Sound of a million dollars going down the drain……
Management at one firm was so detached from reality that they could not wrap their brain around why anyone would get upset about getting a million dollar plus free to the bottomline boost and have it disappear due to poor management. More frustrating was their continued refusal to acknowledge that losses had piled up due to poor project management and poor estimating.
“We paid for these items in prior periods so this settlement means nothing”, WHAT? I would expect that type of an answer from a three year old, not the senior manager and leader of a firm. Duh, really – you think because items were expensed in prior periods that recovering that money in a current period means nothing?? Mental midget time. The entire justification for why losing a million dollars was OK was this logic? Surely there must be more to it I thought. Waiting for the stars to align would be more fruitful than getting a logical answer from senior management. One cannot speak intelligently when the mental capacity to do so is lacking and where the entire justification boils down to, “because I can”. At this point one should resign themselves to the situation being unsalvageable. It is DUHHHH time.
Of course senior management at this firm came up with elaborate excuses for why it was not their fault for these losses. Thank God we caught the finance guys before they took the entire firm down the toilet, LOL. Idiotic on the very face of it given that the finance and accounting department had nothing to do with projects that racked up million dollar losses. Plays well, however, to those not in tune with the inner workings of the company and the fact that management had been warned multiple times about the need to clean up their estimating and project management.
Years of warnings went unheeded while all along the project losses piled up one after another. Poor estimating and poor strategy on where the firm should be heading all contributed to the quagmire the firm found itself in.
Jane, Moe. Larry and Curly strike again…………
Lesson learned: shares in a company that cannot form a cohesive strategy and remedy their shortcomings are worthless. Fifty-one percent of zero = zero. By extension, you could conclude that the majority shareholders of firms such as this are worthless, both managerially and monetarily.
This is a work of fiction. Names, characters, businesses, places, events, locales, and incidents are either the products of the author’s imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.