Poverty and Nutrition in America Essay - 2234 Words

For most Americans, the word poverty means insufficient access to to housing, clothing and nutritious food that meet their needs for a healthy life. A consequence of poverty is a low socioeconomic status that leads to being exposed to poor nutrition. Since food and dietary choices are influenced by income, poverty and nutrition go hand in hand. There are many important factors that threaten the nutritional status of poor people. The number one factor is not having enough money to buy food of good quality and quantity. Not having enough money can have a profound impact on the diets of low-income people. Limited financial resources may force low income people to make difficult decisions about what kind and how much food to buy. Limited†¦show more content†¦That number rose by 40 million more people in less than three years. The links to good nutrition in diet and health are scientifically proved from many studies. Good and proper nutrition helps to maintain good health and prevent disease. A diet of whole grains, fruits, vegetables, lean and low fat meat, and dairy are essential for a healthy balanced diet. However, a well balanced does not include foods that contain added sugars, high sodium, saturated fat, and high caloric foods. Good nutrition is a valuable asset. Well fed people are more likely to be healthy and productive. Everyone benefits from good nutrition. The Department of Agriculture (USDA) recommends eating a variety of foods to have good nutritional health. Dark green, yellow and orange vegetables and fruit should also be included in a good diet each day. They also suggest eating lean, low-fat meats and poultry, increase amounts of seafood, and healthy fats such as olive oil and omega-3 fatty oils but advise against eating trans and saturated fats, added sugars, and sodium. The USDA also recommends that at least half of the grains eaten should come from whole grains and not refined grains. (U.S. Department of Agriculture and U.S. Department of Health and Human Services). While most people know that eating well is important to staying healthy and for prolonging life, poverty makes it difficult to access good nutritious food. Easy access to abundant food is notShow MoreRelatedPoverty And Its Effects On Children Essay1111 Words   |  5 PagesEdgar Perez Mrs. Prince ENG 1113 16 November 2016 Poverty in America As of 2013 approximately 45 million people in America lived below the poverty line. In an average three-person household, an annual income of $20,090 is federally considered to be at poverty level. In the year of 2014, 44 percent of children under the age of 18 were living at or below the poverty level. Coming from a low economic standing can be detrimental for children’s physical and mental states. 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Generally Accepted Accounting Principles and Balance Sheet Free Essays

F? 151. Assets become liabilities when they expire. F152. We will write a custom essay sample on Generally Accepted Accounting Principles and Balance Sheet or any similar topic only for you Order Now Revenue results from collection of accounts receivable. F153. A company’s fiscal year must correspond to the calendar year. T154. Accounting periods should be of equal length to facilitate comparison between periods. T155. When there is no direct connection between revenues and costs, the costs are systematically allocated among the periods benefitted. T156. Applying accrual accounting results in a more accurate measurement of profit for the period than does the cash basis of accounting. F157. Adjusting entries affect cash flows in the current period. T158. Revenue cannot be recognized unless delivery of goods has occurred or services have been rendered. F159. Accrual accounting recognizes revenues and expenses at the point that cash changes hands. F160. A deferral is the recognition of an expense that has arisen but has not yet been recorded. T161. Adjusting entries are useful in apportioning costs among two or more accounting periods. T162. An adjusting entry includes at least one balance sheet account and at least one income statement account. T163. Recording incurred but unpaid expenses is an example of an accrual. F164. If all transactions were originally recorded in conformity with GAAP, there would be no need for adjusting entries at the end of the period. T165. Every adjusting entry must change both an income statement account and a balance sheet account. F166. When the reduction in prepaid expenses is not properly recorded, this causes the asset accounts and expense accounts to be understated. T167. Accumulated depreciation may be referred to as a contra-asset account. T168. The adjustment to record depreciation of property and equipment consists of a debit to depreciation expense and credit to accumulated depreciation. T169. When services are not paid for until they have been performed, the accrued expense is recorded by an adjusting entry at the end of the accounting period. T170. The amount of accrued revenues is recorded by debiting an asset account and crediting an income account. F171. Acquiring a computer for cash is just exchanging one asset for another and will not result in an expense even in future periods. F172. A decrease in an expense account is the equivalent of a decrease in owner’s equity. F173. Accrued revenue is a term