Buff Spalding †Manager’s Workshop Essay

Part I: Decision History – Buff Spalding Situation: Buff Spalding seems to have all the personal skills necessary to be successful but is not. Everyone appears to like Buff, and he is quite helpful to his coworkers, but it is not clear how Buff maintains his life style given his low earnings. How would you begin your conversation with Buff? You decided to: Ask to accompany Buff on several sales calls. Results: You accompanied Buff on several sales calls. You find Buff has very good sales skills but is violating company policy by selling real estate to his clients. What would you do next? You decided to: Ask around the company discreetly to find out more about Buff’s reputation as a salesman and how he is able to maintain his lifestyle when his earnings are so low. Results: You tried to find out more about how Buff is able to maintain his lifestyle despite his low earnings. You receive proof that Buff is violating company policy by selling real estate to his Omega clients. What would you do next? You decided to: Consult with your superior about how to handle the situation. Results: You consulted your boss about how to deal with Buff’s low performance and violation of company policy. She informs you that you must correct this situation but without creating more difficulties for the company than necessary. What would you do next? You decided to: Call Buff in and ask him if the rumors you have heard are true. Results: You asked Buff if the rumors about his outside deals are true. Because you have clear evidence, he cannot deny your charge. You also learn that he does not highly value the income his Omega job provides. How would you deal with the violation of policy? You decided to: Tell Buff that he has a choice. He can either resign or end his real estate dealings. If he doesn’t resign, you expect him to deliver a plan within 48 hours for ending his real estate involvements. Results: You told Buff that he either needs to resign or give you a plan for ending his real estate dealings. Buff gives you a plan that requires six months to execute and offers to resign if the plan does not work. How would you respond? You decided to: Call Buff and attempt to find out why he wants six months to make his plans about resigning. Results: You explored why Buff wants to stay on the job for six months. He says he may want to sell real estate full time, but he really likes the people at Omega. According to Buff, it will take him six months to execute his plan. What would you do next? You decided to: Try to negotiate a deal with Buff in which you would keep him on in a limited capacity. Results: Because Buff was being rewarded for not performing his job effectively, it appeared there was little you could do to motivate him to increase his performance. Your decision to negotiate a deal with Buff to reduce the negative impact on the company was successful. Part II: Decision Analysis and Application Buff Spalding is a Sales Representative for Omega and has been employed with the organization for eight years. The key responsibility of Sales Representatives is to make business calls to physicians and pharmaceutical wholesalers in an effort to sell Omega’s products. Buff possesses a Bachelor of Science Degree in Marketing which fits very well with the job that he holds. Buff’s employment background prior to Omega includes sales roles within the automobile, clothing and real estate industries. He is a professional golfer as well. Buff works on a team of twelve Sales Representatives. His job performance with the company has been solid until the last two years. Job Performance Performance at Omega is measured in several ways including sales volume, percent of physicians contacted, and days of wholesale supply. In terms of sales volume, in the last two years Buff has been ranked last or second to last when compared to the other Sales Representatives on his team. While the standard percentage of physicians contacted is ninety percent, Buff has only contacted seventy percent. Lastly, days of wholesale supply is also measured. If wholesale inventory drops below fifty days within a sales territory, retailer stockouts occur. Whenever a stockout occurs, retailers substitute Omega’s product with another manufacturer’s product, therefore causing Omega to lose business. Buff’s days of wholesale supply is forty two days, causing Omega to lose business due to stockouts occurring. Buff’s manager has held two discussions with him in the past regarding his performance. The Interview Due to Buff’s performance issues, an interview was conducted in an effort to identify why Buff’s performance was substandard. Through the interview process, it was determined that Buff was utilizing his professional relationships with Omega customers, physicians and pharmaceutical wholesalers, in order to sell real estate deals. This action is not only unethical; however, it is also a violation of company policy. Theory Application Even though Buff was a natural fit for a sales role, had a great personality, connected very well with his team, and was motivated to succeed; his motivation was not directed correctly. According to Dunham, direction and intensity are key components of the theory of motivation (2004). In order for an employee to be successful, it is important for employers to find ways to influence an employee’s direction and the amount of intensity to utilize (Dunham, 2004). Dunham cites that even though an individual starts off in the correct direction with the correct amount of intensity, at times, they locate another target that is more attractive, thus pulling them away from the original direction they were intended to follow (Dunham, 2004). This theory is applicable in Buff’s situation. During the first six years of Buff’s employment at Omega, his performance was strong and he was effectively doing his job. Within the last two years of employment; however, the real estate business became more enticing to him thus pulling him away from his original role. Aldefer’s ERG Theory in regards to needs applies in Buff’s situation as well. According to Dunham, every individual has a very complex set of needs that should be met in order for them to be satisfied with their job roles and continue to be engaged at work (2004). In Buff’s situation, initially he was very satisfied with his role as Sales Representative for Omega; however, after six years his needs changed. This change may have occurred due to number of things including his need to be challenged, recognized, be creative, take risks, have a manager who provided quality supervision, and feel accomplished. In Buff’s situation, while he enjoyed the sense of security that Omega provided, he was more appealed by the risk and financial rewards that the real estate industry offered. Lastly, the concept of performance management applies in the case of Buff Spalding. Buff’s performance issues existed for a period of two years prior to them being addressed by his manager. In order for employees to remain engaged in their work, it is imperative that measureable goals are set and employees are held accountable for meeting the goals. It is also important to reward employees for their successes and achievements. Due to Buff’s needs not being met, his lack of motivation to conduct his job role, and the lack of accountability that his manager provided; he was enticed to take a risk that violated company policy; therefore leading to the termination of his career at Omega. Interview Results  Buff violated a company policy whenever he made the decision to sell real estate to Omega customers. Due to this action, it was decided that Buff had to either resign his role at Omega or cease his real estate side business. When faced with the decision, Buff decided to resign his role at Omega. In order to ensure that customer relationships were minimally impacted, a decision was made to allow Buff to train his replacement and contact his current Omega customers to advise them of his decision to leave the organization. While this solution could be viewed as one that was very lenient in nature, it minimized the impact on the customers; therefore, making it the right thing to do. In the end, allowing Buff to personally tell his customers about his decision to leave the company and providing him with the opportunity to train his replacement allowed for a smoother transition for the customers, therefore saving their business relationships. In conclusion, all employees are motivated in one way or another. It is important for managers to closely manage their team in order to ensure that performance issues are addressed promptly and to provide direction to employees regarding the direction and level of intensity within their careers. Additionally, managers should set performance goals for their employees and continually track them to ensure that they are being held accountable for meeting the goals. Even though Buff was very motivated, unfortunately, his motivation was not to serve Omega customers in the way that he should have, thus causing Omega to experience a decreased sales volume and lose business. In order to prevent this in the future, the Regional Sales Manager should be proactive in holding performance discussions with the Sales Representatives, set measurable goals for them to work towards achieving, ensure that they remain on target to meet their goals and are held accountable if not, and recognize the Sales Representatives for their accomplishments along the way.

