...that we have responsibility for developing ourselves…’ Remaining competitive in this ever changing global market is becoming increasingly difficult, putting pressure on managers to deliver consistently high standards of product/service delivery. Guskey (2001) asks that we recognise that professional development is a purposeful and intentional process, which is designed to evoke positive change within organisations. In order to maintain an effective and efficient workforce and to ensure that managers’ skills reflect this commitment to professional development then it is imperative that we, as managers, set personal and professional targets to ensure that our skills accurately reflect organisational goals and direction. Section 1: Demonstrate how you would assess personal and professional skills required to achieve strategic goals There exists a plethora of models to evaluate personal and professional skills but if we are to construct the most accurate and objective overview of our own development needs we must ensure that we do not interpret results in isolation; rather that we utilise a range of self evaluation models to illustrate a collective and more accurate profile of our learning requirements. By using a combination of Humphreys (2005) Strengths, Weaknesses, Opportunities and Threats (SWOT) and Aguilar’s (1967) Political, Economic, Socio-cultural, Technological (PEST)...
Words: 3079 - Pages: 13
... Email Address: nadinehadfield@me.com Date: 7/7/13 Course Name: Level 7 Diploma in Strategic leadership and management Tutor Name: Maxine Shaverin Assignment Name: Professional Development for strategic managers DRAFT Introduction It is now commonly accepted that a firm and holistic commitment to the continued professional development of employees and managers alike is highly beneficial, not only for the continued success of a business or organization but for the well being and personal development of individuals. Megginson and Whitaker (2007:3) reflect on the personal opportunities afforded through CPD: ‘ It challenges us to make time for personal reflection and review. It reminds us that we have responsibility for developing ourselves…’ Remaining competitive in this ever changing global market is becoming increasingly difficult, putting pressure on managers to deliver consistently high standards of product/service delivery. Guskey (2001) asks that we recognise that professional development is a purposeful and intentional process, which is designed to evoke positive change within organisations. In order to maintain an effective and efficient workforce and to ensure that managers’ skills reflect this commitment to professional development then it is imperative that we, as managers, set personal and professional targets to ensure that our skills accurately reflect organisational goals and direction. Section 1: Demonstrate how you would assess personal and...
Words: 2348 - Pages: 10
...Question 1: Score 2.5/5 | | | Your response | Correct response | Exercise 7-1 Variable and Absorption Costing Unit Product Costs [LO1] | Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The sounding bars are cast from brass and hand-filed to attain just the right sound. The bars are then mounted on an intricately hand-carved wooden base. The gamelans are sold for 850 (thousand) rupiahs. (The currency in Indonesia is the rupiah, which is denoted by Rp.) Selected data for the company's operations last year follow (all currency values are in thousands of rupiahs): | | | | | Units in beginning inventory | | 0 | Units produced | | 340 | Units sold | | 295 | Units in ending inventory | | 45 | Variable costs per unit: | | | Direct materials | Rp | 260 | Direct labor | Rp | 370 | Variable manufacturing overhead | Rp | 62 | Variable selling and administrative | Rp | 24 | Fixed costs: | | | Fixed manufacturing overhead | Rp | 52,000 | Fixed selling and administrative | Rp | 39,000 | Requirement 1: | Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Omit the "Rp" sign in your response. Round your answer to the nearest whole number.) | | Unit product cost | Rp | 1105 (0%) | | Exercise 7-1 Variable...
Words: 13831 - Pages: 56
...Chapter 7 Variable Costing: A Tool for Management Solutions to Questions 7-1 Absorption and variable costing differ in how they handle fixed manufacturing overhead. Under absorption costing, fixed manufacturing overhead is treated as a product cost and hence is an asset until products are sold. Under variable costing, fixed manufacturing overhead is treated as a period cost and is expensed on the current period’s income statement. 7-2 Selling and administrative expenses are treated as period costs under both variable costing and absorption costing. 7-3 Under absorption costing, fixed manufacturing overhead costs are included in product costs, along with direct materials, direct labor, and variable manufacturing overhead. If some of the units are not sold by the end of the period, then they are carried into the next period as inventory. When the units are finally sold, the fixed manufacturing overhead cost that has been carried over with the units is included as part of that period’s cost of goods sold. 7-4 Absorption costing advocates argue that absorption costing does a better job of matching costs with revenues than variable costing. They argue that all manufacturing costs must be assigned to products to properly match the costs of producing units of product with the revenues from the units when they are sold. They believe that no distinction should be made between variable and fixed manufacturing costs for the purposes of matching costs and revenues. 7-5 Advocates...
