Business and Decision-Making Perspective Assignment Help
Topic 1: Knowing Your Numbers to Increase Your Decision-Making Confidence
Please review the Discussion Board participation grading rubric. This is important information that will ensure that you earn maximum points. Your professionally written APA-compliant postings, using appropriate sources, should provide substantive depth that advances the discussion. Please edit your posts for grammatical errors before you post. Be sure to review the requirements for each week’s discussion topic(s). Remember that a post to the instructor is not considered a post to peers, so please be sure that you respond to at least two peers for full credit.
Understanding the financial health of your business is critical to its success over the short and long term, as you have seen in the simulation play. Understanding the story that your numbers tell will be critical in both long- and short-range decision making. In your simulation game play, you have been tracking many different financial metrics and using the standard financial statements to make decisions on growth. This week, you will be completing a non-graded learning activity about accounting through the Small Business Association website to gain a good foundation in understanding basic financial statements. In your simulation for this week, you will be reviewing the microsimulation called Profitability Analysis — Using Profitability Analysis to Increase the Bottom Line. The ability to successfully complete a profitability analysis will depend on your understanding of the basic accounting reports and your knowledge of your own simulation company. For this unit’s Discussion, you will be using this week’s readings, Learning Activity, and profitability analysis from the Marketplace simulation. This profitability analysis will be available to you when you log into the simulation in this unit. Your personal experience (if applicable) may aid in this Discussion. Answer the following questions:
In your Marketplace simulation, you were charged with growing a profitable business. How did you and the team use the financial tools and profitability analysis to aid in your decision making? Provide specific examples of what went well and what you would change if given the opportunity. For example, would you increase the financial acumen of all members of your team? Why? What would you gain from a business and decision-making perspective?
I am including a short summary of what happened during my simulation so you can compose it in the whole discussion. See below:
During quarter 2, we realized that the brands we had developed were not profitable to the extent of our liking so we scrapped those brands and developed new ones. We set price points that were both appeasing to consumers but were also profitable to the maximum. If I could change something before finishing quarter 3, I would change the amount of units being produced daily so we could meet the consumer demand more and see increased profitability.
Conduct research using the Global Purdue Library, the web, or other sources that you uncover and post three additional individual resources on how to use these tools to increase the foundation of knowledge for all. These resources can be articles, videos, blogs, etc. Please also provide a small synopsis of each resource, the points you found particularly valuable, and how you would use each tool to increase the effectiveness of your business decision making.
Identify a company that you are interested in learning more about. You can choose any company for which you feel you can access financial data and investigate their best practices on achieving profitability. Tell your classmates and instructor what you have found out from your investigation.
I attached one reading but you can use other sources as well. It is recommended.
McGarvie, B. (2006). Creating financial acumen within your company [Video file]. Available from Skillsoft: https://libauth.purdueglobal.edu/sso/skillport?context=38536