...launching of a new service and marketing campaign. Project management also involves in planning, organizing, leading and controlling the resources both human and physical to reach the project’s goals effectively and efficiently. Therefore, project management has a very broad term of explaining it, as it covers different techniques, methods, process and strategies and the main purpose of all of them that is to minimize the chances of loss or failure of any projects (MAJEED, 2013). Project management gives a system to help finish objectives. Every project is different, however all impart their beginnings in a thought what could be and a potential for a decent conclusion if that thought is guided into reality. Thus, project management is really essential in determining the success of that current projects. Project Management is important because it monitors closely and control processes and schedules and this can more effectively complete each projects according to its given time, cost and scope. Increasing or decreasing each of these three elements will impact one another. • Timeline The importance of project management is because it gives a clear timeline of when the project is going to start and end. Making a project timeline obliges organizing venture exercises in conjunction with the on-going business activities. Project managers should coordinate the activities and list down into different stages of what needs to be done and who will do the each steps before proceeding to the...
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...Finance: Turning Money into Wealth, 6e (Keown) Chapter 1 The Financial Planning Process 1.1 Facing Financial Challenges 1) Once a sound financial plan is in place, there should be no need to ever change it. Answer: FALSE Diff: 1 Topic: The Financial Planning Process AACSB: 3. Analytical skills 2) When comparing two different investment opportunities the investor should always choose the investment that minimizes the total amount of taxes paid. Answer: FALSE Diff: 2 Topic: Minimization of Taxes AACSB: 3. Analytical skills 3) Being financially secure involves balancing what you earn with A) your investments. B) what you spend. C) your retirement plans. D) your current level of debt. Answer: B Diff: 1 Topic: Financial Planning AACSB: 3. Analytical skills 4) In order for your financial plan to be realistic and attainable it needs to be based upon your A) budget. B) income level. C) number of tax deductions, exemption, exclusions, and credits. D) balance sheet. E) none of the above Answer: B Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 5) Personal financial planning can help you to A) deal with unplanned health issues. B) minimize your tax payments to Uncle Sam. C) minimize your chances of personal bankruptcy. D) have enough money for a comfortable retirement. E) all of the above. Answer: E Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 6) What are common factors found in an effective...
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...AN EMPIRICAL INVESTIGATION OF THE EVOLUTION OF MANAGEMENT ACCOUNTING PRACTICES by Magdy Abdel-Kader University of Essex and Robert Luther University of Bristol WP No. 04/06 October 2004 Address for correspondence: Magdy Abdel-Kader Department of Accounting, Finance and Management University of Essex Colchester Essex CO4 3SQ UK E-mail: mabdel@essex.ac.uk 1 An Empirical Investigation of the Evolution of Management Accounting Practices Magdy Abdel-Kadera and Robert Lutherb a: Department of Accounting, Finance and Management, University of Essex, Wivenhoe Park, Colchester, CO4 3SQ (Correspondence address) b: Bristol Business School, U.W.E., Bristol, BS16 1QY The authors are grateful for the constructive comments of participants at the EIASM conference on New Directions in Management Accounting: Innovations in Practice and Research, December 2002, Brussels. Financial support from the Chartered Institute of Management Accountants is acknowledged with gratitude. 2 An Empirical Investigation of the Evolution of Management Accounting Practices Abstract This paper investigates and reports on the status of management accounting practices in UK industry. The analysis operationalises the IFAC statement on Management Accounting Concepts and its description of the evolution of management accounting. The results, based on responses from 123 practising management accountants, suggest that the management accounting employed in many UK industrial companies is...
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...define goals and objectives, it highlights the areas of success, and it accesses risk factors involved in the project. In addition it helps to manage change within an organization and it ensures that the corrected resources are available to complete project. The paper will discuss in detail the importance of project management and why organizations utilize it to accomplish project tasks. In addition it will discuss and define a project and it will describe the phases of a project life cycle and their functions. What is a Project? A project is reviewed as any series of tasks and activities that is directly linked to a specific assignment that must be completed by a specified deadline. A project will usually have a concrete start and completion date with a set amount of money allocated to fund the project. Projects are multifunction which consists of both human and nonhuman resources such as equipment, budgets and people (Kerzner, 2006). Project development, planning and implementation require organizations to use business capital to cover expenses and a separate project budget is created to record costs. Project funds are limited therefore it requires strategic planning and good oversight from the project manager to stay on budget (kerzner, 2006). Implementing a new project might require the organization to hire professionals or provide in service-training for current...
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...level changes to handle the increasing customer demands and planning for the future strategies. Following were the challenges which Ghosh faced when he joined Appex: 1) The organization was initially small and the decision making was centralized among the key executives. All other employees were only involved in developing and selling products. 2) People had expertise in definite sectors but everybody did anything which came to their mind. 3) There was no functional structure, roles were not defined and there was no job description 4) As the market was growing, more projects poured in and people worked on many projects at once 5) The environment started becoming chaotic and the company was spending cash quickly without monitoring its expenses. 6) Employees were only “fire-fighting” with the existing operations and there was no development or underlying planning structure. 7) Customer complaints started increasing and Appex was unable to handle the increasing demand and volume of customer requests. 8) Company started missing the installation dates and fell behind schedules, there were failures in product development. 9) Information flow started becoming difficult, there were clashes in the product development process and coordination and integration started falling apart. 10) There was no financial planning, the operations became unproductive and looseness of projects didn’t work. 2. Evaluate the importance of each of the structural changes Shikhar Ghosh implemented...
