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Managerial Decision Making - Essay Example

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Managerial Decision Making

I have also been asked to perform a self evaluation of the decisions made and to evaluate them myself as to whether I think they were a success or failure for the organization. My supervisor has asked me to email him this evaluation as part of my own yearly evaluation which will be used to decide my yearly bonus, so I have decided to make it as professional as possible. Discussion In posting my self evaluation regarding some recent decisions that I have made for the college, I have decided to evaluate each decision in terms of the six steps mentioned by Bazerman and Moore (2008) in their text and use this as a guide to determine whether each decision was a success or a failure. In this context I would like to define success as being an outcome where it has resulted in a reduction of effort on the part of staff or automated a process or reduced cost or improved the quality and efficiency of the college and its staff. If it did none of these things, I would regard it as a failure. The Office of Fiscal Affairs where I work is responsible for receiving and allocating funds for college use, as well as safeguarding financial assets. We must also conform to all Federal and State laws as well as maintain adequate internal control over the assets with which it has been entrusted. As the Senior Accountant, my objective has always been to minimize burdensome and time-consuming procedures in order to affect the flow of business transactions as smoothly and conveniently as possible. In this post, I will share with you some of my findings from the audit and how I intend to fix them as well as avoid repetitions of these errors in the future. Finding 1: Grant Expenditures Coded to Operating Expenses During my audit I noted that there were no set procedures for the invoicing of grant expenditures. Many costs that were allowable as Federal and State grant costs were recorded as general costs instead. The Finance Director and the Grants Manager did not coordinate and review the expenditures for inclusion as Federal or State grant expenditures. The current invoicing practice has contributed to the College’s delay in recording revenue in a timely and accurate manner. The optimal decision would be to correctly code allowable costs to the proper Federal and State grants so as to increase cash collections and better maintain the accuracy of the Grants Receivable balance. I strongly suggest that management investigate this problem and I further suggest that a formal policy and procedure be adopted to classify revenues, costs and expenses so that accounting personnel have a clear responsibility and involvement in the approval of invoices sent to the College’s grantors. In fact the College has procedures in place for processing grant expenditures. The previous administration elected not to use these processes which include collaboration with the grants department, administration and the business office. The College is reviewing this process and taking appropriate action to ensure that clear responsibility for the approval and classification of expenditures are understood in expenditures of Federal and State grants. The review process includes more involvement of the Grants Office and the Accountant in the Business Office that is responsible for accurate expenditure and billing for ...Show more

Summary

  Unit 1 Managerial Decision Making Discussion Board Question Name of the Writer Name of the Institution Unit 1 Managerial Decision Making Discussion Board Question Introduction We go through life making a number of decisions every day. Some of them are considered routine and ordinary, such as deciding the attire we will wear for work from day to day-while others are life changing and could affect our future in very definite ways…
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Managerial Decision Making essay example
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