Internship Report Summary Analysis
Introduction
During my internship, I carried out various analyses in the field of Economics and Mathematics on behalf of the organization. I performed the economic analysis to gain the real picture of the economic status of the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) and its ability to perform its perform its business. The analysis was achieved through the appraisal of the weaknesses and the strengths of the company in the market. In carrying out the economic analysis of the organization, I did the following studies;
Cost-benefit analysis
In my internship, I carried out a cost-benefit analysis to establish whether the projects of the company are feasible. During the undertaking of cost-benefit analysis, I weighed the costs that are involved in the implementation of the plan against the benefits that will result from the creation of the plan (White, Case& Pratt, n.d). For example, before the installation of the new software in the organization, I did perform/benefit analysis to establish whether the new system will increase efficiency and reduce the cost of production. I analyzed the total expenses that the project will incur and the benefits that will result from the generation of the new software to enhance the use of technology in the organization. After the performance of the analysis, the management of the organization was able to make a sound decision on the development of the new software in the department which will improve the management of finance and service delivery to the customers.
Cost-minimization analysis
In the course of my internship program, I undertook cost/minimization analysis to determine the cheapest method of performing the project. The company established that the development of the new software in the company is the one which will cost little capital and thus it is the best alternative for the Missouri Department of Insurance.
Cost-effectiveness
During my internship, I did a cost/effectiveness analysis to weigh the effectiveness of the department’s projects against the prices will be incurred. I carried out research to determine the efficiency of the software that is available to the organization. Through analysis of the software, I established that the most expensive alternative of the software available in the market is the most effective one as compared to the cheaper ones. Therefore, in this form of economic analysis, the organization can implement the most expensive system it aims at achieving high efficiency and effectiveness.
Financial analysis
The internship program enabled me to prepare business and statistical reports. In the statistics section, I was able to collect information, maintain the databases and then publish the reports of the company on the insurance markets in Missouri. The analysis of different type of statistical information helped the department to facilitate the movement of insurance information to the consumers, departmental staff, insurance firms, and monitor the affordability of the coverage of insurance in Missouri. Besides, I analyzed the annual financial statements of the company to determine its conduct in the market. I examined the average current data that relates to the payment of the claims and underwriting. Also, I reviewed the examination reports, financial reports, financial statements, and fiscal notes. The analyses helped me to achieve the scientific practices in my internship training.
Analysis of the fiscal impact on the DIFP on the enacted legislation
The internship gave me an opportunity to perform budgetary analysis to establish the fiscal implications for the Department of Insurance, Financial Institutions and Professional Registration (DIFP) on the enacted legislation by the government ( Looney, 2011). From the analysis, I learnt that the bill would influence small businesses that award its employees health benefits if the premiums increase. The study of the act reveals that the law prohibits the caregivers from denying the issuance of insurance.
Quantitative analysis
During my internship, I did a quantitative analysis to review the particular information that is available in the economy. I used the mathematical calculations to provide the fellow economists with indicators which they will use to compare the analysis of the current economy to that of the past periods. In addition, I used various types of mathematics to make sure that realistic calculations support the theories, judgments, and the inferences. I employed calculus functions like derivatives, limits, and functions to measure the economic information ( Sydsaeter et al 2016) I applied the derivations in calculus to analyze the economy of the organization. Through the analysis of the industrial marketplace by use of economic models, I was able to know how the differential calculus applies to the demand and supply models to determine how various factors shift the lines that represent the demand or supply in the insurance market.
In conclusion, the various analyses that I did in the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) during my internship prove that I learnt Economics and Mathematics from the evidence that is derived from the analysis. Analyses like cost/benefit analysis, cost/efficiency analysis, cost/minimization analysis, and financial statements and report analysis will help one to have a clear picture that one did Mathematics and Economics course instead of Mathematics-Economics. Therefore, the studies play a significant role in the success of my internship program by equipping me with the skills and practical experience in Economics and Mathematics.
References
- Looney, G. (2011). The consolation of a Company of Acrobats. The Missouri Review, 34(1), 83-84. doi: 10.1353/mis.2011.0027
- Sydsaeter, K., Hammond, P., Strom, A.,&Carvajal,A. (2026). Essential mathematics for economic analysis. Harlow (etc.): Pearson Education.
- White, J.,Case, K.,& Pratt, D. Principles of engineering economic analysis.