Maximizing Performance Maintaining Results -Myassignmenthelp.Com

Question: Discuss About The Maximizing Performance Maintaining Results? Answer: Introducation The given task namely Key Concepts and Questions (KCQs) is very interesting task for me personally. It is because of the fact that from the beginning of my studies I want to become lecturer and have the aim to write different books for the readers. Now through this task, it is pretty much sure that the platform for taking up the starting step for my aim and the aspiration has been provided and very happily I am taking the same. On this platform, I am going to express my views and explanations for the understanding of the key concepts of the given topic and as a writer I am going to put forward some questions to myself as well as the readers in order to give the readers a deep insight of the budgeting for a short term. Management is an activity which integrates all the functions of the company and put all their efforts towards the single direction of achieving the objectives of the company. These functions predominantly include sales, purchase, human resource management, production, etc (Al, 2006; Atrill, Peter, Eddie, 2012) The conventional definition of management is getting work done through people, but real management is developing people through work Agha Hasan Abedi I really disagree with this definition. It is due to the basic fact that management is an art of getting the work done through others rather than developing people through work. The latter is very clearly and precisely has been defined as the training. Is it likely that the management and the training are the simultaneous work? While working in the firm, any employee understand and develop their skills and management is to bring all the efforts of all the employees towards one common goal and thus it is getting work done through others. In many motivational novels and movies, I have seen that the employees in the factory are working and managers give them the work and get the work done within the stipulated time. According to me management is technique through which the people obtains the experience and get the work from others. The first step really has importance in everyones field. If this first step is not taken, then the firm can never succeed in its function. For me, my first step was that when I have chosen the commerce side rather than the science side and have aimed to become the lecturer. Through this assignment, my first step is really the base. If I would not have chosen the commerce stream then I could not be able to appear this assignment and really my aim would be in the dark room where I will not be able to see myself. Therefore, as described by Martin giving the example of distance 2000 Km every year, the first step counts a lot in everyones life. In the case of the organization, budgets are regarded as the first step for success. Is it necessary to have the budgets? It is answered in four points namely encourages short term planning, helps in coordination, helps in cooperation and lastly helps in communicating the plans of the organization and delegating the tasks and motivating the employees. Then what task is done by the management? Is the management is just an art of getting work done through others A budget is just a method of worrying before you spend money as well as afterward Anon I truly agree with this. In my school days I have been receiving the pocket money from my parents around $5 per day. I daily plan how to make the best possible use of this $5 on daily basis. Usually, I used to buy burger and cold drink daily costing to me $2.5 and then while going back to the home I used to play and that costs me $1 and the balance I kept it with myself and when the need comes I spend the same or when the pocket money is not received by me someday. Similarly, budget gives you an alarm, as to how much shall be spent and how much shall be saved (Bradley, 2014). The next question that has come in my mind for me that $5 per day is too big that I was unable to remember without writing it down then how the firms prepares their project? Never base your budget requests on realistic assumptions, as this could lead to a decrease in your funding Scott Adams It is true statement. If the company prepares the budget on realistic assumptions then the fund that the company wants to obtain from the bank or any other financial institution will be less in amount. As in case of the Purple Chocolates, if the company would have positive cash flows for all the six months like: Particulars Jan Feb March April May June Total Cash Closing Balance (Assumed Figures) 525 25 90 160 225 320 320 Then the company would not be able to obtain the overdraft facility from the bank. Thus, the budgets shall never be prepared with actual and real assumptions when some fundings are required. The first step in case of the budget is the sale budget. Through this sale budget the other budgets like purchase budget, production budget and other related budgets are prepared. The accounting equation follows all over the budget (Ryan and Robert, 2013). It is: Opening Inventory + Production = Sales + Closing Inventory. The sales and production budgets shall be in consonance with each other. If the budgets are not found in consonance then either there will be the shortage of inventory at the business or else there will be unnecessary piling up of the inventory. (Kaplan, Norton, David, 2014). Its clearly a budget. Its got a lot of numbers in it. George W. Bush Is the budget shall be of numbers only? The above statement has clarified this question that was coming in my mind while reading the sale and purchase budgets. But the basic fact is that although the budgets are purely represented in numbers but the basis is non financial information like preferences of the customer, etc (Collis and Hussey, 2014). How many budgets are there? What is master budget and what does it includes? This question has been striking into my head and now it has been specified budgets can be of many numbers depending upon the nature of business and master budget is the budget which have the figures of all the budgets and consists of cash budget, budgeted income statement and budgeted balance sheet. As given in case of the Purple chocolates, first budget provides the net cash available, second provides the budgeted net profit and the last provides the budgeted figures of debtors, creditors, loan, and fixed assets (Drury, 2016). I am very questioning by nature and again the question has come how the performance will be measured? And it has been mentioned that performance will be measured not only against financial measures but also non financial measures like customer satisfaction, growth of the employee and improvement in the internal processes of the business (Niven and Paul, 2012). In my mind, the following has come and have drafted: BALANCE SCORE CARD S. No. Perspectives Observation 1 Financial Has net profit of $825 2 Internal Business Is weak as the cash collection procedure is not good. 3 Customer Customer are satisfied since the sales are high 4 Learning and Growth The employees have been trained and have achieved the learning curve This chapter is very interesting and has provided the reasons for creation of the budgets and its importance thereon and how the performance will be measured. The best thing that I liked is that the example that Martin has used throughout the chapter. All the pictures were in my mind in the manner that it has happened to me like that of Dixon Street, cliff or 2000 Kms and lastly Purple Chocolates and I am imagining the dairy milk chocolates in purple color with their own brand. Thus, budgets are very important and management helps in achieving the budgeted results. References Al Bento, (2006), Budgeting, Performance Evaluation, and Compensation: A Performance Management Model, inMarc J. Epstein,John Y. Lee(ed.)Advances in Management Accounting, Volume 15Emerald Group Publishing Limited, pp.51 79 Atrill, Peter McLaney, Eddie, (2012), Management Accounting for Decision Makers, 7th Ed. Harlow: Pearson Education Limited. Bradley J, (2014), How Is a Budget a Communication Tool? available at https://smallbusiness.chron.com/budget-communication-tool-57477.html accessed on 21/01/2018 Collis and Hussey, (2014), Business Research: A Practical Guide for Undergraduate and Postgraduate Students, Hongkong: Palgrave Macmillan. Drury C, (2016), Cost and Management Accounting, 6th Ed. London: Thomson Learning. Kaplan, Robert. S Norton, David. P, (2014), Strategy maps: converting marketing assets into tangible outcomes Massachusetts: Harvard Business School. Niven, Paul. R, (2012), Balance Scorecard Step by Step: Maximizing performance and maintaining results, New York: John Wiley Sons, Inc. Ryan and Robert. W, (2013), Research Method Methodology in Finance Accounting, 2nd Ed. London: Thomson Learning