Role and Practices in Management Accounting Today

|ACC601: Managerial Accounting | | | | | |Role and Practices in Management Accounting Today | | | | | | | | | Table of Contents 1. Definition 3 1.1 Management†¦show more content†¦It is an integral part of the management process, distinctly adds value by continuously probing whether resources are used effectively by people and organizations in creating value for customers, shareholders or other stakeholders. The field of organizational activity encompassed by management accounting has developed through four evolutionary yet recognizable stages. Figure below shows the four evolutionary stages Figure: The Four Phases of Evolution of Management Accounting Source: IFAC, 1998: Revised International management accounting practice 1 #1, Management-accounting systems report the results of operations using financial and non-financial measures. These systems also help project and plan future operations. The company ABC for examples need some information to have new product these include better product cost data and metrics of on-time delivery of products. These items exemplify two of the many measures dealt with in management accounting. Cost is an example of a measure expressed in financial terms, while on-time delivery is an example of an operational measure. PURPOSE OF MANAGEMENT ACCOUNTING—THE STRATEGIC TRIANGLE The fundamental purpose of management accounting is to help an organization achieve its strategic objectives. Meeting these objectives satisfies theShow MoreRelatedRole Of Managerial And Managerial Accounting1029 Words   |  5 PagesThe role of managerial accounting has played a significant role in the success of businesses dating as far back as the 19th century. Service and production operations during the days of the industrial revolution were not nearly as sophisticated then as they are today. 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The termRead MoreRomania’s Post Communism Accounting Practices and the Effects of Adapting Ifrs for Smes1725 Words   |  7 PagesCommunism Accounting Practices and The Effects of Adapting IFRS for SMEs â€Æ' Abstract Romania, located in southeastern European, was heavily influenced by the Russian Soviet Union as a socialist republic between 1947 and 1989. With becoming a capitalist country in 1989, its accounting practices began its transformation. The purpose of this paper is to analyze Romania accounting practices post its revolution. The paper discusses three major accounting practice conversionsRead MoreThe Theory Of Constraints Of Lean Thinking1128 Words   |  5 Pagesinputs against the value of outputs which implies, matching cost per unit of production against the value of output or selling price. There have been a number of practices implemented over time that includes statistical process control (SPC), Theory of Constraints (TOC), Just-in-Time inventory management (JIT), Total Quality Management (TQM), Six Sigma, and Total Preventive Maintenance (TPM). Each of these has made a marginal contribution to the mindset of continuous process improvement. Rather than

Finding the Leader in You - 1009 Words

Assignment 1: Finding the Leader in You: Self-Assessment/ Johari Window The purpose of this paper to better understand Organizational Behavior and how I fit in the dynamic of it. Organizational Behavior is the study of human behavior in organizations (Schermerhorn, Jr., Osborn, Uhl-Bien, amp; Hunt, 2012). Organizations have been forced to adopt new strategies and try new processes to remain successful. If the companies do not keep up with the continuous evolvement, they will fall behind. With all of the changes taking place, it is very important for individuals to know their strengths and weaknesses to reach their goals. What better way to do so but to take self-assessments to help point out what we may not know. We may believe we†¦show more content†¦As a former teacher I was able to fulfill my characteristic traits of being an extrovert and staying adaptable to any situation. On a day to day basis managing over 100 students you never knew what was going to come at you. It was your responsibility to handle the situations in a mature but calm manner. As a marketing director I had to be a people person. I couldn’t be shy when having to go and spread the work and obtain donations for our non-profit agency. I had to be creative to come up with fundraisers that would catch the communities’ attention. I do believe assessments are a great asset. When starting out in my first interviews, I truly thought that they were a waste of time. With the growing pace of today’s companies it is very smart to understand the personalities of your employees and how they will fit in your company model. These assessments also give you the opportunity to understand exactly what it is we would need to work on personally to be needed by the company we are applying for. If we open our minds to being honest with the answers to gain real results, the test can be very beneficial. The assessment that I enjoyed the most was the Johari Window. 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Factor of Critical chain project management - Myassignmenthelp.Com

