BUMGT1501 Management Principles | My Assignment Tutor

BUMGT1501Management PrinciplesASSIGNMENT 3Semester 1, 2021CRICOS Provider No. 00103D Page 2 of 6Assessment 3: Individual AssignmentThis assignment replaces the normal end of year closed book examination in Semester 1,2021.Title: Open Book AssignmentDue date: Thursday 17th June 2021 at 17:00 or 5pmWorth: 50% of final gradeInstructions:For this assignment, please complete both sections – Sections A and B.• For Section A, answer the two (2) questions relating to the Case Study provided.Use approximately 300 words for each answer.• For Section B (reflection questions), answer the three (3) questions. Useapproximately 300 words for each answer.• Section A is worth 20% and Section B is worth 30%.• Please use appropriate theory to support your answers and use APA referencingto cite academic material used. The APA referencing is not included in the wordcount.• Please clearly number your answers appropriately.• Please submit your word file in the appropriate Turnitin submission site on Moodlebefore the due date.CRICOS Provider No. 00103D Page 3 of 6Section A: Case Study AnalysisLincoln ElectricImagine having a management system that is so successful people refer to it with capital letters – theLincoln Management System – and other businesses benchmark their own systems by it. That is thesituation of Lincoln Electric. For a number of years, other companies have tried to figure out LincolnElectric’s secret – how management coaxes maximum productivity and quality from its workers, evenduring difficult financial times.Lincoln Electric is a leading global manufacturer of welding products and equipment, and electricmotors, with more than US$2.7 billion in sales and over 10 000 workers worldwide. The company hashad a factory in Sydney as part of its global network of operations. The company’s products are usedfor cutting, manufacturing and repairing other metal products. Although it is now a publicly tradedcompany, members of the Lincoln family still own more than 60 per cent of the shares.Lincoln uses a diverse control approach. Tasks are rigidly defined, and individual employees must meetstrict measurable standards of performance. However, the Lincoln system succeeds largely because ofan organisational culture based on openness and trust, shared control and an egalitarian spirit.Although the line between managers and workers at Lincoln is firmly drawn, managers respect theexpertise of production workers and value their contributions to many aspects of the business. Thecompany has an open-door policy for all top executives, middle managers and production workers, andregular face-to-face communication is encouraged. Workers are expected to challenge management ifthey believe practices or compensation rates are unfair. Most workers are hired right out of high school,then trained and cross-trained to perform different jobs. Some eventually are promoted to executivepositions, because Lincoln believes in promoting from within. Many Lincoln workers stay with thecompany for life.One of Lincoln’s founders felt that organisations should be based on certain values, including honesty,trustworthiness, openness, self-management, loyalty, accountability and cooperativeness. Thesevalues continue to form the core of Lincoln’s culture, and management regularly rewards employeeswho manifest them. Because Lincoln so effectively socialises employees, they exercise a great degreeof self-control on the job. Production workers are paid on a piece-rate system, plus merit pay based onperformance. Employees also are eligible for annual bonuses that fluctuate according to the company’sfortunes and they participate in share purchase plans. Bonuses are based on a number of factors, suchas productivity, quality, dependability and cooperation with others. Factory workers at Lincoln havebeen known to earn well above industry averages; however, there also are other, less tangible rewards.Pride of workmanship and feelings of involvement, contribution and esprit de corps are intrinsic rewardsthat flourish at Lincoln Electric. Cross-functional teams, empowered to make decisions, takeresponsibility for product planning, development and marketing. Information about the company’soperations and financial performance is openly shared with workers throughout the company.Lincoln places emphasis on anticipating and solving customer problems. Sales representatives aregiven the technical training they need to understand customer needs, help customers understand anduse Lincoln’s products, and solve problems. This customer focus is backed up by attention to theproduction process through the use of strict accountability standards and formal measurements forCRICOS Provider No. 00103D Page 4 of 6productivity, quality and innovation for all employees. In addition, a software program called Rhythm isused to streamline the flow of goods and materials in the production process.Lincoln’s