...Evaluate how managing resources and controlling budget costs can improve the performance of a business Unit 2 D1 It is very important for Dominos to manage their resources and control their budgets as the business is very large and has a number of chains in the UK. They also have a very good reputation and are also a highly profitable business. They need to keep track as on their financial progress and situation. As well as this keeping organized and in a formal structure allows the company to run smoothly and without major problems. There are four main types of resources that need to be managed; physical resources, human resources, technological resources, and financial resources. There are many types of physical resources in Dominos stores, and these are mainly the equipment and tools that are used to make the products they sell. Each member of staff should manage the equipment by regularly cleaning the equipment and the managers should be performing regular checks to make sure the equipment is fully functioning, and if not to fix the problem themselves or call in maintenance to fix the problems for them. For example, if a oven is not kept clean then it can have a build-up of dirt, rust, and decay, which would then mean that a replacement is needed. This will cost Dominos money and so by managing their physical resources it will not cost Dominos their profit, and increase the businesses performance. This means that it is important for Dominos employees to have sufficient...
Words: 1632 - Pages: 7
...CORPORATE GOVERNANCE STATEMENT – FINANCIAL YEAR ENDED 30 JUNE 2015 Introduction The Board of Djerriwarrh Investments Limited (the Company) is committed to the highest standards of ethical behaviour and to having an effective system of corporate governance commensurate with the size of the Company and the scope of its business operations. In accordance with ASX Listing Rule 4.10.3, set out below are the applicable ASX Corporate Governance Council’s eight principles of corporate governance (ASX Governance Principles) and outlined accordingly is how the Board has applied each principle and the recommendations set out within them during the course of the financial year ended 30 June 2015. A copy of the ASX Governance Principles can be found on ASX’s website, www.asx.com.au The Company is fully supportive of the ‘if not, why not’ disclosure‐based approach to governance adopted by the ASX Governance Principles and the recognition within them that there is no single model of corporate governance and that good corporate governance practice is not restricted to adopting the recommendations contained in the ASX Governance Principles. Principle 1: Laying solid foundations for management and oversight This Principle requires the Company to establish and disclose the respective roles and responsibilities of both the Board and management and how their performance is monitored and evaluated. Role of the Board The Company’s Corporate Objective...
Words: 5485 - Pages: 22
...marketing support for other companies. His working team comprises of 10 individuals who mainly work on site with the customers to provide better support and have a better understanding of their customers. Designing long-term strategies, managing the unit and growing the prospective is the main aim as the assistant manager, but he/she hasn’t been able to fully concentrate on these tasks as much of his/her time is spent on financial activities and other tasks which don’t fall into his working requirements. Review/Analysis of Case Analysis The requirement of an assistant manager in a marketing department is to manage the workforce and help form strategies and creative marketing plans for its clients. In the case the assistant manager hasn’t been able to take care of his/her core functions because he/she has been busy tracking the financial aspect of the employees along with the activity related to making travel arrangement and hotel reservation. Since he/she hasn’t been able to fulfill the core requirements, the manager has allowed him/her to open a new position in the department which will assist in the proper functioning of the entire team. New position in the team The new position in the team should be able to fill the gaps that lie in the financial aspect with the suppliers and the customer and as well as be able to tackle problems related with making travel arrangements and hotel reservations for employees who are catering to clients. The new position will be Operations Manager...
Words: 1105 - Pages: 5
...Scorecard as a Strategic Management System 14 Further Reading A list of related materials, with annotations to guide further exploration of the article’s ideas and applications Reprint R0707M BEST OF HBR Using the Balanced Scorecard as a Strategic Management System The Idea in Brief The Idea in Practice Why do budgets often bear little direct relation to a company’s long-term strategic objectives? Because they don’t take enough into consideration. A balanced scorecard augments traditional financial measures with benchmarks for performance in three key nonfinancial areas: The balanced scorecard relies on four processes to bind short-term activities to long-term objectives: • a company’s relationship with its customers • its key internal processes • its learning and growth. COPYRIGHT © 2005 HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED. When performance measures for these areas are added to the financial metrics, the result is not only a broader perspective on the company’s health and activities, it’s also a powerful organizing framework. A sophisticated instrument panel for coordinating and fine-tuning a company’s operations and businesses so that all activities are aligned with its strategy. identify the most influential “drivers” of the desired outcomes and then set milestones for gauging the progress they make with these drivers. 1. TRANSLATING THE VISION. By relying on measurement, the scorecard ...
