Decision Science and Social Risk Management †MyAssignmenthelp.com

Question: Discuss about the Decision Science and Social Risk Management. Answer: Introduction: The department of human resource management is having enough contributing in enhancing the performance level of employees. In order to enhance employee performance human resource management tends to take major initiatives. This particular study has focused to provide in-depth analysis on one specific initiative that human resource managers of The Iconic have taken for making the business more progressive as per current market status. Major Manager Development Program is the chosen initiative that the human resource managers of The Iconic have taken for developing the performance level of employees. As per the point of view of business consultants associated with The Iconic, it can be observed that managers in various department are the most significant and concerned persons who keep a constant control over the entire process of business. Therefore, the skills and competencies of the managers should be developed from every perspective. The communication skill, technological skill, dec ision making skill risk management skill should be enhanced so that those individuals can overcome any kind of sudden barriers happening at the workplace (theiconic.com.au 2017). After evaluating the overall business performance of The Iconic, it can be analyzed that the lack of enough skill and competency of the managers in various department ultimate caused a harmful effect on the overall business performance. Therefore, the human resource manage has decided to provide effective training and development session to the managers first before taking an initiative on the employees. This particular organization is highly dependent on e-commerce business process (Hendry 2012). Therefore, the managers of this specific business organization should have in-depth control on technological development process. It has been observed that the managers are not flexible enough to operate the advanced technology. Moreover, the some of the junior employees who have recently been appointed within the business process is more competent in technological skill rather than the manager. Therefore, the human resource management has decided to provide training for enhancing the skill of technological development (Bratton and Gold 2012). On the other hand, it has also been observed that in order to lead an e-commerce business process managers need to develop their communication skill as well for making an effective interaction with the customers of various geographical markets. Therefore, a professional development course in communication skill is also taken into serious consideration. Cost-benefit analysis: The concept of cost benefit is the process of quantifying the cost and benefit of a program or a decision. The primary purpose of cost benefit analysis is constituted with two major factors that are as follows: To determine the investment for a specific program is effective or beneficial for the business organization To make an effective comparison between the expected total cost and expected total benefits As already stated the human resource management has taken the initiative of manager development program. Therefore, in order to develop the communication technological and managerial skill of the managers of The Iconic the organizational human resource managers have to invest large amount of money for providing a training and development session (Berman et al. 2012). Cost benefit analysis is the systematic procedure that would help the HRM to evaluate whether this particular cost invested for the purpose of training session is beneficial for the business organization or not. At the same time, cost benefit analysis would help the human resource managers to calculate on how much cost they have invested for a particular program and how much benefits the business experts are getting back (Storey 2014). As per the current business scenario of HRM initiative, it has been observed that training and development program for enhancing the managerial skill is very much cost effective. Managers would have to provide training session on different perspectives such as communication skill, decision-making skill, technological skill, professional skill and so many. Among those various segregations, the importance of technological skill and communication skill is most prominent (Purce 2014). Based on the every individual aspects of training and development sector the human resource managers have to appoint trainers individually. Therefore, behind every individual trainer the human resource managers have to appoint training kits for making the development program successful. However, the primary aspects behind which the HRM has to invest cost are as follows: Efficient trainers Training hall Physical equipments Technological equipments Electricity and other facilities On the other hand, after investing cost behind these specific aspects the organizational experts would be able to gain specific benefits. The business experts would not have to hire other IT experts for keeping a constant control over entire technological devices. As a result, the organization would be able to save money for that purpose (Buller and McEvoy 2012). On the other hand, every organization has to appoint necessary consultant for taking effective decision regarding the success of business. However, after providing training to the managers, the employers would not have to hire additional business consultant for provide effective decision towards thee further progress of business. However, after conducting an effective cost benefit analysis it can be evaluated that organizational managers would have to be educated and competent for controlling the business wings so that organization like The Iconic would not have to hire any additional business experts (Alfes et al. 2013). Th erefore, the investment for the managerial development program would be beneficial for the organization to render success of business. (Referred to appendix for cost and benefit chart) Return on investment: The return on investment is compared as the percentage that a particular business organization intends to invest in the expectation of returning either by benefits or by cash. This particular percentage is primarily been used for making an effective decision on personal finance in order to make an effective comparison between companys profitability and companys efficiency for different investments (Nickson 2013). The return on investment formula is constituted with as follows: ROI= net profit/ cost investment*100 (referred to appendix for graphical representation of ROI percentage) It can be assumed that the company has invested $50,000 for the training and development program in order to enhance the skill and competency level of business managers. However, it can be evaluated that the company like The Iconic should invest that amount of money for manager development program that would not cause a major harm in the profitability factors (Hoque 2013). In other word, the company should invest money for a specific business purpose in such a way that the organization can get their investment back in the form of benefit. However, it can be assumed that the total net profit of The Iconic is $10,000000. Therefore, as per the ROI formula, the return on invest would be: $10,000000/$50,000*100 = $20,000 After evaluating the ROI benefits, it can be evaluated that after making an investment behind managerial development program the ultimate return on investment is expected to be $20,000. Most of the business organizations before investing a certain amount of money for the development purpose tend to focus on their profitability structure first. Based on the profitability structure the organization has to decide on how much amount the organization would like to invest for the further progress of business (Jabbour et al. 2013). In case of The Iconic, the business experts are unable to invest large amount for the purpose of manager developing program due to its limited profit level of the organization. After conducting the entire business case effectively, it can be evaluated that business organizations would have to invest certain amount of money for the training and development session in such a way that the business experts can get an additional facilities and benefits