Lower Divison Capstone Essay Example | Topics and Well Written Essays - 1250 words

Lower Divison Capstone - Essay Example These new ventures are being opened in the lesser developed urban centers of Australia. Basic legal environment They are the factors associated with the legal environment of the firm. In Australia, there have been many changes in the legal framework of the firm such as increase in minimum wage, introduction of disability and age discrimination legislation and greater requirements of the firms to keep the standard requirements by the Law. These changes have helped JB Hi-Fi to be up to standard in offering the best services to the customers. It has also facilitated it new projects that aim at expanding the customer reach (Porter, M., 1998). Social environment Demand for a firm’s product depends on the social trends in a country, the willingness and availability affects the rate of demand. In Australia, like any other developed country, the population is aging because of increasing life expectancy and low infertility. This has resulted to very few people with the age below fiftee n years and being a threat to the company because the market is stagnant (Porter 1998). Economic environment These include taxation changes, interest rates, exchange rates, inflation and economic growth. Demand for a certain firm’s product may rise because of an increase in national income. Investments are always discouraged by increase in interest rates. Wage demand may be proved by inflation because overall demand drops. Taxation leads to increase in price because an increase pushes the price upwards thus discouraging demand, this call for new strategies to dominate the market such as starting up new ventures in other regions (Richard 2002). Managerial, operational and financial operations of the company Project management Project management defines the following: business and project goals and objectives, project purpose, scope and expectations, constrains and assumptions, roles and responsibilities, expectation and scope, project management, project budget, ground rules o f the project, the conceptual of the new advanced technology and project timeline. Many objectives and goals have resulted from implementation of this quality project by the management. These includes: market dominance, healthy competition, availing quality products at low cost, encouraging remunerations which enhances effectiveness and the ability of staff to perform their job, increases the security of the data and provides a flexible, open, reliable base for the future (Disaster Recovery 2011). Critical paths and Contingency planning In a project plan, a project schedule is the main plan included in any project management. The main purpose of project schedule is bringing project time, quality and cost under control. It also helps in linking resources such as time and task. Once the project manager has efforts estimates, work breakdown structure (WBS), he/she is fully equipped for project schedule. The risks involved in any project are avoided and analyzed by the project schedule; the Critical Path Methodology (CPM) comes in because it is one of the elements of the schedule network analysis together with Critical Chain Project Management (CCPM) (Australian Bureau of Statistics 2011).