Divergent Suggested Essays Essay

Suggested Essay Questions 1.In what ways does Tris’s identity develop over the course of the novel? Tris began the novel timid and unsure of herself and her desires, which was characteristic of her Abnegation upbringing: she was never allowed to focus on herself, so she never knew exactly what she wanted. Upon choosing Dauntless her bravery obviously begins to blossom, but she experiences some other changes as well. She forges friendships and relationships central to her identity, with people who bring out the best in her. And she learns that though she has chosen another faction, she can still be selfless; and indeed she is, time and time again. By the end of the novel, she is fully aware of herself as Divergent – someone who does not fit in, but who cannot be controlled. The events of the end of the novel reinforce who she has been – selfless – and who she wants to become – brave. There are many significant experiences to discuss, both good and bad, that shaped Tris as a person throughout her time in Dauntless. 2.Compare and contrast this rigidly structured society with our own. What are the pros and cons of each? Does one provide a more effective lifestyle than the other? The distinctions between Tris’s society and our own are very apparent; their idea of becoming a good person involves selecting one virtue to cultivate their entire lives, while for us, being good and morally sound involves a mixture of all of their faction virtues and more. Socially, we have much more freedom of choice, but is that freedom always a good thing? Studying any of the five virtues of Tris’s world can indeed have positive effects on one’s life. It all depends on perspective; either could be seen as the more effective lifestyle, depending on how you look at it, but the faction system certainly makes some significant missteps in trying to control and direct a person’s identity and humanity. 3.Discuss the soundness of a government run only by a single faction. Is Jeanine Matthews truly wrong for calling for greater representation, or is it better to keep administration in the hands of the selfless? This is certainly a far cry from our system of democracy. While having the innately selfless run the government seems like a respectable idea in theory, in practice it may fall short. Abnegation do not have the same goals in life as Erudite, Candor, Amity, or Dauntless, so therefore it is natural that their administration is called into question. Perhaps a system with equal representation from every faction would be a better strategy; though policy would not consist of extremely selfless acts, sometimes representatives do have to be selfish advocates for their people. And with everyone having a say, there would be much less chance of a rebellion the size of Erudite’s. Jeanine wasn’t entirely wrong in what she preached, but she certainly went about it the wrong way, and Abnegation wasn’t to blame for a system that had been flawed from the start. 4.What are the benefits of sorting people into social groups the way the factions are sorted? What are the drawbacks? We tend to subconsciously sort ourselves into groups regardless; we gravitate towards people with similar interests as us, people with similar backgrounds, people who look like us. With a society organized into groups, citizens are always surrounded by like-minded people, and there is a much greater chance of getting along with those who think like you. On the other hand, though, that separation can promote intolerance and prejudice, which is obviously apparent in the novel; all the factions shunned the values of their competitors, promoting a far too separated way of life. 5.There are only five factions; are there any other human virtues missing from the list? Why would these be necessary in well-rounded citizens? Valuing only honesty, selflessness, peacefulness, bravery, and intelligence seems like a very small slice of the vast majority of honorable human virtues. Another faction could exist based on loyalty; many of the problems  in Tris’s world (and our own) are caused by betrayal and distrust. A faction based on diligence could ensure that all its citizens are hardworking and productive. And there could also be a faction based on creativity, which shapes the mind in many ways the other factions do not. 6.Discuss Tris Prior as our protagonist. Is she a reliable narrator? Does she always tell the truth? Are we constrained by her point of view? Tris is typically a very straightforward narrator, though perhaps her point of view is often clouded by her own personal prejudices. We do not get a good sense of Peter’s character, for instance, because she is always so determined to hate him; perhaps there is more to him than meets the eye. We’re certainly constrained by her perspective, only knowing what she knows at any given time. We solve the mysteries of Four, her mother, and the Erudite-Abnegation feud only as soon as she does, because the story is told only from her first person perspective. The limits of this perspective does allow for some mystery and tension, though, as well as the strong impression of Tris as a hero. 7.What significance do Tris’s relationships have in her life? Various relationships begin to blossom for Tris only after she’s left Abnegation. Her family is broken apart, but at a distance she seems to get even closer to her mother, learning more about her past than she ever knew before. In Abnegation, Tris never had true friendships, but in Dauntless she becomes close to Will, Christina, Al, Uriah, and some of the other initiates. Without them, she wouldn’t have had the support she needed to get through initiation. And finally, her relationship with Four has changed her in many ways; she’s been given someone to open up to, who in turn opens up to her, and for a person with as much to deal with as Tris, this is absolutely essential. 8.Compare and contrast Peter and Jeanine Matthews as antagonists. Who would be considered the central antagonist? Both Peter and Jeanine serve as Tris’s enemies, but in very different ways. Peter is more present throughout the novel, causing trouble for Tris during initiation, her most immediate concern. But Jeanine is an antagonist on a larger scale; though she doesn’t make an actual appearance until late in the novel, we know she’s been behind the growing rebellion of the Erudite and the hunt for Divergent. Jeanine’s aims and the reach of her grasp lead to something much, much larger than a struggle for ranking during initiation. For this reason, only Jeanine can be considered the central antagonist. 9.In what ways is the brewing war between Abnegation and Erudite reminiscent of our societal power struggles? Though the battle at the culmination of the novel is fought with high-tech innovations like simulations, the circumstances that caused it can be easily compared to the power struggles in our own society. It starts with a group of people believing they’ve been treated unjustly, with an unfairly small amount of say in government, and ends with a bloody battle to determine who stays and who goes. Revolutions and major modern-day wars begin in much the same way. Jeanine Matthews is representative of the persuasive, charismatic, and intelligent leader who is able to convince her people to rally against another group; in this case, Abnegation. Jeanine’s method of manipulation through propaganda (false claims about Abnegation) and disrespect for others based on a perceived difference or lack mirrors fascist leaders from history. 10.Which theme in the novel would you consider the most significant, and why? Though many major themes in Divergent are prevalent, the one that constantly comes into play is the theme of identity and how one’s choices determine self. Tris is constantly making choices that define who she is, starting with the major one on Choosing Day and continuing throughout initiation, ending with her decision not to shoot Tobias in the control room in order to stop the simulation. Her identity develops further with every decision, and eventually she learns that she can truly be brave and selfless at the same time. This theme applies to other characters as well; Caleb, for instance, chose to switch to Erudite in order to stay true to his own identity, but  eventually returns to Abnegation because he decides that Erudite’s plans were wrong, and he could not be a part of it. Each and every character in the novel makes at least one choice that aids in determining their identity; therefore, this theme is extremely significant.

