Using the experiences and insights I have gained in this course, I can combine this knowledge learned with my personal and professional development goals as a connector between my studies to continue to build on my professional advancement. In addition, this experience has given me the opportunity to apply the knowledge I have gained to my everyday work experiences. What are the most important things you are taking from this course that will shape your future and enable you to make a positive difference?
The most important things I am taking from this course that will shape my future and enable me to make a ositive difference, are being an attentive listener and promoting open communication. As an executive manager, I will listen to the needs and suggestions of my employees. I wll incorporate the balance scorecard to help assist in the decision making process. I will use the variance analysis to keep profits within the organization.
The content and assignments in this course that have improved my understanding of using accounting information to make decision for my organization are the: a. The Balance Scorecard (BSC) The primary objective of the balanced scorecard is actually apping the strategic objectives of the organization. Therefore, by implementing the (BSC) within my organization it will help me prepare and guarantee the long term flexibility and survival that the organization needed to maintain growth and performance for the future.
Zimmerman, 2014) states “A balanced scorecard translates the strategy into a plan of action that identifies specific objectives and performance drivers to help determine if the organization is moving in the right direction. ” (p. 625). b. Variances Analysis In addition to the (BSC) I will also incorporate the Variances Analysis tool as I seek to make decisions that will improve my organization performance across the board. As an executive manager, using the variances analysis tool will help me to compare actual and standard costs, factors that are important for any organization.
Furthermore, this tool will also improve performance and efficiency within the organization. (Likierman, 2009) states “a performance measurement system needs to tell you whether the decision you’re making now are going to help you in the coming months. ” c. Performance Measures Performance Measurement methods can be used as a tool to ssess whether or not employees are meeting company’s expectation. Depending on the results, as a manger, I will decide whether or not more employee trainings are needed or making the decision to replace current employees.
According to Likierman, 2009 “the quality of managerial decision making is another leading indicator of success. ” He went on to say “To create an effective performance measurement system, you have to work with the fact rather than resort to wishful thinking and denial. ” Management accounting provides information for planning decisions and control. It is useful for assigning decision- aking authority, measuring performance, and determining rewards for individuals with the organization. (Zimmerman, 2014).
The influence I anticipate my improved understanding will have on the value I will bring to my role within an organization are the tools I will suggest we use in the decision making process. Such as implementing the (BSC) as I mentioned earlier, listening skills, paying close attention to the needs of our employees, suggesting ways to collaborate with other departments that will help in improving the overall company success. Managers should learn to manage effectively. This means, knowing your employees, knowing how they will respond to change or how effective the change will be.
Continuous communication will be beneficial when implementing change. The knowledge and skills covered in this course can influence positive social change within an organization by having an open mind, providing guidance, having a positive influence on others, showing respect and responding to the needs of others and working together. Senge, P. (2006), “A learning organization in essence, makes use of the entire workforce to create a community where the team learns ogether and shares the same vision.
The content in this course has been an eye opener for me, especially when it comes to using the accounting information to make management decisions, such as comparing opportunity cost over accounting cost, using the variance analysis to compare standard and actual costs. I will also use this information to improve my budgeting skills. It will continue to shape my goals by incorporating the information gained. I will use the different accounting methods given to make financial decisions that will be beneficial to my personal and professional goals.
The different examples that were given in order to weigh the pros and cons prior to making a decision will help me greatly in my future decision. As I have mentioned in one of my previous post, on a professional level I will like to create a home for the children with complex sexual disorders that makes it difficult for us to place. The building will be large enough to include a rental space that can be used for a psychiatrist or a psychologist. An additional rental space will bring in additional funds and in addition there will be a doctor on site so staff do not have to ravel far to take the children to their developmental sessions.
Eventually, this plan will improve profitability and reduce expenses because we will no longer be utilizing hotels to house these kids, which is an extremely expensive process. In regards to social responsibility, I will incorporate quarterly learning retreats where the staff can experience a different atmosphere while improving their educational skills in how to continue caring for these children. In addition, there will be employee assistance programs available to assist with the process. To achieve its goals an organization requires the right people and systems as well as facilities to support them. (Zimmerman, 2014). In order for corporate social responsibility (CSR) to be successful within an organization, it needs to be applied. According to Wiedenbrugge, (2015) “To apply (CSR) successfully, the concepts, ideas and goals must be embedded in the corporate culture and the individual minds of the members of such an organization. ” Cost effective – alter spending habits by auditing the budget and services provided to see how beneficial hose services are towards the program. Are there improvements with the clients we serve?
Improving performance and productivity – collaborating with other units to see which programs can be combined as a means of saving money and hence enhancing performance. Communicating effectively – improving the knowledge of the different cultures we serve. By including trainings and proving brochures for staff, so they can better understand the clients we serve which will bring about positive social change. Incorporating Corporate Social Responsibility (CSR) helps to ensure the company’s future. In addition; it motivates the employees to work towards the goals and vision of the company. Zimmerman, 2014) states “To adapt, an organization must have ongoing training of employees, without learning and innovation in the organization, the organization cannot adapt to a dynamic environment. ” I will measure my progress on a monthly basis. By the results of the outcome I will be able to establish if the program and services provided were beneficial to the clients we serve. I would also determine whether or not there were there improvements to client’s behavior after the program was completed?