To give a better understanding to scientists and researchers about the working of research projects with accurately measure time spent, resources, material, equipment and time used along with capital and revenue expenditure committed on a project, Amity Institute of Training & Development in collaboration with the Department of Science & Technology, Ministry of Science and Technology, Govt. of India has organized a two week Training Program on “Essentials of Finance & Financial Management” from 10th- 21st December, 2012. Many Scientists and technical professionals, even though experts in their field, have little or no background experience or education in financial management. There is a need to understand, analyze and interpret financial problems and data to make effective functional decisions.
The objective of the program is to provide comprehensive working knowledge of critical financial and accounting principles in a simple manner which will help scientists make better decisions in research project management. This program will initiate an insight of financial statements, budgeting, flow of funds, audit and cost concepts. The skills of leadership, personal effectiveness and building high performance project teams will also be equipped. Entrepreneurship skills will be taught to the participants by introducing them to issues of intellectual property and its commercialization.
While addressing the gathering Mr. K.S. Bains, IAS (Retd.) Director General, Amity Institute of Training & Development said that training is always good and important as it allows a person to grow & come out of insufficiencies due to lack of knowledge. Submission of accounts is important in every single field, thus an understanding of Finance & Accounting gives extra mileage. Through this training Scientist will be able to design and monitor the cost effectiveness of projects and optimally utilize the funds. The training module also includes visit to village, Amity Laboratory and Agra.
Welcoming the august gathering Dr. Alka Munjal, Program Director said that the training comprises of many aspects of financial management with relevance to research & scientific management. Corporate Governance, Ethics in Finance, etc. will also be the part of the training session added Dr. Munjal. The training session will give a better understanding of both the Finance & Scientific Research remarked Dr. Munjal.
The training module will touch the following areas of Accounting:-
· Basics of Accounting
· Capital budgeting
· Working Capital Management
· Cost Concepts
· Budgeting and Zero Based Budgeting
· IPR and Related Issues
· Internal and External Audits
· Procurement and Management of Contracts
· Project Work
· Personal Financial Management
35 Scientists with over 9 years of experience in their profession from ONGC, IFFCO, Environment Sciences Department, R & D Department, Central Forensic Science Department, DRDO, Academic Institutions and other institutions will benefit from this Training Program.