Managerial Accounting

Abstract on Cost Management Processes For Dairy Cooperatives

Project management approaches project management methodologies by way of an integrated approach. To meet the project requirements, knowledge, skills, methods and techniques are applied. The phases comprise initiation, planning , implementation , monitoring and closure. The relevant processes such as strategy formulation, planning, implementation management, analyzing of results and proposing corrective measures are implemented at each phase. The project plan is initially developed, along with costs, resources, schedules, quality plans and procurement plans (Appelbaum et al., 2017). The project plan is defined. For the appropriate working of the project, the baselines and performance measures are essential. The timetable and costs are integral to the planning process. One of the core components of project management is cost management.

Cost management processes, cost estimation, cost budgeting and cost control, are involved in project cost management. Cooperative programs lead to a transformation in society. The socio-economic circumstances are the basis for changes. Cooperatives, interventions to boost growth, extend the population, market diversification, training & development, and unique government programs are the usual ventures in the co-operative sectors. Research activities in management functions must be promoted for greater efficiency and performance. For cooperative organizations involved in milk production and processing, a structured approach is required (Appelbaum et al., 2017). In this article, an effort was made to analyze the roles and procedures of project management through cooperatives.Milk cooperatives are studied in particular, such that a well-designed framework is established.

Table of contents

Introduction

Reflection of research article

Insights gained

Conclusion

References

Introduction to Cost Management Processes For Dairy Cooperatives

The successful completion of projects will lead to greater profitability for organizations. Implementing contemporary management systems, often with financial restraints, limitations of personnel and restricted time, is necessary for performance (Annapoorna et al., 2019). Failure to achieve the project goals results in organizations' loss of profitability. Uncertainty in management processes and techniques leads to a failure to achieve business losses in project objectives (Xue et al., 2018). Geographical obstacles, societal problems, economic pressures and the absence of skilled management are the explanations for the failures. The maturity of management affects the success and failure of the project. This directly affects an organization's economic growth. Industry experience and historical evidence indicate that many cooperative programs either do not produce the desired results or are prematurely terminated (Annapoorna et al., 2019). This question needs a timely approach for enhancing the cooperative sector's growth prospects. In this reflective selected peer reviewed journal article will be analysed. Reflections will be evaluated on the research experience. also, insights gained from the article will be discussed.

Reflection of Research Article

I analyzed farming and dairy farming as the main source of income in rural India. The rural community is largely engaged in diverse stages of development and marketing (Isa, 2016). A revolutionary measure of improving production level with quality of the above activities is demonstrated by new technologies with appropriate project management processes. Dairy cooperatives adopted the "White Revolution" scheme to increase their district and state federations. In many districts the District Cooperative Milk Unions have been established. A successfully managed dairy cooperative project results in the achievement of milk processing activities (Yawar & Seuring, 2018). The system procedures and activities of dairy cooperatives are definitely improved by the implementation of project management procedures.

The article was able to hit the thesis purpose as it addressed the study 's importance. I learned that cooperative business organizations face tough market competitions as well as financial limitations, limitations on resources and time limits. Owing to the absence of organized research and supervision, there have been significant cases of troubled ventures (Isa, 2016).

The attributes of our personnel , equipment, infrastructure, nature of our goods and business dynamics are accountable for the failures. The co-operatives of milk are particularly prone to spatial, economic and social limits (Van et al., 2018). Around the same period, operational strategies and operation instability contribute to company losses.

The disadvantage of the article in my opinion is that it has concentrated more on the literature review and relied on the researcher 's experience (Tryhuba et al., 2019). In empirical experiments, factors have been associated or triggers and consequences determined. The article contained information relating to a time-consuming peer review process.

By reviewing research articles on a chosen subject, I addressed the difficulties and learned more about the theme of the article.