Words: 7620 - Pages: 31
...CHAPTER 7: COST-VOLUME-PROFIT ANALYSIS QUESTIONS 7-1 The underlying relationship in cost-volume-profit analysis is that costs, revenues, and profits all change in a predictable way as the volume of activity changes. 7-2 It is more practical to find the breakeven point in sales dollars for companies having thousands of individual items. Finding the breakeven point for each item would be laborious and meaningless. 7-3 The contribution margin ratio is: price - variable costs price The contribution margin ratio (CMR) represents the net contribution per sales dollar. The CMR tells us the change in profit associated with a given change in sales dollars. It is a useful measure of the relative contribution to profit of different products, divisions, or sales units. The use of this ratio can give a retail store a good approximation of the sales dollars necessary for the store to break even. A higher CMR is associated with higher risk. A higher CMR can have a more favorable impact on profit. However, if sales fall below breakeven, then a high CMR will yield a relatively more negative impact on profits. 7-4 The basic assumption of the CVP model is that the behavior of revenues and total costs is assumed to be linear over the relevant range of activity. Managers must be careful to remember that the calculations done within the context of a given CVP model cannot be interpreted safely outside of the relevant range of output for that particular...
Words: 8757 - Pages: 36
...the same basic raw materials and are processed on the same set of machines. DEMAND The orders are received by the marketing department and are cumulated into three categories (A, B and C). The demand forecast for year 2011 is given in Table 1. Table 1: Demand for 2011 in Thousands of Units | Product | Jan | Feb | Mar | Apr | May | Jun | July | Aug | Sept | Oct | Nov | Dec | A | 7 | 8 | 7 | 5 | 3 | 5 | 9 | 10 | 12 | 15 | 10 | 8 | B | 4 | 5 | 4 | 3 | 2 | 3 | 5 | 6 | 8 | 9 | 6 | 4 | C | 3 | 3 | 3 | 2 | 1 | 1 | 4 | 4 | 5 | 6 | 4 | 3 | Product A has the highest demand among the three products while B has the second highest demand. The product demand rises around the second half of the year and even surpasses the total maximum production capacity of the company which is 19,000 for 2 shifts. The amount of raw material required for each product is the same. Therefore, it is assumed that one unit of raw material is required for each one unit of finished product. The cost of raw material is $ 6.00 per unit. In addition to the basic raw material, the cost of other supplies is $ 1.00 per unit of finished product. The ordering cost is $ 1,500 per order and the inventory carrying cost is $ 0.15 per unit per month. There are 15,000 units of raw material in stock at the start of the year and there are no outstanding orders.The lead time for receiving the material is one month. This means that an order placed in any month will be received in the following month. There is no constraint...
Words: 2864 - Pages: 12
...CHAPTER 7: COST-VOLUME-PROFIT ANALYSIS QUESTIONS 7-1 The underlying relationship in cost-volume-profit analysis is that costs, revenues, and profits all change in a predictable way as the volume of activity changes. 7-2 It is more practical to find the breakeven point in sales dollars for companies having thousands of individual items. Finding the breakeven point for each item would be laborious and meaningless. 7-3 The contribution margin ratio is: price - variable costs price The contribution margin ratio (CMR) represents the net contribution per sales dollar. The CMR tells us the change in profit associated with a given change in sales dollars. It is a useful measure of the relative contribution to profit of different products, divisions, or sales units. The use of this ratio can give a retail store a good approximation of the sales dollars necessary for the store to break even. A higher CMR is associated with higher risk. A higher CMR can have a more favorable impact on profit. However, if sales fall below breakeven, then a high CMR will yield a relatively more negative impact on profits. 7-4 The basic assumption of the CVP model is that the behavior of revenues and total costs is assumed to be linear over the relevant range of activity. Managers must be careful to remember that the calculations done within the context of a given CVP model cannot be interpreted safely outside...
Words: 8457 - Pages: 34
...Mathematics Solutions to Problem Set Lecture 1 - Linear and quadratic functions 1. (a). No, the price is not a function of the quantity sold because one domain corresponds more than one range in a function. (b). No. (The reason is the same as (a)). 2. Let [pic] be the no of successful phone calls a) H Regency : Daily income = [pic] MO Hotel : Daily income = [pic] b) [pic] (c). H Regency offers a better wage. Lecture 2 - Applications of Linear and quadratic functions (1) 1. [pic] 2. S(p) = 5.24p2 – 100 3. [pic] 4. Substituting these data points into the general equation for a quadratic function [pic], and solving the resulting system simultaneously gives the demand function. [pic], where p equals the selling price in dollars and [pic]equals demand stated in thousand of units. Lecture 3 - Applications of Linear and quadratic functions (2) 1. 250 persons 1. (a). level of output decreases. (b). level of output increases. (c). level of output increases. 3. 4000 units 4. (a). [pic] (b). [pic] (c). [pic] (d). $-9900 (e). 22000 timers 5. Let [pic] be the no of mobile phones produced and sold (a). Cost = 580,000 + 900x; Revenue = 1700x; Profit = 800x – 580,000 (b). break-even point : (725, 1232500) (c). (i) 795 units (ii) 1000 units (iii) 800 units 6. Let [pic] be the no of units of Model 9805C being produced and sold ...
