ACCOUNTING CYCLE PROBLEM The following is a trial balance and certain other information relating to Mr. I. Spend Freely, a financial consultant operating as a corporation. I. SPEND FREELY, FINANCIAL CONSULTANT TRIAL BALANCE DECEMBER 31, 2016 Debit Cash Accounts receivable Credit $ 31,500 49,600 Allowance for doubtful accounts $ Supplies Inventory 1,960 Prepaid insurance 1,100 Furniture & Equipment 750 25,000 Accumulated depreciation – equipment 6,250 Notes payable 7,200 Common stock 20,000 Retained earnings 15,010 Service revenue 100,000 Rent expense Salaries and wages expense 9,750 28,500 Utilities expense 1,080 Office expense 720 $149,210 $149,210 The following information is available as of December 31, 2016. 1. Fees were received in advance from clients and treated as revenue: $6,000 2. Services performed for clients that were not recorded by 12/31/16 or paid by clients: $4,900 3. Bad debt expense for the year: $1,430 4. Insurance premiums expired during the year: $480 5. Equipment is being depreciated at 10% per year. 6. Mr. Freely gave the bank a 90-day note on December 1, 2016 for $7,200. The note has an interest rate of 10% annually. 7. Rent on the building is $750 per month. The rent for all of 2016 and January, 2017 has been paid. 8. Office salaries and wages earned but unpaid as of 12/31/16: $2,510 9. Mr. Freely withdrew dividends of $17,000 during the year. The dividends were debited to retained earnings at the time the disbursements were made. 10. Assume the corporation has no income tax liability. Required: From the trial balance and other information given, please prepare the following as of December 31, 2016. 1. 2. 3. 4. 5. 6. Adjusting entry general journal 10-column worksheet (use of MSExcel required on this part of the problem) Income statement Statement of retained earnings Balance sheet Closing entry general journal Extra Credit – Worth 6 additional points 1. Prepare the reversing entries. Please note: City University of Seattle uses software which tests for originality of work. Plagiarized work will result in a “0” grade for the assignment.
Day: April 27, 2018
What name is given to the food-trapping cells of sponges?
Phagocytes
Amoebocytes
Cnidocytes
Choanocytes
2 of 20
All animals
are prokaryotic.
are heterotrophic.
have cell walls made of chitin.
obtain food by absorption.
3 of 20
Features unique to mammals include
the presence of hair.
extended parental care of the young.
being endotherms.
having no egg-laying members.
4 of 20
Which of the following levels of structure encompasses all the others?
Tissue
Cell
Organ
Organism
5 of 20
Which of the following animals does not have a body cavity?
Ant
Mouse
Flatworm
Clam
6 of 20
Sharks are a type of
Tunicate.
Cartilaginous fish.
Bony fish.
Lungfish.
7 of 20
The water vascular system of a sea star functions in
movement of the tube feet.
circulation of nutrients around the body.
pumping water for swimming movements.
buoyancy
8 of 20
Neurons are specialized cells characteristic of
muscle tissue.
connective tissue.
epithelial tissue.
nervous tissue.
9 of 20
A(n) ______ is an example of an invertebrate chordate.
snake
echinoderm
lancelet
fish
10 of 20
Animals probably evolved from protists. How do animals differ from these protist ancestors?
Animals are eukaryotic.
Animals have more specialized cells.
Animals are heterotrophic.
Animals are able to reproduce.
11 of 20
Homeostasis is
the exchange of materials with the surrounding environment.
the idea that all vertebrates are built in a similar way.
the correlation of structure and function.
maintaining a relatively constant internal environment.
12 of 20
Unique features of vertebrates include the presence of a(n)
skull and backbone
notochord
endoskeleton
pharyngeal slit
13 of 20
A marine biologist dredged up a small animal from the ocean floor. It was uniformly segmented, with short, stiff appendages and soft, flexible skin. It had a complete digestive system and a closed circulatory system but no skeleton. Based on the description, this animal sounds most like a(n)
lancelet.
crustacean.
annelid.
mollusk.