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...which is the best example of a project? A. Processing insurance claims B. Producing automobiles C. Writing a term paper D. Completing a college degree E. All of these are good examples of projects 6. Which of the following constraints is not typically found in managing projects? A. Time B. People C. Cost D. Performance E. Both B and D are not typical constraints 7. Which of the following choices is not one of the stages of a project life cycle? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering 8. In which of the following stages are project objectives established, teams formed, and major responsibilities assigned? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering 9. In which of the following stages is a major portion of the physical and mental project work performed? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering 10. In which of the following stages are you more likely to find status reports, many changes, and the creation of forecasts? A. Conceptualizing B. Defining C. Planning D. Executing E. Delivering...
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...The outline of the stages of the project life cycle for a selected project – Product launch Introduction In this document I will be outlining the four stages of the project life cycle for a selected project, in this case a product launch. I will also be identifying the importance and purpose of holding an event which can be related to any sort of event as long as it involves people and a project. Purpose of the Event The purpose of the event is a very crucial in regards to holding a successful event. The purpose of the event is related to the nature of the event since it illustrates the reason for the event. In this case, an event centred round the launching of a new product would solely be solely based on just that. Most events are held to raise money or awareness of a new product line. Some events could be to raise money for charity and could also improve customer service. There are various purposes for events, these include the following: * Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries) * Education (conferences, meetings, graduations) * Promotions (product launches, political rallies, fashion shows) * Commemorations (memorials, civic events) Planning Planning is the first stage of the project life cycle, this is because you cannot say you want to hold an event and do nothing about it, or expect everything to come to fruition just by doing nothing whatsoever. One has to plan for an event way ahead of the event date to accommodate...
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...The Importance of Risk Assessment and Management In definition a risk refers to an uncertain occurrence or an activity that if takes place could have either harmful or beneficial effects or both in realizing goals (Schatz, 2010). Therefore a risk has the potential to create threats as well as opportunities. Speaking in general terms however a risk is often seen as a loss or a negative impact that is quantifiable. In business, risks can determine the profitability of the company. As such the success of a project also largely depends on the extent to which the risks are eradicated or minimized. A risk can be influenced by both internal and external factors. Therefore in project management vital importance is given to risk management. According to Tatum (2011) Risk Management is the complete process of risk assessment and then taking the requisite steps to communicate and prevent the harmful outcomes of such a risk. In this scenario, risk assessment involves the identification, evaluation, quantification and prioritization of potential risks. A project team involved in an Information System’s project may encounter various types of risks. Project risk, security risk, system risk, organizational risk, business risk, people risk would be to name of these (Redman 2010; Vijay 2007). To effectively combat these, the project team and the project manger must develop risk management strategies. So let us now look into why it is important to manage risks well. To begin with it is found...
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...Nature and the Importance of Operation Management 2 Task 2: The Link between Operation Management and Strategic Planning 4 Task 3: Organizing a Typical Production Process 6 Task 4: Application of Relevant Technique to the Production of an Operational Plan for an Organization 7 Conclusion: 9 References: 10 Introduction Operation management is a part of overall function of a business organization. It means planning, organizing, staffing, leading and controlling the resources of a company those are used to make goods or services of that particular organization. So it can also be said as a part of management function. Operation management is important for any kinds of company including for- profit, not-for-profit, social, commercial etc. IT performs the prime managerial activities of any organization. Weather the organization is service oriented or profit oriented to achieve goals it needs to manage its resources like human, technological, informational etc. organizational management makes the way for a better combination of these resources. In this assignment the nature and importance of operation management will be described. The importance of organization management for an organization, its operation in a selected organization and evaluation of operational management of a selected organization by using a process model also will be described. There is a link between operation management and strategic management it will also be explained. The importance of Three Es’,...
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...INTRUDUCTION Planning (also called forethought) is the process of thinking about and organizing the activities required to achieve a desired goal. Planning involves the creation and maintenance of a plan. As such, planning is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans; that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like. The counterpart to planning is spontaneous order. Meaning of Curriculum In formal education, a curriculum is the planned interaction of pupils with instructional content, materials, resources, and processes for evaluating the attainment of educational objectives. This process includes the use of literacies and datagogies that are interwoven through the use of digital media and/or texts that address the complexities of learning. Other definitions combine various elements to describe curriculum as follows: • All the learning which is planned and guided by the school, whether it is carried on in groups or individually, inside or outside the school. (John Kerr) • Outlines the skills, performances, attitudes, and values pupils are expected to learn from...
