Description
Your company has assigned you to work on a project plan for a new internal support system. This system will be expected to track financial aspects of your company’s existing and proposed projects.
In a 3–5-page proposal to the corporate management, complete the following:
- Explain how balance sheets, income statements, and cash flow statements would be used as inputs to diagnose the performance of a project and determine shareholder value.
- Note that your proposal would form the basis for developing an automated tracking support system.
- The balanced scorecard is a conceptual framework that incorporates operational and financial measurements of an organization. Explain how the balanced score card concept could be used in analyzing project cost performance.
- Deepen your discussion by illustrating with examples.
Explanation & Answer
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Running head: PROJECT PLAN
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Project Plan
Student’s Name
Instructor’s Name
Course
Date
PROJECT PLAN
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Project Plan
Money is one of the essential elements in every organization because it is used to acquire
resources as well as coordinate various activities that help to attain the goals and objectives that
have been set. Also, funds within the organization can show whether it is moving forward or
backward. Within the company, several elements have to adopt, which will show the
performance of the company as well as the shareholder value. The major components that have
to be adopted include the balance sheets, income statements, and cash flow statements.
According to Bakkar, De Jonghe and Tarazi (2019), a balance sheet refers to the financial
statement used to report the assets of a company, liabilities as well as the shareholder's equity at
a certain point. Furthermore, the balance sheet can be used to show the balance of income as well
as expenditure over the stated period. Using balance sheet in a company will help to identify the
performance of a project. When the income is more than the expenditure, it is clear that the
company is performing well. However, when a company has a high expenditure than the income
associated with a certain project, then it is performi...
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