Words: 6507 - Pages: 27
...declare that I have issued the relevant resource material. I ensured that the student understood the requirements for the completion of this course. The student named above completed the work that is submitted and the work is their own. Student Signature | Assessor Signature | Date | Date | Unit 2 – Business Resources At the core of every organisation are the human, physical, technological and financial resources that enable it to function. This unit will give learners a broad understanding of the importance organisations place on managing their resources efficiently in order to achieve their objectives. It is important that learners are able to relate their understanding of resource management to a real organisation. This will provide an essential link between theory and practice. Understanding how these resources are managed is one of the keys to assessing how well the organisation is performing. The first part of this unit explores the range of human, physical and technological resources for a selected organisation. Learners will investigate the importance of managing these resources efficiently. The...
Words: 1597 - Pages: 7
...range of human, physical, technological and financial resources required in an organisation, and how the management of these resources can impact on business performance. Unit introduction At the core of every organisation are the human, physical, technological and financial resources that enable it to function. This unit will give learners a broad understanding of the importance organisations place on managing their resources efficiently in order to achieve their objectives. It is important that learners are able to relate their understanding of resource management to a real organisation. This will provide an essential link between theory and practice. Understanding how these resources are managed is one of the keys to assessing how well the organisation is performing. The first part of this unit explores the range of human, physical and technological resources for a selected organisation. Learners will investigate the importance of managing these resources efficiently. The contribution that recruiting and retaining suitable staff can make to the organisation’s performance is examined. The importance of managing the organisation’s physical and technological resources efficiently is also explored. For an organisation to survive its finances need to be sound and secure. The second part of the unit explores the sources of financial resources available to organisations. The level of an organisation’s performance can be seen in its financial statements. The unit aims to develop knowledge...
Words: 4156 - Pages: 17
...November 2009 From: Jed Hatton Reference: BTEC Group B Subject: How managing the resources of the organisation and effective budgetary control can improve the performance of a business. Introduction: In this report I will be speaking about how managing the resources of an organisation and effective budgetary control can lead to improved performance of a business. Findings/ Main Body: As I have talked about with you before, managing the resources of an organisation and looking closely at its budgetary control is absolutely vital in business. It improves performance over every department and gives the business management team a clear view on where they can expand and develop in the future. Every public limited company that allows people to buy shares within their business must publish their accounts so that investors can see how well they are doing and judge whether or not to buy their shares on the stock exchange. All the top dog companies have a clear view on their resources and budgets; this is evident from Tesco who have lists of all their resources and a clear cash flow all on one financial statement. They made profits of over £2 billion in 2005 and this tells us that managing budgets and resources well really does improve businesses performance. Managing resources of an organisation improves performance as it gives more cash flow, providing you cut back on unnecessary resources; this gives more to re-invest or to pay...
Words: 1622 - Pages: 7
...CPA Program The Practical Experience Guide EVE CHENG CPA SENIOR ANALYST BHP BILLITON Contents Practical experience requirement How to identify if your role is relevant Where do you fit? What skills areas do you need to demonstrate? Your mentoring relationship How to record your experience in the logbook The skills guide Personal effectiveness skills Leadership skills Business skills Technical skills 3 4 6 7 8 10 11 12 13 14 15 MICHELLE ROACH CPA 2 Practical experience requirement Did you know? Our studies show that members consistently perform better in their segments when they are enrolled in the practical experience requirement The practical experience requirement of the CPA Program gives you the opportunity to use the knowledge and skills gained in your education and apply them in your workplace. Combining your education with mentored practical experience will give you the opportunity to develop and demonstrate highly sought after technical and soft-skills that will benefit your entire career. Starting your practical experience requirement means that you are one step closer to your goal of becoming a CPA. CPA Australia recommends that you start the practical experience requirement and the professional level segments at the same time, if you are employed in a relevant role. What are the requirements? • complete a minimum of three years of relevant full-time or equivalent part-time work experience • demonstrate competence in 16 personal effectiveness...
