Friday, September 1, 2017

An article on my participation at the 1st undergraduate research symposium -2017 [Exploring business Insights - ebi2017]


This event was organized by the Faculty of Management studies, Rajarata University of Sri Lanka - Mihintale, Anuradhapura District.


I got aware of this event in March of 2017 by seeing a poster at my University, National School of Business Management (NSBM): Green University in my School of Business (SOB) building notice board.

And accordingly, I followed the website given in the poster and gathered the initial information required for the participation of the relevant symposium.

The website is given below.


It was on March 27th and the Rajarata University of Sri Lanka created a special website, Twitter account, Facebook account, and a "Google +" account.

Using the relevant website registration, submission, required downloads and contact information was provided to the external viewers.

This research symposium was organized to identify and study in the fields of accountancy, finance, economics, entrepreneurship, human resource management, information systems, marketing, supply chain management, operations, Total Quality Management, tourism, hospitality and event management.

The community who organized this event was Prof. Ananda J. Patabendige, a leading professor in Business economics. He was the founder - head of the department of commerce and financial management and the founder - Dean of the faculty of commerce and management studies of the University of Kelaniya. He is an expert in Economics Management and business mathematics. His research areas are factor market distortions, employment, and industrialization. The image below is him.



The conference was chaired by Dr. K.G.A. Udayakumara, Dean faculty of management studies of Rajarata University. The image below is him.


Conference co-chair was Dr. H M B P Ranaweera who is a senior lecturer, Department of business management of Rajarata University, Sri Lanka. The image of him is below.


Conference secretary was Mrs. C.T. Gamage, a senior lecturer, department of accountancy and finance, of Rajarata University. The image of her is below.


The website was provided with registration fees and also an online submission portal of the relevant bank payment slip to the symposium.

And also a separate guideline for the requirement for submissions, submission formatting and it's online upload portal was provided.

There was a separate link to download abstract format, author's registration form, and a symposium poster.

And also contact information for the relevant parties was also provided.

By using the online references I was able to gather and formulate a basic plan to achieve my objectives and goals relevant to preparing research to submit to the symposium.

By March 31st of 2017, I shared this event among our colleagues at my university via email and facebook page for our batch.

And also I sent my first email to the event team requesting information for the participation in 31st March via email. The same day they sent me the link for the website of the event and of the relevant attachments.

Again since I was confused of the process I requested for information with related to the registration forms and they provided me with a reply email on how this research submission works.

The process is as follows,

(01) First, the student should submit the abstract in a summary to the relevant online links.

(02) After that, the reviewer's comments and evaluations are sent back to consideration with an ID where the student's given approval or rejection.

(03) After that, the student will have to send the relevant amended abstract and registration forms to 1st undergraduate Research Symposium email links if accepted.

By this same period I was studying for the Institute of Bankers of Sri Lanka (IBSL): Intermediary level (IABF) examinations subjects of Survey of Financial system (26th of March) and Financial Clients Management (09th of April). These subjects were studied with the purpose of achieving an academic background in the banking and finance sector of Sri Lanka. And also I was completing my second year at my audit firm and due to unexpected illnesses and many personal issues, my annual leave was almost over. And also I was in the last semester of my degree program so the workload was pretty high. But anyway I decided to submit for the relevant symposium taking a risk due to the requirement of participating in an event which would allow me to grow my skills related to research and presentation. I was also doing my final year research project parallelly therefore it was my final year research. It was due on 2nd April 2017. Therefore it was on par with the research symposium submission which was due on 31st March.

The abstract as per the request of the symposium requested only 350 words and also a format gave prior.

Whereas in the degree program they requested in a format used by the relevant university (University, College of Dublin) affiliated with our local university. (NSBM: GU).

My both abstracts were made parallel and I made sure they were all made according to the requirements of the relevant institutions.

I prepared my relevant submission abstract in project management and allocation of resources. The relevant sources for academic material were gathered from various entities of sources.

Title of the abstract is "A study on the relationship between project selection criteria and resource allocation of knowledge workers with special reference to KPMG: Sri Lanka"

As per the request of the symposium 5 keywords of the research article was needed.