14 of 20
The feature present in reptiles and absent in amphibians that freed reptiles from the dependence on
water for reproduction is
parental care of eggs.
metamorphosis.
the lateral line system.
the amniotic egg.
15 of 20
A change in the body often triggers a response that counteracts the change. This kind of response is known as
negative feedback.
empowerment.
cause and effect.
positive feedback.
16 of 20
A _____ is a chordate, but not a vertebrate.
squid
tunicate
shark
frog
17 of 20
Pill bugs” or “sow bugs”, often found under rocks and logs in moist places, have the ability to roll up into a ball when disturbed. Sow bugs are really crustaceans, not insects. Therefore, sow bugs do not have
an exoskeleton.
gills.
three pairs of legs.
antennae.
18 of 20
Which of the following tissues produces voluntary body movements?
Smooth muscle
Simple cuboidal epithelium
Cardiac muscle
Skeletal muscle
19 of 20
Which of the following are listed in the correct hierarchal order?
System-tissue-organ
Cell-tissue-organ
Organ-tissue-system
Tissue-cell-organ
20 of 20
Which of the following animals displays radial symmetry?
A worm
A sea anemone
A fish
A lobster
What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?
A debit is an asset or increase in cash (left column). Debits normally increase assets and decrease liabilities and credits normally decrease assets and increase liabilities. A credit is a decrease in cash (right column). Debits and credits are used to record business transactions by the type of account that is used. Expense and assets are increased on the debit or left side and liability equity and revenue accounts are increased on the credit side. Every transaction must be balanced and in order to accomplish this, a transaction must be posted to an account on the left side as well as to an account on the right side…
Liberty University BIOL 101 quiz 2 complete solutions correct answers key
6 different versions
In an organism, the structure of ___________ determines its function; in a cell the structure of ____________ determines its function.
A common form of energy storage in the roots of plants:
A condensation reaction joins two organic molecules together creating an H+ ion and an – OH ion. These then
The tertiary structure of a protein describes its
A fat molecule consists of:
Testosterone signals all of the following in the human male except:
Which of the following examples from the living world exhibit well-designed structures supporting well-designed functions?
In a protein, the sequence of amino acids often folds initially into alpha helices and/or beta pleated sheets. These helices and sheets are two examples of
Polymers are degraded by the cell into monomers in a process in which the __________ from a water molecule stabilize the broken _________ in the polymer molecule.
The bases in a DNA molecule include all of the following except
The structure of testosterone could best be described as
Which of the following is the name for a class of sugar molecules?
The four major classes of biomolecules are:
An amino group, a carboxylic acid group, a hydrogen atom and one or more atoms composing a side chain (“R” group) all together make up a monomer called
A phospholipid is made up of:
A carbohydrate contains ________ atoms.
Which of the following is not a lipid?
The carbon atom is uniquely suited to building large molecules because it:
A large polymeric molecule that is nonpolar over most of its structure but very polar at one end:
Each of the following is the name of a class of monomers used as building blocks in the polymers of living organisms except for
The structure of a phospholipid molecule admirably suits it to the function of
The Miller-Urey experiments used random jolts of electrical energy to produce a variety of amino acids and other molecules. One weakness of these experiments:
Virtually all monomers in cells are built into polymers by removing _________ from one monomer and ____________ from the other monomer, and using these products to form ____________
Which of the following molecules is a polymer?
Carbon atoms are uniquely suited for building molecules in living things because
In living organisms well-designed structures support well-designed functions. This intricacy of design is seen at
Hemoglobin
Carbohydrates include all of the following except
Which of the following is not a carbohydrate
The carbon atom
Glycoproteins
DNA contains four kinds of nitrogenous bases whose principle function is
Which is not a function of a lipid
Cellulose and starch are both long polysaccharide chains made of glucose molecules. But a cell’s enzymes can tell them apart because
When a single hemoglobin subunit picks up an oxygen molecule
Amino acids are building blocks used in building proteins. About how many different kinds of amino acids are there for this purpose
Which class of biomolecules is most efficient as a long-term storage, concentrated source of energy?
