MANAGEMENT MAGAZINES
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Every company that is existing out there is a successfully managed by the management team. The management team should take care of each and every thing that is happening in the organization or company. Business process can be simply termed as a set of inter-related tasks or inter-related processes that start at a particular plan or time and should be definitely completed within a specified time and this has to be done within the planned costs or planned budget. Note that the following process that is written in this post may vary based on countries, the type of companies and the type of projects. The purpose of this post is to let you know the basic idea of the business process. There are basically three types of management teams: 1) the top-level management, 2) middle-level management and the 3) low-level management. The top-level management may consist of the chief executive officer or chairman or managing director. The middle-level management may consist of the senior management team and the low-level management consist of the managers and supervisors. Whenever a specified task or process needs to be carried out in a company, there will be a number of meetings. These meetings will be carried out until some decision is taken on how to perform the task, or to which contractor the task needs to be awarded to etc. The business process needs to be transparent. All the cost expenditure and all the milestones, plans needs to be transparent to the share holders or investors. If the company is government owned, most often, the projects in that government company are funded by the government, indirectly, we can say that the projects are funded by the public money. So, the business process also needs to be transparent to the public. Before any project starts, there are many initial tasks that are needed to be carried out. Before the project initiation, the board of directors of the company need to prepare various reports as specified by the government like cost estimate. After preparation of all the reports, the board of directors need to submit those reports to the government board for approval of the project. The approval will also be taken from various government bodies such as environment department, pollution department, safety department, finance department, water departments, electricity department and from all those departments of the government that are linked with the project type. After getting approval from various departments of the government or any private departments, project initiation will be done. In the project initiation phase, the internal project report will be prepared by the employees of the company which consists of cost estimates, project cost etc.. After preparing these reports, these reports will be submitted to the board of directors or to the top-level management. Once, these reports are accepted by the top-level management of the company, various other reports such as block estimate, detailed project reports will be prepared. Then the detailed project reports which consists of various kinds of requirements etc is prepared. The detailed project report also consists of cost of each package, each process, each specification may be provided as a breakup. After the project is approved, the company may appoint a consultant to certify the process that is carried out throughout the project. The initial specification will be prepared. Upon approval of the initial specification, the final specification is prepared. After the above process, tenders are invited. The contractors will respond to the tender accordingly. Various steps will be involved in the tender process like the contractor’s experience will also be considered, the contractors bid and various other parameters will be checked. There will be various meetings involved. Finally, a contractor is selected to work for the project for a specified contract value. Then the agreements are signed between the contractor and the employee/company. Once the contractor is selected, the contractor will be issued the letter of acceptance and then detailed letter of acceptance. The contractor will be request the earnest money deposit and the security deposit to continue with the project. When the contractor completes all the initial formalities, the contractor will start working on the project. The management team of the company or the consultant appointed by the company will perform detail supervision. The contractor may submit bills periodically based on the amount of work done. The consultant or the management team of the company will check the bill documents carefully and certify the bill documents for further processing. Upon certification of the bill, the bill amount will be paid to the contractor. The payment of bill amount may vary according to the company, rules written in the agreement between the contractor and the company. Upon successful completion of the project, project closing process will be performed. If you want to learn more about management tips and news, check out the management magazines at the top. |
