Online Etiquette in Virtual Learning Environment: Reflection

Online Etiquette in Virtual Learning Environment: Reflection Netiquette and Student Learning Experience on Blackboard – Reflective essay Communicating by email and other methods on the Internet such as online message boards and chat systems has become very common these days. It is almost impossible to pursue a course of study in higher or further education without using computers, and without communicating with other people online. Yet it can be safely said the most of us have never had any type of formal training in communicating online. The increased use of Virtual Learning Environments such as Blackboard and Moodle put an additional imperative on students to learn how to communicate online. This means that students now not only need to learn the content of the course, they also need to use a new tool properly prior to studying the subject matter. At our University, the Blackboard is used for various courses. Most students today are already familiar with the Internet and have already communicated with others via various methods on the Internet; hence there isnt a steep learning curve when they learn to use this new tool. Additionally, support is provided in various ways for students who require it. Firstly, students can approach the online learning support officer if they require any general help with the system. Secondly, they can approach the module leader or teacher if they have any problems with any specific course they are taking on Blackboard. Thirdly, they can approach their personal tutor with any problems t hat cannot be otherwise resolved. Practically, however, students often find peer support invaluable. I always found myself asking or being asked about specific issues with Blackboard. Some of the common questions are about where are the buttons one would require to perform certain tasks, for example the upload button when submitting an assignment, what happens when the system hangs – this often creates a lot of anxiety, especially when it happens close to the deadline for the submission of an assignment! I have often found that the people who are able to readily answer these questions have often faced the same problem themselves, and found it out either by trial and error on their own, or were in turn helped by some others. Although technology is often (dis)credited as the cause of an increasing loss of personal contact in every aspect of modern life, ironically, the use of an unfamiliar tool such as the Blackboard actually helped me communicate better with some other student s, as we faced a shared problem and being compatriots somehow brought us closer. Netiquette was something I decided that I had to learn before I was brave enough to add my comment in the discussion forums. This was mainly because I was very used to the Internet slang of using the short form of words such as CUL8R and I wasnt very sure these would be acceptable and did not want to get on the wrong side of the lecturer unnecessarily. I did some reading on the topic and found a great deal of material on the Internet regarding Netiquette. In particular, I read the RFC 1855 (Hambridge, 1995), which was a sort of bible on netiquette. On reading it the reasons behind many of netiquette rules that I didnt think were important, most of it seemed to be common sense and polite. The WIRED article by Leahy (2006) cited one good example of an email communication that had this sentence Don’t work too hard, which could be interpreted in a variety of ways – had this been addressed to me, I would have wondered, was the writer sarcastically implying that I was working too hard, perhaps trying to impress someone, in which case I probably would have taken offence, or was it just a joke? Either way, its difficult to interpret. I read the general rules for posting on Blackboard and saw that they werent very different from the RFC 1855. There were only minor differences, some recommendations adapted to keep in view that this was an educational discussion board in an educational institution. Going back to my interaction on Blackboard, I monitored the comments on the discussion board for while before I decided to post a somewhat inconsequential comment to test the waters. I had given a great deal of thought before deciding to participate in the discussion online. Initially, I thought that since participating in the online discussion forum wasnt compulsory, I need not participate; it would only take me more time to learn the rules, and then engage in a discussion that didnt really earn me any marks in my final score for the module. However, I spoke to some of my peers, and got the view that participating in discussions not only helped you clear your doubts, it also helped others; most often, someone else had the same question, but was just too scared to post it, and when you did, they were grateful to you; sometimes that made them bolder to start posting too. Then, one of the lecturers for one of the modules that was using Blackboard encouraged us to continue a discussion that took place in class online, and that was what spurred me on to leave me comment; however, having thought out my first post for very long before posting it, I feel that I somehow killed it and it had the desired effect: it was so inconsequential, no one posted a reply to it. Funnily, I found this was somewhat disheartening, however, resolved to take part in the discussions better and managed to follow through. The main benefit I obtained from the discussion boards is that if there are some strands of thought running on your mind about a topic that is being discussed, the discussion board offers you the opportunity to actually post those thoughts anytime, anywhere. On hindsight, communicating on the Blackboard discussion board did not have very different rules from communicating face to face in the classroom. One just has to remember that when posting on an online forum, the readers cannot see your face to gauge your expression and therefore are more likely to misinterpret your s tatements. Using emoticons, if these are acceptable, can help convey the tone of the message to a certain extent. Also, if you are always prepared to offer a clarification and apology if necessary if your message has been misinterpreted then you cannot go very much wrong. There are indeed some excellent positives to the use of Blackboard (or any other Virtual Leaning Environment) in the university. The use of the VLE allowed us to work at home (or as a group in one persons home) and enabled us to avoid spending the time travelling to university, and also the stress. We were able to discuss group assignments at a place convenient to the entire group, and as for individual assignments, there is a great deal to be said for sitting on ones own room with a pizza and coke and typing up an assignment. While it took some getting used to, once I got used to the system, I greatly appreciated the availability of all the information that was made available on an anytime, anywhere basis. However, I think that I would not like to pursue course of study that was conducted wholly through the VLE. This is because I felt that the face to face interaction I had with the lecturers of most modules was important, even if it consisted of me simply sitting passively in class listening to the lecture. This is because I felt I could understand much more when it was the lecturer explaining a certain point in person, not reading the written word; additionally, during face to face interaction, I had the opportunity of clearing any doubts that popped into my mind, and one once occasion, the teacher drew a simple diagram which allowed me to grasp the concept quickly; this would not have been possible if we were discussing the topic on the discussion forum on Blackboard. If all the convenience of using a VLE in additional to face to face teaching can be made available in a cost-efficient circumstance, then I would definitely recommend the use of Virtual Learning Environments. As for discussions on Blackboard, with my experience, I am now a bit confident at posting my comments on discussion topics. Perhaps the next semester I may even be bold enough to start up discussion on new topics if the opportunity presents itself. References Hambridge, S. (1995) RFC1855: Netiquette Guidelines (Available online at http://rfc.net/rfc1855.html last accessed Aug 2007) Leahy, S. (2006) The Secret Cause of Flame Wars Wired (Available online at http://www.wired.com/science/discoveries/news/2006/02/70179 last accessed Aug 2007) What is ethical policy? What is ethical policy? WHAT IS ETHICAL POLICY? In recent past so many successful business failed, many profitably running businesses suffered from a downfall and it is said that some effective corporate receives a great fall in their profits and popularity. One of the main reasons behind these surprising happening was lack of business ethics. Thus the ethics can be defined as the ability to distinguish between right and wrong (Buzzle.com, 2009). For a business to grow and maintain its prosperity, it must be found on certain ethical principals. A business that is based on ethics can run successfully for years (Buzzle.com, 2009). Money makers who do not pay attention to ethical values can only earn a short term success. To last long in the market, ethical business policy is must. An ethical business policy is important at many levels. It establishes expectations for employees and management as well, and defines the enforcement mechanism and penalty for noncompliance. When the ethical policy is professed as an integral component of the organizations culture is understood, followed and enforced (Bankers Online, 2010). An effective ethical policy has number of advantages. Its awareness among employees is a guarantee of proper conduct and doing the right things. They will better understand their responsibilities and expectations and assume the appropriate level of accountability when identifying and managing business risk (Messmar, 2003). The ethical policy of an organization is more than just a formal document outlining related rules of conduct. It is about integrating positive values throughout an organization (Sethi, 2003). Some key fundamental characteristics of for making ethical policy effective and worth having are (Find Articles, 2008);  · Employees often used to follow the behaviour of their superior executives, managers and others who have succeeded in the company. There fore everyone at every level must stick to the guideline laid down by the ethical policy.  · Companies those are very successful in their business have made ethics a key element of their corporate culture. Conducting business with integrity is considered as important as bottom line results. Ethical standards are applied any time a decision is made or an action is taken, not just during controversial situations (findarticles.com, 2008).  · Many firms make the mistake of asking their legal department to draft their code of ethical practice. As a result the policy may not reflect the challenges employees routinely face on the job. That is why it is valuable to include people from all levels of the organization in discussion about ethical guidelines. Once the ethical policy is implemented, it is equally important to review it periodically to ensure it accounts for current business practices (Find Articles, 2008).  · While deciding for the ethical policy companies should adopt democratic approach despite of giving the task of policy formulation to the legal department firms must include people from all levels of the organization in discussion about ethical guidelines. Once the ethical policy is implemented.  · Management should apply the same ethical standards to everyone in the organization. The consequences for an executives dishonest conduct should be consistent with those of a junior staff member. No exceptions should be made (Find Articles, 2008).  · The work environment must be one in which people feel they can deliver bad news to management without fear of repercussions. (Find Articles, 2008). A good ethical policy will not prevent every crisis, but it will ensure that staff members have a clear understanding of expectations. Collaborate with employees on defining the rules and make sure everyone is aware of the requirements. Then take step to instil core values throughout the organization (Rodgers, 2004). With regular reinforcement, ethics will guide every decision organization makes and become a central element in the way the organization conducts business. CONTENT OF ETHICAL POLICY First of all, the ethical policy must reflect organizations values, controls and processes. Unless the policy, controls and processes adequately reflect that institution is unique organization, the code will not be effective in providing guidance or offering protections (Bankers Online, 2010). Depending on regulatory requirements the contents of ethical policy vary. In general, the ethical policy should contain rules on; record keeping, information security and privacy, gift and hospitality, cooperation with investigations and audits, conflicts of interests and of course, a â€Å"whistleblower† provision, establishes procedures for reporting any suspected illegal or unethical activities by others within the organization (Bankers Online, 2010). ADMINISTERATION OF ETHICAL POLICY There is no unique style of administration. In some companies legal department has oversight and administrative responsibility. In some, responsibility rests with Human Resources or compliance. Some other organizations have a special ethics committee empowered specifically for purposes of oversight and enforcement (Bankers Online, 2010) (Wood, 2002); Accountability is clearly defined. The responsible department or person has the stature necessary to facilitate enforcement, It is assigned to someone who does not have a propensity to engage in illegal or unethical activities. Important components of the administration of ethical policy include initial and on going training and awareness effort of receipt, understanding, and compliance with the code; standards for documentation of exceptions; standards for investigation of suspected or reported wrongdoing; consistent enforcement; and finally periodic review of the code to ensure that it is comprehensive and reflects the current organizational structure and business practice (Bankers Online, 2010). THE TAJ GROUP OF HOTEL: TAJ GROUP OF HOTELS: The Taj Hotels Resort and Palaces is a group of 64 hotels at 45 locations across India with an additional 15 international hotels. The most significant addition to the Taj portfolio has been the iconic landmark hotel in New York, the Taj Boston and the blue in Sydney (Taj Hotel, 2009; Tata.com, 2009). The Taj Group of hotels is a part of Indian Multinational Group ‘TATA which has been respected in India for 140 years for its adherence to strong values and business ethics. TATAs vision is to attain leadership through business excellence in the sectors that they operate in, while upholding values and integrity, to improve the quality of life of the communities they serve. TATAs has always been values driven. These values continue to direct the growth and business of TATA companies. The five core TATA values are (Tata.com, 2009); Integrity, Understanding, Excellence, Unity and Responsibility (Tata.com, 2009).Detail analysis of ethical policy of Taj Groups of hotel is as follows. ETHICAL POLICY AND ITS ANALYSIS As a part of TATA group Taj Group has a very comprehensive ethical policy, which gives each and every detail about what the group is intended to do in future. As a part of TATA the Taj group carries a long history of ethical practices. The ethical policy is in real sense an essence of 150 year of ethical and value based business developed by TATAs around the world. As TATA is very big organization they have a very detailed ethical policy for the entire group consisting 25 clauses which focuses on every aspects of ethical practice. The important points of this policy are discussed and analyzed here (Tata.com, 2009). National interests: the group is committed to benefit the economic development of the countries in which it operates. In the course of its business the company shall respect the culture, customs and traditions of each country and region where it operates. Financial Reporting of reports: The organization shall prepare and maintain its accounts in accordance with the generally accepted guidelines. There shall be no wilful omissions of any company transactions from the books and records. Any wilful, material misrepresentation of and / or misinformation on the financial accounts and reports shall be regarded as a violation of the Code, apart from inviting appropriate civil or criminal action under the relevant laws (Tata.com, 2009). Competition: As a TATA Group member organization shall fully support the development of open market and shall promote the liberalization of the market. No employee shall engage in restrictive trade practice act. Equal opportunity Employer: organization shall provide equal opportunities to all its employees and all qualified applicants for employment and shall promote diversity and equality in the workplace. Gift and Donation: A Tata company and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remuneration, gifts, donations or comparable benefits that are intended, or perceived, to obtain uncompetitive favours for the conduct of its business. Government Agencies: A Tata company shall comply with government procurement regulations and shall be transparent in all its dealings with government agencies. Political non alignment: A Tata company shall be committed to and support the constitution and governance systems of the country in which it operates. A Tata company shall not support any specific political party or candidate for political office. Health, safety and environment: A Tata Company shall strive to provide a safe, healthy, clean and ergonomic working environment for its people. A Tata company, in the process of production and sale of its products and services, shall strive for economic, social and environmental sustainability. Quality of products and services: The quality standards of the companys goods and services shall meet applicable national and international standards. Corporate citizenship: A Tata company shall be committed to good corporate citizenship, not only in the compliance of all relevant laws and regulations but also by actively assisting in the improvement of quality of life of the people in the communities in which it operates. The company shall encourage volunteering by its employees and collaboration with community groups. Cooperation of Tata companies: In the procurement of products and services, a Tata company shall give preference to other Tata companies, as long as they can provide these on competitive terms relative to third parties. Public representation of the company and the group: Tata group shall be represented only by specifically authorized directors and employees. It shall be the sole responsibility of these authorized representatives to disclose information about the company or the group. Group policies: A Tata company shall recommend to its board of directors the