What stimulates the release of the enzyme amylase into the pancreatic duct so that it can break down starches?
Which of the following terms describes or names a cell that swims like an animal using cilia, but is green in color like a plant?
Which of the following is NOT part of the Cell Theory?
A eukaryotic cell structure (organelle) that results when a vesicle formed from the Golgi complex simply remains in the cytoplasm of the cell:
Which of the following statements is an element of cell theory?
Biologists have discovered living things that defy (do not agree with) “Cell Theory”. Which aspect of the cell theory is most directly violated by slime molds?
When the enzyme amylase from the pancreas is finally ready for use, it is stored within cell cytoplasmic vesicles called___.
In order for the nasty bacterium Streptococcus pyogenes to adhere to your throat cells, attachment to your cells must be made. This is done using new proteins called _____ and new cell structures called ________.
Two unusual features of protozoan cells like Paramecium are
It is difficult for human macrophages to detect and destroy Strep cells because Strep cells
A prokaryotic cell is protected against osmotic swelling and rupture by its
A eukaryotic cell structure (organelle) in which the final stages of protein maturation are completed:
Energy processing in eukaryotic cells often involves linearly arranged reactions. That is why energy processing organelles have highly folded membranes within them—structures known as
Respiratory proteins, ion channels, transport proteins and attachment point proteins are all examples of protein found
____ are little molecular machines (eukaryotic cell structures) that move vesicles and organelles throughout the cytoplasm of the cell.
When a protein molecule has folded into its final form, it leaves the endoplasmic reticulum (RER) and travels to the Golgi complex by means of
Some species of Paramecium receive sugars from
Within an acinar cell, the enzyme amylase reaches its final form within
An important function of the eukaryotic cell membrane is to
Which of the following is NOT a kind of protein found in a prokaryotic membrane?
It is impossible to write a brief dictionary definition of life because
____________ house enzymes that trap carbon dioxide and bind it to larger substrate molecules.
What structures inside the eukaryotic cell provide a skeletal framework that supports and shapes the cell?
________ and ________ are structures that walk along microtubules in the eukaryotic cell carrying vesicles from place to place.
To say that “the cell is the unit of life” means that
Which of the following organisms is considered to be eukaryotic
____ are little molecular machines that move vesicles and organelles
throughout the cytoplasm of the cell
Cells are small because
Which of the following occurs in the nucleolus
In order for nasty bacterium Streptococcus pyogenes to stick to your throat cells, attachment proteins must be made. These proteins are called
Prokaryotic organisms have a definite lack of which of the following
A saltine cracker is mostly starch. If cracker bits are digested into small subunit parts, what kind of molecule would be the product?
Discrete, visible lengths of DNA sequence found in human cell nuclei are known as
Ignoring cell size and just counting numbers, most of the cells in nature are this type
Bacteria are typically very mall, yet even the largest bacterium is still a prokaryote because it
Zoochlorella cells (algae that do photosynthesis) benefit by living inside Paramecium cells. They
Question 1 The nucleoid of a prokaryotic organism contains
Question 2 The bases in a DNA molecule include all of the following except
Question 3 Which of the following is NOT a kind of protein found in a prokaryotic membrane?
Question 4 ____ are little molecular machines (eukaryotic cell structures) that move vesicles and organelles throughout the cytoplasm of the cell.
Question 5 Which of these is an organelle that would be useful in a cell that takes in and destroys viruses?
Question 6 Within an acinar cell, the enzyme amylase reaches its final form within
Question 7 When a prokaryotic bacterial cell has a second outer membrane, the membrane’s function is to
Question 8 Biologists have discovered living things that defy (do not agree with) “Cell Theory”. Which aspect of the cell theory is most directly violated by slime molds?
