Essay on Rapid Decision Making Process in Army

Topics:
Words:
1404
Pages:
3
This essay sample was donated by a student to help the academic community. Papers provided by EduBirdie writers usually outdo students' samples.

Cite this essay cite-image

The Sri Lankan Army is the oldest and largest of the Sri Lankan Armed Forces. Established as the Ceylon Army in 1949. It was renamed when Sri Lanka became a republic in 1972. In 2010, the Army had approximately 200,000 regular personnel, between 20,000–40,000 reserve personnel, and 18,000 National Guardsmen and comprised 13 operational divisions, one air-mobile brigade, one commando brigade, one special force brigade, one independent armored brigade, three mechanized infantry brigades and over 40 infantry brigades. From the 1980s to 2009 the army was engaged in the Sri Lankan Civil War. The professional head of the Sri Lanka Army is the Commander of the Army, currently Lieutenant General Shavendra Silva. The Commander-in-Chief of the Sri Lankan Military is the President of Sri Lanka, who heads the National Security Council through the Ministry of Defence, which is the highest level of military command charged with formulating, and executing defense policy and procurements for the armed forces. Operations of the Sri Lanka Army are coordinated by the Joint Operations Command, with other two armed forces.

The purpose of accounting is to provide financial information to business management stakeholders, investors, and creditors. Summarizing the accounting process the company's activities and its interaction with management and other focus parties. Managers need accurate financial data to make bright decisions. Accountants are the people who build this information. Accounting Process During data collection and submission of various reports. Accountants help to interpret reports and suggest ways to use this information to respond to business problems. Accounting can be classified into two types. Such as management and finance. Financial accounting helps to maintain the management accounting business while reporting how well it performs. Management Accounting produces internal reports designed and used for management. These reports have been redesigned and tailored to the needs of individual managers and are generally not passed on to the parties involved. Examples of management accounting reports include aging of accounts receivable, inventory levels, monthly sales, and accounts payable. Internal accounting reports are also used to prepare budgets and forecasts. Businesses must comply with government regulations and pay corporate income, social security taxes, and sales tax. Fines and penalties can be imposed if something goes wrong in reporting income. Successful organizations create plans to achieve their goals. Accountants make sure the filing is done correctly and on time. These plans include cash flow projections, sales planning, fixed asset purchases, and inventory levels. Budgeting is essential to running a successful business. Accounting uses historical quarterly data to lay the groundwork for future budget and cost control. With this information, managers can create overhead budgets and sales plans and create cash flow projections. Manufacturing companies use cost accounting to calculate the cost of production, determine rapid sales volume, and set optimum inventory levels. An important responsibility of management is cost control. They monitor general accounting records to ensure that costs remain within the budget. Managers need to know how much it costs to build their products to develop pricing strategies that allow the company to make a reasonable profit. Historical quarterly data analysis will provide the basis for making predictions and making plans for achieving those goals. However, to do this, managers must have a predetermined operating cost to use as a yard for measurement. Take an arms manufacturer, for example. The company's accountants have determined that the cost of the product will be $ 2.57 per unit of materials, $ 8.38 in labor, and $ 3.16 per unit in applied production costs. The total production cost for a weapon is $ 14.11. The selling price is $ 23.51, which gives the company a gross profit margin of 40 percent. With these numbers in hand, management can be sure to monitor production costs weekly or monthly. the problem and take corrective action. Accurate accounting of manufacturing costs for each product is essential to the development of a sales plan and a projected product mix. More than likely, each product will have a different gross profit contribution, and management must establish sales goals for each item to reach the overall gross profit level needed to cover overhead and produce the target net profit.

