Oil and Gas Industry McDermott Management Report Writing Management Assignment Help

Assignment Task

 

Task

• Executive SummaryPresently, I work in McDermott which is an Oil and Gas industry. The company is an American Panamanian – domiciled multinational engineering, procurement, construction, and installation company that also deals in the production of oil and gas. The different aspects of the company that will be covered in the report are as follows:-
• The vision of the Company
• The mission of the company
• SWOT analysis
• Long Term Objectives of the company
• Strategies framed by the company to achieve long term objective
• The organizational structure of the company
• Corporate Culture
• Recommendations and Conclusions
• Introduction
• Strategic management is defined as the process of managing the resources of the organization in such a way that the goals and objectives frame can be achieved effectively. The conduct of strategic management involves framing the objectives, establishing the cooperative environment, analysing the internal and external environment in which the company once, framing strategies, and analysing that these strategies are effectively implemented across the organization (Kenton, 2019). Strategic management is considered an essential process for planning, monitoring, Analyzing, and, assessing the overall work structure of the organization.
• The process of strategic management conducted by an organization helps the organization to improve its present situation. Make a better strategy for the future, properly deploy them and analyze the implemented strategies of the organization. The process consists of five basic strategies that differ in the course of implementation depending upon the surroundings of the organization. The different types of strategies that are incorporated in the process of the strategic management process are as follows:-
• Business Strategy
• Corporate Strategy
• Internal strategy
• External strategy and,
• International Strategy (Sammut-Bonnici, 2015)
• Presently, I work in McDermott which is an Oil and Gas industry. The company is an American Panamanian – domiciled multinational engineering, procurement, construction, and installation company that also deals in the production of oil and gas (Lambin et al., 2018).
• Vision and Mission
• Visions of McDermottThe vision for the company is to establish itself as an industry technology leader in clean fuels and carbon capture, also providing opportunity is in the field of sustainable and parable energy solutions. The company also works towards the fact that all the employees who use it with the organization shall work in a socially responsible way. The company is working with the vision of implementing two essential features in the work structure of the organization: Purpose and Values( McDermott, 2018). The future vision of the company includes:-
• The company is working with a vision of producing clean fuels and enhanced opportunities in the domain of sustainable and renewable energy solutions.
• The company is working towards being recognized as a socially responsible employer with passionate employees enriching communities
• The company wants to work with a global diverse workforce and
• The company wants to work as the safest and the most efficient company, that implements effective industry-leading standards( McDermott, 2018).
• Missions of McDermott
• The mission of the company is to work towards the concept of commitment, integrity, one team, Go beyond, and promoting the well-being of the employees. The top priorities of the company are diversity, inclusion, sustainability, which, in ounce meant and share value, employee happiness, customer happiness, family-friendly, and providing back to the community as well. The company is also committed to hurt conducting the activities in such a way that are following the laws and human rights prevailing in the United States and human rights that are consistent with the universal declaration of human rights. The company duly respects the suppliers and the subcontractors at the time when they perform their duty. The company is meant for reducing the impact on the environment and implementing a QHSES management system( McDermott, 2019).
• Swot Analysis
• A swot analysis helps in evaluating the internal strength and weaknesses, as well as external opportunities and threats for an organizational work structure. The internal analysis helps in identifying the resources, core competencies, capabilities, and competitive advantages that the company can attain in the market(Sammut-Bonnici & Galea, 2015). The internal analysis is important for identifying the different factors we are a company can attain a competitive advantage and it helps in pointing out the factors that need development for betterment(Sammut-Bonnici & Galea, 2015). On the contrary, the external analysis that is conducted helps in identifying the opportunities and threats for the company on account of analysing the competitor's environment, industrial environment, as well as the general environment of the market in which the company operates. The main objective of conducting a swot analysis is to understand the surroundings of the organization and frame strategies accordingly. The next phase at the time of implementing strategic management in the organization is conducting external and internal analysis which is also known as SWOT analysis(GÜREL, 2017).
• To frame and implement effective strategies, the SWOT analysis of the company can be summarized as follows:-
• StrengthThe company on account of achieving one of the strongest position in the world as a series of different strength that helps the company to tribe the marketplace (Byrnes et al., 2020). The strength of the company helps in protecting the market share as well as pertaining its position in the new market as well. Therefore the strength of the company can be summarized as follows:-
• The company has a strong distribution network which has enabled it to easily reach its potential market as well as customers.
• The company is always dedicated to watching working towards effective customer relationship management which helped the company to achieve a strong position in the market.
• The company has a strong Brand Portfolio. The company has always invested in a strong portfolio. A Strong Portfolio is considered to be effective when the company desires to expand itself in new categories.
• The company has a successful track record which helps the company in implementing new products or making innovations in the existing products.
• The company has used a strength of merger and acquisition with complimentary firms which have enabled the company to use effective technologies at the time of streamlining the operations and building a reply will supply chain.