Question 9 A singlestranded polymer whose monomers contain the sugar ribose and the nitrogenous base uracil:
Question 10 A fat molecule consists of:
Question 11 Respiratory proteins, ion channels, transport proteins and attachment point proteins are all examples of protein found
Question 12 The boundary around a prokaryotic cell can best be described as
Question 13 The structure of a phospholipid molecules admirably suits it to the function of
Question 14 Some slime molds violate the first element of cell theory because
Question 15 An important function of the eukaryotic cell membrane is to
Question 16 Bacteria are typically very small, yet even the largest bacterium is still a prokaryote because it
Question 17 A eukaryotic cell structure (organelle) in which the final stages of protein maturation are completed:
Question 18 Which of the following is the name for a class of sugar molecules?
Question 19 Which of the following cells are prokaryotic?
Question 20 A fivecarbon sugar that is bonded to a nitrogencontaining base and to either one, two or three phosphate groups is known as a(n) _________ monomer.
Question 21 DNA contains four kinds of nitrogenous bases whose principle function is
Question 22 Glycoproteins
Question 23 ________ and ________ are structures that walk along microtubules in the eukaryotic cell carrying vesicles from place to place.
Question 24 When the enzyme amylase from the pancreas is finally ready for use, it is stored within cell cytoplasmic vesicles called___.
Question 25 In a eukaryotic cell the reactions of _______ process energy into the form of ATP within a structure called the __________.
Question 1 Eukaryotic cells heavily responsible for making proteins have their ribosomes arranged within a network of channels known as the
Question 2 ____________ house enzymes that trap carbon dioxide and bind it to larger substrate molecules.
Question 3 When a prokaryotic bacterial cell has a second outer membrane, the membrane’s function is to
Question 4 Generally speaking, prokaryotic cells___________ eukaryotic cells.
Question 5 Within an acinar cell, the enzyme amylase reaches its final form within
Question 6 A singlestranded polymer whose monomers contain the sugar ribose and the nitrogenous base uracil:
Question 7 Biologists have discovered living things that defy (do not agree with) “Cell Theory”. Which aspect of the cell theory is most directly violated by slime molds?
Question 8 The nucleoid of a prokaryotic organism contains
Question 9 The boundary around a prokaryotic cell can best be described as
Question 10 Which of the following cells are prokaryotic?
Question 11 Ribosomes in an acinar cell generate the amino acid sequence of the digestive enzyme
Question 12 What stimulates the release of the enzyme amylase into the pancreatic duct so that it can break down starches?
Question 13 Respiratory proteins, ion channels, transport proteins and attachment point proteins are all examples of protein found
Question 14 Consider the following definition: “A cell is the smallest unit of an organism capable of independent functioning, composed of a membrane, enclosing a nucleus, cytoplasm and inanimate matter.” Which of the following phrases best criticized this definition?
Question 15 The structure of a phospholipid molecules admirably suits it to the function of
Question 16 A fivecarbon sugar that is bonded to a nitrogencontaining base and to either one, two or three phosphate groups is known as a(n) _________ monomer.
Question 17 Polymers of amino acids that are linked in linear chains and that contain atoms of nitrogen are called:
Question 18 Which is not a function of a lipid?
Question 19 Which of the following is NOT part of the Cell Theory?
Question 20 The Streptococcal cell structure that does the most direct damage to the human body is
Question 21 Cells are small because
Question 22 Which of these cell organelles has ribosomes in its membranes? (Ribosomes do protein synthesis.)
Question 23 Which of the following statements is an element of cell theory?
Question 24 Five of the six carbon atoms in a glucose molecule are typically found
Question 25 A prokaryotic cell is protected against osmotic swelling and rupture by its
Question 1 Which of the following is NOT a kind of protein found in a prokaryotic membrane?
Question 2 Which of the following is a class of monomers used as building blocks in the polymers of living organisms?
Question 3 Testosterone signals all of the following in the human male except:
Question 4 When the enzyme amylase from the pancreas is finally ready for use, it is stored within cell cytoplasmic vesicles called___.
Question 5 Which of the following occurs in the nucleolus?
