The significance of context in information systems and organizational change Essay

Since their arrival on the mobile and web computing scene, information systems have had a profound effect on economies, organizations and societies. Individuals have also enjoyed a great deal of the extended effect of the activities that are conducted within the social aggregates provided by information systems. This report seeks to evaluate the impact and the role of information systems on the quality process on different industries in order to make the implementation and application of quality assurance easy, simple, fast accurate and time saving. The journal of strategic information systems seeks to explore the impact that information systems has had on the general process and profitability of a company. This journal has a scholarly audience for those who are in search of better understanding on how best information systems have improved their lives and the potential that they still hold for the future. Since it is documented as a scholarly article, it is expected that the article shall fulfill educational curiosities regarding how information systems have enabled simplicity and some level of perfection in the business world. It is also expected that the journal shall provide precise information with extensive research carried out to back the statements outlined in the article. According to the journal article, the gradual increase in dependence of information systems has shown a steady rise in the need for quality improvement within business enterprises. The article sites a survey carried out to show that IT improvement in t erms of quality is the top problem facing IT executives in the current job market. It is because of the multidimensional edge that IT presents that the position of Chief Information Officers (CIO) has become a recent development in the corporate sector. The journal models the relationship between information systems quality and the organizational impact it has. The article hypothesizes that there is a greater organizational impact in situations where the systems quality, service quality and information quality are high. According to the article, information system service quality is the most influential concept, followed by information quality and then system quality in the overall performance of the business. However, the article fails to mention other impacts that are attached to the success of the organization such as efficiency of the personnel and the updating of information system quality. On the other hand, the article’s mention of Ackoff (1967) is critical to the support of the information system theory. Ackoff pointed out five misconceptions regarding information systems by stating that the most critical information deficiency that managers suffer is from the high levels of irrelevant information. Furthermore the article points to Whitaker and Voas (2006) and Parnas (2003) who confirm that software is plagued with problems such as fragmented software modules that are hard to integrate and hard-to-use interfaces. However, at the time this information was presented this was a rampant p roblem that was facing the software industry and the IT world in general. However, recent researches have shown that in recent years, this has changed drastically and information systems are required to be top notch before they can be released into the market for use and even for testing. The article fails to mention that there have been increased measures and precaution taken to ensure that quality assurance is the core principle in the world of information systems. It also fails to mention that quality assurance is the only link to continued success in an organization when it comes to matters of information, technology and systems. It is only through the assurance of information systems that organizations can adapt systems that are guaranteed to produce tangible and beneficial results. The article also emphasizes on the use of information technology in the general performance of business and the overall perception of the outside world. It is lacking in the expertise to recognize t he fact that quality assurance goes hand in hand with quality control which is mostly effected by use of personnel employed to overlook the process. Therefore, although the article has been pinned as a scholarly article in the journal, it requires much revision in order to remain relevant in the world we live in today. Encyclopedia Britannica posted an article on information systems that proved to be worth reviewing. The article lays the importance of information systems in organizations. The article states that information systems enhance several capabilities of an organization which in turn provide support for business activities. For example, decision making, product development, customer and supplier relation and sometimes the general business model are the areas where information systems fit best. The article does not hold any opinion towards the importance of information system but it does point out the advantages and the potential that information systems hold in the organization. The article is right in pointing out that information systems advancements create new options in the way business is conducted which is generally true, but the article fails to mention that information systems require to be constantly updated. Besides updating, information systems require to be assured so that the results can be