used to describe revenue that has been received but not yet earned. T174. Book value is the original cost of a building less depreciation for the year. F175. The adjusting entry to allocate part of a cost of a one-year fire insurance policy to expense will cause total assets to increase. T176. The adjusting entry to recognize earned commission revenues, not previously recorded or billed will cause total assets to increase. F177. The adjusting entry to recognize an expense which is unrecorded and unpaid will cause total assets to increase. T178. The adjusting entry to recognize earned revenues which was received in advance will cause total liabilities to decrease. F179. The maximum period covered by a worksheet is 6 months. T180. Withdrawals is recorded in the Balance Sheet debit column of the worksheet. F181. The Owner’s capital account is shown in the Income Statement credit column in the worksheet. F182. The Owner’s withdrawal account will not appear on an adjusted trial balance on the worksheet. F183. Accumulated depreciation appears on the income statement. T184. The worksheet is used to pull together up-to-date account balances needed to prepare the financial statements. F185. Financial statements are prepared from the adjusted trial balance of the worksheet. F186. Because adjusting entries are recorded on a worksheet, they do not need to be journalized or posted. T187. A loss occurs when there are more expenses than revenue. T188. If revenue and expenses were equal for an accounting period, the result would be neither profit nor loss. T189. The worksheet is not presented with the financial statements. T190. The third step in worksheet preparation is to enter the adjusted account balances in the adjusted trial balance column. T191. The worksheet is a convenient device for completing the accounting cycle. T192. After all necessary adjustments are entered in the worksheet, the two adjustment columns are totaled to prove the equality of debits and credits. F193. Income and expense accounts are moved to the balance sheet columns of the worksheet. F194. Assets, liabilities capital and withdrawal accounts are extended to the income statement column of the worksheet. T195. The balance of the Unearned Revenues account will appear in the balance sheet credit column of the worksheet. F196. The balance sheet credit column of the worksheet usually contains only the liability and equity accounts. F197. Where the income statement column of the worksheet are totaled the excess of debits over credits is called profit. F198. The totals of the balance sheet columns of the worksheet will usually be the same as the totals appearing in the formal balance sheet. T199. The last step in the worksheet preparation is to enter the profit and loss figure as a balancing figure in the income statement and balance sheet columns. T200. The worksheet helps the accountant discover existing posting and calculation errors. T201. If an asset has been carried to the debit column of the income statement and a similar error occurred involving income or liabilities, the worksheet may appear to be correct but the profit figure is actually misstated. F202. Financial statements are confidential documents which are available only to the owner of the business. T203. The focal point of the accounting cycle is the financial statements. T204. The income statement shows the types and mounts of revenues and expenses for the accounting period. F205. The excess of expenses over revenues is called loss. F206. Expenses are increases in equity caused by the entity’s income-generating activities. F207. Cash loaned from a bank constitutes income. F208. The statement of changes in equity uses only the profit figure from the income statement to explain the change in equity. T209. The balance sheet provides the financial statement user the type and amount of each asset, liability and capital account at a particular date. T210. The balance sheet is prepared based on the final equity balance in the statement of changes in equity. F211. The account form of balance sheet shows assets, liabilities and equity in a vertical sequence. T212. Financial flexibility is the ability to take effective actions to alter the amounts and timings of cash flows so that it can respond to unexpected needs and opportunities. T213. Solvency refers to the availability of cash over the longer term to meet financial commitments as they fall due. T214. Liquidity refers to the availability of cash in the near future after taking account of the financial commitments over this period. T215. An income statement refers to the specified period while a balance sheet shows the financial position of the entity at a particular date. T216. Cash flow statement reports the amount of cash received and disbursed during the period. T217. Notes to financial statements include narrative descriptions or more detailed analyses of amounts shown on the face of the balance sheet, income statement, cash flow statement and statement in changes in equity. T218. Accounting policies are the specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements. F219. The purchase of an equipment is an example of a financing activity. T220. Buying and producing goods and services are examples of operating activities. T221. The purchase of land is an example of an investing activity. F222. Paying taxes to the government is an example of