adoption of policies and guidelines periodically formulated by Tata Sons. Shareholders: A Tata company shall be committed to enhancing shareholder value and complying with all regulations and laws that govern shareholder rights. Ethical conduct: Every member of the organization shall exhibit professionalism, honesty and integrity, while conforming to high moral and ethical standards. Regulatory compliance: Employees of a Tata company, in their business conduct, shall comply with all applicable laws and regulations. Conflict of interest: An employee or director of a Tata company shall always act in the interest of the company, and does not involve a conflict of interest with the operations of the company. Integrity of data furnished: Every employee of company shall be entirely responsible in ensuring that the confidentiality of all data is retained and in no circumstance transferred to any outside party in the course of normal operations. Reporting concerns: Every employee of a Tata company shall promptly report to the management, any actual or possible violation of the Code or an event of misconduct, not in the companys interest. Analysis of ethical policy: Customer Focus: Customer relationship is of utmost importance for a business to achieve long-term profits. To gain a long term relationship with customers and achieve customer return for the business, the business needs to be based on ethics. The trustworthiness of a business, its customer service, its customer care, its way of dealing with customers and its urge to retain its old customers, is a part of business ethics. Businesses ethics leave a long lasting impression on their minds builds trust, fetching a business more customers while retaining the older ones (Buzzle.com, 2009) (BIZ ethics, 2009). Legalities: Most of us are concerned about making money for our business and we cater to the legalities in business but we seldom bother to base our business on ethics. At times, ethical duties of a businessmen and project managers could be more abiding then even the business laws. Ethics is a far reaching concept and goes beyond the idea of making money legally. Ethical values are way ahead of earning money. Ethics is more about the earning long lasting relationship in business (BIZ ethics, 2009) (Buzzle.com, 2009). Ethical Practice: People who seek motivation behind being ethical should understand that they are ethical by definition. Ethics is an integral part of running business and hence ethical values accompany business by default. Without following certain ideals in business, one cannot become successful. Success that is attained without a foundation of strong ethics is bound to be short lived. A business can not continue to prosper without an ethical base. A few successes can be coincidence or flukes but persistent success can only be a result of strong foundation of ethics (BIZ ethics, 2009) (Buzzle.com, 2009). Human resource: Organisational benefits should not be used in an unfair manner. The use of company resources for personal benefits and taking an undue advantage of business resource is completely unethical. Using the wealth of the business for personal reasons is not ethical. Using company fund for personal reason is unethical. A thoughtful and careful utilization of company resources is a part of business ethics. A vigilant and prudent use of resources is an essential component of ethics in business (Buzzle.com, 2009). Hospitality Bribe: Accepting bribes, pleasing the so called important clints, favouring a part of the customers while being unfair towards the others is against business ethics the primary aim is not just to maximise profits. It is rather to cater the needs of the society and work towards benefiting the masses. THE HILTON GROUP OF HOTEL: Hilton world wide is a multinational hospitality company started in 1919 in Cisco Texas. Today Hilton is expanded in 79 countries and operates around 3400 hotels world wide. Hilton world wide offers business and leisure travels the finest accommodations, service, amenities and values. The values of Hilton group are incorporated in its name that is HILTON where (Hilton Hotel, 2010); H Hospitality passionate about delivering exceptional world class services. Integrity doing right things all the time. Leadership leading the industry and community. Teamwork team work in every thing done. Ownership owner of action and decision. Now operate with the sense of urgency and discipline. The vision of Hilton group is â€Å"to fill the earth with the light and warmth of hospitality†. ETHICAL POLICY Hilton Groups ethical policy is brief but comprehensive in nature. It clearly explain what is expected from the employee while performing their duties. Main points of Hilton groups ethical policy are discussed here as under (Hilton Group, 2010). Promote honest and ethical conduct, including fair dealing and the ethical handling of conflicts of interests. Promote compliance with applicable law and governmental rules and regulations. Promote prompt internal reporting of violation of this ethical policy. Insure the protection of the companys legitimate business interests, including corporate opportunities , assets and confidential information; and Deter wrong doing. As there is no standard format to draft the ethical policy for all the organization, in other words we can say that the ethical policy of the organization depends on the vision , mission and the core values of the company. Therefore two ethical code of conducts could not be compared point to point basis but their impact on the success of business could be. Here an attempt is being made to compare the ethical policy of the Taj Groups of hotel with the leading multinational player in hospitality industry The Hilton Group. In the Taj Groups ethical policy the national interests is at the top shows that TATAs believe that interests of the nation where they operates are of utmost important and shows their commitment to economic development of that nation and respect for the local culture tradition and values but this thing is not mentioned clearly in the ethical policy of Hilton group of hotels. Hilton group emphasis on corporate opportunities that for its entire group the business interests of the group are of utmost importance than any other thing. In case of Taj corporate opportunities are not discussed in detail, as Taj is a member of a well diversified industrial group it is been said that while working with other organisation group companies must be favoured. The Taj and Hilton are regarded very successful organization in hospitality industry, their success id simple reflection of the values and principal they follow in routine as well as strong adherence to their ethical policies respectively. Both the organisation emphasised on the transparent financial reporting system. Timely disclosure of all the transaction, prohibition of creative accounting, miss appropriation of financial information is regarded as the violation of ethical policy and punishable too. The ethical conduct is at the centre of the policy for both the organisation. Both the organisation put great emphasis on the professionalism, honesty and integrity while exhibiting high moral standard on work. Conflicts of interests is been recognized by both the organisation, it is clearly defined that if there exist any conflict, in that situation all the employees of the organisation will uphold the companys interest first. Hilton group is specially a hospitality company which has its interest in expanding world over and they are successful in achieving their objective, their policy of joining hands with other similar organisation for the expansion is paying them in better way. Taj group has to work on its expansion strategy that how they will realize the dream of being worlds best hospitality company. Taj group has to work on the application of technology to their counter part is using. Hilton groups web portal is more customer friendly than any other similar organisation. As Hotel Taj was the main target of Mumbai terror attack in India, Taj group has to come out with the clear policy with regard to the security of their guest because one incident in Mumbai degraded the image of the Group hotels and specially to attract the international customers more in number they have to concentrate on their marketing strategy too. In case of Hilton customers security policy is not clearly defined in their ethical policy thus they also required to work on it without waiting for any unpleasant event. Experts in business management and researchers have certified the need for businessman and company professional to study ethics. They have asserted the importance of founding business on ethical values and following them. They have urged management professionals to adhere to ethics and accept it as a part of business. Ethics remain being important in business and strong ethical values shall take the business a long way! (Biz Ethics, 2009) (Buzzle.com, 2009)

When Politics Trumps Policy