Statutory Disclosure Analysis of Annual Report

Below Is the analysis of annual report of consumer product (Hub Seen) and instruction company (Sunday) in compliance to the financial reporting standard. FRR 107 statement of cash Flows Sunday is using direct method while Hub Seen is using indirect method in presenting their Cash Flow Statements in the respective Annual Reports. Direct Method is preferable since this method shows the cash payment and receipts which are this Information are useful to the users of the financial statement In predicting future cash flow.Thus Sunday is using method that more relevance to the user while Hub Seen is using method that less relevance for the users. FRR 121 The Effects of Changes in Foreign Exchange Rates Both Sunday and Hub Seen are exposed to the foreign exchange difference. For Sunday, it is arises from operation of its subsidiary that located outside Malaysia. While Hub Seen foreign currency difference Is mostly due to the purchases that denominated In other currencies from Its functional currency.But Hub Seen did not engaged with any formal hedging activities since the transaction is at an acceptable level where as, Sunday is applying natural hedging which is to reduce its risk in foreign currency by borrowing in the country they invested so that they can match he borrowing cost to the revenue earned. Therefore, the foreign exchange risk is reduced. So this information Is useful for the users since the Information Is relevant to predict the future In safeguarding their Investment In the respective companies.FRR 118 Revenue Both companies recognized its revenue according to the approved standard to the extent that it is probable economic benefits flow to the companies. Similar revenues that recognized by both companies are sale of goods, dividend, interest and rental income. The deferent is that, Sunday have more source of income which is sales of repertories under development, land and property Inventories; sale of services, rights and enjoyment; club subscription f ees and time share revenue.It Is useful to the users of financial statement when they want to make decision in which industry to invest in or when they want to diversified their portfolios. FRR 119 Employee Benefits Both companies are compliance to the standard in disclosing the defined contribution plan and short term employee benefits to the users. But Sunday have another employee benefit that Is share based compensation that allows the employees to acquire share of Sunday at net of directly attributable transaction cost.Sunday is volunteering in providing such benefit to the employees. So this kind of benefit may improve the motivation of the employees in discharging their duties exceed expectation. Thus, this motivation will lead Sunday in higher performance which is this relevant information is useful to the users in predicting future performance of the company. FRR 124 Related Party Disclosures Key management personnel are considered related party to the company.Therefore, the companies need to disclose the total compensation paid to them. Hub Seen only provided short term employee benefit and defined contribution plan to their key management personnel while Sunday also providing share based payment in addition to the other two types of compensation. This shows that Sunday are more concern with the compensation paid to their key personnel since the key personnel are involving in decision making of the company which determine the company future performance.Therefore, by providing extra compensation compared to other company like Hub Seen, the key management personnel will be happy and motivated n discharging their duties diligently and with due care. FRR 124 Inventories Both companies stated their inventories at lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. But Sunday is using weighted average method while Hub Seen is using first in first out method (FIFO) in determining their cost.For Hub Seen, using this method will show the highest profit compared to weighted average method (WA) and last in first UT method (LIFO) because of the nature of inflation. Even though higher reported gross profit is seem to be favorable to the investor, still this will resulted in higher tax to be paid by Hub Seen. Maybe one of the reason Hub Seen adopted FIFO instead of other method is that, they are engaging in selling perishable item which is not suitable to use LIFO since the left inventories will be obsolete and thus, invaluable.

Various methods and attempts employed in the harmonization of Coursework

Various methods and attempts employed in the harmonization of international trade law - Coursework Example This research will begin with the statement that international trade is the kind of trade that takes place across nations all over the world either bilaterally or multilaterally. In a world getting smaller day by day courtesy of the agents of technology, globalization becomes indispensable. As the world gets digital and globalization gains root, the prominence of international trade as an aspect of international relations demands careful attention. It is realized that as trade continues to gain momentum across nations, so do the impediments hampering free trade emerge. Free trade is meant to be a mutual agenda between the countries. Nations across the world strive as much as possible to benefit from the trade. In the same vein, challenges emerge as no nation can derive ultimate benefits. Different nations across the world operate under different systems. Such differences have become so diverse that much attention has now been drawn towards addressing them. It, therefore, begs the ana lysis of the factors that limit international trade. It is in that vein that the difference in trade laws comes to light. It is becoming much difficult for nations across the globe to freely trade due to the sharp differences that exist in laws governing trade in different parts of the world. For instance, a North American exporter will find it almost difficult to export certain products to the Asian countries courtesy of the legal rigidities that are artificially created for various reasons. Nations limit trade so as to regulate deficits on their budgets. Considering that such a deficit might be disastrous to the affected economy. Moreover the need to control the dumping of products into the economy also necessitates the introduction of regulatory measures. In one respect, such measures are never malicious. Rather they are of great essence in ensuring that the international trade benefits all the parties involved. The need to remove such limiting factors therefore sparks off the de bate. The discourse becomes further intricate when dealing with legal the aspects of international trade. There exist several statutes and regulations in the world governing international trade. Such statutes are normally enacted to regulate price fixing, competition and to govern free trade between countries. Trade regulation is a theme of law that encompasses governments’ regulations of international trade, the laws relating to fair competition, ethical considerations in international trade and antitrust law. Antitrust law is a branch of trade regulation law that widely includes consumer protection law, distribution law and franchise law. (Osle, 2008) International trade laws exist in various respects both at private and public law. Private international law is derived from the various countries that relate internationally. It controls treaties, conventions and guides model laws. Private international law is applied in monitoring local and foreign judgements relating to leg al disputes (Shaw, 2005).It is therefore a great concern in business dealings. The Hague conference on Private international law was a great milestone toward the development of private international law. It encompasses all aspects relating to private law from jurisdictional considerations to contract law. Public international law on the other hand comprises of all the rules and laws that relate to the demeanour of states and other organizations within them as well as their relationships with both artificial and natural persons (Shaw, 2005). A merchant dealing in international trade is inevitably drawn into this complex nexus of differing intricate laws that require attention. These diverse laws have continued to be an impediment towards the achievement of the benefits that accrue by virtue of a free global trade. This therefore creates the need to address this emerging problem by seeking avenues to harmonize these laws into a single streamlined legal system that enhances free trade. The sooner this is achieved the better. Myriad avenues have been proposed as modalities

