SBM1201o Types Of Costs For Decision Making: Reflective Journal B Assessment 2 Answer

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Question :

Unit Code and Title: SBM1201o Project Scope, Time and Cost Management

Assessment 2: Reflective Learning Journal (A and B)

Group/individual:Individual
Word count / Time
provided:
400-500 words
Unit Learning Outcomes:ULO-1, ULO-2


In this assignment (Reflective Learning Journal) you are required to think deeply and write about your learning experience and the topic (s) content you have learned over the past weeks.

You are required to write two reflective journal entries one about your learning experience and the topic (s) you learned that is Reflective Journal (A) and one about your learning experience and the topic (s) you learned that is Reflective Journal (B).

In writing you reflective learning journal, you will need to follow the following strategy to write your journal entry:

DIEP (Describe, Interpret, Evaluate, Plan) Strategy. 

Mainly you need to select one of the main topics and write your reflection on the selected topic.

You required to write 400-500 words to describe your learning experience. You can use the following questions to guide your writing entry:

  • What did I read for this topic, apart from the notes? (Include information and references from a range of sources)
  • What was the most interesting thing I read for this topic - why was that?
  • What material didn’t I find interesting – why was that?
  • What did I previously think was true, but now know to be wrong?
  • What did we not cover that I expected we should?
  • What have I changed my mind about as a result of this topic?
  • What is one thing I learned in this topic that I may be able to use in future?
  • What am I still unsure about? What would I like to learn more about?
  • What issues(s) interested me and would I like to study in more detail?
  • What are my ideas for action, based on this topic?
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Answer :

Reflective Journal B

Describe: 

I have read about the different types of cost in this module. According to Polts and Ankrah (2014), costs can be of fixed and variable or direct and indirect cost. While variable cost change based on the amount of production like raw material cost, fixed costs do not change like the setup costs. The direct costs are directly related to the production or work whereas indirect costs are related to the process like taxes and fringe benefits (Faria et al. 2020). Out of the all the types of costs, fixed costs were interesting to me as I got a fairly good idea regarding which elements comes under fixed costs though the understanding of variable cost and direct costs were also interesting for me.  

Interpret: 

The concept of indirect costs was not interesting for me as I was unable to identify and understand the elements that are part of the indirect costs and in which circumstances they are included as a part of the total cost. However, my understanding of different types of costs have had a U-turn as my understanding of cost was related only to one type of cost that is the spending that people do for buying or selling products. Therefore, my understanding regarding types of costs has changed. Even though the module provides a good deal of knowledge regarding cost management, I think the principles of cost management is missing which could have been useful in understanding the basics of cost management before going in detail.  Evaluate

I have learnt about the different ways of counting the cost for products, services and associate elements. I can now segregate which cost needs to be placed in which category. I have also learned the mechanisms of cost which can help me in future to calculate the total estimated cost for a project. However, I am still unsure about a few calculations and long term estimation of cost for a bigger project which I would like to know more about. I would also like to know about the methods and calculations that can help me to accurately estimate the cost of any project small or large.  

Plan: 

As I am now aware of types of costs, I can make use of this learning in my future employing organisation for better decision making in their financial planning. I can also be able to contribute as a financial strategy planner if I can learn more about project costs.