Day 6 - Executive PGDM at NMIMS, Hyderabad

It has been a hectic 5 days at work, and the weekend too will be occupied courtesy - classes this weekend. I just came home and thought to write this post first because as I've mentioned earlier, this is a way for me to revise what was done in class. Before I dive into what happened today, there's a good news to share. We finally got our (partial) access to Blackboard and our ID Cards for our Executive PGDM at NMIMS, Hyderabad. So it's like they took a month to provide this. I'd say that today was a fairly good day in terms of understanding in class. So here's how my Day 6 of Executive PGDM at NMIMS, Hyderabad was.

Running through ITM

The first lecture today was IT for managers. One subject that I feel I can pass with relative good grades. But with each passing lecture, I feel that ain't gonna happen ! Anyways, today was like the 4th lecture of ITM. We deep dived into understanding the various types of business processes present and how organisations collaborate. Understanding this is an important factor in deciding the type of Information System a company will opt and how that will be implemented

Porter's Value Chain Model
Another thing that we learnt today were type of enterprises. There are one which are leaders and innovators, then there are startups, there are disrupters and so on. Also we learnt about Porter's Value Chain Model which tells what are the primary and secondary activities of an organisation and tells all the possible areas where technology can be applied. With in no time we were done with a couple of chapters and already finished about 1/4th of the book (and I haven't even turned a page, yet)

My concentration for FA today - full focused !

Accounting Tales

Next we had the Accounting lecture (yes the ghost waala lecture) After last week's lecture I was tensed that if I don't understand, I would definitely fail in the exams. So I tried to focus all my attention to whatever happened. 'A' also joked that I was frozen in the lecture - no movement at all !  Today we learnt about Costing and how Merchandising Organisations function. We also learnt about Inventories and how it can be calculated. Learnt about three methods: FIFO - First In First Out, LIFO 0 Last In First Out (I thought we were learning about Queues and Stacks :P) and WAC or Weighted Average Costing. We need all this find the Cost of Goods Available (CoAS) and Cost of Goods Sold (CoGS)

LIFO, FIFO and Weighted Average

These costing methods taught us how to consider the left over or closing inventories. Consider buying 3 products, A,B and C in this order, meaning A comes in First followed by B. Also you purchased A for 100Rs, B for 100Rs and C for 300Rs. So when you actually calculate the inventory, the leftover ones will be considered at the price of A when following the FIFO model. You'll take into account the price of C when following the LIFO model and finally you will provide weighted values when following the WAC model. LIFO is banned in India, and WAC is a more better approach.

One inference here is, that each model will represent the profit numbers in a different manner. Like for FIFO, the profits reported will be high. Why ? Because when you are calculating the leftover inventory, you are considering the price of first one (A in the above example) and since A was bought first, the price would be less compared C which was bought at a higher price. Changes in price is based on inflation that prices increase over a period of time. I hope this example made some sense :/

I would say today was a relatively good day for Accounting (Finally !) But we have a quiz in upcoming session (will be mostly after Dussehra Holidays, so will try to focus on FA during holidays)

Super Statistics Lecture

This was our second Statistics lecture. Last time he asked to solve a couple of questions of Standard Deviation. I did that and was quite comfortable with in. So we learnt about measures which are basically of three types:

  1. Measures of Central Tendency - Mean, Median, Mode
  2. Measures of Dispersion - Variance, Standard Deviation, Quartile Deviation etc.
  3. Skewness and Kurtosis
Later we were introduced to the concept of Probability. Well I did learn this right from class 10 probably till engineering and I do remember things. But hats off to the professor for taking baby steps and helping us understand the basics right. Probably the only class where I had the answer before anyone else ! So a good class over all.

Quite an elaborate post this one. Took me exactly 16 mins to type till here, Not bad at all. Tomorrow we have our first quiz of the trimester on Business Environment. I have studied this in bits and pieces in the past week. It's time to join those pieces and do something substantial. Hoping for a good test tomorrow. Wish me luck ! So that's how Day 6 of Executive PGDM at NMIMS, Hyderabad was.

Signing Off for the day. Stay tuned for Day 7 tomorrow and do what you love to.

Cya !

Day 6 - Executive PGDM at NMIMS, Hyderabad Day 6 - Executive PGDM at NMIMS, Hyderabad Reviewed by The Executive on September 23, 2017 Rating: 5

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