Reflections from Learnings; week 7 review

This spectacular week 7 (Dec. 5th – 9th) started off with corporate financial accounting and the complexities of the step by step recording of financial transactions as the initial steps of the accounting cycle. Financial accounting is a discipline within accounting that involves systematically recording, summarizing, and reporting a business entity’s financial transactions. The main objective is to provide accurate and timely financial information to external users, such as investors and creditors. This involves adhering to established accounting principles (GAAP or IFRS) and producing key financial statements like the balance sheet, income statement, and cash flow statement. External auditors may review these statements for accuracy and compliance. Financial accounting contributes to transparency, accountability, and informed decision-making in the business world. One thing you would get to learn in this course is how much regulation exists for accounting in today’s business world. This is particularly a lot more rigorous for financial accounting. Hence, for big established businesses, especially those that are publicly traded companies. They are mandated by law to be open and transparent about their finances and dealings in a way that allows the interested public to follow their earnings, spending and projections. This is the only way to fully ascertain the financial health of said businesses, evaluate their viability and be sure how to engage them as possible investors.

Next stop for the week was Data analytics. the faculty has consistently and progressively familiarized us with the practical realm of data analysis, utilizing software tools like Python, Microsoft Excel, Power BI, and Postgres SQL including R-Studio. This week’s session introduced theoretical discussion on probability and was enlightening and enjoyable. It was marked by his humorous interactions with students, detailed and practical explanations, and the inclusion of learning about broader aspects of life. The session  thought us that uncertainty exists in three forms: aleatoric (probabilistic), epistemic, and Knightian  and the study of probability is crucial for understanding and drawing conclusions about uncertainties based on the probabilities of occurrence. It provides us with the tools to analyze the likelihood of various outcomes of events and their associated risks, enabling us to make informed decisions based on these predictions.

Analysis of Business Problems (ABP) followed as we completed the analysis of an existing case study. ABP is a systematic process of examining and understanding challenges or issues faced by a business. It involves breaking down complex problems into manageable components, gathering relevant information, and applying analytical tools and techniques to derive insights and potential solutions. The goal of business problem analysis is to make informed decisions that address the root causes of issues and contribute to the overall improvement of business operations.

The most Interesting learning activity for the week was the management communications session with public speaking as the highlight of the day where all members of the cohort were made to present through their group to sharpen our public speaking skills. Public speaking is the act of delivering a speech or presentation to a live audience. It is a form of communication where an individual addresses a group of people with the intent of informing, persuading, entertaining, or inspiring them. Public speaking occurs in various contexts, including business presentations, academic lectures, political speeches, conferences, and social events. Public speaking is a valuable skill that can be developed through practice, training, and experience. It plays a crucial role in various professional and personal settings, allowing individuals to share ideas, influence opinions, and connect with others in a meaningful way.

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