Action Learning - Finance and Accounting - Literature review Example

Introduction

The ability of an individual or an organization to prosper and rise to the heights of exemplary performance involves hard work and commitment towards having something better or improving the existing frameworks. The main focus is to improve the ability and capacity of an individual or a company to enhance its operations. While responding to a real personal issue, there is need for someone to ponder and reflect over the past, current situation and how to improve the situation for good. Therefore, by definition action learning has been used to refer to a learning process which is geared towards solving a problem. Action learning normally commences with setting of groups that come together to review and look into the problem or issue as it is (Strudwick and Day, 2015, 374-380). On the other hand, members are bestowed with the responsibility of setting actions elements into realistic goals. This is possible after defining and looking into the subject matter that will be discussed by the group members. According to Okazaki et.al (2015) once the issue is fully resolved, individual members regroups themselves to assess and analyze any progress made in their brainstorming sessions. The last stage associated with action learning is the fact that all members need to reflection upon the decision and eventually device suitable methods for documenting the whole process. It is fundamental to know that the purpose of the groups is to solve real life predicaments affecting a large number of people rather than to provide recommendations to the issues. In view of the above, action learning begins by clearly establishing the problem an individual or organization is going through. This paper seeks to demystify the concept of action learning and how individuals can implement its teaching to solve their real time challenges or issues.

Action learning sets are important in everyday activity of a person since we get to learn and solve our problems by obtaining the assistance from a group of small members. Set members assist each other by working on the problem of one person with the aim of assisting, probing and providing the necessary support which may deem fit at the current situation. The main point in this case is to focus on learning based on the experience of others and put the same into actions. Therefore, some of the essential attributes linked to action learning include, people challenge and support each other. Just like having a good counsellor to offer guidance and encourage in times of need, is the same way action sets works for the better of individuals suffering pain. The fact that people come together to share in itself restores enthusiasm and zeal to a person as explained by Baker (2015, 208-214). In this case, the person is encouraged to press on and solutions to solving the problem is given during the brain storming session by the set members. By virtue of being in the group, someone is able to learn and comprehend the tactics of dealing with any circumstances which may pause a financial risk at a time of need. The changes offered by the group are enough to make someone press on and find that cheese he or she has ever been looking for. Having the courage and support, one is able to face the challenges head and cultivate an atmosphere which offers the best to such a person over a given period of time.

In order to achieve its set objectives, learning action still provides a splendid climatic condition that builds fiduciary and openness within the group. In most situations, individuals find it so difficult to express their issues to everyone they do not trust with such confidential information (Yeo et.al 2015, 81-107). When members of the same set meet to discuss a unifying issue, those who have an issue find it comfortable and free to share with the rest since they get encouraged with the fact that they are not alone the a problem. It is said that, “Nothing kills a man faster than loneliness’. In this scenario, many find themselves in a set of group where they have the same problems and are free to express to the rest with an objective to finding assistance. The concept of confidentiality is the main virtue that makes individuals feel free since they are assured their problems will be solved in the best possible manner with victimization and biasness. Furthermore, within an action set, people seek solutions to real work problems and utilize real experiences. A set of members consists of people with different professions and originate from a different environment with varied challenges. Having acquired challenges in those areas, sets members would share the experience they have to the rest who in the meantime may be undergoing a tough time. The solutions to these problems normally entail precedents that are used to tackle a similar predicament which occurred sometimes back. In addition, people who have challenges tend to be skewed towards getting a first hand experience since they believe it is the way to go. Finally, a significant attribute about action learning is that people are encouraged to be crystal. According to Caine (2015) showing clarity and an understanding of the subject matter is more important to achieve the solutions which an individual desires. In the heart of a man lies many desires which may be a nightmare if such people do not become straight forward in communicating what they really want. Among the set members, everyone is considered equal and is thus expected to articulate what they have for the rest of the group that they wish it solved. In any action learning process set members are the ones who matter when it comes to offering advice and steps to take in the event of a predicament. They are concerned with listening actively and keenly to get the argument from the individual members. Also, they ask questions to the presenter to ensure that they can comprehend the problem which affects them better. Action learning therefore can be used as strategic tool used by individual to solve and provide solutions which affect us every day. Further, its gives someone a sense of courage and optimism to press on despite various challenges which some are inevitable. The flow chart below illustrates the process of Learning Action Set as used to assess the issues affecting individuals.

