...Excellence in Financial Management Course 2: Financial Planning and Forecasting Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a basic understanding of how to prepare a financial plan (budgeted financial statements). This course will also discuss some of the problems associated with budgeting along with "best practices" in budgeting. This course is recommended for 2 hours of Continuing Professional Education. In order to receive credit, you will need to pass a multiple choice exam which is administered over the internet at www.exinfm.com/training Revised March 2000 Chapter 1 The First Steps Introduction Financial planning is a continuous process of directing and allocating financial resources to meet strategic goals and objectives. The output from financial planning takes the form of budgets. The most widely used form of budgets is Pro Forma or Budgeted Financial Statements. The foundation for Budgeted Financial Statements is Detail Budgets. Detail Budgets include sales forecasts, production forecasts, and other estimates in support of the Financial Plan. Collectively, all of these budgets are referred to as the Master Budget. We can also break financial planning down into planning for operations and planning for financing. Operating people focus on sales and production while financial planners are interested in how to finance the operations. Therefore, we can have an Operating Plan and a Financial Plan....
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... Mark Bellnap December 1, 2011 TABLE OF CONTENTS Abstract 3 Raytheon: An International Firm 4 Section I 4 Goods and Services, Market Share, Geographic Locations, and Major Competitors 4 Section II 5 Activity Based Costing at Raytheon 5 Section III 8 Standard Costs 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...
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...introduced in this chapter are the financial ratios and how they are used to gauge financial health. These financial statements and formulas lay the foundation for understanding the overall picture of financial planning and Part II: Managing Your Money. An important message to students in this chapter is the importance of starting a financial plan early in the life cycle. Time is one of the biggest allies for a successful plan. CHAPTER SUMMARY This chapter establishes the importance of good record keeping and the use of financial statements. Balance sheets and income statements are the basis for most financial analysis, including the calculation of ratios to measure financial health. The financial ratios discussed measure liquidity, debt, and savings. Strategies for developing and using a cash budget are explained within the broader context of financial planning. The benefits of budgeting, whether for individuals in financial trouble or for those seeking more control over their money, are considered. Lastly, the role of professional financial planners, their services and their costs are presented. Financial planners can validate an existing plan or devise a financial plan. LEARNING OBJECTIVES AND KEY TERMS After reading this chapter, students should be able to accomplish the following objectives and define the associated key terms: 1.Calculate your level of net worth or wealth using a balance sheet. a.personal balance sheet b.assets c.liabilities...
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...| 2015 | | University Name Student Name | [Research Methodology Assignment] | This research specifies information needed, issues addressed, methods and a design of collecting information, how data collection has been managed and implemented, analyzed and lastly communicates the results and findings and their implications with Literature and evidence. | Table of Contents Background 2 Literature Review 2 Overview of the Marketing Research Procedure 2 Stages of Marketing Research Procedure 2 Stage 1: Purpose of Market Research 2 Stage 2: Research Objective 3 Stage 3: Estimation of value of research 4 Stage 4: Research Design 4 Exploratory research 4 Data Analysis 4 Questionnaire, Sampling and Sampling size designing 4 Stage 5: Data Collection 6 Stage 6: Data Analysis 6 Stage 7: Result and Presentation 7 Marketing Research Process of Tesco goes to China Analysis 7 Background 7 Stage 1 Research Purpose 7 References 8 Background The reason behind choosing the Market research is because as stated by Philip Kotler (2007), it defines the first step of economic process. And it links to the consumers, public to marketer, customers and lets you identify, define and analyse marketing opportunities and issues pertinent to the marketing. The process of market research renders researcher scope to evaluate process, generate, refine and define marketing current actions. It helps to monitor market performances, and also enables a clear picture of understanding the marketing...