Life and Faith of Flannery O'Connor Research Paper

Life and Faith of Flannery O'Connor - Research Paper Example The influence had been developed with her participation in the Roman Catholic Church. 2. As a qualified social scientist, O’Connor used symbolism and imagery that had been developed in her creative aspect. She had been an amateur writer and editor who had started expressing her writing skills within the qualified agencies. 3. Majority of the scenes that she had created in her works had been from the Southern region where she had emanated from with the struggle between spirituality and unholy concepts. Conclusion: O’Connor had been an intelligent and creative writer who had used sharp imagery and symbolism in her works. The use of religious intuition and strange characters also generated the development in the plot within her short stories. Introduction In the development of any writing, the author depicts certain qualities to issue their identity. Flannery O'Connor had advanced the American literature style to include aspects that accorded the identity needed to advance the development of stories and literal skills. She also presented her literal skills in completing variable commentaries and followed the style in the Southern Gothic technique to include gross characters. The artist intuition to include religion and beliefs in their writings also favored the outcome that presented a distinct ploy development. O’Connor presented her faith in the writings that she completed that held the Roman Catholic beliefs. Most plots that had been developed predicted the beliefs of the author towards the societal setting. Apart from the entertainment provision of the literal works, the plot advanced served as sources of inspiration and educational lessons to the readers. O’Connor had been consistent in her writing to suggest the moral behavior in the society and present the adversity of faith in reconstructing the broken norms (Scott 61). Most of the stories that she had written sought to present reformations needed to create stability within the societal setting as she completed progress into a righteous individual. Through Flannery O’Connor’s short stories, the readers are able to gain incentive on her faith and the lifestyle that the she had upheld. O’Connor’s stories had been created to advance religious aspects to present God’s works within the societal setting. She had been an established Roman Catholic follower and had the knowledge that her readers had been from a wider religious setting. She had the knowledge that individuals shared varied faith and sought to present moral behavior in the completed writings (Kirk 125). She achieved the fete through completing plot development in holding shocking, with mostly chaotic and bizarre characters. She presented the regional context in the generation of the characters that were applied in a colorful and organized plot development. O’Connor polished the setting in her stories through rich symbolism and manipulation of the words that i ssued direct comparison with events in society (Orvell 128). She had advanced her efforts of developing her writing career through early education qualification in social science, while completing duties as the editor in her leisure time. Although she had suffered from lupus, she advanced the prospect of completing stories that explained the need to uphold the necessary moral standards in the society. The fictional writings had been completed to offer the needed measures to advance spiritual consideration as she

Literacy Essay Example | Topics and Well Written Essays - 250 words

Literacy - Essay Example The debate on literacy acquires attracts mixed reaction within given audiences. As such, clarity on the matter necessitates an analysis on active learning from a personal perspective. Active learning entails interactive session within learning forums that mandate individual participation. The segment supports imparting of knowledge through sensitive interventions that expand the learning environment. As such, a learner becomes aware of the immediate environment through use of critical thinking skills. I argue out that active learning evaluates the level of an individual’s literacy (Wood 171). Planned interactive sessions provide learning opportunities for various groups of people. The discussion on literacy during the class session generates noteworthy conclusions on the same subject. I obtained conclusive documents that literacy is a significant societal pillar that fosters individual development and improvement of general standards. Advanced literacy levels impact directly to a given community with productive results as deduced from a personal opinion. Other significant assumptions point to literacy as dominating factor of evaluating a country’s wealth. I therefore, Justify that these claims revolve around the availability of job opportunities for literate

How to improve learning in Bachelor Students Research Proposal

How to improve learning in Bachelor Students - Research Proposal Example This paper attempts to explain how college curriculum could be improved to help Bachelor’s students under the main idea behind their studies. Normally, large organizations utilize certain strategies as they implement their project management procedures. In this same way, this proposal will educate Bachelor’s students the right way to go about doing their portfolio management. A firm can handle one project or multiple projects at the same time, and the important thing is that such a firm undergoes similar project management processes. What a Bachelor’s student needs to understand are all these procedures necessary in successfully managing portfolio. Even though most of the contents in this paper are suggestive recommendations that could be utilized in improving the curriculum of Bachelor’s students, however it also explains the important roles or functions of project managers and other components of project management. The first thing is that the Bachelor’s student should first of all see himself as a Project Manager (Lewis 24). Therefore, he would need to carry out the following roles of a Project Manager: Managing the project (s) is the sole duty of the project manager (bachelor’s student), and this involves series of activities, including planning, execution, monitoring, control and closure of a project. These activities are analyzed step-by-step below: (I) Planning: A project manager needs to plan ahead some important things about the project: Like he/she would have to inspect the location for the project; he/she would have estimate the overall cost of the projects; he/she would have to arrange about the recruitment process for the experts that would work on the project; he/she would need to quantify any unforeseen problems that may occur during the execution of the projects. The planning stage is very crucial to the success of the entire project, and this is why project managers

Professional skills and ethics Term Paper Example | Topics and Well Written Essays - 3000 words