The requested keywords are,

(01) Project Management
(02) External statutory audits
(03) Knowledge workers
(04) Project selection
(05) Organization strategy

I was doing an external statutory audit at Ekala, Ja-Ela, Gampaha district by then.

I was notified on April 03rd that my abstract was received and is accepted for review by the symposium secretariat.

And was told that I will be informed about its acceptance as soon as possible.

Then as time passed I started my introductory level research on the relevant title and its aspects. I gathered some researches done by a peer student at my audit firm who's from University of Sri Jayawardanapura ( a proposal ), A research done by a senior employee from our firm from University of Colombo and a final year complete research from a senior of our university, UCD, and NSBM: GU.

I also downloaded several research articles from Emerald insight and University College of Dublin (UCD) E-Library. And also I used several study texts related to human resource management and project management. I also referred to several websites for information.

By the time parallelly I was building on my research at my final year of the degree program. I was guided by Dr. Ravi Dissanayake from the University of Kelaniya - Department of Marketing. He constantly provided feedback on my research through emails and meetings.

Accordingly, my degree program and the banking exams came close to an end.

On April 24th I sent an email requesting notification of acceptance of my research abstract. There was no reply.

On May 4th I received a notification of acceptance of abstracts. They provided a feedback form with minor corrections. It contained an evaluation of the abstract form. And in that email, there was a request of submitting the completed final submission on 6th May 2017.

By then there was one issue. In our final research in the degree, it was only an extended proposal. And therefore only the introduction, Literature review, and research methodology were discussed.

But as per the request of the research symposium, it should be a fully fledged completed research containing a data collection, data analysis, and a conclusion. Therefore what I did was I tried to summarise these factors in a manner in which the relevant information is studied personally for the sake of submitting and participating for the symposium.

And by 7th of May, I was able to submit the abstract, full presentation and author's registration. And on 8th May I was confirmed of the receipt by the secretary of the conference.

And then I was busy with my work and also I worked on the finalization of my research at the degree.

By May 17th I received the finalization and approval of the research from the symposium secretariat.

On May 18th I was told that the symposium date was extended up to 14th June. Therefore I started paying and completing the relevant work related to the symposium.

The final submission of the research was due on the 7th of June. I received my invitation and the agenda of the event on 9th June. It was due on 14th of June.

I was provided with an invitation, the panel arrangement and powerpoint presentation outline to creating your presentation.

So I applied for leave the whole week of 12th June to 18th June to finalize both researches.

By 14th June morning, around 5 am me and my mother left for Anuradhapura in order to participate in the event.

We carried food from home for breakfast. Due to the workload, I had to complete the relevant presentation during the morning session at the premises prior to attendance.



The agenda of the event is as follows.



The registration occurred in the faculty theatre of the university.



The event started off with the usual traditional lighting of the oil lamp. And then the welcome address by the dean of the faculty, Dr. K.G.A. Udayakumara. It was addressed by the vice chancellor Prof. Ranjith Wijewardana.


Then one of the most valuable aspects of the symposium keynote speech by professor Ananda J. Patabendige.



The title and contents of the keynote speech can be identified as follows.

The issue of educated youths' unemployment and remedial measures 
By Professor Ananda J. Patabendige

As per the speaker, the purpose of the keynote speech is,

(i) Provide undergraduates to face challenges without hesitation in the job industry.
(ii) Lack of academic literature in the relevant area.
(iii) The government, private sector and even Small Medium Enterprises (SME) failed to build a job market.

As per the writer, there is "open" unemployment of 4.6%.

According to the understanding of the writer and his research paper his observations reflects that in developed countries lesser academic qualifications, it is hard to find jobs. But in developing countries higher the qualifications it is hard to find a job.

Another reason for job losses is the deterioration of product quality. When local product quality is deteriorated the suppliers are determined to import quality goods creating job losses.

And also the speaker pointed out that since 1977 onwards Sri Lanka was considered neo-liberalized business sector.

As per this analysis, it was evident that the private sector should be the driving force of growth in the economy.

As per the keynote speech job generation of the private sector is extremely low.

