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BUS 1101 Principles of Business Management - Discussion Forum Unit 3
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BUS 1101: Principles of Business Management - Discussion Forum Unit 3Wednesday, 10 July 2019
Sometime back, I was tasked with a mission to find out the level of frauds in financial
institutions within a particular geographical area. This was a project work and I was part of a
project team. We had to use the principle of “Division of work and specialization” to hasten
the process. Our goal was set to be achieved a frame time. I was responsible for “data
collection and entry”, because of my in-depth knowledge in IT. Other team members too, had
specific tasks to perform.
We measured our actual performance against our standard performance, and we
noticed that the variance was not favorable. Our desired goal was not near achieving, because
most financial institutions were not willing to give us accurate responses. Employees were
scared that they might lose their jobs if they tell us the whole truth.
“Feedback from financial institutions” was the KPI(Key Performance Indicator) we
used, and we found out that, our obtained information was not accurate, hence the project
process was not optimal.
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