Accounting Analysis Essay - 2047 Words

1. Accounting Analysis Assess the degree to which the firm’s accounting reflects the underlying business reality. Identify accounting distortions and evaluate their impact on profits and the sustainability of profits. Financial statements are used to determine the business activities of a firm and the role of accounting analysis is to determine the accuracy and quality of the information provided. This analysis would look into the degree of its accounting figures captures its business reality through the policies used and its resulting noise, potential forecast errors and its impact on Myer’s profit. A few critical areas which are vital to Myers business which includes credit losses, quality of net accounts receivable, inventory†¦show more content†¦This increase in flexibility would allow Myer to increase its accuracy in terms of the term it is used for. This could possibly explain the increase in depreciation in 2011 of 79443k compared to that in 2010 of 62705k. Intangible assets are one of the most significant items in Myers financial statement. It consists of goodwill, brand names and trademarks, software and leases. AASB 136 Impairment of Assets requires Goodwill and some of the brand names that are indefinite useful life to test for the impairment. In Myer, there is no impairment loss. Furthermore, the accumulated amortisations of the other intangible assets are shown in the table X have a total value of $73585 thousand. According to AASB 117 Leases, the total rentals leases over the leases term are being expensed on a straight-line basis. In contrast, Myer’s competitor David Jones has only two intangible assets goodwill and software. The accumulated amortisation for software is $28808 thousand which is shown in the table X and it is the total value of accumulated amortisation. David Jones does not included leases as part of their intangible assets but Myer does. This shows the different ways of recording accounting record between its competitors, and managers have an incentive to determine on the choice of recording items. This reflects business operation reflecting in its underlying business reality. Therefore, manager has higher chance to manipulate the accountingShow MoreRelatedAccounting Analysis On Financial Accounting1185 Words   |  5 PagesAccounting has many branches that it can be divided into. It can be divided into several areas of activities. Accountings main branches are financial accounting, Management accounting, Cost accounting, Auditing, Tax accounting, Accounting systems, Fiduciary accounting and Forensic accounting. Financial accounting: This branch of accounting measure’s and records the transactions of a business. Financial accounting focuses on the preparation of the five basic financial statements namely statementsRead MoreAccounting Analysis On Management Accounting Essay1210 Words   |  5 PagesManagement Accounting Introduction: Management accounting technique is the procedure of understanding, analyzing, exam, calculating, deciphers, and transfers the verbal data to chase of company objectives. The section of bookkeeping is called as cost accounting. The difference between the financial and managerial bookkeeping data is the goal at assist the administrators inside the corporation to create choice as per their situations. Even as economic bookkeeping is intended at giving data to gatheringRead MoreAccounting Analysis : Management Accounting2168 Words   |  9 Pages MANAGEMENT ACCOUNTING Author’s Name Course Name Professor’s Name Due Date MANAGEMENT ACCOUNTING Accounting is a way of measuring a business s financial performance through maintaining records and analyzing them. Financial accounting system produces reports that are generally intended for external stakeholders to evaluate a business. Management accounting is used to provide internal information that management uses in order to assess performance toward goals and objectives. FinancialRead MoreAccounting Analysis On Accounting Standards1911 Words   |  8 Pagesmainly focussed on the topic related to Accounting theory concept in general. There are two articles to elucidate, first article is on Accounting Standards conceptual framework, which is further discussed in detail about the qualitative characteristics of Conceptual framework. Second article is about Positive Accounting Theory, where we discuss about Accounting theories. A) Article One: 1) Australian Accounting Standard Board (AASB) AASB - Australian Accounting Standards Board Body charged with developingRead MoreA Cost Accounting System Analysis1046 Words   |  5 PagesA cost accounting system is a framework used by firms to estimate the cost of their products for profitability analysis, inventory valuation and cost control. