Management and Business for Exploration Company - myassignmenthelp

Question: Discuss about theManagement and Business Context for Exploration Company. Answer: Introduction In the present business environment it is essential for any company to have proper understanding of the ways in which they are doing their business. Companies also need to understand the capabilities it has and the structure it is following. Firms also need to calculate the risk factors that are associated with their business so as to make plans for eliminating it (Van Der Aalst, La Rosa Santoro, 2016). They also need to make sure that they take decision that may help in enhancing their organisational performance. Organisations have different kinds of functions so as to achieve their business strategies. Inpex Australia is one of the largest oil and Gas Company in Australia. It deals in the business of exploration and production of Oil and Gas. This report highlights the organisational structure of the Inpex Australia as well as the internal and external environment surrounding their business. It also illustrates about the risk that is faced by the Inpex and the steps that are taken by them to improve their performance. Organisational structure of Inpex A company must have an organisational structure that can support the business it is dong (Schermerhorn, Davidson, Poole, Woods, Simon McBarron, 2014). It must support its mission and Vision. Inpex is an organisation that is having vision to become a global leader in international oil and gas Exploration Company by the means of sustainable growth. More than 2000 workers are employed under the project named Ichthyns LNG in the Australian location. There are leaders at the top most of the company and the lower levels there are various departments that help them in managing their work efficiently. Leaders consist of Board of directors below which there is an executive committee. Each department has managers that checks and assign the duties to lower level of the employees as per their skills. Apart from this there are many other departments present in the company having different kinds of roles like maintaining CSR, compliances committee, information security committee etc. These depart ments have the role of watching every other department under them or parallel to them. External and internal forces that impacts their business There are several internal and external forces that are impacting the business of Inpex Australia. It is crucial for the company to understand their impact on their business so as to take steps for avoiding it (Griffin Pustay, 2012). Some of the external forces that may impact their business are as follows: Political: There are many political ties that are breaking and coming up in many parts of the world. This has affected the business of Inpex and the oil prices and the tax rates are always dependent in the political relations between the two nations. The policies regarding the extraction and production of oil and gases have changed in Australia which is directly or indirectly affecting the business of the firms. Economic: In various parts of the world economic instabilities can be noticed. This also had the effect on the Australian economy (Maylor, Blackmon Huemann, 2016). This has forced the companies to make sure that they have proper economic policies to ensure higher profits. The slowdown in the American market and the poor performance of European economy has resulted in many kinds of loses for the company. Social: Society is changing and so is their demand. This change in the demands has forced companies to change their operational mechanism. Requirement of the oil and gas have increased. This has provided an excellent chance for the cited companys growth. Technological: Many new kinds of technologies are coming up in the oil and gas extraction. This is forcing the oil and gas firms to make advancements in technologies at regular intervals of time. It will help the firm in staying ahead of their competitors. Environmental: Various governments all around the world have forced the companies to embed an operational mechanism that favours the environment. New environmental policies all around the world have forced the leaders of Inpex Australia to think about the sustainable production of oil and gases. Competition: The competition in the industry has risen to alarming level and hence it has become difficult for the companies like Inpex Australia to attain higher growth rates. Many new firms have come up in the field of renewable energy which is an alternative of the non-renewable energy sources (Marschan-Piekkari Welch, 2011). Inpex Australia also needs to invest heavily on the technologies related to the renewable resources. Internal forces Increasing demands of employees: The demands of the employees especially who are working at the off-shore sites have increased considerably (Singh, 2012). As employee satisfaction is important for Inpex Australia hence companies have to fulfil these. In the increasing price war this is becoming burden on the financial assets of the firm. Resources: Maintaining the quality of resources they have in a major challenge especially in terms of human capital they have. Inpex Australia has to invest a lot on the training program so as to maintain the quality of operations. Diversity management: Inpex Australia has employees from various parts of the world. Managing such diversity at the workplace is a challenge for the company. It is essential for the firm to make sure that they have excellent policies that help them in managing such a diverse workforce or otherwise it may result in poor performance for the employees (Bryman Bell, 2014). Risks that is confronting the business There are several kinds of risks that are confronting the business of the firms (Chalmeta Palomero, 2011). It is essential that company understand these risks and takes actions to remove these. Increasing inflation: Inflation rates have increased in many parts of the world (Carroll Buchholtz, 2014). This has forced Inpex Australia to sell their products at higher prices. In the increasing competition this is a major challenge for the company. Limited amount of natural resources: The amount of natural resources is limited and hence these are getting depleted at very faster rate. In such situation company needs to have a sustainable business plan for the utilisation of resources. Shift towards the renewable resources: Companies are advancing towards the use of renewable resources. This has increased the risk for Inpex Australia as they have to think about moving towards renewable resources which can be very costly for the firm. Business practice decisions that enhance organisational performance There are many types of decisions that are made by the management of Inpex so as to enhance the performance of the organisation. This has also forced the companies to make sure that they enhance their organisational performance. Training: They have used many kinds of training sessions for their employees. This helps them in increasing the skills and capabilities of their employees (Wheelen Hunger, 2011). It also helps the company in increasing efficiency and performance of their employees. Operational management: The operational management of the company has been very useful. They have been using the strategies like lean production etc. to enhance the efficiency of the workplace which directly affects the operational management of Inpex Australia. Quality: They have been using quality management tools like Six sigma and TQM for maintaining quality of their products and services. This helps them in competing with other rivals in terms of quality they delivers. Cross cultural development program: They are using this program for managing diversity at the workplace. This program was highly beneficial for managing the diversity at the workplace. Functions within Inpex that will help them in achieving its strategy There are various functions within the organisation which will help in achieving their set strategies. Some these functions are as follows: Human resource management: This function within the organisation has a very important role in managing the diversity which is essential for the growth of the firm. HRM helps in increasing the productivity of the employees (David, 2011). Marketing: It is an essential function within an organisation that has many kinds of role. The most important role of marketing unit is to promote the brand name of the company. It helps in enhancing the sale of the companys products which is necessary for their long term growth (Inpex Corporation, 2018). Research and development: This function within Inpex Australia has the role of making research which was necessary for the growth of the company. This helps in making sure that company keeps itself ahead of other competitors in the market. It is necessary for bringing innovation at the workplace. It will also play very crucial role in shifting towards renewable energy resources. Information and communication technology: This department has the role of managing all the communication mediums as well as the other technologies related to IT. This helps them in bringing efficiency in the work process. Finance: This department plays a very vital role in achieving strategies of the company. Since implementation of any strategy totally depends on their financial constraints. Hence this department has the role of managing financial assets which is necessary for achieving their strategy. Conclusion From the above report it can be concluded that Inpex Australia has a much managed organisational structure that helps them in conducting all their operations smoothly. There are many internal and external forces that are surrounding the business of Inpex Australia. This has forced the company to make plans that could help in changing these factors in the favour of the company. Apart from this there are several risk confronting the business of the firm. Inpex Australia is taking many kinds of decisions that may help in enhancing their performance. Apart from this there are many functions within an organisation that may help in achieving the strategy. References Bryman, A., Bell, E. (2014).Research methodology: Business and management contexts. Oxford University Press Southern Africa. Carroll, A., Buchholtz, A. 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