While the public demand for the criminal justice system to help ensure a safe and secure environment, there are also occasions whereby the public may feel that the criminal justice agencies are actually the one posing unnecessary threats to the society. Issues like the abuse of authority, deadly vehicle pursuits and unauthorized use of weapons are all examples of cases in which the criminal justice system is actually threatening the safety of the public. This paper will discuss the case of Racin’ Ray’s Wild Day to examine the issues involved in the decisions made by Ripley as a law enforcing authority. Central Issues The central issue in the case study would be the authority of the police officers to use excessive force as well as to engage in violent pursuits. Due to a previous incident of a violent pursuit ending with the death of a 14 year old teenager, the Pineville County Sheriff’s Department is currently facing a lawsuit. As such, the Department has implemented stricter rules and regulations to prevent such accidents from happening again. However, another key issue which has cropped up would be that of the behavior of Deputy Raymond Ray Ripley who has been observed to be overstepping regulations as well as engaging in activities that are not part of his responsibilities such as to go for extra patrol as well as to engage in the violent pursuit of a vehicle that was not warranted since rules have been implemented to prohibit any pursuit which does not involve any violent felony crime or pose significant threat to the community. In addition, he is also using weapons which he does not have the authority to use (Peak, 2010). Use-of-force policy Ripley’s actions is not compliant with the use of force policy which states that â€Å"a supervisor [should] cancel any pursuit that does not involve a violent felony crime or other circumstances that would justify the danger and potential liability† . In addition, â€Å"A separate policy prohibits the firing of warning shots unless â€Å"circumstances warrant. †Ã¢â‚¬  (Peak, 2010). In the given case, Ripley had no evidence to demonstrate that the vehicle he was chasing was involved in any violent felony crime or circumstances that would pose extreme danger. In addition he used his fired warning shots even though the circumstances were not yet dangerous. As such, he was clearly violating the use-of-force policy. End Ripley’s pursuit The lieutenant should end Ripley’s pursuit. Firstly, this is because Ripley has already overstepped the policies implemented by the Department, as such there is a possibility that he would further abuse his power to bring about unnecessary harm to others. In addition, the Department is already involved in a current legal tussle. Should any mistakes go wrong with this one, the consequence would be especially dire and people would lose confidence in the criminal justice agency. Firing warning shots The deputy should have fired the warning shot. The department has already informed officers that no warning shots should be fired unless circumstances warrant. In this case, the officer was following normal regulations of being at least 30 meters away from the vehicle. In addition, he has proof to show that the circumstances warrant his actions since the driver was speeding towards him and thus the warning shot was fired to save his life. Lodging a complaint In the event that the people in the vehicle lodge a complaint about Ripley and his use of the force, the dog and the taser gun, there are various departmental policies which would need to be applied. First, it is necessary to record down all the processes involved during the whole incident including when , how and why the deputy came across the vehicle, fired the warning shots and gave chase to the vehicle. Given that there is evidence to sufficient to show that the deputy did abuse his authority such as to own a Taser gun and to use a dog, appropriate disciplinary actions would need to be taken to hold the deputy accountable for his actions. However, the head of the department will need to deliberate and take into account the factors affecting the situation and the decision-making of the deputy behind implementing the most appropriate form of punishment (Davis). Additional policies Given that the misconduct of the deputy has been identified, it is important that the department implement policies to ensure that similar acts do not occur again. Hence, this would involve programs like training as well as frequent audits to ensure that officers do not engage in behaviors that involve the abuse of their authority. In addition, the department should also set up a program to monitor the progress of those who have previously engaged in misconduct before to ensure that they are competent enough for their work. Conclusion In conclusion, the case of Ripley demonstrates the serious consequences of the abuse of authority by law enforcing officials. Therefore, it is necessary for criminal justice agencies to implement the appropriate strategies and programs to ensure that similar incidents do not occur again. ? Reference Davis, J. (n. d. ). Police Misconduct and Civil Rights Law. Retrieved from http://library. findlaw. com/1999/Nov/1/126320. html †¢Peak, K. (2010). Justice administration: police, courts, and corrections management (6th ed. ). Upper Saddle River, NJ. Pearson/Prentice Hall.

Why Almost Everything Youve Learned About Mba Essay Is Wrong and What You Should Know

Why Almost Everything You've Learned About Mba Essay Is Wrong and What You Should Know Essay writing tips You want to take a while to think about a few fundamental questions. Also, a writing assignment usually goes together with a subject, which in a number of the cases is a question. If you discover that the writer did not provide just what you expected, request a revision, and we'll make the corrections. The admission procedure is highly competitive and writing a fantastic essay can create an applicant stick out among other candidates with a similar background. The Bizarre Secret of Mba Essay Whatever you decide to write, it's critical that you discuss the way that it contributes to your special perspective. For instance, an essay that displays your leadership qualities or the capability to effectively deal with obstacles can allow you to stick out from the crowd. If you are requested to write about your own personal targets, emphasizing what you want to accomplish profess ionally will be out of place and will show you as an inattentive individual. The other method of going through the procedure is do it yourself. Managing plagiarism Typically, plagiarism is no problem. As a result of this variety, it's not possible to say just what kind of essay prompt you're likely to be focusing on in your individual application. In the event the essay has any loophole and you feel the should find a few changes in it depending on your specifications, then you are able to send it back to us. Yes, it is a very important part of your application, but it's not the only part. Be certain to conserve a duplicate of your essays, and preview the uploaded document to be certain that the formatting is preserved. There are some essential formatting hints that you should follow for every MBA essay. If you're emailing your essay, follow each of the instructions. Just like all essays, make certain you stay within the term count. Your introductory paragraph should also feature some kind of thesis statement, or so the subject of your essay is clear. Conversely, a dynamite essay can often compensate for areas that could be slightly lacking. The absolute most impressive essays are definitely the most authentic. As a result, if you're searching for an urgent writing assistance, then mba-essay. These days, academic essay writing business is extremely developed and in excellent demand all around the world, since students are trying to find qualified aid in the personal of highly-qualified native English speaking writers. Furthermore, you'll have direct email access with the expert writer who's working on your essay, so you're able to keep an eye on the progress each step of the way. Every student necessitates help with homework from time to time. The Foolproof Mba Essay Strategy Doing this often makes it sound as if you're pursuing an MBA si mply because you chance to have the essential qualifications. Therefore, if you're looking for such MBA essay writing in Australia, then you're at the proper spot. MBA essays can be difficult to write, but they are among the most significant components of the MBA application practice. In any event, the MBA essay can play an extremely important function in your academic future. If there isn't a stated word count or page count requirement, you have a bit more flexibility when it has to do with length, but you need to still limit the duration of your essay. What's more, the essays that follow are most likely to supply comfort, that there's no formula or singular approach to craft a thriving answer. Then you should find out the points where the stream of your content isn't proper and it is deviating from the chief idea. Aside from the routine standardized tests and GPA, you own a tool you may use to make yourself stick out from the remainder of the pack. Some MBA application ess ay prompts will ask you about your career objectives and how attendance at a specific small business school will allow you to achieve them. In the end, schools are attempting to learn what differentiates you from other candidates, and whether you are going to be a fantastic fit for their program. Don't attempt to think and be what you feel the company school would like to see and hear! For instance, if the company school requested a DOC, that is exactly what you should send. Business schools ask for essays for a number of reasons, all which help admissions committees determine whether you've got the abilities and traits to be successful in an MBA program. MBA admissions committees are interested in being in a position to tell that you've got the qualities that are essential to be successful in business school, such as leadership abilities and integrity. Admissions officers would like to know what excites you. Admissions committee officers are on the watch for the very best possible candidate profiles.

