...Unit six: Principles of budgets in a business environment Assessment You should use this file to complete your Assessment. • The first thing you need to do is save a copy of this document, either onto your computer or a USB drive • Then work through your Assessment, remembering to save your work regularly • When you’ve finished, print out a copy to keep for reference • Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number. Please note that this Assessment document has 12 pages and is made up of 3 Sections. Name: Genevieve Little Section 1: The purpose of budgets This section will help you to evidence Learning Outcome 1: Understand the purpose of budgets in a business environment. Learning objective Place in Assessment 1.1 Explain the purpose of budgets for managing financial resources to meet business requirements Question 1 Page 1 1a. What is meant by the term financial resources? [1.1] Financial resources mean the money available to a business for spending in the form of cash, liquid securities and credit lines. 1b. Explain why budgets are used to manage financial resources. [1.1] Budgets are used to manage financial resources in order to achieve organisational objectives. 1c. Explain how using budgets helps to meet business requirements. [1.1] It helps to meet business requirements...
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...CASE STUDY SUBJECT: PRINCIPLE OF MANAGEMENT GROUP MEMBERS DETAIL AND THEIR PART: * FAHAD ISLAM (27372) Question # 1 * ANEELA MUMTAZ (28799) Question # 2 * MUHAMMAD MADNI () Question # 3 * AMIR JAMIL (28801) Question # 4 Submit to: WaqasRana BRIEF INTRODUCTION OF SEMCO GROUP OF SAO PAULO: Semco was founded in 1953 in Sao Paolo (Brazil) by Antonio Curt Semler, an Austrian-born engineer. It was rigidly hierarchical company with rules and policies for everything. The company made several products, but was mostly known for its marine pumps. 90% of the sales were to the Brasilian shipbuilding industry. Antonio’s son Ricardo joined the company when he was 19 and clashed with his father’s traditional autocratic style of management. The younger Semler thought the company got too much business from one industry, was too rigid, and needed better financial practices. His father refused to allow changes. Ricardo threatened to leave the company. Then Antonio Semler resigned as CEO and vested majority ownership in his 21-year-old son in 1980. One of Ricardo’s first official acts was to fire 60% of the executives, many of whom were his father's friends, and all the secretaries. New CEO began implementing a diversification strategy and changing the way business was done. A fainting spell when he was 25 made him think about a better work-life balance for himself and his employees. Semco’s workers proposed to take a pay cut, but with three conditions: the profit-sharing...
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...the beginning of each course in your MBA program, answer the following question either using this template or a narrative format. What do you expect to learn in this course that will help you leverage your strengths? (See Column 2 below). Be as specific as you can, e.g., assume that strength is your analytical ability. You might expect to understand more about macroeconomics so that you can analyze how the housing crisis affects other segments of the economy, such as interest rates or unemployment. At the beginning of the course you are not expected to be an expert in all facets of the course learning; however, you can glean valuable insights from the course description or purpose, course and unit learning objectives, and from unit themes. Step 3: At the end of each course (Unit 6) answer the following questions either using this template or a narrative format. Did you learn what you expected to learn? (See Column 3 below). Was there information or insights that helped you that you didn’t expect...
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...aspect of this collection of information, including suggestions for reducing this burden, to Washington Headquarters Services, Directorate for Information Operations and Reports, 1215 Jefferson Davis Highway, Suite 1204, Arlington VA 22202-4302. Respondents should be aware that notwithstanding any other provision of law, no person shall be subject to a penalty for failing to comply with a collection of information if it does not display a currently valid OMB control number. 1. REPORT DATE 2. REPORT TYPE 3. DATES COVERED 2004 4. TITLE AND SUBTITLE N/A 5a. CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER The Lean Enterprise-A Management Philosophy at Lockheed Martin 6. AUTHOR(S) 5d. PROJECT NUMBER 5e. TASK NUMBER 5f. WORK UNIT NUMBER 7. PERFORMING ORGANIZATION NAME(S) AND ADDRESS(ES) Office of the Under Secretary of Defense for Acquisition Technology & Logistics 9820 Belvoir Road Fort Belvoir, VA 22060-5565 9. SPONSORING/MONITORING AGENCY NAME(S) AND ADDRESS(ES) 8. PERFORMING ORGANIZATION REPORT NUMBER 10. SPONSOR/MONITOR’S ACRONYM(S) 11. SPONSOR/MONITOR’S REPORT NUMBER(S) 12. DISTRIBUTION/AVAILABILITY STATEMENT Approved for public release, distribution unlimited 13. SUPPLEMENTARY NOTES 14. ABSTRACT 15. SUBJECT TERMS 16. SECURITY CLASSIFICATION OF: a. REPORT b. ABSTRACT c. THIS PAGE 17. LIMITATION OF ABSTRACT 18. NUMBER OF PAGES 19a. NAME OF...