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Costing is essential for every organization, as every manufacturing and other departmentRead MoreAccounting Analysis On Accounting Standards1740 Words   |  7 PagesAccounting regulation is a complete set of theories that identified the economic, social and political factors that are related with the development of accounting principles and standards and to serve the best interest of societies. In 1930 and 1972 GAAP (Generally Accepted Accounting Principles) and SSAP2 were introduced to reduce the accounting scandal and control and regulate the accounting. Later in the year, FASB (Federal Accounting Standard Board) introduced conceptual framework to provideRead MoreAnalysis and Design of Proposed Accounting System1588 Words   |  7 Pagesby: Camero, Chana Paulene A. Hinoguin, Vanessa Bea P. Pagente, LJ Faith B. Suasin, James P. Submitted to : Miss Marianne Sy, Instructor CISB 32 -B SYSTEMS ANALYSIS AND DESIGN Accounting System Proposal SYSTEMS ANALYSIS AND DESIGN Accounting System Proposal SYSTEMS ANALYSIS AND DESIGN: ACCOUNTING SYSTEM PROPOSAL Four Queens Resort History/Nature of the Business Four Queens Resort is a 1,700 sq meter hotel and resort located at National Highway, Tuburan DistrictRead MoreOverview of accounting analysis1529 Words   |  7 PagesHOMEWORK 3: DISCUSSION QUESTIONS 1. A finance student states, â€Å"I don’t understand why anyone pays any attention  to accounting earnings numbers, given that a ‘clean’ number like cash from operations is readily available.† Do you agree? Why or why not? I disagree with the finance student, because net income forecasts future cash flow and is informative. a. Net income forecasts future cash flow better than current cash flow, and does so by recording transactions associated with cash consequencesRead MoreAnalysis Report On Management Accounting System1459 Words   |  6 PagesA management accounting system collects accounting information and converts the information to an analysis report in order to help managers make correct decisions and let stakeholders fully understand how the company runs. In another word, the main purpose of the management accounting system is assessing the company’s performance with the help of different measurements. Thus, management accounting system reform should be closely linked to performance measurement. The mostRead MoreManagerial Accounting Analysis of Concepts and Techniques4204 Words   |  17 PagesManagerial Accounting Analysis of Concepts and Techniques Managerial Accounting BUS 630 Managerial Accounting Analysis of Concepts and Techniques Introduction/Thesis Statement Managerial accounting is a concept used in businesses to manage internal systems. Understanding the importance of effective decision making, planning and control creates a foundation for value within the company on a more in depth level. Planning and controlling is measured by performance based on budgeting accounts

Jesus and Aristotle Dialogue - 1144 Words

Jesus Aristotle Dialogue Background: Aristotle is walking around Athens and observing nature and human behavior. In the corner of his eye, he sees Jesus on the Acropolis. Jesus is watching over Athens with olive branches in his long brown hair. Aristotle is startled by the Jesuss presence. Jesus: Hello Aristotle! Aristotle: Oh my Zeus! I didnt see you there, Jesus. Welcome to Athens; the most incredible city that has ever been constructed. Jesus: Thank you very much for your kindness and hospitality. Aristotle: The pleasure is mine. What brings you here today? Jesus: I would like to understand your views on the belief of another reality and the values of an ideal society and leader. Aristotle: In regards to the existence of ideal forms, there is nothing. It is necessary to understand the workings of the human mind and reason before believing that there is another world. (Loomis, xvii Intro) Jesus: That is pure ignorance, Aristotle. The ultimate reality lays in the hands of The Lord, my Father. He has full and absolute power. You cannot see Heaven or Hell, but both of those places are entirely real. After you die, you will understand. (Houlden, 8) Aristotle: Jesus, there are limits. I believe that the eye is made blue by the sky. Many things that occur in the Bible are mythical. It is impossible to create a universe in six days. It is also impossible for a man to split an entire sea. We must understand human behavior before coming to conclusions. OurShow MoreRelated Socrates Essay1261 Words   |  6 Pagesmodern science. In the course of Western Civilization, there have been two trials ending in a sentence of death imposed upon two individuals later deemed grossly unfair and unjust by the verdict of history. One trial was that of Jesus Christ, the other that of Socrates it was Jesus destiny, and It was Socrates choice. Both philosophers and theologians, carry a