Question: Discuss about the Factor of Critical chain project management. Answer: Introduction Project Title Development of an Implementation Plan for Delirium Screening Tool in the Intensive Care Unit (ICU) of ABC Hospital Project Background Delirium is a medical condition in which, a patients mental condition decays causing a state of confusion. In this condition, the patient fails to respond to external stimuli correctly and shows abnormal behaviour. Delirium can be caused by a large number of factors including alcohol consumption, untreated and underlying diseases and others. Delirium can cause serious impacts on the health of a patient and hence, should be treated with utmost care. However, detection of delirium is not an easy task and it requires screening using certain medical tools. ABC Hospital do not have such screening tools and hence, treatment of delirium patients in the ICU ward of the hospital takes time. The operations manager of the hospital has decided to execute a project through which a delirium screening tool along with sufficient technical setup will be installed and implemented in the ICU ward of the hospital. This will make the treatments of delirium patients easier and detection of the condition w ill also be faster. Scope The scope of this project includes the installation and implementation of a delirium screening tool in the intensive care unit of the ABC Hospital. The delirium screening tool will help to identify whether a patient is delirium affected or not. The scope also includes allocation of sufficient budget, deployment of implementation team and testing of the new screening tool. Aim The aim of the project is to purchase, install, test and implement a delirium screening tool for the intensive care unit of ABC Hospital within a given timeframe. Objective(s) The main objectives of the project are as follows. To install and deploy a delirium screening tool in the intensive care unit of ABC Hospital To train the doctors and nurses for using the tool for faster and accurate identification of delirium in the patients To complete the project within a specified timeline Outcome(s)/Benefits The main outcome of the project is a working delirium screening tool that can be efficiently used by doctors and nurses for identification of delirium in patients. The main benefit of the project is that with the help of the tool, delirium of the patients can be identified faster and treated with urgent response. Output(s) / Deliverables The outputs of the project are as follows. New delirium screening system Well trained nurses for assisting in treatment of delirium Faster treatment for delirium affected patients Assumptions and Constraints Assumptions The main assumptions for the project are as follows. It has been assumed that the project can be executed within the allocated budget. It has been assumed that the nurses and doctors will be able to handle the screening tool efficiently. It has been assumed that the new screening tool will decrease the response time to delirium affected patients. Constraints The constraints of the project are as follows. The delirium screening tool is expensive and may require additional budget for the purchase and implementation. The tool is quite new and hence, the doctors and nurses may need a long period of time to get used to the use of the tool efficiently. Work Breakdown Structure, Schedule / Milestones Timeline estimation The estimated timeline for the project is around 5 months and will take place between December 2017 and April 2018. The work breakdown structure on which, the timeline is based is shown as follows. Figure 1: Work Breakdown Structure of the Project (Source: Created by Author) Project Management Office Structure Governance Structure Figure 1: Governance Structure for the Implementation of Delirium Screening Tool Project From the given governance structure, the most important parties required will be consultants and working parties. The consultants will analyse the existing technical setup in the hospital and provide suitable recommendations to the authority regarding the project. The working party will include the procurement staff and the technical experts who will procure and implement the delirium screening tool in the intensive care unit of the ABC Hospital. Project Sponsor/Steering Committee The project will be sponsored by Mr. Roger Finch, CEO of Heal-o-Medic, a pharmaceutical company based in Australia. He will provide the necessary funds required to install the screening tool in the ICU of ABC Hospital and will sign a business contract with the hospital for the sale and use of the medicines manufactured by his company. Project Manager The project manager has decided on certain day to day activities that must be done throughout the course of the project. These activities are as follows. Initial planning and budgeting Daily Progress Reports Up to date project finance tracker Project Log Weekly Team Meeting Nominee: Mr. James Hudson, Operations Manager, ABC Hospital Project