financing activity. T223. Financial position may be assessed by referring to the balance sheet. T224. The statement in changes in equity discloses the withdrawals during the period. F225. The heading of the income statement might include the â€Å"As of December 31, 2011. † T226. The balance sheet is also known as the statement of financial position. T227. The statement of cash flows discloses significant events related to the operating, investing and financing activities of the business. T228. The statement of changes in equity relates the income statement to the balance sheet by showing how the owner’s capital account changed during the accounting period. F229. The account Commissions Earned would appear on the balance sheet. F230. The account Wages Payable would appear in the income statement. T231. Financial statements cannot be prepared correctly until all the accounts have been adjusted. F232. A worksheet is more useful for a small company than a large one. T233. Working papers provide a written record of the work performed by an accountant or auditor. T234. The worksheet is a type of accountant’s working paper. F235. The amount for owner’s withdrawal will appear in the income statement column of a worksheet. T236. The adjusted trial balance columns of the worksheet are prepared by combining the trial balance and adjustments column. T237. When the Income Statement columns of the worksheet are initially footed, they should be out of balance by the amount of profit and loss. F238. When the balance sheet columns of the worksheet are initially footed, they should be in balance. F239. The worksheet should be prepared after the formal financial statements have been prepared. T240. An important use of the worksheet is an aid in the preparation of financial statements. 241. The worksheet is prepared after the formal adjusting and closing entries. 242. On a worksheet, the balance of the owner’s Capital account is its ending amount for the period. 243. The amount placed opposite the owner’s Capital account in the Balance Sheet columns of the worksheet is the amount to be reflected for owner’s Capital on the Balance Sheet. 244. The balances of the Accumulated Depreciation accounts will appear on the credit side of the worksheet’s Balance Sheet Columns. 245. The balance sheet may be prepared by referring solely to the Balance Sheet columns of the worksheet. 246. When adjusting entries are entered onto a worksheet, it is not necessary to record them in the general journal. 247. Total assets, total liabilities and owner’s equity on the balance sheet are the same as the totals of the Balance Sheet columns on the worksheet. 248. The amount of owner’s withdrawals can be found on the worksheet. 249. After the adjusting and closing entries have been recorded and posted, the general ledger accounts that appear on the balance sheet have no balances. 250. General account balances agree with those in the financial statements even before adjusting and closing entries are recorded and posted. 251. The income summary account is used to close the income and expense accounts. 252. The balance of the owner’s Capital account represents the cumulative net result of income, expense and withdrawal transactions. 253. Closing entries clear income and expense accounts at the end of the period. 254. The post-closing trial balance contains asset, liability, withdrawal and capital accounts. 255. The final trial balance is called a post-closing trial balance. 56. A reversing entry is a journal entry which is the exact opposite of a related adjusting entry made at the end of the period. 257. To simplify the recording of regular transactions in the next accounting period, all adjusting journal entries are reversed. 258. Post-closing trial balance tests the equality of the accounts after adjustments and the closing entries are posted. 259. Trial ba lances are prepared to ensure that no entries have been omitted. 260. In the accounting cycle, closing entries are prepared before adjusting entries. 261. In the accounting cycle, information from source documents is initially recorded in the journal. 262. Nominal accounts are reduced to zero by closing entries. 263. Closing entries deal primarily with the balances of real accounts. 264. The only accounts that are closed are the income statement accounts. 265. Closing entries result in the transfer of profit or loss into the owner’s Capital account. 266. After all closing entries have been entered and posted, the balance of the income summary account will be zero. 267. Depreciation Expense-Building is a permanent account. 68. Supplies expense is a temporary account. 269. A revenue account is closed with a credit to the revenue account and a debit to income summary. 270. An expense account is closed with a debit to the expense account and a credit to income summary. 271. Income Summary is closed with a debit to income summary and a credit to the owner’s Withdrawals account. 272. When profit or loss is exactly zero, one of the usual closing entries will be avoided. 273. The Income Summary account appears in the income statement. 274. Temporary accounts are also known as real accounts. 75. During the closing process, revenues are transferred to the credit side of the Income Summary account. 276. During the closing process, expenses are transferred to the credit side of the Income Summary account. 