system has worked extremely well. The cultural values, open communication, and formalcontrol and reward systems interact to align the goals of managers, workers and the organisation, aswell as encourage learning and growth. Now Lincoln is discovering whether its system can hold upoverseas. Although most of Lincoln’s profits come from its domestic operations, and a foreign venturein the 1990s lost a lot of money for the company, top managers want to expand globally becauseforeign markets are growing much more rapidly than domestic markets. Thus far, Lincoln managershave not developed a strategic control plan for global operations, relying instead on duplicating thedomestic Lincoln system.SOURCE: Samson, D., Donnet, T. & Daft, R. L. (2021). Management (7th Asia Pacific Ed.). South Melbourne, Vic: CengageLearning Australia. P638-639; Base on Maciariello, J. (Spring 1997). ‘A Pattern of Success: Can This Company BeDuplicated?’ Drucker Management, 1:1, 7–11; http://www.lincolnelectric.com.Case Questions: Please answer these two questions. Please use relevant examples from thiscase in your responses to these questions where possible. Use approximately 300 words foreach question. Please use appropriate theory to support your answers and use APAreferencing to cite academic material used. The APA referencing is not included in the wordcount.A1. Provide two (2) reasons and explain how these make the Lincoln System so successful.(10 marks)A2. How easy is for change to occur? What changes could the Lincoln managers make to adapt theirmanagement system to overseas operations? (10 Marks)CRICOS Provider No. 00103D Page 5 of 6Section B: Reflection written component. This section is worth 30 marksBackground:Over the past year, the Covid-19 pandemic has caused drastic changes that have impacted our livesand environment. Businesses have needed to adjust their plans to accommodate these changes. Youalso had to adjust your university studies in this situation.Task:Spend some time reflecting on the situation before answering each question. Write each answerseparately, and label appropriately.Each answer should be approximately 300 words. Please use appropriate theory to support youranswers and use APA referencing to cite academic material used. The APA referencing is not includedin the word count.Questions:B1. Consider any business, or industry, and explain how Covid-19 has impacted the employees of theorganisation. Select and discuss two motivation theories that could help to improve the situation in theworkplace. (10 marks)B2. Relating to the mid-semester test (assessment 1) and case study report (assignment 2), reflect onyour preparation or strategy, you used for doing and completing these tasks. Include comments aboutthe group or teamwork involved in this process. (10 marks)B3. Finally, identify the most important learning or theory you have acquired from this course. How doyou intend to use this knowledge to help you in your business career? (10 marks)CRICOS Provider No. 00103D Page 6 of 6BUMGT1501 – General Marking Rubric for Assignment 3 Objective/CriteriaPerformance IndicatorsMissing fromAnswerBelow passstandardMeets passstandardMeets creditstandardMeets distinctionstandardMeets highdistinctionstandardExceedsstandardsDefinition andexplanation of key orrelevant concepts(Theory/concepts)(0 points)(max. 3 points)MissingNot adequatelydefined or explainedNot all requireddefinitions providedin the answerJust adequatelydefined or explainedWell defined but somerequired definitionsrequired by questionmissingGood definition orexplanationExcellent definition orclear explanation –reflecting learning ofmaterialExcellent definition orclear explanation,reflecting excellentdetail in answerExceeds standardsCompleteness ofillustration orapplications ordiscussion as asked bythe question(Answered question)(0 points)(max. 5 points)MissingMay not haveadequatelyaddressed questionAll/Most requireddiscussion/illustrationmissingJust adequatelyaddressed questionGood but somerequireddiscussion/illustrationmissingDiscussion/illustrationgood but limited togeneralities.Discussion/illustrationrequired by thequestion providedEffectiveDiscussion/illustrationsome reasoning/analysis/theoreticalconcepts/appropriateterminology (whererelevant)ExcellentDiscussion/illustrationsome reasoning/analysis/theoreticalconcepts/appropriateterminology (whererelevant)Exceeds standardsOverall quality ofanswersReferences /Supporting material(Evidence)(0 points)(max. 2 points)PoorInadequate(not learnt material)No support for claimsSatisfactory(did learn but notmuch)Some supportGood understandingof material(did listen and learn inclasses)Good supportExcellentdemonstrating goodknowledge of material(learnt well fromclasses and textbook)Well supportedExcellentdemonstratingmastery of material(learnt well fromclasses, readings andother sources)Excellent supportExceeds standardsMARK / GRADE

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