The Goal of the Project. Essay Example

The objective of my project is to apply the skills and competencies I have gained from this course and apply them to operationally renovate the childcare center, prepare a balanced expenditure budget with long-term feasibility and develop a working plan on appropriate resource utilization for the benefit of the stakeholders of my childcare center. The objective of my project is to streamline processes and increase the efficiency of service delivery in the center.

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Which of the Outcomes does your final project display your knowledge/understanding of? (Choose at least 3):

The following are the outcomes of which the final project will display a good understanding:

• Create a plan for appropriate staff, food, equipment, materials, and programming for specific age groups and settings.
• Identify methods for recruiting, hiring, evaluating, supervising, and supporting culturally and linguistically reflective staff.
• Prepare a balanced budget.

Clearly Describe Your Project (What is it that you are actually going to do? What should I expect to see at the end?)

My project will entail a detailed study of the various cost divisions of the childcare center to identify areas where it is possible to reduce costs and minimize wastage. To achieve this, I will use cost accounting principles and model against industry best practices to modernize operations in the childcare center. I will analyze the children’s center expenditure against revenue (The Economics Times, 2020).

As part of recurrent expenditure, I will audit the payroll and align the staff wage bill to a graduated pay grade structure. I will execute staff functions using the following process,

I will develop clear job descriptions and key performance indicators for each of the roles that will be defined in the organogram. This will also include standard qualifications assigned to each role. Positions will be elected for minority groups in the community and new roles in line with industry best practices will be added to the organization structure.

I will develop the standard appraisal template for each role. Each staff member will undertake a performance appraisal against their key performance indicators for the concluded financial year. This will be done with their direct reporting manager. Going forward, appraisals will be done every six months process, and the aggregate score will factor into salary increments and end-of-year bonuses.

Further, I will develop an organogram with clear reporting lines for each role defined. This will ensure that redundancy and bureaucracy are eliminated and efficiency achieved. I will procure a biometric clock-in clock-out management system, which will also ensure that access to restricted areas is restricted to authorized personnel only.

The center employs staff from diverse cultural and linguistic backgrounds. I will formulate a vision statement that articulates the center's policy of inclusion, equality, and non-discrimination. To improve the staff team chemistry where language and culture are a barrier, I will allocate funds for a staff team-building and bonding session.

I will perform a stocktake of the tools and equipment currently in the center's possession. This will establish which tools are out of date and which need to be replaced. Further, according to the job descriptions formulated, this will provide a guideline on the tools required for sustainable management of the center. Budget allocations to purchase these tools will be made.

To increase the revenue, I will formulate proposals on alternative streams of income for the childcare center to diversify its revenue base. This will involve rebranding the children's center and digitizing the institution's image. This will increase the center's visibility and ease of interaction with prospective partners. Further, I will allocate a portion of the budget for branded brochures and marketing materials, such as pens and t-shirts. This will be used when doing fund drives to prospective partners.

The project will also entail business proposals for small-scale income-generating projects which the center can undertake to generate additional income. Such will include poultry farming and selling of in-house artwork in the community. These will initially be structured as hobbies for the center’s children but aim for long-term sustainability.

A balanced budget refers to one where revenues are greater or equal to total expenditure (The Economics Times, 2020). From the cost analysis and revenue generation projects, I will formulate a budget that will be structured toward minimizing costs to fit into the available income. Certain cost items will be removed from the budget altogether or suspended until such a time when funds become available.

What tools/resources will you need to complete the project? (For example, artistic supplies, video software, library access, etc.)

The project will require resources and expertise which may be available within the center or will be sourced externally if unavailable.

To rebrand the center’s digital image, I will use a camera and video software to take eye-catching pictures of the center, which will be uploaded on the website and on social media platforms.

I will use the library as the base of my operations when performing an analysis of the center's costs and revenues.

I intend to develop branded artwork that will showcase the center’s core values and objectives. This will attract financial partners for the improvement project. I will do this using graphic design software such as Adobe. This will have benefits in the immediate term and in the future. The expenses will be recorded as a one-time expense in this year's budget.

To arrive at a valuation of the center’s tools and equipment, I will perform a stock take. This will show the market value of the tools and equipment and highlight areas where acquisitions and disposals are necessary.

What is your research question, and how does it apply to the rest of your project?

Which are the areas of financial and operational structure that the children's center needs to adjust in to achieve long term sustainability?

List 3-5 reasons that the project you are proposing is worth 115 points.

The cost analysis will highlight areas of excess and wastage in the center's operations and eliminate them.

The well-balanced budget will show how the center's revenues will be applied to meet its budget.

The valuation of the tools and equipment available will show the areas of improvement needed to make the work of the staff more efficient.

The branding aspect of my project will attract potential financial partners and investors in the children's center.

Revenue analysis will identify potential projects for the center to undertake, which can be grown in the long term.

Briefly, tell me how you want me to assess your work? (What should I be looking for to tell me about its quality, depth, and other factors?)

I would like to be assessed on the improved staff payroll system, cost reduction, valuation of the center's equipment, organization's mission statement, and rebranded digital platforms.

References

The Economics Times. (2020, January 10). What are the three types of government budgets? Retrieved from https://economictimes.indiatimes.com/budget-faqs/what-are-the-three-types-of-government-budgets/articleshow/67466774.cms

The Economics Times. (2020). What is Cost Benefit Analysis? Definition of Cost Benefit Analysis, Cost Benefit Analysis Meaning. Retrieved from https://economictimes.indiatimes.com/definition/cost-benefit-analysis