Professional skills and ethics - Term Paper Example Corporate Social Responsibility in Marketing in the Aviation Industry Over the years, environmental interests and various laws and regulations have caused for there to be a general change in the way most organizations view the notion of sustainable business actions. Most of the companies in the aviation industry frequently find that they how have to constantly ask themselves is to what extent do they happen to act responsibly. The paramount reason that causes companies to engage in business is to ensure that the owners and employees stand to gain various economic benefits. Any other actions by the various businesses are frequently considered to be secondary responsibilities and most firms have been ignoring them over the past years (Sun et al. 2010). In recent times that a new system of business has emerged that has forced players in the industry to change the way they conduct business due to the increasing awareness of corporate social responsibility and the vast impact that the ind ustry has on the environment (Sun et al. 2010). ... s customers coupled with the customer’s frequent desire to obtain the very best of services at reasonably decent prices makes it a prerequisite for most of the industry’s operators to ensure that they market their product as being innately cost efficient while offering their customers the very best services that are available. Companies and various operators in the industry are finding this to be increasingly difficult to do due to their incurring rather high operating costs which have been seen to affect and have a profound influence in the entire industry (Flouris and Yilmaz 2011). The Challenges Facing the Conduction of Responsible Business Practices for both Individuals and Organizations in the Aviation Industry Environmental Challenges. The aviation industry is facing the challenge of developing appropriate and sustainable CSR models because it has been forecast that the industry should poise itself for a rather tremendous general increase in the rate of flight tra ffic over the next 15 years. The increased air traffic will consequently result in a general increase in raw material consumption, increased carbon emissions as well as an overall increase in pollution that is resultant of the industries activities. Industry Marketers are finding that they increasingly need to develop actions that will appease and fulfill all the stakeholders’ expectations as well as ensuring that the airlines are sufficiently taking care of the environment (Phillips 2006). Efforts by marketers in the aviation industry to promote the various players in the industry as having appropriate corporate social responsibility practices are being severely hampered by a report released by the Aviation Environment Federation which showed the estimated damage to the environment and society

Multinationaltransnational Corporations Essay Example | Topics and Well Written Essays - 1000 words

Multinationaltransnational Corporations - Essay Example Globalization leads to a situation in which national borders are becoming increasingly irrelevant for a number of reasons. For example, the outsourcing of many different manufacturing and service industries to Asia has led to the growth of a middle class in some regions of the world that had not previously seen them. Just as archaic globalization started with ease of transport provided by domesticated animals, so ease of communication through computer networks has enabled the remarkable system in which an American calling a service line in America may well be linked to a service center in India for a computer problem. Indeed, if silk was the original driving force of the original, archaic globalization, it is computerization that is the fuel and engine for current globalization. The labor and economic laws of one country may be essentially bypassed by the multinational company that locates different sectors of its activities within different countries. The "Asian Tigers" such as Taiwan, Thailand and Singapore, have used this flow of money and services into their country to develop their own indigenous industries. Car manufacturers in Japan have used their superior design and production techniques to come to a point where they may soon occupy the dominant position within the American automobile market, a fact that would have been virtually unthinkable forty years ago. Again, it is automation and computerization of design and manufacture that has enabled companies such as Toyota and Honda to expand almost exponentially. The process of globalization have enabled these companies, founded and based within the Asian country of Japan, to prove their undoubted superiority over products manufactured in the West. The same can be argued for a whole host of products from cameras to computer games. This computerization is not only an engine through the outsourcing of various business functions to countries with much lower labor costs by advanced countries, but has also enabled more sophisticated supply chains that can react of market changes with much greater sensitivity. The development of massive multinational corporations for whom national borders are less important than their business models have led to a "shrinking" of the world. Wal-Mart, the largest and most successful retailer in the world, imports much of its merchandise from Asia, and is also seeking to open new stores within that region. Wal-Mart, an ostensibly "American" company, is in many ways actually an Asian (specifically Chinese) company is the source of labor and production is regarded as the defining factor. Another manner in which multinational companies are threatening national sovereignty is through the development of large, international or even regional trade areas that are specifically designed to ignore national borders. For example, the North American Free Trade Agreement (NAFTA) makes a huge region, ranging from Canada to Mexico and into Central America that multinational cor

Peer review for a resume Essay Example | Topics and Well Written Essays - 500 words

Peer review for a resume - Essay Example The appearance of the resume can be improved by increasing the using a line spacing of 1.5 and increasing the font to 12 so that the white space can be reduced and make it easier to read and find the important information. The action verbs used effectively show and demonstrate what the writer did in regards to employment descriptions but he fails to state the results of his actions. Additionally, the writer uses the same verbs repeatedly; there are numerous synonyms to the verbs used by the writer that could have been used so that the wordings do not recur in the resume. The writer should also have considered using verbs like attained, balanced, compiled and communicated among others. According to Markel’s criteria, the writer should have stated his education before stating the employment history and this should have been done in a manner that is clear and honest. However, the education section was done in a comprehensive manner that included clearly stating the grades that the writer acquired. In the employment history section, the writer should have stated the equipment that he had to operate, the funds that he controlled if any as well as the documents, clients and personnel he might have been responsible for. From this resume, it is highly likely that the references section will catch the eye of the employer since the writer provides referees who work at the same place but does not provide a referee from his first place of employment. It is likely that the employer will want to know why there are no references from his or her previous employment. The cover letter is clearly addressed and the introduction is short and precise as it states plainly the manner in which the writer became aware of the position being applied for. In the introduction, the writer also states that position that was advertised but it would have been relatively clearer if he had provided a subject with the position

