Business Report Writing, Essay Example

Description of Concrete Experience

Subtopic 1: Project Design

When making only pioneering efforts in pursuing a business analyst career, I was repeatedly engaged in business report studying and writing. However, the majority of my writing efforts were individual, and I was never urged to participate in a team project on constructing a business report. When working in Smith Instrument and Sound Engineering, I was responsible for making internal financial statements for the companies. However, when I came to Boulevard Construction, I faced the challenge of preparing project schedules and preparing bids, which was a team work in the company. Thus, I faced a challenge of working on a group project. The team of five employees with diverse financial and construction background, me included, was given a task to compose a project schedule for the construction of a new business center in the city, so we had tough deadlines to assess the bids for construction and prepare all finance-related documents.

I was fascinated about how team work was different from the individual financial report writing effort, as I was given only a minor role in the project: I had to analyze all information collected by two other members of the team and to categorize it according to the business themes that would be discussed in the report. Afterwards, I had to give the categorized and systematized information to the next two employees for producing proper decisions on bid documents. However, I was surely able to participate in all other stages of the project completion and intrude in case I wanted to give it another direction. Other team members could do that as well.

Subtopic 2: Rationale/Need for the Report

The rationale for the report was drawn from the necessity of the company to handle a large construction project rationally from the financial and business viewpoint. Our team had to assess the best practices and techniques involved in the construction, divide the process into meaningful stages and prepare the set of bid documents of subcontractors. The task of our team was therefore to conduct business research in all spheres including the financials, the stock data, the companies’ rating according to trading specialists’ and general public’ opinions.

Subtopic 3: How Data Were Collected and Interpreted

A part of business performance data of subcontractors who submitted their bids were widely accessible in the Internet; however, our team needed more current data to be able to provide a comprehensive idea of the position those companies had in the construction industry for the past five years. Hence, one of the team members turned to the Investor Relations Departments with an official request of the current financial data and sales figures. Stock quotes and rating were taken from the stock exchange sites that provided very detailed statistics online. More data from the Project Planning Department and lower level constructors about the stages in construction were collected accordingly.

Subtopic 4: How Data Were Presented

The data we gathered within a week were presented at the meeting of the Development team in the middle of July. Each of the team members had a part in the report presentation, and each of us was responsible for some portion of data in case questions would be asked. We made a PowerPoint Presentation with all key financials, key figures, the outlined stages of construction and the bid documents of the most viable subcontractors. The team asked questions regarding the sources of data and methods of data interpretation mainly. The concluding part of our presentation was dedicated to the discussion of possible outcomes for Boulevard Construction on adopting several innovative construction technologies that were called to minimize expenditures and time for the construction, and the choice of several most suitable subcontractors.

Subtopic 5: How Data Were Dispersed

The information was widely dispersed in various sources of information, with the major body of data elicited from the internal reports of Boulevard Construction and taken from departments directly responsible for the construction and planning efforts in the company.  The stock exchange data were taken from the stock exchange sites to assess the current success and stability of subcontractors. Innovative construction strategies that could be employed in the new project were taken from the approved presentations and projects of the R&D team of Boulevard Construction.

Subtopic 6: How Data Were Evaluated for Effectiveness

The data we collected were evaluated rather highly by the Business Analytics team; the various sources of data utilized in the report made it heterogeneous to a certain extent, but in general it looked really persuasive as for several newcomers in the project planning team like I and a couple of other team members were. The Development team surely had many remarks, mainly because of lack of cooperation that existed between us and them; however, they appreciated a set of conclusions made by us, recognized the right direction in which we moved, and advised the Business Analytics team to take a closer look at those issues and to present a series of in-depth reports on a set of them. The introduction of new construction methodologies was a risk from our side, but they attracted the attention of the Board of Directors because of optimization of construction expenses they offered, and were further processed by the Construction specialists having empirical skills in the construction field.