Question 6 Within an acinar cell, the enzyme amylase reaches its final form within
Question 7 Respiratory proteins, ion channels, transport proteins and attachment point proteins are all examples of protein found
Question 8 Bacteria are typically very small, yet even the largest bacterium is still a prokaryote because it
Question 9 Consider the following definition: “A cell is the smallest unit of an organism capable of independent functioning, composed of a membrane, enclosing a nucleus, cytoplasm and inanimate matter.” Which of the following phrases best criticized this definition?
Question 10 Polymers of amino acids that are linked in linear chains and that contain atoms of nitrogen are called:
Question 11 It is impossible to write a brief dictionary definition of life because
Question 12 Five of the six carbon atoms in a glucose molecule are typically found
Question 13 Which of the following statements is an element of cell theory?
Question 14 The four major classes of biomolecules are:
Question 15 Eukaryotic cells heavily responsible for making proteins have their ribosomes arranged within a network of channels known as the
Question 16 A eukaryotic cell that needs to have a lot of ATP energy would have lots of
Question 17 Some slime molds violate the first element of cell theory because
Question 18 The Streptococcal cell structure that does the most direct damage to the human body is
Question 19 In order for the nasty bacterium Streptococcus pyogenes to adhere to your throat cells, attachment to your cells must be made. This is done using new proteins called _____ and new cell structures called ________.
Question 20 Which of the following cells are prokaryotic?
Question 21 A singlestranded polymer whose monomers contain the sugar ribose and the nitrogenous base uracil:
Question 22 The structure of testosterone could best be described as
Question 23 Which of these is an organelle that would be useful in a cell that takes in and destroys viruses?
Question 24 A fat molecule consists of:
Question 25 The binding of acetylcholine to an acinar cell surface receptor protein causes an immediate
Question 1 The saturated fats of animals differ from the unsaturated ones of plants. Unsaturated fats have
Question 2 The structure of testosterone could best be described as
Question 3 In order for the nasty bacterium Streptococcus pyogenes to adhere to your throat cells, attachment to your cells must be made. This is done using new proteins called _____ and new cell structures called ________.
Question 4 Which of these is an organelle that would be useful in a cell that takes in and destroys viruses?
Question 5 __________, the cell’s DNA plus its scaffolding contains the cell’s archive of ______.
Question 6 Consider the following definition: “A cell is the smallest unit of an organism capable of independent functioning, composed of a membrane, enclosing a nucleus, cytoplasm and inanimate matter.” Which of the following phrases best criticized this definition?
Question 7 A sugar is a carbohydrate because a sugar molecule
Question 8 Lipids are a class of molecules defined by
Question 9 The binding of acetylcholine to an acinar cell surface receptor protein causes an immediate
Question 10 The nucleoid of a prokaryotic organism contains
Question 11 Which of the following is NOT a kind of protein found in a prokaryotic membrane?
Question 12 Glycoproteins
Question 13 It is impossible to write a brief dictionary definition of life because
Question 14 Microcompartments
Question 15 An amino group, a carboxylic acid group, a hydrogen atom and one or more atoms composing a side chain (“R” group) all together make up a monomer called
Question 16 In a eukaryotic cell the reactions of _______ process energy into the form of ATP within a structure called the __________.
Question 17 Ribosomes in an acinar cell generate the amino acid sequence of the digestive enzyme
Question 18 A phospholipid is made up of:
Question 19 The Streptococcal cell structure that does the most direct damage to the human body is
Question 20 The structure of a phospholipid molecules admirably suits it to the function of
Question 21 Cells are small because
Question 22 Within an acinar cell, the enzyme amylase reaches its final form within
Question 23 A carbohydrate contains ________ atoms.
Question 24 It is difficult for human macrophages to detect and destroy Strep cells because Strep cells
Question 25 Which of these cell organelles has ribosomes in its membranes? (Ribosomes do protein synthesis.)
