Business Studies Department - Project Appraisal Competition
Event Date: 15th November 2023
Venue: Auditorium
Organizer: Dr. Abeer Al Kharusi
Introduction:
Business Department – CEBA Muscat organized an event - The Next Generation of Accounting Forum was held at the auditorium in the University of Technology and Applied Science – Muscat on November 15th, 2023 in collaboration with the esteemed Association of Chartered Certified Accountants (ACCA). It reflects the UTAS celebration of the International Accounting Day which is celebrated on November 10 every year and serves as an opportunity to acknowledge the work accountants do to make businesses thrive, support the economy and help people navigate the complexities of finance. This event aims to explore and celebrate the future of accounting in the dynamic landscape of our profession. Accounting and to provide the next generation of accountants with the knowledge, skills, and insights needed to thrive in an ever-evolving business environment.
Project Appraisal Competition:
The event permeated various programs, Project Appraisal Competition was one of the accompanying programs at the day event. Project appraisal is the structured process of assessing the viability of a project or proposal. It involves calculating the feasibility of the project before committing resources to it. This competition assists accounting students to implement project appraisal as a tool in for choosing the best project that would help them to attain their goals in their professional future. It is a consistent process of reviewing a given project and evaluating its content to approve or reject this project, through analyzing the problem or need to be addressed by the project, generating solution options (alternatives) for solving the problem, selecting the most feasible option, conducting a feasibility analysis of that option, creating the solution statement, and identifying all people and organizations concerned with or affected by the project and its expected outcomes. It is an attempt to justify the project through analysis, which is a way to determine project feasibility and cost-effectiveness.
The Concept of Competition:
Three groups of accounting students, each group consists of three students. They selected different business projects ideas and each group presented the proposed business concepts in front of judgment panel. The students had persistence in convincing the panel of their ideas. The committee members were impressed with their diligence and maturity. The project appraisal competition promoted not only students' analysis skills, but also their discussions and communication skills.
Participants: Students of Accounting
Building Care Application:
Ibrahim Sulaiman Al Khalili
Salim Ali Al Shidhani
Faisal Badar Al Amri
AquaVista Resort and Waterpark:
Huda Khalid Al Jabri
Shahad Basim Al Jelihawi
Della Firas Al Homsi
The Base App:
Sara Abdel Qader Al Turk
Ramla Rahim Al Balushi
Shahad Ibrahim Al Hashmi
Judgment Panel:
-Mr. Zakariya Yahya Al Wahaibi, Acting Head of Incubation and Innovation Development Section at the Sultan Qaboos University.
-Ms. Majda Mohammad Al Habsi, Sales Officer at Alahli Bank
-Dr. Abeer Ali Al Kharusi, Lecturer of Accounting at the College of Economics and Business Administration at the University of Technology and Applied Science
The team winner was "Buildings Oman" application with a perfect score.
Conclusion:
The Next Generation of Accounting Forum, including Project Appraisal Competition as an accompanying event enhanced accounting students to engage in the discussions, learn from the experts, and connect with their peers. It was embracing the practical realities and innovations that define the next generation of accounting professionals. This event dedicated to inspire and prepare students of accounting for the challenges and opportunities that lie ahead in the world of accounting.
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