Task 1: Teamwork mini project
The teamwork mini project demonstrates its main target to discuss the role play of a selection day at St Patrick’s College. The conduct of this role play is done by a team of three students. The job title introduced for this selection day is the post of a security manager.One of the most important responsibilities of a security manager is to monitor the security operations in the college environment. A security manager is usually responsible for maintaining and implementing of a wide range of security policies, rules and regulations. It is important to ensure that the college environment is safe for students, college staff and visitors. Another significant responsibility of a security manager is related to recruiting new security staff and delegating specific tasks. The security manager should be able to keep track of various events as well as create emergency response plans. It is also significant to conduct regular security evaluations.
There are two main roles typical to a security manager: managerial role and administrative role. In terms of demonstrating his managerial role, a security manager is expected to supervise security team on issues related to sickness and absence. Other important aspects of the managerial role of a security manager include coordination of all contacts with the emergency service providers in case a serious incident occurs; contacting external contractors regarding fire system and access to security systems; and ensuring safety of the entire building at all times. In relation to the administrative role, a security manager should carry out and record daily security checks in an appropriate manner as well as manage staffing levels including rotas. Reports of daily activities and problems with equipment, property and theft issues have been identified. The duties and responsibilities of a security manager are provided below:
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Monitor security junior staff to patrol college premises and detect signs of intrusions and ensure security doors, windows and gates are secured;
Answer alarm bells and assigns officers to investigate disturbances and also to present a list of potential problems;
Ensure that the fire call points, intruder alarms, emergency lighting are tested weekly and results recorded;
Ensure security alarms are set and working correctly as well as gas and electrical appliances are turned off at the end of the day;
Monitor and authorise entrance and departure of students and staff, visitors and other persons to guard against theft and to maintain security of premises;
Coordinate with the reception staff and provide support and cover as required;
Coordinate with facility management on health and safety matters;
Liaise with the borough security and supersee the transfer of any accused person to the custody of the local law enforcement personnel;
Act as the main key holder for the college on all call outs and liaise with other emergency services
In terms of person specification, the following aspects have been outlined:
Education and qualificationHigh diploma level (HND); Bachelor’s degree in business management/ managing people; Bachelor’s degree in security management; Complete senior management security programme; Hold a recognised training certificateDegree in criminal justice/ public administration
Experience and knowledgeCandidate must be 21 years and over; One year post degree; Work with security systems including CCTV and access control and producers to promote effective security operations for the protection of assets, people and data; Knowledge of CCTV codes of practice, data protection act, British standard 7499; Static guarding and mobile patrol; Experience of managing teams; Knowledge of fire safety and health and safe procedures in the workplace; Knowledge of the equality act and its relevance to the collegeWork with the police force, national guard, voluntary service; Work at an operational management level delivering security service ideally with students and within a high large profile; 2 years in security force
Task 3: Self-reflection
Having taken part in the project at St Patrick’s College, related to a selection day, I have had an experience which has given me an exciting opportunity to experience an active process of building strong leadership skills. Teamwork usually involves various individuals and groups working together to optimise their efficiency and reach common goals, as in the case with the project performed in St Patrick’s College (Sohmen, 2013). The benefits of team working on this project are numerous. First, teamwork leads to improved morale because team members learn to take sufficient responsibility for their actions, which may result in a significant improvement of the entire project. It is important that individuals gain authority and ownership over the project (Reevy, Chamberlain and Stein2013).
A second benefit of team working on the project relates to greater flexibility. This means that people have an opportunity to become more flexible as result of working together on a project. They may also solve certain problems in an efficient manner considering that they unite their efforts to achieve common objectives (Sohmen, 2013). Another benefit associated with teamwork is that of increased innovation. Every team member can share important insights into developing the project successfully. Innovation is linked with creativity, implying that team members can demonstrate solid creative skills when providing suggestions to the project (Pacios and de la Fuente, 2013). As indicated in research, teamwork contributes to increased levels of motivation, which in turn positively affects one’s creativity.