political message, a message apt to rub the ruling power structures nose in its own mess. Christ defined and built a new moral order. All SocratesRead More The Rise Of Christianity Essay1320 Words   |  6 Pagescombination of ingredients to appeal to both the masses and also eventually the ruling elite. Based on ancient scriptures, with a solid creation myth, its own collection of inspired writings, a convincing story about the appearance of God as a man (e.g. Jesus), a morality based upon personal maturity rather than harsh punishment, role models for both men and women, and a good organizational structure. Christianity was destined to grow to become the dominant religion. Greek philosophy was eventually extinguishedRead MoreThomas Hobbes And John Locke s Theory Of Social Contract Theory1449 Words   |  6 PagesInquisitor, and conduct an analysis of the relationships between the Grand Inquisitor and his subjects as well as Jesus and his followers. Using textual evidence and uncontroversial interpretations of the authors’ works, I will draw parallels between the Grand Inquisitor’s relationship with his subjects to Thomas Hobbes’ vision of social contract theory. Similarly, I will draw parallels between Jesus’ relat ionship with his followers to John Locke’s vision of social contract theory. I will provide a reasonableRead MoreA Leader Is An Intentional Process Of Growth1508 Words   |  7 Pagesaccording to what the leader displays. Furthermore, leaders serving as role models lead to follower identification (Kark et al. 2003; Pratt 1998). Leaders are expected to be beacons of morality (Bass, 2008). Aristotle believed leaders should be virtuous and demonstrate strong moral character (Aristotle, 2011; Solomon, 1992). Leaders should have uncompromising ethics. Trevino, Hartman, and Brown (2000) posits ethical leaders are both transformational and transactional, inspiring their followers to behaveRead MoreThe True Father Of Western Thought984 Words   |  4 Pagesbears the mark of the writer. Thus, Xenophon’s Socrates is more straightforward, willing to offer advice rather than simply asking more questions. In Plato’s later works Socrates speaks with what seem to be largely Plato’s ideas, but in the earlier dialogues—considered by historians to be the most accurate portrayal—Socrates rarely reveals any opinions of his own as he brilliantly helps his interlocutors dissect their thoughts and motives.One of the greatest paradoxes that Socrates helped his studentsRead MoreThucydide vs Plato on The Good Life Essay1927 Words   |  8 Pagesto indicate might makes right, at least in times of war. In conflict, acting from a position of strength may be the best route leading to the Good Life. A clear example exists when he recalls interaction between Athens and Melos in the Melian Dialogues. As we enter Thucydides chronicle, the Athenian army is squaring-off against the small island territory of Melos following Melian refusal to succumb peacefully to the larger, stronger force. Athenian leaders have dispatched representatives toRead MoreSocratic Creed vs. Platos Theory of Knowledge2206 Words   |  9 Pagesmind must be educated in every aspect. Socrates is one of the most well-known philosophers in the history of the world. His studies were based on passion; he truly did love wisdom. However, philosophy itself existed long before Socrates, Plato, Aristotle, and Descartes. Philosophers who studied before Socratic philosophy came about studied archà ©. Archà © simply means â€Å"stuff.† The focus of their studies was metaphysics, or the study of the physical world. They tried to define reality by studying physicalRead MoreCompare and Contrast Five Ethical Models Essay3163 Words   |  13 PagesIn their case the god of this world has blinded the minds of the un believers, to keep them from seeing the light of the gospel of the glory of Christ, who is the image of God. For what we proclaim is not ourselves, but Jesus Christ as Lord, with ourselves as your servants for Jesus sake,† (The Holy Bible). The deontological theory states that people should adhere to their obligations and duties when analyzing an ethical dilemma. This means that a person will follow his or her obligations to anotherRead MoreConcept of Beauty According to the Western Philosophers4706 Words   |  19 PagesSome of his dialogues are real literary masterpieces. On the other hand, he found the arts threatening. He proposed sending the poets and playwrights out of his ideal Republic, or at least censoring what they wrote; and he wanted music and painting severely censored. The arts, he thought, are powerful shapers of character. Thus, to train and protect ideal citizens for an ideal society, the arts must be strictly controlled. Plato had two theories of art. One may be found in his dialogue The RepublicRead MoreHumanities Test4641 Words   |  19 PagesA famous speech by Shakespeares Falstaff questions the value of: honor 1.   ( T or F ) Aristotle considered plot more important than character or thought. True 2.   ( T or F ) Aristotle was both a theater critic and a philosopher. True 3.   Aristotles famous analysis of tragedy is found in a work called: The Poetics 4.   Aristotles work on comedy is how long? 5 acts long 5. What did the Commedia dellearte specialize in? 6.   What is satire? a literary genre or form, although in practice