Reflections

 Subtopic 1: Project Design

In the team work, everything turned out quite different from what I used to do on my own. The work in a team is highly specific in terms of making several individuals with their own insight into what should be written cooperate in a correct way to achieve a common result. Certain discrepancies in the process of writing were inevitable, but mutual support and guidance proved to be highly helpful for some members of the team, I included. There were situations when one team member appeared to understand a piece of writing not given to him much better. So the continuous exchange of roles, or at least consultation for the achievement of better results was introduced in our project work and resulted in much higher results than we all had expected.

I felt that I was not in the right position in the team because my financial writing skills were much better than the analytical an project planning ones. Nonetheless, I accepted my role and decided to get the best of it because of my wish to undertake self-improvement and expansion of my knowledge that truly turned out efficient in my further career and project planning efforts.

Subtopic 2: Rationale/Need for the Report

For the whole team participating in the business report writing with me, it was highly necessary to get the gist of the rationale for it. The Boulevard Construction’s project planning executive of the top level appointed as the supervisor of our activity repeated several times that the main task of our team was not to gather as much information about the construction methods, subcontractors and financials as possible, but to identify those items that could be of possible interest to the development team. I tried to listen to him attentively because it was my decisive role in outlining themes for discussion and selecting the information best illustrating our points. Hence, I understood that writing a specifically focused business report was a steep path on which the business analyst was too tempted to make obvious conclusions utilizing the readily available data, which was totally unacceptable in such a risky project as business center construction.

Subtopic 3: How Data Were Collected and Interpreted

The process of collecting data was very much facilitated by the increased access to financials and construction data provided by both Boulevard Construction and subcontractors eager to receive a part of the contract. Some companies even tried to exaggerate their stability data to look more attractive for the Boulevard Construction’s Board, so we had to conduct additional work on checking the provided data and reaffirming our conclusions that way. However, the most complicated part was the interpretation of data. I was highly responsible for the outcomes of interpretation because it was my task to decide whether data were relevant for our report or not.

Subtopic 4: How Data Were Presented

The presentation was the most responsible and agitating experience in the project planning work. We dispersed the responsibilities for specific data portions among the members of the team to get ready better because vast amounts of information were processed by us, and the majority of team members used to deal mostly with financial reporting only, and not the construction process itself . We knew the material well and were ready to answer all questions, but some lack of confidence in the proposed conclusions and implications was evident, since we processed several alternative methods for construction, outlined the stages of the construction project that could possibly be involved, but could not make a unified decision on the clear advantage of any of them (team work was a new activity for all of us, so unfortunately we did not manage to reach any conclusion).

Subtopic 5: How Data Were Dispersed

The heterogeneity of information available on the subcontractors and construction strategies was the main challenge for our team to overcome. The reason for this was in the lack of credibility of certain sources, and variability of figures relating to the same business aspects from various sites and business reports. It was hard to unify the data because of lack of understanding what sources should be given priority. Hence, sometimes the average figures were taken and some sites were neglected.

Subtopic 6: How Data Were Evaluated for Effectiveness

I was truly impressed by the way the whole team managed to stand our point generated by a week of hard work. We seemed truly knowledgeable about the issue, and it was pleasant to see how attentively the Development team listened to us and made remarks about the correct line of inquiry taken by us. The heterogeneity of information utilized in the report deprived it of a certain measure of credibility, but the conclusions that we made were indicated as mainly correct ones, though lacking evidence and persuasive support of statistical and software tools.

Generalizations/Principles/Theories

 Subtopic 1: Project Design

The fundamentals of team work were of much help for me because of lack of experience in the field. During studies students are often involved in group projects, some of them benefiting from the experience and others failing to hear and be heard. However, the group dynamics affects the productivity of a team quite strongly, dominates the pace at which work is done, and affects the outcomes as well. Not all individuals are capable of realizing their whole potential in a team because of their self-esteem or self-confidence preventing them to assess other members’ ideas adequately, let alone giving dominance over their own ones.

The individual characteristics are also highly influential in the group projects. The ability to compromise and to mitigate conflicts, the patience and perseverance to stand one’s ground etc. are the key features that enable every individual to make his/her own contribution to the project and preserve one’s individuality. The formal and informal group leaders shape the team’s thought and direction of work, so the choice of leaders should be done carefully on the basis of professional traits and skills and not only due to the personal power and charisma.