My role as leader and member of the team has developed due to my active participation in the project. Conflicts and difficulties are an inevitable part of any project, including the one at St Patrick’s College, but I have been determined to solve any challenges. I have demonstrated the skills of listening to others and considering their point of view regarding important stages of the completion of the project (Reevy, Chamberlain and Stein, 2013). Research places importance on the development of empathic skills, which are important in the process of bringing a project to successful completion (Tiffan, 2014). My role as team leader in managing conflicts has mostly involved the adoption of preventative strategies focused on the idea of preventing or minimising conflicts. As a result, I have contributed to the development of ground rules for the project at its beginning, as research also considers the relevance of systematic preparation in projects (Tiffan, 2014). Moreover, I have succeeded in developing a team agreement on the precise way in which the group could resolve any problems that may appear. Another strategy is to present details on the critical resolution process in which every team member is assigned specific roles.
My role as leader and member of the team also included a solid focus on reactive strategies. In other words, I have thoroughly considered my responsibility to enhance the resolution of conflicts pertaining to the project (Sohmen, 2013). For instance, I implemented a form of authoritarian approach by informing the group about the scope of the resolution. Such strategy was more formal in the sense of adhering to strict rules of project communication. As an example, I directly informed the group that the major goal of the project is to focus on recruitment strategies used in the selection of employees. This fostered a sense of enhanced teamwork based on the urgency to resolve any conflicts and difficulties as quickly as possible. However, I also included a process of flexible discussion while trying to find solutions to conflicts (Tiffan, 2014).
As a whole, the effectiveness of the team in achieving the projects goals was adequate. The team members were skilled and motivated to bring the project to a successful end. In addition, the group ensured that they had complementary skills (Stupans, 2013). They were able to relate to one another in terms of technical proficiencies. The aspect of mutual accountability was present at all stages of the project. They were all responsible for the creation of a strong culture of responsibility. Each team member illustrated the presence of clearly defined roles and responsibilities (Tiffan, 2014).
As part of the process of achieving the project’s goals, productivity of team members has been properly recognized and rewarded. In addition, the effectiveness of the team reflected the regular tracking of individual and group progress. In case the team members exhibited any signs of struggling with completing the project, the team has been always ready to provide support and guidance which previous research has found to be important (Sohmen, 2013). The team was able to create a positive pressure to achieve the initially projected goals. Such goals have emerged in an attempt to guide the important decisions made by team members. This shows that the team has maintained a focus on the project’s mission related to the selection of a professional to work at St Patrick’s College (Stupans, 2013). The aspect of collective responsibility has been dominant in guiding the team working while completing the project of St Patrick’s College.
My role within the team especially during the selection process was quite flexible because I had an opportunity to explore various aspects of that particular process. What I have done well was to outline briefly the personal qualities required for the position of a security manager/supervisor (Adams, Cain and Giraud, 2012). I demonstrated a proper knowledge of the job role as well as presented specific skills in organising important job roles and responsibilities. Moreover, I illustrated adequate communication and teamwork skills that have contributed to the successful completion of the project. I was able to work with culturally diverse individuals and lead them accordingly (Sohmen, 2013).
However, I could have done better in improving my knowledge of specific aspects of security policies, rules and regulations pertaining to the job position. I could have taken my time to explore each of these aspects in detail in order to provide a better understanding of the specificity of the profession, which could have helped me focus on selecting the right candidates (Adams et al., 2012). Although I believe I have good skills in assessing people’s potential in a particular field, I need to do more research on this topic to improve my own capacity of working with and leading culturally diverse individuals (Tiffan, 2014). I could have also improved my cultural awareness considering the highly diverse workforce of the educational institution. In conclusion, this task has been completed successfully because of the focus on teamwork at all stage of the process.
Task 4: Discussion of the main financial statements of a company
There are three key components involved in the financial statements of a company, which are a profit and loss statement, balance sheet, and cash flow statement. All the key components are used as a whole, to provide a clear picture of the financial position and financial results of a company (Parker, 2009). A structure designed for each of the financial statements is considered the most important element, though the influential decision depends on the requirements of the user. The key point supporting the importance of the profit and loss statement is that it is one of the most important financial statements and users like to observe the financial statements of a company, since it has the capability to help users or businesses generate profit by examining the over financial report (Buffett and Clark, 2008). In addition, the information inserted in the profit/loss statement is mostly released in the applicable currency, so it can provide a reasonable level of accuracy. Though, profit/loss does not show the amount of assets and liabilities required by a company to generate a profit (Parker, 2009). Moreover, its financial results are not necessarily associated with the total cash flows generated by a company. The accuracy of this statement can be suspected when the cash basic of the accounting method is used. It is important to focus on ensuring accuracy as part of the broad purpose of accounting. Thus, the profit/loss statement, when utilised, can be fairly misleading.