• The company has a strong chain of retailers which enables the company to overcome the concerns of restricted supply chains.
• WeaknessWeakness is considered as the factor where McDermott has the potential to improve upon. The component of the strategy is making choices and weaknesses are the areas where the firm has a potential to improve further (Hahn et al., 2015). The weakness of the company can be summarised as follows:-
• The amount that the company invests in research and development is comparatively low than the other companies in the market.
• The company lacks on account of the product range that is sold by the company. The lock has given rise to a new competitor in the market.
• The company has a limited amount of success in the field of outside core business which means that even if the company is one of the leading companies in the industry, it has faced multiple amounts of challenges on account of product segmentation within the culture of the market.
• In comparison with the other companies in the market, McDermott has a high amount of attrition rate which means that the company is spending more amount on the employees as compared to the other competitors on account of training and development of the employees.
• The company has a high rate of inventory rate in comparison to the other companies in the market.
• The company is also not considered as highly successful when it comes to integrating companies and merging other companies on account of different work cultures.
• Opportunities
• The opportunities for the companies in the external market can be summarized under the following categories:-
• The company has a potential for market development that will enable the company to attain a competitive advantage and enhance its competitiveness in comparison to the companies that work in a similar work domain region.
• The company has adopted new technological standards and government free trade agreement which has provided McDermott an opportunity to enter into a new and a more emergent successful market.
• The company works at a lower inflation rate which means that the company brings more stability in the market format enables creditors a lower interest rate and the customers of McDermott international are also duly satisfied with the services on account of low interest-rate data provided to them.
• Over the past few couple of years, the company has Julie invested a good amount of money into the structure of online platform. This has enabled the company to operate with the help of new sales channel and enhance the opportunity of knowing their customer better and serving them more effectively by analysing the needs with the use of different data analytical tools.
• ThreatsThe threat for McDermott in the external market can be stated as follows:-
• The fact that the companies operating in different countries, the company always has a threat of exposing itself to currency fluctuation on account of climate change across different markets in the world.
• With the increasing amount of trend towards isolationism, the company has led to similar reactions from other governments thereby creating negativity for the company on account of international sales.
• On account of the rising level in the amount of pay level especially in countries such as China we are has been an increase of $15 an hour, a serious pressure has been generated on the profitability rate of McDermott International, Inc.
• The company has the potential of developing new technology or market disruptor that has the potential of enhancing a series threat in the company from medium to long term future.
• The company has no regular supply of innovative products which means that over the past few years the company has developed numerous products but only those products which are related to the main product. On contrary, the supply of new products by the company is not conducted regularly which has led to a low amount of sales over the number of time.
• The company on account of working in different countries can also suffer from the problem of different laws and making changes in the work culture on account of the laws prevailing in the specific another country. The change in the demands of the customer from online channels can be entertained to the physical infrastructure that is implemented by the company on account of the supply chain model. And the new environmental regulation under the provisions of the Paris Agreement (2016) can act as a major threat for the company.
• Long Term Objectives of McDermott
• On account of long-term objectives, the company is planning to work with a technology-driven approach that will enable the company to frame such an infrastructure that will help in the transformation of oil and gas into the product that is in need. The experts of the company are working towards achieving innovation and adding value to the energy products conducted by the company globally. (McDermott Legal, 2021). Operating in more than 50 countries, the company is focused on integrating human resources and enhancing the employee rate of approximately 40,000 employees, and providing fabrication facilities around the globe (Publications, 2020). Following the provisions of Safe Harbor of the Private Litigation Reform Act of 1995, the company is looking forward to work with innovative data and contingencies on account of McDermott's actual account of operations.
• The statements that have been framed by the companies include procedures about the backlog, profitability, framework regarding the intentions of the company in the account of the owners of the business, the expectations of the company for selling the products globally, and at the same time framing innovative steps for making innovation in the entire process of production (McDermott Legal, 2021).
• Strategies made by the company to achieve the long term objective
• The strategies that have been framed by the company to achieve the long-term objective of the company can be summarized as follows:-
• The company wants to integrate with CB& I so that the company can successfully establish itself with other top-tier firms that are working with the vertically integrated system of engineering, requirement, and construction activities. The company plans to integrate with them so that a different concept can be a frame in the process of technology and framing customer service relationships to satisfy the customers to the best.
• On account of drive savings, the company is planning to embody the best class culture that will focus on the concept of achieving savings with the combination of profitable initiative and CPI as well.
