Free Essay

Budget Issue Paper

In:

Submitted By alexrios11101
Words 481
Pages 2
DIRECTORATE/DEPT: Directorate for Professional Education
POC: HM1 (FMF) Alexis Rios 532-6037
ISSUE TITLE: TARGETING PERFECTION THROUGH SIX SIGMA

ISSUE: Six Sigma is a defect reduction methodology that transforms organizations by forcing them to focus on the quality of the customer experience. The term sigma refers to deviations from an ideal level of operation, where each level of sigma, starting from one, allows for fewer defects.

BACKGROUND: Six Sigma is an overall enterprise improvement methodology structured to reduce product or service failure rates to near perfection. Utilizing a disciplined, data-driven approach, Six Sigma practitioners use data to monitor, control, and improve operational performance by eliminating and preventing defects in products and associated processes, including management, service delivery, design, production and customer satisfaction.

CURRENT/ALTERNATIVE PROGRAMS: Current program: Villanova University Lean Six Sigma Black Belt Certification program.

Alternative I: None

EVALUATION OF ALTERNATIVES:

Effective management decisions due to heavy reliance on data and facts instead of gut-feelings and hunches. Hence costs associated with firefighting and misdirected problem-solving efforts with no structured or disciplined methodology could be significantly reduced.
- Increased understanding of customer needs and expectations, especially the critical-to-quality (CTQ) service performance characteristics which will have the greatest impact on customer satisfaction and loyalty.
- Increased cash flow by making processes more efficient and reliable.
- Improved knowledge across the organization on various tools and techniques for problem-solving, leading to greater job satisfaction for employees.
- Reduced number of non-value-added operations through systematic elimination, leading to faster delivery of service, faster lead time to production, faster cycle time to process critical performance characteristics to customers and stakeholders, etc.
- Reduced variability in process performance, product capability and reliability, service delivery and performance, leading to more predictable and consistent level of product quality and service performance.
- Transformation of organizational culture from being reactive to proactive thinking or mindset.
- Created new customer opportunities, improved market position relative to competitors, etc.
- Improved internal communication between departments, groups, etc.
- Lean Six Sigma creates an infrastructure of Champions, Master Black Belts (MBBs), Black Belts (BBs) and Green Belts (GBs) that lead, deploy and implement the approach.
- Lean Six Sigma emphasizes the importance of data and decision-making based on facts and data rather than assumptions and hunches!
- Lean Six Sigma utilizes the concept of statistical thinking and encourages the application of well-proven statistical tools and techniques for defect reduction through process variability reduction methods (e.g. statistical process control, Value Stream Mapping, and design of experiments).
FUNDING: Everything will be provided with the cost of the program. The program will be 16 weeks long and completely online. TA used to cover it, but the changes to the Navy TA policy cannot cover the cost for this training.

OFFSETS/ECONOMIES: Another way to fund this program is through student loan, but sometimes this method does not provide secure payment for the program.

Similar Documents

Free Essay

Comm 301 Learning Consultant / Tutorialrank.Com

...Defining the Purpose and the Problem When Writing Proposals Paper (UOP) For more course tutorials visit www.tutorialrank.com Identify the purpose and the problems that are the basis for the request for proposal (RFP). Write a 700- to 1,050-word RFP on your own, once you have identified the purpose and the problems. You may use a problem or scenario from your own work environment or a fictional scenario to write your RFP. Format your paper consistent with APA guidelines. ---------------------------------------------------------- COMM 301 Week 1 DQs (UOP) For more course tutorials visit www.tutorialrank.com What are a few of the benefits to writing a current situation into a proposal? What are some of the possible underlying problems and opportunities to the standard proposal? How do useful strategies of proposal development help reveal possible opportunities within a proposal? ---------------------------------------------------------- COMM 301 Week 2 Assignment Design and Budget Elements of Proposal Paper ONLY (UOP) For more course tutorials visit www.tutorialrank.com Choose a proposal type. Prepare a 1,050- to 1,750-word paper selecting one of the following elements in budget proposals: Itemized budget Non-itemized budget Fixed budget Flexible budget Compare and contrast the four principles of design and discuss which principle would be most applicable for your proposal style and budget element. ---------------------------------------------------------- ...

