Bookkeeping Midterms Notes PDF

MIDTERMS 4. Recognize employees’ TOPIC 1: LEAD WORKPLACE performances COMMUNICATION AND SMALL TEAM This can encourage and...

MIDTERMS 4. Recognize employees’ TOPIC 1: LEAD WORKPLACE performances COMMUNICATION AND SMALL TEAM This can encourage and motivate the entire team to Content work toward achieving Workplace Process recognitions Workplace Communication Issues arising in a workplace 5. Facilitate opportunities for Leadership employees to relax Assigning Responsibilities Allowing employees to Setting Performance Expectations customize work area Supervising Team Performance Encouraging staff to take regular breaks WORK PROCESS Creating a dedicated break - Your most important internal value area creation processes. Organizing the occasional - They are the processes that involve staff outing or retreat during the majority of your organization's working hours workforce and produce customer, stakeholder, and stockholder value. 6. Offer training and career development opportunities 1. Prioritizing the onboarding Offer employees an process allowance that they can Attend Meetings spend on training Job Shadow Colleagues and Signing staff members up for meet with managers training courses or Review the company’s code conferences that are relevant of ethics, safety procedures to their roles and values Creating Mentor Programs Complete and process the Allowing staff to spend an onboarding tasks allotted amount of time each quarter on development 2. Fulfill employees’ needs opportunities Facilitating the psychological and cognitive needs of 7. Establish a unified workplace employees culture Collection of values, beliefs 3. Create open lines of and attitudes that employees communication share Creating dedicated channels Establishing new for employees to collaborate policies/procedures, ensure Posting team goals and that they benefit the updates publicly workplace culture COMMUNICATIONS 5. Interpersonal Skills - A process by which information is Active listening, effective exchanged between individuals verbal, and nonverbal through a common system of communication, empathy, symbols, signs, or behavior and the ability to adapt to different personalities and 1. Active Listening communication style Understanding the speaker’s underlying meaning and 6. Negotiation Skills intent. Involves the ability to reach Requires concentration, agreements or compromises empathy, and a genuine through effective desire of comprehend the communication and speaker’s perspective persuasion. Essential in business deals, 2. Verbal Communication conflict resolution, or Involves expressing interpersonal situations thoughts, ideas, and where conflicting interests or information through spoken differing viewpoints need to works be reconciled Not limited to just the words spoken but also includes 7. Persuasion Skills tone of voice, pitch, volume, Art of presenting compelling and pace of speech, which arguments & evidence to contributes to conveying sway others opinions or meaning and intent decisions The ability to influence others 3. Nonverbal Communication attitude, beliefs, or behavior Conveys messages and Master articulation of ideas meaning through body by establishing credibility, languages, facial understanding the needs, expressions, gestures, and and motivating your other non-spoken cues. audience. Compelling evidence to 4. Written Communication support their viewpoints The effective transmission of information, ideas, and 8. Conflict Resolution Skills messages through written Essential for maintaining words. it encompasses healthy relationships, various forms, including fostering collaboration, and emails, reports, memos, creating a harmonious letters, and text messages. environment. Can navigate through difficult conversations, manage  emotions and facilitate open 12. Boring and Unfulfilling Work dialogue Seek to understand the LEADERSHIP STYLES underlying issues, perspectives, and interests of 1. Traditional Leadership Style all parties involved Traditional Leadership Style 9. Empathy Democratic Autocratic Laissez-Faire Powerful type of Leadership Leadership Leadership communication Also known Also known A style that It goes beyond sympathy or as as takes a hands- compassion and requires participative authoritarian off approach to actively putting oneself in leadership leadership. leadership and another person’s shoes to or shared gives others the genuinely connect with leadership. A style freedom to whatever it is they’re going characterize make through. A style in d by decisions. which individual members of control over 10. Cross - Culture Communication the group all decisions Allows you to effectively participate and little interact and exchange in the input from information with individuals decision-ma group from different cultural king members. process. backgrounds Sensitivity, open-mindedness, and willingness to