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...PRINCIPLES OF MANAGEMENT SHORT QUESTIONS AND ANSWERS UNIT: I 2 MARKS 1. Define Management. According to KOONTZ & WEIHRICH, “Management is the process of designing and maintaining of an environment in which individuals working together in groups efficiently accomplish selected aims”. “Management is the art of getting things through and with people in formally organized groups”. Ex: Human Resource Management, Financial Management. 2. Is Management - an art or science? Managing as practice is an art; the organized knowledge underlying the practice is a science. Managing has the following features that make it an art. 1. Creative 2. Individual approach 3. Application and dedication 4. Initiative and 5. Intelligence. The following features make it a science. 5. Systematic decision making 6. Universal management process 7. Situational output and 8. Universally accepted management. Thus management can be called both as an art and science. 3. What are the essential skills of Managers? The major skills required or expected out of managers are:Technical skills – Pertaining to knowledge and proficiency in activities involving methods and procedures; Human skills – Ability to work effectively with other persons and to build up cooperative group relations to accomplish organizational objectives; Conceptual skills – Ability to recognize significant elements in a situation; and to understand the relationship among those elements; and Design skills – Ability to...
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...Subjects for study Six subjects and Seven Papers of study in IPCC are – Group I Paper 1: Accounting (100 marks) Paper 2: Law, Ethics and Communication Part I: Law (60 marks) Business Laws (30 marks) Company Law (30 marks) Part II: Business Ethics (20 marks) Part III: Business Communication (20 marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation Part I: Income-tax (50 marks) Part II: Service Tax (25 marks) and VAT (25 marks) Group II Paper 5: Advanced Accounting (100 marks) Paper 6: Auditing and Assurance (100 marks) Paper 7: Information Technology and Strategic Management Section A: Information Technology (50 marks) Section B: Strategic Management (50 marks) The level of knowledge expected of students in the above subjects is ‘working knowledge’. INTEGRATED PROFESSIONAL COMPETENCE COURSE (IPCC) Syllabus GROUP I OF IPCC/ ACCOUNTING TECHNICIAN COURSE (ATC) Paper 1: Accounting (One paper – three hours – 100 marks) Level of Knowledge: Working Knowledge Objectives: (a) (b) (c) (d) To lay a foundation for the preparation and presentation of financial statements; To gain working knowledge of the principles and procedures of accounting and their application to different practical situations; To gain the ability to solve simple problems and cases relating to sole proprietorship, partnership and companies; and To familiarize students with the fundamentals of computerized system of accounting...
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...Introduction In race to be a leader, most companies are realizing that traditional management, manufacturing processes, and other orthodox approaches, are not enough. More effective methods are needed: • Lean Manufacturing • Six Sigma Lean “Lean is a way to specify value, line up value-creating actions in the best sequence, conduct those activities without interruption whenever someone requests them, and perform them more and more effectively. In short, lean thinking is lean because it provides a way to do more and more with less and less – less human effort, less human equipment, less time, and less space – while coming closer and closer to providing customers with exactly what they want.”- Womack and Jones (1996). “Becoming ‘lean’ is a process of eliminating waste with the goal of creating value.” – Womack & Jones There are FIVE overriding principles to Lean. Identify Customers and Specify Value - The starting point is to recognise that only a small fraction of the total time and effort in any organisation actually adds value for the end customer. By clearly defining Value for a specific product or service from the end customer’s perspective, all the non value activities - or waste - can be targeted for removal. Identify and Map the Value Stream – The Value Stream is the entire set of activities across all parts of the organisation involved in jointly delivering the product or service. This represents the end-to-end process that delivers the value to the...