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...the implications of a new product on operations managment the implications of a new product on operations managment By: Mwenya Musakanya SN: 14100042 BS343 PRODUCTION AND OPERATIONS MANAGEMENT By: Mwenya Musakanya SN: 14100042 BS343 PRODUCTION AND OPERATIONS MANAGEMENT Contents 1 Introduction 2 2 New Products and Product Design 2 2.1 Factors to Consider in Product Design 3 2.1.1 Design for Manufacture 3 2.1.2 Product Life Cycle 3 3 Process Selection 4 3.1 Process Decisions 4 3.2 Factors to Consider in Process Design 5 3.2.1 Choice of Technology 5 3.2.2 Process Planning 5 4 Capacity Planning 5 4.1 Process of Capacity Planning 6 4.2 Importance of Capacity Planning for New Products 7 5 Quality Control 7 5.1 Methods that can be used to control Quality 7 5.1.1 Verification of the Design Quality 8 5.1.2 Product Quality Control 8 5.1.3 Supplier Quality Control 8 5.1.4 Early Warning Mechanism 8 6 Forecasting 9 6.1 Methods used in Forecasting 10 6.1.1 Short Term Forecast 10 6.1.2 Long Term Forecast 10 7 Conclusion 10 8 References 12 Introduction New product launches are highly complex and can pose major challenges to companies. But then, managing the relationship between product generations and diversity can greatly increase the chances for success for a company. Traditionally, new products have offered great opportunities for companies to innovate, connect with their customers and provide value added services and products. When...
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...system that will adopt ‘just-in-time’ principles of component delivery within one year. Write a report to your marketing director stating the implications of this announcement and suggesting what your company should do in order to be prepared for this change within one year. Question 2 Marketing is continuing to evolve. Identify and explain what in today’s marketplace you consider to be the important elements in the making of quality decisions within the overall marketing planning process. Illustrate your answer with appropriate contemporary examples. Question 3 (a) Identify and briefly explain the key factors and sub-factors that influence consumer behaviour. (b) Discuss the nature and importance of reference groups in the context of consumer buying behaviour. Question 4 Identify and describe the nature of the major elements of the communications mix, and state under which conditions each would be more appropriate. Provide an example of each element. Question 5 Identify the type of information required by a marketing department before a pricing strategy can be agreed, and explain how this information can assist in the formulation of an appropriate pricing strategy. ...
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...Management plays a substantial role in how business operates. The variety of methods to the speculative and practical background of management has come up with varieties of what is meant by such key words as management and organization. The required reading outlines three key elements needed in the successful running of a business. The three key elements are Information and decision making, planning process and techniques and strategy and strategic management. The reading covers a general outline of the elements required for a manager to make familiar decisions among alternate courses of action. The reading also lists types of managerial decisions, information competency, and information needs in organization, why managers plan and the planning process and benefits of planning. In the following I will describe the various components that comprise the main aspects of the required readings. Information, technology and management. Information is basically data that is used when made meaningful in the decision making process. The reading shows how valuable and useful data is and that it is accessible by everyone but not everyone makes data that is readily available to them useful information. When we are able to gather, analyze and use information for decision making and problem solving this is called information competency. In order for companies to have top performance employees should have the right information available to them. The reading outlines information systems. This...
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...theory model | Kurt Lewin’s field theory model has three stages of change: * Unfreezing * Change or Moving * Refreezing The unfreezing stage requires altering the patterns of employee behavior. The employee adaptive behavior must align with the organizational goals and vision. The lack of alteration in behavior changes can result in employees’ resistance during the implementation process. The management should communicate effectively with the staff explaining the need for change. The management should encourage the staff to submit their ideas and be a part of the change process. The change stage refers to the introduction of new organizational policies and procedures. The management should ensure that the affected staff fully understands the reasoning behind the changes and offer support for adapting the new organizational business culture. It is imperative that management includes the staff in the development of new policies and designing the new procedures. The refreezing stage requires reevaluation of the implemented procedures in which the management evaluates the efficacy of the implemented changes and makes adjustments to meet organizational goals (Borkowski, 2005). The management should seek feedback from the staff and fine tune the procedures to eradicate wastage in the implemented processes. The refreezing phase is the most important phase for maintaining the first two stages. Without this stage, the employees may revert to pre-change policies and procedures...
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...Management is a process in which working people use resources to accomplish an organizational goal. Management requires solving problems through creativity. Effectiveness and efficiency are good qualities that allow managers to be effective. Regardless of the size or what level a business functions, effective managers who practice the four functions of management (planning, organizing, leading, and controlling) will achieve company goals with the minimal waste of resources and accomplish the task in a timely manner. The first function in management is planning. Planning is stating, which goals need to be achieved and deciding the appropriate actions in advance to achieve those goals. An individual, work unit, or group of people within an organization may do the planning. Planning includes several stages such as analyzing current situations, anticipating the future, deciding on activities, strategies, and determining resources needed. Preparation for unexpected issues is necessary for the success of planning any task. The person/persons planning the task need to keep communication open and work together in a manner that will provide the best quality outcome. Organizing is the function of assembling and coordinating resources needed to achieve goals. Some activities include attracting people to the organization, assigning job responsibilities, grouping tasks, and creating conditions that allow employees to work together to achieve success. Managers have the responsibility...
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