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Performance Management system

Growth and development analysis of a human being

It has been written previously that one is born with their traits. Writers have also indicated that traits are passed from one generation to another. I however believe this to be untrue. There are those traits that one is born with and those that one learns as they grow up.

We cannot take for granted the interactions one has with other human beings and nature. This has a way of changing us. The way we think and believe is highly contributed by the people we interact with and our backgrounds. In this paper we will discuss how I grew up to procrastinate and also a perfectionist. I believe I grew into this.

I push myself and others to do a perfect task and at the same time do the hard tasks the last minute.

Procrastination is evading the performance of a job which needs to be achieved. It is doing the more enjoyable tasks first, or doing those tasks that are less urgent as a substitute to more vital ones. This means that one puts off the difficult tasks first. Everyone has been accused of procrastinating at one point or another. However, more than 20 % of the population is said to procrastinate frequently. Procrastination can be defined as their way of life.

Performance management his highly done, in line with the goals and objectives of the organisation while at the same time ensuring that the strengths and weaknesses of employees have been established.  Meeting business goals and objectives is the essential reason for there being any organisation.

For this to be achieved there needs to be periodical measurements of the progress towards achieving these goals and objectives. The goals and objectives of the organisation need to have been communicated to all employees so that the company can soldier on as one team.  After this communication has been done, the achievement of these objectives needs to be measured appraised and relevant actions taken from time to time. The performance management process is part of the entire business since its inception till the day that it closes business.

Procrastination is said to reflect our struggle with self-discipline and control. It also shows our inability to predict our feelings for the next day. To critic this statement and belief I would say that procrastinators are good at making choices and prefer lesser demanding tasks as compared to the difficult tasks. Critics can also be quoted saying that procrastinators claim that they achieve better results when under pressure. More often than not that’s the way procrastinators qualify tasks and then work towards achieving them.

Personally, I have in many occasions preferred to avoid negative emotions so as to delay stressful tasks. So as to achieve more with limited I prefer doing the difficult tasks under pressure. This has enabled me to save time over the years.

Psychologists have cited such abehavior as a way of dealing with anxiety that is associated with finishing a task. Anxiety can get you to start working on a task either early or late (Steel, 2010). The focus should therefore be more of impulsiveness. Anxiety can only cause you to late on a task if it is impulsive.

 

 

 

==> Accounting Issues Raised After Financial Analysis

References

Steel, P. (2010). The procrastination equation: How to stop putting things off and start getting stuff done. Random House Canada.

 

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Company evaluation

Mission and Vision Evaluation

Remember to search for a mission and vision statement then evaluate them (running the mission statement through the mission-statement components.  If you cannot find either or both, so note in this report section, and write one for the company.

This part Includes a:

  • Vision Statement
  • Mission Statement
  • List Mission Statement Evaluation Components that are satisfied
  • Rationale for the components included as well as excluded.

==>Top 5 of The Best Accounting and Finance Textbooks

Milestones

Begin with a concise company profile followed by 5-10 company milestones.  Synthesize the company’s uniqueness and identity.  For example, a fun, employee-centered culture or low-cost, no-frills strategy uniquely identifies Southwest Airlines.

External Assessment

Insert your completed EFE Matrix.  Discuss the high score factors and interpret the overall score for your reader.

Your final paper will include:

·         An External Factor Evaluation (EFE) Matrix .

 

o    Why is this environmental factor key?

o    Why does the factor carry this much weight?

o    Why you rated the factor as you did?

·         How should management interpret the total weighted score?

How to do an External Assessment

After reading the case, first scan the environment. Use the following steps:

1.    List key external factors (opportunities and threats). These factors apply to all firms in the industry, not just this company. Any firm could potentially take advantage of an opportunity or be challenged by a threat because these factors are in the external environment. Include a total of 10-20 factors. Be as specific as possible.

2.    Assign a weight to each factor that ranges from 0.0 (not important) to 1.0 (very important). The weight indicates the relative importance of that factor to being successful in the industry. The sum the weights of all factors (for both opportunities and threats combined) must equal 1.0.

3.    This is the step at which the company (revlon) enters the picture. Assign a rating between 1 and 4 to each factor to indicate how effectively the firm’s current strategies respond to the factor, where 4=the response is superior, 3=the response is above average,2=the response is average, and 1=the response is poor. Ratings are based on effectiveness of the firm’s (revlon.) strategies. Ratings are company-based, whereas the weights in Step 2 are industry-based. Both threats and opportunities can receive a 1, 2, 3, or 4.