Managerial economics Essay Example for Free

Managerial economics Essay 1. If a firm raises its price for Product X, TR will increase. Uncertain, Total revenue = Price Ãâ€" Quantity Sold. The price elasticity of demand tells us there are two eï ¬â‚¬ects, first is price eï ¬â‚¬ect. If price increase, each unit sold sells for a higher price, which tends to raise revenue. Second is quantity eï ¬â‚¬ect. If price increase, fewer units are sold, which tends to lower revenue. This is determines by which price eï ¬â‚¬ect or the quantity eï ¬â‚¬ect is stronger 2. When MR MC, MP (marginal profit) will be positive.  True, for each unit sold, marginal profit equals marginal revenue (MR) minus marginal cost (MC). Then, if MR is greater than MC at some level of output, marginal profit is positive and thus a greater quantity should be produced. 3. If a 10% increase in price leads to a 5% increase in TR, demand must be elastic. False, if an increase in price causes an increase in total revenue, then demand can be said to be inelastic, since the increase in price does not have a large impact on quantity demanded. 4. If the cross price elasticity is positive for two goods X and Y, X and Y must be complements. False, if the goods are complements, the value will be negative because quantity demanded increases when the price of complement falls. Example, if the price of petrol decreases to RM2 a litre, sales of cars would increase. 5. Maximizing TR is never a desirable goal for a firm.  True, profit is the difference between a firms total revenue and its total opportunity cost. Total revenue is the amount of income earned by selling products. But it does not include the total opportunity costs of all inputs into the production process. Hence, it is never a desirable goal for a firm. Firm should consider maximizing Profit instead of TR. 6. The more inelastic the demand, the more likely it is that a firm can have regular price increases. True, if firm have regular increase in price (refer to Appendix 1) from P4 to P5, the decrease in the quantity demanded is relatively small (from Q4 to Q5). It means that, the more inelastic the  demand, the percentage change in quantity demanded is less than percentage change price. Hence, firm can have regular price increases. 7. If EP = -1.25 for Group A, and EP = -.375 for Group B, and a firm uses price discrimination, Group A should pay a higher price than Group B. False, Group A is elastic and Group B is inelastic. The consumers in the inelastic sub-market will be charged the higher price, and those in the elastic sub market will be charged the lower price. So Group B should pay higher price. Please refer to Appendix 2 for illustration. 8. A consumer spends 1% of her income on Good A and 25% on Good B. Price Elasticity of Demand should be greater for Good B. True, if the consumer spends less of her income, means that Good A is a necessity good and spends more of her income means that Good B is a luxury good. Luxuries tend to more elastic than necessities as there are more options for consumer. 9. Income elasticity for an inferior good is always negative. True, because quantity demand falls as income rises. Quantity demanded and income move opposite directions, inferior goods have negative elasticity. 10. The more inelastic the demand, the flatter the demand curve. False, inelastic demand have steeper curve because quantity demanded does not respond strongly to price changes. Please refer to Appendix 3 for illustration. For a inelastic demand product such as cigarettes, when price increase by 10%, the quantity demanded will fall by 3.8%. 11. If demand goes from P = 1850 .05Q to P = 1700 .05Q, Demand has increased. False. If P = 1850 .05Q then Qd= 37000-20P and if P = 1700 .05Q, then Qd= 34000-20P. The demand curve shift to left and hence, the demand decreases. Please refer to Appendix 4 for illustration 12. If TC goes from TC = 1250 + .5Q to TC = 1200 + .6Q, FC have gone up and VC have gone down. False, because TC=TFC+TVC. From the equation above shows that, the FC decreases leads TFC to fall from 1250 to 1200 and the VC increases leads TVC to gone up from 0.5 to 0.6. Part B (Explain in a short Essay (not more than 1 page each)) 1) Define demand, discuss various determinants of demand. Demand is the quantities of good or service that consumers are willing to buy at various prices within some given period of time. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa. When factors other than price changes, demand  curve will shift. There are 5 determinants of the demand curve. First factor is price of related goods. A good or service can be related to another by being a substitute or complement. If price of a substitute changes, we expect the demand for the good under consideration to change in the same direction as the change in the substitute’s price. For instance, if the price of coffee rises, the demand for tea should increase. The complement goods are the goods that can be used together. Price of complement and demand for the other good are negatively related. Example, if the price of sugar increases, the demand for coffee will fall. Second factor is income, as people’s income rises, it is reasonable to expect their demand for a good to increase and vice versa, the demand curve will shift right. A fall in income will lead to a decrease in demand for normal goods. Goods whose demand varies inversely with income are called inferior goods. Third determinant is future expectation. If enough, buyers expect the price of a good rises in future, the current demand will increase. Also, if consumers’ current demand will increase, they expect higher future income. For example, in 2005 housing prices rose, but people bought more because they expected the price to continue to go up. This drove prices even further, until the bubble burst in 2006 (Stafffullcoll.edu. n.d.). Forth factor is tastes and preferences. This is the desire, emotion, or preference for a good or service. If consumer preference is favorable change will leads to an increase in demand. Likewise, unfavorable change leads to a decrease in demand. Example, companies spend thousands on advertising to make you feel strongly that you want a product. Last determinant is number of buyer. If the number of buyers in market rises, the demand increases. For example, the housing bubble case. Low-cost mortgages increased the number of people who were told they could afford a house. The number of buyers actually increased, driving up the demand for housing. When they found they really couldnt afford the mortgage, especially when housing prices started to fall, they foreclosed. This reduced the number of buyers, and demand also fell. 2) Briefly explain the concept of Law of diminishing returns? Discuss its assumption and importance? The law of diminishing marginal returns means that the productivity of a variable input declines as more is used  in short-run production, holding one or more inputs fixed. This law has a direct behavior on market supply, the supply price, and the law of supply. The main reasons the marginal product (MP) of this variable input declines is the fixed input. The fixed input imposes a capacity constraint on short-run production. For example, in a sandwich production, the size of the sandwich-producing kitchen and equipment is fixed. The company employs additional workers, the kitchen becomes increasingly crowded. Only so many workers can use the sandwich-preparation counter to prepare sandwich. While adding additional workers do increase total sandwich production, the extra production attributable to these workers is certain to fall as the capacity of the fixed input is limited. In fact, adding too many workers actually results in a negative marginal product, hence, total product falls. The law of diminishing marginal returns is reflected in the shapes and slopes of the total product, marginal product, and average product curves. The most important of these being the negative slope of the marginal product curve. Appendix 5 shows the graph three product curves. The total product (TP) curve shows that the total number of Sandwich Company produced per hour for a given amount of labor. The increasingly flatter slope of the TP is attributable to the law of diminishing marginal returns. Also, the marginal product curve indicates how the total production of Sandwich Company changes when an extra worker is hired. The negatively-sloped portion of the MP curve is a direct embodiment of the law of diminishing marginal returns. Further, the average product curve indicates the average number of Sandwich Company produced by workers. The negatively-sloped portion of the AP curve is indirectly caused by the law of diminishing marginal returns. As marginal product declines, due to the law of diminishing marginal returns, it also causes a decrease in average product. 3) Explain the various economies and diseconomies of scale? Economies of scale are the cost advantages that a business can exploit by expanding the scale of production. The effect is to reduce the long run average (unit) costs of production. Economies of scale have brought down the unit costs of production and feeding through to lower prices for consumers (appendix 6). It could be achieved by buying new machinery, and build a bigger factory. There are two types of economy of scale and depending on the particular characteristics of an industry, some are more important than others. Firstly, internal economies of scale are a  product of how efficient a firm is at producing, that is specific to individual firm. Example, advantages are enjoyed by expansion. Next, external economies of scale occur outside of a firm but within an industry. Example, industry’s scope of operations expand due to better transportation network, will result a decrease in cost for a company working within industry, , external economies of scale have been achieved. Diseconomies of scale are the forces that cause larger firms to produce goods and services at increased per unit costs. The concept is the opposite of economies of scale to a situation which economies of scale no longer function for a firm. Rather than experiencing continued decreasing costs per increase in output, firms see an increase in marginal cost when output is increased (appendix 6). When a firm expands its production scale beyond a certain level, it suffers certain disadvantages. These disadvantages are called internal diseconomies of scale. The result of these diseconomies of scale is a fall run average cost. There are a number of factors that might give rise to inefficiencies as the size of the firm grows. As the size of the firm grows beyond a certain level, organization, control and planning is needed. This makes the managerial responsibilities more difficult. Delegation of the management functions to lower personnel becomes very common. Since the lower personnel lack the adequate experience to undertake the task, it may result in low output at higher cost. All these lead to an increase in the long-run average cost. Further, the external diseconomies of scale are beyond the control of a company increases its total costs, as output in the rest of the industry increases. The increase in costs can be associated with market prices increasing for some or all of the factors of production. For instance, high competition for labor, when there is more firms in industry, there will be increased demand for labor, making the best workers harder to keep (Keat and Young, 2009). References Stafffullcoll.edu. n.d. DETERMINANTS OF DEMAND. [online] Available at: http://staffwww.fullcoll.edu/fchan/macro/1determinants_of_demand.htm [Accessed: 28 Mar 2014]. Keat, P.G. and Young, P.K.Y., 2009 ‘Managerial Economics: 6th ed. Economic Tools for Today’s Decision Makers’. Pg. 266-268

