Application of Financial Accounting Analysis - Essay Example

?LESSONS LEARNT Lesson Application of Financial Accounting Analysis Through financial accounting, I learnt how to track the costs for different processes of the project. As a project manager, I understood the importance of financial reports in reflecting whether the project has major cost overruns, sticks in line with the budget, or if it is meeting other goals as set by the management. Tracking of all the cost that is associated with the project is a very important task that is well met through keeping of proper books of accounts. Furthermore, the success of individual activities in a project cannot be achieved without financial accounting. I understood my role as a project manager not as directing the project, and also recognized that I cannot effectively achieve my goals without receiving the proper information on financial performance, in a timely manner. Financial account is concerned with the business language. Additionally, I have realised that this is a common channel through which all parties can effectively communicate issues of business. It is the common media through which people of all walks can effectively understand one another equally. This language has been used in the project to record different transactions and summarize the results of the project operations. It is this information, which is then used by other interested parties to understand matters of the project that they are interested with. For example, the performance reports are used by the project manager to understand whether the project is running effectively and according to the set goals. Essentially, I have come to understand that financial accounting is the backbone of any coordination and planning in an organization or a project, and it must be taken with the seriousness it deserves. Courses and Assessments that contributed to the Lessons Financial accounting and analysis Cost accounting Project management Company analysis Financial statement analysis Ratio analysis Budget planning and analysis Lesson #2: Corporate social responsibility Mount Sinai Hospital takes the responsibility of ensuring the wellbeing and health of its employees, customers as well as the stakeholders, as part of its Social Corporate Responsibility. Given that 1 in every 8 women in the US is diagnosed with cancer, the hospital recognises the fact that even some of its workers may have come into contact with cancer in one way or another. Therefore, the hospital works in partnership with other well-wisher-organisations such as Breakthrough Breast Cancer, in order to deliver a scheme that contributes funds to promote life-saving breast awareness to people that are affected. Indeed, creating cancer awareness was one of the action plans towards implementation of the current project. This helps the public and particularly the women who are susceptible to become aware of the worth of undertaking regular cancer check-ups – with this they will realize that early detection can help reduce the chances of dying from cancer because treatment can be easier. The hospital undertakes awareness with the help of likeminded partners, by use of display words and pictures on product packaging as well as on special stickers in the hospital’s women changing rooms. In addition, Mt Sinai Hospital is involved in distribution of education materials to its staff and customers across the US. When I interacted with top managers that are involved with social responsibility plans, they made be aware that social responsibility is part and parcel of the hospitals’ strategic plans, and that its unique nature is that it is not profit oriented. Instead, the programme is used as a way of giving back to the community with the expectation of benefits such as improved public image and brand awareness. Essentially, I came to understand that Social Corporate Responsibility does not lead to waste of resources especially because its long-term benefits are worthwhile. Courses and assessments that contributed to the Lessons Company analysis Management and leadership Marketing and brand management Strategic management Lesson#3: Project Management and Coordination As a project manager I have gotten a chance to put into action so many skills that I have learnt in my course including leadership, teamwork and communication. The success of the project will be chiefly dependent on I as the project manager as well as scores of other team members who shares different responsibilities (Gastil, 1994). This opportunity also allowed me to have a deeper awareness into my strengths and weaknesses especially as regarding my leadership style. Although my leadership style was not endearing to all my colleagues due to my firmness, I must agree that it worked because I was able to coordinate the project successfully. My democratic style advocated for the collaboration of all group members towards decision making. We had to consult each other before reaching to a particular course of action Avery team member felt as part and parcel of the group and cases of rebellion were unheard of. All the team members seemed to enjoy my democratic leadership as they were all involved in decision making process (Lewin et al., 1939). I enjoyed the fruits of good teamwork, since we combined our individual knowledge and skills towards achievement of a common goal which was accomplishment of the project in this case. We had teamed up to take advantages that a person working as an individual may not achieve (Rousseau, 2006). For example, as a team, we could share knowledge, skills and motivate each other towards the achievement of a common goal. Following the coordination of this project, I have come up with a model that I would use to develop my leadership capacity in future. This model is called the Social Change Model of Leadership Develop­ment (Wager, 2006). Through this model, I will need to have three categories of values that I will follow. These are individual values, group values and community values. For the individual values, I will be required to understand the beliefs, attitudes, values and emotions that motivate me to take actions. That way, I will ensure that I act in accordance with values and believe and will commit myself to serving a group and its goals. Regarding group values, I will work with others in common efforts and share my responsibility, authority and accountability. I will also involve other people in developing a group’s vision and purpose.ion addition, I will recognize the fact that different viewpoints are inevitable in any team and that such point of view must be aired openly and without discrimination. Finally, in regard to community values, I will believe in a course whereby persons or a group is linked to the larger society through activity. In other words, I will recognize that individuals and groups have a role to play in ensuring community welfare. Courses and assessments that contributed to the Lessons Project management Management and leadership Project Planning and Scheduling Leadership and organizational management Personal development Financial analysis and budgeting Lesson 4: Case presentation and influence strategies For a proposal to be considered successful, it must be designed tactically to warrant approval. I utilized several organisational management skills that I have leant to convince the management of Sinai Hospital that the project is worth being ventured into. Before presenting the project briefs to the management, I conducted a thorough investigation on mammography screening equipment, coupled with their strengths and weakness, such that when I was presenting my case to the management – they easily accepted it because my justification and argument was well informed and convincing. However, I must state that it was not easy right from the word go. The approval committee demanded a lot of explanations on the merits of the projects, because they were hesitant on commitment of such a massive capital on a single project. I team-worked well with my technical team that really assisted me on answering technical questions that were