{"id":101637,"date":"2022-10-27T23:18:35","date_gmt":"2022-10-27T23:18:35","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/week-5-homework-assignment-management-homework-help\/"},"modified":"2022-10-27T23:18:35","modified_gmt":"2022-10-27T23:18:35","slug":"week-5-homework-assignment-management-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/week-5-homework-assignment-management-homework-help\/","title":{"rendered":"Week 5 homework assignment | Management homework help"},"content":{"rendered":"
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\u00a0<\/p>\n

5.0 MANAGEMENT PLAN<\/strong><\/p>\n

\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.1 \u00a0 \u00a0 Board of Directors – Names and Qualifications<\/strong><\/p>\n

\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0 5.2 \u00a0 \u00a0 Senior Managers – Names, Positions, and Qualifications<\/strong><\/p>\n

\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0 5.3 \u00a0 \u00a0 Advisers – Names, Roles and Qualifications<\/strong><\/p>\n

\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0 5.4 \u00a0 \u00a0 Retained and Other Professionals – Names, Roles and Qualifications<\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.5 \u00a0 \u00a0 Organization Chart<\/strong><\/p>\n

\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0 5.6 \u00a0 \u00a0 Gaps in the Management Structure and How those will be Addressed<\/strong><\/p>\n

\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0 5.7\u00a0 \u00a0 \u00a0Management Team Ownership and Compensation<\/strong><\/p>\n

\u00a0 \u00a0 \u00a0\u00a0\u00a0 5.8 \u00a0\u00a0\u00a0<\/strong> How the Management Team Will Adjust for Business Growth<\/strong><\/p>\n

Section 5.1 through 5.4:<\/strong><\/u><\/p>\n

The first part of the management plan will describe the Management Organization. Include all aspects of management including the Board of Directors, Senior Management Team as well as Advisers and Retained and Other Professionals.\u00a0<\/p>\n

    \n
  1. A Board of Directors is a panel of individuals who are elected by a corporation\u2019s shareholders to oversee the management of the firm. Many firms have active boards of directors that provide guidance and lend legitimacy to the firm. Board members often consist of a mix of external directors drawn from outside the company, as well as some of the senior managers (sometimes called \u201cOfficers\u201d), who are both members of management and internal board members.<\/li>\n
  2. The Senior Management Team consists of the senior executives of your business.\u00a0 For a small start-up business, this is pretty straight forward.\u00a0 Usually, the team of promoters that decide to collaborate and form a new business recognizes that they need to play a role in managing the business.\u00a0 Fledgling businesses seldom have cash resources to hire professional managers.\u00a0 So the promoters assume management roles.\u00a0 For purposes of this assignment, assume that each team member assumes a senior management role.\u00a0 Typical initial roles might include Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Chief Technology Officer (CTO) and Chief Marketing Officer (CMO).\u00a0 It’s not uncommon for the initial management team to double up on responsibilities, because there are more responsibilities than people available.\u00a0 \u00a0Briefly describe your management team. A good way to do this is to create a management team skill profile. This is a brief summary of the skills and experience that each team member brings to the business.\u00a0<\/li>\n
  3. An Advisory Board is a panel of experts who are asked by a firm\u2019s managers to provide counsel and advice on an ongoing basis.\u00a0 These are usually uncompensated positions, that are an opportunity for highly skilled and experienced managers to “pay it forward” by providing guidance for a new company.\u00a0 These individuals don’t have actual job responsibilities in the company.\u00a0 They simply meet with the company management to provide suggestions and provide diversity to the decisions the management makes.<\/li>\n
  4. At times, Retained Professionals such as attorneys and accountants, and other professionals, such as Information Technology Consultants, Technical Consultants, or others who are brought on board in a compensated, contractual situation, assume important roles in a new venture\u2019s success. These individuals and firms should be identified and included as part of a firm\u2019s overall management team in the firm’s business plan.<\/li>\n<\/ol>\n

    What you want to include in these sections is a brief “bio-data”\u00a0 for each of the individuals you identify for the various positions.\u00a0 A bio-data is a brief couple of paragraphs that describe a person’s education, work experience, and skills that enable them to be successful in the position they occupy.\u00a0 It’s not a full resume, and shouldn’t be that detailed.<\/p>\n

    Decide how many positions you will have and then describe the candidates that occupy those positions.\u00a0 For the Senior Management Team, the names are simple – they are the members of your team.\u00a0 For the Board of Directors, Board of Advisors, and Professionals sections, you can just make up fictitious names.\u00a0 Have fun with this – such as the Law Firm of Dewey, Cheatum and Howe.\u00a0 \u00a0They shouldn’t be real people unless you’re describing an actual real business that one of your team members is already operating.\u00a0\u00a0<\/p>\n

    Section 5.5:<\/strong><\/u><\/p>\n

    After introducing the entire team, show how they interact using an organization chart.<\/p>\n

    Discuss and display in a chart, how the company\u2019s management will be organized \u2013 the organization structure.\u00a0\u00a0 This will be demonstrated through an Organization Chart that shows the various management positions, their reporting relationships, and the names of the parties filling the positions.\u00a0 Since this is a young company, the organization chart should reflect your relatively modest size and not be overly complex.\u00a0 You can add complexity to the Organization Structure as the company grows.\u00a0<\/p>\n

    Section 5.6:<\/strong><\/u><\/p>\n

    However, even small companies have a minimum requirement for management responsibilities, and initially, there may be more responsibilities than available managers.\u00a0 In such cases, the unfilled\/open\/vacant responsibilities should be shown on the Organization Chart and described, indicating both the plan for filling the vacancy, as well as the manner in which the responsibility will be handled in the interim (usually by the available managers doubling up on their responsibility areas).\u00a0<\/p>\n