translated into the output of the company which shall be of the same quality. The language used in this article is informative and without any bias and it makes its credibility rise with each statement. For example, the article includes that information systems do not necessarily translate to increased profits. The success of a business depends in part the adoption of effective information systems, but it also in the skill to which the information systems are deployed and used alongside other factors such as customer relation and knowledge of the industry. The article is witty and well updated with the latest advancements in quality assurance processes. For example, the article is clear in the definition and the implication of virtual organizations whose quality assurance has to be constantly updated because of the evolving and fast paced information system world. The article does not fail to mention the importance of human personnel in the workings of the company and the incorporation of information systems. Although the article is mainly focused on the information technology literate the simplicity of definition of terms means that the audiences of the article are both the literate and the illiterate to the IT world. It is through the incorporation of information systems to the World Wide Web that quality assurance can be improved drastically. Through quality assurance, individuals can participate in global forums and national events such as elections, referendums, and opinion polls. It is therefore, through the incorporation of info rmation systems in such fronts that quality assurance becomes paramount. The article vividly describes and gives simple illustrations for the ways in which quality assurance in information systems can assist all members of the society. According to the journal of the association for information, science and technology (2014), quality assurance is an administrative and procedural activity that is implemented in the quality system to ensure that both the goals and objectives of the product are fulfilled as intended. The journal hosted an article on the significance of context in information systems and organizational change. The article mainly speaks about the implementation of information systems which is relevant to the above outlined thesis. The article indicates that there are three distinct principles that are to be followed in the implementation of information systems throughout the organization. The first principle should incorporate innovation of the information system with regard to the socio-organizational change, the second principle involves the analysis of the local organizational, the national and the global context of the information system, while the third system uses the analysis of the decisions mad e towards the innovation process of the information system. The article is based on an assumption that ICT does not face any deterministic implications on the organizational results which makes it miss its mark in terms of convincing about the implementation of information systems. The failure in assumption is largely misplaced because ICT has a large role in the performance of the business which ultimately makes it a valuable variable to consider. The article on the significance of context in information systems and organizational change also points out that the information systems research is mainly contextual because it is mostly based on an organizational setting instead of a laboratory setting. It is for this reason that information systems studies are subject to the environment in which they are applied, according to the article. The position of context of information environment used in the article is fairly placed given that different environments, markets or industries pose different challenges for the organization and the information system in use. Different fields of engagement require certain assurances in terms of the incorporation of information systems. For instance, quality assurance in information systems for the military is more precise that that which would be used in a local bookstore. One in a bookstore would be used to track borrowed books while one for the military would be used to track missiles and comm unicate code during wartime. On both counts, quality assurance would have to be stepped because it involves the use of human personnel to operate the information system. On the other hand, quality assurance should be strict so that human use of the information system can be smooth and accommodating and at the same time it should be time saving. The article is well organized starting from the introduction, all through the body and into the conclusion. The points raised in the article such as the concept that information systems are mainly concerned with IT innovations is well founded. The article sites many references for backing the information presented going as far back as 1989 when the initial concepts for the internet were taking place. The audiences intended for the article are scholars who require in-depth information about information systems, their innovations and implementations. The article is highly resourceful and rich in detail for any scholarly work. The article states that in order to maintain a competitive edge in the respective field, companies have to invest in information systems like ERPs (Enterprise Resource Planning) software that serve different functions in the organization. These systems also provide