beyond my comprehension. When I presented my proposal before the conference of management, I was really motivated because I realized my panel liked my presentation style, whereby I used Microsoft PowerPoint do display my points. I actually acknowledged the importance of embracing technology as this makes things very easy and interesting. It did not also escape my notice that the panel focused so much on the abstract and the specifics of the project, rather than the whole literature. The fact that I was well-acquainted with the required project specifics must have contributed lot in its approval. For example, they were very keen on the section of the budget breakdown, problem statement and justification – I was really prepared on these key areas. Courses and assessments that contributed to the Lessons Proposal writing Communication skills Project management Lesson 5: Strategic Planning In the execution of this project, I have learnt the importance of ensuring that the strategic targets are kept on schedule. Even before introduction on mammography programme, Mount Sinai Hospital had its own strategic plans. One of the criteria used in approval of the programme was the extent to which it supported the Hospital’s long-term plans. If the project had not put into account the strategic goals on its timetable, it could have been dismissed in its earliest stages. I was quick to notice how the management team was keen on the hospital’s strategic goals and any proposal that seemed to support those goals could hardly get dismissed. Since a strategic plan may take over three years to achieve, I learned that strong tracking techniques are very critical in making sure that everything is running the right way. The project has given me an opportunity to have a firsthand experience on tactical planning as well as exercising control over the overall life-cycle of a project. In particular, the part that I was required to monitor the project and suggest appropriate changes, made me feel excited as I was fully involved in strategic planning. Courses and assessments that contributed to the Lessons Company analysis Management and leadership Marketing management Organizational management Company Decision making processes My Professional Goals for the Next 2 Years My overall goal is to continue contributing the best of my skills towards the foregoing program, and ensure it is successfully goes though all its stages. In addition, I will actively participate in teamwork and capitalize on learning different skills from different professionals whom I shall be working together with, with the expectation that this will round up my skills in project management and become more useful in a more challenging capacity. In so doing, it will be my hope that I will secure employment in a more challenging managerial position, which will help me roll up my career journey towards a successful future. The following are the specific goals that will help me achieve this overall goal. Goal #1: While at Mount Sinai Hospital, I would like to learn the specifics of budgeting in the next 12 months. This will be important so I can independently make project plans without the requiring help from accountants on budgets, and also to help me improve my effectiveness in organizational decision-making. Problem: Although I am quite skilled in writing convincing project proposals and also contributing in organisational decision-making, my accounting knowledge needs to improve upon a little more because I had to seek assistance from the accountant to do the budgeting section. This also limits my decision-making capacity because I am usually not very vocal on issues that deeply touch on budgeting, for lack of strong background on this specific area. Results: In the course of my working at Mount Sinai Hospital, I will work very cohesively with my team members, especially those with strong accounting knowledge. I will use leadership and teamwork skills I have learnt from my MBA training to work harmoniously with my team. I will see to it that I train with them, the skills of making effective budget estimates and breakdowns. To achieve this, I will use the financial analysis and personal development skills I have learned from my MBA training. I will focus on learning the specific principles and rules that are required in budgeting such that I can do them independently in the future. This will equip me with a better understanding of the rationale and the principles of preparing budgets such that I feel more confident to share my opinion on issues that relate to this area. Some courses I have learnt in my MBA such as financial analysis and decision-making will come in handy because we were taught how to prepare different types of budgets. School Applicability: Financial analysis Leadership and teamwork Personal development Decision analysis Goal #2: I will focus on strengthening my leadership capability for the next 24 months. This will be within the framework of preparation to acquire more challenging leadership responsibilities in future, especially at the top executive management levels. Problem: Although I currently possess strong leadership skills and can be relied upon to give directions in a project, if given an opportunity to serve in a very high level in an organization, I can experience a lot of challenges, especially because I have not had enough exposure on leading a very huge group of people in a highly challenging environment. Results: Working in Mount Sinai Hospital has accorded me a wonderful opportunity as I have been able to interact with professionals from different circles, and from this I have been able to learn a lot of issues concerning leadership. In our MBA, we have covered several courses touching on leadership. It is the leadership skills that I have learnt from these skills that will greatly help catapult my career aspirations in to leadership. Still, in my current capacity I have been able to get an opportunity to improve my leadership skills, hence getting prepared to even more challenging responsibilities in the future. Every day I have improved my leadership capabilities and style, and this momentum will undoubtedly propel me to the top of the organization. The MBA course has heighted my personal development dreams, courtesy of several areas we covered that are associated with personal goal setting and implementation. School applicability: Personal growth Leadership Goal #3: I will see to it that the foregoing digital mammography screening program attains a successful implementation and execution for the next 24 months. This will mark a very triumphant endeavor in my career and prepare myself for possible promotions. Problem: The foregoing project is far from being a success. It will have to undergo many stages before its completion is successful. Currently it is still in the stages of presentation and approval, and every stage has its challenges, most of which if not surmounted will potentially lead to its collapse. Results: As a project manager, having a project of this magnitude approved and effectively implemented can be a dramatic achievement. If this happens, I can capitalize on it to get promotions to my dream positions in the organization so I can achieve my dreams (personal growth, leadership, project management). Project management has played a key role in enabling me to make key decisions regarding implementation of such a project, and hence its successful completion is squarely as a result of the many lessons we learned in the project management classes. School applicability: Project management Leadership Personal growth References Gastil, J. (1994). A Definition and Illustration of Democratic Leadership. Human Relations, 47(8), 953-975. Lewin, K., Lippitt, R., & White, R. K. (1939). Patterns of aggressive behavior in experimentally created social climates. Journal of Social Psychology, 271-299. Rousseau, V. (2006). Teamwork Behaviors: A Review and an Integration of Frameworks. Small group research, 37 (5), 540-570. Wagner, W. (2006). The social change model of leadership: A brief overview. Concepts & Connections, 15 (1): 9. Read More