4.    Multiply each factor’s weight by its rating to determine a weighted score.

5.    Sum the weighted scores for each variable to determine the total weighted score for the organization(Revlon)

Internal Assessment

Insert your completed IFE Matrix.  Discuss the high score factors and interpret the overall score for your reader.  Use financial ratios for internal factors too, if applicable. (For example, if the company has a low inventory turnover ratio, this could be a weakness in the IFE Matrix.) See the link below under “Appendix” to help you preliminarily examine the financial ratios.

==> Read on the advantages of debt

SWOT Analysis

Summarize the key strengths, weaknesses, opportunities and threats.  Also, consider how well your company is managing both environments. This section serves as a conclusion to Case 1. Simply summarize the key strengths, weaknesses, opportunities, and threats that were prominent in your EFE and IFE matrices. This is not a SWOT Matrix, which is a matching technique. Matching techniques (e.g., the SWOT Matrix) are part of Case 2. 

 

 

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Accounting Issues Raised After Financial Analysis

Dear Sir/Madam,

RE: Accounting Issues –  Year Ending 30th June 2016.

This is in reply to your email sent on 18th April 2016 in regard to accounting issues we had previously discussed over the phone. Below is our feedback on all the issues that you had raised:

  1. In regards to the issue of the court decision to reward damages to your client held on 26th March 2016 we would advise that you set aside funds amounting to $1 million in your general reserves account for use upon the verdict expected on 30th September 2016. Below are the journal entries to record this transaction. The same also needs to reflect on the statement of financial position.
ITEM DR CR
PROFIT and LOSS A/C 1,000,000
GENERAL RESERVE 1,000,000

==> Top 5 of The Best Accounting and Finance Textbooks

  1. In the case of Ipad sales we would advise that you treat the sales as debtors less the discounted amount. This is to reflect in the financial reports. You also said that the total amount owed is $ 250,000. This is to treated as accounts receivables less the discounted amount. Below are the journal entries to be recorded in your books.
ITEM  DR  CR
Account receivables            232,500.00
Discount allowed               17,500.00
Stock        250,000.00
TOTAL            250,000.00        250,000.00

 

Plant A/c
 ITEM  DR  CR
 Cash      76,000.00
 Accumulated depreciation      25,000.00
 Plant      85,000.00
 Gain on sale of plant      16,000.00
   101,000.00    101,000.00

 

Your adjusted statements are as below.

 

A statement of cash flow is prepared to show cash flow from operation and cash flow activities. This report shows changes in financial positions leading from operational activities, investing activities and financial activities. This information can then be used by an analyst to make a conclusion.



A statement of cash flow also assists in making cash forecasts. This is then used in internal management to determine management policies especially those touching in finances. The report is also credited for resulting in cash planning.

Through the preparation of cash flow statements, a business can compare the performance of projects. By comparing the actual cash flows against expected cash flow, a business can know how the project is fairing. An income statement measures a company`s performance financially eg by expenses, revenue, profits or losses over a specified period of time. This therefore means that both financial reports have their importance.

 

References

AASB, A. S. (2004). Financial Instruments: Disclosure and Presentation.Disclosure51, 52.

 

Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics32(1), 237-333.

 

Lev, B., & Zarowin, P. (1999). The Boundaries of Financial Reporting and How to Extend Them (Digest Summary). Journal of Accounting research,37(2), 353-385.

 

Yours Faithfully

 

 

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Implementing and Evaluating the Future at Galaxy Toys, Inc.

Management class due Saturday 12/16/2017 See attached document Needs to be a grade of 93% or better

Assignment 3: Implementing and Evaluating the Future at Galaxy Toys, Inc. (Week 8)

 

Purpose: 

Continuing with the saga of Galaxy Toys, Inc., the third assignment covers the last three functions of the P-O-L-C, Organizing, Leading and Controlling.  Students will look at the production floor of Galaxy Toys, Inc. through the lens of the organizing function, create an organizational chart, and assess the decision-making authority associated with the organizational structure.  Students will then assess change, discuss motivation from a leadership perspective, and delve into the control function by looking and projecting specifications, interpreting data, and assessing corrective measures.

In completing this assignment, students will demonstrate an understanding of the major content areas of the course and use critical thinking and writing skills.

READ THE SOLUTION HERE

 

Outcome Met by Completing This Assignment:

  • integrate management theories and principles into management practices
  • organize human, physical, and financial resources for the effective and efficient attainment of organization goals
  • demonstrate leadership skills by communicating a shared vision, motivating and empowering others, and creating a culture of ethical decision-making and innovation
  • develop measures and assess outcomes against plans and standards to improve organizational effectiveness
  • identify the essential characteristics of decision making and indicate the range and types of decisions a manager makes

NOTE:  All submitted work is to be your original work. You may not use any work from another student, the Internet or an online clearinghouse.  You are expected to understand the Academic Dishonesty and Plagiarism Policy, and know that it is your responsibility to learn about instructor and general academic expectations with regard to proper citation of sources as specified in the APA Publication Manual, 6th Ed. (Students are held accountable for in-text citations and an associated reference list only). 

