Introduction

Stakeholder engagement is an integral part of the organisation`s operations. Stakeholders are those members of the business that support the organisation in its operations in some or the other way. Stakeholders affect the business either directly or indirectly. The report analysis the impact of stakeholder`s interest and their level of power that has been exerting on the organisation while making the decisions. This report elaborated the role of internal and external stakeholders in 7-eleven, which is a chain of convenience stores that operates at international level. Stakeholder interests often become conflicting in some situation where one party has to compromise to benefit the other. A last, a stakeholder matrix has been constructed to evaluate the level of power, influence, threat of competence, and cooperative potential on the company (Henisz, 2017).  

Background of 7-eleven

7-eleven is a Japan-owned American chain that operates internationally with convenience stores. 7-Eleven is a retailer who operates in more than 60000 convenience stores existing in Asia and North America. This outlet operates at small scale with limited stock, turnover products, and drinks. It is a subsidiary of Tokyo based 7-Eleven, which is headquartered in Dallas. Currently, the organisation operates franchisees and licensees in 12 countries with 67480 stores. The company earns a gross profit of 59% from the franchise.    

Identification of functional areas

Merchandising

Marketing

Sakes and supply chain management

Supervision of convenient stores

Loss prevention (physical safety) and cash handling  

Operations

Standard documentation and training

Human resources management

Identify internal and external stakeholders and their roles

After the establishment of the company, it always attempted to remain sincere company towards its stakeholders, which includes catering of local communities, employees, shareholders, customers and other business partners. The company strives to understand the expectations of the stakeholders so that it can respond (Henisz, 2017).  

Internal stakeholders

Employees- the company aims to provide a considerable workplace where the employees can participate and get the satisfaction of their work. The company creates an environment with fair and considering the human rights. It undertakes the protection of employees by considering privacy and safety (Howse, Hankey, Farinelli, Bauman, & Freeman, 2018).

Directors and owners- the organisation`s operations are underpinned by the investors when they fund the organisation. In order to respond to the trust of the shareholders, the company emphasizes management system that is highly transparent so that it can communicate and fulfil the duty towards its accountability with the help of disclosures. The company attempts to conduct the general meetings of the shareholders and inform them with the help of organisational newsletter. The owners choose to opt for innovation strategy in order to embed high level of competent with lost costing so that it can create its market share (Hutt, & Ferrell, 2016).

External stakeholders

Customers- customers play an important role in the organisation. The main vision of the organisation is to fulfil the wants of the customers by maintaining the retention and loyalty. 7-eleven focuses on providing the excellent services to the customers. The company aims to provide quality products with variety of the offerings. The company offered variety of promotional events. Apart from this, PSC undertook CLIQQ messenger. Customers can further register their phone numbers under the organisation for getting discounts (Hutt, & Ferrell, 2016).    

Business partners- The company`s operation cannot be conducted without the cooperation of the business partners. The company undertakes the laws and regulations and check whether its internal rules are relating to the fair trade with establishing the relations of trust with its business partners in order to ensure maintaining the safety, accounting, and security for the rights of the business partners (Hutt, & Ferrell, 2016).   

Community- the company aims to play an indispensable role in the communities. The company to provide products and services that could match the lifestyle of the local community. It encourages local production, and consumption among the co-existing so that it can provide and promote the activities so that they can contribute to the development of the community.

Identify the nature and degree of main stakeholders’ interests, and implications of conflicting interests

Suppliers- the degree of the interest is low in terms of interrupting in the making of the business strategy. Their nature of interest only lie the increase in the production of the organisation that will increase the sales of the supplier. On the other hand, the supplier has huge interest in looking at the financial position of the company especially the liquidity conditions.

Customers- The level of interest of the customers is low as they do not engage in any of the operational or strategically action of the organisations. The main interest of the customer lies greater quality at low prices, fulfilment of the needs, and convenient needs. Customers like to see improvement in their offerings in regards to product portfolio and quality so that they can get the better value for the money paid.

Business partners- the level of interest in the organisation is very high as the nature of interest is in the form of increase in the business activities and product line. Increase in business partners will happen only if the company starts diversifying in different countries to great extent.  

Community- the degree of community is high due to its impact on employment and its social contribution.