A report on critical examination on the need to increase savings

Attending action learning has been of great advantage to me since it provided a plat form on how to handle the need to increase my savings. It is no doubt that way back in February 2016 I did not know anything about saving and the significance of savings. I experienced a challenges of financial deficit all the time. Before then I could not account for my income, saving and what percentage was meant for disposable consumption. It is clear that my savings were too low and this affected the amount that could have been committed to investments. During that time I recall having the biggest deficit in my net cash flow (Victor 2015, 74-77). Prorating between what I should save and that which I was to spend on entertainment and development, was just a nightmare. Even though I had a myriad of financial needs, I found it seldom to save. The truth is that I did not known how to spend my income and how to balance the excess resulting from net cash invested. Looking at my liquidity position, it is clear than my credit worthiness was in doubt by many lenders among other suppliers. During the period before commencing February, I could not meet both short term and long term financial obligations as they fall due. This was because my liquidity positive nearly dropped to zero. It is no doubt that I could hardly compare this with dwindling economy. This is an economic system that is characterized by low productivity, low income, low demand and an increase in other macroeconomic forces which further affects the price of goods and services.

Having attended the action learning sets since February 2016 until today April 2016, it is evident that thinks have changed. I had a need to increase my saving by a double digit figure which could see both my earning saving grow. Right now I can state with confidence that I have attained my financial freedom and am yet to invest more of my money to improve my savings further. The biggest issue was to increase my saving which was solved by the set members in numbers of way which include, training to be a discipline saver. One important factor is not about growing the amount of saving but rather to maintain such savings and leave them to growth. Further, learning to live on little may be a challenge at the beginning but later on someone adapts and get used to. On the other hand, the top priority one should learn, is the practice to deduct the percentage on savings immediately before committing the rest of the money on other expenditures (Barbulescu et.al 2015). In order to improve and see saving increase, efforts must be made to ensure regular deposits. On the same note, deposits need to be having a greater magnitude than withdrawals. Through brainstorming sessions, I am able to solve my financial issues. Nonetheless, my financial goals include, capital budget appraisal which involves massive investments that will return the initial capital outlay within the shortest period of time. Moreover, it is my wish to enter into financial markets to further expand my capital base. However, it normally advisable to have the right advice when it comes to trading on financial securities. Such instruments are deemed to be risky given the level of their volatility. In my long term financial goals, I must ensure that my savings are well accumulated enough to ensure financial security in the near future. In view of the above discussion, action learning has been regarded as the most powerful tool in achieving individual strategies. They define problems and issues which relate to both financial and personal predicaments. As explained by Rosenthal (2016,161-175) achieving financial freedom and ensuring that targets are meet, the set member who also happens to be the facilitator, must keep watching and provides independence until a member is fully graduated.

Some of the principles related to action learning is that learning begins without knowing. In most cases, individuals who admit that they know nothing, have the potential of doing better than their counterparts who think they know when in deed they cannot comprehend anything. Consequently, work on what really matters which can make you attain goals by concentrating and giving the best in any field you chose to venture in. Any choices made needs to be accomplished by actions to make sure they do not remain to be paper plans but rather get implemented for the better part of the futures (Savery 2015, 5-15). In addition, action learning did bring up the best in me through trial and error methods in a bid to prosper. Learning and decision making is regarded to be very risky and therefore caution need to be taken for every step made. Action learning set members explains how learning should be greater than change. Individual are compelled to abandon their past ways of doing things and acquire new tactics of problem solving to ensure they shun ways of the past. According to Silberman and Biech (2015) training methods which express ideas of the past is not an appropriate method of learning. This is because, when individuals are faced with new opportunities or fresh predicaments, they do not expound how we ought to tackle the obstacle.

Conclusion

Principles and strategies of action learning are critical when it comes to solving problems. Theoretically, it consists a set of professional members who come together for a common goal. Action learning sets are simple to comprehend and offers powerful tools for individuals to learn from each other. Consequently, it refers to working on real time challenges to provide answers to individuals’ issues by combining efforts as a group. Having gone through action learning program I am confident it did solve my financial issues. Before that, I had an issue with lower savings and I had to increase my saving over time. The skills and knowledge acquired through action learning set programs has since February 2016 up to April increased my savings. I am confident about my financial goals and investments strategies resulting from a surplus in my savings. There is confident in having a good consistent flow of cash as this increases the creditworthiness of an individuals. Moreover it adds and enhances the financial obligation of an individuals over a given period of time. Nevertheless, is should be noted that action learning sets are meant to solve peoples issues rather than offering recommendation to the existing problems. Therefore, action learning sets offers a chance to obtain creative ways to bring a change.