Words: 409 - Pages: 2

Premium Essay

Doc, Pdf

...offered the opening prayers. The DD/FA introduced the Senior Executives present. The Acting DFA/Mr. M.U.Wambai delivered the opening remarks with a word that the aim of the forum is to develop human capacity. Declaring the interactive session open the DFA emphasized on participation by all present. • The first paper was presented by the Senior Manager, Final Accounts/ K.M.Jemaku. Titled: FIXED ASSET MANAGEMENT – OPERATION & CHALLENGES: It defined and classified fixed assets, their management, depreciation and disposal. The management of Fixed Assets was noted to be a huge challenge to Finance & Accounts Department because of the many lapses imminent. The Sun System Fixed Assets module captured most of the detail data identifying an asset, and provides information automatically. Each asset is then assigned a code to further give the required peculiarity in the database. The presenter identified the challenges as follows; - Time lag between coding and labeling of assets. - Difficulty in tracing assets to assigned locations. - Failure to code some assets making disposal difficult. - Inability to reconcile physical assets with the register. Other issues relating to management of Fixed Assets were mentioned as; - Disposal of such assets without the knowledge of Finance Dept. - State Offices charging assets disposed to sundry income. - Vandalizing of assets particularly computers. - Wrong classification of assets by Admin/Stores. - Unregistered...

Words: 2489 - Pages: 10

Free Essay

Acc 410 Assignment 1 Financial Statement / Audit Report Review

...(1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment. Write a three to five (3-5) page paper in which you: 1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include: a.Publication method of the CAFR b.Audit and budget information in the CAFR c.The type of audit report issued d.Existence or non-existence of an internal audit function within the government entity 2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2. 3.Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Your analysis should include an evaluation of the basis of accounting used for the budget and financial statements. 4.Analyze the sources of revenue on the selected local government. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine a.Property taxes and how they are...

Words: 6670 - Pages: 27

Premium Essay

Finance

...Name: Institution: Course: Date: Introduction Since there are many definitions of management accounting, this paper will stick with the definition formulated according to the American Accounting Association. It defines accounting as a process of providing both financial and non-financial to decision makers. The varying nature of business characteristics implies that also techniques used in managerial accounting for each business differ as the business grows. During start up the business rely on capital investment and budgeting techniques. A mature business relies upon quality control and cost management. Techniques used ultimately assist the business to achieve its long-term and short-term aims via efficient decision-making. The objective of this paper is to study each concept available in the accounting definition and provide a framework needed for deep understanding of aspects and issues involved in the process of accounting. The paper will have two part. The first part will look at the first aspect that is to define managerial accounting and look at its role, techniques and ethical issues facing managerial accountant. We will also highlight the role of a managerial accountant. In the second part, three topics will be covered. The three topics are; cost investment techniques, budgeting, and quality control. In the selected topics, real-world cases will be presented in relation to how they relate to managerial accounting techniques. Managerial accounting is defined as process...

Words: 2450 - Pages: 10

Premium Essay

Local Issues

...Local Issue Local Issue The contents of this paper are to provide an example of a local issue in that is impacting the correctional system. The local issue that this paper will examine is the prison realignment changes that are impacting Solano County. The first portion of this paper will provide a brief background of the local issue. The rest of the paper will address how this local issue is impacting the correctional system. Background In early 2011, Governor Jerry Brown signed the California realignment policy also known as AB 109 and 117, which is a solution to reduce overcrowding, costs, and recidivism in the prison system (Eberling, 2013). AB 109 and 117 focuses on keeping lower-level offenders and parole violators from being sent to the 33 prisons here in California. These policies were focused on reducing the number of lower-level prison inmates by 137 percent (Eberling, 2013). The prison have been over populated for far too long and the cost of cycling lower-level inmates through the prisons instead of probation or local jails is costly. In late 2012, voters approved proposition 30 which created a constitutional amendment that protected the funding for the realignment policy and ensures counties are given the funding to implement programs to assist with recidivism, safety programs, and other programs to assist low-level inmates with successful reentry into the community. Although this bill was signed by Governor Brown in the beginning of 2011 it was implemented...

