Week 6 Individual Project

Budget management analysis is used by mangers as a tool and helps determine that all resources available are being used efficiently. The budgets are determined yearly and are based upon the previous year’s budget and variances. This paper will discuss specific strategies to manage budgets within forecast, compare five to seven expense results with budget expectations, describe possible reasons for variances, give strategies to keep results aligned with expectations, recommend three benchmarking techniques, and identify those that might improve budget accuracy, and justify the choices made.

Common objectives are developed by working together to ensure Team building is done and that the team runs affectively with all members using their strengths. The evaluate each individuals strengths and weakness’s and bear these in mind when allocating tasks. Agree with team members the tasks they have been set and ensure they are confident and trained to carry them out. Ask for suggestions and brainstorm for idea’s from the team and allow them to have an input as long as it is safe and possible to do so.

Whilst planning the teams work it is essential that the Manager makes use of peoples skills and knowledge to ensure their objectives and goals are achieved. An objective is “a specific result that a person or system aims to achieve within a time frame and with available resources” (WebFinance Inc., 2017) and a goal is “an observable and measurable end result having one or more objectives to be achieved within a more or less fixed timeframe” (WebFinance Inc., 2017). A goal defines the direction and destination, but the road to get there is accomplished by a series of objectives” (WebFinance Inc., 2017). Objectives should be SMART (see appendix 1) and targets should be allocated to team members to complement their existing knowledge and

1.1 Explain the importance of the team having a common sense of propose that supports the overall vision and strategy of the organisation

I will start by introducing the project that I decided to do for 5s assignment. The 5s project which it is a method that many companies use to organize their workplace to make it more effective and useful for their employees. For example, at my work we already have 5s implemented and it is working great so far. It is easy to identify tools that we the employees need in the daily basis and we all collaborate to keep it sustainable. However, since at my work we are pretty good on this project and there are not more areas where I can take the opportunity to implement 5s I decided to do 5s to my storage house.

To identify our strengths and weaknesses as a team and as individual members of the team and adopt corrective measures as we realize the challenges and benefits of teamwork.

Clear responsibilities and roles, the structure of the team, job descriptions, competencies, accountabilities, resources, tools and equipment should all be provided. Problem solving, communicating, managing conflicts, tasks, planning meetings, performance evaluation, managing change and decision making should follow clear procedures ensuring effective team working. Positive relationships, mutual respect and trust, continuing support and inclusion, valuing diversity and listening to feedback can overcome challenges to effective team performance. A strong credible leader with clear expectations can also overcome challenges to an effective team.

| “The top 10 features of an effective team are: * clear purpose; * open communication; * constructive conflict; * effective problem-solving and decision making; * defined roles, responsibilities and accountability; * strong relationships; * systems and procedures; * experimentation and creativity; * measurement and self-assessment; * shared leadership.” For a team to be effective, they need to have clear

The implementation phase is to combine the individual components of the system, verify and test, convert data and integrate system components, document and install the system. (Post & Anderson). The project’s risks and probability of its success will be based on the feasibility study that included both economic via cost-benefit analysis and legal reviews. Moreover, before the sign off a great deal of financial analysis went into this project including ROI (projected return on investment) and NPV (projected Net Present Value). The (ROI) is a calculation that measures the average rate of return earned on the money invested in the project. NPV is a basic formula to convert future cash flow to present value. (Thomson, Strickland, and Gamble)

The significance of these milestones is to enable the team to identify where the key elements of the project are, in terms of risk

After the selection of the effective team members, it is important to analyze the conditions that should be in place before the team is launched; analyze the team processes that unfold as the team begins its work; assess what should happen during the team’s launch, and

The following items appeared in the accounting records of Triguero 's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company 's viewpoint. Also indicate the normal account balance of each item.

Explain the importance of the team having a common sense of purpose that supports the overall vision and strategy of the organisation (16 marks)

The company should accept this project. The project payback period is between 2 to 3 years.

1. The team must have a clear goal. Avoid fuzzy, motherhood statements. Team goals should call for a specific performance objective, expressed so concisely that everyone knows when the objective has been met.