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SECTION C OF CAP TK 3C - Essay Example

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I understood my role as a project manager not as directing the project, and also recognized that I cannot effectively achieve my goals without receiving the proper information on financial performance, in a timely manner. Financial account is concerned with the business language. Additionally, I have realised that this is a common channel through which all parties can effectively communicate issues of business. It is the common media through which people of all walks can effectively understand one another equally. This language has been used in the project to record different transactions and summarize the results of the project operations. It is this information, which is then used by other interested parties to understand matters of the project that they are interested with. For example, the performance reports are used by the project manager to understand whether the project is running effectively and according to the set goals. Essentially, I have come to understand that financial accounting is the backbone of any coordination and planning in an organization or a project, and it must be taken with the seriousness it deserves. Courses and Assessments that contributed to the Lessons Financial accounting and analysis Cost accounting Project management Company analysis Financial statement analysis Ratio analysis Budget planning and analysis Lesson #2: Corporate social responsibility Mount Sinai Hospital takes the responsibility of ensuring the wellbeing and health of its employees, customers as well as the stakeholders, as part of its Social Corporate Responsibility. Given that 1 in every 8 women in the US is diagnosed with cancer, the hospital recognises the fact that even some of its workers may have come into contact with cancer in one way or another. Therefore, the hospital works in partnership with other well-wisher-organisations such as Breakthrough Breast Cancer, in order to deliver a scheme that contributes funds to promote life-saving breast awareness to people that are affected. Indeed, creating cancer awareness was one of the action plans towards implementation of the current project. This helps the public and particularly the women who are susceptible to become aware of the worth of undertaking regular cancer check-ups – with this they will realize that early detection can help reduce the chances of dying from cancer because treatment can be easier. The hospital undertakes awareness with the help of likeminded partners, by use of display words and pictures on product packaging as well as on special stickers in the hospital’s women changing rooms. In addition, Mt Sinai Hospital is involved in distribution of education materials to its staff and customers across the US. When I interacted with top managers that are involved with social responsibility plans, they made be aware that social responsibility is part and parcel of the hospitals’ strategic plans, and that its unique nature is that it is not profit oriented. Instead, the programme is used as a way of giving back to the community with the expectation of benefits such as improved public image and brand awareness. Essentially, I came to understand that Social Corporate Responsibility does not lead to waste of resources especially because its long-term benefits are worthwhile. Courses and assessments that contributed to the Lessons Company analysis Management and leadership Marketing and brand ...Show more


LESSONS LEARNT Lesson #1: Application of Financial Accounting Analysis Through financial accounting, I learnt how to track the costs for different processes of the project. As a project manager, I understood the importance of financial reports in reflecting whether the project has major cost overruns, sticks in line with the budget, or if it is meeting other goals as set by the management…
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