Senior management and investors- senior management have their interest in providing great products and services to the customers. They have huge level of interest while constructing the strategy, formulating and executing the plans in order to achieve the objectives and greater profitability (Gross, 2018).

Governmental agencies- the interest of the government agencies is too high as it is interested how the organisations works in order to ensure that it is not working unethically. It ensures that the organisation works according to rules and regulations regarding the legislations compliance made by the organisation (Gross, 2018).    

Employees- The workforce have considerable interest from the organisation. As they are always concerned with the level of salary increment, growth, development, job appraisal, and training sessions. It includes the lower level and middle level employees so that they can be guided through business level strategy according to the senior manager (Nelson, Smith, Ly, Gustavsson, Sudlow, & Bexelius, 2018).

Conflicting interests

Stakeholder’s interest differs from their role and impact in the decision making of the company. Due to difference in the interest, disputes occur. Conflicts in the stakeholders is common in internal stakeholders such as top-level management, owners, shareholders, and employees analyses such decisions so that they can support and create organisational decisions (Zhuang, & Jiang, 2016). For example- when the organisation decides to cut down the jobs due to its suffering from country`s recession and this decision will be supported by the business owners and shareholders but at the same time, employees and community will be suffered (Zhuang, & Jiang, 2016). Another illustration can be that it lead to addition in order to create the extra shift so that they can increase its productivity and top-level management, supplier, customer and investors will support this decision because the organisation will need more raw material increasing the profits of suppliers. The employees and the local community will oppose this decision especially if it is without any incentive. This means exploitation of the employees (Zhuang, & Jiang, 2016).

Introduction of new machinery with an aim to replace the current employees in order to reduce the cost of the company. The customers will support this decision because they will be benefited through the low costing production of the company (Xue et al., 2017). Shareholders will enjoy greater profits on the other hand; employees will suffer from huge unemployment. Increasing the sales in order to generate greater profits by lowering the quality of the products, which will benefit the shareholders whereas, it will not be supported by the customers (Xue, Cheng, Zhang, Wang, Zhang, Qu, & Wang, 2017).

Interest conflicts will occur when the aims and objective of the stakeholder differs and does not match with the beneficial thinking of the stakeholder. For instance- project manager may hard schedules in peak seasons, which may be liked by the employees. It is important to comply with the interest of maximum stakeholders but it is not possible to great extent because paying attention to the concerns of the shareholders and the customers is most important to benefit the organisation as well (Wang, Lin, & Tsai, 2018).

In current era where the employees are also empowered, if the interest of the customers are considered by the organisation by exploiting the employees and neglecting the employees interest. It will lead to increased turnover with greater employee dissatisfaction (Wang, Lin, & Tsai, 2018). The impact of conflicting interest of the top-level management and shareholders will lead to decreasing profit margins. The clear reason is that senior management is concerned with the customer satisfaction who fulfil the interest of the wants of the customers whereas; shareholders are interested in making profits (Voinov et al., 2016).

Identify the level of main stakeholders’ influence

Some of the crucial stakeholders of the 7-eleven exerts huge pressure on the company especially some business activities. This enforcement will lead to conducting the business as per their will. This pressure will be clearly identified in the stakeholder` matrix (Tseng, Barnoya, Kruger, Lachat, Vandevijvere, & Villamor, 2018).

The stakeholders are identified according to the competitiveness as a threat and their potential according to the potential to cooperate. For instance- customers, regulators, government agencies, local communities, senior level management, senior executives, and the shareholders exert high pressure due to huge power and greater interest in the operations that affect the organisational performance and its profitability. On the other hand, supplier, receptionist, developer, trainers, testers, auditors, and employees exerts lower pressure as they does not create competitive threat (Thanh, & Phuong, 2018).   

Create a stakeholder matrix

 Stakeholder are different in nature in the company and it is followed while considering the cooperative potential and competitive threat in 7-eleven. It affects the business organisation in different manners. This depends on the level of interest and power with every stakeholder in the organisation (Šimek et al., 2018). The main stakeholders for the 7-Eleven who have different interest and degree of influence according to the power they have-

Suppliers, employees, and local community- these stakeholders have high degree of interest but they are not much empowered that can reflect that influence is low in the organisation`s decision. The company informs them in regarding to diversification, increasing the product portfolio, it has offered, business strategy, and decision made. As elaborated in the conflicting interest section, conflicts arise among the employees and other stakeholders as they have the interest in business organisations but do not have the power to exert which further creates dissatisfaction (Serôdio, McKee, & Stuckler, 2018).