from the investment (Reniers and Van Erp 2016). The Iconic in order to run their entire business process in e-commerce needs to develop their internal infrastructure based on which they can entertain the people of different geographical market equally. As a result, the organization would be able to expand their business process beyond going the regional market of Australia. However, while discussing the entire evaluation process the study has focused to make a critical evaluation based on short term and long-term criteria: Short-term evaluation process: In order to develop the skill and competency level of managers of The Iconic the human resource management should convince the managers about the values and significance of knowledge development. Convincing every single manager for conducting a training and development session is highly important (Yan and Long 2015). After involving them within the training session every manager need to check their progress time to time. The trainers should make an effective communication with the trainee so that they can express their difficulties facing at the workplace. While providing the training session on development of technological skill the business managers should have effective knowledge on the technological terms. The trainers are strictly requested to convince the managers about the important technological terms (Boadway 2016). However, interpersonal communication with the trainers and their improvement of technical skill amalgamated with practical experience is highly effective for making short-term evaluation process. On the other hand, receiving the training session is not efficient enough for the business managers in order to evaluate their skill and competency. The organizational managers are put into the practical field so that their progressive outlook can be reflected towards the business process (Mishan 2015). The organizational managers should perform in a different way if they are enough skilled and competent towards the entire business progress. While providing an effective training session the trainers are instructed to maintain the training and development session in such a way that people belonging to different geographical markers can show their positive response towards the service process of business organization. At the same time, the business employers would not have to appoint any additional informational technology expert for keeping a constant control over the technological devices (Merkhofer 2012). The skills and competency level of the managers in handling sudden technologic al barriers would be helpful for the organization to get cost benefit effect. Business Case Summary: In this specific part, the business case scenario has been discussed in detail. After the emergence of ecommerce business process The Iconic has to face innumerable difficulties. The managers in various departments such as marketing managers, financial managers, production manager and operation manager had to face immense difficulties in controlling the entire business process with the help of advanced technology (Kuklinski et al. 2012). At the same time, it is also undeniable that e-commerce business process is not restricted within a specific geographical boundary. Customers belonging to other countries as well intend to use the product and service process of The Iconic. Therefore, the managers need to develop their professional skill so that the employees can keep a constant control over supply and demand. The success of an entire service process is highly dependent on the managing skill of the manager of different divisions. However, this particular study has provided an in-depth analysis on how this organization had to face innumerable difficulties making a constant control over the entire business process (Peer, Koopmans and Verhoef 2012). The managers being not accustomed with the technology failed to handle any kind of sudden crisis happening at the workplace. In order to overcome this particular situation the human resource management has taken an effective initiative. Implementation of manager development program is the primary concern of this specific study. Before implementing the program, the primary responsibility of the HRM division was to highlight and identify the issues where the managerial development is needed. As per the business context of The Iconic, the managers need to develop their technological, decision making and communication skill primarily. In order to maintain an effective interaction with the employees of different cultures and backgrounds the organizational managers would have to develop their communication skill as well. An effective communication with the employees would help the business experts to make participative decision. As a result, the internal relation between the managers and employees would be effective. At the same time, it is also undeniable that the success of a business organization is highly de pendent on the performance of managers. The Iconic is not exceptional to that. In order to implement the training and development session in those specific sectors the human resource management has made an effective cost benefit analysis. While investing money behind training and development session the business experts have calculated that the investment would come back in terms of necessary benefits (Peer, Koopmans and Verhoef 2012). While providing the training session on technological enhancement the employers would not have to hire any addition computer analyst within the service process. One time training session would be beneficial for life tile. As a result, the organization is free from hiring an IT expert from whom The Iconic could have spent their money in every month. Therefore, the cost that has been invested for the purpose of manager development program is beneficial for the organization. This particular benefit has helped to enhance the revenue growth of the organization. Critical Reflective analysis: While summarizing the entire business case based on the HRM initiative of The Icon, I have gone through an excellent learning experience. I have come to know on how a specific business organization has to face innumerable challenges due to the lack of performance of business managers. From the case summary, I have come to know that the role of business managers is most significant in rendering the success of an organization. The business managers would have to keep a constant control over the entire success of business process. Therefore, people belonging to different geographical market show their attention in using the service process of The Iconic. While evaluating the case scenario I have come to know the value of technology in running the entire process of an organization successfully. In order to make the managers technically competent the human resource management has decided to implement manager development program. I personally believe that after the implementation of this p rogram the business managers would be able to perform well. They would operate technological devices competently. As a result, the managers can keep a constant data record over the entire performance level of employees. The internal communication between the managers and the employees become effective. Based on the business case the Human resource management has conducted an effective cost benefit analysis as well. As per the business scenario and expectation of HRM division, the business experts have to spend large amount of money behind implementing the training session. I have realized that behind investing money for any purpose the business experts have certain strategy in order to get this money back. The HRM before initiating the manager development program has conducted an effective cost benefit analysis and return on investment analysis. These two analyses have helped the HRM to evaluate on how much facilities and benefits the company is getting back due to the implementation of these two strategies. After evaluating these factors, I have come to know that the organization would not have to appoint IT experts if the managers become competent enough to handle the sudden technological crisis. Therefore, the organization would not have to invest sufficient amount of money for hiring additional experts. Reference List: Alfes, K., Shantz, A.D., Truss, C. and Soane, E.C., 2013. 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