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Introduction Inter-optics plc is a company based in north Europe, which sells and manufactures a range of spectacles, contact lens and eye-care products throughout the European Union. It intends to design and build a joint venture manufacturing plant in India. The strategic objective was to produce a range of high quality eye-care products and optical merchandise in the region, which could be sold throughout India and into the neighboring countries Mooz et al(2005).Advertising We will write a custom essay sample on Inter-Optics Plc Company specifically for you for only $16.05 $11/page Learn More First we need to identify if this is a program me or project so that we can easily handle it. A program me is an inter-related set of projects designed to achieve a strategic objective and a project is a more clearly defined, unique, time constrained, endeavours undertaken to fulfill a specific need or capitalize on a particular opportunity Mooz et al(2005). Some of the characteristics of programs are they are less well-defined end date, some go on forever, or until a defined organization state has been achieved, the main focus is on benefiting the organization, more complex; interface with the strategy contain many projects drive operational change and finally programs have a macro view; have to consider the combined effect of a portfolio of projects which should produce synergistic benefits but sometimes conflict with each other Mooz et al(2005). The best place to this venture isto categorize this venture as a program me since it comprises many projects in it. Some of the projects that can be extracted from this program me are the tendering process, selection of the management team to mention but few. Now that we have categorized the whole venture it is much easier to deal with it Tavares (1998). Program management is the process of managing several related projects, usually with the intention of improving an organization’s perform ance. There are three main management models which are program me management, portfolio management and project management Tavares(2008). Program me Management Model Program management entails strategic alignment, program governance, demand management, prioritization, risk management and benefit realization. Strategic Alignment This is the adjustment of an objective in relation to other objectives so that the arrangement can lead to the optimizing of position or relationship between the objects or parts Tavares (1998). Streamlining the external factors to the company needs insight and taking appropriate actions.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Leadership and supervision is needed in aligning employees’ performance. Also integration and diplomatic handling of personalities is needed in aligning different functions and resources across the organization Tavares (1998). Pr ogram Governance This is a combination of individuals filling executive roles and program oversight functions organized into structures. These are the policies that define management principles and decision making Brown (2007). Risk Management Risk management is the identification, prioritization and assessment of risk followed by coordinated and economical application of resources to minimize monitoring and control the probability and impact of unfortunate events, or to maximize realization of opportunity Brown (2007). Benefits Realization Benefit realization demonstrates vividly what will occur, when and where the advantages will accrue and who will be accountable for their supply. Benefits should be streamlined with the project and must be very open in relation to individual duties for current undertakings. Tracking process for monitoring achievement should be created and it must be able to track both hard and soft benefits Brown (2007). Portfolio Management Project portfolio man agement usually refers to the process of selecting the project and prioritizing it to work. Project portfolio entails clustering projects, minimizing value, improving communication, authority and responsibility, resource allocation and rationalization Brown (2007). Project portfolio management should also be supervised to avoid failures. Clustering Projects A clustering project usually intends to devise a unified, region wide strategy in order to enhance competitiveness. Cluster study shows that this kind of development program can be a vital model for tourism industries that have problems with average staying time and average revenue amounts Brown (2007). An increase in average time can be attributed to the new products developed within the cluster. This success is usually as a result of cooperation among cluster members. Mainly travel agencies and tour operators designed new touristic products which attracted people to stay for more days in the region Brow(2007).Advertising W e will write a custom essay sample on Inter-Optics Plc Company specifically for you for only $16.05 $11/page Learn More Minimizing Value The importance of value minimizing incentive program me is that it allows the contractors to innovate at any stage of the project to deliver benefits by limiting exposure to risk. The value minimizing incentives framework allows the contractor to operate within the project having security of ideas and innovation and also being awarded a share of the saving generated Gido et al(2008). In most cases the contractor’s value engineering proposals have been to manage construction risk. As a result of reducing risk by value engineering proposals the contractor has actually value engineered time, cost and quantity parameters of the project Gido et al(2008). Improving Communication Effective communication entails the selection of the correct medium and structure to convey the results and to understand the views of the client. Proper communication results in good rapport and relationship with clients and stakeholders Brentain (2004). Communication makes the difference in terms of timely information sharing on the