...Strategic planning helps educational organizations plan a path for the achievement of its goals. The planning process should begin with an internal review of the organizations current operations and identifying what areas are in need of improvement. Once the internal review is complete, additional planning involves identifying the results the organization wants to achieve and establishing the next steps necessary to reach the intended goals. These goals or factors can range from: finances, public relations, policy development, personnel recruitment or overall strategic planning in light of student performance. This strategic plan will focus on the financial aspects of an organizations plan. Establishing and implementing effective financial policies are fundamental in an educational organizations success. One essential component of a strategic plan is the establishment of financial policies and procedures. Financial policies are the rules that govern the financial decisions making process of an organization. Educational organizations adopt these policies and follow them to guide them when making financial decisions. Upon adoption of the organizations financial policies, the organizations financial decisions making process is simplified, because the institutions governing body has already developed the financial policies needed to make important decisions. Many times financial policies result from "past experiences." These experiences can range from the financial climate change...
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...Strategic and Financial Planning University of Phoenix FIN / 370 September 9, 2009 Strategic and Financial Planning Every organization should have both a strategic plan and a financial plan. Although these two seem have two different purposes, they are both needed in order for the company to survive. Strategic planning is the process of determining a company’s long-term goals and then identifying the best approach for achieving those goals (Investor Words, 2009). Financial planning is the long-term process of wisely managing finances so you can achieve the goals while at the same time negotiating the financial barriers that inevitably arise in every stage of the company’s goals (FPA, 2009). Upon examining the relationship between strategic and financial planning, we will see how Quizno’s, Family Focus Lawndale and the LaSalle Network each utilize strategic and financial planning. Quizno’s Strategic Planning Initiative Quizno’s is a gourmet sub shop that sells different kinds of oven-toasted sandwiches. At Quizno’s, the store managers are always coming u with new plans and ideas to bring in new customers. Each store has a different type of promotion that is specifically targeted for the store location to drive in new business. The store managers have weekly meeting with the storeowner to talk about ways to increase productivity and reduce waste. The store managers also have monthly meeting with the store employees to see that everyone stays on...
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...Strategic Initiative FIN/370 Finance for Business Strategic Initiative Microsoft like many other organization have developed a very strong systemic approach in order to achieve success. This systemic approach incorporates strategic planning with financial planning so that goals associated with these types of planning can help to strengthen operations, control the net value of the organization to stay in line with meeting profit goals, setting priorities to meet expectations, and ensuring that employees from the CEO downwards including the stakeholders are all working towards to help the company meet both their long-term financial obligations as well as short-term financial obligations. In this paper we will be describe how the relationship between strategic and financial planning can help Microsoft meet business needs while focusing on the needs of their customer wants. STRATEGIC PLANNING INITIATIVES AFFECTING FINANCIAL PLANNING There are several things that Microsoft must do in order to stay afloat and grow within itself. When it comes to the market price Microsoft does have to lower their prices this is mainly because their our other competitors that have come out with similar product and order to beat them and draw more business they need to lower the process. Besides the market price there are other things that can cause a decrease such as sales, volunteer’s price reduction, operating cost, advertisement, sales incentives. Also with the decrease it can cause lower...
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...Permanent Secretary Tom Scholar Second Permanent Secretary Andrew Hudson Director General Public Services Dave Ramsden Director General Chief Economic Adviser Alison Cottrell Director Corporate Services Mark Bowman Director Strategy, Planning and Budget Michael Ellam Director General International and EU Jonathan Taylor Director General Financial Services Edward Troup Director General Tax and Welfare Julian Kelly Group Director Finance and Commercial Ministerial and Communications Nick Macpherson, Permanent Secretary Strategy, Planning and Budget Mark Bowman, Director Corporate Centre Julian Kelly, and Alison Cottrell, Group Directors Treasury Legal Advisors Stephen Parker, Director Responsible for decision making, coordination and management of the department and communications with media and the public Deputy Directors: Beth Russell Jonathan Black Ministerial Support Communications Responsible for defining forward strategy, work programme, the Budget, and short-term priority policy projects Deputy Directors: Matthew Toombs Kumar Iyer Strategy, Planning & Budget Strategy, Planning & Projects Enabling the Treasury to deliver by managing and developing corporate policies and processes, including correspondences and public enquiries, HR, estates, IT, domestic finances and commercial activities, as well as the implementation of the departmental change programmes Deputy Directors: Liz Corrin Kavalneer Walia Sarah...
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...Chapter 15: Tourism Policy: Structure, Content, and Process Question 4. How would you identify and choose the stakeholders who should be involved in the formulation of a tourism policy for a region? Is there anyone whom you feel should be excluded from the process? Stakeholders should be identified and chosen based on a broad range of economic and social benefits such as employment and income. Employment and income are important because they allow stakeholders to reside in and to enjoy the quality of the region. Stakeholders include: Residents of the host destination Local/municipal/regional/provincial/national governments Local/regional/national environmental groups Local visitors/excursionists Remote visitors/tourists Tourism industry sectors such as accommodation, attractions, adventure and outdoor recreation, entertainment, events, food services, tourism visitor services, transportation, and travel trade Destination management organization (DMO) Culture/heritage groups Social/health/education groups I cannot think of anyone specific who should be excluded in the formation of tourism policy because it seeks to ensure that visitors are hosted in a way that maximizes the benefits to stakeholders while minimizing the negative effects, costs, and impacts associated with ensuring the success of a destination. Question 8. What are the most important interfaces of tourism policy; that is, which other sectors of the economy and society need to...
