Microsoft Office Tutorials and References
In Depth Information
ProSkills Exercise: Decision Making
ProSkills
Prepare an Action Plan
After making a decision, you need to plan how to implement that decision. Consider
what steps you need to take to achieve the fi nal outcome. For example, do you need to
open a bank account or change services to reduce expenses (such as switching to a less
expensive cell phone plan)? Determine a reasonable time table. When do you want start?
How long will each task take? What tasks must be completed before others start? Can
tasks be performed at the same time? Develop milestones to track the success of your
plan. For example, one milestone might be to see your savings increase by 10 percent in
three months. Finally, identify what resources you need to be successful. For example, do
you need to talk to a fi nancial advisor at your bank?
Take Action and Monitor the Results
After you develop the action plan, the actual plan begins. For example, you can open
bank accounts, change telephone services, and so forth as outlined in your action plan.
Be sure to check off completed tasks and assess how well those actions produce the
desired outcome. For example, is the budget achieving the fi nancial goals you set? If so,
then continue to follow the established plan. If not, you may need to modify the action
plan or reevaluate your decision.
Develop a Budget Worksheet
Excel is valuable to a wide audience of users: from accountants of Fortune 500
companies to homeowners managing their budgets. An Excel workbook can be a
complex document, recording data from thousands of fi nancial transactions, or it can
track a few monthly household expenses. Anyone who has to balance a budget, track
expenses, or project future income can use the fi nancial tools in Excel to help them
make good fi nancial decisions about their fi nancing and future expenditures.
In this exercise, you will use Excel to create a sample budget workbook that will
contain information of your choice, using Excel skills and features presented in Tutorials 1
through 4. Use the following steps as a guide to completing your workbook.
Note: Please be sure not to include any personal information of a sensitive nature in
any workbooks you create to be submitted to your instructor for this exercise. Later,
you can update the workbooks with such information for your personal use.
1. Gather the data related to your monthly cash infl ows and outfl ows. For
example, how much do you take home in your paychecks each month? What other
sources of income do you have? What expenses do you have—rent, utilities, gas,
insurance, groceries, entertainment, car payments, and so on?
2. Create a new workbook for the sample fi nancial data. Use the fi rst worksheet as
a documentation sheet that includes your name, the date on which you start
creating the workbook, and a brief description of the workbook’s purpose.
3. Plan the structure of the second worksheet, which will contain the budget.
Include a section to enter values that remain consistent from month to month,
such as monthly income and expenses. As you develop the budget worksheet,
reference these cells in formulas that require those values. Later, you can update any
of these values and see the changes immediately refl ected throughout the budget.
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