Ernest Rutherford: Father of Nuclear Physics and Atom
Ernest Rutherford, born in 1871 in New Zealand, is renowned for his contributions to nuclear physics. His famous gold-foil experiment in 1911 revolutionized the understanding of the atom, leading to the discovery of the nucleus. Rutherford's work challenged Thomson's plum pudding model and introduced the concept of a dense, positively charged nucleus in the center of an atom. This new model depicted atoms as mostly empty space with electrons orbiting the nucleus. His groundbreaking research laid the foundation for modern atomic theory and won him the Nobel Prize in Chemistry in 1908.
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Presentation Transcript
2019 Finance Development Program Group Projects Nina D. Erney, OD Consultant XYZ Company
2018 Project Framework FLDPs 17 Teams of 4 or 3 (at least one 3rdyear per team) 60 participants (Includes Industrial and Electrical Sectors & Corporate) Projects will be assigned with at least 90 days to complete (October Q1) Start/Kickoff date will be October 25th This would be additional to your current job Teams would report out to senior leadership, in person at Eaton Center (March 2019)
2018 Project Framework FLDPs Each presentation would be 1hr and would not be PowerPoint driven. Each project must have a file in SharePoint that contains supporting data and files. Presentations would be fact based, technical discussions with data and conclusions that require actions. Each study should be able to be built on by another team. Progress scope and deliverables would be required to ensure teams were on the right track. Each team will have leadership sponsors.
Industrial Sector Projects Standard Cost Hydraulics and Aerospace Groups Deep Dive into Standard Cost creation process: Document process to create burden rates: What are the capacity assumptions, base period, including prospective costs? Document process to create labor rates: what are the assumptions? Document process to update material costs: what are the assumptions? Standard Cost Vehicle and E-Mobility Groups Deep Dive into Standard Cost creation process: Document process to create burden rates: What are the capacity assumptions, base period, including prospective costs? Document process to create labor rates: what are the assumptions? Document process to update material costs: what are the assumptions? Currencies & Hedging Obtain an understanding of the types of hedges and where are they currently applied Obtain an understanding of currency flows and the impact it has on the business location Impact of the new hedging changes
Industrial Sector Projects Price Increase/Decrease Validation Audit of the pricing methodology and process, by business What could go wrong that would prevent realization of price changes to the bottom line Deductions and other reductions in price Inconsistent pricing, by SKU, within a customer Timing Process and validation of memo rows Regional Mix Variation Analyze the difference in production costs and selling price in different regions that impacts the incremental rate Create tools and templates to help determine what effect the regional cost structure and regional sales have on profit. Revenue Recognition in the Industrial Sector Testing the process and controls for each business What are the requirements, internal and external? What does each business do to validate their review of contracts and how often? Is it effective? What could go wrong?
Electrical Sector Projects Standard Cost Electrical Sector Deep Dive into Standard Cost creation process: Define guidance to drive consistency on standards Document process to create burden rates: What are the capacity assumptions, base period, including prospective costs? Document process to create labor rates: what are the assumptions? Document process to update material costs: what are the assumptions? Rebate Analysis Tool to understand actuals & Forecast Process to report and analyze actual results Process to predict / forecast future rebate liability Document end to end process CIP Aging Create dashboard / tool for drill down analysis Need improved tool to pull aging details on CIP Create dashboard Document process
Electrical Sector Projects Proactive E&O Monitoring Process and tool Review inventory prior to triggering as E&O Process to report and analyze results Process to predict / forecast future liability Document end to end process Revenue Recognition in the Electrial Sector Front end Process & Training for Non Financial Users Create dashboard/Qlikview tool for drill down analysis Evaluate and understand level of training required (for Sales Engineers, Project Managers, Order entry personnel) Create training materials for anyone involved in Quoting and Sales process Review current manual process for generating Quotes and Order acknowledgement and identify areas for improvement (to ensure that old nomenclature containing clauses with right to profit is not used)
Combined Sector Projects Material Economics & Savings Understand SCM reporting methodology and basis for savings and economics calculations Variance reporting: prior year and profit plan Treatment of cost associated with savings Validation process for savings Measuring Productivity YOY (Plant level) Review effectiveness and potential enhancements to the High 5 Review calculations, consistency and accuracy Gross Utilization Other ways to measure progress YOY Transfer Pricing Next steps to Improving the process through automation and visibility. Create a tool that helps identifying transfer price impacts between trading pairs Understand historical mark-ups and changes Identify next steps: ERP enhancements?
Combined Sector Projects Freight In & Out- Gain an understanding of CASS capabilities and functionality Gain an understanding of Non US Freight capabilities and functionality Understand and document: Classification of Premium Freight Accruals Rate Increases vs. Contract compliance SCM tracking costs and savings Tariffs and Duties? Business Analytics: Operations & Internal Control Identify Key metrics for reporting of operational activity and Internal Control Compliance Identify relevant metrics at a plant / division / Sector level Key financial, internal control, operations metrics Determine reporting frequency and sourcing of data Provide blueprint for reporting dashboard or visualization tool
