1. Project control through accurate progress reporting and monitoring is essential to identify issues early when corrective actions can be most effective. Overly optimistic reporting can mask delays until it is too late to remedy problems.
2. Data capture from project participants is key to monitoring progress. Structured reporting templates aligned with the project plan help ensure accurate and consistent information.
3. Effective project control involves setting performance targets with participants, documenting discussions, and using action lists to track and follow up on tasks. Regular communication and status updates are needed to keep the project on track.
This document discusses project control and introduces a workshop on the topic. It raises questions about what control means for projects, when and how it can be measured, and how to establish effective control. The workshop will use a Project Canvas tool to help participants develop better control over their projects.
This document discusses project management control. It outlines the transition from project planning to controlling, including validating plans, obtaining sign-offs, and reselling project management benefits. Formal control methods include status reports and review meetings. A five-step model for project control is presented: update status, analyze variances, act on problems, publish revisions, and inform management. Status reports should contain progress, forecasts, budgets, risks, and recognitions. Review meetings address unmet milestones and corrective actions.
The document outlines India's "Make in India" initiative, which aims to transform India into a global manufacturing hub. It notes that India has a large economy and growing imports, but also large trade deficits. The campaign aims to attract foreign businesses to invest and manufacture in India by simplifying regulations, improving infrastructure and developing skills. It highlights 25 sectors targeted for growth. While the campaign aims to create jobs and recognition for India, challenges remain around infrastructure, land acquisition, regulations and developing electronics manufacturing capabilities. The document also discusses China's response campaign and the proposed GST tax changes in India.
Indian Prime Minister Narendra Modi has launched a new scheme to boost his country's manufacturing sector and encourage foreign investors with 'Zero Defect; Zero Effect' policies.
This presentation is pertaining to the make in India intitative which had took since few months ago,I given brief information about the event,Its probable contribution to GDP,FDI & Export promotion in the country.
The document discusses India's 'Make in India' initiative, which aims to transform India into a global manufacturing hub. It was launched in 2014 by Prime Minister Modi to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure. The key objectives are to generate employment and boost manufacturing in 25 sectors, including automobiles, aviation, biotechnology, chemicals, defence manufacturing, electrical machinery, food processing, ports, pharmaceuticals, textiles and thermal power. Various policies have been introduced to encourage FDI, simplify regulations, and develop industrial corridors to achieve the goals of the Make in India campaign.
1. Project control through accurate progress reporting and monitoring is essential to identify issues early when corrective actions can be most effective. Overly optimistic reporting can mask delays until it is too late to remedy problems.
2. Data capture from project participants is key to monitoring progress. Structured reporting templates aligned with the project plan help ensure accurate and consistent information.
3. Effective project control involves setting performance targets with participants, documenting discussions, and using action lists to track and follow up on tasks. Regular communication and status updates are needed to keep the project on track.
This document discusses project control and introduces a workshop on the topic. It raises questions about what control means for projects, when and how it can be measured, and how to establish effective control. The workshop will use a Project Canvas tool to help participants develop better control over their projects.
This document discusses project management control. It outlines the transition from project planning to controlling, including validating plans, obtaining sign-offs, and reselling project management benefits. Formal control methods include status reports and review meetings. A five-step model for project control is presented: update status, analyze variances, act on problems, publish revisions, and inform management. Status reports should contain progress, forecasts, budgets, risks, and recognitions. Review meetings address unmet milestones and corrective actions.
The document outlines India's "Make in India" initiative, which aims to transform India into a global manufacturing hub. It notes that India has a large economy and growing imports, but also large trade deficits. The campaign aims to attract foreign businesses to invest and manufacture in India by simplifying regulations, improving infrastructure and developing skills. It highlights 25 sectors targeted for growth. While the campaign aims to create jobs and recognition for India, challenges remain around infrastructure, land acquisition, regulations and developing electronics manufacturing capabilities. The document also discusses China's response campaign and the proposed GST tax changes in India.
Indian Prime Minister Narendra Modi has launched a new scheme to boost his country's manufacturing sector and encourage foreign investors with 'Zero Defect; Zero Effect' policies.