By the time the speech of Professor Ananda J. Patabendige's was over the vote of thanks was provided by the secretary of undergraduate research symposium.

After that, all the students and the relevant parties were provided with a refreshment.

Then the technical sessions started.

The relevant technical sessions were built on the following panels.

Panel A - Accountancy and Finance
Panel B - Human Resource Management I
Panel C - Human Resource Management II
Panel D - Marketing, Supply Chain Management, Operation, and Total Quality Management
Panel E - Economics, Entrepreneurship, Information systems, tourism, hospitality and event management.

I was assigned to Panel D.

There were 5 presenters at the relevant auditorium. There were 3 panelists involved. The panel chair was Dr. (Mrs.) G.K. Balankulama and the panel members were Mr. WMPGR Pushpakumara and Dr. DMC Dassanayake.

The presentation was done in 12 minutes by me. [15 minutes]


Overall the feedback was mediocre.

They praised the use of concepts from workplace practices, new concepts from project management and data collection.

The overall evaluation is,


Feedback 01 - Always establish a proper literature foundation (research articles you referred in the preparation of the research) and a review to the relevant independent variables and on what basis the relevant weights were established for the dependent variables discussed in the research. [Which was not evident in your research]

Feedback 02 - Establish a proper flow among the chapters of the research and show in the relevant presentation a clear idea to the readers of your research. [Which was not evident in your research]

Feedback 03 - Use proper firm and solid research methodologies to analyze the qualitative information gathered during the research process. [Which was not evident in your research]


After the event was completed we were provided with lunch and the event was concluded.


For me, it was a great learning experience to improve my skills and develop as a student.

And also I am thankful to the University of Rajarata and the team behind the event in participation.

University of Rajarata, University of Wayamba, University of Sri Jayawardanapura and the University of Kelaniya participated in the event.

I was the only private university student who represented the undergraduate symposium.

And I am forever thankful for the Rajarata University for providing me with the opportunity to participate in the event.

The following is the acknowledgment of the research to conclude the article.

The job opportunity I have as an associate trainee at KPMG: Sri Lanka was a great opportunity for learning academics, professional and career development. Therefore, I consider this opportunity as a very valuable part of my career. I am also thankful to giving me this opportunity to meet so many wonderful and talented professionals who led me through this job opportunity.

I would like to express my deepest gratitude to Mr. Reyaz Mihular (Managing Partner of KPMG: Sri Lanka), my group partner Mr. Dhammika Rajapakse, My group senior manager Mr. Azeem Uwais, my group manager Ms. Sandreen Weldt and my group assistant manager Mr. Nishantha Adhikari for giving the opportunity to take part in the audit division of KPMG: SL as a trainee associate. I would also like to give a special thanks to the human resources division of KPMG: Sri Lanka and my group colleagues for the patience, guidance, enthusiasm, encouragement and constructive criticism in the completion of the research which is incomparable.

I would also like to thank Dr. Ravi Dissanayake (the University of Kelaniya – Department of Marketing), my research supervisor for also constantly supporting me with valuable guidance and insights through emails and even through meetings in completing the research and his patience, guidance and enthusiasm are incomparable and immensely valuable.

And also special acknowledgment goes to Dr. Paul Humphreys who conducted the project management module (BMGT2003L), Dr. Eva Lee who conducted the Human Resource Management: Strategy & Policy (HRM2001L) for the batch 19 of Bsc. In Management at National School of Business Management (NSBM) and also I would like to thank Ms. K.G.G.S. Karunathilaka for conducting the Human Resource Management module for the Higher Diploma in Business Management Batch of 14.1 at National Institute of Business Management (NIBM) which was the academic aspects related to the conducted industrial research. The staff of NSBM for constant communication and research should also be thanked for immense support provided throughout the completion of the industrial research. This is an opportunity for me to highlight and improve my conceptual skills, knowledge, and attitudes.

My special thanks go to my friends and colleagues at NSBM: GU, my parents, and family for their support and great encouragement throughout my study.

I perceive this a big milestone in my career development. I will strive to use gained skills and knowledge in the best possible way to the enhancement of my career and academics.