Subtopic 2: Rationale/Need for the Report

Choosing a rationale for the report was not a hard task for our team to accomplish because we actually did not do that but were presented a ready one. The task of our team was to unify the data we researched with the rationale and not to deviate from it. The need of the report was mainly focused on the project planning stages (the theoretical part) and the presentation of project schedules (which was a highly responsible empirical part). The majority of business data was available in the company’s internal sources and from subcontractors, but the business analyst should remember that it can be interpreted in a number of ways depending on the goal pursued by the report. The rationale of the report predetermines the categories chosen for analysis, sets of data taken for it, as well as analysis models employed in the process.

Subtopic 3: How Data Were Collected and Interpreted

Data collection is conducted in an automated, simplified way nowadays due to the high accessibility of financials and business reports of companies. However, data interpretation is much more complicated because of the necessity to identify the key areas of interest and the implications dry figures reveal under the scrupulous investigation. Business analysts are predictors of trends, and not only their detectors. If business analysts were unable to foresee the coming tendencies, their job would lose its strategic significance for the global business. Hence, the task of the business analyst is to interpret the data in two perspectives: investigating the changes in the period of time that has passed, identifying the key impact of those changes, and surely making the suggestions for the future changes and their impact on particular businesses. Data interpretation conceals the biggest challenge for a business analyst because there is no guarantee of his/her conclusions’ correctness, so the decisions of Development teams are built only on trust.

Subtopic 4: How Data Were Presented

Presentation of data in business analytics is a strategically important step in the process of business reporting. Despite the fact that the collected data may be highly credible, and the conclusions made for the particular business evident, the presentation manner may seriously undermine the trust of the Development team in the success of the outcomes suggested by the business analyst. The key component of a successful presentation is confidence and persuasion that are radiated from the speaker. In case the business analyst is trusted, the decision-making process will be derived from the work of analytics in the company. It is hard to agree with the analyst’s suggestions because of the dynamics, turbulence and unpredictability of the business environment; the business analyst only makes the forecasts that may never be guaranteed by any institutions. Hence, in case the analyst is not sure in his or her conclusions, he or she will never make the company’s financially responsible staff risk the assets of the company. Business analytics has no unified model for forecasting and planning, so only successful analysts may utilize the available data in a correct way, build a clear and persuasive image of business trends for the business team, and communicate the arguments for his/her business suggestions effectively.

Subtopic 5: How Data Were Dispersed

Dispersed data are the main problem of business analysts, especially in case they have no ability to receive first-hand data from relevant departments. It is much easier to conduct business report writing building the conclusions only on the data available from internal reporting. However, at times it is the responsibility of the analyst on what information to prioritize, which may be decisive for the prognosis made. Hence, the specific techniques of facing data dispersal are needed before a business report may be adequately accomplished.

Subtopic 6: How Data Were Evaluated for Effectiveness

Effectiveness of data may be evaluated in a series of ways: by the extent to which it complies with the rationale of data, how comprehensively it grasps the market situation, and how precise it is with the real market situation and the internal company’s financial trends. The vagueness of business analysts’ work is in the trust element as well; in case he or she is required to elicit business data from outside sources, there will be no guarantee of its accuracy. Hence, it is the duty of the analyst to decide whether to trust the source and take the data for further analysis construction, or to turn to another source offering other financials.

It is complicated to conduct detailed research on the credibility of offered data, but business analysts have a set of powerful tools, but with their minds and the computer software, to illicit data from secondary sources and to test their accuracy. Only the most precise data may serve as a basis for a correct, trusted and persuasive business report, so the duality of interpretation is rarely acceptable in the business analytics practice.

Testing and Application

Subtopic 1: Project Design

From my work in a project team in Boulevard Construction, I learned several very important things about the team project preparation and financial business report writing on the whole. Since it was my first experience in combining financial reporting, preparation of bid documents and planning schedules, I found out how efficient the business report information may be for the real-time decision-making process and started to treat business report writing in a more practical way, tying it at once to relating business activities and decisions. In addition, I gained an invaluable experience of business data structuring, which gave me much more flexibility and universality in further business analytics activities, especially project planning and scheduling. I learned to identify the key areas of interest for a particular company conducting the business analysis, focusing on them and providing the most relevant conclusions for the issue discussed and not the overall market situation. This experience helps me work on project scheduling in the National Transportation now and successfully updating the Board of Directors on the issues of major projects in process.

