Thematic Integration of Faith and Capital Budgeting Concepts

Paper Type:  Essay
Pages:  6
Wordcount:  1546 Words
Date:  2022-06-19

Introduction

The integration of faith and academics seamlessly offers a reliable instrument that gives well-rounded meaning to the creation of an environment that people can flourish from a biblical view. Integration of faith in academics is beyond reading the bible verse at the onset of lectures, conducting prayers and worship in class. Although such components are critical in any Christian learning context, full integration advances meaning to the express relationship existing with God (Garzon & Lewis, 2012). Faith integration learning acknowledges the contribution of God-given gifts to create a flourishing environment in the society. The critical examination conveyed by the academic content offered through Christian student's lens advances the brilliant design of God's nature and creation. Specifically, it eases understanding of God's input like creation, purpose, salvation, and order to realize social and spiritual development. A well-rounded examination of the thematic integration of faith and academic content advances God's purpose in strategic allocation of resources of attaining social and spiritual development.

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Significance of the Course to Business

Faith learning integration offers a necessary ingredient that nurtures morality, reason, and truth in the student how Christian lens realizes social and spiritual development. The integration of the course in the Christian education creates a living union to appreciate that the integration of God's purpose in faith and work. The study illuminates the transformative input and revolutionary channel that connects Christian faith, workplace, and business. It sanctifies the integration of Christian faith and works as an extension of God's providential love for humanity (Hall, Ripley, Garzon, & Mangis, 2009). The study conveys an understanding of the purpose of work and business engagement as beyond earning a living. As a field of academic study, its content elevates the purpose of work not only as making a living but also fulfilling God's calling.

The course captures a reformed view that work realizes care to the God's creation by directing and structuring reinforcement channels. Firstly, it brings honor to God by enabling people to thrive in a culture that extends love to the neighbors. Doing so casts the integration of Christian faith and work as a commitment towards God's calling and not the pure fulfillment of secular objectives (Sites, Garzon, Milacci, & Boothe, 2009). Similarly, the inclusion of specific teaching on what reinforces progress in human nature is possible through social justice attainable rather than a means to get self-worth. The study presents a discovery channel on the possibility of the coherent existence of faith and work. However, it acknowledges that the integration requires one to embrace strategic planning to accomplish the entrepreneurial vigor.

The content of the course illuminates the living union that exists between realizing God's purpose for Christians and fulfilling the inseparable duty as social beings. The integration captured in the academic content acknowledges the positive contributions in working. The course utilizes the academic lens to demonstrate the input of work in leading fulfilled lives. Again, it reveals how to overcome the existing difficulties in spiritual and social development through satisfying work (Keller, 2012). The inclusion of cost-management techniques emphasizes solutions Christians students would apply to realize competitiveness, improved performance, and accomplishment of business goals. Integrating business concepts and approaches help achieve a broader understanding of cost accounting input towards organization success (Blocher, Juras, & Stout, 2015). The interaction with traditional and modern costing approaches including process costing, job-order costing, and resource allocations broadens the student's view with a reinforced view of management practice to realize the linkage with God's plan for work.

Synthesis Key Concepts in Strategic Allocation of Financial Resources and Make Real-World Applications

The informative channel provided by the course reveals the cost-management tools capable of supporting improved performance and competitiveness. The broader emphasis on cost management provides illustrated influence of qualitative and quantitative factors applicable in strategic allocation of resources (Lynn, Naughton, & VanderVeen, 2011). Specifically, the course structure emphasizes the importance of allocating resources appropriately since equitable distribution is a primary contributor towards enhanced lives. A system that fails to allocate resources equitably is inefficient leading to price distortions, social segregation, and economic monopoly (Li, et al., 2014). Such occurrences stimulate individuals into finding alternative income through the invasion of natural territories, wider income gaps, and extended black market. The understanding of the course concepts and their subsequent application in real-world mandates responding to several questions.

What is Resource Allocation?

Strategic allocation of resources becomes necessary since goods, services, and economic resources exist in limited quantities. Individuals and organizations live and operate in a world defined by the limited amount of resources, though confronted by limitless wants. Such occurrences create scarcity challenge. Overcoming the scarcity challenge mandates the society to formulate allocation strategy to ensure equitable distribution of resources (Chen & Dong, 2018). The development above shows that resource allocation is critical to stimulating development process and enhanced productivity through optimal utilization of available resources. The proper utilization of resource allocation enables entities and individuals involved to optimize the available budget by eliminating underutilization of resources.