Jennifer Hudson Essay Example for Free

Jennifer Hudson Essay Jennifer Hudsons I Got This is a personal memoir of her life, from her early childhood to her current life. Jennifer talks about her journey to stardom including her challenges, tragedies, and her triumphs. Throughout the book Jennifer continuously talks about how her weight had kept her from getting the parts she would audition for. However, once she lost the weight many doors were open for her. She also gives high praises to Weightwatchers for helping her lose over 80 pounds. Jennifer Hudson made it clear that she was always comfortable with her body and only lost the weight so that she could be a healthy mother for her son. She did not lose the weight for anybody else but for herself and her son. This book was published in January 2012. Jennifer Hudson was born September 12, 1981, in the Englewood area of Chicago. She was the third child of her parents of her parents, Darnell Hudson Donnerson and Samuel Simpson. She was raised in a single parent home with her brother, Jason Hudson, and her sister, Julia Hudson, by her mother. As a little girl Jennifer was very small, so small that you could see her ribs through her shirts. Her mother took her to the doctor because she thought something was wrong with her. Being skinny was not common in the Hudson family. You see food was a central focus for the majority of all the Hudson family gatherings. Jennifer’s best friend and personal assistant is a gay guy named Walter. She met Walter in the sixth grade and they have been best friends ever since. The first time he heard her sing was in music class and from that day he has been her number one fan. Walter made it his personal goal to make Jennifer a star. During her high school years she would sing in different contests and talent shows all over Chicago that Walter would sign her up for; soon thereafter he began booking performances ranging from weddings to funerals for Jennifer. At one point she was in a singing group, with two other girls called Final Notice, but this didn’t last long. They kept her around, as long as they did because she had the most talent, but they let her go because she had the most weight. By the age of nineteen she had reached her peak weight of 236 pounds. This is around the time she realized that her weight was out of control and she was getting passed over for singing gigs because she didn’t look the part. Needless to say, she was astonished that she was being judged on her appearance and not her talent. Jennifer was signed to her first record label, Righteous Records, a Chicago based independent label. It was during this time that she was first motivated to lose weight because the head of the company pitted her against another girl on the label to lose weight. He told them that whoever lost the most weight would win money and be able to release their album first. On this journey of losing weight, Jennifer stopped eating fried foods, red meat, pizza, carbonated soda, and ice cream; which were all of her favorites. She started working out every day and twice on some days. This went on for years. She would lose weight because someone said she needed to if she wanted the job, only to regain the weight upon completion of the part. In the summer of 2002 American Idol made its television debut, Jennifer was encouraged by her mother to audition for the show. Jennifer was not impressed and did not want to have anything to do with the show, that is, until Kelly Clarkson was named the first American Idol. Although the show had sparked something in Jennifer she still resisted auditioning for the second season since she had landed a job with Disney working on a cruise ship. After eight months, away from home, performing on the ship, Jennifer had had enough and went back home. To her surprise, when she got back to Chicago Walter had two airline tickets for Atlanta to go to the audition for season three of American Idol. Being on American Idol, Jennifer had gained a great deal of exposure, which opened the door for her next gig, which was a record deal to record her first album. While she was working on this album she started hearing rumors about a new movie, which was Dreamgirls; and that the producers wanted her for the role. After auditioning twice she was chosen to play the part of Effie in the movie. She had not done any professional acting until this role and the rest is history. For the first time in her career she was told she needed to gain weight, they wanted her to gain twenty pounds so she could really look like Effie. This was a total shock to Jennifer, especially after so many years of being passed over and judged on her appearance over her talent. Well, she gained the weight and starred in her first motion picture. After the production of Dreamgirls, Jennifer returned home and started her mission to lose the weight she had gained for the role. She went right back to the only way she knew to lose weight. Eating only brown rice, chicken, and broccoli, coupled with running every day. She worked hard the entire summer losing the extra pounds only to have the producers call her, near the end of the summer, needing to get some pickup shots of her to finish the film, and oh yeah telling her to regain the weight. She refused to succumb to their request and they found a way to work around it. In September of 2008, Jennifer’s mother, brother and nephew were killed in a shooting; Jennifer stepped out of the limelight for three months. After the birth of her son, Jennifer was again around 236 pounds. This was precisely the time she made the conscience decision to make a permanent change in her life to lose weight and keep it off. She initially began this quest the only way she knew how by limiting herself to very few food choices, but then she was introduced to Weightwatchers. Eighty plus pounds later, Jennifer is pleased with her decision to give Weightwatchers a try, and now she is a spokesperson for the program.