Words: 911 - Pages: 4

Premium Essay

Hrm 517 Week 10 Assignment 2

...HRM 517 WEEK 10 ASSIGNMENT 2 To purchase this visit here: http://www.activitymode.com/product/hrm-517-week-10-assignment-2/ Contact us at: SUPPORT@ACTIVITYMODE.COM HRM 517 WEEK 10 ASSIGNMENT 2 HRM 517 Week 10 Assignment 2 - MS Project and Team Leadership - Strayer Latest Imagine your human resource project of revamping the employee compensation and benefits package is starting to develop issues. The project is 6 weeks off track and your team members are becoming discouraged. A key member of the team is consistently late with deadlines and you have discovered that your budget has been depleted quicker than expected. Write a 3-4 page paper in which you: 1. Write a memo that communicates the budget situation to the rest of the team. 2. Suggest two (2) ways to improve an underperforming team member. 3. Organize a plan of action to get the project back on track. Your assignment must:  Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.  Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.  Activity mode aims to provide quality study notes and tutorials to the students of HRM 517 Week 10 Assignment 2 in order to ace their studies. HRM...

Words: 754 - Pages: 4

Premium Essay

Causes of Inflation

...Executive Summary The topic of this paper is mainly discussed on the causes of inflation by explaining how the sustained inflation occurs as well as the role of played by monetary policy in the inflation process. The author in this paper agreed that sustained inflation is always and everywhere a monetary phenomenon and this has been agreed by both monetarist and Keynesian assumption. Besides that, the author also mentioned that we need to understand why inflationary monetary policy occurs. This paper also examines the inflation issue faced by United States and accommodating policy which has been used in order to achieve high employment target. Contractually, expectation is an important element in the anti-inflation policy to minimize the cost and output loss due to unemployment. Thus, a non-accommodating policy may be optimal to prevent the sustained inflation. The structure of this working paper began with executive summary followed by the assumptions of the paper and key concepts as well as the empirical evidence provided by the author. The author also provides some suggestions on how the monetary policy can be conducted to deal with the inflation process. Background/Assumptions of the paper Frederic S. Mishkin, the author of the working paper of ‘The Causes of Inflation’ is currently teaching at the Columbia Business School since 1983. This working paper was published in September, 1984 in National Bureau of Economic Research. He is also...

Words: 1998 - Pages: 8

Premium Essay

No Papaer

...whether it is a personal budget or a company business budget. Personal budgets are used to make sure that a person is not spending more money then what they are making. Business budget works in much the same way but it is way more complicated. Budgeting properly can help any company set its self on track to be profitable. Budgeting begins with in the building and planning process of a company. This paper will describe the main issues companies face while budgeting, it will also display specific current and future application of the budgeting process for the financial success of business. This paper will also describe the budgeting process and will also touch on the three major purposes; “forecasting the future development of the organization (and its environment), coordinating activities and tasks, and motivating employees, The uncertainty innate in any business environment leads to the need for forecasting future developments and events in order to make the right decisions at the right time and to handle the future effectively” (Weber & Linder, 2005). Necessity of a Budget Budgeting is widely misconceived as a “bad” thing. Many times people feel that a budget restricts them and does not allow them to spend as they please. Budgeting works very much the same way a kite works. As a kite starts to soar in the ski the string is what actually helps keep it up. If you cut the string the kite plummets to the ground. A budget works the same way. The budget acts as the string tied...