    When describing these \u201cmanagement gaps\u201d include a graphic.\u00a0\u00a0 Use the chart that is described in the textbook. List the responsibilities across the top and the names of onboard managers down the side.\u00a0 It uses X symbols to show filled positions, and O symbols to show vacancies (gaps in the management structure.)<\/p>\n

    An example of the chart is provided in the attachment below.<\/p>\n

    After presenting the chart, you should explain all the gaps with O symbols.\u00a0 How are you solving those gaps presently?\u00a0 Presumably, you are doubling up on responsibilities for those individuals who are currently engaged (or perhaps you are hiring a consultant, or a temp).\u00a0 And what is your longer-range strategy and timetable for filling those gaps?<\/p>\n

    Since these are management team gaps, you should show the position on the org chart and then indicate the position is vacant, open, or unfilled.<\/p>\n

    Section 5.7:<\/strong><\/u><\/p>\n

    The next part of the management plan will describe the compensation and ownership interests that the management team personnel have in the business venture. This will enable investors to assess how \u201cinvested\u201d the management team is in the success of the business. It is necessary to fully disclose the ownership structure of the new venture and the compensation of the members of the management team in the business plan. A table should be created that shows the names of each of the owners of the firm, along with their age, their percent ownership in the company, and their compensation if they work for the firm.<\/p>\n

    Ownership is based entirely on cash contributed.\u00a0 So if Manager A contributes $40,000 and Manager B contributes only half of that, then they won\u2019t have equal shares of the company.\u00a0 In fact, A will have 2\/3 of the shares and B will have 1\/3 of the shares.\u00a0<\/p>\n

    So, for example, if the CEO contributes $200K out of a total of $500K, then the equation would be CEO % ownership = 200K \/ (500K\/.8) = 32%\u00a0\u00a0 The reason why the total investment is divided by .8 is that the business declared an options pool of 20%.\u00a0\u00a0\u00a0 And definitely, the percent ownership is never based on a whim \u2013 (I\u2019m the CEO and want control of the company, so I\u2019ll assign myself to have 51% of the ownership!)\u00a0<\/p>\n

    The suggested table is provided in the attachment below.<\/p>\n

    Section 5.8:<\/strong><\/u><\/p>\n

    The final section of the management plan will talk about the future prospects of the venture in terms of what is envisioned for future development in the management of the company and how the growth of the venture will be managed. For example, if the original entrepreneur starting the business recognizes a lack of general management skills, then identifying when a professional general manager will be brought on board will lend comfort to investors who may otherwise imagine a roadblock to future growth.<\/p>\n

    Essentially what you want to write about in section 5.8 is how the management team will be adjusted as the business grows and expands. The response typically tends in two possible directions.<\/p>\n

    First, the original management team of the fledgling business is small (usually only consisting of the original team of collaborators) and each member of management typically has a broad spectrum of responsibilities. For example, the CEO may also double up as the HR head, taking care of the hiring function while the company gets started. And the COO may double up as the head of R&D and Engineering in the beginning. The CFO will probably assume responsibilities for purchasing and administration in addition to financial duties. As the business grows, the needs of each of the business areas increase, and it becomes increasingly hard for the original management team to continue to wear multiple hats. The trend in management as the business grows is toward more specialization, and thus new management positions are created as the doubled-up responsibilities are hived off from the original management team.<\/p>\n

    Second, you may find that your original complement of business promoters (who make up your original management team) may have great entrepreneurial skills, but lack the capabilities required to take their respective management responsibilities to the peak levels demanded in a growing company. Consequently, sometimes more skilled personnel are brought in to assume responsibility for those roles. Most typically, the CEO position may be filled by a trained and skillful professional, when the original promoters find themselves “over their heads.” Sometimes this is self-evident and planned. In such cases, it’s worthy of mention in the business plan.<\/p>\n

    What goes in section 5.8 is how the senior management team is expected to change as the business grows. It’s all future-driven and is a prediction, so the team can simply describe the scenario that seems the most reasonable for your company’s situation. There’s no research involved.<\/p>\n

    General Instructions:\u00a0<\/strong><\/u><\/p>\n

    A frequent question is how to deal with the naming of staff members in the Introduction to Management \u2013 should you use real names, fictitious names, or names of real people in similar businesses? The answer is – Use real names for yourself and fictitious names for any others.\u00a0 Show any unfilled positions as Open.\u00a0\u00a0<\/p>\n

    But never leave the naming issue undefined, i.e. \u201cto be determined later.\u201d\u00a0 The underlying assumption – for a real-world company that has reached the point of soliciting investor funding – is that most of the business decisions have been made, such as who the officers of the company are and where the company is located. The description of these decisions in the business plan is a key element of persuading an investor to put hard cash money into the business.<\/p>\n

    Similarly, the organization that you should describe is the one that is needed to operate the business at its current level of business. So, if you have just recently started, you will have a lean organization. As volume grows you will likely add further positions, and tend towards specialization in each position, as compared to the jack of all trades approach that most startups have initially. That is where the section that deals with future plans for management come into play.\u00a0 Describe your plans to modify the management organization as the business grows. This would spell out how you intend to add new positions, and when.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    \u00a0 5.0 MANAGEMENT PLAN \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.1 \u00a0 \u00a0 Board of Directors – Names and Qualifications \u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0 5.2 \u00a0 \u00a0 Senior Managers – Names, Positions, and Qualifications \u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0 5.3 \u00a0 \u00a0 Advisers – Names, Roles and Qualifications \u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0 5.4 \u00a0 \u00a0 Retained and Other Professionals – Names, Roles and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-101637","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/101637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=101637"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/101637\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=101637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=101637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=101637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}