Metamorphosis Analysis - 1503 Words

John Maynard Keynes once said, â€Å"Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.† 20th century novelist, Franz Kafka would agree with such a statement as he strongly despised capitalism and its faults. In his celebrated short story, Metamorphosis, Kafka explores the cruelty and exploitations of capitalism through the eyes of Gregor Samsa. ironically, he also represents capitalism to further illustrate its barbarity. Kafka’s use of irony is significant for it leaves the readers confused and distraught, making them question the actuality of capitalism. Kafka (or Capitalism) is sympathetic to the proletariat. This includes Gregor and the charwoman†¦show more content†¦This means even the slightest of mishaps would leave us struggling to survive in the world. This cruelty is shown when the Chief Clerk pays a visit to Gregor’s apartment to accuse him of indolence. Mr. Samsa, what is wrong? You barricade yourself in your room, give us no more than yes or no for an answer, you are causing serious and unnecessary concern to your parents and you fail - and I mention this just by the way - you fail to carry out your business duties in a way that is quite unheard of. I m speaking here on behalf of your parents and of your employer, and really must request a clear and immediate explanation. I am astonished, quite astonished. (Kafka 1). This is the first time in fifteen years that Gregor has been late yet the clerk hyperbolizes the situation and goes on to say that Gregor could be fired. The capitalist world requires loyalty and is cruel because it doesn t empathize with anyone. The brutality of capitalism and its responsibility causes laborers to become more inhuman as they begin to isolate themselves whilst lacking compassion and mercy. Gregor’s transformation might be physically unpleasant but he is stripped from the burden of responsibi lity. Kafka is sympathetic to Gregor by turning him into a bug who is excused from working in the cruel world of capitalism. The charwoman who is introduced later in the story also exemplifies the savagery acquired from capitalism. The charwoman is hired to take care of the heavy work aroundShow MoreRelatedAnalysis Of The Metamorphosis1501 Words   |  7 PagesBeveridge, A. (2009). Metamorphosis by Franz Kafka. Advances in psychiatric treatment, 15(6), 459-461. This brief article is written from the psychiatric perspective, pointing out that Kafka has always been of great interest to the psychoanalytic community; this is because his writings have so skillfully depicted alienation, unresolved oedipal issues, and the schizoid personality disorder and The Metamorphosis is no exception to this rule. While this writer tends to think that psychiatrists shouldRead MoreAnalysis Of The Metamorphosis 854 Words   |  4 PagesAnalysis of the Metamorphosis The Metamorphosis can be analyzed in many different ways. One way that could be looked into is why exactly Gregor is turned into an insect. There are many things that he could have changed into, like a monkey or a bird for example. But Kafka makes it obvious that Gregor is a bug although he never says what kind. Bugs can be, more or less, controlled, considered useless, and gross. To call a person a bug means they can bend easily to another’s will and are expendableRead MoreAnalysis Of Metamorphosis826 Words   |  4 Pages Metamorphosis, written by Franz Kafka, is a novelette detailing the life of a young man named Gregor and his family, which include his sister, Grete, and his parents. Gregor is a traveling salesman who has an overbearing manager and extremely long hours. He is unhappy with his job due to these circumstances and the fact that he is not able to make any friends. One morning Gregor wakes up and is suddenly a beetle instead of a normal human. The life of everyone in the household is flipped upsideRead MoreAnalysis Of The Metamorphosis Essay1390 Words   |  6 Pagesan attempt to distance oneself from an undesirable event or occurrence. It can also range from an overt set of actions as a person is changed, to willful ignorance, malicious or otherwise, of an individual’s dreams or goals. Franz Kafka’s â€Å"The Metamorphosis†, in which the main character, Gregor Samsa, awakens to find himself changed, contains several obvious examples of