Financial and Business Plans for the Masters of Arts in Secondary Teaching - Statistics Project Example

Download file to see previous pages Chambers and Humble succinctly define a business plan as a written document that describes what a person plans to do, how he/she will execute the project and the financial implications of the drafted plan. Therefore, a financial plan serves as a tool of paramount importance when coming up with a business plan. A financial plan comprehensively evaluates a person's current pay and his/her future financial state through using the current known variables to forecast for the future income, withdrawal plans and the asset values (Shah 2017). Perhaps it is critical to developing a personal financial plan before enrolling in higher education, i.e., pursuing a masters of Arts in secondary teaching. The financial plan is crucial in making comparisons between my projected expenses, my current incomes, likely sources of income and the different universities' expenditures on tuition fee, accommodation fees, and other miscellaneous costs.
According to Burtonshaw-Gunn (2017), it is difficult for a business plan to be of any importance to an entrepreneur if the sources of financing the project neither are nor identified. Therefore, to ensure that valid comparisons concerning the costs of joining the masters' program in different universities are made, then I ought to establish clear sources of funding the project. The primary sources of income for my plan, therefore, are my daily work that is estimated at 50 hours in a week, student loans, student grants, and a government scholarship. The amounts receivable from these sources are as shown below.
Delgado et al. (2018) succinctly define payback period as the actual time required for the total amount of money invested in an asset or a service to get repaid by the net cash flow generated by the project. Therefore, for the Masters of Arts program's payback period relates to the actual amount of time required for the program to generate the total cash flow that was invested as either accommodation fee, tuition fee or other miscellaneous expenses as startup costs. Therefore, the payback period is calculated by a simple payback method and the period is expressed in actual years or fractions of individual years. For instance, if I will decide to pursue my master's degree in Argosy University, then my payback period will be the exact amount of time that will be required to repay an inclusive of $54,540 and general personal expenses of $20,400 after completion of the program.
A cash flow projection refers to an estimate of the actual amount of money that an individual expects to flow in and out of a business or a project (Ayers, Call, & Schwab, 2018). Therefore, a cash flow forecast covers one year, but it can as well include a short period of a week or a month (Ayers et al. 2018). Startup costs refer to the actual amount of money that is spent in beginning the project. Therefore, for my Masters of Arts program, the following cash flow projections are of paramount importance.
A comparison of the total startup costs for the four universities with my net income is crucial for selecting the actual startup costs for my project. After a financial analysis of the most appropriate university regarding the quality of their services and the value of their services, a decision ought to be made on which university to join. After selecting the most appropriate university, the costs of undertaking the program in that respective university will be the total startup costs for my program. ...Download file to see next pagesRead More