I enjoyed learning about the project management functions that imply a set of standards and practices applied for the planning and implementation of successful projects (Tryhuba et al., 2019). The elements involve project completion, generation of results, reviews, control, consent and employees. Knowledge , skills, tools and techniques are used for a wide range of activities in order to meet the project requirements. The phases of the project management lifecycle are identified as initiation , planning , execution, controlling and closing. The project management phases are a way of fulfilling project requirements.

Cost management processes were somewhat difficult to learn. However, I have learned that cost management is one of the key components of project management. Cost management, expenses forecasting, expense budgeting , and cost containment are mechanisms involved in the project cost management.

The difficulties I have encountered involve thinking about cost estimates and cost control (Vierlboeck et al., 2019). At the end of the article I analyzed the importance of evaluating cost for project activities in line with the project plan for efficient cost management. Cost budgeting sets the time-frame for the cashflow requirements for the project and tracks the cost of the project. The project costs are managed by the cost management plan, regulation, resources, processes and reporting formats.

Insights Gained

I learned that the tasks of project management and cost management for milk cooperatives. In India, the rural population relies primarily on milk production as an important income source. There have been several groundbreaking measures taken to improve the level of milk production. For millions of families in rural India, milking has been an important source of income generation. Cooperatives function as socially and culturally based market organizations to fulfill collective needs. Cooperatives are aimed at collecting and assessing the data on demographics, possession, income, expenditure, savings and processing. I also learned that the second important revenue-generating factor has been observed in milk production. The arrangements adopted resulted in the organization and development of milk cooperatives and federations at district and state level. Cooperative dairy unions have been set up for programs in countries around the world.

Conclusion on Cost Management Processes For Dairy Cooperatives

It is concluded that the implication is that the application of modern management concepts is the only possible means of performance, even with financial restrictions, resource limitations and time constraints. Experiences in the market and historical data illustrate the need for an integrated approach to improve cooperative business growth opportunities. The approaches are focused upon entrepreneurial, environmental, technical , and financial problems. The work highlights projects that require a consistent approach to the process. The use of traditional management processes in order to carry out projects efficiently is important. For efficient delivery of products and services to the customer, project management roles and cost management processes are established. Such factors for dairy cooperatives are discussed in the present research. The survey provides expertise on existing processes that would further develop a model to effectively implement the project management life cycle.

References for Cost Management Processes For Dairy Cooperatives

Appelbaum, D., Kogan, A., Vasarhelyi, M., & Yan, Z. (2017). Impact of business analytics and enterprise systems on managerial accounting. International Journal of Accounting Information Systems, 25, 29-44.

Annapoorna, D., & Kumar, P. (2019). Review on Project Management Functions and Cost Management Processes for Dairy Cooperatives. Journal of Management6(5), 1-9.

Isa, A. A. (2016). The treasury single account (TSA) as an instrument of financial prudence and management: prospects and problems. Journal of finance and accounting7(4), 66-71.

Tryhuba, A., Boyarchuk, V., Tryhuba, I., Boyarchuk, O., & Ftoma, O. (2019). Evaluation of risk value of investors of projects for the creation of crop protection of family dairy farms. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(5), 1357-1367.

Vierlboeck, M., Gövert, K., Trauer, J., & Lindemann, U. (2019, July). Budgeting for Agile Product Development. In Proceedings of the Design Society: International Conference on Engineering Design (Vol. 1, No. 1, pp. 2169-2178). Cambridge University Press.

Van Hardeveld, H. A., Driessen, P. P., Schot, P. P., & Wassen, M. J. (2018). Supporting collaborative policy processes with a multi-criteria discussion of costs and benefits: The case of soil subsidence in Dutch peatlands. Land use policy, 77, 425-436.

Yawar, S. A., & Seuring, S. (2018). The role of supplier development in managing social and societal issues in supply chains. Journal of Cleaner Production, 182, 227-237.

Xue, H., Zhang, S., Su, Y., Wu, Z., & Yang, R. J. (2018). Effect of stakeholder collaborative management on off-site construction cost performance. Journal of Cleaner Production, 184, 490-502.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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