Unit 5 – Elements of a business
Elements of a business
Unit 5 – Individual Project
Unit 5 – Individual Project
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Using your current work organization (or an organization of interest) as the subject matter, research the elements of business, and prepare an APA-formatted paper that does the following:
• Describes the organization’s
o basic legal environment
o social environment
o economic environment
• Describes the management structure
• Describes the operational issues
• Describes the financial issues
• Identifies the impact of potential change factors including the role of technology
Your paper should be 3–4 pages in APA format.
Submitting your assignment in APA format means, at a minimum, you will need the following:
• Title page: Remember the running head and title in all capital letters.
• Abstract: This is a summary of your paper, not an introduction. Begin writing in third-person voice.
• Body: The body of your paper begins on the page following the title page and abstract page, and it must be double-spaced between paragraphs. The typeface should be 12-pt. Times Roman or 12-pt. Courier in regular black type. Do not use color, bold type, or italics except as required for APA level headings and references. The deliverable length of the body of your paper for this assignment is 3–4 pages. In-text academic citations to support your decisions and analysis are required. A variety of academic sources is encouraged.
• Reference page: References that align with your in-text academic sources are listed on the final page of your paper. The references must be in APA format using appropriate spacing, hang indention, italics, and upper- and lower-case usage as appropriate for the type of resource used. Remember, the reference page is not a bibliography, but it is a further listing of the abbreviated in-text citations used in the paper. Every referenced item must have a corresponding in-text citation.
This assignment will be assessed using additional criteria provided here.
Please submit your assignment.
For assistance with your assignment, please use your text, Web resources, and all course materials.
Individual Project Rubric
Grading Criteria Percentage
Deliverable requirements addressed; understanding of material and writer’s message and intent are clear. 35%
Scholarly research that supports the writer’s position is properly acknowledged and cited, and direct quotations may not exceed 10% of the word count of the body of the assignment deliverable (excluding title page, abstract, table of contents, tables, exhibits, appendices, and reference pages). Inclusion of plagiarized content will not be tolerated and may result in adverse academic consequences. 20%
Critical thinking: Position is well-justified; logical flow; examples provided where appropriate. 20%
Structure: Includes introduction and conclusion; proper paragraph format; reads as a polished academic paper or professional presentation, as appropriate for the required assignment deliverable. 10%
Mechanical: No spelling, grammatical, or punctuation errors. 10%
APA: Deliverable is cited properly according to the APA Publication Manual (6th ed.). 5%
Explain the basic concepts of management, and recognize problems faced in operating a business enterprise
Managing Information Systems
Businesses operate on information. The ability to collect, organize, and use data can mean the difference between profit and loss.
Determining what information systems to use and distribution of the information goes to the information manager. The information manager secures the system, including employee files, pricing projections, and potential new products.
Some of the challenges of an information system include the amount of data, the number and credibility of sources, and how fast information changes. Another challenge is a dispersed, or spread out, workforce. Having employees located in different parts of the country or world adds to the challenge of efficient information sharing.
Electronic Information Technologies (EIT) boosts performance and productivity in two ways:
• Coordination and communication within the firm
• Increasing speed of transactions with other firms
Some examples of EIT include the following:
• Electronic conferencing (videoconferencing and teleconferencing)
• Groupware-software that includes e-mail distribution, electronic messages, message storing, scheduling, and group writing
Internal and external communication networks allow for e-mail and information to be sent quickly and inexpensively. Internal networks include company intranets, which are private internal Web sites for sharing information with company employees. External networks include the Internet and extranets. Extranets are private Web sites that allow outsiders access to some company information. Vendors and suppliers can plan supply shipments by using the extranet.
Employees have desktop applications for writing, publishing, spreadsheet production, and design. Databases store and display information and decision support systems. Executive support systems help make decisions with fast calculations and modeling projections. The challenge for companies is effective information management that turns data into new products, enhanced services, and increased revenue.
Financial Information Management
Most companies collect revenues (money) and pay for other goods and services, including daily expenses such as wages. Most companies need to make a profit (sell more than they spend) to continue in business. Accounting is the system for collecting, analyzing, and communicating financial information and has two main types: financial and managerial accounting
• Financial accounting focus is for external users of the information, such as stockholders, consumer groups, unions, and government agencies.
• Managerial accounting serves internal users at all levels. All levels of managers need financial information to make decisions, monitor projects, and plan future projects.
Accountants help gather financial information for stockholders and government agencies.
Law regulates most internal accountants and accounting policies and procedures. For an audit, or check, firms hire outside accountants because it gives more credibility to the financial information.
Three basic categories of financial statements show financial health of the business: balance sheets, income statements, and statements of cash flows.
Balance sheets detail assets, liabilities, and owner’s equity of a business (Ebert & Griffin, 2005):
• Assets are items of value owned by the business (current, fixed, or intangible).
• Liabilities are debts (current or long-term).
• Owner’s equity is the owner’s share.
Income statements, also called profit and loss statements, list annual revenues and expenses showing profit or loss.
• Revenue is funds coming in from the sale of goods or services.
• Revenues – Expenses = Profit (or loss if you have more expenses than revenue).
Statement of cash flows describes the yearly cash receipts and cash payments. It shows the effects on cash of three activities:
• Cash flows from operations
• Cash flows from investing
• Cash flows from financing
An internal financial statement is called the budget, which is a detailed statement of estimated receipts and expenses for a future period. Managers must make sure they stay within the budget guidelines.
Managers and executives need to know how a company is performing financially and to the long-term health of the company. There is a responsibility to investors to give accurate financial information.
Ebert, R. J., & Griffin, R. W. (2005). Business essentials. Upper Saddle River, NJ: Pearson Prentice Hall.
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