You Have Recently Been Appointed as Head of the Nine-Person

question 97

Essay

You have recently been appointed as head of the nine-person accounting department in a large oil company.The accounting department currently works out of offices which are located on the 3^rd and 6^th floors of head office.There are three accounting employees on the 3^rd floor who use extra office space in the purchasing department.Two of the accounting employees were hired a few months before you took over the unit - one having been offered a job at the time she submitted her application form (i.e.hired without an interview or careful review).The group of employees possesses the skills and resources necessary to perform effectively (e.g.new computer systems) if they work together as a team.However, you sense that the department lacks the necessary esprit de corps that would help it achieve its highest potential level of performance.Describe four distinct strategies you would use to build the accounting department into a more cohesive unit and explain how these strategies would increase cohesiveness.

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Definitions:

Capital Budgeting

The process of planning and evaluating investments in long-term assets, focusing on projects that will generate future profits.

Required Rate

Typically refers to the minimum return rate needed on an investment, considering risk and funding costs.

Screening Decision

A decision as to whether a proposed investment project is acceptable.

Salvage Value

The projected remaining worth of an asset after its lifespan has ended.