This presentation is pertaining to the make in India intitative which had took since few months ago,I given brief information about the event,Its probable contribution to GDP,FDI & Export promotion in the country.
The document discusses India's 'Make in India' initiative, which aims to transform India into a global manufacturing hub. It was launched in 2014 by Prime Minister Modi to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure. The key objectives are to generate employment and boost manufacturing in 25 sectors, including automobiles, aviation, biotechnology, chemicals, defence manufacturing, electrical machinery, food processing, ports, pharmaceuticals, textiles and thermal power. Various policies have been introduced to encourage FDI, simplify regulations, and develop industrial corridors to achieve the goals of the Make in India campaign.
The document discusses income statements and trading accounts, which are used to determine business profits. An income statement shows revenues, expenses, and net income over a period. A trading account is the first section of an income statement and calculates gross profit by subtracting the cost of goods sold from sales. It includes items like opening stock, purchases, wages, and closing stock. The second section is the profit and loss account, which calculates net profit by subtracting expenses from gross profit. Examples of expenses include salaries, rent, depreciation, interest, and bad debts. The document provides examples of how to prepare trading accounts and profit and loss accounts.
1) Simple monopoly occurs when a single firm sets a uniform price for its product across all markets, while discriminating monopoly charges different prices for the same product in different markets.
2) Under discriminating monopoly, profits are higher than under simple monopoly since different prices can be charged based on demand elasticities.
3) For discriminating monopoly to be profitable, the price elasticity of demand must differ between markets and the markets must be separable to prevent resale.
This document discusses accounting concepts for managers, including:
1. The trading account is used to calculate gross profit by subtracting the cost of goods sold from sales. Opening and closing inventory are debited and credited, respectively, and purchases less returns are debited.
2. The profit and loss account calculates net profit by subtracting expenses from gross profit. Expenses are debited whether paid or not, and incomes are credited whether received or not.
3. Capital expenditures provide long-term benefits while revenue expenditures only benefit the current year and are debited to the profit and loss account. Trading and profit and loss accounts determine profit or loss over a period.
The equilibrium is (Low, Low). This is because at (Low, Low) neither firm has an incentive to unilaterally change its strategy. While (High, High) would be more profitable, each firm would have an incentive to deviate from this strategy by choosing Low. For the equilibrium to be stable, no firm should have an incentive to deviate - which is true at (Low, Low) but not at (High, High).
A monopoly is a market structure with a single seller and no close substitutes. There are three key characteristics: 1) only one firm, 2) no close substitutes, and 3) high barriers to entry. Sources of monopoly include owning strategic resources, patents, government licenses, and large economies of scale. As the sole provider, a monopolist faces an inelastic downward-sloping demand curve and sets price. It aims to operate where marginal cost equals marginal revenue to maximize profits in the short run. In the long run, it will remain if earning abnormal or normal profits but exit if facing losses unless subsidized.
Monopolistic competition describes a market with many small businesses that sell differentiated but substitutable products. While firms have some control over prices due to product differences, barriers to entry are low and many competitors result in zero long-run profits. Each firm faces a downward-sloping demand curve and engages in non-price competition like advertising. In the short-run, firms can earn profits or losses, but in the long-run free entry and exit forces prices down to match average costs.
The document discusses the basic economic problems of scarcity and choice, and defines microeconomics as the study of decision-making by individual agents. It also outlines the four factors of production - land, labor, capital, and entrepreneurship - and how they are paid rent, wages, interest, and profits respectively. The notes explain the concepts of full employment, underemployment, and the three components of economic efficiency: allocative, productive, and dynamic.
Accounting is the technique of recording, classifying, and summarizing financial transactions and interpreting the results. It involves recording business transactions in journals and ledgers, grouping like transactions, and preparing financial statements like the trial balance, income statement, and balance sheet. The double-entry system records both aspects of each transaction to ensure accuracy and allow calculation of profit and financial position. Financial accounting focuses on external reporting while cost and management accounting support internal decision making.