real time data that is used to aid in fast decision making. Information systems such as ERPs help co mpanies to manage their operations seamlessly across the globe. This information is particularly helpful especially in aiding the thesis statement that seeks to give credit to quality assurance for the easy integration, simplicity and quickness in the performance of business duties. Quality in any field is determined by the users, clients or customers who use the product and not by the society in general. The quality, as is often confused is not related to the actual price of the product or the service. The two are separate variables though relating to the same product. Therefore, adjectives like ‘poor’ and ‘high’ should not be used in relation to quality. Even in IT and information systems there are standards by which products must conform and they are monitored by such standards as ISO, 9000 or an alternative as the CMMI model. This is the idea projected in the journal of information systems (2009) that was designed in the interest of quality intervention in the quality assessment arena. The article on the benefits of information systems to organizations indicate that companies benefit by cutting down on human labor that previously cost them billions in wages. Since the invention and the spread of information systems companies have op ted to cut down on human labor down to the most important employees within the company. Although the article is fundamentally clear on the importance of cutting down human labor services, it fails to mention that quality assurance in the information systems that replace them are in constant need of updating for as long as the systems are in place. The article is geared to the well informed in the field of information systems and information technology as it mentions some of the most recent advancements such as cloud computing. The article merely seeks to hit the final nail on the information system concept coffin by including these latest features. Although other articles speak about virtual organizations and virtual communication systems, the journal of information systems seeks to give the latest advancements as well as options and possibilities in the industry. The drastic, yet advanced calculations in the growth of the information technology world have led to the overreliance of computerization that might eventually become the downfall of human beings. Without human intervention to the computerized world, there is an ever conscious possibility of failing to meet set objectives in terms of assurance of quality. The article seeks to inform of the impending danger of the failure to adhere to quality assurance precautions which is commendable and very informative. The article is neither biased but rather it leaves the reader with an option to think outside the box, consider gathering more information or take the information provided at face value. The tile of the article suggests that there shall be many sides to the information system story which is clearly shown and well detailed. The main purpose of the article from a scholar’s point of view is to broaden the thinking of the reader and to create a set of questions as to what lies ahe ad with information systems. Both the application and implementation of information systems has been revolutionary and has defined the 21st century in a huge way. Therefore, quality assurance on information systems has become tougher and more brutal as days go by primarily because of the competition and the innovativeness associated with information technology. The article seeks to highlight the consequences of ignorance and also the failures that companies undergo as a result of ignoring quality assurance requirements for the betterment of their stature in the industry. It is only with quality assurance that new ideas and concepts can be fostered within the organization. Quality assurance ensures that there is always room for improvement on the information system so that companies can grow according to their mission statement. The article is witty and largely educative and at the same time cautious as was the intention. The article is one to look out for in the world of information systems. The international journal of computers, communications and control had an article on management of information systems titled ‘managing the digital firm’ which was an eye opener for those interested. The article was written by rather two professionals in the information systems arena who have extensive background knowledge in information systems. From the title of the article, it is expected that the information provided shall be highly educative and without any blunder. It is also expected that because of the doctoral status of the authors, the information provided can hardly be refuted. The article kicks off by stating that knowledge of information systems is essential in the creation of successful and competitive corporations that add value to their products and services. The article further cements this statement by stating that it is inconceivable for a company to operate without the extensive incorporation of IT. This statement is rightly so because from a global p oint of view, all relationships between customers, suppliers and employees are mainly maintained digitally. The tone used in the article is educational which suggests that it is meant for scholars, educators and to a large extent, managers who are often faced with major