farah-financial-reflection

[farah-financial-reflection]

Week 10 : Organisational Structures

This is another chapter that fascinates me as I learn that design and structure of an organization play a crucial role in its success and adaptability to change. This chapter discusses on job design, organization architecture, types of organization structures, and organizational change. These are the factors that contributes to the importance of aligning structure with strategy and considering factors such as environment, technology, and human resources. The concept of moving from a centralized to a decentralized structure to accommodate company expansion emphasize the need for flexibility and responsiveness in an evolving business. Embracing change and actively working on personal and organizational evolution are key themes that resonate throughout this chapter, emphasizing the significance of continuous improvement and adaptation in the dynamic business environment.

[farah-financial-reflection]

Week 9 : Human Resource Management

This topic is interesting as I get to know how HR works! HR management plays an important role in the success of organizations. The importance of engaging and motivating staff to accomplish organisational goals is demonstrated by the focus on performance management, feedback, job design, and rewards. The most significant scenario that makes me understand more on this topic is the scenario about the challenges faced by managers in making critical decisions promoting the wrong person due to plagiarism. As a future leader, I recognize the significance of strategic HRM practices in fostering a positive workplace culture and driving employee performance. Understanding current trends, such as remote work preferences and the needs of millennials is essential for adapting HRM strategies to meet the evolving demands of the workforce. This reflection reinforces the idea that effective HRM is not only about managing resources but also about nurturing talent and creating a supportive environment for employees to thrive.

[farah-financial-reflection]

Week 8 : Leadership Model

I have just finished the lecture on Leadership Model! The complexity of leadership and its cultural aspects really get to me in a way that every country has its own leadership model. The distinction between leaders and managers is particularly insightful and the importance of vision and influence over mere operational efficiency is highlighted. The cultural examples used in the class shows how leadership styles vary globally, underscoring the need for adaptability and cultural intelligence in leaders. The scenarios used for role-playing offer a practical approach to understanding the dynamics of power and influence in different contexts. Overall, this chapter emphasize the complexity of leadership and the continuous learning required to be an effective leader across diverse situations and cultures.

[farah-financial-reflection]

Week 7 : Motivation

Here I learned the concept of motivation in the context of engineering economics and management. The theories are : Expectancy Theory, Maslow's Hierarchy of Need, Herzberg's Motivation Hygiene Theory, and Equity Theory. I learned that every individuals are motivated by different needs, and once their lower-level needs are satisfied, they are motivated by higher-level needs. Achievement, recognition, work itself, responsibility, and relationships are the list of motivators for individuals. This theory is not only applicable in working environment, but I cam implement it also in my life as student. For example, leading my society or group assignment. This not only help other people in finding motivation to do the other but it help myself as well to be motivated to get my job done.

[farah-financial-reflection]

Week 6 : Investment Decision

I learned that a good understanding of financial metrics is important in making informed investment decisions. The concepts of MARR, payback period, ROR, and NPV are the fundamental metric that enable engineers and managers to evaluate the viability and profitability of projects. MARR acts as a baseline for project acceptance, adjusted for risk and opportunity cost, underscores the importance of aligning investments with the company's financial strategy. The payback period is a quick indicator of an investment's liquidity. ROR and NPV on the other hand, provide a more comprehensive view by factoring in the time value of money. The principle of discounting reinforces the preference for present value over future returns. This also emphasize the need for a disciplined approach to evaluating long-term investments. Its a great knowledge but I am still confused!

[farah-financial-reflection]

Week 5 : Book Depreciation Methods

In this chapter, I learn different depreciation techniques for financial management and accounting. The methods covered are the straight-line method. It use when the cost of an asset evenly spreads over its useful life. Next, the declining balance method, where it accelerates depreciation expenses in the earlier years. The unit-of-production method aligns depreciation with the asset's output where it is particularly useful for manufacturing contexts. These methods above highlight the importance of accurately calculating depreciation in order to reflect the true value of assets over time. Based on the examples, I learned the impact of each method on book value and financial statements, emphasizing the need for careful consideration when selecting a depreciation strategy to ensure accurate financial reporting and decision-making.

[farah-financial-reflection]

Week 4 : Depreciation

I learn that every asset has its value after their useful life. Value here is as in money! It means whatever we invest, we will gain money (only if calculated!). Depreciation here is not only helps in accurately represent the value of assets on the balance sheet but also plays a significant part in financial planning and decision-making. Economic and accounting depreciation are different but it was particularly insightful. While economic depreciation considers external factors affecting asset value, accounting depreciation systematically allocates the cost of tangible assets over their useful lives. This underlines the importance of considering both perspectives in financial evaluations, ensuring accurate profit calculation, and efficient asset replacement strategies. Having the understanding of depreciation is important in order to make an informed investment decisions and maintaining the financial health of a business. I just found out that my mom's NCD is high after nearly 9 years owning cars and its a good sign!

[farah-financial-reflection]

Week 3 : Cost Concepts Relevant to Decision Making

This topic I learned various cost accounting principles and their applications comprehensively. Key concepts that are covered are traditional versus activity-based costing, elements of costs and overhead, and cost-volume-profit analysis. I learned the importance of understanding different types of costs such as sunk, opportunity, fixed, variable, recurring, non-recurring, direct, indirect, and relevant costs. This is important for effective decision-making in engineering and management. Through the examples I learned, it demonstrates how to calculate break-even points, life cycle costs, and the implications of different costing methods on financial performance. This knowledge is essential for making informed economic decisions in an engineering context.

[farah-financial-reflection]

Week 2 : Behavior of People in Organizations

This chapter share an insightful exploration on how human behavior affects organizational dynamics. The key concepts are Hawthorne Study, which it shows how individuals modify their behavior when they know they are being observed. It highlights the importance of managerial attention on employee performance. Next, the Basic Organizational Behavior (OB) Model, Behavioral Management Theory, and McGregor's Theory X and Theory Y offer frameworks for understanding different management styles and employee motivations. These studies done the in-depth analysis of both individual and group roles, together with the organisational problems discussed and highlights how difficult it is to promote productive teamwork. These concepts are good to use in reflecting emphasizes the significance of empathy, ethical behavior, and the need for balancing individual differences with organizational goals for better performance and job satisfaction. Considering current issue I heard at my mom's workplace, I might as well use Theory X and Y later in my group assignment

[farah-financial-reflection]

Week 1 : Management Function

Through this topic, I gained valuable insights of the four fundamental aspects in management function which are : planning, organizing, leading, and controlling. This topic highlighted how these functions are dependent and important for effective management. Planning starts with setting the objectvies and determine the best course of action to achieve them. Next, prganizing require allocate the resources and assign tasks to ensure smooth execution. More, leading focuses on motivating and guiding the team members in achieving the organizational goals. Finally, controlling involves monitoring performance and making necessary adjustments so that the team stay on track. Understanding these functions emphasized the importance of strategic thinking, effective communication, and continuous evaluation in management. This approach is essential for successfully managing projects and driving organizational success.