Week 4 - Assignment
Topic: Gathering Data for Developing Professional Competencies
Name: Bikramjeet Singh(10339789)
1. Which area do you see currently as your “incompetence”?
I believe Financial Understanding and Management is my weakest area, since I am not
confident when managing my finances. Understanding financial terms, budgeting and
managing costs in projects is often hard for me. Consequently, I am reluctant to
participate in financial talks. I tend not to plan my finances far in advance because I’m
concerned about getting things wrong. The result is both poorer academic results and
increased stress in my daily life. Because good financial knowledge supports most
careers, I am aware that strengthening this area promotes my career success, confidence
and choices.
2. Why do you think this area is an incompetency for you?
For me, Financial Understanding and Management is hard since I find it difficult to
understand financial ideas and put them into practice. Recently, our business course
instructors asked our group to draft a budget and estimate expenses for making a
marketing plan. My teammates talked easily about spreadsheets and how much profit we
were making, but I didn’t understand basic financial terminology or how to relate it to our
expenses. I wasn’t able to help, so I left that job to my colleagues.
Setting a budget and deciding if I should spend my money or put it aside are hard for me
to do as well. I don’t have much confidence in reading financial papers or grasping the
operations of investments or loans. That’s why I typically ask others for financial
guidance rather than act alone. As a result, I fear I won’t be ready to manage my money,
oversee a job project or budget for my personal expenses in the future.
Seeing how much I don’t know and how little confidence I have in financial matters
proves I need to focus on this for both my personal and career progress.
3. What specifically is the gap in skill or knowledge that you see in your life or career
related to this competency?
The main challenge comes from my knowledge shortcomings on budgeting, analyzing
costs and benefits and financial planning. I don’t have much confidence in using software
or programs like Excel to handle my expenses and make predictions for the future. It
makes it hard for me to manage my project finances, look at how I am spending my
money or plan my financial future. If I want to have a leadership title one day, not being
aware of this gap might stop me from effectively using resources or making financial
decisions with the team.
