Management Accounting Assignment Sample

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Introduction Of Managing a Successful Business Project

A sufficient pool of knowledgeable and talented employees may facilitate the process of accomplishing the company goals and facilitate debate of issues that are truly in the organization's best interests. Consequently, the overall goal of talent management is to retain its training and efficiency. The importance of talent management is unsurpassed in contemporary businesses. Without the professional people that a business needs to succeed, even with other variables such as natural resources, infrastructure, and innovation, the business will fail to accomplish its objectives (Mensah and Bawole, 2018). Indeed, it is employees that propel a business to the next level of success. Additionally, talent management encompasses those employees who, either directly or indirectly, may have an effect on the company's objectives.

However, according to Currys PC World's organisational culture, the management team was unable to retain and control personnel, resulting in many losses and detriments throughout company operations. In this regard, the management and leadershipgroup of this company have chosen to undertake an efficient project by doing research into several external and internal factors which will be used to determine the project's appropriateness (van Zyl, Mathafena and Ras, 2017). This report's study will offer significant and highly useful information about the project management process as well as the research necessary to execute the project within Currys PC World's organisational culture.

Brief Overview of the Organisation

Currys, also referred as Currys PC World in the United Kingdom and Republic of Ireland, is a power retailer in the United Kingdom and Republic of Ireland operated by Dixons Carphone. It is a company that specializes in the marketing and distribution of home appliances and equipment. DIXONS purchased the PC World in 1993, and many of its locations in the United Kingdom started operating under the Currys PC World name. Until the Dixons brand was renamed, the company only has a few small centre stores in contrast to its much bigger outer mega-stores (Knikker, 2021). Dixons Retail began an initiative in 2008 in which Currys and PC World shops were merged into a single place. Since then, many shops have been merged into a single building.

Occasionally, it necessitated the actual deconstruction of some of the buildings that were next to the site. All electrical branding on both ends of the chains has been combined into a single design. In the Dixons Carphone 2015-2016 performance report to shareholders, Sebastian James, Group Chef, stated that the concept of the three-in-one store will be expanded across the company's whole United Kingdom including Ireland portfolio in the following financial year (Geraghty, 2020). It is expected that the strategy will generate an additional profit of about 20 million pounds per year as a result of the recurrent cost savings realised as a result of removing assets from both the portfolio.

Aims and Objectives of the Project with Timeframe

Aims of the Project

In essence, the project seeks to conspicuously integrate the inspiring and motivational elements for the workers inside the corporate culture of Currys PC World in order to improve the overall effectiveness of the company. The company will be better equipped to retain and retain people as a result of this change in corporate culture.

Objectives of the Project

  • “To evaluate the importance of talent management within an organisational culture”.
  • “To implement the encouraging and motivating factors to retain talent in the organisation”.
  • “To utilise theoretical frameworks regarding managing talent within the organisation”.
  • “To recommend some suitable approaches for easy adaptability of the changes for managing talent within the organisational culture”.

Timeframe for the Project

Activities

Week 1

Week 2

Week 3

Week 4

Week 5

Week 6

Week 7

Week 8

Week 9

Week 10

“Deciding to implement a project”

“Initiation of research”

“Collection of primary data”

“Collection of secondary data”

“Analysing the data”

“Initiation of the project”

“Gathering required resources for the project”

“Formation of the budget plan for the project”

“Execution of the project”

“Application of different talent management strategic approaches”

“Review the outcome”

“Collection of feedbacks”

(Source: As created by author)

Work Breakdown Structure of the Project

(Source: As created by author)