this dehumanization. He has become vermin of some kind, no longer even human. Deprived even of basic human form, and transfiguredRead MoreLiterary Analysis Of The Metamorphosis 1422 Words   |  6 PagesElaina Faerber, Hannah Lindsey, Jake Sims Mrs. De Oro Hon, English 12A Pd 3 19 October 2015 Literary Analysis Essay-Rejection When individuals are rejected by family and society, they tend to feel abandoned and unloved. In Franz Kafka’s, The Metamorphosis, Gregor’s transformation into a â€Å"monstrous vermin† (Kafka 1) results in him being psychologically and even physically abused by his family. Rejection from his mother, sister, and father leave Gregor feeling unwanted and feeling as if he is a terribleRead MoreMetamorphosis Analysis1761 Words   |  8 PagesFranz Kafkas The Metamorphosis is so strikingly absurd that it has engendered countless essays dissecting every possible rational and irrational aspect of the book. One such essay is entitled Kafkas Obscurity by Ralph Freedman in which he delves down into the pages of The Metamorphosis and ferrets out the esoteric aspects of Kafkas writing. Freedman postulates that Gregor Samsa progresses through several transformations: a transformation of spatial relations, a transformation of time, and aRead MoreThe Metamorphosis Character An alysis1193 Words   |  5 PagesSometimes the people that you love and care for the most are the ones who will send you to your breaking point. Betrayal could quite possibly be the most hurtful action you can take towards someone. Throughout the novella, The Metamorphosis by Franz Kafka, Gregor goes through a traumatic transformation only to find his family turn their backs on him and send him to his demise. This story can be looked at in a few different ways.(Connect these sentences) One of which is that Gregor literally turnedRead Moreâ€Å"Analysis of Metamorphosis by Franz Kafka938 Words   |  4 Pagesâ€Å"Metamorphosis† is an absurd novella written by the careful and self-conscious writer, Franz Kafka and narrated in third person omniscient by an anonymous figure who tells the story of protagonist Gregor Samsa in a neutral tone. The story was published in 1915 and is primarily about the effects of Samsa’s transformation into a large and monstrous bug. Kafk a’s use of irony, symbolism and, major themes make a strong impact. The story takes place in a room of an apartment with no definite historicalRead MoreAnalysis Of Kafka s The Metamorphosis 1166 Words   |  5 Pagesresides in his ability to transform his private torment into universal fables. Much of Kafka s early writing is lost, but 1912 proved to be a breakthrough year for him as he wrote some of his most important stories, including The Judgment, the metamorphosis, and much of his novels. This was also the year when Kafka met Felice Bauer, to whom he was engaged (and disengaged) twice over the next five years in a storm of letters with extremely little physical interaction. His belief in the importanceRead MoreAnalysis Of Kafka s The Metamorphosis 989 Words   |  4 PagesRalph Freedman’s critical essay titled â€Å"Kafka’s Obscurity† on Franz Kafka’s The Metamorphosis delves into the idea that from changes in the protagonist’s physical limitations, familial bonds, and his being â€Å"[he] is finally reduced to a mere speck of self-awareness which is ultimately extinguished† (Freedman 131). General questions of â€Å"why† and â€Å"how† are almost immediately dismissed due to the calm and monotonous tone that Kafka implements throughout the novel. Instead, the reader is encouraged to

Project Management Creating Innovative Method

Question: Discuss about the Project Management for Creating Innovative Method. Answer: Introduction Project management in the engineering and construction domain might vary according to the projects (Ghauri and Grnhaug 2010). In case construction is required to be done in some park, then a creative team is needed, if the project is related to building individual malls, and even a team of civil engineers is also required (Dainty 2006). In the present time, every organization tries to manage the projects with an individual specialization. In the case of Engineering and Construction Company, it can specialize in building sky capers, bungalow, malls, parks, theaters, etc (Ghauri and Grnhaug 2010). Project management area of the project is referred as structure, which is designed purposely, to execute the projects (Dainty 2006). It is mainly modified for reaching the demands of challenging tasks through separating the different work and for maintaining the firm emphasis on meeting the project (Ghauri and Grnhaug 2010). Once the project gets completed, this structure got disbands. Although this similar structure is expected to be good, while managing the resources throughout the project life (Ghauri and Grnhaug 2010). This