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...DEPARTMENTAL SALARY DETAILS 2014/15 TABLE OF CONTENTS Page Summary of Salary Details by Department 2014-15 .......................................................................1 Summary of Salary Details by Department 2013-14 .......................................................................2 Executive Council ............................................................................................................................3 Finance ...........................................................................................................................................14 Public Service Commission ...........................................................................................................21 Service Newfoundland and Labrador.............................................................................................23 Transportation and Works..............................................................................................................30 Legislature ......................................................................................................................................42 Advanced Education and Skills .....................................................................................................47 Environment and Conservation......................................................................................................52 Fisheries and Aquaculture.........................................................
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...MIS IN Insurance Sector The most important aspect for any financial services institution dealing with today’s regulatory framework is the need to build an integration, risk, compliance and regulatory environment. The globalization of business, the proliferation of, and dependency on, technology, and the preservation of a trusted and secure environment to facilitate financial institutions, all require financial services organizations to have in place the mechanisms to ensure sound and reliable security and privacy. The industry's landscape is continuously changing and increasing in complexity across financial services, causing firms to face a diverse array of challenges and concerns. Role of Private sector has grown rapidly in the service industry, especially with reference to Insurance management. insurance in India covers both the public and private sector organisations Recently we are witnessing an enhanced competition in the insurance industry probably due to the opening up of this sector to private participants. There is a close inter-action between insurance and economic growth. As economy grows, the living standards of people increase. As a consequence, demand for insurance increases. As the assets of people and of business enterprises increase in the growth process, the demand for general insurance also increases. With the widening of the economy, the demand for new types of insurance products emerges. Insurance now extends not only to product market but also to service...
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...------------------------------------------------- Course Syllabus FP/101 Foundations of Personal Finance Course Start Date: 08/13/12 Course End Date: 10/14/12 Please print a copy of this syllabus for handy reference. Whenever there is a question about what assignments are due, please remember this syllabus is considered the ruling document. Copyright Copyright ©2010, 2009 by University of Phoenix. All rights reserved. University of Phoenix© is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft©, Windows©, and Windows NT© are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix© editorial standards and practices. Facilitator Information Carol Ward, MBA, DBA cward123@email.phoenix.edu (University of Phoenix) ciward123@yahoo.com (Personal) (901) 270-9434 (Central Standard Time) Facilitator Availability Dr. Ward is available from 9 a.m.-9 p.m. Central Time on most days, but I attempt to reserve Sunday for my family. During the week, I am online most of the time during that 9 a.m.-9 p.m. time...
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...Corporate planning of commercial bank: Planning is a pre requisite of every management function . the performance of all other functions like planning, organizing , staffing, directing & controlling is preceded by performance of planning function. So corporate planning is the primary function of any corporate management . it is combination of the activities in the management process which consist of formulation of the objectives & the action to be taken for their achievement. Corporate planning is a bridge between the present & future of the bank . it also provides the framework for decision making . According to koontz & weihrich : Corporate planning involves selecting mission & objectives & the action to achieve them ; it requires decision making ,that is choosing from the alternative future course of the action . Nature of the corporate planning : The essential nature of corporate planning can be high lighted by examining the four major aspects : 1) Its contribution to the purpose & objectives. 2) Its primacy among the manager tasks . 3) Its prevasiveness . 4) The efficiency of resulting plans . Every corporate plan must contribute to the achievements of bank objectives. Importance of corporate planning by commercial bank : 1) To face the challenge of market environment : The commercial bank have to function in changing market environment . there is change in technology , income levels, policies of domestic...
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...Planning in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans, that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like.[1] The term is also used for describing the formal procedures used in such an endeavor, such as the creation of documents, diagrams, or meetings to discuss the important issues to be addressed, the objectives to be met, and the strategy to be followed. Beyond this, planning has a different meaning depending on the political or economic context in which it is used. Two attitudes to planning need to be held in tension: on the one hand we need to be prepared for what may lie ahead, which may mean contingencies and flexible processes. On the other hand, our future is shaped by consequences of our own planning and actions. Planning is a process for accomplishing purposes. It is a blue print of business growth and a road map of development. It...
