The Importance Of The Five Whys Accounting Essay

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1. The 5 Whys is a problem-solving technique that helps to get the cause of the problem quickly. In the 5 Whys strategy, any problem and asking Why? questions repeatedly. In the 5 Whys technique, the result reflects on what is the basic of the problem, asking why questions step by step until the underlying cause that have been happened in the origin is exposed. . By using this technique the root cause of problems are quickly identified. It is an effective technique as it is easy to learn and apply to any problem causing areas, but also it can avoid making wrong judgement.

2. The 5 Whys is a method of finding solution of the problem by asking 'Whys' questions repeatedly until right solution is come out. This technique never accept first rationale of the problem that find out so that 'Whys' questions are asking repeatedly. One of the benefits of the 5 Whys is that its ask questions through the various layers of cause of the problem, till there has no more questions. Therefore, it is uncomplicated tools to apply almost to all problems. Its can be used by groups or individuals. It is a powerful tool that generates accurate and complete reason of the problem, it is useful especially in technological markets.

What is the importance of the brainstorming, in the context of quality?

1. Brainstorming can generate innovative and fresh ideas for the specific problem in quick time whether the ideas are probable or not. Sometimes, brainstorming is used to identified risk and that is mostly use for the quality control of the projects' deliverables. It is a useful technique to acquire large number of responses to the certain problem. The advantage of the brainstorming is not only required too much resources or skillful members but also encourage teamwork. Brainstorming can also helps to enhance the critical thinking of the group members.

2. Brainstorming can generate large amount the ideas for a particular problem, especially in the group, without evaluating them. In the brainstorming session, the more ideas generate, the greater chance is obtained. It is a creative and effective problem-solving tool for identifying ideas and prioritized ideas according to their criticality. By using brainstorming, the team will attain more enthusiasm to solve the problem and better cooperation between group members. Therefore, it can lead to a new approach of problem solving by generating the challenging inspiration.

What is the importance of the Quality circles, in the context of quality?

1. The technique Quality circles is developed by Kaoru Ishikawa from Japan. Quality circles grant a technique of refinement of the local and project working conditions and improving productivity. By the use of quality circles, workers would able to know how to solve their own issues then identify, analyze and generate the best solution. When Quality circles focus for the project, the project manager facilitates the process of the circles. The concept of Quality circles is mostly formed in a group to perform group talk and studies by means of improving the proficiency and efficiency of the working environment and the Pareto chart are the well-known tools of Quality circles.

2. The concept of Quality circles is originated from Japanese man named Kaoru Ishikawa based on the initiation of the cause and effective diagrams (Ishikawa or fishbone diagrams). In most projects, quality plans are developed while the project progress, therefore, the project manager can employ the project team in the quality circle to ensure that issues addressed are fixed with the best solution, which persist the highest benefit. In the Quality circles, the project team generate, identify, analyse, and solve the project quality problems this also improve the project quality, here, project managers sometimes act as supervisors of the team.

Why is it important?

1. Pareto analysis is a formal technique that use in decision making to produce the crucial overall effect. It is also known as the 80/20 rule that provide the idea thus 20% of the work can generate 80% of benefit. The Pareto analysis is a technique that can be applied in any quality problems in business. It is an important statistical technique, which helps to identify 20% of the causes considered necessary to deal to resolve the 80% of the problems. Pareto analysis is mainly use for risk control in project quality management.

2. Pareto analysis is used to compare the quality improvements, which relies on the statistical funding. It is also call 80/20 rule base on that 80% of problems are happens by 20% of key causes. This technique can organize a way for the causes of the problems as it helps wake up thinking and sort out the thoughts. Moreover, it can also regards as risk management technique that focus 20% of the risk for the 80% of the impact of the project which is mainly applied for the quality improvements of the project.

Learning Curve Theory

1. Learning curve theory helps in estimating the cost of the project and time need to complete tasks. In some projects, learning curve are used as cost estimating tool and offer project managers to capitalize on the cost reductions. It is also apply in pricing when many items are produced repetitively; the unit cost of those items is decreases as more units are being produced. Therefore, Learning curve should be applied in those projects which involve repetitive tasks because each time the task is done the cost and time of that task is decreased.

2. Learning curve theory is a technique, the cost of a task, software module, will decrease by a fixed percentage for each repetition for tasks being produced. The learning curve theory is one that can be utilized in the IT projects to estimate project cost and time for the particular tasks. It is an approximation that forecasts the cost decrease from one unit of production to its subsequent unit. The deliverables of those repetitive tasks are assumed to identical such as software modules and database libraries.

Sunk Cost

1. Even though the project is very much over budget and not succeeds so that project manager decide to stop the project and collect the benefits, the amount of money that has already been spent on that project is called sunk cost. Therefore, sunk cost is the money spent on a project that cannot be recovered back. In most projects, project mangers decided to reject the project because continuing the project will make much more sunk cost.

2. Sunk cost is the amount of money that incurred in the past of a project and cannot be recovered. Management's decision often affect the use of resources including money, sunk cost is the amount of money that is caused by the alternatives choices judged by management's. It will not affect the future cash flow unless the project is continued. Sunk cost will not show clearly across the alternatives and do not play in a role of determining the finest course of action.

TCO

1. Total Cost of Ownership is the total cost of computer assets throughout the development lifecycle and can measure the efficiency of performance for implementing better IT practices. Sometimes, it is hard to calculate total cost of ownership because it is the sum of the total cost including direct cost, hidden cost whether they are tangible cost or intangible cost. It is important for companies that they can measure and minimize the IS investment value. By ranking their cost on IS investment, companies can choose between software, hardware alternatives.

2. Total Cost of Ownership is a technique that administering project's capital investment such as direct or indirect costs, labour costs, software license fees, maintenance costs and implementation costs. It covers overall costs in various stages of projects. Total Cost of Ownership reflects those IS resources changes and adoption of best practices. It is important in understanding and controlling risks associated with information system development. It can reengineer work processes by means of controlling cost to enhance service levels.

Contingency reserves

1. Contingency reserves allow for future circumstances that are planned for those costs they are included in project budget sometimes they are described as known unknown. Estimate budget for IT personnel should include those of training and preparation fees, that is call contingency reserves. Contingency reserves refer not only money but also the time required for the project. Estimated time should be including overtime, delays, and unforeseen hours of work and are properly compensate. During the project time, contingency reserves can be adapted and modified according to the organizational usage and possibilities of the project resources.

2. The term contingency reserve refers the estimate amount of capital or other financial resources that is required to be allocated before the project has been started. It can also refer to the time that would determine previously beyond the expected time required to accomplished the project. Therefore, the term contingency reserve refers both time and money needed to determined at the start of a project. Sometime, contingency reserve could also appeared when the project is working on, when project required the additional time or fund.

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