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...Principles of Management Control Systems 20 Fo rI B ICFAI UNIVERSITY S U se O nl y C la s s of 09 Principles of Management Control Systems 20 Fo rI B ICFAI Center for Management Research Road # 3, Banjara Hills, Hyderabad – 500 034 S U se O nl y C la s s of 09 The Institute of Chartered Financial Analysts of India, January 2006. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from Institute of Chartered Financial Analysts of India. Fo ISBN 81-7881-995-3 Ref. No. PMCS/A 01 2K6 31 For any clarification regarding this book, the students may please write to ICFAI giving the above reference number, and page number. While every possible care has been taken in preparing this book, ICFAI welcomes suggestions from students for improvement in future editions. rI B S U se O nl y C la s s of 20 09 Contents PART I: AN OVERVIEW OF MANAGEMENT CONTROL SYSTEMS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Introduction to Management Control Systems Approaches to Management Control Systems Designing Management Control Systems Key Success Variables as Control Indicators Organizing for Adaptive Control Autonomy and Responsibility Transfer Pricing 3 15 28 42 57...
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...Principles of Management Control Systems 20 Fo rI B ICFAI UNIVERSITY S U se O nl y C la s s of 09 Principles of Management Control Systems 20 Fo rI B ICFAI Center for Management Research Road # 3, Banjara Hills, Hyderabad – 500 034 S U se O nl y C la s s of 09 The Institute of Chartered Financial Analysts of India, January 2006. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from Institute of Chartered Financial Analysts of India. Fo ISBN 81-7881-995-3 Ref. No. PMCS/A 01 2K6 31 For any clarification regarding this book, the students may please write to ICFAI giving the above reference number, and page number. While every possible care has been taken in preparing this book, ICFAI welcomes suggestions from students for improvement in future editions. rI B S U se O nl y C la s s of 20 09 Contents PART I: AN OVERVIEW OF MANAGEMENT CONTROL SYSTEMS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Introduction to Management Control Systems Approaches to Management Control Systems Designing Management Control Systems Key Success Variables as Control Indicators Organizing for Adaptive Control Autonomy and Responsibility Transfer Pricing 3 15 28 42 57...
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...wasted investments and missed opportunities. Six IT Decisions Your IT People Shouldn’t Make by Jeanne W. Ross and Peter Weill Reprint R0211F Top executives often feel uncomfortable making hard choices about information technology. But when they abdicate responsibility, they set their companies up for wasted investments and missed opportunities. Six IT Decisions Your IT People Shouldn’t Make by Jeanne W. Ross and Peter Weill COPYRIGHT © 2002 HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED. For several years now, we have observed the frustration—sometimes even exasperation— that many business executives feel toward information technology and their IT departments. Our center runs a seminar called “IT for the Non-IT Executive,” and the refrain among the more than 1,000 senior managers who have taken the course runs something like this: “What can I do? I don’t understand IT well enough to manage it in detail. And my IT people—although they work hard—don’t seem to understand the very real business problems I face.” Perhaps the complaint we hear most frequently from the executives—most of them CEOs, COOs, CFOs, or other high-ranking officers—is that they haven’t realized much business value from the high-priced technology they have installed. Meanwhile, the list of seemingly necessary IT capabilities continues to grow, and IT spending continues to consume an increasing percentage of their budgets. Where’s the payback? Indeed, our research into...
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...| Question 1: A. * Due to lack of company day-to day operations, other departments may feel that the view of upper manager in setting the organization budget does not suitable to achieve the primary objective (Hill n.d.). * Time saver for lower manager as they do not have to spent time to prepare budget and might show more effort in controlling operational process (Baumeyer n.d.). * Lower manager might be frustrated as they do not receive enough input to do the job. As a result, they might find difficult for themselves when trying to reach an unrealistic target for their unit (McQuerrey n.d.). * Set a common goal for all departments about the expected sales or production activity that need to be reached within the organization (McQuerrey n.d.). B. * Deeper focus as huge amount of employee involved in planning which result in improving employee motivate and morale and make them feel utilized when their area of expert involved in planning (Filev 2008) * Employee will feel that their concerns are heard and respected. This result in creating collaborate effort where all parties understand each other need and expectation which promote the productive when they are working together (Walther n.d.) * Top manager might feel loss of financial control and cannot achieve an effective budget project as unnecessary expense might incur due to lack of experienced from lower-level employee (Filev 2008). * Planning and control stage might take more time...