These learnings will be taken to consideration in a positive manner to achieve desired career objectives.

Hope to continue with my future academic and professional endeavors in full cooperation with all of you in the future.

Friday, May 12, 2017

Cake theory and Last moment theory






The last article introduces a very primary level introduction to the CAKE theory or model.

It's a basic project management tool to plan and execute a project in a methodical manner.

CAKE theory or model and the last moment theory or last moment scenario is like the, X and Y theory of motivation in Human Resource Management. They reflect the worst two cases of the extreme ends of the relevant theory.

Theory X and Theory Y are theories of human motivation and management. They were created and developed by Douglas McGregor at the MIT Sloan School of Management in the 1960s. These theories describe two contrasting models of workforce motivation applied by managers in human resource management, organizational behavior, organizational communication, and organizational development.

According to the models, the two opposing sets of general assumptions of how workers are motivated to form the basis for two different managerial styles.

Theory X stresses the importance of strict supervision, external rewards, and penalties: in contrast, Theory Y highlights the motivating role of job satisfaction and encourages workers to approach tasks without direct supervision.

Likewise CAKE model and Last Moment Theory are theories that describe the two contrasting models of project management scenarios.

Still, these are not being analyzed and data gathering is not done to conceptually build the framework for the two models but the basic fundamental foundation is built to analyze the relevant core areas through two extreme ends.

Basically CAKE Model will be the basis for perfect execution of a project, and The Last Moment theory will be a reflection of the opposite.



References


Websites




·         Website Title – Wikipedia. Article title – Theory X and Y. [Online]. Available at: https://en.wikipedia.org/wiki/Theory_X_and_Theory_Y     (Accessed date: 2017/05/12) 

Wednesday, May 10, 2017

Cake theory




"Cake theory" is a concept conceptualized during the end of my internship [June 2015 - December 2015] at a leading licensed commercial bank (Sampath Bank PLC, Sri Lanka) to conduct an individual research to partially fulfill the Higher Diploma in Business Management (HDBM) at National Institute of Business Management (NIBM).

With the commencement of my bachelor of science degree in business management at National School of Business Management (NSBM): Green University (GU) with the affiliation of University College of Dublin, Ireland, I was exposed to project management module which was one of the main conceptual frameworks related to my Cake Theory.

Cake theory or later a more accurate title cake model will reflect on the project management aspects of how to manage time and resource in completing tasks.

Like the PDCA[Plan, Do, Check, Act] in TQM[Total Quality Management] and four steps in management, this will be structured in a manner in which how to execute a project management function based on "time".

Cake theory also is a political theory, related to socialism.

Cake theory (simplified Chinese: 蛋糕论; traditional Chinese: 蛋糕論) is a metaphor about economic development and the redistribution of wealth in the political discourse of China. It emerged in 2010 as problems with an increased wealth gap became gradually more apparent. If economic development is seen as analogous to baking a cake, one side of the debate suggests that development should focus on 'dividing the cake more fairly,' while the other says development should be focused on 'baking a bigger cake.'

In conclusion, this will be the initial stage of research on my analytical approach to project management.


References

Images

·         Title: Cake Theory: Why Science is excited by food? (2017). Format: (Jpg.). Available at: https://www.ft.com/content/517cd716-36bf-11e3-8ae3-00144feab7de (Accessed date: 5/9/2017)

Websites

·         Website Title – Ft (Financial Times). Article title – Cake theory: Why Science is excited by food. [Online]. Available at: https://www.ft.com/content/517cd716-36bf-11e3-8ae3-00144feab7de   (Accessed date: 2017/05/09)


·         Website Title – Wikipedia.com Article title – Cake theory [Online]. Available at: https://en.wikipedia.org/wiki/Cake_theory    (Accessed date: 2017/05/09)

Monday, April 10, 2017

Getting the best out of an internship



For the completion of the degree program that I am currently following  at NIBM/NSBM [National Institute of Business Management / National School of Business Management] which is affiliated to University College of Dublin, Ireland there is an independent study to be made in completion of Advanced Diploma in Business Management (ADBM) and a business project and industrial training for Higher Diploma in Business Management (HDBM).