277. All nominal accounts must be closed before the Income Summary account can be closed. 278. The post-closing trial balance will have fewer accounts than the adjusted trial balance. 279. The balances of all accounts that appear on the balance sheet are the same on the adjusted trial balance as they are on a post closing trial balance. 280. There is sufficient information on a post-closing trial balance to prepare an income statement. 281. The post-closing trial balance will contain only real accounts. 282. The Income Summary account will appear on the post-closing trial balance. 283. There is sufficient information on a post-closing trial balance to prepare a balance sheet. 284. There is sufficient information on a post-closing trial balance to prepare a statement of changes in equity. 285. If the post-closing trial balance does not balance, then the error/s definitely occurred at some point during the closing process. 86. The adjusting entries involving Rent Receivable and Salaries Payable could be reversed. 287. The adjusting entries involving Depreciation Expense-Building and Supplies Expense could be reversed. 288. A reversing entry will include either a debit to a revenue account or a credit to an expnseaccount. 289. Reversing entries are never required. 290. Reversing entries can be made for deferrals but not for accruals. 291. Reversing entries are made to correct errors in the account. 292. The purpose of reversing entry is to simplify the bookkeeping process. 293. Adjusting entries are all dated as at the first day of the new accounting period. 294. Closing entries can be prepared by referring solely to the income statement columns of the worksheet. 295. The chart of accounts for a merchandising entity differs from that of a service entity. 296. The difference between revenue from sales and cost of sales is operating income. 297. For cash sales, the operating cycle is from cash to inventory to accounts receivable and back to cash. 298. The bill of lading is a document prepared by the seller detailing the terms of delivery. 99. A validated deposit slip indicates that cash and checks were actually deposited. 300. Discounts offered to the buyer to encourage early payment are trade discounts. 301. Cash discounts are called purchase discounts from the buyer’s viewpoint. 302. The sales discounts account is a contra-income account and will have a debit balance. 303. A credit term of 2/10 n/30 means that the buyer may deduct 3% from the invoice if payment is made within 10 days from the end of the month. 304. Purchases return and allowances is a deduction from purchases. 305. The cost of merchandise purchased during the period is determined by subtracting from the net purchases the amount of transportation costs incurred during the period. 306. The purchase of equipment not for resale should be debited to the purchases account. 307. If the seller is to shoulder the cost of delivery, the term is stated as F. O. B destination. 308. The term freight prepaid or collect will dictate who shoulders the transportation costs. 309. The two main systems for accounting for merchandise are periodic and perpetual. 310. The perpetual inventory system requires recording the cost of each sale as it occurs. 11. There is no need for a physical inventory count in the perpetual inventory system. 312. The debit balance in the inventory account in the trial balance under the periodic inventory system is the amount of inventory at the end of the current year. 313. The ending inventory of one period is the beginning inventory of the next period. 314. The balance in the merchandise inventory account at the beginning of the period represents the cost of merchandise on hand at that time. 315. The operating cycle involves the purchase and sale of inventory as well as the subsequent payment for purchase and collection of cash. 16. A business can shorten its operating cycle by increasing the percentage of cash sales and reducing the percentage of credit sales. 317. Merchandise inventory could include goods in transit. 318. An advantage of using the periodic inventory system is that it requires less recordkeeping than the perpetual inventory system. 319. The periodic inventory system relies on a physical count of merchandise for its balance sheet account. 320. Under the periodic inventory system, the cost of goods sold is treated as an account. 321. The periodic inventory system provides an up-to-date inventory on hand. 322. Summing ending merchandise inventory and cost of goods sold gives the cost of goods available for sale. 323. A physical inventory is usually taken at the end of the accounting period. 324. Under the periodic inventory system , purchases of merchandise are not recorded in the Merchandise Inventory account. 325. A company would be more likely to know the amount of inventory on hand if I it used the periodic inventory system ra of all merchandisether than the perpetual inventory system. 326. Taking a physical inventory refers to making a count of all merchandise on hand at a particular time. 327. When the periodic inventory system is used , a physical inventory should be taken at the end of the fiscal year. 328. The income statement of a company that provides services only will not have cost of goods sold. 329. For a merchandising company, the difference between the net sales and operating expenses is called a gross margin. 