08 May WHAT ROLE DOES FINANCIAL REPORTING PLAY IN THE DECISION MAKING PROCESS OF THE ORGANIZATION?
Organizational Analysis Paper
Content of the paper
The goal of this project is for you to create a paper that captures the key cultural aspects of the organization you study. You can choose a local organization or the organization that you work for. When you are preparing your paper and gathering information on the company of your choice address the following areas in regards to the organization.
Introduction
History of the organization
Organization’s Mission Statement
At the end of week one, you’ll need to submit a proposal to your instructor that details the company you’re going to analyze and the people within the company you plan to speak to about the various parts of your paper. Make sure you have permission from the people in the company before you proceed with your proposal.
Address the following questions:
How does the organization develop and execute their strategic plan and budgeting process?
How does the organization’s information system help them be successful and maintain control of the business?
What types of cost controls does the organization have in place?
What role does financial reporting play in the decision making process of the organization?
What type of internal control does the organization have in place?
What types of financial performance measures exist within the organization?
What are your conclusions on the key cultural aspects of the company you’ve analyzed?
Gathering data provides you with the raw material to paint your picture of the organization. It is both an essential and vital component of this project, because it gives you the surface, shades and strokes with which to work. Data gathering enables you to take your analysis to a much deeper level and allows you to discover how others think about the organization and to integrate conceptual maps with organizational realities. Furthermore, data production compels you to develop a capacity to use colleagues as resources. There are several ways to gather data for your organizational analysis. Data can be gathered through: (1) observation; (2) interviews; (3) questionnaires; and (4) analysis of organizational records. All of these methods are great methods to use. Combining these methods can produce a more insightful analysis.
Layout of the paper
This paper should be between 10 and 14 pages, double-spaced, single-sided, 12 point Times New Roman font, 1 inch margins, with no grammar or spelling errors; include a title page, a table of contents, and a reference page at the end. The table of contents and title page will not be counted in the 10-14 pages.
The first page of the paper should be a title page. The second page should provide a table of contents that lists the major areas of the paper, along with page numbers. The body of your paper should include an introduction that briefly describes the main content of the paper. The final section of the main text should be a conclusion. Following the conclusion, be sure to include a reference page to support your paper.
This is the paper that was present for the analysis proposal. The paper should be done from this paper. If you have any question just ask. This is the paper you did at week 1 with a few changes.
Walmart Analysis Interview
Introduction
Walmart has been for years the leading supermarket in the country. As such its success lies in the general running and set up of the enterprise. In this interview given by the store manager Mr. R. Baker, the most important aspects of its success in the business can be viewed in its control management. Such issues will be discussed in this paper include; strategic plans and budgeting, information systems, cost controls, financial report and decision making, internal control, financial performance and cultural aspects. Mr. R. Baker was able to share a few of the little differences that Walmart has incorporated to establish a name in the supermarket and retail business of this country. These small but very vital aspects and steps have helped the business in growing throughout the years.
Strategic plan and budgeting
Upon the interview, Mr. R. Baker pointed out that Walmart has embarked on a strategic plan they called “Project Impact.” The strategy is aimed at three things: Save Money, Live Better; Win, Play, Show; Fast, Friendly, and Clean which is designed to minimize prices, increase consumer consumption of products through competitions and to ensure improved customer service. Mr. Baker also mentioned the enterprise movement towards e-commerce which has proven to be successful in their budget-making process, and this was prompted by the drop in stock value of the company.
Information systems
Mr. R. Baker goes on to share the type of information system used at Walmart. He informed me that Walmart is the only retail business that has the largest data banks in the world, all 460 terabytes of data which is dubbed Jane data center. The data center has significantly contributed to their success because a large amount of data can be stored and transferred easily across the country. They have also created a universal barcode that enables anyone to access all the information on all products. It has also prompted manufacturers to adopt the same barcode to put on their products.
Cost control
Mr. R. Baker the store manager goes on to share the goals of cost controls used by the enterprise. He points out the fact that the company is focused mainly on three major types which have helped greatly in the cost control process. The first is budgeting. Through budgeting, they can keep a close eye on their costs so as to see if any adjustments need to be made. Budgeting is usually done annually. The second is checks and balances. Mr. R. Baker explain it is important to keep checks and balances so as to alleviate the risks of impulsive or non-vetted expenditures by the enterprise. The third form they use is internal and external audits. An internal audit is a thorough review of budget utilization in each department. An internal audit is conducted by a company manager, finance manager or control specialist. For an external audit, they can hire an outside firm or consultant to review their books.
Financial report in decision-making
Mr. R. Baker kindly shares the key point that the enterprise’s financial report plays in their decision-making process. He explain that the financial report is critical in the decision-making process because it helps in conducting a superficial analysis of the financial statements to obtain an initial feeling for the areas that needs special attention. These areas will then be looked at and be reevaluated with a view to increasing maximum profit for the company. He goes on to say that it helps in balancing the numbers and accounts as well as formulate new strategies that will contribute to promoting the industry.
Internal control
The enterprise uses several methods in inter-map control which help in its success. The company mostly uses detective internal controls which are mainly aimed at finding errors and irregularities within the business. Such include; reconciliation, audits, physical inventories and review of performances. These are key to the company because they ensure that it has no case of fraud that may sprout.
Financial performance measures
The company has taken up a few methods in their financial performance measures that they use in the enterprise. These include; return measure which mainly focuses on the returns made by the corporation, risk measure which primarily concerns itself with risk likely to be found by the business and finally risks adjustments performance measures which help in dealing with the risk.
Conclusion
Walmart as the world’s leading retail business has provided a tremendous amount of work in delivering its services goods and customer service across the country. It has helped in making a big difference in most of the community it surrounds itself with and has made a mark in the retail business. Although there have been a few cases of it underpaying its employees, generally most of them enjoy working at Walmart. Walmart as an enterprise will continue for a very long time to remain as the biggies name in the supermarket and retail business.
Resource
Store Manager: Rodney Baker
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