Words: 961 - Pages: 4
...Decision Making Solutions to Questions 7-1 Activity-based costing differs from traditional costing systems in a number of ways. In activity-based costing, nonmanufacturing as well as manufacturing costs may be assigned to products. And, some manufacturing costs—including the costs of idle capacity—may be excluded from product costs. An activity-based costing system typically includes a number of activity cost pools, each of which has its unique measure of activity. These measures of activity often differ from the allocation bases used in traditional costing systems. 7-2 When direct labor is used as an allocation base for overhead, it is implicitly assumed that overhead cost is directly proportional to direct labor. When cost systems were originally developed in the 1800s, this assumption may have been reasonably accurate. However, direct labor has declined in importance over the years while overhead has been increasing. This suggests that there is no longer a direct link between the level of direct labor and overhead. Indeed, when a company automates, direct labor is replaced by machines; a decrease in direct labor is accompanied by an increase in overhead. This violates the assumption that overhead cost is directly proportional to direct labor. Overhead cost appears to be driven by factors such as product diversity and complexity as well as by volume, for which direct labor has served as a convenient measure. 7-3 Top managers provide leadership that is needed...
Words: 7088 - Pages: 29
...attempted Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks. 1 A manufacturing company benchmarks the performance of its accounts receivable department with that of a leading credit card company. What type of benchmarking is the company using? A B C D Internal benchmarking Competitive benchmarking Functional benchmarking Strategic benchmarking 2 Which of the following BEST describes target costing? A B C D Setting Setting Setting Setting a a a a cost by subtracting a desired profit margin from a competitive market price price by adding a desired profit margin to a production cost cost for the use in the calculation of variances selling price for the company to aim for in the long run 3 Information relating to two processes (F and G) was as follows: Process F G Normal loss as % of input 8 5 Input (litres) 65,000 37,500 Output (litres) 58,900 35,700 For each process, was there an abnormal loss or an abnormal gain? A B C D Process F Abnormal gain Abnormal gain Abnormal loss Abnormal loss Process G Abnormal gain Abnormal loss Abnormal gain Abnormal loss 4 The following budgeted information relates to a manufacturing company for next period: Production Sales Units 14,000 12,000 Fixed production costs Fixed selling costs $...
Words: 5790 - Pages: 24
...optimal level of product availability 12.1 Safety Stock calculation – Calculate ROP to achieve 95% service level Let us consider 9 weeks of fluctuating demand: Week | Weekly demand | 1 | 20 | 2 | 10 | 3 | 0 | 4 | 110 | 5 | 20 | 6 | 10 | 7 | 20 | 8 | 20 | 9 | 60 | Total | 270 | We can calculate the mean as ∑ x / n = 270/9 = 30 units a week We can also calculate the variance (S2) and then determine the standard deviation (S). Week | Deviation from Mean(x - )))) | Squared Deviation( x- )) 2 ) | 1 | 20-30=-10 | (-10)2 = 100 | 2 | 10-30=-20 | (-20)2 = 400 | 3 | 0-30=-30 | (-30)2 = 900 | 4 | 110-30=80 | (80)2 = 6400 | 5 | 20-30=-10 | (-10)2 = 100 | 6 | 10-30=-20 | (-20)2 = 400 | 7 | 20-30=-10 | (-10)2 = 100 | 8 | 20-30=-10 | (-10)2 = 100 | 9 | 60-30=30 | (30)2 = 900 | | | ∑(x - )2)= 9400 | S2 (Variance) = 9400/9-1 using formula ∑(x - )2 / n-1 = 1175 Therefore S (Standard Deviation) = SQRT 1175 = 34.3 (or 34 units) * 12.1.1 The interpretation of standard deviation of 34 This means that the demand for the 9 weeks differ from the mean ( 30 units ) by an average of 34. If a desired service level of say 95% is required, we can use normal distribution tables to determine the Z-score ( which is 1.645 for 95%), then applying :- ROL = Mean + Z-score X Standard Deviation( where Z-score is the desired service level indicator) = 30 + 1.645 X 34 = 86 units (safety stock is 56 units. If...
