Financial Planning
Financial Planning
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Assignment needed is as posted on your site “Manager’s Functional Role in the Organization”, however at least one sited source is required to be used from the school’s library. This assignment is due tonight by 11pm. 1/16/16
South University Website is:
https://mycampus.southuniversity.edu/portal/server.pt/community/south_university_campus_common/202
User Name – tiffany_shakepeare
Password – Pr@1seH1m
Assignment is 2-3 pages plus title & reference page. At least one reference must be from the schools library. You can also click on the syllabus to view the chapter readings for week 1. I would like to use Wells Fargo. Please remember that all papers are run through Turn-it-in to check for plagiarism.
The below is a copy of the actual assignment requirements:
Assignment 3: Selecting An Organization – Course Research Project
Choosing an Organization
Select one of the following companies to study in depth over the next 4 weeks.
BP Oil
Kimberly-Clark
Kroger
Nucor
Walgreens
Wells Fargo
Kaiser Permanente
Ascension Health
Google
Apple
Your own organization*
Your final project for each week in this course will require you to examine this organization. * If you wish to use your current organization in which you work, you must have this approved in writing by your instructor before moving forward with the assignment.
Research your chosen company. Find a minimum of one library source, which will support your thesis in this assignment. Review your assigned weekly lecture and text reading. Select from this reading 3-5 key concepts, which will also support your thesis. In a two to three page paper, address the questions below. Your paper should follow APA format including a title and reference page. The two to three page paper length requirement does NOT include the title page and reference page. Refer to your classroom area titled South University Policies and Guideline: Using APA Standards in Your Coursework to ensure you are following the correct format.
Managers have the responsibility to oversee and influence the direction of an organization. Their input is critical to an organization’s performance and success. Describe the manager’s functional role in the organization. Explain expectations of the role. Evaluate how the manager fulfills the expectations of the role. Explore the different types of planning in your assigned reading. Explain what specific planning challenges you think this manager might face on a day-to-day basis. Provide examples. Compare these planning challenges to a manager in a similar position of 25 years ago.
Post your report in the W1: Assignment 3 Dropbox by Week 1, Day 6.
Assignment 3 Grading Criteria
Maximum Points
Submitted a two to three page research paper that included one library source and provided 3-5 key course concepts to support work.
10
Described the manager’s functional role in the organization. Explained expectations of the role.
10
Evaluated how the manager fulfilled the expectations of the role.
5
Explained what specific planning challenges this manager might face on a day-to-day basis. Provided specific examples.
10
Compared planning challenges to a manager in a similar position of 25 years ago.
5
Wrote in a clear, concise, and organized manner: demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation.
10
Total:
50
SAMPLE ANSWER
Managers always have different responsibilities depending on the needs of their respective organizations. Manager roles vary from one organization to another and also from one functional area to another within an organization. Well’s Fargo is an American Banking company. It performs various financial services and is situated in San Fransisco, California. A manager in a company like Well’s Fargo plays many important roles for the company to perform well in it’s banking activities.
All the functional roles of the manager in a company like Well’s Fargo may be grouped into five basic functions including; Planning, leading, staffing and controlling. These functions are usually global for managers in different organizations.
Planning
Planning, designing or creating a method that can be used to achieve a particular goal. An example is if Well’s Fargo company want to open a new branch in a different state. The manager firstly decides which steps are necessary to accomplish that goal. The steps might include how they will construct the new branch building, where it is situated, estimated period to be taken and also cost. When the plan is in place, Well’s Fargo company will then follow it to accomplish their goal of opening a new branch. There are four main types of planning that the organization manager may use ( Lewis, 2007) ;
Financial Planning
In financial planning, the manager creates a good plan showing the amount of finance that will be used to achieve the set objective.
Strategic planning
A strategy plan of action for accomplishing the project must be introduced. This responsibility still goes to the manager. The manager should provide a clear strategic vision that can be implemented with minimal or no problem at all.
Contingency Planning
Here, the manager designs another backup plan which will be useful if unexpected occurrence that hinders the central plan occurs. Contingency planning is important when a disaster strikes and they are activated to fill the void.
Succession Planning
This is a very important planning action. This is where the manager must be able to set up a plan that will be used in case one member of the team suddenly left. The manager must make sure that the project still continuous when an employee abandons. The manager will therefore think of a plan like just creating a different backup team that will only be called when such calamity strikes.
Organizing
After the plan is put in place, the manager then needs to organize the team responsible and gather all the materials that will be required. The manager will also be responsible for assigning responsibilities to different workers of the organization.
Staffing
Here, the manager discerns all the needs of the project. The manager then decides to prepare employees well for the task by recruiting more employees, and also training them.
Leading
The manager is responsible for leading the team of employees into achieving the set goal. The manager leads by motivation, communicating, guiding an also encouraging employees before and when they are working ( Lewis, 2007) .
Controlling
After all other elements of the project are set. The manager needs to continually check the team progress against the set goals. The manager will also be responsible for setting correctional measures necessary to make sure that the set plans are followed accordingly (Ferraro, 2012).
A manager in Well’s Fargo may face many challenges especially during planning. These challenges are mostly due to time, money, scope, ad also employees. The following are a list of problems that the manager might likely face;
Undefined Goals
In this case the goals of the manager are not clearly defined. Upper organization of Well’s Fargo upper management might not agree to support certain goals and this poses a significant problem to the manager in trying to explain the goal and also finding another method of achieving the same goal if it becomes impossible.
Scope Changes
Scope changes is a big problem that a manager might encounter during planning. This occurs when the scope of the project is extended beyond the already set limits. This may call for more resources to be pumped into the project so as to accomplish it. Pumping more resources like money means the planned resources will need to be adjusted and the manager might be blamed for fund mismanagement (Ferraro, 2012).
Other challenges that a manager might also face are like inadequate skills posed by employees. The manager will be required to gather more resources to use for training the employees. Other problems like impossible deadlines expected of the manager might arise if the time given for a certain project is just not enough.
Other planning challenges that would have been faced by the Well’s Fargo manager 25 years ago can be compared. Challenge like communication would have been extreme. This is because communication media 25 years ago was so poor compared to the current communication state. The employee skills 25 years ago was very low and the manager would have used a lot of resources to hire employees with good skills, unlike now, many employees are well trained in their respective fields ( Lewis, 2007) .
We therefore can see that a manager in Well’s Fargo can have many roles to play. These roles have been categorized into the six management functions discussed above. The main functional role of the manager is planning on how a certain objective or a goal can be met by the organization.
References
Lewis, P. S. (2007). Management: Challenges for tomorrow’s leaders. Mason, OH: Thomson/South-Western.
Huffman, Matt L. (2013). Organizations, Managers, and Wage Inequality
Ferraro, J. (2012). Project management for non-project managers. New York, NY: AMACOM.
Goh, M. H. (2011). A manager’s guide to British Standard BS25999 for business continuity management. Singapore: GMH Pte Ltd.
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