ACTIVITY 1. PROJECT MANAGEMENT AND FINANCIAL CONCEPTS

LEARNING OBJECT 1

PORTFOLIO - GUIDE 3

GUIDING QUESTIONS

·         What is Project Management?

Project management is the process of organizing the components of a project, whether the project is the development of a new product or the launch of a new service.

·         How do you have to manage translation projects?

A translation project comprises many elements, a manager, translators, editors, operative schedule, budget, and others. In this it is necessary to establish a specific set of operations designed to accomplish a high quality final product. This project is accomplished by a professional and experienced translation team.

·         Which financial concepts do you know, Could you state a technical definition?

Loan: Temporary borrowing of a sum of money.

Annuity:  A regular periodic payment made by an insurance company to a policyholder for a specified period of time.

Assets:  The entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business.

Cash equivalent: Cash equivalents are assets that are readily convertible into cash, such as money market holdings, short-term government bonds or Treasury bills, marketable securities and commercial paper. Source: www.wikipedia.com

Real state: A piece of land and whatever physical property is on it.

Cash flow:  In investments, cash flow represents earnings before depreciation, amortization, and non-cash charges.

·         Try to define Financial Statements?

A financial Statement is a summary report that demonstrate a business´ financial performance and resources.

·         Which are the most representative parts of the Financial Statements of a company?

The most representative parts of the Financial Statements are:

1.    A balance sheet that comprises  business's assets, liabilities, and owner's equity.

2.    An income statement, showing the sales and expenses of a business over a period of time, and

3.    A cash flow statement, showing the cash in and out of a business over a period of time.