Customers and board of directors- The consumer do not seem as very much interested in strategic business decisions of the company but the customers have huge power to influence the business decision especially the quality of the customers and marketing decisions for which the manager has to do something unique so that it can attain a situation of competitive advantage. Board of directors have greater power to influence the aspects of the business but they do not have any interest in the daily operations. The conflicting situations between shareholders and senior management is because of high power to both the parties (Sadeghirad et al., 2016).

Government agencies and shareholders- the level of interest and degree of power is high for both shareholders and the government agencies of the company. As it reflects huge influence over organisation and its operations.  However, it is considered priority list according to stakeholder` interest and they are main players in the organisation (Rodrigues, Nikhil, & Jacob, 2016).

Distributors- these are the associated business partners that helps to provide goods to the customers to other convenient stores. These stakeholders have minimal interest in the business operations where they do not have any power in making the decisions. The impact of the distributors is nearly low in the organisation where the makes minimum efforts for the distributors (Hueske, & Guenther, 2015).        

Compare the Industry your business operates in with their industry

When comparing the convenient stores and supermarket industry with the construction industry. The above discussion is concerned with the key stakeholders for the retail departmental company by undertaking the example of 7-Eleven as the illustration. On the other hand, the main stakeholders for the construction of the organisation that further includes project sponsors, contractors, lenders, suppliers of raw materials, technological advancement, architects, chemical dealers, and sub-contractors (Ramus, & Vaccaro, 2017). On the other hand, external main stakeholders in the construction industry includes labour unions, licensing organisations, debentures, long-term lenders, and interest groups. After differentiating the stakeholders for both the industries, it is seen that there are different internal and external stakeholders that affect the operations of the organisation in different industry. For instance- organisations who have the potential of earning very high and are existing in the market since a very long time. The organisation has to comply with the CSR activities that affect the preferences of the stakeholders such as shareholders and customers. Body shop is an organisation who greatly serves a particular percentage of its profits for the social cause and higher quality. This is the reason of customer’s loyalty (Kearns, Apollonio, & Glantz, 2017).

Conclusion

Stakeholders of the organisation can be either affected or affect the company by its actions, objectives, and policies of the organisation. From the above discussion, it can be seen that a comparative analysis has been conducted on how the 7-eleven stakeholders affect its operations and how it differs from the construction industry. After analysing the stakeholder`s competitive power and its cooperative potential, it has been analysed through the stakeholder`s matrix. customers and investors are threat to the company`s strategy. Stakeholders with empowerment can impose higher power in affecting the staff such as in the retail sector. After considering people with huge potential and high competitiveness. The main three suggestions to deal with the stakeholders is to comply with the rules and regulations, change the laws according to the laws, and implementing the policies according to the services. One of the key business partnership is with the WWF (world wildlife fund) so that it can improve the hygiene of water as communities suffer from clean water and other sanitation issues. Government agencies and SEC (Securities and Exchange Commission), these stakeholders will impose penalties on the organisation as they do not have potential in profitability but affect the organisation to great extent.

References

Gross, D. (2018). 1609e Stakeholder perspectives of return-to-work success. bmj journals, 75(2).

Henisz, W. J. (2017). Corporate diplomacy: Building reputations and relationships with external stakeholders. Routledge.

Howse, E., Hankey, C., Allman-Farinelli, M., Bauman, A., & Freeman, B. (2018). ‘Buying Salad Is a Lot More Expensive than Going to McDonalds’: Young Adults’ Views about What Influences Their Food Choices. Nutrients, 10(8), 996.

Hueske, A. K., & Guenther, E. (2015). What hampers innovation? External stakeholders, the organization, groups and individuals: a systematic review of empirical barrier research. Management Review Quarterly, 65(2), 113-148.

Hutt, G., & Ferrell, O. (2016). A stakeholder marketing approach to sustainable business. In Marketing in and for a Sustainable Society, 13(1), 61-101.

