EAST WEST UNIVERSITY

MIDTERM EXAM- 1

Course MBA/EMBA 503, fall 2021

Name Sarkar Md Fahim Shariar

Student ID 2021-3-95-086

Mentor Kohinoor Biswas

Filling Time (11/16/2021)

1. Show with your personal examples (minimum 3) how you can use Parkinson's Law in
time/life management. (300 words).
Answer: The work extends to occupy the time allotted for its completion. In 1955, Cyril Northcote
Parkinson, a well-known British historian and novelist, made an intriguing comment. If you allow
yourself a week to do a two-hour assignment, Parkinson's Law states that the task will grow in
complexity and become more onerous in order to occupy that week. It's possible that the extra time
won't be filled with more work, but rather with worry and anxiety about needing to do it. Here is
three examples:
I am using the right framework to show team members where they fit in helps to reduce buck-
passing and social loafing by forcing them to take more responsibility for their allotted roles and
contributions. This also helps to clarify expectations for communication and feedback, which can
be a major source of contention in cooperative projects. This framework outlines who has the last
say on decisions and projects, removing a lot of the back and forth over (sometimes contradicting)
changes and suggestions that cause projects to grow and drag on.
Second example, When our team is striving to develop a new product in time for a user conference,
timing is the most essential metric. The product must be completed before then, which may
necessitate certain choices in terms of scope (feature reduction) and/or budget (investing more).
This may seem discouraging at the outset of a project, but it is undoubtedly beneficial when I reach
those important decision-making moments.
Final example, First, I select milestones and deadlines that occur throughout the project when
creating my timeline. This makes the broader project more manageable and creates a sense of
urgency to get the work started — even if the project's overall completion date isn't imminent, the
deadline for the first task is. This also gives the team the impression that they're making progress
on the project, which is quite motivating.
2. Show with your personal example (minimum 3) how you can use Pareto Law in wealth
management & life management. (300 words).
Answer: The Pareto principle states that 20% of the effort, or input, produces 80% of the
outcomes, or output. Vilfredo Pareto, an Italian economist, engineer, and sociologist, found it. The
Pareto efficiency, or 80/20 rule, argues that only 20% of the inputs produce 80% of the results.
This approach has been widely used to boost productivity in business and economics. We can also
use it to benefit you in our daily lives: Manage our time more efficiently
• Maintain a healthy lifestyle
• Achieve our ambitions
Here are three examples shown below:
To begin, discover the 20% of inputs that produce 80% of outputs in various elements of our firm.
We can, for example, focus our marketing and customer service efforts on the clients who earn the
most money. When it comes to finding new clients, we look for persons who have similar profiles
to your most loyal consumers.
Secondly, applying the 80/20 rule to our warehouse can assist me in identifying the 20% of goods
that create 80% of the movement and sales. Make these things a priority by putting them on our
website, in our marketing materials, and in our physical store, if I have one. And finally, The Pareto
principle works well for digital marketers. This is because they have access to data and analytics
tools that give insights into the performance of their campaigns.
Finally, Armed with this information, we can use the 80/20 rule to improve our digital marketing
strategy. Knowing that 20% of your posts generate 80% of traffic, identify which types of posts
perform best. Then, design a content marketing strategy that incorporates more similar posts. We
can apply the 80/20 rule to better our digital marketing plan now that we have this information.
Determine which types of content perform best, knowing that 20% of your posts create 80% of
your traffic. Then, create a content marketing strategy that includes other posts that are
comparable.
3. Incompetence is omnipresent. Give example in the context of Bangladesh (minimum 300
words)
ANSWER: "Employees are promoted according to their current progress rather than the required
skills and aptitude" The Peter Principle states that most organizational hierarchies, such as those
of a corporation, have a tendency for each person to ascend through the ranks by promotion until
they reach a point of relative incompetence. I can surely give you some examples of incompetence
in the context of Bangladesh.
The Peter Principle is a typical occurrence in Bangladeshi firms, in which employees are promoted
based on their present performance rather than the skills and aptitude required for the roles they
are being considered for.
Second, there is an issue in Bangladesh that affects all government and non-government
commercial domains, in which the business is regulated by a pyramid structure that fails in its
attempt to reach a climax. Erroneously qualified workers are placed in positions that do not
correlate, do not end up being to your liking, or are just too challenging. Most crucially, the
majority of employees who are excellent at following rules or corporate policies are promoted to
the position of writing rules or policies, despite the fact that being a good rule follower does not
imply that an individual is well-suited to be a good rule creator. As a result, he became
incompetent.
In reality, incompetence can be found anywhere. It is not just about the commercial or public
business sectors in Bangladesh. As a marketing professional in Bangladesh, I am well aware of
the meaning and definition of Peter's law of incompetence. Some executives and managers are
prime examples of this. A possible solution to the Peter Principle problem is for organizations to
provide proper skill training for individuals who are promoted, and to ensure that the training is
appropriate for the position to which they have been promoted.
4. Life is full of paradox. Comprehend with your own understanding (minimum 3 examples).
(300 words)
Answer: Life is full of paradox. I completely agree with this line. I going to express what I
understand by it. I am going to present four situations as example what I faced in my life.
The more you learn, the more you realize how much you don't know. The adage of Socrates. Every
time you obtain a deeper understanding, you raise more questions than you answer. I believe that
occurs in everyone's life. When we have an exam, we start learning and finishing our chapters, but
then we realize we have a lot more to read. Almost everyone feels I've learned more about the
chapter. I'll give you an example. I should have read Parkinson's book after learning Parkinson's
Law and writing for my midterm exam. Another point of view is, the more you strive for
something, the more difficult it will feel to attain. When we expect something to be tough, we
frequently make it more difficult unknowingly. For example, for years I assumed that striking up
a conversation with a stranger was exceedingly unusual and thus "difficult." As a result, I spent a
lot of time planning and researching strategies to connect with people I didn't know. I had no idea
that all I had to do was say "Hi" and then ask a simple inquiry would get me 90% of the way there?
But, because it felt difficult, I went ahead and made it difficult for myself.
And, as a final example, the more you strive to keep someone close, the further away you will push
them. This is the counter-argument to jealousy in relationships: when actions or sentiments become
responsibilities, they lose any value. If your girlfriend feels compelled to spend her weekends with
you, your time together will be meaningless.