to ascertain the contribution of the product which helps the management in solving

problem.

ii)

As the cost structure of different manufacturing companies is different so for that

reason marginal costing can not be used in every organization.

Question 4
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Assignment 3
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Question b

Material variance

The variance occurs as the material price as the actual amount exceeds the estimated amount.

Material price increased due to the

The increase in raw material increased due to high demand and low supply, or

Increase in transport cost

Procurement officer fail to estimate,

Wrong assumption made during budget preparation

Labour variance
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Labour variance occurs as the actual amount of labour costs exceeds the budgeted amount,

this happen due to the following reason

Unavailability of experience labour

Idle time increase due to lack of effective management

It may happen tools and equipment used by the labours is not effective

Fixed overhead variance

Fixed overhead expenditure variance occurs due to the following reason

Fixed overhead increases due to failure of control or

Due to increase in expenditure

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Question c

Standard costing

Strength

 It help to improve cost control

 It is very effective for decision making

 Inventory measurement can be done more easily

Weakness

 The materiality limitations for variances can be controversial

 Certain variances cannot be measured properly

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 As under this method managers give more focus on unfavourable variances it can

demoralise the workers

Marginal costing

Strengths

 Maintain stability

 Overhead calculation can be done easily

 Valuation process can be made more realistic

 It is very helpful for management

Weakness

18  Analysis of overhead becomes complicated

 It is very time consuming method

Question d
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To the board of directors

The ideal standard directly influences the standard costs measurement employed in

the organisation. The ideal standard selection is a first step in the standard costing system and

can be a source of contention as well. The selection of the standard is made on the basis of

the input from various internal stakeholders. As the ideal standard is effective to give

importance to all the aspects of the costing system it can give more encouragement to the

workers at every level of production and increase their efficiency.

Assignment 4

Question 1

The board of the company has framed a two strategic objective these are
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To establish the company as the best in the field

To be the largest company in the market

For achieving these two objectives the company has set a tenure of 5 years to achieve

the target and for the second objective a tenure of 10 years has been allocated.

ii)

Strategic planning is made to achieve the visions of the organization while operational

planning is a method of taking decision in advance what performance is expected from the

employees to fulfil the tactical aim of the business (Al Shobaki Amuna and Naser 2017).

Strategic planning is made for long term objectives and operational planning is made

to fulfil the short-term planning.

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The strategic plan is extrovert in nature while on the other hand the operational plan is

introvert in nature.

The longevity of the strategic plan is longer in comparison to the operational plan. It

is essential to make changes in operational plan on yearly basis.

Top level management is involved in framing the strategic plan while on the other

hand the middle level management used to participate in middle level management.

The scope of strategic plan is wide while the scope of operational plan is narrow.

Strategic planning give emphasis on framing plan of vision, mission and in setting the

objectives. Operational planning is made to frame the plan the routine activities of the

organization.
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Some examples of the strategic plan are, framing the plan to determine how the

company can establish itself as the leader of the market after 5 years. While, framing the plan

to become the leading market performer of the current financial year can be an example of

the operational planning (Jha and Kumar 2016).

iii)

For an oil exploration company, it will be required to make long-term planning as the

operation a process of oil exploration is huge and it requires more time for an oil exploration

company to become the market leader (Hill 2019).

For a clothing retailer operational planning will be more effective as the in the

clothing retail sector the day to day activities are to be emphasized more rather than long-

term activities. So, in order to achieve the short-term objectives of the retail sector it is
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essential to implement an operational planning system in the clothing retail sector (Towbin et

al 2018).

Question 3

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Question 3a)

From the chart it can be observed that the maximum profit that can be earned is 128

and the optimum volume of sales will be 23.

Question 3b)
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From the graph it can be observed that the marginal cost and marginal revenue

intersects each other at the sales volume of 23, for which this is the optimum volume of sales.

The total sales curve and the total cost intersects each other when the profit is maximum.

Question 4

In order to reduce the amount of risk it is advisable to keep the proportion as 60:40

which means sixty percent of the amount should be invested in the fixed interest rate

securities like bonds debentures and preference shares which are less risky and can provide a

fixed rate of return irrespective of the fluctuations in the market condition, and forty percent

of the amount can be invested in shares which can provide high return but at the same time

the amount of risk involved in equity shares is high in comparison to the fixed interest rate
22
instruments (Jenkinson Jones and Martinez 2016).

From various investment strategy related journals and from websites like the yahoo

finance it will be possible to frame the investment strategy.

The strategy is made on the basis of the fund available to the manager if a fund

manager have less amount of fund and in spite of that the fund manager wants to invest more

amount in the equity then it may be possible to lose money and in that case the fund manager

will not be able to provide the assured return to the pensioners. So, if the strategy of 60: 40 is

followed then in that case the fund manager will be exposed to higher risk and may not be

able to provide the assured return (Flori et al 2019).

The safest and highly profitable stock is unclever which provides a high return and the

rate of risk associated is low. the company is performing well for which it is expected that the

company will provide higher return in future also.

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In the oil and gas sector the leading company is royal Dutch shell PLC this company

ahs high market capitalization and in the last few years the company give a steady return to

its share holders.

In the metal sector tata steel is considered as good stock from which a high return can

be expected as the company is performing efficiently in the last few years.

BHP is one of the largest mining company in London the company has a past history

of delivering high return to its investors as the risk is low investment can be made in this

share also.