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...law in order to escape payment of tax, posses a big threat to income taxation in Ghana as it reduces tax revenue to the Government, thereby hampering economic growth and development. However, this research was undertaken to help increase revenue generated from income tax to the government, by pointing out the challenges faced by tax officials in discharging their lawful duties. Various challenges such as tax evasion on the part of the income taxpayers drastically reduce income tax revenue to the government. This has been a big problem for decades and needs to be properly addressed. 1.1 BACKGROUND OF THE STUDY AND PROFILE OF THE ORGANIZATION After a thorough research on the revenue structure of Ghana, it became evident that revenue from tax was a big source of income to the government of Ghana, and needed much attention because; taxation in Ghana like most West African Countries faced numerous challenges such as Tax Evasion (which is the biggest challenge of Taxation). The main reason for initiating this project is to research on the various weaknesses of tax administration in Ghana, throw more light on the weaknesses, and proffer solutions as well as recommendations for government agencies to deliberate...
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...Activity 1 Q1. Why is assessing the project scope and other relevant documents important in the initial stages of the project management? Answer- The scope of the project will make the job of managing scope and scope changes throughout the project easier. It will also reduce the chances of ‘scope creep’ and misunderstandings about the goals of the project. The definition of project scope also forms the basis for establishing a formal agreement with the client about what the project will deliver and when it will deliver agreed outcomes. Q2. Define stakeholders? What role do stakeholders play in the project management? Answer- A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources. Not all stakeholders are equal. A company's customers are entitled to fair trading practices but they are not entitled to the same consideration as the company's employees. Project stakeholders are those entities within or outside an organization which: 1. sponsor a project, or 2. have an interest or a gain upon a successful completion of a project; 3. May have a positive or negative influence in the project completion. Examples of project stakeholders include...
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...READ THIS ARTICLE BEFORE READING THE BNB CASE UNEQUAL TREATMENT ALIENATING CUSTOMERS ISN’T ALWAYS A BAD IDEA, MANY FIRMS DISCOVER Banks, Others Base Service On Whether an Account Is Profitable or a Drain ‘Redlining in the Worst Form’ By Rick Brooks Staff Reporter of The Wall Street Journal CHARLOTTE, N.C.–Fielding phone calls at First Union Corp.’s huge customer service center here, Amy Hathcock is surrounded by reminders to deliver the personal touch. Televisions hang from the ceiling so she can glance at the Weather Channel to see if her latest caller just came in from the rain; a bumper sticker in her cubicle encourages, “Practice random kindness & senseless acts of beauty.” But when it comes to answering yes or no to a customer who wants a lower credit card interest rate or to escape the bank’s $28 bounced-check fee, there is nothing random about it. The service all depends on the color of a tiny square—green, yellow or red—that pops up on Ms. Hathcock’s computer screen next to the customer’s name. For customers who get a red pop-up, Ms. Hathcock rarely budges; these are the ones whose accounts lose money for the bank. Green means the customers generate hefty profits for First Union and should be granted waivers. Yellow is for in-between customers: There’s a chance to negotiate. The bank’s computer system, called “Einstein,” takes just 15 seconds to pull up the ranking on a customer, using a formula that First Union declines to detail of minimum balances...
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...s nmnsn m EAR GOVERNMENT COCA COLA SWISSAIR PASSENGERS 50 issue 25. summer 2006 EBF D6PTH By Dominique Turpin, IMD "No comment". Those two simple words can shatter a company's reputation and cost it millions in lost sales. So how can you turn a corporate crisis into competitive advantage? n October 2001, news of potentially harmful bacteria found in a McChicken Burger in Buenos Aires, Argentina, spread across South America via television and the internet. Although no one was proved to have been made sick or placed at risk, the incident cost McDonald's several million dollars in lost sales and damaged brand eguity {Turpin, 2002). Effective or ineffective communication during the first hours - or even minutes - of an emergency can have dramatic implications for the image of a company (Dawar and Pillutla, 2000). A study of 2,645 consumers conducted by the advertising agency DDB Needham showed that a company's handling of a crisis ranked as the third most important influence on consumer purchasing, after product quality and handling of complaints {Marketing News, 1995). issue 25. summer 2006 51 When disaster strikes: communicating in a crisis Crisis-management experts are unanimous in concluding that it is not a matter of if a company wiil be faced with a crisis, but when and how weii-prepared executives wili be to weather the storm {Albrecht, 1996). Indeed, no company is immune to a potential crisis created by flawed products, blackmail by unscrupulous...
