MNG92100-2019-1 Strategic Asset Management - Assignment -2 - Reflective Journal - Part A
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This is a reflective report in which I will be reflecting on my experiences that I gained from topics that were taught during the workshops one and two. The frameworks, theories, and asset management literature are going to be highlighted in the report. In the workshop 1, I will be outlining my learnings from topic 1 and 2, whereas in workshop 2, my main focus would be on Fish Bank simulation and VDM warrior game.
Workshop 1 Learnings
Workshop 1 provided great knowledge of strategy, the key difference between a plan and a strategy, asset management, and much more. The topic 1 of workshop 1 started with the interesting story of World War I. The understanding from this story helped me in getting knowledge about successful strategy and factors contributing to the success of the strategy. The first thing that I came to learn from this topic was the meaning of strategy. One thing that I remember from the lecture is that strategy helps in generating the desired outcomes for decision-making (Basak & Makarov, 2014, p. 189). These factors are innovation, engagement, communication, culture, and project management. The reason for selecting this topic is that learning strategy formulation is significant for my career. I learned that strategy helps in growing the business, attracting, customers, and carrying out operations in the business.Before attending this workshop, I used to think that plans and strategies are synonymous. The lecture taught me that plan is focusing on a particular plan or arrangement that has a definite propose. This is different from strategies as they have a definite purpose and are a bit flexible. The knowledge would help me in my career as while working in an organisation, I would be knowing the difference between them and can communicate them by making use of graphics.
To add more to my knowledge and form the base for this subject, topic 2 was very helpful. This is the first and foremost reason for choosing this topic. It began with the basic definition of assets as per ISO 55000:2014. Assets are entities that have a potential value or might add value to an organisation. I learned that assets can be tangible and intangible. The former comprises equipment, land, inventory, and properties. The latter consists of brand name, licenses, intellectual property, reputation, user rights, etc. Among all the definitions of assets management, the most intriguing definition was that it is a coordinated and systematic practice of an enterprise to sustainably accomplish their objectives (Ananthram, Nankervis, & Chan, 2013, p. 285). The knowledge of this topic would help me in getting knowledge of sustainability and asset management would help me as a management student in honing my management skills.
Workshop 2 Learnings
Workshop 2 was more elaborated and focused on asset management. In this, I would be talking about my learning experiences about the knowledge of Fish Banks simulations and VDM warrior game. I remember the key points from the experimental learning theory that it emphasises on learning by experience. This theory is in line with my beliefs that one should learn not only from books but also from practical knowledge. The best part of this lecture is the knowledge I got about fish bank simulations. During the whole lecture, I was able to correlate it with a real-world business problem. The knowledge of how organisations of same domain operate in the market with the same technology, funds, labour, and skills (El-Akruti, Dwight, & Zhang, 2013, p.231). I learned about the importance of strategies that organisations apply in order to eliminate the competitor out of the market. This helped me in formulating strategies.
The other topic from this workshop is the VDM warrior game. In this competitive world, organisation are becoming more competitive and require more maintenance. I learned that knowledge from VDM warrior game helped me in honing my asset management skills. I learned about extracting maximum economic value from the existing operation and assets of a company (Brous, Herder, & Janssen, 2016, p. 1890). In addition to this, I learned some basics of professional management. The reason for selecting this topic is that it helped me in familiarising with best practices followed by an organisation for asset management. In addition to this, I learned about ISO 55000 standards. In addition to this, my understanding of the active role the senior management plays for forming a strategy for the enterprise.
From the complete reflective report, I realised that the workshops on asset management helped me greatly in increasing my knowledge. From the knowledge I gained, I can become a good manager in the future as asset management is the prime motive of every manager. This would help in managing the limited assets of a company. I also learned about Fish Bank simulation and VDM warrior game that gave me an insight into the significance ofstrategies followed by a similar organisation.
- Ananthram, Subramaniam, Nankervis, Alan & Chan, Christopher 2013, 'Strategic human asset management: evidence from North America', Personnel Review, vol. 42, no. 3, pp. 281-299.
- Basak, Suleyman & Makarov, Dmitry 2014, 'Strategic Asset Allocation in Money Management', The Journal of Finance, vol. 69, no. 1, pp. 179-217
- Brous, P.A., Herder, P.M. & Janssen, M.F.W.H.A. 2016, 'Governing Asset Management Data Infrastructures', Procedia Computer Science, vol. 95, pp.:1877-1895.
- El-Akruti, Khaled, Dwight, Richard & Zhang, Tieling 2013, 'The strategic role of Engineering Asset Management', International Journal of Production Economics, vol. 146, no. 1, pp. 227-239.
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