Hello – would you be able to help me with the essay below? You can pick one of the three questions to answer. Unit 2 – BAM421 – OPERATIONS MANAGEMENT Please answer one the below question in the format listed below. 1. Identify the four costs of quality. Which one is hardest to evaluate? Explain. 2. Identify five examples of technology’s impact on services. Specifically, identify one that has led to labor cost reductions. 3. What kinds of location decisions are appropriate for use of crossover analysis? Explain how crossover analysis (break-even analysis) can assist an operations manager in choosing among alternative sites in making a location decision. 350 – 500 words or 1 – 2 pages. Begin each writing assignment by identifying the question number you are answering followed by the actual question itself (in bold type). Use a standard essay format for responses to all questions (i.e., an introduction, middle paragraphs and conclusion). Responses must be typed double-spaced, using a standard font (i.e. Times New Roman) and 12 point type size. Please cite all sources used and no plagiarism, this professor is a tough one.
The remaining fixed expenses are considered to be corporate-wide expenses that have been allocated to each product line based on sales revenue.The company is concerned about the performance of product A, and you have been asked to analyze the situation and recommend to the president whether to continue or discontinue the product. During your investigation, you discover that certain fixed expenses are traceable directly to each product line as indicated here:The segmented income statement for XYZ Company for the year ended December 31, 2016, follows: XYZ Company Segmented Income Statement For the year ended 12/31/2016 Total Company Product A Product B Product C Sales 615000 306000 123000 186000 variable expenses 276000 150000 55000 71000 contribution margin 339000 156000 68000 115000 fixed expenses 280000 162000 42000 76000 Operating income 59000 (6000) 26000 39000 The company is concerned about the performance of product A, and you have been asked to analyze the situation and recommend to the president whether to continue or discontinue the product. During your investigation, you discover that certain fixed expenses are traceable directly to each product line as indicated here: Total Company Product A Product B Product C Direct Fixed Expenses 106000 76000 11000 19000 The remaining fixed expenses are considered to be corporate-wide expenses that have been allocated to each product line based on sales revenue. a) What will be the effect of the decision to discontinue product A on operating income? Operating income will _______ by ___________ for the XYZ Company if it discontinues Product A b) Assume that product A is discontinued. Prepare a segmented income statement for the remaining products. Allocate corporate-wide fixed expenses as described. (Round intermediate calculations to 2 decimal places.) Total company Product B Product C Sales Variable expenses Contribution Margin direct fixed expenses common fixed expenses operating income/loss c) Starting with the segmented income statement, use the information you discovered during your investigation to present a more appropriately designed segmented income statement. Total Company Product A Product B Product C Sales Variable Expenses Contribution Margin Direct Fixed expenses segment margin common fixed expenses operating income/loss
Statement of Financial Position At December 31, 2014 (in thousands of euro) Assets Goodwill and intangible assets 1,210 Less: Accumulated depreciation (2,240) Total non-current assets (1,030) Current assets: Cash 5,300 Inventory 1,800 Total current assets 7,100 Total assets 6,070 Equity and Liabilities Shareholders’ equity: Contributed capital 400 Total shareholders’ equity 400 Total non-current liabilities 0 Current liabilities: Total current liabilities 0 Total liabilities 0 Total liabilities and shareholders’ equity 400 Glücklich Golfspieler (GG) is a golf club company headquartered in Germany. The company began its 2014 fiscal year with assets totalling 10.0 million euro but ended the year (on December 31, 2014) with total assets of 13.2 million euro. Account balances on December 31, 2014, appear below (in thousands of euro). Accounts Payable 900 Accounts Receivable 460 Accrued Liabilities 990 Accumulated Depreciation 2,240 Buildings and Equipment 5,600 Cash 5,300 Contributed Capital 400 Goodwill and Intangible Assets 1,210 Inventory 1,800 Land 190 Notes Payable, due 2016 735 Other Long-Term Liabilities 1,325 Other Noncurrent Assets 540 Prepaid Expenses 340 Profit for the Year (Net Income) 4,000 Retained Earnings, Jan. 1, 2014 4,850 Sales Revenues 38,000 1. Prepare a statement of financial position at December 31, 2014
Financial statements is a more common term used to refer to statements produced at the end of the accounting periods, such as the income statement, balance sheet, cash flow statement and the statement of owner’s equity. These four financial statements are sometimes known as the final accounts, which the business prepares.
