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BENEFITS OF DOCUMENT

Understand the Four Basic Financial Statements
Recognize the shortcomings of traditional accounting in process improvement
Become fluent in hard versus soft savings

DOCUMENT DESCRIPTION

Assessing the financial impact a project will have on the organization is a key milestone to getting leadership to support the project. Knowing what financial statement the project will affect is also important. Being able to ?speak finance? lends credibility to the business case.

In this module the 4 basic financial statements will be introduced. In the world of Lean Six sigma, there are hard savings and soft savings and they are not treated equally. A review of these so called hard and soft savings will be discussed. Then we identify and quantify project benefits including Cost of Quality issues, Hard, Soft and Balance Sheet Benefits and Cash Flow.

The mantra ?What gets measured . . . gets done!? People will behave according to how they are measured. When you have the correct metrics, the following results: the correct outputs are achieved, desired behaviors result, rapid and relevant feedback becomes available, progress towards achieving planned goals occurs, cultures change and financial performance improves. Understanding this is the focus of this module.

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Source: 008_Financial Management PowerPoint document

008_Financial Management

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File Type: PowerPoint (pptx)

File Size: 127.5 KB

Number of Slides: 19 (includes cover, transition slides)

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Initial upload date (first version): Jan 6, 2015

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