section also depicts the requirements and techniques required during project planning of building main switchboards at rail centre (Dainty 2006). While planning in this case, it will be necessary to include forecasting, cost estimation, economic evaluation, and risk assessment. It includes the division, in which design and planning phase will include critical capital savings (Ghauri and Grnhaug 2010). The primary responsibilities might get procured at the time of construction and operation phase evaluation (Ghauri and Grnhaug 2010). The primary responsibilities related to project manager might get different as per the size of the company, maturity of the enterprise, the industry as well as the culture of the enterprise (Dainty 2006). However, there are certain mandatory responsibilities, which are similar in the project management company (Ghauri and Grnhaug 2010) Role of project management methodology in engineering and construction domain The project management consultancy includes many functions, which are played during the process of construction (Ghauri and Grnhaug 2010). Engineering and construction projects require advantages to the customers in the context of satisfaction, and it includes profits, business development, utilization of a resource, etc. as this consultancy plays a multifaceted role in the project construction, it mainly includes the project through the inception of the project towards its completion stage (Ghauri and Grnhaug 2010). It is crucial to analyse the project management authority altogether. While doing this, it ensures that consultancy could be maximized completely for every construction and engineering project (Ghauri and Grnhaug 2010). Projects are managed by the project managers, and the same is supervised through the construction managers, along with their team of building engineers, design engineers and architect (Ghauri and Grnhaug 2010). Efficiency within the management is required to gain the high competitiveness level (Ghauri and Grnhaug 2010). During the period of construction, the emphasis is placed on the building and completing the projects, having less consideration over the quality and cost (Ghauri and Grnhaug 2010). The important portion of the budget is allocated for building various facilities; therefore, money was never a problem in charitable funds (Ghauri and Grnhaug 2010). Similarly, expertise in the area of developing and managing big projects is quite less, and standard methods of project management are also required to be implemented (Ghauri and Grnhaug 2010). Recently, this mentality is getting change. Awareness of the requirement within the controllable industry in the context of quality, cost and time had enhanced (Ghauri and Grnhaug 2010). Customers require to have some change, and they do not demand to have a fast project completion (Ghauri and Grnhaug 2010). They even demand to have high-quality standards as well as cheap execution (Ghauri and Grnhaug 2010). It is noted that end of the project is augmenting as more and more companies are penetrating the market. This shift in the industry nature demands to implement the methodology of effective project management (Ghauri and Grnhaug 2010). It is important to mention that different factors related to the construction sector are own towards high risk associated with the project (Stackpole 2013). Projects include large amount related to finance and employees, as it holds adverse social and financial effect over complete stakeholders (Gould and Joyce 2009). Many types of research had noted that the analysis and decisions are taken within the construction industry traditionally rely on the judgment, intuition, and experience, and never deny the facts that decisions require to be taken urgently (Ghauri and Grnhaug 2010). As project management is rapidly increasing in the 21st century, this subject had moved towards the discipline concept, which is practiced towards gaining competitive advantage in the global marketplace (Gould and Joyce 2009). Researchers are required to improve the project management practices (Highsmith 2009). Various methodologies are used, due to the time and research investment emphasizing over project management (Ghauri and Grnhaug 2010). In the year 1969, project management institute was explored, and they set the association, in which professionals from project management all over the world collaborate with the project management practices (Gould and Joyce 2009). PMI had developed the guide for project management body of knowledge (PMBOK), which is an accessible guide related with PMI standards for all the project managers all over the world (Foxhall 1976). The PMBOK guide is not considered as methodology; rather it tries to promote different elements, which should be included in proper methodology (Gould and Joyce 