MCBS students take part in one-day workshop [Calculate it Right]

MCBS students take part in one-day workshop ‘Calculate it Right’ delivered by Sharakah

Baushar, Muscat:  Final year students of Modern College of Business & Science (MCBS) took part in a one-day workshop, entitled “Calculate it Right,” on Tuesday, 3rd April 2018. The workshop was designed & led by Sharakah (Fund for Development of Youth Projects), Oman in cooperation with British Petroleum, Oman, and organized by the Center for Entrepreneurship & Business Incubation (CEBI), MCBS.

Mr Raihan Taqui Syed, director of CEBI, coordinated the event, and Mr. Abdullah Al Jufaili, General Manager of Sharakah, delivered the sessions at the college premises. The aim of the workshop was to develop the skills of entrepreneurs and enrich their understanding of the different aspects of project costing, sales projections, required resources, operational expenses and capital cost.

The event was divided into 3 sessions. During the first session, Mr Abdullah gave an overview about ‘Sharakah’ and elucidated how British Petroleum, Oman, supports Sharakah. He then shared and explained basic mathematic equations to break the ice and take the students into the Accounting and Mathematics mode. Also, all participants were divided into teams. In the second session, students were asked to solve multiple questions using different aspects in accounting such as: fixed & variable costs, prices, profit income and break-even point. In the third session, all teams were asked to have a company and establish a unique brand name & logo of their respective businesses. This was followed by an inter-team competition in which all the teams were provided a ready balance sheet to work on and target a specific profit (10,000 OMR). All teams shared their balance-sheet results regarding their respective virtual companies and the winning team was the one which met the break-even point and gained targeted profit. The workshop had a fun closure and all student teams played “Rock! Scissor! Paper!" against each other, with one winning team. The aim of the game was to test and develop team work skills of participants and have a common agreement.

Finally, certificates of participation were given to all participants by Sharakah. In reciprocation to the efforts put in by the entire team of Sharakah, and as a token of gratitude, Dr Ahmed Al Namaany, Dean of MCBS presented MCBS memorabilia to them.