Activity 9 Describe a mechanism for ensuring that operational activities are proceeding according to plan. A Gantt chart is a useful tool for planning and scheduling projects. They are a graphical representation of the duration of tasks against the progression of time. These charts lets you see immediately what should have been achieved at any point in time as required tasks are mapped out to show what action need to be carried out at that time. They may also flag any difficult areas in the progression of the project and assist in gaining support and assistance that may bring the project back on
Internal Quality Assurance upholds the credibility of any assessment or qualification the organisation delivers. IQA ensures quality throughout the learner journey, ensures accuracy and consistency of decisions, manages risk, identifies issues/ trends, supports and develops assessors. The process ensures that the provision at the centre and subject level conforms to approved procedures and that consistency is being achieved within the institution. “Quality is the ‘degree of excellence of something’ Quality assurance is ‘a system of maintaining and improving standards” (p6 Level 3 & 4 Awards & Certificates in Assessment and Quality Assurance Qualification handbook for centres). An important principle of a quality concept is
These indicators go beyond financial statement figures, such as sales and net income, to include measures tailored to the client and its objectives. Such key performance indicators may include market share, sales per employee, unit sales growth, unique visitors to a Web site, same-store sales, sales by country, and sales per square foot for a retailer. ASSESS CLIENT BUSINESS RISK The risk that the client will fail to achieve its objectives related to (1) reliability of financial reporting, (2) effectiveness and efficiency of operations, and (3) compliance with laws and regulations PERFORM PRELIMINARY ANALYTICAL PROCEDURES a. Auditors perform preliminary analytical procedures to better understand the client’s business and to assess client business risk. One such procedure compares client ratios to industry or competitor benchmarks to provide an indication of the company’s performance.
To define a project scope, you must first identify the following things: • Project objectives • Goals • Sub-phases • Tasks • Resources • Budget • Schedule in the case of Red, it is the responsibility of the project manager to clearly communicate what the project is, who requires it, why, what is it designed to achieve, resources available, who will be involved and who will be affected by the end result. The scope of the project outlines the objectives of the project and the goals that need to be met. Once the scope has been defined, the project manager can put together their team and be sure that the people with the most relevant skills are in the right roles. Q2. For each of the stakeholder groups in the following list, identify who within the organisation fits into these categories and why they are important in the context of the project?
Planning/strategizing works together with the organization’s primary purpose based on where the organization wants to be and what it will take for them to get there. Planning/strategizing enables management to go beyond daily activities to set realistic goals for the organization’s success. Organizing involves setting the structure and the coordination and use of available resources needed to carry out tasks necessary to achieve the organizational plans. Leading is the ability to motivate people to give their best both individually and within group settings. Through guidance, leadership ability, and supervision of employees managers achieve organizational goals.
COSO Plan Adoption Law/531 May 21st, 2012 Elizabeth Harrison COSO Plan Adoption Identifying and minimizing risk is essential for an organization to succeed. During the planning process an organization should adopt a structure for its corporate compliance plans to identify and minimize risk. Organizations can create their own plans or rely on organizations that specialize in enterprise risk management. The Committee of Sponsoring Organization of the Treadway Commission (COSO) is an example of an organization that offers structures of enterprise management. The purpose of this paper is to review and identify the most powerful recommendations from COSO and summarize the benefits of adopting the COSO structure as a corporate compliance
Management is required to set realistic goals for the company along with objectives. A plan of action will be set and requiring management to let others be aware of the policies that need to be followed. Is helps keep the companies managers aware of the finances and the future of the company’s finances to make the right decisions. Controlling is when the company must follow the original plans that have been set from the beginning. Organizing and directing is thinking of ideas and putting into effect.
This phase is complex and needs a mix of actions and tactics. The combination of these styles provides the necessary guidance for employees to adapt to the new system and gain more confidence along the way. For this phase, the style emphasis is on people. “Persuasion becomes crucial. Persuasion calls for an ability to listen well enough to know what matters to people.” (Reardon, K.K.
It is very important to involve the SMEs in the cost planning also to get the accurate estimate for the cost. After the budget is planned it is critical to monitor and control the project’s cost. Earned value analysis helps monitoring the project cost. Monitoring the project cost against the actual cost provides the project manager how to handle the rest of the project. The sooner the issues have been caught the sooner it has been taken care.
Understand the deficiencies of the static planning-budget variances in managerial performance evaluation. 4. Be able to prepare a flexible budget performance report 5. Be able to interpret activity variances and revenue and spending variances Chapter 12 1. Understand some basic issues of relevant-cost analysis (e.g., concepts of sunk costs, differential costs, etc.