Application of Project Management Plan

  1. Initiation:First and foremost, the organisation must decide whether or not to execute a project within its organisational culture in order to effectively fill the gaps that have arisen as a result of which the organisation is experiencing various difficulties in its business operations (Lalmi, Fernandes and Souad, 2021). It must create a plan in order to set a date for the start of the project and the completion of the project effectively.
  2. Planning:Following the selection, the organization's managerial team must develop a budget plan, as well as a plan and estimate of resources such as human resources, material assets, capital backing, and other types of resources, among other things (Thesing, Feldmann and Burchardt, 2021).
  • Execution: The corporate project manager must next create a group and allocate all of the assets necessary to effectively implement and administer the project process as a result of the plan that has been developed (Lalmi, Fernandes and Souad, 2021). The administrative project manager must also apply effective methods in order to effectively manage the whole project throughout the course of its operations.
  1. Monitoring: When determining whether or not the budgets is being followed, the project manager will start taking into consideration both resources and expenses on the initiative. This method of project tracking determines whether or not a project has been completed based on the current effectiveness of the project. This maintains track of any modifications to the project (Thesing, Feldmann and Burchardt, 2021). The quantity and kinds of problems that occur, as well as the quickness with which they are resolved, are all considered when making this determination. Unanticipated obstacles and modifications in the project's range may result in the development of these risks and hazards.
  2. Closure: As a result, by effectively managing the whole project management process, the project manager is required to conclude the project and seek input from the stakeholders as soon as possible (Lalmi, Fernandes and Souad, 2021).

Elaboration and Evaluation of the Methodology for Conducting the Research

The project manager has used several successful processes over the course of the whole research process in order to obtain and gather important and valid information and data about the project. To gather a huge quantity of information and knowledge on the project, the project manager has generally used both primary and secondary sources, which have been combined to formulate a meaningful database. Furthermore, the project manager of Currys PC World has ensured that all ethical activities, such as the safeguarding of copyrights, patents, legal sources, and the approval and interest of human participants, have been preserved throughout the term of the whole project (Teachmanet al., 2018). As a result, the inclusion of both primary and secondary data in the study has improved the research's feasibility as well as its reliability in terms of its research findings and conclusions. This has enabled the researcher to collect and gather sufficient and suitable knowledge, which will greatly benefit the Currys PC World's Project Manager in conducting the whole project management system in an efficient way, to conserve and preserve talent inside the cultural context of the workplace. As a result, the organization's business performance can be improved while operating in a competitive climate, allowing it to flourish.

Justification of the Methodology

Meanwhile, the organisational project manager at “Currys PC World” used both secondary and primary research methods; as a result, it was able to gather the most legitimate and primary data and understanding via an interview process with three human participants, who are Currys PC World employees. The researcher has indeed been able to gather quantitative information and data from the organisation as a result of this. Additionally, but at the other hand, the project manager has made use of secondary sources including such peer-reviewed journals, previously published research articles, scholarly articles, and so on to complete the project. The researcher has indeed been able to gather a large amount of qualitative facts and information from the most feasible and trustworthy sources as a result of this (Snyder, 2019). Consequently, the integration of both primary and secondary data in the study has increased the feasibility of the research as well as the dependability of the study results and conclusions in terms of their validity and reliability. Those who offer the most important expertise to the project manager also contribute to the effective conduct of the whole project inside the organisational culture of Currys PC World throughout the duration of the company's business operations in the marketplace.

Establishment of both Primary and Secondary Research

Primary Research

Q1. How can talented people contribute to the overall success of an organisation?

Interviewee 1: Actually, I believe that individuals who are naturally gifted for their jobs in our organisation have the potential to increase the overall productivity of the organization.

Interviewee 2: I believe that digitalization, or the use of advanced technical features, is simple for talented workers who have the capacity to influence the development of an organization's performance.

Interviewee 3: For skilled workers, it is simple to adjust to, cope with, or overcome any kind of unpredictable change in the workplace or in the organization's external environment. In turn, this assists the organisation in providing dominant competition to its competitors.

Questions 2. What kind of tactics do you recommend that should be applied in the organization's culture?

Interviewee 1: I believe that our organization's leadership and management team should employ incentive programmes to encourage talented employees to remain inside our organization's organisational culture.

Interviewee 2: I believe that our leadership and management team should use enticing incentives to keep people inside our organization's organisational culture. 

