Business Management Techniques for Engineers Essay

Business Management Techniques for Engineers - Essay Example This essay discusses that the Chief Technology Officer is the ultimate person to whom the progress of the whole project will be reported. It would be the responsibility of the CTO to conduct the whole project and report the final outcomes of the project to the Board of Directors of the company. CTO of the company will assign five sub-committees, in order to bring in the different ideas from various personnel involved at the planning stage. This stage of the project is named as activity A. All of five committees would be assigned to prepare a feasibility report as per their own understanding and knowledge of the project. These four stages would be entitled as activity B, C, D, E and F. After the submission of detailed five feasibility reports, CTO would evaluate every report and discuss it with the CEO of the company. CTO in collaboration with CEO will then approve particular sub committees’ feasibility report and will show his consent in commencing the project. These activitie s are referred as activities G and H. CTO along with his/her team will then decide whether the internal human resource of the company will be necessary enough to complete the project or external hiring should be conducted if the project completion requires special types of skilled workers. Internal human resource utilization activity is referred as activity I and activity pertaining to external hiring of highly specialized workers is referred as activity J.... g other heavy manufacturing projects, therefore, as such there seems no requirement of hiring specialized outside workforce as the company already has various project specialists and technicians who can perform their tasks during this project as well. The decision in favor of capitalizing the internal human resource of the company is referred as activity K. Financial Resources After this decision, the financial resources of the company will be sought in order to make funding arrangements of this project. The finance department of the company will analyze as how to finance this project whether by raising equity or debt or utilizing company’s own internally generated funds. After the establishment of funding resources, the resources will be allocated to different areas of this project. The primary allocation of financial resources involves the payment of salaries and wages to the project workers, procurement of the necessary equipment and tools, purchasing of specialized softwar e packages relating to that particular technology etc. This financial resource activity is referred to as activity L. Procurement Procurement of necessary equipment and tools to be used in the project would be made in the next stage of the project after allotment of allocated funds. These funds will be utilized till the end of the project if any further tools are required at the later stage of the project. Purchase of highly sophisticated project is also one of the areas in which funds would be used. The company would purchase a customized software package with different suits. Appropriate training of that software would also be provided to the specific personnel with those dedicated funds. This procurement activity is referred to as activity M of the project. Technology Implementation After the