adapt Other Leadership Styles: communication styles and behaviors are required for 1. Bureaucratic Leadership accommodating cultural Involves following differences established rules, procedures, and regulation WORKPLACE ISSUES 1. Insufficient Training 2. Transformational Leadership 2. Schedule Inflexibility A management philosophy 3. Poor Work-Life Balance that encourages and inspires 4. Lack of Motivation employees to innovate and 5. Lack of Communication develop new ways to grow 6. Little Recognition and improve the path to a 7. Trust Issues company’s future success 8. Staff Conflict or Bullying 9. No Potential Growth 3. Authoritative Leadership 10. Overwhelming Workload Known as coercive or 11. Lack of Technologies dictatorial  Tend to keep all the what authority level accompanies decision-making authority to their assignment themselves Like: policies, procedures, Importance of defining roles and tasks, structures, rewards, responsibilities: and punishments Clear Expectations Comprehensive Task Completion 4. Transactional Leadership Enhanced teamwork & collaboration A style where leaders rely on Conservation of energy & resources rewards and punishments to Leadership clarity & accountability achieve optimal job Employee satisfaction & retention performance from their Flexibility w/in defined frameworks subordinates Continuous Improvement & Role Evaluation 5. Coach - Style Leadership A leader focuses on SETTING PERFORMANCE developing team members EXPECTATION as individuals To set clear expectations for A style that elevates a team’s performance and behavior, including entire performance by clarifying each team member’s roles showing each member the and responsibilities, the goals that importance of their position they are expected to achieve, the within the group KPIs that you will use to measure their process and the expected standards of behavior ASSIGNING RESPONSIBILITIES 1. Employee Expectations A process that involves the 2. Communicate your expectations allocation of tasks and duties to relentlessly ensure that the team’s objectives are 3. Consistently evaluate employee met performance Defining the expectations, 4. Communicate clearly responsibilities, and contributions of 5. Establish realistic goals each member one can avoid 6. Give Feedback confusion, conflict, and duplication of 7. Make employees accountable work. 8. Ensure Open Communication This can be accomplished by setting 9. Encourage regular performance objectives and policies. conversations Objectives determine what action 10. Determine your expectations the management will take to assign 11. Connect expectations to clear responsibility. metrics Policies establish exactly who will be 12. Meet goals and expectations on time assigned those responsibilities and 13. Be consistent 14. Gain agreement and commitment  15. Set expectation based on reciprocity Team Development 16. Coach for improvement Team Work 17. Discussing responsible for every TEAM MEMBER Purpose of Performance Management: 18. Align performance expectations 1. Clearly communicate expectations 19. Follow the smart framework 2. Provide employees with the tools, training, 20. Emphasize objectives and information they need to succeed 21. Make it measurable 3. Offer regular, timely, and constructive 22. Write them down feedback 23. Conduct performance reviews 4. Be Reasonable and fair when evaluating performance 24. Incorporate both verbal and written 5. Recognize successes and achievements communication SUPERVISORY PERFORMANCE An ongoing, collaborative process between supervisor and employee that aims to establish and clarify expectations as well as set performance and development goals Supervision is an effective way of providing support, improving standards, of reducing risks, and of addressing poor performance and stress Supervising Team Performance: 1. Effective Communication in team supervision Delegate Tasks Clearly Communicate Expectations Provide Feedback Regularly 2. Manage Performance and provide Feedback Monitoring of team performance Team Goals Coach 3. Team Leadership Set Clear Team Goals TOPIC 2: DEVELOP AND PRACTICE 4. Learning NEGOTIATION SKILLS Reflecting on the process and learning from your When planning for Negotiation: experiences enables you to Preparing for expected and become a better negotiator. unexpected outcomes is essential to negotiating effectively. 5 Steps of Negotiation: Negotiation can be unpredictable and challenging. Planning can make the difference between success and failure. 