Team The proposed project team is: Nominee(s): [James Hudson], [Project Manager], [ABC Hospital] [full time] [Thomas Rogic], [Finance Manager], [ABC Hospital] [full time] [Roger Finch], [Sponsor], [Heal-o-Medic] [full time] [Andy Mason], [Supplier], [Hospital Equipment Supplies Pty. Ltd.] [part time] [George Moore], [Technical Expert], [Bioengineering Solutions Ltd.] [part time] Working Parties/Groups The working party will involve a group of technical experts and specialists who will take care of the implementation of the new delirium screening tool. The team will be led by George Moore, the technical expert hired from Bioengineering Solutions Ltd. and he will lead a group of three experts who will install and test the tool as per the requirements of the hospital. The team will also conduct a training session for doctors and nurses so that they can handle and operate the tool. Reporting Requirements Reporting is necessary for the project as the project manager will need to monitor the progress of the project. The working team should fill in the project log at the end of each day that will be collated and forwarded to the project manager in the form of project progress report at the end of each week. At that time, team meetings will be held in which, the progress report will be discussed. Stakeholder Management Communication Management Plan Stakeholder Communication Need Communication Method What and when Who is responsible? Project Manager For letting know the progress of the project, additional funds request, change management Weekly Progress Reports, Verbal At the end of each week during team meetings Project Working Team Financial Manager Additional resource and funds request Project Finance Report Whenever necessary Project Working Team Sponsor Budget requirements Telecommunication During project planning Project Manager Supplier Resource requirements Requirement list During resource procurement Project Manager Technical Expert Implementation of the tool Verbal During project planning Project Manager Human Resources and Cost Management Requirements Budget and Expenditure The entire budget for the project is estimated around $650,000 including costs of all resources, wages and administration costs. However, the budget is estimated based on the current market values and will change if the market changes significantly. Hence, a buffer budget of $50,000 should be kept in case the actual costs exceed the estimated costs. Hence, the total budget for the project should be $700,000. Other Resources The overall resource requirements of the project are listed in the following table. Human Resource Material Resource Technical Expert Delirium Screening Device Implementation Team Computer Training Team Training Equipments Risk Management Plan Some of the major risks associated with the project are budget risks and technical expertise risks. Both of these risks can cause serious implications on the project and must be addressed during the planning phase itself and the project manager should monitor the project accordingly. Quality Management The quality management plan for the project will include the following aspects. Methodologies and Standards During project planning, certain standards will be set that must be followed in the project. The standards will include the quality of the tool, working features of the tool and others. The project work will be executed as per the order mentioned in the work breakdown structure. Monitoring Procedures The project manager should review project log and weekly project report at the end of each week for monitoring purpose. He will also bring changes if he finds scope creep or other issues during the project monitoring process. Review Process The review process will be done by the project manager at the end of each week of work. As per the plan, weekly progress report will be handed over to the project manager who will then review the document and make suitable changes accordingly. Change/Issues/Problem Management During the course of the project, there may arise some issues that must be solved in order to maintain the quality of the project. The project manager should monitor the project to identify such problems and make suitable changes accordingly. Review and Acceptance Procedures The review and acceptance of the project should be done by all the stakeholders using a review checklist. The stakeholders should check all the items mentioned in the list and complete the acceptance process. Documentation and Record Keeping The documentation will be done by the working group as per the progress of the project. At the end of each day, the technical expert will add the progress to the project log that will be kept for record keeping of the project. Project Closure Outcome Realisation The targeted outcomes will be entered into a checklist and at the end of the project, all the stakeholders including the project manager will check on each outcome as they are completed and meeting quality standards. If an outcome is not checked, the process is to be repeated again to ensure necessary quality is achieved. After