Personal Skills Development in Curriculum †MyAssignmenthelp.com

Question: Discuss about the Personal Skills Development in Curriculum. Answer: Introduction: Managing the business is not an easy task and the manager needs to possess various skills which will guide him in the operations of the business. There are many business skills that a manager should possess. These skills include skills like problem solving, decision making, management of people, leadership skills and financial management skills (Raven and Le 2015 pp. 622-641). The given essay will be highlighting two relevant skills for discussion. The chosen skills are decision making skills and Financial Management skills. The importance of possessing these skills will be identified along with examples. The steps which universities can take to ensure that the students are ready to face the business environment with respect to the skills have been discussed. Decision making skills require mental abilities to focus on both cognitive and creative aspects the given business skill is a critical one where it allowed the key decision makers to analyze the various choices available to them and to make a single choice. This single choice which is to be made needs to be the one that is best (Bailey 2014). This chosen alternative must have the ability to help the organization in fulfilling its goals along with helping the customers to achieve their short term objectives. In a business, the dynamic environment is not easy to judge and this is the reason why it becomes extremely difficult to survive without testing for the current option. The problem solving skill helps an individual to make quick decisions with positive impacts. Decision making is not a department oriented aspect. It is essential to implement effective decision making in almost all departments of the organization from marketing and sales, human resource and even the top management (Sekaran and Bougie 2016). In the discussed fields, decision making can be applied in cases where the company is faced by two options and the company can only make one choice as the resources are constraint. This option may be available in cases of a marketing alternative which is to be chosen for the benefit of the firm. Universities are a storehouse of knowledge for all its students and it is their duty to see to it that, the students are efficient in decision making. For this purpose they could be provided training in the following. Firstly, they could help them in developing communication skills. The universities can arrange value oriented classes for the students that help them to improve their language skills. The brain in order to remain active, needs to be put on to charge and thus the universities can provide situations to the students in form of role plays here such skills are developed. Secondly, the pros and cons method can be applied. They need to be taught to estimate and evaluate the pros and co ns of every decision. This method serves as an easy method to evaluate the effectiveness of an option and invest in a particular venture. Lastly, The Universities can also plan accordingly and help the students to improve their experience by making them meet people from senior posts or ex students to clearly help them to focus on their need. By following these guidelines, the universities can prepare their students for the professional world. In the corporate world, the manager is faced by many situations which require decision making and this will help them in that. The second skill being discusses is the Financial skills. Knowledge of finance helps the individual to manage and assess the success and running of the business organization. Finance is often known as the bloodline of the organization and the financial statements often provide a true picture of the organization (Gammie, Gammie, and Cargill 2012 pp. 63-67). The financial skills help the individuals by providing them the performance of then firm in different fields. The financial management skills include skills like analytical problem solving and management experience. For instance, when an individual is analyzing the performance of a company, instead of going though the extended activity, the firm can simply scan the statements in various parameters like ratios, Return in Investments and others, the ratio include Liquidity Ratio, quick ratio, profitability ratio and Interest coverage ratio. Financial skills go a long way in the department of accounting and finance. Accounts and finance are primarily concerned with the management of funds in a business and this aspect is a risky one therefore, if an individual has appropriate financial facilities, then he will not be facing any difficulties in the strategic goals as well as routine work related to the accounts and the finance department (Griffin and Pustay 2012). The University can inculcate various strategies to see to it that the students obtain adequate financial skills which will be better for his personality development. Firstly, the university can organize various classes which will help the students to understand the basic concepts in finance such as the basic terms of accounting, the golden rules, asset management, financial ratios and others (Brigham and Ehrhardt2013). This will go a long way in helping the students to analyze their own venture of their organization when the need arises. Secondly, it is importan t to understand that just providing theoretical knowledge is not enough. It is necessary for the university to see to it that the university engages in activities, with the help of which the students can actually carry out financial analysis on various companies (Ferrell and Fraedrich 2015). It can conduct company visits and provide the students with the opportunity to talk to the real financial managers. This shall help the students to experience real world corporate environment. Lastly, in order to test the skills of the students, the university can conduct many tests to check whether the knowledge application of the student is adequate or not (Fischhoff 2013). One of the methods of conducting this is providing financial statements of companies to the students and testing whether they will be able to solve or analyze the statements or not. In the corporate world, this will help an individual to analyze the prospective of a project and test the viability of it and to test the finan cial capability of an opportunity. Therefore it can be stated that undertaking business operations is not an easy task and the business needs to keep in mind the skills of the owners. The two primary skills being discussed in the given section are skills related to Decision making and financial management. Both these skills are extremely critical to attain and sustain. The decision making skills help an individual to choose between the varying objectives and select the best one. The second skill chosen was related to finance whereby the skill sets help as an accountant, a manager and an investor to make a judgment about the organization and its performance. References Bailey, Janet L. "Non-technical skills for success in a technical world."International Journal of Business and Social Science5, no. 4 (2014). Brigham, Eugene F., and Michael C. Ehrhardt.Financial management: Theory practice. Cengage Learning, 2013. Ferrell, Odies C., and John Fraedrich.Business ethics: Ethical decision making cases. Nelson Education, 2015. Fischhoff, Baruch. "Judgment and decision making." InJudgment and Decision Making, pp. 19-38. Routledge, 2013. Gammie, Bob, Elizabeth Gammie, and Erica Cargill. "Personal skills development in the accounting curriculum."Accounting Education11, no. 1 (2012): 63-78. Griffin, Ricky W., and Mike W. Pustay.International business. Pearson Higher Ed, 2012. Raven, Peter, and Quan V. Le. "Teaching business skills to women: Impact of business training on womens microenterprise owners in Vietnam."International Journal of Entrepreneurial Behavior Research21, no. 4 (2015): 622-641. Sekaran, Uma, and Roger Bougie.Research methods for business: A skill building approach. John Wiley Sons, 2016.