Words: 2564 - Pages: 11

Free Essay

Explaining Growth in Household Real Food Consumption Expenditure in Cameroon: 2001-2007

...Abstract This study attempts to explain growth in household real food consumption expenditure in Cameroon between 2001 and 2007. Specifically, the paper assesses the relative importance of household real total expenditure in explaining household real food consumption expenditure; evaluates the direction of change of the marginal propensity to consume between the two periods and investigates the role of access to endowments and returns to endowments in explaining growth in household real food consumption spending. To achieve these objectives, use is made of a micro-econometric analysis of household real food consumption functions, a Shapley-Oaxaca-Blinder decomposition of growth in household consumption spending and the 2001 and 2007 Cameroon household consumption surveys. Results show that the marginal propensity to consume declined significantly between 2001 and 2007; real total spending predominantly explains real food consumption spending and its growth; and returns to endowments overwhelmingly account for the negative growth in real food consumption spending. These results show that well-being marginally improved between 2001 and 2007. These findings have implications for household income earning opportunities, adult education, rural development and issues related to food insecurity in Cameroon. Keywords: Food consumption expenditure, Shapley- Oaxaca-Blinder decomposition, marginal propensity to consume, Cameroon. I. Introduction The proportion of food consumption expenditure...

Words: 1472 - Pages: 6

Free Essay

Reforming the Russian Budget System: a Move to Mor

...Russian Budget System: A Move to More Devolved Budget Management? Jack Diamond © 2005 International Monetary Fund WP/05/104 IMF Working Paper Fiscal Affairs Department Reforming the Russian Budget System: A Move to More Devolved Budget Management? Prepared by Jack Diamond1 May 2005 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. The Russian federal government has recently initiated a fundamental reform of its budget system, encompassing important policy, procedural, and institutional changes. This paper reviews this reform agenda with reference to the experience of industrial countries that over the past two to three decades have followed a similar reform path toward a more devolved budget management system. From this perspective, the importance of the strength of existing public expenditure management systems to accommodate increased devolution and the scope for employing decentralized agencies is explored. An assessment of the present Russian reform plans in light of this review reveals a number of concerns. First, the speed of the reforms contemplated appears overly ambitious when judged by the experience of other countries. Second, the preparedness of budget institutions...

Words: 11287 - Pages: 46

Free Essay

Crisis in Greece

...CRISIS IN GREECE: STUDY OF THE FACTORS THAT LED TO THE CRISIS. A Research Paper: Under The Guidance of:Dr Somesh Kumar Mathur Indian Institute of Technology Kanpur Pankaj Kumar Y8333 Sanchit Singhal Y8442 Sulabh Boudh Y8513 INTRODUCTION Greece is currently facing a very severe crisis, with expectations of a sovereign default as Greece confronts with the second highest budget deficit, as well as the second highest debt to GDP ratio in the EU. The paper uses insights from the literature to offer an analytical treatment of the crisis in Greece. The crisis itself is very likely to be a result of:    The gradual worsening of Greek macroeconomic Fundamentals over 2000-2009 to levels discrepant with other EU members. A shift in market expectations, from a scenario of credible commitment to future EU participation to a scenario of non-credible EU commitment without fiscal guarantees, respectively occurring in November 2009 and February/March 2010. The pricing by markets of a (previously nonexistent) default risk that follows the withdrawal of an implicit guarantee on Greek debt by other EMU countries (mainly Germany). Interestingly, our account of the 3 factors sparking and escalating the crisis also helps explain why prices on Greek government bonds have not recovered but continued to plummet following the announcement of the EU/IMF rescue plan. Our analysis suggests that the involvement of an external institution like the...

Words: 890 - Pages: 4

Premium Essay

Cost Control

...Techniques Jason Owens, jason@jasonowens.com Scott Burke Matthew Krynovich DJ Mance Last Updated: 1/15/07 Project Cost Control Tools & Techniques Introduction Contributors: Owens, Jason, jason@jasonowens.com Burke, Scott Krynovich, Matthew Mance, DJ The formatting and minor edits of this document have been updated since its original creation. Contact information for some of the contributing authors has been removed for reasons of privacy and in no way indicates a lesser degree of contribution. All project team members have contributed equally to this paper. Copyright © 2007 All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without written permission. Jason Owens, jason@jasonowens.com Page 2 of 26 Project Cost Control Tools & Techniques Introduction Executive Summary This paper reviews certain tools and techniques that can be used in order to help those responsible for managing a project to potentially better control and manage project costs. The aspects of life-cycle costing are presented and opportunities for optimizing cost management are presented. Finally, a table summarizing the recommendations are presented in the conclusion. Jason Owens, jason@jasonowens.com Page 3 of 26 Project Cost Control Tools & Techniques Introduction Table of Contents Executive Summary ..............................................................