This document outlines a Business Economics course offered at an engineering institution. The 3 credit, 3rd year course introduces students to basic microeconomic and macroeconomic principles, tools, and analysis. It aims to help students make better business and investment decisions. The syllabus covers topics like demand and supply, costs and profits, markets, national income accounting, monetary policy, and capital budgeting. Students will learn to analyze firms and the economy under different conditions, prepare basic financial statements, and evaluate projects and policies. Evaluations include assignments, internal exams, and an end semester exam assessing content from all topics.
The document provides an overview of financial accounting. It discusses that financial accounting prepares financial reports for external parties according to GAAP, while managerial accounting is for internal decision making. It outlines the requirements to become a CPA, and explains that accounting standards like GAAP provide consistent financial reporting. It also describes the difference between accrual and cash accounting methods, underlying accounting concepts, and the four main financial statements. Finally, it discusses double entry bookkeeping and the fundamental accounting equation of assets equaling liabilities plus equity.
This document outlines key concepts in cost-benefit analysis for public projects. It discusses how to measure costs, both current and future, and benefits. Costs include direct financial outlays as well as opportunity costs. Benefits include time savings and statistical lives saved. Valuing both costs and benefits requires determining social costs by considering market failures and discounting future values. Putting costs and benefits together allows evaluating projects while addressing issues like uncertainty and distributional impacts.
Cost accounting and management is important for several reasons:
1) To ascertain accurate product costs for costing, pricing, and decision making. Costs are classified and allocated to products and processes.
2) To estimate costs for bidding on contracts or jobs.
3) To match costs to revenues for determining profits. Profits equal revenues minus cost of goods sold.
4) To identify areas for cost reduction and control costs through variances. This aids management and improves decision making.
The key considerations for installing an effective cost accounting system include understanding the business, organization, production methods, management needs, and ensuring the system is simple, standardized, accurate, flexible, and has benefits exceeding costs. Cost centers
Marginal costing is a technique that differentiates between fixed and variable costs. It treats variable costs as product costs and fixed costs as period costs. Under marginal costing, only variable costs are considered in inventory valuation. Absorption costing treats both fixed and variable costs as product costs and includes a share of fixed costs in inventory valuation. The chapter provides definitions and concepts related to marginal costing, characteristics that distinguish it from absorption costing, and how profit is calculated differently under each method.
- Capital budgeting refers to the process of making investment decisions regarding long-term assets. It involves evaluating potential capital projects and determining which ones to undertake.
- Capital budgeting decisions are important because they impact the firm for several years. A bad decision can significantly affect the firm's future operations.
- Common techniques for evaluating capital projects include payback period, net present value (NPV), and internal rate of return (IRR). The NPV and IRR methods account for the time value of money, unlike payback period.
This document provides an overview of various capital budgeting techniques. It begins by introducing capital budgeting techniques under certainty, which are divided into non-discounted cash flow criteria and discounted cash flow criteria. The non-discounted criteria discussed are payback period and accounting rate of return. The discounted cash flow criteria discussed are net present value, internal rate of return, and profitability index. The document then explores each technique in detail and discusses their strengths and weaknesses for evaluating investment projects. It provides examples to illustrate how to calculate each technique.
Sal and Mario's Pepperoni Delight Restaurant sells only pepperoni pizza. To understand their business finances, the document introduces key concepts like revenue, expenses, profit, fixed costs, and variable costs. It then explains the important concept of break-even point, where total revenue equals total expenses and profit is zero. The document provides an example of calculating break-even point for Sal and Mario's pizza business. It determines their break-even sales units as 1,273 pizzas and break-even sales dollars as $12,730. Understanding these financial fundamentals is important for successfully starting and running any business.
This document provides an overview of Bitcoin, a decentralized virtual currency. It begins by defining virtual currency and explaining how Bitcoin differs from traditional national currencies. Bitcoin works through a peer-to-peer network that verifies transactions by consensus of users rather than a central authority. Transactions are recorded through encrypted messages exchanged between users. The document then discusses how Bitcoin can be purchased and used for payments, as well as current levels of usage in Sweden. It concludes by considering both the benefits and risks of Bitcoin and other virtual currencies.
1. Break-even analysis determines the output level at which total revenue equals total cost. It provides an easy way to examine the effects of changes in price, variable costs, and fixed costs on break-even point and degree of operating leverage.