To complete the business project and an industrial training I was able to participate in a six month [June 2015 - December 2015] internship at a leading licensed commercial bank which is Sampath Bank PLC, Sri Lanka.

I was assigned to the Development Banking Unit of Sampath Bank PLC. It was located in the heart of the city of Colombo, Sri Lanka.

It was a great learning experience and as my first professional working experience, I was able to gather many skills that helped me to improve myself as a person and a professional and also things that I can use to the future.

In summary, those are,

(01) Professional Skepticism
(02) Research skills
(03) Business ethics and practice
(04) Basic Functional role of a credit officer in a Licensed Commercial Bank and the basic banking functions

During the six month internship, I was able to analyze and study microfinance documentation - creditor personal information & credit papers, use of financial spreads or statements, study project financing through the preparation of credit papers & reviews and conducting an industrial training on par with academic life.

As a special note, I should say the support from the department I worked was extremely helpful in understanding my limitations and educational backgrounds.

From manufacturing companies, power plants[Renewable energy plants, wind power plants and solar power plants], hotels and many small and medium enterprise [SME] level companies were studied, and relevant background research was conducted for risk management purposes, project feasibility analysis, credit papers & reviews based on fund disbursement to the debtor were conducted during the six months which was one of my major tasks during the internship with the guide of my senior supervisors at the bank.

There is special risk management (RM) Information system used by Sampath Bank PLC, which is 'Kalypto' (Brand name of the Risk Management System).

This RMIS allows the bank to make the relevant risk assessment of the client based on the audited financial statement (AFS) for the relevant financial period and accordingly continuos credit disbursement is conducted to the client. Other external factors are also taken into consideration based on the guidelines of the Relationship Manager.

And also during the six (06) months I was able to analyse and study an environmental management system (EMS) proposed to credit departments who finance projects that have a significant relevance to the nature and environment, and with special reference to the environmental management (EM) module from the HDBM I was able to provide suggestions for the EMS which is prepared according to the guidelines provided by Asian Development Bank (ADB) affiliated with the Central Bank of Sri Lanka (CBSL) in order to empower licensed commercial banks of Sri Lanka to achieve sustainable development in the country. 

I also conducted an analysis of customer orientation of licensed commercial banks of Sri Lanka with special reference to the Licensed Commercial Bank I worked [Sampath Bank PLC] was conducted as an additional project.

The following analysis of the customer orientation and customer services of licensed commercial banks in Sri Lanka was conducted through theoretical knowledge of marketing management and by doing a field study of visiting the relevant organizations to identify customer service, its effectiveness, and efficiency (productivity) to the customers and by that adopt proper measures to avoid customer dissatisfaction.

The internship I did in the banking sector was in the development banking department which every bank has as a credit unit. It provides financing for business start-ups and other different projects as I mentioned above, I was under the sub-division of microfinance and project finance.

Under that, I was also able to go through a training project organized and sponsored for managers of Sampath Bank PLC conducted for competency development on entrepreneurship and SME project financing. This training was conducted by CEFE Net: Sri Lanka [CEFE - Enterprise Education for Success], a member of CEFE international.

And also for the partial fulfillment of the HDBM, a study to identify the reasons for low market share for - Microfinance Loans of Sampath Bank PLC, a research was conducted with special reference to northern and eastern provinces of Sri Lanka.

This was management research covering the subject matter of microfinance theories, human resource management, and marketing.

And overall I was able to participate in financial clients management as well. Many of the banking terminologies were able to be learned during the study of  6 months allowing me to understand the industry norms and its functions and how it affects the business of LCB's.

The skills and knowledge gained were not done simply. I had to use some tactics to get the maximum out of the internship.


(01) I showed eagerness to learn. I was new to the banking industry and I was able to establish myself among the others and also to maintain a good rapport among superiors.

(02) I did extra work. I was able to execute some of the external personal skills development.

(03) I was able to maintain a personal learning journal to refer to when there is a need to study them.

(04) I worked late. Come early.

(05) I was patient and was able to learn my skills development without ego for myself.


