Paper Example: Research on Methods of Financial Information System

Key Words

Information system management, financial information system, emergency project management, China

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Introduction

A project is the fundamental foundation of development. Without effective identification of a project, planning and execution, development plans would not be accomplished, and less developed countries would stay stale and relapse. Developments are portrayed as the "cutting edge" of advancement and advantaged components of the improvement advancement (Sokowski, 2015). Other researchers indicate that the focal role that project management is playing in project management is undertaken in the advancing nations (Knapp, 2010). The greater part of the administration is all the more legitimately worried about the program and undertaking organization than with other, progressively conventional parts of public administration. Just like in any other country, project management has been facing a lot of challenges in China. For this reason, there have been concerns as relates to embracing the best methods of Financial Information Systems that can be instrumental in dealing with problems and emergency issues associated with Project management in China.

Research Questions

What are the best practices for Information Management Systems?

What are the challenges affecting project management in China?

How can Financial Information Systems be used to realize positive outcomes of project management systems?

Research Objectives and Statement of Problems

The research seeks to explore information management systems and how they can be used to turn around the aspect of project management. Being the driving force of an organization's project implementation, it is important to look at the obstacles facing the effective implementation of a project (Sokowski, 2015). Financial Information Systems equally play a critical role in ensuring that emergency project management is effectively accomplished. As per the United Nations, Projects and tasks are progressively utilized in the developing nations in the process of financial and social development (Walter & Howie, 2012). They speak to a vital component in both the detailing and accomplishment of improvement projects. In the past many centuries, ventures have increasingly become essential components for the award, advance and specialized guide to upcoming nations by worldwide aid bodies (Zhou & Li-min, 2011). The level of loaning and undertakings has expanded strongly over the recent years, and aid associations, such as World Bank are comprehensively expanding the segments where they intend to make further advancements (Snyder, 2013). In this regard, the objective of this study is to discuss the components of project management as well as designing the best Financial Information Systems that can be effective in dealing with Emergency Project Management in China.

Literature Review

Recent studies about projects and organization of the loaning practices of aid agents by global assessment bodies feature the significance of properly and accomplished projects. According to Pan (2018), the foundations for financial change provide ways of activating assets and assigning them to the creation of new economic administrations. According to this author, the lack of thoroughly thought out tasks is the reason behind the poor project management in many developing nations. The organization's inability to distinguish, detail, plan and accomplish projects keeps on being a noteworthy hindrance to expanding the progression of capital into the least fortunate associations. Olson & Wu (2010) holds that techniques in organization and preparation must be founded on a practical comprehension of the mind-boggling issues afflicting developing countries. In 1974 and 1975, interviews with more than 50 authorities, such as executive directors, loan officials, undertaking and program staff, assessment and project officials, and software engineers, among the biggest global aid agencies of chosen inner assessment reports, uncovered a large group of significant issues (Rambures & Escobar, (2017). Political, financial, operational, social and physical troubles either truly delay activities or make them collapse. Based on these findings, the accompanying issues are those that generally happens much of the time (Luo, 2016). This agenda can give experiences to specialized help specialists, instructors or corporate project directors managing activities or project officials in developing nations.

Past studies confirm that accessible programs regularly take a restricted time, underscoring financial manifestation as opposed to creating more extensive administration abilities and capacities. Either way, much consideration has not been given to planning operational structures for survey as an incorporated arrangement of components and exercises; recognizable proof, readiness, plausibility examination, structure, examination, endorsement, association, activity, control, assessment and development; requiring execution of gifted administrative capacities all through the project cycle (Li, 2010). Literature proliferates on strategies for economic and financial analysis, and works planning; although, considerably less has been composed and few preparing projects exist that extend the knowledge and aptitudes of heads in undertaking sorting out, asset assembly, complex basic leadership, critical thinking, coordination and foundation building (Knapp, 2010). Kerzner (2009) contends that there is a need for proper training of project staff and specialized help workforce, distinguishing proof and usage of a wide scope of non-financial assets. Researchers have discovered that upcoming countries just do not have a satisfactory organizational limit or prepared workforce to plan and actualize projects adequately (Knapp, 2010). As the number of activities increase and their segments become progressively mind-boggling, global financing establishments face expanding issues in planning and administration.