Kearns, C. E., Apollonio, D., & Glantz, S. A. (2017). Sugar industry sponsorship of germ-free rodent studies linking sucrose to hyperlipidemia and cancer: An historical analysis of internal documents. PLoS biology, 15(11), e2003460.

Nelson, M., Smith, M., Ly, A., Gustavsson, A., Sudlow, C., & Bexelius, C. (2018). D2. 3 Stakeholder generated lists of priority RWE relevant outcomes and D2. 4 Disease progression and outcomes classification matrix.

Ramus, T., & Vaccaro, A. (2017). Stakeholders matter: How social enterprises address mission drift. Journal of Business Ethics, 143(2), 307-322.

Rodrigues, J., Nikhil, S., & Jacob, S. (2016). Promotional Strategies of McDonalds and Market Effects. Journal of Management Research and Analysis, 3(1), 53-55.

Sadeghirad, B., Duhaney, T., Motaghipisheh, S., Campbell, N. R. C., & Johnston, B. C. (2016). Influence of unhealthy food and beverage marketing on children’s dietary intake and preference: a systematic review and meta‐analysis of randomized trials. Obesity Reviews, 17(10), 945-959.

Serôdio, P. M., McKee, M., & Stuckler, D. (2018). Coca-Cola–a model of transparency in research partnerships? A network analysis of Coca-Cola’s research funding (2008–2016). Public health nutrition, 21(9), 1594-1607.

Šimek, K., Grujčić, V., Hahn, M. W., Horňák, K., Jezberová, J., Kasalický, V., … & Shabarova, T. (2018). Bacterial prey food characteristics modulate community growth response of freshwater bacterivorous flagellates. Limnology and Oceanography, 63(1), 484-502.

Thanh, N. T. H., & Phuong, N. N. D. (2018, October). Exploring Customer Satisfaction in Fast Food Industry: A Descriptive Analysis. In Global Conference on Business, Hospitality, and Tourism Research (GLOSEARCH 2018).

Tseng, M., Barnoya, J., Kruger, S., Lachat, C., Vandevijvere, S., & Villamor, E. (2018). Disclosures of Coca-Cola funding: transparent or opaque?. Public health nutrition, 21(9), 1591-1593.

Voinov, A., Kolagani, N., McCall, M. K., Glynn, P. D., Kragt, M. E., Ostermann, F. O., … & Ramu, P. (2016). Modelling with stakeholders–next generation. Environmental Modelling & Software, 77, 196-220.

Wang, C. H., Lin, I. H., & Tsai, J. Y. (2018). Combining fuzzy integral and GRA method for evaluating the service quality of fast-food restaurants. Journal of Interdisciplinary Mathematics, 21(2), 447-456.

Xue, H., Cheng, X., Zhang, Q., Wang, H., Zhang, B., Qu, W., & Wang, Y. (2017). Temporal growth and spatial distribution of the fast food industry and its relationship with economic development in China—2005–2012. Preventive medicine, 102, 79-85.

Zhuang, K., & Jiang, Y. (2016). An analysis of the development of the Chinese fast food industry. Journal of Asian Business Strategy, 6(5), 85.

Personal Reflection on Project Management Principles

Introduction

Project Management is the acquired practise required to meet a specific goal and success factors through several stages following some specific criteria within a specified time. The procedure follows several stages consisting of project initiation, planning, execution, control and project closure. According to the PMBOK, a project is defined as an exclusive endeavour undertaken for the processes of procreating a unique product or service for delivering to the customers. The following report would thus be presented in this regard to reflect on my understanding of the detailed process management principles in Project Management with the critical analysis of the success factors behind the project management principles with the declaration of a real life example of an unsuccessful project and the reasons behind the failure of the project.

Understanding of Process Groups and their roles and relevance

As per the understanding that I have gathered through the learning of the theoretical PMBOK and Prince2 Project management phases, I understood that Project Management has several knowledge areas. The process groups that can be regarded as the steps by which the project is progressed. These process groups include the five stages of a project management, including the initiation phase, the planning phase, the execution phase, the monitoring, controlling and closing phase. I understood that the process groups can be regarded as the processed that are required for every phase of a project life cycle. From the understanding that I have acquired from my readings of the PMBOK and Prince2 methodologies, the roles and relevance of the process groups can be described as below as per my understandings:

Initiation phase: I believe that this is the phase of a project that helps in the triggering of a project process group. This phase in the project ensures that a project can initiate or begin working after the preparation of the documentations and the primary stages of the project planning.