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...NORTH SOUTH UNIVERSITY BUS 489-Internship Submitted To: Adnan Habib (Intern Faculty) Lecturer School of Business North South University ACI Agribusiness Submitted By: Mushfiqur Rashid Chowdhury ID: 111 0195 030 North South University Date of Submission: 25th April, 2015 INTERNSHIP R E P O R T Table of Contents Contents | Page No. | Overview of the organization, department and people | 05 | Contribution to the organization | 06-07 | Lessons Learned | 08-09 | Interaction with supervisors | 09 | Dealt with difficulties encountered | 09-10 | Difference between expectation and experience | 10 | Influence in career plans | 10-11 | What would I do differently if I had to redo this internship | 11 | Appendix | 12-21 | Letter of Transmittal April 25, 2015 To Adnan Habib Lecturer North South University, Dhaka, Bangladesh. Subject: Submission of Internship Report Dear Sir, It is a great pleasure for me to have the opportunity to prepare my internship report which is prepared as a partial requirement of the Internship Course BUS 489 of BBA program under Department of Business Administration, North South University. In this internship report I have tried to come up with the experiences I have gathered from my three month stay in ACI Agribusiness under the Strategic & Planning department. I would like to thank you for giving me the opportunity to have the chance to prepare my internship report under you. ...
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...practice developing an integrated business and marketing strategy for a product or service of your choice. It also helps you to develop a strong business-oriented written proposal and communications expertise. As the course progresses, you will be developing each of the elements of this marketing plan. Good marketing plans come in many different formats. We have chosen this format to follow our course of study. An important element of this plan is practicing the use of applied business research tools to gather information about your proposed product or service, its industry, competitors and possible markets. At least part of your research should be conducted on-line for this project (e.g. Keller’s “Virtual Library”, the Internet at large, other proprietary on-line databases). You also have many other sources of potential information: • Internal, non-proprietary company information • Consider calling competitors for product and company information • Conduct telephone interviews of potential customers • Use empirical observation of prospective customers • Conduct customer surveys • Conduct a literature search at the library • Review periodicals for articles and advertisements The development of this Plan is an on-going and integral part of this course. At your option, you may submit one double-spaced section of your marketing plan per week to your instructor, with a maximum length of six-pages, through week 5, for constructive...
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...PUBLIC FINANCIAL MANAGEMENT AND CONTROL LAW FIRST PART General Provisions FIRST SECTION Purpose, Scope and Definitions Purpose Article 1- The purpose of this Law is to regulate the structure and functioning of the public financial management, the preparation and implementation of the public budgets, the accounting and reporting of all financial transactions, and financial control in line with the politics and objectives covered in the development plans and programs, in order to ensure accountability, transparency and the effective, economic and efficient collection and utilization of public resources. Scope Article 2- This Law covers the financial management and control of public administrations within the scope of general government, encompassing public administrations within the scope of central government, social security institutions, and local administrations. Without prejudice to the provisions of international agreements, the utilization and control of European Union funds and domestic and foreign resources allocated to public administrations shall be subject to the provisions of this Law. (Amendment: 22.12.2005 - 5436/10-b art.) Regulatory and supervisory agencies are subject only to the Articles 3, 7, 8, 12, 15, 17, 18, 19, 25, 42, 43, 44, 47, 48, 49, 50, 51, 52, 53, 54, 68 and 76, 78 of this Law. Definitions Article 3- Particularly, in the enforcement of this Law; a) Public administrations within the scope...
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...at Raytheon 8 Section IV 14 Relevant Costs at Raytheon 14 Section V 16 Summary, Conclusion, and Recommendations 16 References 18 Appendix 19 Abstract In today’s hectic economic environment, a company’s financial performance is becoming a highly focused upon part of successfully running a company in America and throughout the World. Equally important, is the ability to address accounting matters in this environment. At Raytheon, it is the task of each function within the company to consider each and every accounting aspect, because their customers are all over the world and each one of those customers approaches financial matters in unique ways. For Raytheon to maintain its success, it is imperative for each employee to understand how to manage these accounting aspects. The lack of accounting knowledge and specifically, each unique accounting approach, and how to execute each approach is why there is a huge problem with finances in corporate America today. Many organizations have altered their approach to this issue, but Raytheon has stood the test of difficult economic times because of ethical accounting practices and principles. The development of ethical accounting practices at Raytheon helps to educate their employee’s about these unique accounting practices principles, which enables them to provide excellent customer service to all of their customers throughout the world today. The results of these unique accounting...
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