These are very common traits and I'm not saying I did a perfect internship.


These are the feedback to improvement from my seniors after an internship on my last day.

- Boss / Head of the department [Mr. Asantha Punchihewa] ->

Very impatient and careless. If you work on impatience you will be able to increase your accuracy and productivity.

And also try to manage personal relations with all management tiers equally.

- SME: Senior Relationship Manager [Mr. Ranjith Abeykoon] ->

Your 24 years old. While the degree is completed try to get another qualification and work experience because you're gonna need a good job by '30s.

- Project Finance: Senior relationship manager [Mrs. Nelum Fonseka]  -> Learn to prioritize thing that matters most. Especially for education.

- Project Finance : Executive [Mrs. Dhananjie Disanayake] ->

(01) Concentration and memory
(02) Discipline (Respect the seniority)

Overall as a summary, these are the personal learnings.

(01) Don't go by the book.
(02) Study well and balance work.
(03) Concentration.


References

Images
·        
      - Title: Internship (2017). Format: (Jpg.). Available at: https://www.shutterstock.com/image-photo/internship-benefits-businesseducation-conceptual-416331709?src=PvIeSCMMfY9jhOCypTpidQ-1-0    (Accessed date: 4/10/2017)

Wednesday, March 1, 2017

Project management : Practical implementation of learnings made in business school



I am a student who joined a degree program at the age of 23, which is quite above in age comparing to others.

So basically I was the oldest student at the institution, I studied business management.

It's a bachelor's degree in business management from University College of Dublin, Ireland affiliated with the semi-governmental institute NIBM (National Institute of Business Management) and NSBM (National School of Business Management) of Sri Lanka.

In the third year, I was exposed to an interesting module during the study where many of its learnings were used in practical life at a career in the workplace in 2016 [KPMG: Sri Lanka]. 

This module was "Project management: The managerial process".

Now why project management became a special reference as a learning tool in the career for me?

In the year 2016 there were many goal attainment objectives (personal, academic and professional) and to achieve them step by step I used and required a methodical guideline.

For this, several simple project management theories were helpful for me during my studies at work.

The definition of a "Project" is as follows,

A project is complex by time, budget, resources and performance specifications designed to meet customer needs.

The definition of a "Program" is as follows,

A program is a series of coordinated, related, multiple projects that continue over an extended time and are intended to achieve a goal.

Now as an external auditor a series of many sub-function are involved in completing a financial statement audit. (FSA)

And project management came along just fine in the future as my auditing career progresses.

It is because of the following characteristics,

There is a specific period to finalize an audit and therefore as a business management student use of project management in the relevant auditing functions is highly required. But since I'm in the trainee level, my level of audit planning work is extremely low and therefore only thing I was supposed to do was to complete my assigned audit procedures and relevant workings before the deadline as per the instructions of the supervisor.

But I used project management in achieving the strategy. Strategy linked to projects. These projects are my academic and personal life. 

Many of my academic life achievements like in the degree program and banking was made through planning facing the exams systematically through studying and preparing.

As I discussed above the definition of a project can be used to imply in the scenario of project management, this provides people with a powerful set of tools that improves their ability to plan, implement, and manage activities to accomplish specific organizational objectives.

But project management is more than just a set of tools, it is a results-oriented management style that places a premium on building a collaborative relationship among a diverse cast of characters.

Though doing some exams alone without colleagues like CIMA and IBSL: IABF. Doing the degree program was a collective effort. These required a high level of basic project management. It was mostly based on experience rather than theoretical practice.

Now one of my previous articles with the abbreviation BMYM ( Link -> https://businessstudentbs.blogspot.com/2017/01/business-management-your-mind-bmym.html) discussed aspects like implementing business management theories in exam preparation.

But concepts in project management can be also discussed in these aspects with reference to exam preparation in a more deeper sense with more application and user-friendly nature with an elaborated guideline.

To understand this the definition of the project life cycle and its steps are given.

The project life cycle is one aspect where we can pre-plan our goals and objectives of project achievements.