Project Planning Phase: According to my ideology behind the entire project progression phase that ensures that a project has a proper planning for the project execution and progression. It is a legitimate phase at is it understandable how an entire project can crumble down to become unsuccessful if it does not follow an initial planning. This forms a base of the entire project as the project knows the direction and way through which the progress needs to follow up the execution phase.

Project Execution Phase: I believe that the phase where the delivery of the planned work is formulated is the execution phase of a project. This is the phase where the planning of the project comes into action according to the schedule and budget allocated as per the project planning.

Monitoring and controlling phase: According to my understanding gathered from the learnings of the PMBOK and Prince2, I believe that this is the project phase that happens to interact with all the other project phases as well. This is to specify that all the project phase is being carried on as per the planning of the phase formulated at the beginning of the project phases.

Project Closure Phase: I have learned that by the end of every project, there is a project closure phase required to close all the project phases and declare that the project is completed. I believe, this is to make sure that all the planning and constraints regarded for the project is completed accordingly to declare that the project is completed.

+According to the learning that I have gathered, I have acquired that there is an interrelationship between the project phases. Below would be a demonstration about how the process groups are associated with each other:

Figure 1: Interrelationship between the Project Process Group

(Source: Created by Author)

Impact of the Process Groups on the Project management best practises

According to the learnings gathered form the Project management Book of Knowledge or PMBOK, I have been able to understand that the process groups have their specific impact on the best practises as defined in the PMBOK. These ensure that the project phase and the best practises, both specify their impact on the theoretical knowledge. As per my understanding of the process groups, following would be my reflection of the impact of the Process Groups on the best practises of Project Management:

Project Initiation Phase: This phase has an impact by selecting the best utilization of the resources as per the limits of the project. Every project has certain limitations of the project, and the documentation in the project phase makes sure that the correct utilization of the resources is formulated to plan the production of the best quality end products or services.

Project Planning Phase: I believe that this phase initiates how a project should define all the aspects of the working structure of the project and at the same time it would define why each of the utilization of the resources is important to the project. This would help in identifying the scheduling activities, along with the risks that would be identified and defined.

Project Execution Phase: This phase has the potential of defining of the selection of the team members and the management of the work. This phase also defines how each of the project team members would not work as an individual group and as a fortified team.

Project Monitoring and Control Phase: This process would help in the tracking of the project processes along with the project progression that would define if the project is being proceeded as per the outcome that has been predicted.

Project Closure Phase: I believe that this process describes the verification of the accomplished project work and the financial closure of the contract. The paperwork in this process defines the administrative closure marking the end of the project.

PMI Code of Ethics

I have gone through both the best practises of a particular project management phase and in this way, I understood why is it important to make sure that the ethical considerations for progressing through a Project Management phase. I have understood that as a Project Manager, it is important to make sure that the project is continued as per the code of ethics as mentioned in the Project Management Institute.

I believe that, like every other code of conduct, ethical considerations should play an important part in clarifying the day to day activities of the behaviour and interactions in the project. It is just not only the Project Managers that needs to follow the code of conduct for the procedure but it also ensures that all the people in the project, including the stakeholders, the vendors, the employees and the other associated project team is working as per the ethical considerations as well. I believe that it is required for elevating the profession and also raises the future standards of the project. In addition, the faith and trust is restored due to the morally correct mindset that the project team bestows. I have an opinion that the project team can reduce the ethical constraints by following morally correct measures.

Description of Project Management Practises

I have gathered the idea that the Project management practises are based on the seven best practises that I would like to list and describe as follows:

• The definition of the scope and the practises of the Project Progression.
• The definition of the project deliverables as per the resources of the program requirements.
• The planning of the project at the initial stage.
• The proper planning done for effective communication.
• The tracking and reporting of the project progress.
• The initiation of the change and risk management plans.

Critical analysis of Project Management Approaches and their ability to handle projects

As per my learnings, the approaches by which a project management is initiated is followed by the ways which a project is carried out. The analysis of the phased project approach is initiated by planning the entire project through phases. This would ensure that the project level data would help in developing the industry level strategies.