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...factors peculiar to that jurisdiction. Budgeting is a unified series of steps to line and implement four functions: ❑ policy development – as policy instrument, CEO and legislative body need to articulate the goals, objectives and strategies that underline the budget – the flip side of proposing policy changes is accountability ❑ financial planning – includes gov’t financial condition; current/past-year trend financial act. by dept or prog; formal revenue est; look to the future to anticipate events/conditions; ensure debt service remains under control (while debt service receives first draw on municipal exp, financial plan set a rational debt service level for multi-year period ❑ service/operations planning – blueprint that governs the amount of service provided ❑ communications – way for decision makers to communicate changes in priorities, rationale for decisions and changes to vision in the future The final step in securing a framework w/in w/c the needs of policy setting, financial planning, service planning and communications can work is the development of quantitative performance measures. Environment/actors dictate the extent to which the linkage occurs and the form of linkage. Four phases of local budget cycle: ❑ planning/preparation – key that encourages integration of policy, financial and operation aspects of budgeting – planning is the process of preparing a set of decisions for action in the future, directed at achieving goals by preferable means ...
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...It contains information gathered from various sources and quoted direct. District Development Committees were created in 1983 through the District Focus for Rural Development (DFRD) as a way to decentralize mobilization of resources, provision of public services and planning. The policy did however fail but the DDCs remained and continue to lead development planning and implementation at the district level. Decentralization policy: Adopted in 1982, the decentralization policy is implemented in Kenya through the District Focus for Rural Development (DFRD). The District Commissioners (DCs) are responsible for implementing all government development programs and handling the related funding from the district to the grassroots level. The Development Committees, set up at the district, division and location levels, not only implement programs identified by the Government but also spearhead similar programs and recommend them to the Government for financial and technical support. The District Focus for Rural Development (DFRD), adopted in 1983, was an attempt to coordinate development activities and service delivery at the district level. The DFRD has been until recently the key system for the planning, implementation and management of development activities. However, it has been argued that, “the DFRD was a mere dispersal of Central Government control outside the national capital without tangible transfers of powers to make decisions at local level” (Kenya Community...
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...FACTORS AFFECTING PLANNING Conditions • Evaluating the present conditions of the business • Change happens unexpectedly Time Factor • Time is the most precious resource of an organization • Managers are given a span of time within which to bring out plans into implementation Resources Available • There must be enough funds and materials available for the purpose of putting plans into effect Skills and attitudes of management • An attitude of indifference and non – involvement could but spell failure to any planning Political, social, and environmental conditions • Social and economic conditions of the community Physical Facilities • Science and technology • Plants and equipments Collection and analysis of data • Information is the greatest resource • Acquisition, organization and interpretation of data POLICIES AND CLASSIFICATIONS Policies are guides to managerial decisions which fall under certain limits or boundaries These are formulated by management to govern actions at all levels As to Origin Imposed policies Are those required by the government as laws, procedures and administrative orders Appealed policies Are formulated when a subordinate endorses to his superior matters not covered by existing policies Originated policies Are those that are formulated by the top management As to level in the Organization Basic policies Formulated at the start of the business but may be amended to cope with changing conditions ...
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...Helpful in Planning. Cash budget helps planning for the most efficient use of cash. It points out cash surplus, or deficiency at selected point of time and enables the management to arrange for the deficiency before time or to plan for investing the surplus money as profitable as possible without any threat to the liquidity. (2) Forecasting the Future needs. Cash budget forecasts the future needs of funds, its time and the amount well in advance. It, thus, helps planning for raising the funds through the most profitable sources at reasonable terms and costs. (3) Maintenance of Ample cash Balance. Cash is the basis of liquidity of the enterprise. Cash budget helps in maintaining the liquidity. It suggests adequate cash balance for expected requirements and a fair margin for the contingencies. (4) Controlling Cash Expenditure. Cash budget acts as a controlling device. The expenses of various departments in the firm can best be controlled so as not to exceed the budgeted limit. (5) Evaluation of Performance. Cash budget acts as a standard for evaluating the financial performance. (6) Testing the Influence of proposed Expansion Programme. Cash budget forecasts the inflows from a proposed expansion or investment programme and testify its impact on cash position.(7) Sound Dividend Policy. Cash budget plans for cash dividend to shareholders, consistent with the liquid position of the firm. It helps in following a sound consistent dividend policy. (8) Basis of Long-term Planning and Co-ordination...
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...Budgeting and Variance Analysis TJ Wicker TJ Wicker Kaplan University Chapter 8 Question 8.1 Why are planning and budgeting so important to an organization’s success? Planning and budgeting both play a critical role in the finance functions of all healthcare service organizations. In fact, on could argue (and usually win the argument) the planning and budgeting are the most importnat of all finance related tasks. Planning encompasses the overall process of preparing for the future. Because of tis’ importance to organizational success, most health services managers, especially at large organizations, spend a great deal of time on a=activities related to planning. Budgeting is an offshoot of the planning process. A set of budgets is the basic managerial accounting tool used to tie together planning and control functions. In general, organizational plans focus on the long-term big picture, and through the control mechanism, ensuring that current performance is consistent with organizational plans and goals. Question 8.2 Briefly describe the planning process. Be sure to include summaries of the strategic, operating and financial plans. 1. Goal setting: Plans are the means to achieve certain ends or objectives. Therefore, establishment of organizational or overall objectives is the first step in planning. Setting objectives is the most crucial part of planning. The organizational objectives should be set in key areas of operations. The objectives must be clear, specific...
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