Rite Aid Annual Report 2012 - 1670 Words

Rite Aid Annual Repot 2012 [pic] â€Å"To be successful chain of friendly, neighborhood drugstore. Our knowledgeable, caring associates work together to provide a superior pharmacy experience and offer everyday products and services that help our valued customers lead healthier, happier lives† Historical Background Rite Aid’s first store opened in September of 1962 in Scranton, Pennsylvania. When it first opened it was called Thrif D Discount Center. The company grew rapidly expanding to five northeastern states by 1965. By 1968, the name was officially changed to Rite Aid Corporation. It became public it’s first year after becoming Rite Aid and started trading on the†¦show more content†¦The reason is that the company’s expenses exceeded the revenue. Company’s assets have been increasing compared to last year total assets. There hasn’t been a dramtic change in liabilities because the company doesn’t have enough cash to pay its debt. [pic] Financial Analysis Ratios are highly important profit tools in financial analysis that help financial analysts implement plans that improve profitability, liquidity, financial structure, reordering, leverage, and interest coverage. Although ratios report mostly on past performances, they can be predictive too, and provide lead indications of potential problem areas. Financial ratios are important because they help investors make decisions to buy hold or sell securities. Liquidity ratios tell a user about firm’s ability to pay current bills. |Ratios |2012 |2011 | |Working capital |1,934,267 |1,991,042 | |Current Ratio |1.8 |1.8 | Working capital is positive, meaning that the company has enough cash, accounts receivable, inventory, and short time investments to cover the current liabilities. Current Ratio shows that the company has $1.80 of current assets for each $1.00 of current liabilities. Profitability Ratios how successful a company is in terms of generating returns orShow MoreRelatedStrategies Used by Rite Aid Pharmacy1852 Words   |  8 PagesMorris MGMT 441 * Rite Aid Pharmacy * Headquarters: Camp Hill, Pennsylvania * CEO: John T. Standley * Mission Statement: To be a successful chain of friendly, neighborhood drugstores. Our knowledgeable, caring associates work together to provide a superior pharmacy experience, and offer everyday products and services that help our valued customers lead healthier, happier lives. * NYSE, RAD, $1.90 (Taken March 28, 2013) Business Strategy Analysis Rite Aid Pharmacy is positioningRead MoreCvs Comparation5058 Words   |  21 Pages(408) 288-5533(F)-  © Transmercial. 2010 transmercial Commercial Real Estate Investment www.transmercial.com 3RD QUARTER 2010 Newsletter VOLUME 5 ISSUE 1 Walgreens, CVS or Rite-Aid: Which Tenant Is Best in 2011? By David V. Tran There are 3 major drugstore chains in the US: Walgreens, CVS, and Rite Aid. Below are some key statistics about the 3 major drugstore chains as of July 2010: 1. Walgreens ranks #1 with market cap of $29.33 Billion, $66.25 Billion in revenue, and SP rating ofRead MoreWalgreens Company Analysis and Integration Strategy Essay10861 Words   |  44 Pagesand Drug Stores† industry. â€Å"The US drugstore industry includes about 42,000 establishments with combined revenue of about $220 billion† (Walgreens Co.). The top three companies within this industry are CVS Caremark Corporation, Walgreen Co., and Rite Aid Corporation. As shown in the table below, Walgreen Co. currently fills the second spot within the â€Å"Pharmacies and Drug Stores† industry. (Walgreen Co., 2011) While CVS Caremark Corporation produces more sales, their sales are inflated by aboutRead MoreChildren s Miracle Networks By Marie Osmond, John Schneider, Joe Lake And Mick Shannon2291 Words   |  10 Pagesfundraising tactics and acquired various corporate and celebrity sponsors (About Us, 2016). Since 1983, CMN has raised over $5 billion to aid over 170 children’s hospitals, support research, help families financially and generate awareness (Financials, 2016). CMN governance consist of President and CEO John Lauck, a 17-member board, and 155 paid staff members (Charity Report - Children s Miracle Network, 2016). In 2014, employment costs totaled $16,882,159 (Audit, 2014). As defined in CMN’s 2014 auditRead MoreWalgreens Fiancial Analysis2167 Words   |  9 Pageswith over 247,000 employees serving customers. The company has seen an increase in revenues, but an end to its contract to participate in the Express Scripts pharmacy provider network on December 31, 2011 poses a threat to revenues and profits for 2012 and future fiscal periods. This analysis will discuss Walgreen’s business strategy, provide a current financial analysis of the company, risks associated with the company, address prospective analysis of Walgreens and provide a decision on futureRead MoreCvs Caremark Strategic Analysis Essay3176 Words   |  13 Pagesdomestically. Although the retail pharmaceutical division of this corporation accounts for a significant amount of this company’s success, CVS Caremark focuses more on its corporate strategy to compete with other industry rivals such as Walgreens and Rite Aid. Considering CVS Caremark is the result of the 2 007 merger of CVS and Caremark Rx, this analysis will begin with a brief history and the merger of these corporations, its current performance, strategic posture, and the strategic managers of thisRead MoreBaltimore-a Community in Crisis3495 Words   |  14 Pagesrevelation that â€Å"15 percent of U.S. servicemen in Vietnam†¦ were actively addicted to heroin† (Spiegel, 2012, para. 3). The idea that American servicemen were addicted to such a horrible drug disgusted much of the American public. â€Å"It was thought to be the most addictive substance ever produced, a narcotic so powerful that once addiction claimed you, it was nearly impossible to escape† (Spiegel, 2012, para. 4). President Richard Nixon took swift action by creating, The Special Action Office of DrugRead MoreEgypt Cultural and Economic Analysis3973 Words   |  16 PagesKolette Amendola Global Markets 318 October 6, 2012 Cultural amp; Executive Analysis Cultural Analysis EXECUTIVE SUMMARY VIII. Executive summary After completing all of the other sections, prepare a two-page (maximum length) Summary of the major points and place it at the front of the report. The purpose Of an executive summary is to give the reader a brief glance at the critical points Of your report. Those aspects of the culture a reader should know to do businessRead MoreCultural Analysis of Ben Jerrys Issue Using Scheins Culture Framework4175 Words   |  17 PagesAlbans. Corporate offices are located at South Burlington site.† Ben Jerry’s hold ‘Free Cone Day: free scoops of Ben Jerry’s’ once a year to mark its annual anniversaries nationwide. Ben Jerry’s Foundation is founded in 1985 to offer funding to community-oriented schemes. The board of directors of the company â€Å"commits 7.5% of the company’s annual pretax profits to philanthropy.† (http://www.benandjerrysfoundation.org/who-we-are.html) Ben Jerry’s donation through Ben Jerry’s Foundation to non-profitRead MoreChapter 2 Will Contain Student Participation Levels In4534 Words   |  19 Pagestype in lieu of a high school diploma is becoming more of a requirement in today’s workforce. According to the Kentucky Higher Edu cation Assistance Authority (KHEAA), when an individual attains a degree from a higher education institution, average annual household income increases while the unemployment rate for each degree attained decreases. For example, someone with an associate’s degree may make an average yearly salary of $32,000, whereas an individual with a bachelor’s degree could earn an

Powder by Tobias Wolff Essay - 801 Words

Powder Powder, a short story written by Tobias Wolff, is about a boy and his father on a Christmas Eve outing. As the story unfolds, it appears to run deeper than only a story about a boy and his father on a simple adventure in the snow. It is an account of a boy and his father’s relationship, or maybe the lack of one. Powder is narrated by a grown-up version of the boy. In this tale, the roles of the boy and his father emerge completely opposite than what they are supposed to be but may prove to be entirely different from the reader’s first observation. The father’s character begins to develop with the boy’s memory of an outing to a nightclub to see the jazz legend, Thelonius Monk. This is the first sign of the father’s†¦show more content†¦He likes to plan far in advance even to the point of bothering his teachers for future homework assignments and numbering his clothes on hangers so the schedule of wear is equal. It is very common for children to exhibit some controlling behavior like the boy in the story because it gives the child a small piece of control in their own life. (Brain Psychics) This is due to the lack of control on their parents’ relationship and the inability to control separation and divorce. This is quite believable and allows the reader to relate to this situation, especially if a divorced single parent or one who was a child that grew up in a divorced home. The first feeling of this story is that the boy and his father struggle with their relationship, but as it unfolds, the reader sees how they do care for each other. It also becomes easier to spot the difficulties of communicating within a broken family. The father does a fine job to of turning the boy’s scheduling obsessions into a positive for the boy by noting it as one of his strong points. This story also paints the picture of a father who would not give up on regaining his time with his son. It shows the father desperately trying to rectify the mistrust issues he created because he stated to the boy when they were sitting in the diner after the highway patrol redirected them away from the snow-covered route home that she would never forgive him if he did not get the boy home forShow MoreRelatedPowder by Tobias Wolff Analysis Essay661 Words   |  3 PagesPowder â€Å"Powder† is a story written by Tobias Wolff in 1996 staged in the mid to late 1950’s about a boy and his father skiing at Mount Baker on Christmas Eve and what it takes them to get back home in time for dinner. The father and his wife are on the edge of breaking up, although she is still angry about him taking their son to see Telonious Monk she lets them go. He promises hand over heart to keep him safe during the Mount Baker ski trip and get him home on time. Through the story the fatherRead MoreEssay about Tobias Wolff1522 Words   |  7 PagesTobias Wolff Tobias Wolff, a boy of a troubled childhood, and a very tough father. Tobias Wolff had no intentions of being a writer from the start; it just seemed to of popped into his life. The Amazing part about this writer is that he was not supported by anyone but himself. His father was against everything that he did, and his brother, Geoffrey, also a writer would always take his fathers side, leaving Tobias on a side of his own. â€Å"I wasn’t fair, I always took my father’s side.