Identify UOIT's Various Stakeholders

Identify UOIT's Various Stakeholders

Introduction

This paper has discussed the UOIT's financial position. Moreover, it analyzes the financial health of the UOIT. As a consultant in this report I have to recommend some solutions which can assist the management of the UOIT to enhance its performance. Initially in this report the various stakeholders of the UOIT has been identified. The reason of identifying and analyzing the stakeholders is that the stakeholders are those groups or individuals who have direct relation with UOIT. After identifying the stakeholders, in this report it will be explained that why the accounting information is important for them to take decisions. Whenever any new project is initiated, the outrun of the project is the most important thing. It must be looked at what are the relevant policies at that time and whether any thing that is in the project is against the policy of the government. There are many things that must be the part of the evaluation as it adds value to the programs and it helps with the future management of the project. As soon as there is outset of the project, the process of evaluation and assessment must be initiated. There must be clarity in what is needed to be evaluated and how are past outcomes bound to affect the evaluation (Córcoles, Ponce & Vanderdonckt, 2013). There are lots of alternatives that can come into the front if proper evaluation is carried out.

Discussion

The stakeholders are those groups or the individuals who can be or whose affect can be felt by an organization. In the UOIT, I have indentified five stakeholders which are important for the UOIT. The most important stakeholder for the UOIT is its students, because students are the essence of a university. They are the main stakeholders for a university. The financial position of the UOIT depends on the number of students. Moreover, it is also important for the students to know the accounting and financial position of the university. If the number of students of a university is more then it is obvious that the university has sound financial position and if the university has sound financial positions it means that it can give scholarship to the students. The fee structure is another accounting or financial information that should be known to the students because they have to pay the fees. If the financial position of UOIT is good then it can arrange some seminars and can facilitate its students in a better manner (Abrams, Meyers, Irani & Baker, 2010).

Moreover, if the financial health of a company is good then it can spend on the extra curricular activities of the students. The societies and the student council also requires some funding, so the UOIT should share the accounting and financial information with the students. As a counselor I would recommend that the UOIT should share the accounting information with its stakeholders like students because it will enhance the performance of the university. If the university has more funds ...