 

Step 1:  Preparation for the Assignment

 

 

Step 2:  How to Set Up the Paper

 

Create a Word or Rich Text Format (RTF) document that is double-spaced, 12-point font.  The final product will be between 8-10 pages in length excluding the title page and reference page and appendix.  Write clearly and concisely.

 

Use the following format:

 

  • Create a title page with title, your name, the course, the instructor’s name and date;
  • Introduction
  • Part One
  • Part Two
  • Part Three

 

Step 3:  Create the introductory paragraph.

The introductory paragraph is the first paragraph of the paper but is typically written after writing the body of the paper (Questions students responded to above).  View this website to learn how to write an introductory paragraph:  http://www.writing.ucsb.edu/faculty/donelan/intro.html

 

Part One

Step 4:  Organizing

Now, that the major short term production goals and objectives have been determined, for Project MMTJE1 it is time for implementation of the plan.  The process starts with the production manager, Itza Yu.  Yu has been tasked with the job of organizing a plan for implementing the production goals.  This plan is part of the organizing function.  The production managers of each plant will execute Itza Yu’s organization scheme.  Doing so requires managers to organize the people, resources, and capital to begin production in a way that will implement the short-term production goals in the most cost efficient, quality oriented, and timely manner as possible.  The project is designed to have Itza Yu create an organizational plan for him and the other branch managers to follow.

  • Explain the role of a manager in the organizing phase of the POLC.  Be sure to explain in detail howthe manager takes the goals and objectives set out in the planning stage and establishes the organization of resources that will complete the goals.

 

Step 5:  Organizing People, Physical Resources and Money

Assume the Role of Itza Yu.  Carefully read and review each area.

Money: The budget for each production department at Galaxy is $650,000 per year. This is an increase over last year of $300,000 to accommodate the new production costs of MMTJE1.  Salaries of existing personnel and physical resources are currently running effectively under budget by $10,000.Yu does not want to touch this cushion.

People: Current positions on the plant floor are filled. Turnover is infrequent. Yu anticipates that the following new personnel will need to be hired:  Four trained print operators with computer expertise per shift ($40,000 salary each) and one new IT person ($65,000 salary) to liaise with the IT department software and workers on the floor.  Yu also anticipates that training for backup personnel for existing staff ($25,000 cost) is likely but is not sure at this point if more education than current personnel have will be required.

Physical Resources: Existing: Two conveyor lines with 100 foot clearance for printers and forklift, pallets and people to easily work with the product, 4 compatible computers (between the 4 branches), and upgraded printers at approximately $1500 per computer. Needed: Four printers ($6100 each including software and 14 hours of training for each branch), 2 additional computers ($6000 for both), printer material for the creation of the toy and packaging, service contract for the computer (years material is estimated at costing $40,000   and prototype material costs estimated at $4,000.

 

Step 6:  Organizing People, Physical Resources and Money

Yu must make initial notes before finalizing his plans for production.  First, he must prioritize the objectives so that the work can flow easily. Yu has decided that the following four objectives are the most important.

Short Term Objectives:
·         1.5 million Toys will begin production by January 2018.
      ·    Each plant must produce 375,000 toys by May 31, 2018.
      ·    Prototype toy trials will be completed and approved by QC by October 31, 2017.
      ·    Shipment to customers will begin June 2018.

 

Bearing in mind the research material above, Yu must organize the three areas: physical, monetary, and human resources in concert to complete the tasks.  In one page, answer the following questions to create Yu’s notes for his first Branch Manager’s meeting. Yu hopes that this will give the other branch managers some preliminary idea of how the project will operate.  

  • Look at the short-term objectives identified above.  Which objective of the four listed must be accomplished first?  Why?  Prioritize the remaining objectives.
  • For each objective, use the above research by Yu to identify at least five (5) tasks that must be completed to accomplish each objective (at least 20 in total).

 

 

Part Two

Step 7:   Leading Motivation

During production, older line staff and machine workers began to see the speed and accuracy with which the 3D printers make the MMJTE1 toys.  An obvious concern began to surface among the workers, “Will I still have a job next year?”   Morale of plant workers began to suffer.  Itza Yu knows that this concern must be addressed and morale needs to be improved.  Yu also knows that the business must innovate to keep growing. The workers concern is a real one.

 

Acting as Joyce Barnhart, what advice should she give to Yu.