information systems challenges. In order to do so, the authors of the article have incorporated a sociotechnical style of presentation through the combination of computer science, management science as well as operations research and blended them with behavioral elements that are drawn from sociology, psychology and sociology. The article contains in large part presentation of facts from a management of information systems (MIS) point of view. The article explains in detail the concepts of digital firms and how quality assurance should be incorporated in the information systems adopted by organizations. The article also advices on keeping information systems updated in order to ensure that the quality assurance process remains easy, simple, fast, and accurate and not time consuming. The article is a masterpiece if not the b lueprint of the future of information systems and businesses in all industries. The article explains in great detail that information systems are relevant in all industries and all markets however miniscule they might seem. The article is very resourceful and without any identifiable flaws. However, its lack of emphasis on quality assurance is a minor setback, but the essence of the article is captured in the rest of the details discussed. References Avgerou, Chrisanthi. â€Å"The significance of context in information systems and organizational change.† Information Systems Journal 11.1 (2001): 43-63. Print. Benbasat, Izak, and Ron Weber. â€Å"Research Commentary: Rethinking à ¢Ã¢â€š ¬Ã…“Diversityà ¢Ã¢â€š ¬Ã‚  in Information Systems Research.† information systems research 7.4 (1996): 389-399. Print. Haigh, Thomas. â€Å"The history of information technology.† Annual Review of Information Science and Technology 45.1 (2011): 431-487. Print. Hayman, J. L.. â€Å"Educational Management Information Systems For The Seventies.† Educational Administration Quarterly 10.1 (1974): 60-71. Print. â€Å"Information Systems Failures.† European Journal of Information Systems 2.3 (1993): 157-158. Print. â€Å"Information Systems Research: Policy on Special Issues.† information systems research 16.1 (2005): 6-8. Print. â€Å"Information systems and interorganizational networks.† European Journal of Information Systems 5.2 (1996): 73-74. Print. â€Å"Journal of Strategic Information Systems.† The Journal of Strategic Information Systems 17.4 (2008): 287. 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Parker, Donn B.. â€Å"Ethics for Information Systems Personnel.† Journal of Information Systems Management 5.3 (1988): 44-48. Print. Ritch, Stephen, and Robert J. Munro. â€Å"Management Information Systems, Planning, And Public Community Colleges.† Community Junior College Research Quarterly of Research and Practice 6.2 (1982): 179-186. Print. Sprowls, Clay. â€Å"Strategic information systems: A European perspective.† The Journal of Strategic Information Systems 3.4 (1994): 345-346. Print. Stowell, Frank. â€Å"Do We Mean Information Systems or Systems of Information?.† International Journal of Information Technologies and Systems Approach 1.1 (2008): 25-36. Print. Teittinen, Henri, Jukka Pellinen, and Marko JÃÆ' ¤rvenpÃÆ' ¤ÃƒÆ' ¤. â€Å"ERP in action à ¢Ã¢â€š ¬Ã¢â‚¬  Challenges and benefits for management control in SME context.† International Journal of Accounting Information Systems 14.4 (2013): 278-296. Print. Warren, Matthew. â€Å"Ethics in Information Systems.† Australasian Journal of Information Systems 13.2 (2006): 23-29. Print. Winter, M.c., D.h. Brown, and P.b. Checkland. â€Å"A role for soft systems methodology in information systems development.† European Journal of Information Systems 4.3 (1995): 130-142. Print. Xu, Li D.. â€Å"Systems characteristics in information systems design.† Systems Research 9.1 (1992): 67-78. Print. Zwass, Vladimir. â€Å"Information systems in the economy and society.† Encyclopedia Britannica Online. Encyclopedia Britannica, 9 Apr. 2012. Web. 23 May 2014. . Source document

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The prime function of the business is to make sure that all special occasion are just the way couples want it-elegant, memorable, and effortless, also that the business is a very successful business and advertised as best as possible, not only in the media, but also in words of mouth. The business hopes to achieve all its goals profitably and successfully in order to satisfy all guarantees and pledges to stakeholders. Purpose Of plan A business plan is as important for starting a business as a key is to a car. A business plan will provide the firm with a clear direction for the future, and will organise the business. It sets out goals for the business that want to be achieved in both the long term and in the short term. It will help the business organise its three main aspects, these are, marketing, production and management finance. The business plan will make sure that Joannes wedding reception will be run successfully, organised and to the best of its ability. It will help the business significantly with time management, as it will help both the business and staff manage their time and stay organised in order to keep the business running efficiently. The plan will explain all the strategies and objectives of the business, this give Joanne a huge understanding on what she will be expecting and how she will go about in order to help the business successfully achieve its goals. The Business plan will give Joanne an in depth understanding on what is