Financial ratios are vital metrics used to gauge the performance of all aspects of a company's condition and operations; accounting provides the data required to construct these ratios. A company's liquidity is measured by the current and quick ratios. Profit margins and expenses are reported as percentages of sales and compared to budgeted benchmarks. Financial leverage is a ratio of total debt to capital investment. Managers often meet with department heads to discuss possible changes in strategies and operations. They explore various 'what-if' ideas. For example, what would happen if the company decided to improve profits by cutting administrative salaries? Would that be a good idea? Probably not. Employees don't like cuts in their wages. But what if the managers chose to stimulate sales by lowering the selling prices of the products? Profits per unit would go down, but the decrease would hopefully be more than made up by the increased sales volume. An accounting analysis and projection would help clarify the results of this decision and determine if that strategy would be a wise move. Financial accounting produces reports for external users, such as owners, investors, employees, creditors, unions, and government agencies. These reports for external use are the profit and loss statement, balance sheet, and cash flow statements. Unlike internal management accounting reports, financial statements prepared for outside users are compiled using Generally Accepted Accounting Principles. Financial accounting reports whether the company made an adequate profit and how likely it is to pay dividends to shareholders. Curious investors will examine the financial statements to gauge the safety of their investments and potential for future growth and increase in value. Employees will look at the statements and get an idea of whether they can expect raises or increased contributions to pension funds. Accounting reports, both managerial and financial, are essential to productively managing any company or organization. There is no substitute. Not having accurate and timely information about how effectively a business is running is a recipe for disaster. Running a business requires accurate data about the company's assets, liabilities, profits, and cash position. Accounting provides this crucial information. Accounting plays a significant role in evaluating the viability of investments. Proper consideration of an investment demands a careful analysis of costs and projections of expectations for future cash flows. Certain criteria, such as determining hurdles to return on investment, must be met. Consider the decision managers often face of whether to invest in a new plant or expand the existing facilities. A choice might be to invest $1 million in a new production facility or spend $300,000 to expand a production line. Each alternative will have different cash outflows in the beginning and varying future cash inflows. Each approach will have a different return on investment. So, which one should management choose? The company's accountants will analyze the figures for each investment, calculate the rate of return for each project, and present their findings to management. This is a situation where accounting procedures produce the relevant financial data that management needs to make intelligent decisions. They also have to explore the various ways to finance these investments. Decisions must always be backed up with valid facts and figures.

Save your time!
We can take care of your essay
  • Proper editing and formatting
  • Free revision, title page, and bibliography
  • Flexible prices and money-back guarantee
Place Order
document

Organizational Decision Making always involves choosing to alter some existing condition. It is choosing one course of action in preference to others. When the decision is being by management on behalf of the organization, it is expending some amount of organizational or individual resources to implement the organizational decision-making.

It is not a single, self-contained event: it is a complex process that extends over some time. Decision-making always includes uncertainty and risk. Humans have bounded rationality we do not know all of the consequences of our actions. Sometimes a policy of organizational decision-making can lead to an externality or unintended side effect. These externalities can be positive or negative. Decision-making is one skill that can be approached in so many ways. Three methods discussed here are the Rational Model, Incrementalism, and Mixed Scanning.

The Sri Lankan army is the biggest organization in Sri Lanka. therefore it should be manageable organizational decision-making ability. and also it should be combined with the role of accounting. therefore I have mentioned the details above correctly. Therefore we can understand how organizations run with the role of accounting in organizational decision making. In the Sri Lanka army, This is the main role of accounting in the organizational decision-making circle of all other organizations.

Make sure you submit a unique essay

Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions.

Cite this paper

Essay on Rapid Decision Making Process in Army. (2024, February 29). Edubirdie. Retrieved April 17, 2024, from https://edubirdie.com/examples/essay-on-rapid-decision-making-process-in-army/
“Essay on Rapid Decision Making Process in Army.” Edubirdie, 29 Feb. 2024, edubirdie.com/examples/essay-on-rapid-decision-making-process-in-army/
Essay on Rapid Decision Making Process in Army. [online]. Available at: <https://edubirdie.com/examples/essay-on-rapid-decision-making-process-in-army/> [Accessed 17 Apr. 2024].
Essay on Rapid Decision Making Process in Army [Internet]. Edubirdie. 2024 Feb 29 [cited 2024 Apr 17]. Available from: https://edubirdie.com/examples/essay-on-rapid-decision-making-process-in-army/
copy

Join our 150k of happy users

  • Get original paper written according to your instructions
  • Save time for what matters most
Place an order

Fair Use Policy

EduBirdie considers academic integrity to be the essential part of the learning process and does not support any violation of the academic standards. Should you have any questions regarding our Fair Use Policy or become aware of any violations, please do not hesitate to contact us via support@edubirdie.com.

Check it out!
close
search Stuck on your essay?

We are here 24/7 to write your paper in as fast as 3 hours.