Words: 7844 - Pages: 32
...Better Practice Contract Management Framework Better practice element Comment: What is required and why Governance Agencies’ contract management delegations are clear and consistent with general financial delegations Define oversight, financial and management controls. • Agencies’ general financial delegations should take precedence over contract management delegations, such as signing the contract. • Contract management delegations should escalate based on the risks, value and/or duration of the contracts being managed. • Contract management delegations should provide clarity and control the exercise of key decisions such as contract variations and time extensions. Intent It is important that contract management delegations are clear and consistent with general financial delegations. General financial delegations are designed to ensure that any new financial commitments are approved at appropriate levels. While general financial delegations give authority to making financial commitments, contract management delegations give authority to undertaking administrative tasks, such as signing contracts. These functions should be segregated. Longterm services contracts, particularly for IT, typically may have an initial duration, with several options to extend which can be unilaterally exercised by the agency. This gives the agency flexibility to either remain with the original supplier if performing well, or return to the marketplace...
Words: 2046 - Pages: 9
...| Assignment title | Task 2: Assignment 2: The Impact of Non-Financial Resources. | The purpose of this assignment is to: Understand the Impact of Non-Financial Resources on organisations/businesses. | Scenario:The government provides advice and information for businesses through a national service called Business Link. It is thinking of opening a new office in your borough and is looking for office staff to work there. You are very interested and have enquired about these jobs. Along with your application form, you are asked to submit a report about the management of resources in an organisation of your choice, to determine how well you understand the operations of a business. How well you write this report will determine whether or not you are short listed for Interview. In order to prepare the report you are to do the following: | Task 2 APrepare a list of the main physical and technological resources used by the organisation and what they are used for. Explain what each resource you have identified is used by your chosen business. | Task 2 B:Explain how good management of their human, physical and technological resources helps improve the performance of the business. You will have to research into the various ways in which each of these resources are managed and how those methods will help the business to improve their performance. | Task 2 C:Assume that you have been shortlisted for an interview. In preparation for the interview you have been asked to produce...
Words: 382 - Pages: 2
...Performance evaluation methods in commercial banks and associated risks for managing assets and liabilities 97 Performance evaluation methods in commercial banks and associated risks for managing assets and liabilities University Reader PhD. Claudiu CICEA, Academy of Economic Studies Bucharest, Romania email : claudiu.cicea@man.ase.ro University Professor PhD. Daniela HINCU, Academy of Economic Studies Bucharest, Romania email : daniela.hincu@man.ase.ro Abstract Commercial banks represent the core of the credit for any national economy. In turn, the credit is the engine that put in motion the financial flows that determine growth and economic development of a nation. As a result, any efficiency in the activities of commercial banks has special implications on the entire economy. That is why we consider very useful to present an analysis of possibilities for evaluating the performance in the commercial banks. The management of every commercial bank must establish a system for assessing investment performance which suits its circumstances and needs and this evaluation must be done at consecutive intervals to ensure the achievement of the Bank's investment objectives of hand; and to know the general direction of the behavior of investment activity in the past and therefore predictable as it in the future on the other hand. The main objective for this paper is to analyze some quantitative methods used in assessing the performance of investment activity in commercial banks (such...
Words: 3780 - Pages: 16
...Purpose of accounting For this assignment, I am going to describe the purpose of accounting in a business. First of all I will explain what accounting is. Accounting refers to recording the transactions of the business in order to create financial information. This information can then be used to do numerous things including analysing the business and evaluating how successful it is. There are five main reasons to why a business would want accounting and these are to record transactions, monitor activities, controlling the business and it would also help in managing the business. It can also be used to measure the financial performance of the business. I am going to explain each of these in more detail below. Record transactions One reason as to why businesses record transactions is because they have to report their financial performance to the HMRC. The HMRC will then calculate how much tax the business needs to pay. The business needs to ensure that the information that they report is accurate or else the amount of tax they pay will be wrong and possibly more than they had to pay. In order to record transactions, the bookkeeper has to record the income and expenditure of the business. If the information is not recorded, the business might forget to pay their bills, chase payments and they might get into trouble with the HMRC. Monitoring activities In order to monitor their activities, businesses can create a cash flow forecast or break-even analysis. A cash flow forecast...