going on and what will happen within her business, some of the things it will provide include a description of the services that will be provided, the personal requirements and skills needed for the staff, a clear outline on the description and ownership of the business, and much more. The business plan is very important and of great significance of any business, whether it is for future expansion of a business or the development of a new business, a business plan must be written. A business that fails to plan, plans to fail. Situational Analysis SWOT analysis SWOT analysis is a strategic method used to evaluate and state the strengths, weaknesses, opportunities and threats involved in the business, within both the internal and external. Every business needs a SWOT analysis in order for it to be prepared for the present and the future, the SWOT analysis for Jay Harbour is listed below. Strengths Preferred location of the majority of the public New and Spacious Caters to all needs of couples Catchy name Overlooks Harbour Delicious food Great Service Good music and entertainment Spectacular Water view Target market for all ages Unique Selling points Weakness Small Business New Business Joanne hasnt opened up a business before Not familiar with the industry Unlimited Liability Sole trader business meaning Joanne is personally responsible for all financial obligations Limited Funds Limited Reputation Opportunities Increasing number of couples moving to the area Geographical Location Well established position Huge amount of couples looking to get married In the city of Sydney Social Interests Threats Other more experienced businesses in the area Large amount of competitors Stronger promotions by competitors Competitors have advertised their business and have been running for a longer period of time Market Demand Economic Conditions Business Objectives and Strategies Each business aims to achieve specific objectives and strategies, an objective is a measurable statement of what has to be achieved, where a strategy is a way in which the business aims to achieve its objective. Joannes wedding reception is a business which aims to accomplish both its objectives and strategies to the best of its ability. Joannes wedding reception aims to achieve its ultimate goal of success through its five main objectives and strategies. Good Reputation is the first main objective of Joannes business, Joanne aims to start up her business with a good reputation, and maintain and improve the reputation as the business grows. Joanne is aware that she is not able to manage her own reputation; however it is possible for her to strengthen it. Strategies that Joanne will take up in order to have good reputation include: Engaging and starting up appealing advertising campaigns Joanne will pay a few loyal people who she is on friendly terms with to write blog posts and advertise her wedding reception on facebook and myspace Joanne will pay to have her wedding reception advertised on radio stations Joanne will create a facebook page in the name of her business, and keep it updated with articles, pictures, and different ways to appeal to customers The second main objective is expansion, Joanne aims for her business to expand and hopefully one day turn into a larger business, she aims to create more function rooms in order to cater for other occasions, and also remarkable rooms in which photographs can take place. Joanne can only do this and expand her business if she is financially stable enough within the future years. Strategies that Joanne will carry out in order to expand her business in the future include: Not spending money on things that arent needed, money will be spent on what customers need not what Joanne needs, money will not be spent on things that make Joannes business look good such as a company car, or a fancy office, instead the money will be used on more important things Joanne will make sure that all customers are treated with care, and are satisfied, the happier the customers are, the bigger the business will become, as they will help promote by good words-of-mouth A good working environment is another objective, Joannes aim is not only to satisfy her customers, but also her employees. She needs to do this in order to keep them motivated and stay doing their jobs to the best of their ability Strategies that will be carried out include: Having a safe working environment Giving Suitable and fair wages and payments to employees Giving employees benefits Giving employees hours which are suitable to both Joanne as the Employer, and them Catering to a wide variety of cultures is another one of Joannes main objective. Joanne aims to cater to many different cultures in order to have a variety of different people using her wedding reception. The business will be a bigger success if it is for many cultures rather than just one or two. Strategies that will be carried out include: Hiring chefs that are able to cook spectacular multicultural food Being able to design the reception according to cultures of people Being able to design a whole wedding that includes the theme of the desired culture Being able to give customers long lasting memories is the last of the businesses objectives. Joanne aims to give customers a night they will never forget. The strategies that will be carried out include: Creating a dynamic atmosphere Offer great food Unforgettable entertainment Planning the wedding for the customers from