Critical analysis of enhancement of improvement of success rate of a project

I believe that the success of a project is ensured by the application of appropriate project approaches and the proper ethical conducts that would ensure that the project is formulating the best practices, utilized the appropriate resources and at the same time made sure that the risk and changes required to be managed are handled well. All these, as per the PMBOK and Prince2 theories justifies that a project is probable of being successful. However, at the same time, this ensures that the project is feasible for establishing or maintaining a good reputation of the market.

Conclusion

Therefore, in conclusion, I can say that the gathered idea about the Project Management practises have ensured how I can proceed towards a project and how it would be absolutely essential for presenting a reflection of the learning throughout the course. I have gathered the acquired learning and based on that, the above reflection of the learnings has been presented. This has based upon the understanding of the Project Management principles and the understanding of the process groups and their roles, the relevance and impact of the process groups on the best practises of Project management, the need of ethical conduct for the Project Management Practises, the critical analysis of the project management approaches and the ways by which the improvement of the success rates can be initiated.

Bibliography

Basu, R., 2017. Managing Quality in Projects. Routledge.

Bhola, P., 2017. Project Leadership and Team Building in Global Project Management: Best Practices. Partridge Publishing.

Bresnen, M., 2016. Institutional development, divergence and change in the discipline of project management. International journal of project management, 34(2), pp.328-338.

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Reich, B.H. and Wee, S.Y., 2019, March. Searching for knowledge management practices in the PMBOK Guide. In Proceedings of the PMI Research Conference.

Siriram, R., 2018. Project management assessments (PMAs): An empirical study. South African Journal of Industrial Engineering, 29(1), pp.108-127.

Sivunen, M., Kajander, J.K., Kiiras, J. and Toivo, J., 2015. An open building approach to construction project management–a case study. In Proceedings of the Future of Open Building Conference. ETH Zürich, Chair of Building Physics; Zürich; Empa Zürich; Los Alamos National Laboratory.

Regression Analysis

Find the correlation for Weight with the following variables

	Correlation with Weight
Height	0.7883
Leg Length	0.2718
Arm Length	0.8573
Arm Circumference	2.9706
Waist	-0.9475

Based on the correlation coefficient, which of the variables would not be good predictors of weight

Based on the correlation coefficients, leg length and Arm Circumference would not be a good predictor of weight since they have absolute correlation coefficients of 0.2718 and 2.9706 as compared to other variables which are relatively approximates i.e. between (-1 and +1)

Which of the correlation coefficients might be misleading? Justify your answer – attach all relevant materials that support your position.

The correlations that might be misleading in this case are those of ‘Waist’ and ‘Leg Length’ which are -0.9475 and 0.2706 respectively.

These values suggest a stronger correlation between weight and the variables which are not right according to scholars and other related researches. According to Wiley (2016) and other related researches, the waist and leg length are founds the basis of body mass in human beings and thus an individual with longer legs and broader weights will always have much weight.

Build a regression model with the best predictor of weight. Write the regression equation below

The best predictor of weight in this case is height

The regression equation obtained is;

Weight = 30.123 + 0.7883 (Height); where 30.123 is the constant term in this model and 0.7883 as the model slope.

Is the slope significant?

In this case, the slope is much significant because the value which is r = 0.7833 is relatively more close to 1. Thus very significant value.

Interpret the slope

The slope is the regression model above is a positive one (r = 0.7883).

This implies that an increase in weight is due to an increase in height. Intuitively, this also suggests that individual with increased heights have greater weights

What is the coefficient of determination for your model? Interpret the coefficient of the determination.

The coefficient of the determination our case here is R squared = 0.62 (which is 62%). This is basically the proportion of variance in the in the dependent variable which in this case is weight. Hence this implies that a variability of 642% in weight can be explained by the difference in the other variables.

References

Draper, N. R., & Smith, H. (2014). Applied regression analysis (Vol. 326). John Wiley & Sons.

Montgomery, D. C., Peck, E. A., & Vining, G. G. (2012). Introduction to linear regression analysis (Vol. 821). John Wiley & Sons.

Seber, G. A., & Lee, A. J. (2012). Linear regression analysis (Vol. 329). John Wiley & Sons.