Interviewee 3: First and foremost, our management team must offer workers with the flexibility they need for them to get appropriate support for maintaining their personal and professional lives simultaneously.

Q3. How do your company's leaders and managers go about retaining and managing talent in their respective organisations?

Interviewee 1: Having seen our company's CEO and human resource management for some time, I am confident that they are actively engaged in resolving the dispute amongst workers as well as paying attention to our employees need that in turn helps in retention of talented employees in our organisation.

Interviewee 2: In our company for the retention of talented employees, we constantly employ extra bonus both monetary as well as we also provide incentives to our workers to keep them motivated and satisfied that in turn helps in enhancing our company's productivity.

Interviewee 3: Yes, certainly, and it is correct that our management and leadership team have focused their efforts on creating ways to retain and manage people within the context of the organization's culture.

Secondary Research

As a result of the COVID-19 situation, consumer desire in sectors like groceries has altered, which has resulted in significant layoffs in industries like the hospitality industry. While significant developments and an overall increase in unemployment are unavoidable, a stable and lucrative career will almost definitely be necessary, especially for individuals who possess the specialised talents needed for the new ordinary in areas like information technology systems. Aside from that, as a result of the crisis, businesses are also rethinking their recruiting strategies more broadly, which may be partially due to a drop-in appetite for employment vacancies (Karanja and Malone, 2021). In response to the thorough assessment on online recruitment that has been included in the COVID-19 issue, many companies, for instance, have questioned if they are required to visit the school in order to perform interviews, which would admittedly be more complicated now, with many academic institutions planning to utilise distant education process in the fall.

This has resulted in a strengthening of the current trend: previous to the pandemic, companies like Goldman Sachs performed on-campus interviews with participants to gauge their interests. As per the forecasts of the organisation, it is expected that this trend will continue during the post-pandemic era. Despite the fact that digital skills are still in limited supply, distant professionals are treated on an equivalent footing with full-time staffs, and online innovators are incentivized to start their companies in their spare time rather than working full-time hours (Starr, 2021). However, even in other areas of talent, contractual employees usually react faster after a disaster because businesses value adaptability in their early (and unclear) stages of development. Throughout times of upheaval and restructuring, the culture of a company may experience significant change. When the basic structure of a company is re-evaluated, it is conceivable that its employees may suffer as a result of this.

Therefore, employee’s management should understand how important a company's culture is to accomplishing the long-term objectives of preservation and development of the business. As an outcome of internal improvements within the establishment, it is essential that the organisation communicates a positive message to both potential and current employees, assisting them in recognising the possibilities for advancement, innovation, and endorsement that may occur as a result of these improvements (Shanmuga Priya, 2021). The capacity to guarantee that a candidate's cultural fit inside a business is arguably the most important role that a talent manager can do in their professional life.

Talent managers have the power of acquiring the most skilled staffs in a business with a strong cultural orientation. Whenever a company merges with or acquires another company, the duty for teaching newly recruited employees regarding the culture of the newly acquired company will fall on the shoulders of capable executives. Employees may advantage from the knowledge and insights provided through talent leaders, which may entail cultural awareness on the part of the leader. It is possible that talent managers will be needed to train their employees in order to effectively mix people from various cultural perspectives together (Priya, 2021). Current employees are also retained and elevated to greater places within the company as a result of the implementation of talent management techniques and strategies. The revenue generated here would otherwise be wasted due to the high turnover rate of workers in this industry. A far better use of resources is to invest time and money on the development and retention of key skills, rather than wasting resources on the search for, recruitment, and training of new employees.

Analysis of the Data with Utilising Appropriate Analytical Tool

A career that is both stable and lucrative will become more important, especially for those with unique talents that are required for the new normal in areas such as information technology. During times of change and restructuring, the culture of a company may shift (Dhollandeet al., 2021). It is important for talent managers to understand how important an organization's culture is to the organization's longevity goal. Investing in the development and retention of key talents generates much more value than finding, recruiting, and training new employees. The responsibility of a talent director is to guarantee that a company's culture is compatible with its employees.