330. Sales return and allowances is described a contra-revenue account. 331. On the income statement of a merchandising concern, profit is the amount by which net sales exceed operating expenses. 332. Transportation out is included in the cost of goods sold calculation. 33. Advertising expense appears as a selling expense on the income statement. 334. Transportation in is considered a cost of merchandise purchased. 335. The difference between gross sales and net sales is equal to the sum of sales discounts and sales returns and allowances. 336. When the terms of sale include a sales discount, it usually is advisable for the buyer to pay within the discount period. 337. The terms 2/10, n/30 mean that a 2% discount is allowed on payments made over 10 days but before 30 days after the invoice date. 338. Terms 2/10, n/30 is an example of a trade discount. 39. Goods should be recorded at their list price less any trade discounts involved. 340. FOB Shipping point means that the seller incurs the shipping costs. 341. Under the perpetual inventory system, the cost of merchandise is debited to Merchandise Inventory at the time of purchase. 342. The merchandise inventory account is not affected when a sales allowance is granted. 343. Ending merchandise inventory is included in the calculation of cost of goods available for sale. 344. Ending merchandise inventory for year 1 automatically becomes the beginning inventory for year 2. 45. The calculation of cost of goods available for sale during the year is not affected by the previous year’s ending inventory. 346. The change in inventory level from the beginning to the end of the year affect cost of goods sold. 347. Transportation In is treated as a deduction in the cost of goods sold section of the income statement. 348. Under the periodic inventory system, the Purchases account is used to accumulate all purchases of merchandise for resale. 349. Cost of goods sold is the primary difference between a merchandising and a service business income statement. 350. Debiting income summary and crediting beginning merchandise inventory eliminates the beginning inventory at the end of the period. 351. Cost of goods sold is a major expense of a merchandising business. 352. Using the nature of expense method of presenting expenses in the income statement has the advantage of simplicity because no allocation of operating expenses between functional classifications is necessary. 353. The function of expense method reports gross margin and income from operations. 354. Operating income is not computed in the nature of expense method. 355.Gross margin from sales is the income that the business would have made if all goods available for sale had been sold during the period. 356. The excess of gross profit over operating expenses is called operating profit. 357. In the worksheet, the ending inventory amount will appear in the income statement credit column and the balance sheet debit column. 358. The determination of net cost of purchase would include addition of transportation out. 359. The traditional balance sheet arrangement of assets on the left-hand side with the liabilities and owner’s equity on the right-hand side is called the report form. 360. Net sales is not an account name. 361. In the income statement, operating expenses are classified as selling expenses, administrative expenses and other operating expenses. 362. The sales return and allowances has a normal debit balance. 363. The closing entry for transportation in debits purchases and credits income summary. 364. Both Transportation In and Tr ansportation Out accounts are closed by crediting the accounts. 365. On the worksheet of a merchandising company that uses the perpetual inventory system, the Merchandise inventory account balance is not adjusted. 366.When using the perpetual inventory system, the Merchandise inventory account will not appear in the closing entries. 367. The worksheet of a merchandising company that uses the perpetual inventory system will not have a Transportation In account. 368. When preparing a worksheet for a merchandising company that uses the perpetual inventory system, the cost of goods sold can be derived from the balances of several account in the income statement column. 369. Under the perpetual inventory system, the ending merchandise inventory balance is closed at the same time as cost of goods sold. 370.When preparing a worksheet for a merchandising company that uses the periodic inventory system, the merchandise inventory amount shown on the trial balance will be carried over the Balance Sheet debit column. 371. On the worksheet of a merchandising company that uses the periodic inventory system, both Purchase and Purchases Returns and Allowances appear in the Income Statement column. 372. The Purchases account is closed to the Merchandise Inventory account. 373. The ending inventory amount appears in both Income Statement columns on the worksheet of a merchandising company that uses the periodic inventory system. 74. Under the periodic inventory system, the Merchandise Inventory account appears in the closing entries made at the end of the period. 375. When preparing closing entries under the periodic inventory system, Sales, Purchases Returns an Allowances are both closed in the same entry. 376. Sales discount is a contra-revenue account with a normal credit balance. 377. Purchases discount would be recorded as a credit. 