Resource allocation concept involves a disciplined process to divide and distribute available resources amongst competing and alternative uses to satisfy unlimited needs. The situation deserves making choices, hence decisions that become the resource allocation process (Lee, 2018). However, efficient allocation of resources occurs when the society accomplishes the highest satisfaction level. Strategic allocation of resources occurs when one cannot attain different distribution capable of higher satisfaction (Yu, Zhang, Yang, & Miao, 2018). Resources include capital, human, material and financial input required to accomplish specific goals. As a central contributor towards sustainable development involves striking balance in the triangle of conflicting goals including economic development, environment protection, equity and social justice (Wu, Liu, Zhao, & Zuo, 2017). The triangle yields property conflict, development and resource conflict when solved generate sustainable development.

Resource allocation aligns to resolve the Campbell's triangle of conflict through sustainable development. Doing so involves satisfaction of present requirements without compromise on the future generations' ability to fulfill their needs. It applies in the society would include allocating resources to satisfy the requirements of the poor while minimizing the environmental damage (Schrooten, Wiech, & Vlaeyen, 2014). Similarly, social justice is attainable through equitable distribution through governance that shares the accruing benefit and resources fairly to all citizens (Wang, He, & Chen, 2018). The emergence of conflicts between social, economic and natural contexts define the routine part of resource planners' experiences. Active concern on strategic resource allocation eliminates the existences of conflicts in the local contexts. The awareness of strategic allocation of resources assists planners understand the effect of their actions. As decision makers, planners should reflect upon the actors' role to cause harm to the environment and the host society.

What are the Main Cost Management Processes?

Cost management acknowledges that all projects involve budget allocation to purchase raw materials, acquire equipment and compensate project personnel. Cost management involves processes undertaken to complete the project using the allocated resources within the formulated time. Cost management involves undertaking projects guided by the forecasted budget through approved budget through monitoring and controlling associated cost (Blocher, Juras, & Stout, 2015). The delivery of project involves performing activities using production resources associated with incurring acquisition expenses, salary payments and buying equipment. Consequently, cost management concerns controlling and monitoring cost accruing from resources in completing the project. It involves planning, estimating, determining budget and controlling resulting expenses (Blocher, Juras, & Stout, 2015). Doing so requires planning on expense management, monitoring and controlling project status while measuring the budget performance.

Plan cost management involves the determination of budget through cost estimation and managing expenses throughout the project cycle. It comprises life cycle costing and value engineering. The former captures reporting on the expenditure levels and amounts while the latter ensures the performance of similar work at less cost. Secondly, estimate costs process involves forecasting the expenses incurred in facilitating the project delivery into fixed, variable and inputs required (Blocher, Juras, & Stout, 2015). It mandates having accurate estimates to have the crispy clear picture on input utilization. The estimation varies with the accuracy necessity. Thirdly, determination of budget involves combining all cost estimations to generate an overall project budget. Its complete version consists of the formulation of contingency and management reserves that accommodate risks that may occur during its execution. Lastly, the control costs process requires monitoring expenses are within the approved budget (Blocher, Juras, & Stout, 2015). It happens through progress reporting through frequent assessment of the budget to track the earned value management.

What is Cost Influencing Decision-Making and Planning?

Cost management involves making decisions that benefit the organization. It yields opportunity cost being the benefit surrendered and sacrificed when one embraces one alternative over others. Opportunity cost arises as the income foregone and net cash inflow one would obtain when selecting and committing resources on one alternative over others (Blocher, Juras, & Stout, 2015). Evaluation of opportunity cost emerges when making investment decisions since the limited resources mandates making decisions. The ideal investment in purchasing inventories would involve foregoing interest and dividends derived from debentures and shares. Opportunity cost arises as the inevitable outcome where alternatives and scarce resources exist.

The existence of alternatives yields relevant and irrelevant costs. Relevant costs are decision dependent. They increase and appear in different alternatives, unlike the irrelevant costs that remain unchanged irrespective of the decision made. It differs from differential costing being the incremental costs that influence the profitability between alter...

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Thematic Integration of Faith and Capital Budgeting Concepts. (2022, Jun 19). Retrieved from https://proessays.net/essays/thematic-integration-of-faith-and-capital-budgeting-concepts

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