He believes that talent leaders have the responsibility of becoming the most educated workers in a cultural business. A talent manager's job is to assist workers in recognising and using possibilities for growth, development, and advancement that may emerge as a consequence of developments within the organisation (Kentet al., 2021). According to him, it is also the duty of competent administrators to train newly hired employees on the company's culture once they have joined the company. Workers may benefit from the role of talent leaders since they may provide them with valuable information such as cultural perspectives.

Recommendations for the Research

In order to acquire more apparent and important knowledge and documents for the more efficient management of the project, the project manager at Currys PC World must execute the whole study of the research across a broader range of time throughout the course of the entire study of the research. In order to get more legitimate and accurate information about the precise requirements of an effective talent management system within the organization's culture, the project manager should conduct a survey across a larger number of workers in the company (Kirchherr and Charles, 2018). The project manager, on the other hand, must collect and acquire a greater amount of data and information from more diverse viable and legal secondary sources, as well as examine the research of more distinct academics or researchers, in order to conduct a more comprehensive investigation. The project management of the organisation will be capable of building the project effectively as a result of gaining a suitable quantity of information throughout the research process.

Presentation and Formation of Project

The researcher or project manager of Currys PC World must thus concentrate his potential on the whole project management procedure by doing the whole study effectively. The project manager, who carries out his study, has therefore succeeded in implementing several types of strategic approaches and certain theoretical frameworks to be followed by the organization's human resources manager. In addition, the project manager has collected a large budget to include sophisticated technical elements to digitise the workplace (Pazmiño Vargas, 2021). This gives bright workers an effective incentive to use a variety of digitised processes to facilitate their job. In order to be able to retain and manage the talents inside the organisational culture to further grow the organisational achievement on the markets, the project manager has also chosen to draw up a number of guidelines to maintain the organisational human resources manager of Currys PC World.

Communication of the Recommendations to the Manager

Thus, the project manager of Currys PC World, having realised certain additional needs about the project, has chosen to share and convey enough information about the project suggestions to the organisational management team more effectively. The project management has chosen to use email or social media platforms to interact with the leadership and control group, as they interact and provide frequent updates on development of the project (Wilson, 2021). This allows the Currys PC World Project Manager to receive the organisational leadership and management team to provide adequate and quick assistance throughout conduct of the project management system as a whole.

Critical Reflection on the Discussed Project

Owing to the analysis of the aforementioned research, I came to the conclusion that talent management is by far the most essential point for an organisation to do in order to further enhance the firm's performance while doing business in the competitive market environment. In this regard, I believe that Currys PC World's organisational management and leadership team should devote their complete attention to developing and maintaining a talent management and retention system inside the organization's culture in order to provide constant growth in the organization's profit margin. However, since the business is always confronted with a slew of obstacles all through the course of its commercial operations, the effort to establish an efficient project management system inside the company is, in my opinion, the most suitable one. Only a project management system, I believe, would be able to effectively identify the essential needs of an organisation. In this regard, I also like to do research that used a combination of primary and secondary methods wherever possible. I will indeed be able to proficiently acquire and gather enough and apparent and viable information about the primary purpose of the project management system as a result of this.

As a result of doing extensive research and accumulating data, I can comprehend the real requirements of the organization's leadership and management team, and the needs of its workers. As a result, I believe that the method of doing research beforehand to executing any project is a beneficial one that contributes substantially to the skilful and successful completion of the project in order to successfully fulfil the goals and aims of the company in question. Through this, I will be able to quickly determine my level of strength and assurance in managing the whole project over the course of the organization's business operations in order to improve the overall performance of an organization. To put it another way: in general, the information and knowledge that I have gathered from external sources could be used to successfully assist me improve my understanding of the real demands of the organisation in order to meet those requirements and alleviate their sufferings. As a result, I believe that the complete project management process, including the conduct of the research, would become more effective in capturing knowledge about the organization's future results of their business, and that the organisation will recognize the importance of this project management process during their future business operations.

