I don’t understand this Management question and need help to study.
Read the posts of your peers and respond to at least one. Considering what the learner’s post reveals, suggest additional tools the learner could use to build upon his or her professional capabilities. As you did in your initial post, use your research to support your claims and be sure to cite your sources according to APA guidelines.
Student post down below:
I have learned many concepts in this course. This has been the most impactful and relevant courses that I have taken thus far on my doctorate journey. Three things that stood out to me the most were: the impact of money on an organization’s mission, cost analysis, and understanding financial statements.
I chose each of these areas because through the readings and what was learned in this course, I have been able to apply these principles professionally. Weikart, Chen, & Sermier (2012), expresses that it is unwise for the leaders of a nonprofit organization to create a mission statement without understanding the size and depth of the resources they will need to carry out that mission. I have seen examples of local nonprofits that have folded because they have not clue of what it truly takes to carry out their mission. When thinking of the budget and financial health of an organization, it is important to understand economic and accounting costs, fixed and variable costs, direct and indirect costs, average and marginal costs, methods of cost accounting to calculate the full cost of a program, marginal analysis in decision making for program expansion, and break-even analysis for new programs (Weikart, Chen, & Sermier, 2012, p. 83). Lastly, understanding financial statements has been the most impactful because I now understand how the finances link together for the department in which I work.