2. Under the assumptions of constant price and average variable cost, break-even output can be calculated as total fixed costs divided by the difference between price and average variable cost.
3. The degree of operating leverage expresses the sensitivity of profits to changes in output. It is equal to the percentage change in profits divided by the percentage change in units sold.
The document discusses income statements and trading accounts, which are used to determine business profits. An income statement shows revenues, expenses, and net income over a period. A trading account is the first section of an income statement and calculates gross profit by subtracting the cost of goods sold from sales. It includes items like opening stock, purchases, wages, and closing stock. The second section is the profit and loss account, which calculates net profit by subtracting expenses from gross profit. Examples of expenses include salaries, rent, depreciation, interest, and bad debts. The document provides examples of how to prepare trading accounts and profit and loss accounts.
1) Simple monopoly occurs when a single firm sets a uniform price for its product across all markets, while discriminating monopoly charges different prices for the same product in different markets.
2) Under discriminating monopoly, profits are higher than under simple monopoly since different prices can be charged based on demand elasticities.
3) For discriminating monopoly to be profitable, the price elasticity of demand must differ between markets and the markets must be separable to prevent resale.
This document discusses accounting concepts for managers, including:
1. The trading account is used to calculate gross profit by subtracting the cost of goods sold from sales. Opening and closing inventory are debited and credited, respectively, and purchases less returns are debited.
2. The profit and loss account calculates net profit by subtracting expenses from gross profit. Expenses are debited whether paid or not, and incomes are credited whether received or not.
3. Capital expenditures provide long-term benefits while revenue expenditures only benefit the current year and are debited to the profit and loss account. Trading and profit and loss accounts determine profit or loss over a period.
The equilibrium is (Low, Low). This is because at (Low, Low) neither firm has an incentive to unilaterally change its strategy. While (High, High) would be more profitable, each firm would have an incentive to deviate from this strategy by choosing Low. For the equilibrium to be stable, no firm should have an incentive to deviate - which is true at (Low, Low) but not at (High, High).
A monopoly is a market structure with a single seller and no close substitutes. There are three key characteristics: 1) only one firm, 2) no close substitutes, and 3) high barriers to entry. Sources of monopoly include owning strategic resources, patents, government licenses, and large economies of scale. As the sole provider, a monopolist faces an inelastic downward-sloping demand curve and sets price. It aims to operate where marginal cost equals marginal revenue to maximize profits in the short run. In the long run, it will remain if earning abnormal or normal profits but exit if facing losses unless subsidized.
Monopolistic competition describes a market with many small businesses that sell differentiated but substitutable products. While firms have some control over prices due to product differences, barriers to entry are low and many competitors result in zero long-run profits. Each firm faces a downward-sloping demand curve and engages in non-price competition like advertising. In the short-run, firms can earn profits or losses, but in the long-run free entry and exit forces prices down to match average costs.
The document discusses the basic economic problems of scarcity and choice, and defines microeconomics as the study of decision-making by individual agents. It also outlines the four factors of production - land, labor, capital, and entrepreneurship - and how they are paid rent, wages, interest, and profits respectively. The notes explain the concepts of full employment, underemployment, and the three components of economic efficiency: allocative, productive, and dynamic.
Accounting is the technique of recording, classifying, and summarizing financial transactions and interpreting the results. It involves recording business transactions in journals and ledgers, grouping like transactions, and preparing financial statements like the trial balance, income statement, and balance sheet. The double-entry system records both aspects of each transaction to ensure accuracy and allow calculation of profit and financial position. Financial accounting focuses on external reporting while cost and management accounting support internal decision making.
This document outlines a Business Economics course offered at an engineering institution. The 3 credit, 3rd year course introduces students to basic microeconomic and macroeconomic principles, tools, and analysis. It aims to help students make better business and investment decisions. The syllabus covers topics like demand and supply, costs and profits, markets, national income accounting, monetary policy, and capital budgeting. Students will learn to analyze firms and the economy under different conditions, prepare basic financial statements, and evaluate projects and policies. Evaluations include assignments, internal exams, and an end semester exam assessing content from all topics.