7 Steps to Preparing for a Negotiation: 1. Build a relationship 2. Set clear goals 3. Know your “Best alternative to a negotiated agreement” 4. Strategize 5. Be ready to improvise 6. Develop your negotiation skills 4 Steps to Planning a Successful 7. Know what not to do Negotiation: 4 Steps of the Negotiation Process: 1. General Alternative Solutions 2. Reach an agreement 1. Preparation 3. Participate in Negotiations Preparing in advance can Involves parties resolving improve your confidence, disputes, agreeing on give you clear goals to work actions, bargaining for toward, and provide a advantages, or crafting strategy to base your mutual outcomes. approach on. 4. Agreement Document A legal contract between two 2. Bargaining or more parties that denotes Bargaining is about creating agreements that they have value for both you and other come to regarding an parties despite your event. differences. 3. Closing Closing a negotiation can mean coming to an agreement or ending the discussion without reaching one. Essential elements a contract: 5. Offer 1. Identification 2. Offer Description of the services or goods 3. Acceptance to be provided. 4. Consideration Example: "Party A agrees to provide 5. Meeting of the Minds [describe services, e.g., 'web design 6. Competency services'] to Party B." 7. Contract Legality 6. Acceptance SAMPLE OUTLINE FROM CHATGPT: Confirmation that Party B accepts 1. Title of the Contract the terms and conditions outlined in this contract. Example: Service Agreement Example: "Party B accepts the offer and agrees to the terms set forth 2. Date herein." Date of the agreement 7. Consideration 3. Identification of Parties Clearly outline what is being exchanged. Party A (Service Provider) Example: "Party B agrees to pay Name: [Full Name or Business Party A a total of [monetary amount Name] or description of services]. Payment Address: [Full Address] shall be made by [payment method Contact Information: [Phone and timeframe]." Number / Email Address] 8. Meeting of the Minds Party B (Client) Name: [Full Name or Business A clause ensuring both parties have Name] a mutual understanding of the terms Address: [Full Address] and conditions. Contact Information: [Phone Example: "Both parties acknowledge Number / Email Address] that they have read, understood, and agree to the terms of this Agreement." 4. Recitals (Optional) 9. Competency Brief background of the agreement and the parties' intentions. Statement affirming that both parties Example: "This Agreement is made have the legal capacity to enter into and entered into by and between the agreement. Party A and Party B..." Example: "Each party represents that they are of legal age and have  the authority to enter into this Date: _______________________ Agreement." 14. Additional Clauses (if needed) 10. Contract Legality Amendments Assurance that the contract adheres Dispute Resolution to applicable laws and regulations. Governing Law Example: "This Agreement shall be governed by the laws of [State/Country], and shall not, in any event, be construed as illegal or Notes: against public policy." This outline is designed to be 11. Terms and Conditions flexible—specific sections can be added or modified based on the type Specific details regarding the of contract and the needs of the agreement, including: parties involved. ○ Duration of the contract Always consider having a legal ○ Payment schedule professional review any contract to ○ Responsibilities of each party ensure it meets all legal ○ Termination conditions requirements and adequately ○ Confidentiality provisions protects the interests of all parties. ○ Indemnification clauses ○ Any other relevant terms How do you document an agreement? 12. Signatures Know your parties Agree on the terms Signature lines for both parties, Set clear boundaries indicating their agreement to the Spell out the consequences contract. Specify how you will resolve Party A Signature: disputes _______________________ Cover confidentiality Party B Signature: Check the legality of the _______________________ contract Date of Signatures: Open it up to negotiation _______________________ 13. Witnesses (if applicable) Space for witness signatures, if required. Witness Name: ___________________________ Witness Signature: _______________________ Analytic Skills Negotiation: Understanding stakeholder goals Using Data-driven persuasion Building relationships Prioritizing Flexibility Quantifying Value Active Listening Presenting Multiple options Managing time effectively Creating win-win solutions Anticipating objections Using silence effectively Leveraging analytical skills Negotiating incrementally Practicing conflict resolution Being mindful of non-verbal cues Seeking feedback Identify the Problems When Preparing for a Negotiation: Interests Power Relationship Option Criteria Process 10 Common Negotiation Mistakes: 1. Failing to Prepare 2. Not Building Relationships 3. Being Afraid to offend 4. Not Listening 5. Not Knowing your “BATNA” 6. Caring too Much 7. Assuming something is non-negotiable 8. Focusing on Price 9. Trying to “WIN” 10. Giving an Ultimatum TOPIC 3: IDENTIFYING/DETERMINING For instance, watching how FUNDAMENTAL CAUSE OF PROBLEM shoppers stop outside a fashion retailer, what they are drawn to in a window