Conclusion

Following the whole assessment of this research, the organisational executive team effort of Currys PC World has decided that it is important for their organisational performance to be improved. The necessity for talent management stays constant in contemporary businesses. Although there are other factors, such as natural resources, infrastructure and technology, the knowledgeable personnel that is crucial to a company cannot achieve its aim. Indeed, these are the individuals who bring a company to its next complete capability. Furthermore, talent management includes those persons who may influence the aim of a business via their direct or long-term involvement. The executive leadership has nonetheless failed to retain and manage Currys PC World's talent and organisational culture, which creates serious losses and difficulties for the business. In this respect, the company's management and management team decided to carry out an effective project by examining the various external and internal elements to evaluate the appropriateness of this project.

References

Dhollande, S., Taylor, A., Meyer, S. and Scott, M., 2021. Conducting integrative reviews: a guide for novice nursing researchers. Journal of Research in Nursing26(5), pp.427-438.

Geraghty, L., 2020. “The circle is now complete”: Transmedia Storytelling and Nostalgia in Star Wars Television Adverts. In The Transmedia Franchise of Star Wars TV (pp. 77-96). Palgrave Macmillan, Cham.

Karanja, E. and Malone, L.C., 2021. The role of industry and academia partnership in improving project management curriculum and competencies. Journal of Economic and Administrative Sciences.

Kent, S., Burn, E., Dawoud, D., Jonsson, P., Østby, J.T., Hughes, N., Rijnbeek, P. and Bouvy, J.C., 2021. Common Problems, Common Data Model Solutions: Evidence Generation for Health Technology Assessment. PharmacoEconomics39(3), pp.275-285.

Kirchherr, J. and Charles, K., 2018. Enhancing the sample diversity of snowball samples: Recommendations from a research project on anti-dam movements in Southeast Asia. PloS one13(8), p.e0201710.

Knikker, J., 2021. Who is Your Client and how do You Approach them?. In How to Win Work (pp. 112-114). RIBA Publishing.

Lalmi, A., Fernandes, G. and Souad, S.B., 2021. A conceptual hybrid project management model for construction projects. Procedia Computer Science181, pp.921-930.

Mensah, J.K. and Bawole, J.N., 2018. Testing the mediation effect of person-organisation fit on the relationship between talent management and talented employees’ attitudes. International Journal of Manpower.

Pazmiño Vargas, R.J., 2021. Effectiveness of presentation, practice and production method on the development of speaking fluency (Master's thesis, Pontificia Universidad Católica del Ecuador).

Priya, G.S., 2021. A Study on Strategy of Employer Branding and its impact on Talent management in IT industries. Elementary Education Online20(5), pp.3441-3451.

Shanmuga Priya, G., 2021. A Study on Strategy of Employer Branding and its impact on Talent management in IT industries. Ilkogretim Online20(5).

Snyder, H., 2019. Literature review as a research methodology: An overview and guidelines. Journal of Business Research104, pp.333-339.

Starr, S.J., 2021. Identify and Assess Project Manager Skill Gaps to Develop and Retain Talent on Health Care Projects (Doctoral dissertation, The College of St. Scholastica).

Teachman, G., McDonough, P., Macarthur, C. and Gibson, B.E., 2018. A critical dialogical methodology for conducting research with disabled youth who use augmentative and alternative communication. Qualitative Inquiry24(1), pp.35-44.

Thesing, T., Feldmann, C. and Burchardt, M., 2021. Agile versus Waterfall Project Management: Decision Model for Selecting the Appropriate Approach to a Project. Procedia Computer Science181, pp.746-756.

van Zyl, E.S., Mathafena, R.B. and Ras, J., 2017. The development of a talent management framework for the private sector. SA Journal of Human Resource Management15(1), pp.1-19.

Wilson, N., 2021. Digital Communication Methods for Manager-to-Employee Relationship Development: An Exploratory Qualitative Study (Doctoral dissertation, Capella University).

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