The income statement also known as the trading and profit and loss account is a financial statement, which helps to calculate the gross profit and the net profit of the company for a particular year. Most of the businesses prepare the income statement because they compare revenues with expenses and check the performance. If the revenue exceeds the expenses, the business has earned a profit and vice versa. The information contained in the income statement is not only, but also useful for the internal users of the business such as the managers and owners but however it is also useful for the external users such as government, investors and creditors’.
For internal users, income statement helps to check the performance and profitability of the business. Owners invest their money merely to earn profits and thus it is necessary for them to check the amount of money they have earned in an accounting period. Similarly, manager’s status is directly linked with the profitability of the business. If the organization has able to achieve higher profits, manager’s salary and status often increases. Moreover, income statements also help to check the revenues and expenses of the business and thus managers can decrease their unnecessary expenses to earn more profits. In the same way, making of income statements is also useful for the external users such as investors, creditors and the government. Investors usually check the income statements of the organization to check the past financial performance of the business and to assess the capability of generating future cash flows. Moreover, creditors also take the help of the income statement to check whether the business has enough revenue to pay its dues on time. Finally, the government needs to check in order to calculate the taxes which the firm has to pay with respect to the profits earned over time.
The balance sheet is another financial statement which shows the assets, liabilities and the capital of the business. This document is prepared at the end of the accounting period, and it helps to check the liquidity position and the current health of the organization. It is based on an accounting model (e.g., assets = capital + liabilities). Internal users, such as managers and owners take the help of the balance sheet to check the liquidity of the business…
Coping with Project Risk on Technology Implementation & Transformation Projects within a Large Organization – The Case for Superior Risk Management Discipline In September 2010, CHEMICS Insurance advised its staff that their all their offices would receive an overhaul of systems and processes. This was a technology overhaul program at its core. Yet there was an opportunity to streamline the business process to enable straight-through-processing and improve support levels. The new procedures and tools will promise to solve a variety of issues with have plagued the organization. The new tools would be simpler to use to conduct business, easier to train, and easier to support for the IT department. The project was scoped and estimated to be impacting 20,000 employees in the US division before it was deployed to the company’s international offices. Code named “The CHEMICS Method”, the project had a life time budget of $50M from start to completion and it was estimated that the program would take 3 full years to complete. The senior executive group envisioned some of the clear benefits of the project before signing off on the expenditure. A senior project management team was assembled comprising of internal CHEMICS resources and external consultants. The project would impact nearly every facet of the organizations, including HR, Pre-sales, and External Sales, Marketing, Customer Service, Claims, IT, Billing and other Back office. Every business process would be changed and streamlined as part of the project. Sophisticated, role-based workflow systems would be deployed to enter, collect, collate, and analyze business data. Real-time client information would be available and seamlessly integrated throughout the different departments. The promise was to reduce business costs and streamline the company’s operations which had not been done in any holistic manner for the past 150 years of the company’s existence. The project was kicked off in January of 2011 with each stakeholder signing off prior to launch. The company was committed and a risk management plan was put together along with other project planning deliverables including a program plan, process documentation, project information portals, and a document management system to help manage the project and the related documentation that was being developed. One year later, senior management started to sense that adequate progress was not being made. Project management reports were being circulated and all indicators were seemingly positive. However, material progress had not been made given the following observations by senior management: · There were no new systems components being built and tested · Process documents were produced but not signed off by the concerned stakeholders of impacted departments · Low staff confidence levels were observed regarding The CHEMICS Method project given conversations being had “around the water cooler”. · $10M dollars of the program budget were being spent · Many issues and risks were being reported by various departments, yet not acknowledged · by the project management related deliverables · Significant process and technology rework was being performed without material · finalization · One third of the entire project timeline had already been expended to date. · Three consulting vendors were changed by the program management team over the course of the one year. · Without hesitation, senior management concluded that the program was in serious trouble. Without question, a course-correction was required. Questions Senior management has chosen to hire you as an expert project management consulted, not otherwise connected with the program thus far, to conduct an assessment. 1. How would you set about conducting such a review? 2. How would you structure your report, i.e. on what basis? 3. Clearly, your report concludes that there is a risk management issue for this program. How would you recommend addressing this issue? What could a comprehensive risk management plan look like and how would you include it in the overall program plan going forward? Specific issues you have been asked to include: 4. Would the assignment of a CHEMICS project manager have made a difference? 5. If so, in what way, and what specific skills would that manager have required? 6. What are the lessons learned?
