6. How useful was the Gantt chart in planning and tracking your group’s progress through the production phase? Give reasons.
I think the Gantt chart was a good resource and very interesting but I think it wasn’t totally necessary. As CEO I knew everything that had to be done and was on top of it. My group members were also on top of their work and knew the deadlines. On the other hand I can see how a Gantt chart could be a vital part of a bigger business.
7. Explain in detail the steps your group put in place to ensure product quality and consistency throughout production.
Quality control was a very important part of our business and also that all of our customers had equally the best product as the next.
To ensure the quality of our
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Financial Management
10. How well did your group stay within budget of $20 per person? Was this reasonable? How could you have ensured you stayed within or under budget?
Our group did manage to stay mostly within the $60 but a bit of the items came out of our own pockets. I think the $60 was a good amount but it was very difficult to stay within that amount. I think to $60 was also good because it helped keep the groups on the same page. So a group with a lot of money couldn’t go over the top to much. It kept everyone on the same level.
We ensured that we stayed within the budget by shopping around and finding the cheapest price on all the items we needed. Also we prioritise on what had to be bought and what we could source from home.
11. Were you personally kept aware of your group’s financial position throughout the production phase? Explain.
Even though I was not the encharge of overseeing the finance side of things I did have a big role in it. I calculated what was needed and where we could get the best price for it. I did the big shop and sourced most of the items. The financial planner Charlotte mad sure she kept the whole group aware of the budget. I would say that I was kept aware of the group’s financial position.
12. Consider the requirement for accurate, up to date financial records and comment on your group’s accounting practices.
Marketing
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4. The corporation should remain committed to quality in that their products are thoroughly regulated within the company to ensure a consistent product.
Goal: Ensure the overall quality of the products we sell and the customer service we provide
• Focus on quality from the level of manufacturing till actual delivery and service of goods.
The quality management completely says about the reputation of organization. Maintaining quality of the product helps to meet the stakeholder’s requirements.
The quality management completely says about the reputation of organization. Maintaining quality of the product helps to meet the stakeholder’s requirements.
Finances are one of the most crucial parts of any business. Every business has to be aware of what type of resources, especially financial resources, it has available to work with. The financial aspect of a business determines almost every other aspect of that business. Being able to utilize budgets, in order to reduce costs and make profit, is imperative.
1.2 Explain the various business purposes for which the following financial information is required • Income statement ( profit and loss account) • Forecast of cash flow (cashflow statement) • Statement of financial position (balance sheet) (NB explain the statements relevant to your organisation) 1.3 Give an overview of the organisation’s business and its critical external relationships with stakeholders 1.4 Explain how the accounting systems are affected by the organisational structure, systems, procedures, and business transactions. 1.5 Explain the effect on users of changes to accounting systems caused by • External regulations • Organisational policies and procedures
Within any given industry, a level of quality has to be ascertained as to ensure that clients of products and goods were receiving the best possible level of quality for their desired product. Quality meant that the expectations of a client had to be met consistently. Business throughout the world started development of standards and
Continuous need to maintain intense control on costs and quality while compromising on profit maximization.
A Gantt Chart is one of the best examples of feedforward control. With a Gantt Chart, our group is able to see when each assignment is due and when to start each assignment. Knowing this, we can accurately allocate our resources to become more efficient in our actions. The Gantt Chart is also
In every organization large or small there needs to be a way where quality is measured. In quality control management there are two time tested tools that are proven to enhance the quality of products and services. Managing quality in a business is crucial to its success. Quality products and/or services help maintain loyalty in customers therefore they will return or continue purchasing products
The CFO’s and other executives that require a quick big picture of the financial summaries can get it with the help of the dashboard. In one glance, you will be able to know if you have reached your targets and check on negative trending. We can link granular information around individual team member status and performance. You can access the fiscal performance data to understand the means to grow profitably or proactively address issues that affect your essential point.
The finance department is responsible for tracking all transactions of the business. It must balance cash flow to ensure there are enough funds available to meet the day to day payments. This is helped by efficiently controlling credit extended to customers, ensuring payments are received on time, and that the payment policy for the company’s suppliers is strictly adhered to. As well as short term financing they will also work closely with upper management to prepare the organization’s budgets and forecasts which provide information to assist managers when making important strategic plans, for instance which markets or projects to pursue return on investment timescale for large purchases. This
Some quality control measures that the business adheres to are to ensure that the product is not torn or tampered with in any way and after sales services all complaints are treated with the utmost urgency.