Balance sheet is expected to be positioned at a second place by many users, since it does not provide the financial results of business operations, and some of the information provided in it may be based on past business costs (Kalsyte and Verikas, 2013). This makes the balance sheet report less instructive or informative. However, the balance sheet is considered to have importance when compared with the profit/loss statement, since this sheet provides the amount of investment requirement to maintain the sales and profits shown on the profit/loss statement (Buffett and Clark, 2008).
The third most important component of financial statement is cash flow, because it mainly focuses on recording cash inflows and outflows (Parker, 2009). This financial report provides a clearer analysis of a company’s cash flows than the profit/loss statement, which can sometimes present unbiased results, particularly when accruals are authorised under the growth basis of accounting (Palea, 2014).
It is essential to understand the concept of the balance sheet, as it provides a company’s financial situation at any period of time, while a profit/loss statement provides a company’s overall financial performance within a set period of time. The profit/loss statement normally shows a company’s financial performance over a period, such as being released every year or after six months (Parker, 2009). On the other hand, the balance sheet gives a snap shot of the financial position accurately at the year-end or month-end. Finance managers rely on the balance sheet statements to examine whether purchasing certain equipment on debt is the right choice for a company at that time (Palea, 2014). The balance sheet also provides the owner’s equity; for instance, it indicates the total value of the inventory and the number of a company’s shares identified as outstanding.
The profit/loss statement is one of the most important documents because it plays a significant role in a company’s decision making process. The profit/loss statement is an end result of the financial information that is provided in the journals and ledgers, and then changed into brief, summarised, compiled revenue and expense structures (Bao, Li, Wu, Zhu et al., 2014). This statement shows the overall revenues and expenses of a company for a set period of time. Senior managers and shareholders can find prosperity of valuable information on the profit/loss statement including the company’s overall sales, profits, retained earnings, net profits, and operating earnings. From this information, finance experts can determine and distinguish vital information about a company’s performance. Profit/loss statements usually give information for more than one period, for example two successive years (Buffett and Clark, 2008). It is simple to compare the financial results from one period to the next and conclude trends in earnings and expenditures. Whereas, cash flow statement is considered to be the most crucial element for any enterprise’s financial performance. It calculates the amount of capital that enters into a company and out of it over a specified time period. In this way, an enterprise is able to analyse and control how much capital it has in inflow to pay expenses and purchase assets.
There is a difference existing in the structure of financial statements (profit/loss statement and balance sheet) for different types of business, such as sole trader, partnership and private/public limited company. Each company has different financial and economical positions so they use different financial statements with different structures that satisfy their financial positions (Bao et al., 2014). The financial statements gather the financial information from the sales and services provided and include the net taxable profit or loss for each month. Different types of business use different structures. For a sole proprietor, the financial statement is easy and simple because the financial report is just provided for the proprietor of the company. This means that it does not have to provide any balance sheet and profit/loss statement (Parker, 2009). The report just needs to provide or to show profit and loss financial information, whereas a private limited and public limited company, which has to organise its’ report based on accounting standards. There are two types mostly used by companies: international financial reporting standard (IFRS) and generally accepted accounting principle (GAAP). If financial statements are not structured based on standards it is complicated to evaluate and compare performance with that of other companies. For a partnership, the financial structure is focused on providing the profit/dividend and total contribution by partners in the investment capital of a company (Ronen, 2006). The objective of the financial statement is revealed in the balance sheet, profit/loss, cash flow and loss statement.
When creating financial statements, the profit/loss statement would typically be structured first because the net profit or loss becomes a part of the statement in the balance sheet, or in a partners’ capital. Moreover, the end of a partner’s capital statement becomes a part of the balance sheet (Parker, 2009). The financial statement is focused on examining the total capital and profits of a company that are distributed inside its structure. For a public and private limited company, the financial statement must provide the following components: current assets, non-current assets, current liabilities, total sales, total profits, payable, dividends, and share prices (Ronen, 2006).
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