Subtopic 2: Rationale/Need for the Report

The experience with Boulevard Construction enriched my vision about the empirical value of business report writing as well as the process of constructing business reports with the narrow focus of attention. In my further business report writing activities, I tried to put the rationale of the report first, with all other efforts dedicated to structuring and summarizing information around that rationale. The business reports are always dedicated to an initial aim the completion of which lets the company make a step forward in its activities. As an analyst, I realized how much my conclusions weighed in the overall decision-making process in a company and tried not to let the Development team doubt my work outcomes. In addition, I learned not to be afraid of the innovative field of work and to reinforce self-confidence, looking at the new task not as a drama but as a constructive challenge that will finally contribute to my self-development and will raise my professional competence.

Subtopic 3: How Data Were Collected and Interpreted

During the project scheduling procedures in Boulevard Construction, I found out how different the interpretation techniques of various business analysts may be and how heavily they are influenced by a set of factors including the personal traits, the educational background, the work experience etc. We had a number of quarrels regarding the conclusions we made from the data sorted out for our business report; partly there were my mistakes in data selection, and then I learned that no information may be irrelevant: even if I personally consider it as such, it may serve as a serious limitation for another analyst in making his/her decision. Afterwards, I started to appreciate much wider sets of data available for consideration, and took alternative approaches to data interpretation more seriously. When voiced by other team members, those methods of interpretation sometimes sounded even more logical and substantiated than mine, so I realized that I was less proficient in business analytics than I had thought.

Subtopic 4: How Data Were Presented

I was not the best and the most persuasive analyst during my first presentation of the Boulevard Construction project schedule, but I learned many useful techniques for business reporting then. I was given a possibility to watch more professional construction analysts in action, and I saw how confidently they marked the most relevant areas of financial curves, how explicitly they outlined the economic tendencies underlying those processes, and how qualified and technically correct their conclusions from the observed tendencies seemed, including the construction techniques chosen. We lacked that trust and feeling of closeness with the team, so our presentation was clearly only a start in project scheduling and construction planning.

Subtopic 5: How Data Were Dispersed

I faced the problem of dispersed data not for the first time, but it was the first time I felt how decisive the false step could be. Information from various sources did not coincide, and keeping track of only one source was impossible because of the variability of the data subcontractors provided. We were urged to turn for advice to some experience analysts, outlined several credible sources, and surely understood that first-hand financial data were of invaluable help in business report writing, so it should be searched from the primary source in case all reporting efforts including stakes as high as the construction project of the Boulevard Construction team was.

Subtopic 6: How Data Were Evaluated for Effectiveness

After the initial trial of new data search technologies, and being equipped with some pieces of advice of business analysts who had several years of experience in construction project scheduling, I gained a deeper understanding of the heterogeneity and variability of data in all available sources utilized by a financial analyst. I also found out how much deviation there may be in business reports aimed for the attention of investors, and the real state of affairs in the company.

Surely, my effort in business scheduling was appreciated and evaluated as highly effective because of my rich experience in financial reporting; however, the effectiveness would have been considerably lower in case I did not receive assistance of more experienced specialists in project planning. The result may be assessed as not my personal contribution to the process of financial reporting, project planning and bid documents preparation, but as a pilot project of our team that successfully operated in the field of financial reporting on major construction projects in Boulevard Construction for several years.

We appeared to collaborate truly effectively and offered much to each other in terms of experience and intelligence exchange. Hence, my further employment in the National Transportation as a bid collector and preparer of project schedules turned out much easier and smoother than it was in Boulevard Construction. The experience that first appeared not relevant and too challenging for me, then served as an effective trigger for my further career advancement, so the effectiveness of the project in constructing a new business center can be assessed as effective in terms of assisting the company I was then employed in, and in terms of my own advancement.