Significance of the Study

Most developing nations still face problems with executing effective project management, and a majority is as a result of poor planning and lack of funding (Fan & Morck, 2012). Traditional ways to deal with public administration, it has been found, are of little incentive in getting ready heads from less developed nations for the intricate errands of planning projects (Armstrong-Taylor, 2016). Regular public administration training, given legalistic, brought together, administrative techniques, is insufficient to manage the elements of progress. Generally, little consideration has been offered to preparing executives from upcoming nations in successful project offerings (Allen, Qian, & Gu, 2015). This study will be instrumental in designing the best ways of handling project management alongside embracing viable Information Management Systems.

Research Methodology

The research methodology will be secondary and primary. Secondary data will involve the use of past research findings of project management and their recommendations as relates to turning around project management. It will also use primary sources of data as there will be short interviews with financial experts and company executives concerning the best practices of project management. In this regard, it means the study will involve the use of both qualitative and quantitative data analysis.

References

Allen, F., Qian, J., & Gu, X. (2015). China's financial system: Growth and risk. Boston; Delft now.Armstrong-Taylor, P. (2016). Debt and Distortion: Risks and Reforms in the Chinese Financial System. London: Palgrave Macmillan UK :Imprint: Palgrave Macmillan.

Fan, J. P. H., & Morck, R. (2012). Capitalizing China. Chicago, Ill: National Bureau of Economic Research. Chicago, Ill.: National Bureau of Economic Research; Bristol: University Presses Marketing [distributor]. London: Palgrave Macmillan.

International Conference on Algorithms and Architectures for Parallel Processing, Hua, A., & Chang, S.-L. (2009). Algorithms and architectures for parallel processing: 9th international conference, ICA3PP 2009, Taipei, Taiwan, June 8-11, 2009; proceedings. Berlin: Springer.

Kerzner, H. (2009). Project management: A systems approach to planning, scheduling, and controlling. Hoboken, N.J: John Wiley & Sons.

Knapp, B. W. (2010). A project manager's guide to passing the Project Management (PMP) exam. Phoenix?: Sturgeon Pub. in association with the Project Management Excellence Center. Phoenix?]: Sturgeon Pub. in association with the Project Management Excellence Center.

Li, L. (2010). The China legal development yearbook: Volume 4. Leiden: Brill. Leiden; Boston: Brill.

Luo, D. (2016). The development of the Chinese financial system and reform of Chinese commercial banks.

Olson D. L., & Wu D. D., (2010). Earthquakes and Risk Management in China, Human and Ecological Risk Assessment. An International Journal, 16(3), 478-493. HYPERLINK "https://doi.org/10.1080/10807031003779898" https://doi.org/10.1080/10807031003779898

Pan, Y. (2018). Strategic research on construction and promotion of China's intelligent cities: General report. Singapore: Springer.

Rambures, D. ., & Escobar, D. F. (2017). China's financial system: Growth and inefficiency. Cham, Switzerland: Palgrave Macmillan.

Schramm, R. M. (2015). The Chinese macroeconomy and financial system: A U.S. perspective. New York: Routledge.

Snyder, C. (2013). A project manager's book of forms: A companion to the PMBOK guide, fifth edition. Hoboken, N.J: Wiley.

Stent, J. A. (2016). China's banking transformation - the untold story. Oxford University Press Inc.

Sokowski, D. W. (2015). Mastering project management integration and scope: A framework for strategizing and defining project objectives and deliverables. Upper Saddle River, New Jersey: Pearson Education/FT Press.

Walter, C. E., & Howie, F. J. T. (2012). Red Capitalism: The fragile financial foundation of China's extraordinary rise. Singapore: Wiley.

Zhou, W., & Li-min, J. (2011). The Theory and Method of Design and Optimization for Railway Intelligent Transportation Systems (RITS). Sharjah Bentham Science Publishers.