Words: 660 - Pages: 3
...NEW DIRECTIONS AWE LIMITED ANNUAL REPORT 2011 NEW DIRECTIONS The Chairman’s Report 2 The Managing Director’s Report 6 RECENT PERFORMANCE Review of 2010-11 Operations 8 Directors’ Report 26 Corporate Governance 43 Financial Statements 49 2 010-11 was a challenging year for AWE shareholders and a year in which the Board and Management of the Company has been transformed. AWE completed the tail end of its major exploration program. The lack of major success over this two year program coincided with the global financial crisis, and the announcement of a new Carbon Tax and a new onshore Petroleum Resource Rent Tax in Australia. This combination of factors resulted in the Company’s share price underperforming. However, the Company has implemented changes to address its recent underperformance and to build a foundation for future growth and success. AWE is now in a sound financial position, with an excellent portfolio of diverse production assets delivering strong, long term cash flows. The Company’s strategy has been revised and a number of Board and Management changes have been implemented. The forward strategy will involve a greater technical and commercial focus aimed at maximising the value of the Company’s assets and delivering a profitable and sustainable future. AWE will pursue growth through selective exploration and acquisition opportunities. This will include opportunities in the broader energy industry as well as in conventional upstream oil...
Words: 14114 - Pages: 57
...OLDTOWN BERHAD (797771-M) OLDTOWN BERHAD (797771-M) (Incorporated in Malaysia) (Incorporated in Malaysia) The Board of Directors (“the Board”) of Oldtown Berhad (“the Company”) recognises the value of good governance and believes that a high standard of corporate governance will deliver long-term sustainable shareholder value. The Board is committed to ensure good corporate governance practices are applied throughout the Company and its subsidiaries (“the Group”). This Statement sets out the key aspects of how the Company has applied the Principles and Recommendations of the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”) during the financial year ended 31 March 2014 and any non-observation of the Recommendations of MCCG 2012, including the reasons thereof, has been included in this Statement. Principle 1 – Establish Clear Roles and Responsibilities 1.1 Clear Functions of The Board and Management The Board leads the Group and plays a strategic role in overseeing the Group’s corporate objectives, directions and long term goals of the business. The Board is responsible for oversight and overall management of the Group. The Board Committees are established to assist the Board in discharging its responsibilities. The Board delegates specific responsibilities to three (3) principal Committees, namely the Audit Committee, the Nomination Committee and the Remuneration Committee. All committees have written terms of references and operating...
Words: 6032 - Pages: 25
...ANNUAL REPORT 2013 CONTENTS Chairman’s Review Managing Director’s Review Financial Results Board of Directors Senior Management Corporate Governance Statement Financial and Statutory Reports Directors’ Report Financial Report Income Statement Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Notes to the Financial Statements 1. Summary of Significant Accounting Policies 2. Segment Reporting 3. Revenue 4. Income Statement Disclosures 5. Income Tax Expense 6. Cash and Cash Equivalents 7. Trade and Other Receivables 8. Inventories 9. Other Financial Assets 10. Investment in Joint Venture Entity 11. Investments in Bottlers’ Agreements 12. Property, Plant and Equipment 13. Intangible Assets 14. Impairment Testing of Investments in Bottlers’ Agreements and Intangible Assets with Indefinite Lives 1 2 3 4 6 7 14 14 59 59 60 61 62 63 64 64 72 74 74 76 77 78 79 79 79 80 81 82 83 15. Trade and Other Payables 16. Interest Bearing Liabilities 17. Provisions 18. Deferred Tax Liabilities 19. Defined Benefit Superannuation Plans 20. Share Capital 21. Shares Held by Equity Compensation Plans 22. Reserves 23. Employee Ownership Plans 24. Dividends 25. Earnings Per Share (EPS) 26. Commitments 27. Contingencies 28. Auditors’ Remuneration 29. Business Combinations 30. Key Management Personnel Disclosures 31. Derivatives and Net Debt Reconciliation 32. Capital and Financial Risk Management 33. Related Parties 34. CCA Entity...
Words: 65942 - Pages: 264