This is the requirement from the lecture:
Students are expected to reflect on the key issues for each seminar and document their response in writing using ideas from the key theories and readings in the seminars. Students are to reflect on at least five (5) seminars ( 2 diary entries must be based on the Guest Lectures) resulting in 5 diary entries. What are the main ideas/theories discussed? Are there key issues/theories? Have your ideas changed or been reinforced in terms of issues covered in the seminars that relate to leadership? What have you learned more broadly? This diary is meant to reflect critical thinking and should be the student’s own work. However, all quotes or ideas taken from other sources must be referenced appropriately using a recognised academic referencing system such as the author/date or Harvard referencing systems. URKUND is enabled for all assessment items in this unit.The diary must be submitted via Moodle on time. Late penalties will apply and extensions will only be considered when the extension form is signed and submitted well before the due date with supporting documentation.
Word Count Rules: The word count is conducted by using the word count function in Microsoft Word by highlighting the first word of the first sentence to the last word of the last sentence. The word count includes all in-text references and quotes but does not include the title or the reference list. Plus or minus 10% leeway is given for the word count, for example the Reflective Diary (2,000words) must be within 1800 to 2,200 words. Markers will ignore those parts of the essay that exceed the word limit, and essays which are under the word limit will be considered as not representing a completed assessment task. Excessive use of quotes will be heavily penalised. Writing to a set word count is a requirement in almost every profession.
Please make sure you take note of the following before submitting your reflective diary:
1) Please read the instructions in the unit outline and the Academic Skills lecture before submitting your reflective diary.
2) Please do not focus on the entire seminar (do not attempt to summarise the entire seminar). The instructions clearly state to choose one or two concepts/theories from each seminar to focus on.
3) You must stick to the word limits.
4) You must reference if you use other people’s words. The reflective diary is not based on research however you must always acknowledge other people’s work appropriately.
5) Use subheadings in the reflective diary to indicate which seminar the concepts are from.
6) Do not simply focus on describing your experience or the concept/theory. Critical reflection/analysis means asking why are things the way they are? What does the theory say and what happens in real life? Do they match? If not, why not. If yes, which parts and how? Always use concepts and theories and language from the unit. This is not a personal diary, this is still an assessment item that should demonstrate your understanding of theories and concepts form the unit.
7) You can use the first person in the diary (I) but you cannot and should not use the royal ‘we’. You are the sole author of the work and this is not group work. You must still use formal language in the reflective diary. Please edit your work carefully before submission.
8) Please follow instructions as you will lose marks for not following instructions.
My expection:
1. You are going to write 5 topics about 5 seminars that I attended before. 3 of them were lecture seminars which included the slides and I will attach the slides along with this order.
2. There is no slides of the other 2 guest lecture topics. They are about �Power and Leadership� and �Leading Teams�. You are free to write anything about these 2 topics, Just make sure you have 2 references per each.
3. There are about 400 words and 2 references per each topics (the references can be from journal either articles or websites, No books please).
4. As the lecture said, Please do not focus on the entire seminar (do not attempt to summarise the entire seminar). The instructions clearly state to choose one or two concepts/theories from each seminar to focus on.
Thank you so much.