display and which direction ANALYTICAL METHODS they go after entering the store. Are essential to support manufacturing TRADITIONAL INVESTIGATIVE These include methods for process TECHNIQUES testing during the course of Involve methods such as conducting production, and methods for release interviews, gathering and analyzing of substance and product following evidence, and assessing reports and manufacture. complaints to determine if further More on for raw materials. investigation is warranted. ANALYTICAL TECHNIQUE Is a method used to determine a chemical or physical property of a chemical substance, chemical element, or mixture. There is a wide variety of techniques used for analysis, from simple weighing to advanced techniques using highly specialized instrumentation. OBSERVATIONAL TECHNIQUES Are marketing methods that companies use to measure the performance of their products qualitatively. These techniques employ a series of methods that rely on observation and analysis of customer behavior and product usage. Ex: supermarkets OBSERVATION MARKET RESEARCH Is a technique which involves directly observing consumers or another target audience in their natural environment Different Business Analyst Investigation 2. SWOT Analysis Techniques: Is a technique for assessing these four aspects of your 1. PareTO Analysis business. A decision-making tool used SWOT Analysis is a tool that to compare and fix problems can help you to analyze what strategically. your company does best It uses the Pareto principle, now, and to devise a which is also known as the successful strategy for the 80/20 rule future. A disproportionate In top level management improvement can be How they analyze what is to achieved by ranking be disposed and what is to Various causes of a problem be continued and by concentrating on those solutions or items with the largest impact. 3. Gantt Chart A bar chart used to schedule, manage, and monitor specific tasks and resources in a project. 4. PERT Analysis Customers: They are the users who benefit PERT, or the Program from the system. Evaluation and Review - Who will be affected if a problem Technique takes place? Is a method that analyzes the time required to complete Actors: They are the employees who are each task and its associated responsible for carrying out work, dependencies and to implementing plans, and achieving goals. determine the minimum (Ex: pretend to know that a product is amount good) It indicates the amount of - You need to identify the actors and time and resources needed know their abilities, qualities, and to perform each task and the interests to be able to know their person or department impact on the system. responsible for each. Amount of time required to Transformational process: It is the complete a certain project operation of transforming inputs (raw materials, manpower, time, effort) to outputs (products and services), including all details and requirements. World view: This is the most crucial aspect in CATWOE analysis because it is about the bigger picture including all stakeholders in the environment of the business and the influence they make on it and vice versa. Owners: This usually refers to the owners 5. CATWOE or investors who have the highest authority Is a technique that provides a and the ability to make decisions. framework for defining and analyzing business Environmental constraints: Mainly they stakeholder perspectives are limitations and restrictions, including A stakeholder perspective legal, social, and organizational constraints. considers the interests of all affected parties in its decisions. Gives managers a wide range of interests and enables them to evaluate different grounds before making conclusions. Used by stakeholders 6. PESTLE analysis The six hats represent six different Studies the key external perspectives: factors (Political, Economic, Sociological, Technological, White hat: Facts and information. Legal and Environmental) Black hat: Negative aspects and potential that influence an problems. organization. Red hat: Emotions and intuition. It can be used in a range of Yellow hat: Positive aspects and benefits. different scenarios, and can Green hat: Creativity and new ideas. guide people, professionals, Blue hat: Process and control. and senior managers in strategic decision making. Here's what each hat is about: Helps an organization identify the external forces Yellow hat is about positivity. Try seeing that could impact their the benefits of this decision and what market and analyze how they opportunities it opens. could directly impact their business. Green hats represent creativity. Let your mind run free and generate ideas without censoring them. Try coming up with creative options and solutions. Tools like the Productive Thinking Model or First Principles can help you. Red hat is about emotions. How do you feel about this? Use your intuition and