378. Transactions involving the payment of cash for any purpose are usually recorded in the cash journal. 379. Special journals are modified in practice to adapt to the specific needs of an entity. 80. The primary ledger that contains all the balance sheet accounts and income statement accounts is called the general ledger. 381. At the end of each month, the total of the amount column of the sales journal is posted as a debit to accounts receivable and credit to sales. 382. After postings have been completed for the month, if the sum of the balances in the accounts receivable subsidiary ledger does not agree with the balance of the accounts receivable In the general ledger, the errors must be located and corrected. 383. Sales on ccount of office equipment used in the business would be recorded in the sales journal. 384. Each amount in the other accounts column of the cash receipts journal must be posted individually to the appropriate general ledger account. 385. When there are numerous accounts with a common characteristic, it is common to place them in a separate ledger called a detail ledger. 386. The sale of merchandise for cash is recorded in the sales journal. 387. The total of the other accounts column of the cash receipts journal is not posted to the general ledger. 88. When special journals, control accounts, and subsidiary ledgers are used, no posting to any ledger is performed until the end of the month. 389. For each transaction recorded in the purchases journal, the credit is entered in the accounts payable column. 390. Acquisitions on account which are not provided for in a special debit column are recorded in the other accounts column in the purchases journal. 391. Debits to creditor’s accounts for invoices paid are recorded in the accounts payable debit column of the cash payments journal. 392. Comparing the purchase order with the receiving report will show that all the goods ordered actually arrived and all goods that arrived were actually ordered. 393. The total of the accounts payable in the cash payments journal is posted at the end of the month as a debit to accounts payable and a credit to cash. 394. When customers are allowed to return for credit to their accounts, these transactions are recorded in the general journal. 395. A check register is used to record all expenditures. 396. The voucher register is a substitute for a sales journal. 397. The voucher register takes the place of the cash payments journal. How to cite Generally Accepted Accounting Principles and Balance Sheet, Essay examples

Project Change Management System

Question: Write an essay onProject Change Management System. Answer: Change is the universal law and this quotation can be more applied in the field of the project management. The changes in regards to the project management are known as the changes, revisions and deletions of the goals and objectives of the projects. Moreover, in a project management, there will be addition and decrease of the project costs and all these factors will be considered as changes in the project management. The article has focused exclusively on the changes on the area of the project managements and the various tools used by the companies and the methods applied by the companies. The methods and technique mentioned are very much helpful in making the changes necessary to the projects. The changes are found to be essential in the management of the projects and the risk management of the companies needs to be in place. The survey conducted found that management of the risks is an integral part of the companies. Moreover, the change management system is divided into two levels, level 1 and level 2. First level relates to the principles and the second process deals with the process of the managements. The level of the changes has different classifications and can be divided as, recognizing changes, evaluating change, implementing changes and improving on the area of the changes (Kerzner, 2013). Change in the culture Previous studies have found that implementing changes is not an easy task and the existing culture plays an important role in the change culture of the company. Study conducted by Project Management Institute revealed that, the cultures of the companies are not able to adapt to the change culture. It is the responsibility of the managerial personnel to influence changes and apply those in the ground field. Without making the changes, it is not possible for the companies to stay in the market and evolve. They have to convince the employees about the importance of the changes and make them understand that all changes are not bad and will affect them badly. Change culture is important and at the same time, it is important for the company to emphasize on the balanced work culture. At the same time, the detrimental changes are very much important and they need to minimize largely and make the implementation of the changes successful (Cameron Green, 2015). Implementation of changes The next phase coming in the cycle is the implementation of the changes and the subsequent evaluation of the changes in the particular projects. Evaluating the changes is an important factor in implementing changes. As per the study conducted, evaluating the changes starts with the timeliness of the decision, prioritizing the decisions as urgent, semi-urgent or passable and then the data is collected and then the method