Macquarie University: Reflective Report on Week 5 Seminar - Finance

This reflective report summarizes a student's experience and learning from a Week 5 seminar, focusing on performance measurement within a business context. The student highlights the importance of efficient decision-making, the measurement of performance, and the alignment of individual efforts with organizational goals. The report emphasizes the significance of standard performance measurement techniques and the recording of these measurements for strategic planning. The student reflects on the seminar's impact on their understanding of various performance measurement techniques and their future application as an accountant. Additionally, the report discusses the effectiveness of different assessment tasks, like presentations, in enhancing their skills and understanding. The report includes references to academic sources that support the concepts discussed.

REFLECTION ON SEMINAR IN WEEK 5

Reflective Report
The sessions and seminars attended by me so far have been effective in enhancing my overall
learning experience. It can be said that while earlier I had limited knowledge regarding the
subject and discipline, attending lectures and seminars as such have provided me with better
knowledge in regards with the chosen subject. The wider aspects of accounting and the
strategic approaches needed are better understood by me now.
After attending the seminar in week 5, the requirement of proper decision making and
measurement of the performances within the business environment has been understood by
me. While every individual employee strives to provide the organisation with their best
effort, it is needed to be ensured that the individual efforts are channelized in a manner to
serve the organisational goals (Bennett et al. 2014). Hence, the approaches relating to the
measurement of performances were learnt and the importance of the same was recognised by
me.
On the basis of the seminar and readings of week 5, it has been inferred by me that the
decision makers within any organisation are required to be efficient and ensure that the most
suitable performance measurement techniques are being applied within the organisation. It
will not only enhance and properly direct the individual performances, but will also
contribute towards the overall development of the organisations as well (Upadhaya et al.
2014). However, while the performance measurement is initiated by the decision makers, it is
important to ensure that standard techniques are being utilised. This will lead to proper
determination of the performance level of the employees within any business scenario.
Additionally, the performance measurements are required to be recorded in order to ensure
that the most effective strategic approaches are being taken by the organisation in order to
gain maximum productivity (Cassel et al 2014). The measures required to be taken into
account for appropriate determination of performances are now better understood by me.
However, it is needed to be understood that the theoretical knowledge are essential to be
practically implemented in order to ensure that the best results are being attained.
While proceeding with my course in Macquarie, there are various assessment tasks which
have been undertaken by me to reflect upon my performance and skills. One of the most
beneficial tasks was that of the individual presentation. It provided me with better scope to
revise my understanding and attained learning and ensure that I am able to hone my

communication skills as well. Additionally, the scope of attaining feedback was another way
that was helpful for me to recognise my strengths and the areas in which I have to work on.
However, it can be said that the report making assignment was one of the assessments that
was not reflecting my comprehensive skills in a proper manner. The word and time limit of
the assignment restricted my ability to explore wider aspects relating to the performance
measurements. Hence, it did not reflect my understanding regarding the mentioned topic in a
proper manner.
Overall, the session was helpful for me to understand the twists and bends of performance
measurement. The factors which are needed to be considered, techniques which are suitable
for different situations and the various perspectives were better understood. As a future
accountant, it will be helpful for me in the future to be able to apply these assessment
techniques in my professional life.

Reference List:
Bennett, W., Lance, C.E. and Woehr, D.J., 2014. Performance measurement: Current
perspectives and future challenges. Psychology Press.
Cassel, C.K., Conway, P.H., Delbanco, S.F., Jha, A.K., Saunders, R.S. and Lee, T.H., 2014.
Getting more performance from performance measurement. New England Journal of
Medicine, 371(23), pp.2145-2147.
Upadhaya, B., Munir, R. and Blount, Y., 2014. Association between performance
measurement systems and organisational effectiveness. International Journal of Operations
& Production Management, 34(7), pp.853-875.