Question

Please answer the following essay question. Your answer must contain at lease four paragraphs for each question (400 words or more), must be in accordance with the APA format and include at least one reference.

          Discuss the minimum requirements of the Management Discussion and Analysis section in the comprehensive annual financial report.

Answer 1

The minimum requirements of the Management

As the word states ‘Requirements Management’ means the process of managing requirements or the needs of any product. For a successful delivery of the best quality product, the requirements should be in its best place.

Requirement Management tools give the edge to the organizations in terms of giving increased business value, reduce budget issues etc.

In today’s world of development, it becomes utterly necessary to track changes in the requirement at every step, automatically. Audit trail of requirements is done more efficiently with the involvement of tools.

Talking about Requirement Management Tools, we have used Microsoft Office for managing requirements. Haven’t we? In some part of our career! When I say, Microsoft Office, it is mostly Microsoft Word and Microsoft Excel majorly.

However, still a lot of us use MS applications, it is not advisable.

Requirements management is the process of documenting, analyzing, tracing, prioritizing and agreeing on requirements and then controlling change and communicating to relevant stakeholders. It is a continuous process throughout a project. A requirement is a capability to which a project outcome (product or service) should conform.

Investigation

In Investigation, the first three classes of requirements are gathered from the users, from the business and from the development team. In each area, similar questions are asked; what are the goals, what are the constraints,

Feasibility

In the Feasibility stage, costs of the requirements are determined. For user requirements, the current cost of work is compared to the future projected costs once the new system is in place. Questions such as these are asked: “What are data entry errors costing us now?” Or “What is the cost of scrap due to operator error with the current interface?

Design

Assuming that costs are accurately determined and benefits to be gained are sufficiently large, the project can proceed to the Design stage. In Design, the main requirements management activity is comparing the results of the design against the requirements document to make sure that work is staying in scope.

Construction and test

In the construction and testing stage, the main activity of requirements management is to make sure that work and cost stay within schedule and budget, and that the emerging tool does in fact meet requirements. A main tool used in this stage is prototype construction and iterative testing.

The Comprehensive Annual Financial Report (CAFR)

The Comprehensive Annual Financial Report (CAFR is a thorough and detailed presentation of the state's financial condition. It reports on the state's activities and balances for each fiscal year.

He CAFR is presented in three sections:

1. Introductory section - includes transmittal letter.
2. Financial section - includes the independent auditor's report and contains management's discussion and analysis, government-wide financial statements, fund financial statements, notes to the financial statements, required supplementary information, combining financial statements, and schedules.
3. Statistical section - includes additional financial, economic, and demographic information.