† Said GeoffreyRead MoreTobias Wolff s `` Dirty Realism `` Essay1040 Words   |  5 PagesChallenging readers morals and making stories interesting to read is an extremely challenging task to accomplish, but the author Tobias Wolff manages to achieve this. Wolff uses shifts in tone and point of view to his advantage in many of his stories bringing a reader along a carefully crafted pathway of emotions that help to further the meaning of the story.   Ã‚  Ã‚   Tobias Wolff would have never been successful in his short stories had it not been for his childhood.   He lived in Washington state with hisRead MoreThe, By Tobias Wolff And Reunion985 Words   |  4 Pagesothers, the food, and the laughter shared with one another. As where others decide to stick to themselves and just wait till it’s all over. In the Short stories, â€Å"Powder† written by Tobias Wolff and â€Å"Reunion† by John Cheever Our main characters both learn something about their fathers and themselves. The short story â€Å"Power† by Tobias Wolff, is a first person story about a boy’s trip with his father on Christmas eve. His mother and father have been considering a divorce for quite sometimes and so hisRead MoreComparison of Two Short Stories by Tobias Wolff and T.C Boyle1263 Words   |  6 Pagesshort stories Powder by Tobias Wolff and If the River was Whiskey by T.C. Boyle, which both feature father-son relationships that are placed under a large amount of stress. There are many similarities and differences between these two relationships that are not apparent upon just a cursory glance. A father can be completely inconsiderate of his sons needs or try his best to meet them and still create turmoil within the relationship. After reading Wolffs short story Powder, one can concludeRead MoreAnalysis Of The Poem The Oysters By Tobias Wolff956 Words   |  4 Pagesto feel disgusted. When he is crying for oysters, two gentlemen drag him to the restaurant to let him eat oysters. In the end, he gets to eat oysters, but it does not make him satisfied, in fact, it makes him sick. On the other hand, â€Å"Powder,† written by Tobias Wolff, takes a place in the modern state of Washington. The author begins with the story by telling that the father and his son go to Mount Baker for skiing. The father has a difficult relationship with his wife that they are about to breakRead MoreLiterary Analysis : A Literary Analysis Of Essay1749 Words   |  7 Pagesshe expected it to be. In the two short stories â€Å"Reunion† and â€Å"Powder† written by John Cheever and Tobias Wolff demonstrates the unique bonding between a father and son’s relationship, point of view and conflict to covey to the readers that every son and father’s relationship it’s like any unoriginal father and son relationship among with its pitfalls and ever lasting memories. As we first learned about Powder written Tobias Wolff, were told that the point of view of the story is told being inRead MoreSymbols Of Short Stories For Thematic Enhancement848 Words   |  4 PagesIdentity The most sure way in which quest for identity is proclaimed is through rebellion. People need to be recognized and it disheartens them if such does not happen because of their identity. Tobias Wolff does a good work of portraying symbols and objects representing that theme in his story â€Å"powder†. As much as the story emphasizes on the theme of â€Å"living in the moment†, we see that the characters: an almost divorcing couples with one son, all struggling for attention, not in a creepy way butRead MoreContrast of Antagonists in Goodbye, My Brother and Powder1713 Words   |  7 PagesCheevers Goodbye, My Brother and Tobias Wolffs Powder, the point of view of the narration is limited to one person. Known as first-person narration, the story is told from the I perspective and the reader only can understand the story from the narrators point of view. Because of first-person narration, the reader is provided with easy access to the main characters thoughts, allowing only a glimpse of the antagonists in Goodbye, My Brother and Powder, portraying a flat character. The

Developing Financial Projections Free Essays

PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: What’s on financial statements and how they get there How to develop and understand income statements How to set up and read balance sheets How to use common formulas to evaluate cash flow How to create a budget using standard guidelines How to read and evaluate income projections How to develop your own financial projections through a â€Å"fill in the blanks† approach† How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 2004  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. We will write a custom essay sample on Developing Financial Projections or any similar topic only for you Order Now pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet Overview Managers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expenses An operating budget is prepared when you are actually ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET   personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchise, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use? Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/permits Loan payments Miscellaneous Total fixed expenses Total expenses Net profit (loss) before taxes Taxes Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation. As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry percentage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks. Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of Sales The key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses   Salary expenses-Base pay plus overtime. Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified directory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services. Fixed Expenses Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers’ compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) Subtract total expenses from gross profit. Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage Calculate the annual percentage by dividing Annual total x 100% Sample INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. Assets List anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from the original costs of acquiring the assets. Current Assets Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here. Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market value, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance. Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and claims payable within 12 months or within one cycle of operation. Typically they include the following: †¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner’s equity, net worth is the claim of the owner(s) on the assets of the business. In a proprietorship or partnership, equity is each owner’s original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and travel (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner’s withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting (e) Supplies (office and operating)–Items purchased for use in the business (not for resale) (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating (g) Advertising-This amount should be adequate to maintain sales volume (h) Car, delivery and travel-If personal car is used, charge in this column, include parking (i) Accounting and legal-Outside services, including, for example, bookkeeping (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker’s compensation, fidelity, etc. Exclude executive life (include in 5(w)) (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) (p) Other expenses (specify each) Unexpected expenditures may be included here as a safety factorEquipment expenses during the month should be included ere (non-capital equipment) When equipment is rented or leased, record payments here (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical (r) Subtotal-This subtotal indicates cash out for op (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify) Example: insurance, tax or equipment escrow to reduce impact of large periodic payments (w) Owner’s withdrawals-Should include payment for such things as owner’s income tax, social security, health insurance, executive life insurance premiums, etc. 6. Total cash paid out (5a through 5w) 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection. Also with this data, the cash flow can be evolved and shown in the above form. A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month’s credit sales, less amounts received current month (deduct â€Å"C† below) C.Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month’s inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month’s payable plus current month’s payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service How to cite Developing Financial Projections, Essay examples Developing Financial Projections Free Essays PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: †¢ What’s on financial statements and how they get there †¢ How to develop and understand income statements †¢ How to set up and read balance sheets †¢ How to use common formulas to evaluate cash flow †¢ How to create a budget using standard guidelines †¢ How to read and evaluate income projections †¢ How to develop your own financial projections through a â€Å"fill in the blanks† approach† †¢ How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 2004  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. We will write a custom essay sample on Developing Financial Projections or any similar topic only for you Order Now pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet Overview Managers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expenses An operating budget is prepared when you are actually ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchise, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use? Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/permits Loan payments Miscellaneous †¢ Total fixed expenses Total expenses Net profit (loss) before taxes Taxes †¢ Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation. As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry percentage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks. Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of Sales The key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Salary expenses-Base pay plus overtime. Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified directory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services. Fixed Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers’ compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) †¢ Subtract total expenses from gross profit. †¢ Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) †¢ Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage †¢ Calculate the annual percentage by dividing Annual total x 100% Sample BALANCE SHEET A ssets Current assets Cash $_______ Petty cash $_______ Accounts receivable $_______ Inventory $_______ Short-term investment $_______ Prepaid expenses $_______ Long-term investment $_______ Fixed assets Land $_______ Buildings $_______ Improvements $_______ Equipment $_______ Furniture $_______ Automobile/vehicles $_______ Other assets †¢ †¢ †¢ †¢ 1. $_______ 2. $_______ 3. $_______ 4. $_______ †¢ Total assets $______ Liabilities Current Liabilities Accounts payable $______ Notes payable $______ Interest payable $______ Taxes payable Federal income tax $______ State income tax $______ Self-employment tax $______ Sales tax (SBE) $______ Property tax $______ Payroll accrual $______ Long-term liabilities Notes payable $______ Total liabilities $______ Net worth (owner equity) $______ Proprietorship or Partnership (name’s) equity $_____ (name’s) equity $_____ or †¢ Corporation Capital stock $_____ Surplus paid in $_____ Retained earnings $_____ Total net worth $_____ †¢ Total liabilities and †¢ total net worth $_____ (Total assets will always equal total liabilities and total net worth) _______________________________________________ INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. Assets List anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from the original costs of acquiring the assets. Current Assets †¢ †¢ †¢ †¢ †¢ †¢ Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here. Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market value, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance. Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and claims payable within 12 months or within one cycle of operation. Typically they include the following: â⠂¬ ¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. †¢ Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner’s equity, net worth is the claim of the owner(s) on the assets of the business. In a proprietorship or partnership, equity is each owner’s original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. __________________________________________________ MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and trav el (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner’s withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION †¢ †¢ †¢ †¢ †¢ †¢ 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts †¢ (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received †¢ (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out †¢ (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). †¢ (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) †¢ (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) †¢ (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting †¢ (e) Supplies (office and operating)–Items purchased for use in the business (not for resale) †¢ (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating †¢ (g) Advertising-This amount should be adequate to maintain sales volume †¢ (h) Car, delivery and travel-If personal car is used, charge in this column, include parking †¢ (i) Accounting and legal-Outside services, including, for example, bookkeeping †¢ (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone †¢ (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker’s compensation, fidelity, etc. Exclude executive life (include in 5(w)) †¢ (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) †¢ (p) Other expenses (specify each) _________________________________________ _____________________________________ Unexpected e xpenditures may be included here as a safety factor________________________________________ Equipment expenses during the month should be included ere (non-capital equipment)__________________________ When equipment is rented or leased, record payments here †¢ (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical †¢ (r) Subtotal-This subtotal indicates cash out for op †¢ (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment †¢ (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment †¢ (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify)– Example: insurance, tax or equipment escrow to reduce impact of large periodic payments †¢ (w) Owner’s withdrawals-Should include paymen t for such things as owner’s income tax, social security, health insurance, executive life insurance premiums, etc. †¢ 6. Total cash paid out (5a through 5w) †¢ 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection. Also with this data, the cash flow can be evolved and shown in the above form. †¢ A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic †¢ †¢ †¢ †¢ †¢ anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month’s credit sales, less amounts received current month (deduct â€Å"C† below) C. Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month’s inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month’s payable plus current month’s payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service How to cite Developing Financial Projections, Papers

Risk Management Concepts and Guidance

Question: Discuss about the Risk Management for Concepts and Guidance. Answer: Introduction The report covers lecture presented by a guest speaker. It introduces to various project management concepts, tools, principles, and techniques employed in running of project activities. During the lecture the presentation covered items represented in a project management plan. The contents included; project scope statement, project deliverables, project costs, quality management, time management, communication management, project management risks and issues (Burke, 2013). The coverage of the lecture was an important exposure to project management best practices. In any profession it is important to have a guest speaker who can represent what the industry may need. The speaker will also become a professional mentor that others may wish to follow. It further defines who a project manager, and what is its role. The report is written in order to understand the background of project management, and link knowledge gained with that of an expert. It further provides an opportunity to discus s professionally on a written forum. Background Of Report The knowledgeable guest speaker was Mr. Harpreet Singh a well-known project manager from one of the company in town. The guest speaker boosts more than 15 years in the area of project management. The speaker has participated in many projects has leading consultant. The speaker holds a masters degree in project management currently pursuing a doctorate degree in project policy planning, design and implementation. Having accepted to provide talk on project management the speaker is a leading role model having mentored several persons and interns. It was a privilege to host an eloquent, knowledgeable guest speaker as Mr. Harpreet Singh. The introduction of the lecture was important in providing background of project. The speaker was able to clearly define reasons why any person may wish to become a project manager. Some of the reasons given included; one becomes a project manager in order to fix problems, lead and manage a number of criterias like quality and performance, it helps one to be exposed to project environment to allow several interactions. A study of project can expose individual to new ideas and concepts that can be useful in management of different projects. A project will not deem to be successful when it lacks a goal to achieve. The discussion from the speaker provides some of the characteristics of a project that makes it unique from other disciplines. From the guest speaker notes discussions of the characteristics of a project manager was provided. Some of the characteristics mentioned included: it is social oriented, it is not boring, it creates growth, and brings control of various activities. The speaker was able to provide in addition means in which persons wishing to be project managers can do. Some of the ways included; planning ones career, identification of project management mentors, changing attitude and accepting joining the profession, and lastly one need to carry out research to establish importance of project management. In addition individuals should be able to understand the types of projects that are available to be managed. The speaker was able to explain techniques, tools, methods and issues related to project management practice and career. The speaker explained the opportunity in which individuals can choose project management profession. The lecture covered time period in which a project manager is expected to work, project durations, qualifications to obtain a project management job, criteria for successful projects, and lastly the speaker was able to explain different types of careers that one can land too. According to the speaker the project is any activity that entails the five functions of management (planning, organizing, directing, staffing, controlling). The five functions represent the main activities of a project within the project life cycle. The project must pass through the activities to be implemented. In addition the speaker was able to explain what a project management plan entails by mentioning parts of it this included: project scope, plans for quality, communication, human resources, risks, leadership, and budgets. The first part of a project plan is the project scope. It is a composition of items that clearly defines project