is directly goes to the evaluation part. Evaluation of the changes will determine the fate of the project. The project will take into operations, once the evaluation phase is over. The CII research wing found that not all the formal process of the company is necessary in implementing then changes. In many of the instances, informal set up of the company are found to be effective for implementing the changes. The set up of the company is not important but the functioning and the workings of the management surely is. It is important to observe that even if the upper man agement of the company gives the green signal to the project the next important phase is the implementation phase (Hornstein, 2015). The implementation will be possible when the employees at the ground level are able to understand it fully and make it implemented. On the other hand, the study further reveals that the changes in one field will lead to problems and repercussions on other side. The management of the company has to take care of this fact and make the changes accordingly. In this regards, monitoring the changes is an important concept that the company must make to track the changes of the company and suitable changes to be provided by the company. Monitoring process serves as an opportunity to the project management team for the betterment of the overall activities and the changes that is required to be made. Substantial documentation is required to be made in the process and different impacts are identified and resolved so that the company can reach better positions and improve the efficiency in the market (Hayes, 2014). Learning from the outcome This is the last principle that is applied in the total model and the company can rectify themselves and the continuously evolve themselves. The root causes are identified and simultaneously efforts are made to rectify the same thing and the projects of the company are succeeded. The analysis must not be restricted to the upper managerial level and must trickle down to the lower level of the management of the company as well. The discussions among the team members will help the company generate new and fresh ideas among the team as well as the company. This in turn will help the company in improving the performance and increase the prospects of the company. It is important for the team members to have a basic understanding of the root causes of the problems and it will further help the team members in repeating the similar mistakes in the future (Stark, 2015). The prime advantage of the last method of approach is to have a right approach, think about the goals of the company and at the same time, manage the problems in a manner that is effective as well as of progressive manner. Progression is necessary in making the changes and being dynamic in the scenario so that the company can be a market leader and achieve the objectives of the company. Project management is a dynamic process and the two-stage model will make the company achieve objectives of company. Discussion Recognizing, evaluation, documentation and learning forms the basis of the change management system and the company has to follow the above mentioned scenarios in the change management system. The team members have to learn from the mistakes of the previous conduct and this will help to reduce the conflicts among the team members and help the company in making achieving results faster and in an effective manner (Parker et al., 2013). On the other hand, it is not possible for the company to insert the changes in the model without proper adaption. Proper adaption will help the company in creating proper platform to make the changes and help the company in achieving the desired objectives. Moreover, this is important for the company to also look at the implementation process and this particular area will help the company in proper implementing the various changes made in the project of the company. On the contrary the principles and methods applied in the theory will be applicable in th e change management of the project (Frankland et al., 2013). Conclusion Changes are indeed necessary in any sort of matters and this is particularly true in matters of the project management. Project management is a very dynamic field and the management has to be agile in this matter and implement change. Moreover, in the implementation phase the company has to be really cautious and make team decisions accordingly. Teamwork will help the company in identifying the root causes and make changes in the implementation phases accordingly. The two level implementation process will help the company in making and implementing changes. All these factors will help the company in achieving the objectives and goals of the company. Reference Turner, J. R. (2014).The handbook of project-based management(Vol. 92). McGraw-hill. Kerzner, H. R. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Cameron, E. Green, M. (2015).Making sense of change management: a complete guide to the models, tools and techniques of organizational change. Kogan Page Publishers. Hornstein, H. A. (2015). The integration of project management and organizational change management is now a necessity.International Journal of Project Management,33(2), 291-298. Hayes, J. (2014).The theory and practice of change management. Palgrave Macmillan. Stark, J. 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