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...For developing the 2012 ice cream budget we already discuss the assumption for budget 2012.For ice cream factory 2012 budget as follows. Now we look back to the budget from 2009-2011. In year 2009-11 the selling of ice-cream is same according to sales variable cost also remains same. Any organization some macro and micro factors are affected in selling their product. Now, in this section i discuss about the some factor which affect the sales and variable cost. For ice-cream factory the weather is main key factor in summer no sunny weather it’s directly affect to the selling due to cold weather people can’t buy ice-cream. In year 2009-10 weather is not so good its means selling remains same. In year 2011 sunny weather so i sales more ice-cream. Below fig shows the 2012 budget it’s done by consideration of the good weather not more compitiors,excellent staff, Price up, more market demand, location this all factors in favour of me so its increase my selling and the profit. 2012 | JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Total | Sales | 150 | 150 | 150 | 500 | 500 | 500 | 500 | 500 | 500 | 150 | 150 | 150 | 3900 | Variable Cost | 50 | 50 | 50 | 230 | 230 | 230 | 230 | 230 | 230 | 50 | 50 | 50 | 1680 | Fixed Cost | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 360 | Profit | 70 | 70 | 70 | 240 | 240 | 240 | 240 | 240 | 240 | 70 | 70 | 70 | 1860 | Below chart shows the budget from 2009-12 its shows the selling, variable cost, fixed...
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...University of South Australia City West Campus, North Terrace, Adelaide, SA 5000, Australia T: +61 8 8302 9097 F: +61 8 8302 0709 kesten.green@unisa.edu.au # words in body 10,053 (requested range was 6,000 to 9,000) ABSTRACT We reviewed the evidence-based literature related to the relative accuracy of alternative methods for forecasting demand. The findings yield conclusions that differ substantially from current practice. For problems where there are insufficient data, where one must rely on judgment. The key with judgment is to impose structure with methods such as surveys of intentions or expectations, judgmental bootstrapping, structured analogies, and simulated interaction. Avoid methods that lack evidence on efficacy such as intuition, unstructured meetings, and focus groups. Given ample data, use quantitative methods including extrapolation, quantitative analogies, rule-based forecasting, and causal methods. Among causal methods, econometric methods are useful given good theory, and few key variables. Index models are useful for selection problems when there are many variables and much knowledge about the situation. Use structured procedures to incorporate managers’ domain knowledge into forecasts from quantitative methods where the knowledge would otherwise be overlooked, but avoid unstructured revisions. Methods for combining forecasts, including prediction markets and Delphi,...
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...COST AND VALUE MANAGEMENT IN PROJECTS Ray R. Venkataraman and Jeffrey K. Pinto John Wiley & Sons, Inc. This book is printed on acid-free paper. Copyright 2008 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created...
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...Walmart Strategic Analysis of Wal-Mart Fan Yang Professor Richard Linowes MGMT-458-002H May 1, 2009 Yang 2 Executive Summary Wal-Mart is the biggest retailer in U.S. and also one of the biggest multinational companies in the world. It is well-known for its low-cost structure and has been doing very well despite of the current market instability. However, it still faces threats from competitors in the retail industry and has weaknesses to be improved in the future. To help Wal-Mart achieve greater success and sustain its competency, this paper will cover an all-rounded and detailed business analysis on Wal-Mart and the industry it is currently in. The analysis will touch on different perspectives, such as Wal-Mart’s strength, opportunities, weaknesses and threats. Moreover, a brief overview of the retail industry and Wal-Mart’s history are provided to facilitate a deeper and better understanding of the analysis on Wal-Mart. To help Wal-Mart better exploit its strength and opportunities and reduce threats and weaknesses, recommendations are provided for each of the four sections. I hope the recommendations will be carefully considered for proper implementation. Yang 3 Overview of Retail Industry The overall retail industry is currently experiencing a sale slowdown due to the widely spread economic crisis in US because consumers reduce their spending during weak economic time. According to an article on BusinessWeek, the real consumer spending declined by 3.7% in the...