Words: 7042 - Pages: 29

Premium Essay

Audit Working Papers

...Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, Vol.8, No.1, June 2012 45 Public Sector Accounting - An Interdisciplinary Field Involving Accounting, Economics, and Jurisprudence 1 Ryosuke Tao Research Fellow, Institute of Administrative Management Abstract Public sector accounting has recently been improved. Currently, there are requirements to disclose stock information in addition to the flow information presented in budget statements or accounts statements. Public sectors have prepared and disclosed their financial statements (including balance sheets and income statements) based on business accounting approaches. Moreover, as a matter of policy, the government tends to prepare and disclose cost information along with the financial statements for the individual ministries and governmental agencies. The objectives of clarifying the fiscal conditions in a state through the preparation and disclosure of financial statements are to fulfill the state’s accountability to its citizenry and market participants and to optimize and enhance the efficiency of its fiscal activities. Most importantly, the improved information should contribute to democratic decisions on public finance. A perspective different from the business accounting is that public sector accounting places more emphasis on inter-generational fairness. With respect to the inter-generational benefits and burdens, however, various factors must be considered, and the differences between...

Words: 10883 - Pages: 44

Premium Essay

Gst: a New Tax Reform in Malaysia

...norha058@johor.uitm.edu.my Azleen Ilias College of Business and Accounting, Universiti Tenaga Nasional (UNITEN), Malaysia Email: Azleens@uniten.edu.my Abstract The Goods and Services Tax (GST) is becoming one of the most prominent topics in Malaysia. The announcement by the Malaysian Ministry of Finance (MOF) in the Budget 2010 on the implementation of GST had created various reactions from practitioners, academicians, general public and most important businesses. GST is one of the tools that are proposed by the Government to reduce continuous deficit budget in Malaysia. This paper discusses the GST as a new tax reform in Malaysia, and covers several issues in order to enhance the understanding and readiness among Malaysian in adopting GST. Keywords: Tax reform; GST; budget deficit. 1. Introduction The introduction of Goods and Services Tax (GST) was first announced in the Budget 2005 in order to replace the existing sales and services tax structure in Malaysia. This new tax reform is projected to be implemented in January 2007. However, the Government has announced on 22 February 2006 that the implementation would be postponed to a later date. Recently in Budget 2010 the Government is currently at the final stage of completing the study on the implementation of GST, particularly to identify the social impact of GST on the rakyat. The implementation of GST will witness that, not only on manufacturing and services sector would be affected, but also include other sectors such as...

Words: 3535 - Pages: 15

Premium Essay

Culture

...Academia.edu Log InSign Up We're trying Google Ads to subsidize server costs. If you are logged in, you won't see ads. Hover to learn more. pdf An Evaluation of the Effectiveness of Public Financial Management Syste… 8 Pages An Evaluation of the Effectiveness of Public Financial Management System being used by Government Departments in Zimbabwe. (2000 – 2011) Uploaded by Donnelie Muzividzi Files 1 of 2 Views 3,402 connect to download READ PAPER Academia.edu An Evaluation of the Effectiveness of Public Financial Management System being used by Government Departments in Zimbabwe. (2000 – 2011) Download Research Journal of Finance and Accountingwww.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)Vol.4, No.4, 201320exodus from the public sector and from Zimbabwe impacted negatively on the effectiveness of PFMS andaccountability systems, threatening day to day operations from the reform.Some human resources existed but not adequate in numbers and quality to perform some critical functions andoptimal utilization largely due to lack of working facilities.The shortfall has been found to have two dimensions: the technical dimension and the governance dimension. Onthe technical dimension, the effectiveness of the PFMS has been reduced due to failure to maintain the systemand inability to cope with number of digits due to hyper inflation. On the governance dimension, some existingregulations and procedures were not followed...

Words: 3338 - Pages: 14