beginning to end Leaving the customer stress free Operations Description of the product or service Joannes wedding reception is a wedding venue which aims to cater to all needs of couples who are looking to celebrate their marriage. Jay Harbour is the name given to the business; it is a brand new function centre which is located at 150 day street, Darling Harbour. Joanne is looking to cater for any type of wedding, from the traditional wedding, to the modern wedding, she is willing to accommodate for small and intimate weddings with around 50 guests, to larger celebrations including up to 300 guests. Professional and friendly staff will be hired in order to ensure that every customer receives a day that they will remember. Joanne aims to take hold of all the stress which may be felt by the customers, she will leave them all free to relax and enjoy their special day at her venue, she will have a plan of approach which will help not only the customers, but also her, to organise a wedding that will remain in the hearts of the couples and their guests forever. Joanne will offer a great service, superb food, personalised service, divine wines and alcohol, and unforgettable entertainment in order to make the weddings a magical and flawless occasion. Joannes will provide easy access both in and out of the reception including both weal chair access and elevators. The venue will overlook darling harbour, and will also include a spectacular water view. A Valet entrance and a remarkable walk for the entrance of the bride and groom will be included in order to make the wedding feel more special and exceptional. Table setting wills be offered in numerous types, themes of the wedding are also able to be chosen according what the customers want, floral arrangements will all be made, and food and decorations will be offered in a variety of choices, and in many different cultures. Joannes Business will be run as a multicultural business, anyone no matter what culture they are a part of, will be able to experience the wedding of their dreams. A bar will be provided at the reception, a wide range of alcohol including many wines and champagnes will be provided. Couples have a choice between having their guest pay for the alcohol at the bar, or having an open bar, meaning the couple must pay a certain amount of money for the unlimited drinks that will be given to guests on the night. Personnel Requirements and Skills Joannes business is a small business, meaning under 20 employees will be hired, they will all go through the steps of the human resource cycle, including acquisition, development and maintenance. This is so that the people with the top skills will be hired, and so that they can continue developing their skills and knowledge, also so that the employees stay motivated and productive within the business. Waiters/Waitresses Twelve Needed Qualifications Must be neat and tidy polite, well-mannered and able to communicate well with people A good service attitude Able to work in a team A good memory in order to remember which customer ordered which dish Must have good physical health as the waiter spends most working hours on their feet Fast with serving customers Able to clean Qualification 16 years of age and over Experience Experience with customer service needed Bartenders Three Needed Qualifications knowledge of beer, wine and other alcoholic drinks drink preparation and drink service skills familiarity and awareness of liquor licensing rules and regulations good communication skills friendly and polite mature and honest adaptable and able to work well under pressure confident and considerate when dealing with customers able to use their initiative able to follow instructions. Qualification Alcohol Beverage Licence Experience Experience of 1-2 years within the alcohol industry required Chefs Four Needed Qualifications Leadership skill. Time management. Food preparation and presentation skills Financial management Able to manage finances within the kitchen Able to cook a variety of multicultural foods Works well with others Adaptable and able to work well under pressure Good communication skills Qualification Certificate or college degree from a qualified cooking school. Experience 3-4 Years of experience within the chef industry required Marketing Market Analysis Customers The target market of this business is obviously people of all ages who are looking to celebrate their marriage. Joanne is looking to cater for any type of wedding, from the traditional wedding, to the modern wedding, she is willing to accommodate for small and intimate weddings with around 50 guests, to larger celebrations including up to 300 guests. Professional and friendly staff will be hired in order to ensure that every customer receives a day that they will remember. Joannes business is willing to cater to any customers wants and needs. The Choice of the venues was made between the areas listed in the table, in order to come to a final decision of where the business will get the most customers; population statistics of the areas was gathered. It was obvious that a larger population lives in darling harbour, also, the median age there is the youngest of all the median ages in the other areas, this another advantage as it is the younger people who usually want to get married. Market size and trends Joanne aims for her business to expand and hopefully one day turn into a larger business, she aims to create more function rooms in