gut feelings. Try to see how others might react emotionally. It's a great way to bring emotions into an otherwise rational process. White hat makes you focus on the data. Analyze the available data and trends. This 7. Six Thinking Hats represents a very rational approach. Is a simple, effective parallel thinking process that helps Black hat represents looking at the people be more productive, downside. What are the worst-case focused, and mindfully scenarios? Take a defensive approach, involved. imagine any potentially negative outcomes, see what might not work. Inversion might be a helpful tool here. Blue hat is for controlling the process. Especially in meetings, it's good to be able to step in when there's no progress and enable the group to move forward (e.g. by 9. Data mapping shifting the thinking or discussion to a Is crucial to the success of different hat/perspective). many data processes. is the process of matching 8. Workshop fields from one database to Is a discussion or a collection another. of work exercises on a It's the first step to facilitate particular subject. data migration, data The people running the integration, and other data workshop share their management tasks. knowledge or experience on One misstep in data mapping a specific topic. can ripple throughout your Workshops can be put on by organization, leading to a company, subject matter replicated errors, and expert, or a group of ultimately, to inaccurate experienced professionals. analysis. 7 Types of Workshops Bootcamps Multi-day online events that you can use to teach and build community. Online Workshops Intense classes that can last 1 - 3 hours or more. Q&As Broadcasts on a certain topic, open-ended questions, or questions about your products. 10. Document analysis is the process of reviewing or Live Trainings Targeted training or evaluating documents both tutorials, meant to help printed and electronic in a your audience learn one specific skill. methodical manner. involves examining and Workshop Series Related training sessions organized as a series of interpreting data to uncover events, usually conducted meaning, gain over a few weeks or more. understanding, and come to Webinars Shorter, informative a conclusion. workshops typically set up to pitch a product, service, is important because it allows or limited-time offer. researchers to make sense Live Mobile Broadcasts Informal sessions used to of their resources and select teach, entertain, or help bring awareness to a the appropriate pieces for product. their studies. Examples include student transcripts, mission statements, annual  reports, policy manuals, 12. Observation in market research student handbooks, strategic Is the process of watching plans, and syllabi. and recording consumers' behaviors, actions, and interactions with products or services in a natural or controlled environment. Can assist businesses in making smart decisions about product design To gain additional context to better understand existing business processes, which enables the identification of business problems and opportunities. marketing strategies, and customer 11. Scattergram service. Also called a scatter plot, scatter plot, scatter graph, scatter chart, or scatter diagram, is a type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data. To display the relationship between two variables and observe the nature of the 13. Business Questionnaire relationship. Is a tool used to survey a The relationships observed group of people, such as can either be positive or existing customers, negative, non-linear or linear, prospective customers or and/or, strong or weak. employees. It helps you to gain insights that allow you to make well-informed business decisions. Is a list of questions or items used to gather data from respondents about their attitudes, experiences, or opinions.  16. Interview Refers to a formal, in-depth conversation between two or more persons, wherein exchange of information takes place, with a view of checking a candidate's acceptability for the job. Interviews are a qualitative research method used to collect primary data by 14. Investigative research asking one or more people Is used to describe various about their opinions, methods and tools for finding experiences or perspectives information about a specific on a particular topic or subject or incident which may subject matter. not be apparent. Three main types of The process of investigating interviews are structured, a subject to discover or unstructured, and revise facts, theories, and semi-structured. applications. To hire the most suitable A process of acquiring candidate for the open detailed information of all the position areas of business and using such information in maximizing the sales and profit of the business. 