progress and present and expected outcome of benefits that would accrue to clients. The purpose of effective communication is usually to increase organization by sustaining the on-going work with maximum efficiency. Authority and Responsibility The reason for partitioning of a program is to decentralize authority, responsibility and accountability. Partitioning is achieved by decentralization. Authority is power granted to individuals by their position in the company so they can make decisions for other people. Responsibility individuals obligation in their roles in formal organization to effectively perform assignments and accountability is being able to answer for a given assignment Brentain (2004). Resource allocation In portfolio management resource allocation is the distribution of the scar ce resources evenly in an organization. Allocation is done in two faces, first face, is the basic allocation of the decision and secondly there are the contingency mechanisms Brentaini (2004). In basic allocation decision of the choice of which item is or is not to be funded and what level of funding it should receive is made while in the contingency mechanism there is an priority ranking of items that are excluded from the plan, showing which items are to be funded resources should increase, and there is a ranking of some items from the most important to the list important in the plan, Brentaini (2004).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Rationalization â€Å"Rationalization is when individuals deal with emotional conflict by concealing the true motivations for ones own thoughts, actions through the elaboration of reassuring or self serving but have incorrect explanations,† Kevin (2006). Program me Management Here we mainly focus on the success of the projects. The success of a project mainly depends on four things time, scope, cost and quality. All this should be focused on during delivery Kevin (2006).program management is very important if any organization is to realize success. Project approach for stage two that will address the problems encountered in stage one and build on the lessons learned. The problems encountered in stage two can be solved using the Office of Government Commerce programs process. The Office of Government Commerce entails; program start up, governing a program, managing the portfolio, closing programs and managing benefits Kevin (2006). Program start up Some of the important elemen ts that are either excluded or not properly define in the program start up are; Produce the program brief A program brief is very important if the project is to be completed on time. We are not properly informed about the program brief and this can also be considered as among the cases that caused the delay of the project Kevin (2006).   Checking potential success We are informed of a merger that would take place between inter-optic and optical Industries but no solid evidence of the analysis of potential success has been given which is very important for the business continuity Kevin (2006). Developing program governance strategy and plans This is also another important area which Inter-optic failed to capitalize. We are only informed or the appointments of very competent staff but nothing about the governance strategy and plan has been mentioned. Lack of governance strategy and plan will lead to an automatic fairer of the organizational project since there is no since of directi on Kevin (2006). Governing a program This is how the internal and the external and stakeholders interact with an organization to make sure that it runs in accordance with the law in pursuing organizational goals. We are not properly informed on the interaction between Inter-optic and the external and internal shareholders Kevin (2006). Things that are included for the success of the project are: Risk management and issue resolution This group’s main function will be to manage risk thus securing organizations assets and issue resolution. Conflict usually waste a lot of time and might diverge the interest of a group so its very important for an issue resolution group to se formed for the easy achievements of organizational goals Kevin (2006). Reporting, monitoring Monitoring and reporting is very important if one wants to know of the progress of the project. Well written and accounted information is important since it also protects the organizational assets. For accurate inform ation the group should record anything that happens immediately so as to avoid omission of important information Sanwal (2007). We are not informed about the method of information collection so this means that if information is wrongly compiled then wrong decisions are made. Information management Information management is a very important aspect which Inter-optics should consider. It is because of accurate information that accurate decisions are made Sanwal (2007). Good information management means better decision making and risk management process. Managing Portfolio Project portfolio management usually refers to the process were selecting and prioritization of projects of work in this case, the term program management refers to the execution of those projects. Project portfolio entails clustering projects, minimizing value, improving communication, authority and responsibility, resource allocation and rationalization. Risk Management Risk management is the identification, priorit ization and assessment of risk that is followed by a coordinated and an economical application of resources to minimize monitoring and control the probability and impact of unfortunate events, or to maximize realization of opportunity Sanwal (2007). Managing stakeholders Stakeholders are the people who are interested in the everydays operation of the organization. There are internal and external stakeholders Sanwal (2007). We are briefly informed about how the organization treats internal stakeholders. We are not informed if the project will be harmful to the people which are an important aspect in the