The document provides an overview of financial accounting. It discusses that financial accounting prepares financial reports for external parties according to GAAP, while managerial accounting is for internal decision making. It outlines the requirements to become a CPA, and explains that accounting standards like GAAP provide consistent financial reporting. It also describes the difference between accrual and cash accounting methods, underlying accounting concepts, and the four main financial statements. Finally, it discusses double entry bookkeeping and the fundamental accounting equation of assets equaling liabilities plus equity.
This document outlines key concepts in cost-benefit analysis for public projects. It discusses how to measure costs, both current and future, and benefits. Costs include direct financial outlays as well as opportunity costs. Benefits include time savings and statistical lives saved. Valuing both costs and benefits requires determining social costs by considering market failures and discounting future values. Putting costs and benefits together allows evaluating projects while addressing issues like uncertainty and distributional impacts.
Cost accounting and management is important for several reasons:
1) To ascertain accurate product costs for costing, pricing, and decision making. Costs are classified and allocated to products and processes.
2) To estimate costs for bidding on contracts or jobs.
3) To match costs to revenues for determining profits. Profits equal revenues minus cost of goods sold.
4) To identify areas for cost reduction and control costs through variances. This aids management and improves decision making.
The key considerations for installing an effective cost accounting system include understanding the business, organization, production methods, management needs, and ensuring the system is simple, standardized, accurate, flexible, and has benefits exceeding costs. Cost centers
Marginal costing is a technique that differentiates between fixed and variable costs. It treats variable costs as product costs and fixed costs as period costs. Under marginal costing, only variable costs are considered in inventory valuation. Absorption costing treats both fixed and variable costs as product costs and includes a share of fixed costs in inventory valuation. The chapter provides definitions and concepts related to marginal costing, characteristics that distinguish it from absorption costing, and how profit is calculated differently under each method.
- Capital budgeting refers to the process of making investment decisions regarding long-term assets. It involves evaluating potential capital projects and determining which ones to undertake.
- Capital budgeting decisions are important because they impact the firm for several years. A bad decision can significantly affect the firm's future operations.
- Common techniques for evaluating capital projects include payback period, net present value (NPV), and internal rate of return (IRR). The NPV and IRR methods account for the time value of money, unlike payback period.
This document provides an overview of various capital budgeting techniques. It begins by introducing capital budgeting techniques under certainty, which are divided into non-discounted cash flow criteria and discounted cash flow criteria. The non-discounted criteria discussed are payback period and accounting rate of return. The discounted cash flow criteria discussed are net present value, internal rate of return, and profitability index. The document then explores each technique in detail and discusses their strengths and weaknesses for evaluating investment projects. It provides examples to illustrate how to calculate each technique.
Sal and Mario's Pepperoni Delight Restaurant sells only pepperoni pizza. To understand their business finances, the document introduces key concepts like revenue, expenses, profit, fixed costs, and variable costs. It then explains the important concept of break-even point, where total revenue equals total expenses and profit is zero. The document provides an example of calculating break-even point for Sal and Mario's pizza business. It determines their break-even sales units as 1,273 pizzas and break-even sales dollars as $12,730. Understanding these financial fundamentals is important for successfully starting and running any business.
This document provides an overview of Bitcoin, a decentralized virtual currency. It begins by defining virtual currency and explaining how Bitcoin differs from traditional national currencies. Bitcoin works through a peer-to-peer network that verifies transactions by consensus of users rather than a central authority. Transactions are recorded through encrypted messages exchanged between users. The document then discusses how Bitcoin can be purchased and used for payments, as well as current levels of usage in Sweden. It concludes by considering both the benefits and risks of Bitcoin and other virtual currencies.
1. Break-even analysis determines the output level at which total revenue equals total cost. It provides an easy way to examine the effects of changes in price, variable costs, and fixed costs on break-even point and degree of operating leverage.
2. Under the assumptions of constant price and average variable cost, break-even output can be calculated as total fixed costs divided by the difference between price and average variable cost.
3. The degree of operating leverage expresses the sensitivity of profits to changes in output. It is equal to the percentage change in profits divided by the percentage change in units sold.
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