01. Defining  
02. Planning 
03. Executing 
04. Closure

Now every time I worked in projects, I role-played a project manager in repetitive activities I was assigned and frequently acts independently and study my growth against the previous audits.

Project Management as a subject is a diverse area and many of its metrics and other aspects should not be considered in this analysis due to the primary level of application.

I'm also hoping to do my industry level research of my current audit firm and is planning to use project management as my core study area in order to establish a deeper study into theory and practical implementation.

And personally, I was able to learn many team building skills during audits through studying concepts like Management By Wandering Around (MBWA).

So overall the purpose of this simple article is to establish the importance of theoretical subjects like project management in Business management in order to expand into better quality work and results in academic, professional and personal life.

References

Images

·         Project Management (2017). Title: (Jpg.). Available at : https://www.shutterstock.com/image-photo/project-management-ideas-development-graph-concept-380671153?src=C9nSBmCDYRJy4Xci-903nQ-1-6 (Accessed date : 2017/02/26)

Pdf

·         Humphreys, P. (2016). Title: Project Management (BMGT2003L) – Study guide. Publisher: University College of Dublin – External courses, Pages: 50 pages. Available at : https://elearning.ucd.ie/webapps/blackboard/content/listContent.jsp?course_id=_558037_1&content_id=_924051_1&mode=reset (Accessed date : 2017/02/26)

Presentations


·         McGraw-Hill/Irvine (2011). Title: Project Management – The Managerial Process

Friday, January 27, 2017

Misguided Business Student




My year of 2016 at the age of 25 as an entry level accounting/auditing professional at KPMG: Sri Lanka was havoc.

As an undergraduate who follows two professional courses, one in "accounting" and other in "banking" who happens to have an addiction to excessive entertainment and tendency to get depressed like I said going to Colombo was high-risk decision making.

And it happened as always the way we expected it to happen.

Many of my "academic and professional life goals" were achieved with marginal success rates.

Academically and professionally combined my priority as education should be passing and getting to touch with CIMA: Chartered Institute of Management Accountants.

But since I used self-study techniques and also my mistake of over-prioritizing banking and the degree negatively impacted on me.

So basically I failed CIMA which should be the foundation to my accounting and auditing career.

And my career was also extremely volatile.

It did not respond as positively as I hoped it would. It was my fault.

Like I said Lack of knowledge in MS Excel, Sri Lanka Accounting Standards (LKAS) and Sri Lanka Auditing Standards (SLAuS) negatively impacted on me.

And then again I myself as a professional did showed a lack of interest at work due to a variable lifestyle in the year 2016.

The established skill set from 2015 during the Internship at Sampath Bank PLC (June 2015 to December 2015) and from NIBM (National Institute of Business Management) was uprooted in a year due to misguided personal behavior by me.

I also had to follow a strict social media guideline of our entity. I did not break any legal areas but there were many ethical concerns in my opinion.

My degree in business management was a degree specialized in business administration. It helped me out to build on the overall professional life, but my prioritizing on three academic courses was a failure in the sense of grasping core subject matter.

And in conclusion, the final ending for this article is simple. This is like a simple walkthrough of a year of an accounting/auditing professional and accordingly identifying his or her problems to be a better business student and a professional in future which is highly required and this is the guideline through 1-year experience by me.

This is more like a self - evaluation. So others can learn from my mistakes.


References

Image: Chalkboard with question marks (2017). Format : (jpg) Available at http://www.freepik.com/free-photo/chalkboard-with-question-marks-and-a-hand-with-a-chalk_1030091.htm#term=confused&page=1&position=4 (Accessed date: 2017/01/28) 

Sunday, January 15, 2017

Business Management Your Mind (BMYM)




Now, this article on "managing your mind" may look like covering aspects like "business psychology", "strategic human resource management" and "marketing".

But basically it’s a simple depiction of the use of "fundamental management principles" in day to day activities, and especially referring it to "studying" for a six month intermediary level accountancy subject specializing in the "banking sector" of Sri Lanka, which I sat for and studied for in "two weeks" and passing the exam with "an acceptable result".

Now let’s lay down the principles of theoretical tools used in this practical scenario of "the project" of passing the business accounting module in the "Intermediary of Applied Banking and Finance (IABF)".