Words: 1387 - Pages: 6
...Assessment Support Pack SCQF level 8 02 fro .7 5. 66 .1 34 International Purchasing and Supply — H2X3 35 80 www.sqa.org.uk © Scottish Qualifications Authority 2013 SQ A Published by the Scottish Qualifications Authority The Optima Building, 58 Robertson Street, Glasgow, G2 8DQ Lowden, 24 Wester Shawfair, Dalkeith, Midlothian, EH22 1FD C hi na Fi le The information in this publication may be reproduced to support SQA qualifications. This publication must not be reproduced for commercial or trade purposes. This material is for use by teaching staff only. do w nl oa de d Publication date: April 2013 Publication code: H2X3 35/ASP001 by ce nt re _3 00 54 m on 10 /1 0/ 20 14 08 :4 0 Introduction This Assessment Support Pack incorporates assessment templates for both Higher National and National Qualifications (other than CfE) and can be used in a variety of ways including, for example: to generate evidence which demonstrates that learners have achieved all Outcomes and Knowledge and/or Skills for the Unit as exemplification of the standard of performance expected of learners achieving the Unit, ie as a benchmark to help centres develop an appropriate assessment for the Unit to give teachers/lecturers/assessors new ideas as a staff development tool Security and confidentiality The information in this publication may be reproduced in support of SQA qualifications. Where the publication...
Words: 4808 - Pages: 20
...Introduction to Signaling System 7. 1.1Primary Functions. 1.2SS7 as a global standards. 2 Signaling and Signaling Links. 3 Signaling Points. 3.1SSP (Service Switching Point or Signal Switching Point). 3.2SCP (Service Control Point). 3.3STP (Signal Transfer Point). 4 Signaling Link Types. 5 SS7 Protocol Stack. 5.1MTP Level 1. 5.2MTP Level 2. 5.2.1 SS7 Signal Units. 5.2.1.1Fill-In Signal Units (FISUs). 5.2.1.2Link Status Signal Units (LSSUs). 5.2.1.3Message Signal Units (MSUs). 5.3MTP Level 3. 5.4 ISDN User Part (ISUP). 5.5Telephone User Part (TUP). 5.6Signaling Connection Control Part (SCCP). 5.7Transaction Capabilities Applications Part (TCAP). 5.7.1 Transaction Portion. 5.7.2 Component Portion. 6. Conclusion. 3 | P a g e Signaling System...
Words: 1985 - Pages: 8
...HUMAN RESOURCE MANAGEMENT IN BUSINESS ORGANISATIONS Group 1 | HRM-A ARUNI SINGH (H15012) NAKUL SHARMA (H15035) NISHTHA KHANNA (H15038) PRATIK JAIN (H15041) YASH JAIN (H15059) ACKNOWLEDGEMENT We would like to take this opportunity to gratefully acknowledge the valuable assistance and contributions of the few people, without whom this project could not have been completed. At the outset, we would like to thank Professor M Srimannarayana for providing us with this learning opportunity and for being a constant source of insightful guidance for us in all matters related to the field of Human Resource Management, which we have just been exposed to. We would also like to thank the HR Professionals from various companies, with whom we interacted and were kind enough to spare time from their taxing schedules to fill u our surveys. These surveys have formed the backbone of our study. Thank you all! 1|Page Table of Contents ACKNOWLEDGEMENT .................................................................................................................... 1 INTRODUCTION................................................................................................................................. 3 ORGANISATIONS PROFILE ............................................................................................................ 4 HR STRUCTURE AND SIZE ........................................................................................................
Words: 7210 - Pages: 29
...Subject Code: 3DSI Access to Higher Education Diploma Syllabus and Unit Specification SOCIAL ISSUES IN HEALTH CARE LEVEL 3 CREDIT VALUE: 21 Credits at Level 3. RATIONALE The Access to HE Diploma is aimed at anyone who would like to progress to University but does not have the relevant qualifications to enter. Usually these are people who have had a break in education and would like to return and achieve a qualification. The purpose of this subject syllabus is to provide such learners, both part and full time, with an opportunity to study the principles and applications of Social Issues in Health Care at an advanced further education level (Level 3), with sufficient focus and detail to achieve the transferable skills, knowledge and understanding necessary for progression towards related programmes in Higher Education. The subject is unitised in order to provide flexibility of operation. Satisfactory completion of the four units within this syllabus results in the award of 21 credits at Level 3 of the Access to HE Diploma. Although each unit may be undertaken, and must be assessed independently, it is recommended that the full set of four units attached to the syllabus should be completed. The award of an Ascentis Access to HE Diploma is subject to satisfactory completion of all the requirements set out in the rules of combination for the named Access to HE Diploma. AIMS 1 To provide opportunities to develop academic skills in Social Issues in Health Care...
Words: 2731 - Pages: 11