• In the future, to achieve the long-term objectives that are been framed by the company, the company is planning to develop a strategy on account of the position of the company for future growth. The company is planning to capitalize is revenue with the strategy of growing in the end market or coming up with new products in the market so that the company can have a stronghold in the market.
• The company will practice the implementation of discipline bidding with the help of which evaluation and assessment of project risk profiles can be done in a proper regularised way.
• The company is also planning to deliver excellence by the way of execution with the process of implementation of one McDermott way(Barril, 2021).
• Organizational Structure of McDermottAs per the strategic management plans, the company and Chicago Britain iron company would work with the procedure of executive leadership team and integration of organizational structure for the process of the combined company. The changes would be effective on an amount of$6 billion all-share amount and the same would be reflected upon the shareholders as well. The new structure of the company Will is needed by David Dickson, who will be the chief executive officer and will lead the combined company. The plans and all the important decisions regarding the common culture, better strive for customers, competitive and long growth would be taken up by him only. The integration of commercial, centralization of the company will help in improving the customer interaction, proper allocation of resources, consistency at the time of approaching the risk management, and a proper structure for the new contracts will be duly made. The area of technology and product delivery team will also be supported by the concept of centralizing corporate Chatterjee in the domains of finance, human resources, legal structure, and proper communication units. All the factors will all together helps the company to acquire a strong position in the market.
• Culture of the organizationAt the time of determining the internal situation of an organization, it is very important to describe the internal structure of the organization. From the cultural aspects point of view, it becomes easier to understand the nature of the organization, by understanding the core beliefs and values of the particular organization (Mould,2016).
• Corporate Cultural Issues faced by McDermottCulture is considered as the factor of effective knowledge sharing. The different types of factors that are considered at the time of defining the culture of an organization are the existing core value followed in the organization, the system of knowledge management working following the organizational style, framing an effective network in the organization (McDermott & O'Dell, 2001). The company at a regular interval of time used different types of measures to ensure that the supervisors and peers are having an effective relationship with each other at the time of working for the organization. In the domain of defining the culture of the organization, companies Like McDermott have realized for enhancing the corporate culture of the organization they need to motivate and enable people to work with the core values of the organization (McDermott & O'Dell, 2001). The concerns of involvement and working together are the two qualities that can be implemented in the cultural value of the organization so that the people can work effectively throughout the work structure (McDermott & O'Dell, 2001). As an organization that works with the core value of knowledge sharing, the concern of cultural barriers is not fazed by the people at the time of sharing ideas and Incyte because they work with the mindset of sharing information with other people.
• Recommendations
• The current structure that is followed by the organization act in a contemporary way or account of management practice. So transactional styles that are followed by the company or not motivational enough in terms of a transformational visionary leader. Change in business strategy can act as a motivational factor for the organization where the adoption of different HR orientation principal can help the company in a better employment retention scenario and securing a better position in the market as well. Revising the current human resource implications and practices can act as a corded method of the psychological framework of a contract to avoid disruption in the work culture of the organization.
• In addition, the role that is played by a leader in the organization also plays an essential part at the time of implementing a change or a transformation in the organization (McDermott et al., 2013). Leadership is important for implementing different HR strategies properly in the organization. For a manager, it is very essential that the employees that are working under him or provided with the right message at a regular interval of time. Effective strategic implementations and effective psychological contracts within the workforce can help the manager to understand the core concerns that are faced by the employees that are presently working with the organization and the different HR policies would be also made applicable in a manageable way.
• Conclusion
• To ensure a better position in the market, the company can integrate a new set of HR policies to ensure that no concerns are faced by the employees presently working in the organization and there is proper coordination between the employers and the employees in the organization. At the time of conducting the SWOT analysis for the company, there are different types of concerns that are currently faced by the company in the market such as- The company has a limited amount of success in the field of outside core business which means that even if the company is one of the leading company in the industry, it has faced multiple amounts of challenges on account of product segmentation within the culture of the market. In comparison with the other companies in the market, McDermott has a high amount of attrition rate which means that the company is spending more amount on the employees as compared to the other competitors on account of training and development of the employees. Therefore, the need of the hour suggests that the company needs to claim effective policies to ensure that the weakness that is faced by the company in the present does not occur in the future. Similarly, the company needs to take into consideration the threats that are faced by the market in the present and implement corrective policies for the same.

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