Basically "basic 4 steps of management" as per the knowledge gained from "the bachelor’s degree in business management" is used, which is laid down below,

      (01) Planning and decision making   
      (02) Organizing
      (03) Leading
      (04) Controlling

Now, these "four steps" are the basics of decision making in any organization’s management function.

Now BMYM or “Business Management Your Mind” is an "abbreviation" use to reflect on the implementation of "four steps in management principles" to achieve an exam based objective attainment which is related to "professional" and "academic" life.


Now basically the "first step" as per the above situation is,
 

      (01) Planning and decision making


First of all the study guide issued by the Institute of Bankers of Sri Lanka (IBSL) was used to extract basic guidelines for the exam.

(i)                  The results categories and it’s variety are,

A – Distinction – 85 < xxxx
B – 75 – 84
C – 65 – 74
S – 45 – 64
F – 45 < xxxx [Fail]

(ii)                Business accounting syllabus "objectives" and "contents"

Now that the targets, goals, and objectives are clear, a "plan" on how to achieve these in two weeks was established.

And also "syllabus areas of the subject" was also studied and the "relevant study material" was gathered.
                            
From IBSL class notes, external study material related to business accounting (Chartered Accountancy study material and Chartered Institute of Management Accountancy [CIMA] study material) and past papers for IABF from IBSL were collected to prepare for the exam.

And also an external tutor from newspapers was found to gain study support. His name was Mr. Chandana Prasad. He was contacted and the relevant objectives attainment plan was established.


      (02) Organizing


Now since with work at "the external audit firm", "studies at the bachelor’s degree program", "self-studies of Chartered Institute of Management Accountancy (CIMA) : UK" and "self studies for Banking" is a lot of functions at once, it is required to "organize" the relevant work properly.

Therefore prior to the exam before two (02) weeks sequentially the following functions were established and checked off from the list in "(03) Leading" and "(04) Controlling" which are the next two functions in the basic objectives.

The "list of functions" to be achieved is basically…….

(i)                  Four (04) classes of 2 hours were put on the "last weekends" prior to the exam contacting the tutor "Mr. Chandana".

(ii)                Since prior to the exam requires "study leave" it was applied with the discussion of the supervisor at the firm not clashing with professional life.

(iii)               A study schedule was established to work on the exam according to the different study areas categorizing them for the 14 days in 2 weeks prior to the exam. This was based on past paper references.

(iv)              Getting approved the exam admission.


      (03) Leading

Leading a personal, singular and individual objective should be based on personal discipline.

The study was personally followed up with the "daily diary" and "problem areas" were studied accordingly.

The "admission" was approved and all the above "checklist" was followed up accordingly.


      (04) Controlling
   

      To avoid deviation of work performance entertainment and additional activities were reduced to achieve examination, objectives, and goals. 
      
      The examination was passed with a “Result of an S” which is satisfactory considering the time period and the workload.                                                                                                                                   
   
      But since it is marginal, the "effectiveness" of the relevant function is questionable. "Efficiency" was there since the objective of passing the exam is existent. Basically, the management function is half done.                                                                                                                                                   
   
      Productivity (Efficiency + Effectiveness) is not there.
      
      Now the purpose of this article is to provide a guideline to personal goal attainment using business management principles.

      This function is related to professional and academic life goal attainment.




Hope it helped.

Thanks.


References

Presentations and lectures


  •               Ranawaka. K. (2013), Principles of management.

Websites

·        Chapman. A. (2016), Time management techniques and systems, Businessballs.com. Available at: http://www.businessballs.com/timemanagement.htm (Accessed date: 25th December, 2016 / Time: 11:23 PM)

·       CollegeBoard.com (2016), Principles of Management, Available at: https://clep.collegeboard.org/business/principles-of-management.html (Accessed date: 25th December, 2016 / Time: 11:30 PM)

Images

·       Bellier, F (2014), Clear Mind Factory (Image : Jpg), Available at : http://clearmindfactory.com/ (Accessed date : 25th December, 2016 / Time: 11:42 PM)