15. Priors Represent your initial beliefs or assumptions about the parameters of The purpose of previous studies in research is to provide a foundation for new investigations. The model before observing any data. 17. Brainstorming 18. Cause and Effect is a method of generating Is the relationship between ideas and sharing knowledge an action or event (the to solve a particular cause) and a resulting event commercial or technical or circumstances (the effect). problem, in which Is the "why" behind participants are encouraged something. to think without interruption. Is important to understand in a group problem-solving order to make strategic method that involves the decisions. spontaneous contribution of In essence this law states creative ideas and solutions. that for every action there is The goal of brainstorming is a reaction or an impact, so if to generate many ideas you are not getting the quickly, and “out-of-the-box” results that you want you thinking can be encouraged. need to examine what you The ideas are then are doing. discussed, merged, and Also known as an Ishikawa refined. or “fishbone” diagram The group eventually works A graphic tool used to to achieve a consensus on explore and display the the final list or best approach possible causes of a certain to solve the problem. effect. TOPIC 3: IDENTIFY THE PROBLEM Business Analysts use observation: To gather information by watching Quality parameters and understanding workplace Defined as the specific metrics or activities. criteria used to assess the To identify needs and opportunities, performance and effectiveness understand business processes, operations. create performance standards, assess solution performance, and Eight dimensions can be identified as a facilitate training and development. framework for thinking about the elements of creativity: Problem Identification: Clearly identifying the root cause of 1. Performance a problem. 2. Features Developing a detailed problem 3. Reliability statement that includes the 4. Conformance problem’s effect on a population’s 5. Durability health. 6. Serviceability Involves the development of clear, 7. Aesthetics straightforward problem statements 8. Perceived Quality that can be linked directly with the specific goals and objectives already Quality Assurance (QA) identified. Any systematic process of The importance is to provide a determining whether a product or solution that meets the unique needs service meets specified of the organization. requirements. Quality Assurance A procedure or set of procedures intended to ensure that a manufactured product or performed service adheres to a defined set of quality criteria or meets the requirements of the client or customer. DIFFERENCE BETWEEN QUALITY ASSURANCE AND CONTROL Quality Assurance Relates to how a process is performed or how a product is made. Quality Control Is more the inspection aspect of quality management. THEY USUALLY ARE EXPERTS ON THE COMPANY’S PROCEDURES OR PRODUCTS. Problem Solving: Apply Mathematical Procedure / Solution The act of defining a problem Determining the case of the problem Analyze Results Identifying, prioritizing, and selecting alternatives for a solution Study/Select Appropriate Technology Implementing a solution Machineries/ Equipment and their Refers to strategies that can help application determine the cause of a problem Software / Programs and identify the best solutions available. Apply Relevant Technology: To understand what is happening in Relevant technology is used in our environment, identify the things carrying out function based on work we want to change and then figure requirements out the things that figure out the Applicable software and hardware is things that need to be done to create used as per job requirement the desired outcome. Management concept are observed as per established industry practices Problem Solving Process: 1. Define the problem 5s In The Workplace 2. Clarify the problem 5s Lean is a systematic approach 3. Define the Goals aimed at optimizing workplace 4. Identify Root Cause of the Problem operations by reducing waste, 5. Develop Action Plan improving efficiency, and creating an 6. Execute Action Plan organized environment. 7. Evaluate the Results 8. Continuously Improve 1. Sort 2. Set Basic Mathematical Tools: 3. Shine 4. Standardize Four Fundamental Operations: 5. Sustain Addition Subtraction Maintenance of Technology: Multiplication Applied in accordance with the Division industry standard operating procedure, manufacturer’s operating Four-Step Process for Mathematical guidelines and occupational health Problem Solving: and safety procedure. 1. Identify the Problem Updating of technology is 2. Generate Potential Solutions maintained through continuing 3. Choose One Solution education or training in accordance 4. Implement the Solution You’ve with job requirement Chosen Appropriate action for technology 5. Evaluate Results failure/defect is immediately reported to the concerned/responsible person or section