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Financial Standards Update and FA Training Guidelines Discussion

Join the insightful discussion on updating financial standards and guidelines for LSS projects, incorporating hard and soft benefits, project costs, benefits counting, and allocation of Financial Analysts. Explore topics like Business Acumen Training, Financial Cycles, Statements, and Concepts with engaging workshops and examples.

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Financial Standards Update and FA Training Guidelines Discussion

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  1. CR Finance Discussion Financial Standards / Guidelines Update FA Training FA Training • Finance Standards for LSS projects • Hard/Soft Benefits • Project implementation cost • Start/end benefits counting • Reporting • ID & Assignment of Financial Analysts to projects • Special projects: • Cap-X • Safety • Long benefits realization cycle • Business Acumen training

  2. Charles River Business Acumen Training Initial Thoughts • General Intro to Finance(?): • Financial Cycles (Annual, Qtrly, Monthly) • Finance bodies/standards (FASB/GAAP) • Intro to Financial Statements: • Income Statement • Balance Sheet • Cash Flow • Financial Concepts: • Matching Principal • Cash/Accrual accounting • Revenue recognition • Depreciation/Amortization • Inventory (balance sheet, not P&L) • Workshop/Examples: • Model CR Business • Run a baseline scenario • Introduce complexities • Under utilized rooms • Process Bottlenecks • Major Capital investments(?) • Re-run simulation with impact of complexities • Report-out/learnings • Scientific vs Business (common sense) • E.g. replacing staff in an underperforming BU. • E.g. – bogged down in negotiation • ERP – shift in revenue recognition • Think strategically • - Individual coaching – • Use real example – scrub – like case study • E.g. – utilization calculation – inconsistent, inaccurate – lack of visibility to add’l capacity – requires adding capacity/expense • Lab sciences – invest to grow tox. – lack of performance, no action plan to correct • Site metrics – accountability • Connect Operational indicators & Financial results e.g. WIP/Utilization/revenue recognition • Small pilot (15-ish) • Learn, refine Use case study

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