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...management and performance appraisal Identify the necessary characteristics of accurate performance management tools List and briefly discuss the purposes for performance appraisals Identify and briefly discuss the options for “what” is evaluated in a performance appraisal Briefly discuss the commonly used performance measurement methods and forms Identify and briefly discuss available options for the rater/evaluator Briefly discuss the value and the drawbacks of a 360° evaluation Identify some of the common problems with the performance appraisal process Identify the major steps we can take to avoid problems with the appraisal process Briefly discuss the differences between evaluative performance reviews and developmental performance reviews Define the following terms: Performance management Performance appraisal Motivation Traits Behaviors Results Critical incidents method Management by Objectives (MBO) method Narrative method or form Graphic rating scale form Behaviorally Anchored Rating Scale (BARS) form Ranking method 360° evaluation Bias Stereotyping Electronic Performance Monitoring (EPM) Chapter 8 Outline Performance Management Systems Performance Management Versus Performance Appraisal The Performance Appraisal Process Accurate Performance Measures Why Do We Conduct Performance Appraisals? Communicating Decision Making (Evaluating) Motivating (Developing) Evaluating and Motivating (Development) What Do We Assess? Trait Appraisals Behavioral Appraisals Results/Outcomes Appraisals...
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...Introduction to HRM * What Is Human Resource Management? * Process of managing human resources (human capital and intellectual assets) to achieve an organization’s objectives (Bohlander & Snell 2007) * Policies and practices involved in carrying out the “people” or human resource aspects of a management position, including recruiting, training, rewarding, and appraising (Dessler 2008) * Designing management systems to ensure that human talent is used effectively * and efficiently to accomplish organizational goals (Mathis & Jackson 2008) * Term HRM is used in two ways: * Generic approach: describes a body of management activities - seen as a new term for ‘personnel management’ * Distinctive approach to the management of people: distinct from personnel management - a distinct philosophy * Organizational Assets: Physical, Financial, Intangible, Human * Old Myths about HRM Old Myths | New Realities | People go into HR because they like people. | HR departments are not designed to provide corporate therapy or as social health-and -happiness retreats. HR professionals must create the practices that make employees more competitive, not more comfortable. | Anyone can do HR. | HR activities are based on theory and research. HR professionals must master both theory and practice. | HR deals with the soft side of a business and is therefore not accountable. | The impact of HR practices on business results can and must be measured...
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...CONTENTS EXECUTIVE SUMMARY INTRODUCTION - Definition of coaching - Definition of mentoring - Application Part A) Identify the process steps need to be taken to assess the learning needs of the organisation * Step 1: Perform needs analysis * Needs Assessments * 1) Organisation Analysis * 2) Task Analysis * 3) Individual Analysis * Step 2: Identify priorities and important * Step 3: Design Phase of training and development * Step 4: Implementation * Summary Part B) Identify and compare the costs and benefits that introducing a coaching system would involve * Cost * Benefits * Benefit 1: Recruitment and retention * Benefit 2: Continue Learning * Benefit 3: Several Skill Acquisition Part C) Identify KPIs that they should expect to achieve through the implementation process Part D) Identify the key stakeholders that will need to be involved in the process and how their support can be built. Part E) Case Study Example – ASDA Recommendations and conclusion EXECUTIVE SUMMARY High performance and contemporary company need to acquire a much broader set of skills if they are to survive in the world of modern business. The pace of change is unpredictable fast, partly driven by the advances in information technology and the pervading influence of globalisation – has become relentless. The complexity of work has increased while career paths have become less obvious due to the flattening...
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