formation of a new organization. Inter- optic needs to take care of all stake holders according to Mandelow interest chart Sanwal (2007). Monitoring progress Inter-optic needs to identify or improve on their monitoring progress. According to McGregory theory x and y if workers are of theory x then the project might not bet the deadline just like it happened here. Theory x workers are the workers who don’t like work so monitoring or supervision is an important aspect for better and timely performance Sanwal(2007). Terms and conditions Terms â€Å"Contractual term is any provision that forms part of the contract. Each produces a contractual obligation, breach of which gives rise to litigation. Breach of these terms disqualifies the contract, allowing the other party to discharge and file for damages for breech of contract. A warranty is less imperative than a condition, so the contract will survive a breach. Breach of either a condition or a warranty will give rise to damages,† Fabozzi et al (1998). Term goes to the foundation of a formal agreement means of illustration, an actress’s duty to act in the first night of a theatrical recording is a condition. A singer’s obligation to perform in the first three days of his rehearsal is a warranty Fabozzi (1998). In nominate term Breach of these terms, usually with all terms, will give rise t o damages,† Rollins et al (2007). Status represented as terms â€Å"Status in mode of a term is vital as a person can sue only for the breach of the terms as contrary to depictions or just puffs. Statements Only statements that can amount to terms can create a contractual obligations Rollins et al (2007): Puff (sales talk): If no one is hearing this statement or takes it seriously. This is common in television commercials Rollins et al (2007). Representation: A representation is an expression that will not sum up to a term of the contract. It is one that the maker of the statement does not guarantee its truth and can gives rise to no contractual obligation but may amount to a tort Rollins et al (2007). Term: A term is the same as a representation, and the truth of the statement is usually guaranteed by the person who made the statement therefore giving rise to any contractual obligation Rollins et al (2007). Determination of nature of a statement The factors that a court ma y take into concideration in determining the nature of a statement. These include Rollins et al (2007): Timing. Content of statement. Knowledge and expertise. Reduction into Writing. Terms implied as facts The five procedures in BP Refinery Western Port case versus Shire of Hastings Fabozzi et al (1998): Reasonable and equitable: here term must be justified and have fairness. Obviousness: There must be one thing that would be implied by the parties, Rollins et al (2007). Clear expression: The term should be of transparent communication. No technical knowledge is expected. Consistency: usually implied term do not contradict the expressed term Rollins et al (2007): Necessity: The term should be necessary so as to ensure effective operation of a contract. Obvious: Gummow JJ and McHugh have announced it also has to be unsubtle. Terms implied in law They are terms suggested into unified relations. The Statutory The rules which govern contracts deal with particular subjects Fabozzi et al (1998). The important legislation implying terms which are under the United Kingdom law which imply the terms into all contracts whereby goods are sold or services provided Rollin et al (2009). Terms implied by custom One is mostly obligated in the custom of the organization he belongs. To imply a term one has to prove that the custom exists, which must be, legal and reasonable Fabozzio et al (1998). Course of dealing If two persons have consistently run the firm on the same terms, an impression is created for each contract, whether specifically accepted or in the contrary. The parties must have operated in more than once occasions and been aware of the term purported to be implied â€Å"Rollins et al (2007). At most Good faith In most of the instances discussions must be written into a lead of consent files that should add clauses whose results is to be negotiated. Although these cases may appear to fall into the category of agreement to agree, Australian courts will implied an obligation to negotiate in good faith provided that certain conditions are satisfied Rollins et al (2007) Negotiations should be well-advanced with large proportion of terms having been worked. There exists mechanism that can resolve disputes Galai et al (2001). The Unfair Terms in Consumer Contracts Regulations 1999 makes incompetent any ‘unfair’ agreement if it involves a seller and a buyer. The regulation of the statutory instrument explains on the concept of ‘unfair’ Rollins et al (2007). References Bernstein. P Fabozzi. F 1998, Streetwise: the best of the journal of portfolio management, Princenton University Press. Brown. T 2007, The handbook of program management: how to facilitate projects, McGraw-Hill Professional. Brentani. C 2004, Portfolio management practice in practice, Butterworth-Heinemann. Crouhy. M, Galai. D Mark. R 2001, Risk management, McGraw-Hill. Forsberg. K, Mooz H Cotterman. H 2005, Visualizing project management: models and frameworks for mastering complex, John Wiley Sons, Hoboken. New Jersey. Gido. J Clements. J 2008, successful project management, Cengage Learning. Kevin. S 2006, portfolio management, PHI Learning Pvt. Ltd. Letavec. C, Rollins. S Altwies. D 2007, Programm management professional (PgMP): a certification study guide with best practice of maximizing business results, J. Ross Publishing Sanwal. K 2007, Optimizing corporate portfolio management: aligning investment, John Wiley Sons. Springer. M 2005, Project management, Purdue University Press. Tavares. L 1998, Advanced models for project management, Springer. This essay on Inter-Optics Plc Company was written and submitted by user Barbara Berry to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here. Inter