2009). These areas are projected scope, integration, project quality, cost, time, communication, risk, and human resources and procurement (Ghauri and Grnhaug 2010). More details of the areas are included in methodologies, but this guide also advocates about all projects, which are included in project life cycle, including planning, initiating, closing and executing (Gould and Joyce 2009). Through the temporary nature of the project, use of project life cycle is advantageous in adhering with the time issues, provided at the upper level of management (Joy 1994). Relying on the industry, and sometimes companies in industries make use of lean, which also undergoes various names (Ghauri and Grnhaug 2010). Lean development and lean production are considered as two examples of lean construction, and this name is same as construction industry that is originated through the manufacturing sector (Gustavsson 2011). Through the application of lean principles in engineering and construction domain, it permits to design both the process and products of production (Ghauri and Grnhaug 2010). The construction scheduling is quite reliable when its shifted from the enhanced productivity towards various workflow of a system for creating work for the employees (Milosevic 2003). As compared to the review and analysis of the traditional approach, it integrates with the starting stage, and it also involves a broad range of specialist (Khanna 1999). The project management approach of agile was also same as it includes lean philosophy and various similarities towards two philosophies (Ghauri and Grnhaug 2010). The key difference among the agile and lean is that agile includes tested methods of working and includes special tools that aid the user in adopting the philosophy (Gustavsson 2011). The lean concept was mainly originated through the production industry, in which Toyota tried to develop the Toyota production system, and currently, its known as lean production (Gustavsson 2011). The lean principle is however applied to all business, and it also results in an improvement. The key principle related with lean thinking is to explore and minimize the waste. All the activities, people and time that fails in adding value are deleted (Ghauri and Grnhaug 2010). When trying to explore whats wasted in business, one can understand what values are required for nay business (Ghauri and Grnhaug 2010). The next step relates with explaining the activities and resources are needed to produce that similar value (Hass 2007). It might go wasted if one fails to work in a different way or it can be lost if it fails in adding value. While implementing the lean approach, the organizational structure emphasizes over value flow, as compared to functional expertise, which is also termed as traditional structure (Young 2013). The second principle related to lean thinking is to centre all employees that try to add value. For instance, the project consultants in rail centre work to design the construction of switchboard. For the purpose of doing the work effectively, it requires proper training and apprenticeship as well as up gradation of skills (Ghauri and Grnhaug 2010). As a group, they will develop the process and even manage the entire issues (Poppendieck 2002). Their managers serve the aim of supporting the team, instead of telling them what they have to do. The third principle related with lean thinking is the value flow from the demands. It implies that one can quickly produce according to forecasts, only when its demanded (Chitkara 2000). The term pull is also mainly used for explaining the value flow, and it should be removed when demand is placed, that implies that one needs to be committed before the existence of order (Poppendieck 2002). One of the main advantages of lean thinking is that there are no hidden issues that might come later and place stress and pressure over the project (Kogon, Blakemore and Wood 2015). While using lean, one dont forecast the future, but they constantly try to expose the issues and solve them quickly (Poppendieck 2002). The fourth principle optimizer in the companies. All these principles mean that, one fails in sub-optimizing the company nor does various performance measurement for different departments, Instead of that lean thinking mention that one need to structure the company around the value flow and then organize the teams and departments, so that they could easily maintain the responsibility related to complete business value (Poppendieck 2002). It implies that one could skip the standard measurements and ensure that everyone understands the significance of total market value and not particular to department value. Another way of handling the issues is to consider the downstream Department of clients, and middle management of performance is the satisfaction of