  • In discussing the advice, first identify the reasons for the morale problem, explaining why and how motivation relates to change.  Be sure to address change and the worker’s reaction to implementing change. 
  • Discuss the actual ideas and the specific ways Yu should take to motivate his existing employees in an effort that will build morale and keep production levels on track for the current contracts and the new project.

 

Part Three

Step 8:   Control:

Read critically and analyze the following scenario:

The following chart displays the results of the first year’s production of MMTJE1.  The table was created from data supplied by the company’s entire production department managed by Keith as a means of controlling production output.  It will be used by the VP in his evaluation of areas of improvement, change, or success to processes used by the production department in the production of MMTJE1.  The chart describes the standard goal (identified as standard) set by the department and the result each branch obtained.  A comparison of the standard to the results allows the reader to form conclusions about the success or failure of the production department to meet the goals envisioned by the company. It also allows the reader to recognize patterns from the data from which conclusions can be drawn as to the relationship between elements (e.g. cost expended vs time expended; those who spent more time had a higher cost).

Answer the following required elements making sure that the facts of the scenario and the course readings support the reasoning of the answers provided.

 Measurable Factors Standard Toledo Dayton White Plains Huntsville Juarez
Cost 5.56 5.67 5.87 5.45 5.52 5.01
Time 2.36 2.32 2.46 2.31 2.32 2.69
Quality Control Problem Ratio (per 500 units) 1 2.5 4 1.5 1.75 8.75
Training Time (per hour) 30 35 38 45 48 25
Shipping Problems/Damage (per 10,000 units) 1 0.333 0.222 0.133 0.178 0.4
3D Problems (per 10,000 units) 0.2 0.25 0.286 0.111 0.1 0.4
Total Number of Pieces Produced per year 375,000 435,000 455,000 550,000 525,000 378,000


Step 9:  Standard Specifications

Yu compares the standard specifications data set from the chart with the results for each of the five branches.  Yu has to interpret the results.

  • Interpret the one-year data production results for the MMJTE1 found in the chart above.
  • Draw conclusions from the data.  What does the data tell Yu about the production of the new toy?  Examine each standard and explain the results that Yu conclude.  Make sure to detail the areas that need improvement as well as those positive conclusions that the data suggests.

 READ THE SOLUTION HERE!!!

Step 10:  Corrective Action

  • Define what “corrective action” means to the manager in the control function of the POLC.
  • Do you suggest Yu and his fellow managers take, if any, corrective action for this report?  Be sure to discuss all the options a manager can take in addition to corrective action.


Step 11:  Long-Term Planning

Read critically and analyze the following scenario:

The next meeting of the long-term planning team for Galaxy Toys is scheduled for next week. All the VPs will be there.  Everyone must give a report about the success of the “Moon Mission Jupiter’s Europa 1” toy roll out and the success or failure of the long-term goals and objectives.

Keith video conferences with his branch managers once the production results were released. The data looked good to Keith but he wanted to get additional “human” feedback on the data.  The managers seemed to all talk at once.  All the managers felt that the project was well worth the effort.  They saw great potential for production of all the products.   It appears that several managers felt that training on the 3D printer was the biggest problem.  Back up trained personnel in Huntsville and capable-trained personnel in Mexico was a real problem.  There was a lack of skilled IT people in these areas. The Mexico manager, Hernando Gonzalez, said that they lost their trained personnel to a software company almost from the start and had difficulties finding replacements.  The company that supplied the 3D printers provided initial training but follow up training thereafter proved a problem when original staff was lost.  Gonzalez explained that there was a serious shortage of skilled IT personnel in Juarez.  Consequently, finding qualified workers and keeping people without paying more than the budget permitted was a major problem.  It took Gonzalez four months to train four of his workers to do the job.  Thus, both the production and the IT departments lost money.  However, Gonzalez said that once they got started the workers caught up quickly so he saw tremendous potential for the future.


Step 12:  Prepare Three Recommendations for Keith to Take to the Long-Term Planning Meeting.

  • Explain the relationship between the control function and long-term planning
  • Use the conclusions drawn from the table in Step 8 as well as Keith’s notes from the meeting (noted above) with the branch managers on the production results to identify at least three recommendations that have potential concern for the long-term goals of the company.
  • Explain why and how each of the recommendations chosen would affect the future long-term strategic planning of Galaxy. Be sure to make sure the recommendations have long-term implications rather than solving project issues.

 

 

Up to 7 pages

 

Notes from last assignment 2 grade 77.5%

You provided a good reason for goals and objectives but did not select correct goals and objective.

A summary paragraph restates the main topics of the paper.  Make sure to leave a reader with a sense that the paper is complete.

 

 READ THE SOLUTION HERE!!!

 

 

 

 

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