order to cater for other occasions, and also remarkable rooms in which photographs can take place. Joanne can only do this and expand her business if she is financially stable enough within the future years. Joanne will not spend money on things that arent needed, money will be spent on what customers need not what Joanne needs, money will not be spent on things that make Joannes business look good such as a company car, or a fancy office, instead the money will be used on more important things. Joanne will make sure that all customers are treated with care, and are satisfied, the happier the customers are, the bigger the business will become, as they will help promote by good words-of-mouth Competition There are many surrounding competitors within the market which have been running for a longer time, and some which are just beginning to start up, they offer many services, however none like Jay harbour. Joanne has come up with many strategies in which to compete with its many other competitors. Joanne offers multicultural services, from foods, to themes, music and much more, majority of the other venues offer a minimum amount of cultures. Jay Harbour, also has a view like no other, the amazing water view and view of the harbour will attract many customers. Joannes prices are also very affordable, and suitable for the amount of services one will receive if they decide to have their wedding at Jay Harbour. Easy access in and out of the venue is also an advantage, as many other competitor venues do not have these elevators and escalators. Marketing Strategies The marketing strategies include product, price, promotion and place. Price is one of the most important things when you have other competitors, by having cheaper prices customers will come to your reception rather then the competitors receptions, Low and affordable prices will be offered at Jay Harbour, packages will also be offered allowing customers to pay for many things at a smaller price. However, prices will increase and decrease according to the prices of competitors. Product refers to the service of the business and what the business has to offer, Jay harbour offers many services including entertainment, good music, open bar, great view, valet parking, and much more. Place refers to where the business is located, the area that jay Harbour is located in is Darling Harbour. With an amazing view of darling harbour and the water, and an alluring atmosphere and amazing breeze, it is very hard for Jay Harbour to NOT become the number one wedding reception in the area. Promotion refers to ways in which the business will promote itself, jay Harbour will maintain consumer awareness and interest towards Eternal Happiness. The business must keep advertising through media, suppliers, provide special offers and many more in order for it to stay competitive within the market. Finance Financial Forecasts Revenue Statement $ $ Sales revenue $460 000 COGS Opening stock 50 000 Purchases/income 250 000 300 000 Closing stock 80 000 $220 000 Gross profit $240 000 Expenses Advertising 5 000 Salaries and wages 150 000 Insurance 3000 Bank charges 400 Interest paid to banks 10 000 $168 400 net profit $71 600 This indicates that profit was made for jay Harbour, $240 000 was made, where as only $168 400 was lost, meaning a profit of $71 600 was made. Balance Sheet For Jay Harbour $ $ Current Assets Cash at Bank Accounts Receivable Stock $12 000 $14 000 $30 000 $56 000 Non-Current Assets Property Equipment 150 000 21 000 $171 000 Total Assets $227 000 Current Liabilities Bank Overdraft Accounts payable $22 000 $20 000 $42 000 Non-Current Liabilities Loan $92 000 $92 000 Total Liabilities $134 000 Owners Equity Capital Profit Retained $51 000 $42 000 $93 000 Total Liability and owners equity $227 000 The current ratio of this balance sheet is calculated by dividing the current assets by the current liabilities, this is equal to 1.3, meaning the ratio is 1:3:1 Critically review the plan and process I think that I did a great job in completing the assignment, I followed my plan of approach according to all the days up to the 26/7/10 and I had no problem to hand everything in that was due by that day. I was able to do all my research and gather all my statistics and information, and put them together before handing in my assignment, I did not stress, as everything was done according to plan until the due date. I think that the assignment being set out this way was to my advantage, as it helped me not leave everything to the last minute and procrastinate. One thing that I do regret doing is leaving my report to the last minute, I think that next time I should start my report as soon as the second part of the assignment was due, as it will make me stress much less, and I would be able to do the report to the best of my ability. I did try my hardest though, and I do believe that I deserve the best possible mark I can get. Overall I believed I achieved what I planned to and was glad that I was able to hand everything in on time, despite the fact of starting my report late, I think that doing everything else prior to the report such as objectives an strategies, SWOT analysis, and much more, was a great advantage to me as all I had to do was put them together within the report. I believe that my teacher done a great job of explaining my assignment as I was able to do it all with no problems, and I was able to fly through it as it was explained properly and in depth.