the project is over, a training session will be conducted by the technical expert regarding the use of the delirium screening tool. The doctors and nurses will need to take part in the session and learn the effective use of the tool for the treatment of delirium patients. A review process will be held by the project manager to note down the lessons learnt by the stakeholders and appraise their performances accordingly. Bibliography Bellelli, G., Morandi, A., Davis, D.H., Mazzola, P., Turco, R., Gentile, S., Ryan, T., Cash, H., Guerini, F., Torpilliesi, T. and Del Santo, F., 2014. Validation of the 4AT, a new instrument for rapid delirium screening: a study in 234 hospitalised older people.Age and ageing,43(4), pp.496-502. Boud, D., Cohen, R. and Sampson, J. eds., 2014.Peer learning in higher education: Learning from and with each other. Routledge. De, J. and Wand, A.P., 2015. Delirium screening: a systematic review of delirium screening tools in hospitalized patients.The Gerontologist,55(6), pp.1079-1099. Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management. Project Management Institute. Fox, C., 2017. Protocol for validation of the 4AT, a rapid screening tool for delirium: a multicentre prospective diagnostic test accuracy study.BMJ Open. Hendry, K., Quinn, T.J., Evans, J., Scortichini, V., Miller, H., Burns, J., Cunnington, A. and Stott, D.J., 2016. Evaluation of delirium screening tools in geriatric medical inpatients: a diagnostic test accuracy study.Age and ageing,45(6), pp.832-837. Hosie, A., Lobb, E., Agar, M., Davidson, P.M., Chye, R. and Phillips, J., 2015. Nurse perceptions of the Nursing Delirium Screening Scale in two palliative care inpatient units: a focus group study.Journal of clinical nursing,24(21-22), pp.3276-3285. Kerzner, H., 2017.Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley Sons. Kudchadkar, S.R., Yaster, M. and Punjabi, N.M., 2014. Sedation, sleep promotion, and delirium screening practices in the care of mechanically ventilated children: a wake-up call for the pediatric critical care community.Critical care medicine,42(7), p.1592. Leach, L.P., 2014.Critical chain project management. Artech House. Mehta, S., Cook, D., Devlin, J.W., Skrobik, Y., Meade, M., Fergusson, D., Herridge, M., Steinberg, M., Granton, J., Ferguson, N. and Tanios, M., 2015. Prevalence, risk factors, and outcomes of delirium in mechanically ventilated adults.Critical care medicine,43(3), pp.557-566. Nicholas, J.M. and Steyn, H., 2017.Project management for engineering, business and technology. Taylor Francis. Nishimura, K., Yokoyama, K., Yamauchi, N., Koizumi, M., Harasawa, N., Yasuda, T., Mimura, C., Igita, H., Suzuki, E., Uchiide, Y. and Seino, Y., 2016. Sensitivity and specificity of the Confusion Assessment Method for the Intensive Care Unit (CAM-ICU) and the Intensive Care Delirium Screening Checklist (ICDSC) for detecting post-cardiac surgery delirium: a single-center study in Japan.Heart Lung: The Journal of Acute and Critical Care,45(1), pp.15-20. Oh, E.S., Fong, T.G., Hshieh, T.T. and Inouye, S.K., 2017. Delirium in Older Persons: Advances in Diagnosis and Treatment.Jama,318(12), pp.1161-1174. Rainsford, S., Rosenberg, J.P. and Bullen, T., 2014. Delirium in advanced cancer: screening for the incidence on admission to an inpatient hospice unit.Journal of palliative medicine,17(9), pp.1045-1048. Schieveld, J.N. and van Zwieten, J.J., 2016. From pediatrics to geriatrics: Toward a unified standardized screening tool for delirium: A thought experiment.Critical care medicine,44(9), pp.1778-1780. Schwalbe, K., 2015.Information technology project management. Cengage Learning. Silver, G., Kearney, J., Traube, C. and Hertzig, M., 2015. Delirium screening anchored in child development: The Cornell Assessment for Pediatric Delirium.Palliative supportive care,13(4), pp.1005-1011. Smith, H.A., Han, J.H. and Ely, E.W., 2016. Meeting the challenges of delirium assessment across the aging spectrum.Critical care medicine,44(9), pp.1775-1777. Snyder, C.S., 2014. A Guide to the Project Management Body of Knowledge: PMBOK () Guide. Project Management Institute. Tong, T., Chignell, M., Tierney, M.C. and Lee, J.S., 2016. Test-Retest Reliability of a Serious Game for Delirium Screening in the Emergency Department.Frontiers in aging neuroscience,8. Traube, C., Silver, G., Kearney, J., Patel, A., Atkinson, T.M., Yoon, M.J., Halpert, S., Augenstein, J., Sickles, L.E., Li, C. and Greenwald, B., 2014. Cornell Assessment of Pediatric Delirium: a valid, rapid, observational tool for screening delirium in the PICU.Critical care medicine,42(3), pp.656-663. Turner, R., 2016.Gower handbook of project management. Routledge. Verzuh, E., 2015.The fast forward MBA in project management. John Wiley Sons. Voyer, P., Champoux, N., Desrosiers, J., Landreville, P., Monette, J., Savoie, M., Carmichael, P.H., Richard, S. and Bdard, A., 2016. Assessment of inattention in the context of delirium screening: one size does not fit all!.International Psychogeriatrics,28(8), pp.1293-1301. Walker, A., 2015.Project management in construction. John Wiley Sons.