BASF ranks first among all the chemical companies in London the company has high

market capitalization and the rate of return is higher in comparison to any other companies in
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this sector so this stock is selected for investment.
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24

Assignment 5

Part a. Factors which need to be considered when tendering an estimate for a contract:

The following are the factors which would be considered by the project management

companies while estimating in order to tender for particular work contracts:

Profitability:

The first criteria which the project management firms should take into account while

making estimates in relationship to particular works contracts is profitability. The companies

should estimate the amount of profits which they aim to generate from particular works. For

example, they should consider the actual revenue which is mentioned in the tender

documents, usually the cost of the concerned contract. They should then different
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expenditures which they would require to incur in order to execute the project mentioned

under the contract. For example, Lopez et al. (2017) point out that the projects like

construction of bridges, buildings and roads often require labourers at elevated levels. In fact,

working at elevations in order to fix structures like rods, electrical wirings and beams often

constitute a major portion of the works. Thus, the construction management firms have to

estimate the costs of working at elevations by using scaffoldings. Similarly, execution of

projects invite expenses like immense use of energy to operate the equipment, water and

safety management (Mule Gupta and Desai 2019). Pravin, Murali and Shanmugapriyan

(2017) mention that construction project sites are prone to natural calamities like flooding.

These natural calamities lead to loss of materials, damage to already standing structures,

damage the onsite machinery and even result in injuries or even death of labourers. All these
25
factors lead to immense financial losses to the companies concerned besides leading to time

overrun. The management of the project management companies should take into account

these expenditures and losses which they may face while execution of projects. They should

only take up the projects only if the costs of the contracts are able to cover these expenses and

losses in spite of generating the profit margin.

Risk taking capabilities:

The project management companies prior to taking up projects should consider their

individual risk taking capabilities. Huovinen (2016) points out that facts that generally risk is

considered directly proportional to profit generation. Project management firms often

participate in tenders which attract risks in order to generate high profits. Bos-de Vos, Volker

and Wamelink (2019) opine that uncertainties like shortage of raw materials and accidents

often lead to the profits to ‘slip away’ from the project management firms. Pratono (2018)
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though does not contradict the opinion of the previous authors, mentions that firms should

measure their respective capabilities of absorbing or diversifying risks. These powers to

absorb and diversify risks depends on different aspects of the project management companies

concerned like the sizes of business, financial strengths and technology under exposure.

Large scale project management firms have more risk taking capabilities compared to their

smaller counterparts. For example, Samsung C&T which is the construction arm of Samsung

Group executes large scale projects different locations spread in different countries

simultaneously (Samsungcnt.com. 2020). The company as a result is able to diversify the

losses and expenditures incurred from one project over the profits generated by the other

projects. Thus, it can take up more large scale projects which usually involve higher levels of

risks and generally yield higher revenue generation. Smaller construction companies on the
26
other hand lack the resources like financial resources and usually have a small numbers of

projects going on simultaneously. These small numbers of projects coupled with the limited

resources are not able to absorb the high amount of expenditures and losses which may arise

during the course of project execution (Weforum.org. 2020). Thus, small sized construction

firms generally do not participate in large scale tenders. Thus, it can be established that the

construction firms consider their respective risk taking propensity while considering

undertaking projects.

Historical records:

The project management companies take into account the historical records pertaining

to the particular project sites. This is because project sites are often prone to natural

calamities like flooding and thefts of materials, all of which cause immense financial losses

to the project management companies. The management companies prior to making

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decisions regarding taking projects take into account these factors. They generally avoid

taking up projects in areas which are known to experience risks like natural calamities.

Part b. Checks prior to supplying materials and equipment:

The contracting firms prior to supplying materials and equipment to clients should

check some mandatory records. They should take into account contract clauses and

unpredictable risks which may arise in the course of the delivery of materials and equipment.

For example, the companies should check the details of the materials which were ordered for

delivery by the client in terms of quantity, quality and specification. As far as equipment is

concerned, the supplier should check details like numbers of equipment ordered, the

particular company and version of the equipment ordered. The companies should take into

27 account any risks like transport strikes, logistics breakdown or even natural calamities which

may inhibit timely delivery of the materials and equipment.

Part c. Tender

Nos of
Per unit units(Assumed Total
  costs ) Costs Loading(10%) costs
New lamps 4 100 400 40 440
Ballasts 100 1 100 10 110
Ignitor 100 2 200 20 220
Capacitator 1000 2 2000 200 2200
Columns 1000 100 100000 10000 110000
Cable 1000 100 100000 10000 110000
Photoelectrical cell 5 100 500 50 550
Tarmas 3000 1 3000 300 3300
Concrete 3000 1 3000 300 3300
Removal of old concrete and
debris 4000 1 4000 400 4400
Mobile cranes(including hiring
costs) 4000 1 4000 400 4400
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Transportation costs 7000 1 7000 700 7700

labour costs 10000 10 100000 10000 110000
Concrete mixers 4000 5 20000 2000 22000
Other equipments 4000 5 20000 2000 22000
Contigency         11000
Total     364200 36420 411620

Days
1 Acquistion of materials like lamps, ballasts etc 30
2 Acquistion of equipment 60
3 Excavation of the holes 60
4 Disconnecting of old lamps 15
5 Removal of old lamps 15
6 Removal of old stands and concrete 15
7 Insertion of new columns 30
8 Fitting of new lamps and insertion of wires 30
9 Removal of debris 60

28

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