boundaries of things to achieve and not achieve (Stark, 2015). It defines what need to be planned by project managers. The project scope if documented well provides a project charter that can act as a communication tool to various users. Other parts of the project scope according to the speaker included: project goal, objectives, project case, deliverables, list of requirements, and milestones to achieve project activities. Any project manager need to start by writing a project scope that will be beneficial in jump starting any project. Other benefits of project scope include; it defines what need to be achieved, help in measuring success, and help manage the triple three constraints of time, quality and costs. A key component that the speaker mentioned found in project scope is the project deliverables. It clearly explains the tangible and intangible activities expected of a project to be accomplished. It is a useful component in a project in setting out what is to be achieved. According to the speaker the project deliverable is important because; employees can understand what they are working on, helps in assigning and allocation of duties, help in coming up with communication plans, and it can help in budget formulation. The speaker was able to discuss how management of costs and budget creation in projects (Hwang Ng, 2013). Project costs revolve on a number of aspects form paying professional compensations, land acquisitions, equipments purchases, and other running expenses. A good project manager will need to have a list of estimates of costs in budget form to be able to meet the needs of the project. A budget will be created from various guidelines and informations. It is notable that budgets need to pay what is supposed to pay, determine what need to be achieved, should be specific to project deliverables and scope, should be participative in nature, and need to get stakeholders approvals before it used. The budget is useful in allocation of resources, defining project boundaries, a monitoring and control tool (Mir Pinnington, 2014). Project managers should be flexible enough to ensure that budget is utilized and changes to it are factored where possible. One of the triple three constraints in a project is regarding project quality (Hillier Hillier, 2013). Quality is everyones work in a project and every one should work to ensure that it is achieved. The speaker clearly was able to discuss issues that were related to quality. During the presentation, quality was defined as the criteria in which activities, materials and functions are measured upon (Taylan, Bafail, Abdulaal Kabli, 2014). The output to quality is excellence. Any project managers need to achieve three components when planning for quality (Snyder, 2014). They need to do quality planning by ensuring correct project specifications are followed for materials and processes. In addition they need to assure that quality has been achieved, and is being maintained. Lastly, they need to do quality control by ensuring there are proper mechanisms and procedures in which quality can be measured, and corrective measures taken. Quality in projects is important in ensuring satisfactio n of customers and success of a project is being achieved. Project management teams need to consider time as a useful resource (Heldman, 2015). They need to take proper consideration and initiatives when planning for it. During the presentation the speaker defined time as durations required to accomplish a specified task/subtask or project phase. It is important that a project manager clearly defines the starting and end times of a project. In a project they need to define proper timelines for various activities shown in the work breakdown structure. The allocation of time will enable tracking of events and allocation of resources (Pemsel, Wiewiora, 2013). In project management there are several time scheduling techniques that a project manager can chose upon. They can decide to choose optimistic, pessimistic, or most likely time depending on the suitability of each project. Time management is important in projects because it enables to have a clear balance of project costs, quality and achievements in projects. To ensure effective stakeholder participation takes place communication should be a basic component (Verzuh, 2015). According to the guest speaker communication can be defines as a systematic process in which information is planned and then disseminated to the relevant users either at different intervals. The guest speaker further noted that during communication a project manager need to have done stakeholder analysis to identify the types of stakeholders (internal, external, primary, secondary or positive) that will help them decide on the levels of engagement with them. Any project is measured on the success of how it was able to engage its stakeholders. Engagement should cover both in management, board and client levels. Communication plan in projects will be a useful tool to avoid conflicts and increase sustainability of projects. Every project is faced with the challenge of risks and uncertainties (Pritchard PMP, 2014). Risks according to the guest speaker represent things that might happen or issues that have happened. Any project manager needs to be aware of such risks and provide mitigation measures in ensuring that they are dealt with. Project risks are important because they define the weak points, situations that need strengthening, or challenges that pose to occur. It is important then for project management teams to employ mitigation strategies to them. Any effective risk management strategy should be proactive which can identify risk and provide early signs and mitigation solutions before it occurs (Gido Clements, 2014). The guest speaker further noted that having a clear risk management plan creates risk awareness and preparedness reducing effects resulting from them. Project management teams need to plan for risks early enough (Meredith, Mantel Shafer, 2013). A project manager is expected to provide leadership in projects (Kerzner, 2013). According to the guest speaker leadership is addressed on a number of dimensions. A good project leader should motivate and inspire employees to achieve the intended targets (Gido Clements, 2014). The guest speaker did further note that the leadership style adopted should be one that can be acceptable and accommodative to all. Having clear reporting lines and governance techniques is important in ensuring that project success is achieved. A good reporting line will clearly define roles and responsibilities of each project team member. Other leadership skills expected of a project managers were discussed including those of engaging everyone, allowing negotiations where necessary, focusing on customer needs, and using professional tools that can make life better (Lientz Rea, 2016). In the interactive session the guest speaker was able to answer some of the questions. The guest speaker discussed on some of the common mistakes that occur in projects to be lack of planning, not assigning or delegating duties, micro management, lack of stakeholder engagement, and poor or lack reporting activities. It was noted that creation of plans is ideally important during project implementation to avoid any kind of mishaps. A visual summary of triple three constraints of time, quality, and cost guided by vision, strategies and tasks closed the presentation. To ensure success in projects a good manager need to utilize them to provide guidelines of achieving objectives (Heagney, 2016). Conclusion A number of notable knowledge and skills were obtained from the guest presentation. For any project manager to be successful the focus should be on planning, design, implementation, and execution. A good project plan covering scope, deliverables, communication, risks, quality, leadership management, time, budget and human resources need to be formulated. The presentation was supported with illustration real data of the actual work done in projects for examples table of budgets, risks and communication. The report further provided avenues for those wishing to join project management professional field by providing suggestions and guidelines to follow. In summarized form the guest speaker report provided reasons, roles, working structure and challenges originating from project management work. It provided a clear picture in which project manager can apply when implementing project in ideal situations. References lists Burke, R., 2013. Project management: planning and control techniques.New Jersey, USA Gido, J. and Clements, J., 2014.Successful project management. Nelson Education Heagney, J. (2016).Fundamentals of project management. AMACOM Div American Mgmt Assn Heldman, K., 2015.PMP Project Management Professional Exam Deluxe Study Guide: Updated for the 2015 Exam. John Wiley Sons Hillier, F. and Hillier, M., 2013.Introduction to management science. McGraw-Hill Higher Education Hwang, B.G. and Ng, W.J., 2013. Project management knowledge and skills for green construction: Overcoming challenges.International Journal of Project Management,31(2), pp.272-284 Lientz, B. and Rea, K., 2016.Breakthrough technology project management. Routledge Macbeth, D. K., Project Management Institute. (2012). Procurement and supply in projects: Misunderstood and under-researched. Newtown Square, Pa: Project Management Institute Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2013.Project management in practice. Wiley Global Education Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success.International Journal of Project Management,32(2), pp.202-217 Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons Snyder, C.S., 2014. A Guide to the Project Management Body of Knowledge: PMBOK () Guide. Project Management Institute. Verzuh, E., 2015.The fast forward MBA in project management. John Wiley Sons Pemsel, S. and Wiewiora, A., 2013. Project management office a knowledge broker in project-based organisations.International Journal of Project Management,31(1), pp.31-42 Pritchard, C.L. and PMP, P.R., 2014.Risk management: concepts and guidance. CRC Press. Stark, J., 2015. Product lifecycle management. InProduct Lifecycle Management(pp. 1-29). Springer International Publishing Taylan, O., Bafail, A.O., Abdulaal, R.M. and Kabli, M.R., 2014. Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies.Applied Soft Computing,17, pp.105-116