internal department of the company (Segerfeldt 2002). The principles discussed includes the similar aim of streamlining the value chain and for enhancing the outcome (Ghauri and Grnhaug 2010). To improve something one requires to include something for improvement (Gould and Joyce 2009). At Toyota, they had made standardization towards working methods, which is a crucial part of any company (Tonnquist 2006). The process of standardization acts like the source for bringing innovation, improvement and employees development. Without having such standardized manner of working, it can become challenging, and it might become impossible to enhance the methods of working (Tonnquist 2006). Trying to improve the process could define and standardized and helped in generating various versions of standard methods of working (Ghauri and Grnhaug 2010). Similar to the agile approach, the small incremental deliveries are developed during the project, instead of at the beginning (Harrison and Lock 2004). It can sometimes lead to a problem as the client prefer to know, what they are paying for (Winch 2010). Therefore, lean enterprises sometimes face issues and the structural contracts which they support in pre-defining the incremental deliveries and guarantee that business values will be handled as per the investment (Tonnquist 2006). Conclusion Project management consultants tries to manage the project through apply knowledge, experience, and skills at different stages. However, projects go through various challenges such as designing issues, long lead material problems, constructability problems, safety problems, Inter contractor coordination problems, and engineering problems. All these problems could be tackled through applying proper approach related to project management. It also includes including different tools associated with higher management such as round table progress review, reporting, conducting sessions of brainstorming, imparting training in various fields, designing the interface of construction, regular quality audits, delivery and quality diligence sessions within the team. Along with this, project management methodologies are quite efficient and effective only in the case when total project life cycle is involved. Awareness about the different process involved in project management of switchboard at rai l center is important, as it might include many constraints like cost, time, scope, risk, and quality of resources. References Chitkara, K. K. 2000. Construction Project Management, Second Edition. New Delhi: Tata McGraw Hill Pvt Ltd. Dainty, A. et al. 2006. Communication in Construction. Abingdon, Oxon: Taylor Francis. Foxhall, W. 1976. Professional construction Management and project administration. New York: Architectural Record and the American Institute of Architects Ghauri, P., and Grnhaug, K. 2010. Research Methods in Business Studies. Fourth Edition. Edinburgh Gate, Harlow: Pearson Education Limited. Gould, F., and Joyce, N. 2009. Construction Project Management. Third Edition. New Jersey, USA: Pearson, Prentice Hall. Gould, F., and Joyce, N. 2009. Construction Project Management. Third Edition. New Jersey, USA: Pearson, Prentice Hall. Gustavsson, T. 2011. Agil projektledning. First edition. Stockholm, Sweden: Sanoma Utbildning AB. (Authors translation of the title: Agile Project Management) Hass, K. B. 2007. The Blending of Traditional and Agile Project Management. PM World Today, 9(5), pp. 1-16. Joy, P. K. 1994. Total Project Management, Second Edition. New Delhi: Macmillan India Limited. Khanna, O. P. 1999. Industrial Engineering and Management Revised Edition. New Delhi: Dhanpat Rai Publications Poppendieck, M. 2002. Principles of Lean Thinking. Eden Prairie, MN, USA: Poppendieck. LLC Segerfeldt, C-H. 2002. Ledarskap stavas kommunikation. Edition 1:1. Malm, Sweden: Liber AB. (Authors translation of the title: Leadership is spelled Communication) Tonnquist, B. 2006. Projektledning. Second edition. Stockholm, Sweden: Bonnier Utbildning AB. (Authors translation of the title: Project Management) Winch, G. M. 2010. Managing Construction Projects. Second Edition. Chichester, West Sussex, UK: Wiley-Blackwell. Young, T. L. 2013. Successful Project Management. Kogan Page Publishers Kogon, K., Blakemore, S., and Wood, J. 2015. Project Management for the Unofficial Project Manager: A FranklinCovey Title. BenBella Books, Inc. Stackpole, C. S. 2013. A Project Manager's Book of Forms: A Companion to the PMBOK Guide. John Wiley Sons Highsmith, J. 2009. Agile Project Management: Creating Innovative Products. Pearson Education Harrison, F. L., and Lock, D. 2004. Advanced Project Management: A Structured Approach. Gower Publishing, Ltd. Milosevic, D. Z. 2003. Project Management ToolBox: Tools and Techniques for the Practicing Project Manager. John Wiley Sons