Week one -Day One

Week one

Day one

An introduction of the module is given together with a brief explanation of the methods of assessment followed by a discussion about the 12 week blog which have to be maintained by us. 

The students are supposed to come up with a Project Proposal for the Final Year Project they are planning to submit at the end of their undergraduate study. The project proposal have to cover the following points,

1.  Ability to identify a business problem
2. Ability to apply suitable technology solution
3. Ability to design the solution
4. Ability to implement the solution.

Next discussion was 'Business'...

After a brain storming session the students were able to find a the simplest definition of what business is, which is "A profit or a non for profit organization". According to Timms (2011), an organisation is a social entity that that provides the necessary structures to achieve specific aims. However Timms (2011), presents a more elaborated and a slightly different definition for business, which is "a commercial enterprise or establishment that trades in goods or services."
From the above definitions the author comes into a conclusion that the term organization can be used for both profit oriented  and non-profit oriented businesses. But the term business mostly focuses on profit oriented organizations.

One of the main objective of a profit oriented business is to maximize profit. Profit maximization can be of two natures which is maybe to increase revenue (mainly involving Marketing department, Sales department, Distribution department) and to decrease cost (mainly involving Accounting department, Finance department, Human Resource department)

Profit Maximization
Google Images (2012)

The main three factors which decides on the profit and the performance of a business is time, cost and resources. The nature of the business processes are decided on how the above three factors behave. Too much usage of time, cost and resources result in inefficiency.