Review of TQM Concept from Quality Gurus

Review of TQM Concept from Quality Gurus An extensive literature review is done to explain the concept of TQM, which is extracted from four quality gurus namely; Deming, Juran, Crosby, and Ishikawa. Theories of these gurus are very essential in understanding the concept of TQM. Principles and practices of these gurus are explained in following section. 2.5.1 Deming Approach to TQM The main theory of Demings approach is to create an organizational system that wills faster cooperation and learning. This is to facilitate the process of management practices and implementation that leads to the improvement of the organizational process, products, and employee fulfillment, which are all essential to customer satisfaction (as cited in Zhang, 2000). According to Rvans and Dean (2000), Demings philosophy is aimed to improve products and service by reducing the uncertainty and variation in design and manufacturing processes. Researchers explained that high variation will lead to inconsistencies in performance and as a result will represent poor quality. Deming invented the plan, Do, Study, Act (PDSA) cycle or commonly known as Deming cycle to relate the production of a product with the consumers need and to utilize the resources within the organization to fulfill those needs (Goetsch and Davis, 2000). It is a continuous cycle that requires the addition of new knowledge. In addition, Demings 14 points of management also received good reviews from the research society over the years. Ross (1999) indicated that a company must adopt the 14 points of his system at all levels of an organization. In retrospect, Dr.Deming has tailored some of the principles to integrate into the current management style of organizations. Table 2.4 lists out the Demings 14 points of management. Table 2.4: Demings 14 Principle of Management No Principles 1 Create constancy of purpose toward the improvement of products and service in order to become competitive, stay in business, and provide jobs. 2 Adopt the new philosophy. Management must learn that it is a new economic age and awaken to the challenge, learn their responsibilities, and take on leadership for change 3 Stop depending on inspection to achieve quality. Build in quality from start. 4 Start awarding contracts on the basic of low bids. 5 Improve continuously and forever the system of production and service, to improve quality and productivity, and thus constantly reduce costs. 6 Institute training on the job 7 Institute leadership. The purpose of leadership should be to help people and technology work better 8 Drive out fear so that everyone may work effectively. 9 Break down barriers between departments so that people can work as a team. 10 Eliminate slogans, exhortations, and targets for the workforce. They create adversarial relationship. 11 Eliminate quotas and management by objectives. Substitute leadership. 12 Remove barriers that rob employees of their pride of workmanship. 13 Institute a vigorous of education and self improvement. 14 Make the transformation everyones job and put everyone to work on it. Goetsh and Davis, 2000 2.5.2 Juran Approach to TQM Jurans philosophy indicates that Total Quality Management is a system or activity that aims to delight customers, empower employees, increase the level of revenues, and reduce cost (as cited in Zhang, 2000). Demings, alternatively, focuses on the employees pride and their satisfaction. Juran posits that top-down management and technical methods are pertinent to manage organizations (Ross, 1999). Based on a special report published on Business week, an article entitled Dueling Pioneer, suggest that Juran contribution may be better than Demings theory in the long term, primarily owing to the fact that Juran has a broader concept while Deming focuses on statistical process control which is technical-oriented (as cited in Ross, 1999). In this study, Deming believes that customer focus is essential for a companys success and quality is defined as fitness for use. This is comprised of four categories which include quality of design, quality of conformance, availability, and field service. A famous prescription by Juran is quality Trilogy (A registered trademark of Juran Institute). Here, researcher illustrates that quality can be managed through three important processes: Quality Planning, Quality Control, and Quality Improvement. Researcher articulates that problems are traceable in an adequate planning process that will be sent trough a quality control process where a particular problem will be executed. This evidently will lead to the improvement process (Zhang, 2000). Figure 2.1 summarizes the three managerial processes. Figure 2.1: Juran Trilogy Quality Planning Establish quality goals Identify customers needs Develop product features that respond to the quality needs. Develop systems and process that allow organization to produce these features. Deploy the plans to operational levels. Quality Control Evaluate quality performance. Compare performance with goals. Act on the difference between performance and goals. Quality Improvement Develop the infrastructure necessary to make annual quality improvements. Identify specific areas in need of improvement and implement it. Establish a project team with responsibility for completing each improvement project. Provide the resources, motivation, and training needs by the teams to diagnose the causes, stimulate establishment of remedies, and establish controls to hold the gains. Zhang, 2000 2.5.3 Crosby Approach to TQM Crosbys theory is considered as an important theory that contributed to quality management. Researchers theory focuses on (1) Prevention of defect item; (2) Stress on individual conformance; (3) Clear customer focus and education for employee (Kanji, 1990). Crosbys theory also emphasizes on changing the organizational attitudes and behavior towards quality orientation. According to Taylor and Pearson (1994), Crosbys principles comprises of participation of all employees in the organization, stress on individual conformance, requirement and effective changes of corporate culture and motivation. Apart from that, Boaden (1997) also stated four important quality concepts from Crosby: Conformance to requirement is the definition of quality, not elegance. Prevention in the key to quality, not detection and assessment. Performance standard if zero defects. Price of non conformance is the measurement of quality. In addition, Crosby believes that a company would rather spend the lesser on prevention cost than bear the cost of detection and failure. As stipulated by Deming and Juran, Crosby also stressed the importance of quality improvement. Table 2.5 below listed out the Crosbys 14 steps to quality improvement. Table 2.5: Crosbys 14 steps to Quality Improvement Management Commitment Quality Improvement Team Measurement Cost of Quality Quality awareness Correction action Zero Defects plan Quality education Zero defects day Goal setting Error cause removed Recognition Quality councils Repeat Kanji, 1990 2.5.4 Ishikawa Approach to TQM Ishikawa is the quality expert that addressed TQM as TQC which is Total Quality Control. Since the terms management and Control are pronounced as Kanri in Japanese, it implies linguistic ambiguity between Quality Management and Quality Control in the above context (as cited in Boaden, 1997). Ishikawa is a quality tool expert that participated to develop tools such as the (1) Pareto Chart; (2) Cause and Effect Diagram or known as Ishikawa Diadram; (3) Stratification Chart; (4) Scatter Diagram; (5) Check Sheet; (6) Histogram; and (7) Control Chart (Evans and Dean, 2000) Ishikawa also stressed on continuous improvement and customer orientation where organization should keep a track log on what their customer like, their tastes, and applications (Dotchin and Oakland, 1992). As stipulated by Zhang (2000), the six concepts of Ishikawa are described as follows: Company should put quality in the first place, not short term profits. Company should focus on customer, not producer. Company should break down the barrier of sectionalism of customer. Company should use facts and data to make presentation by using statistical tools. Company should apply the cross functional management. 2.5.5 Summary on Quality Gurus Based on the concepts mentioned above, there remains on overarching idea that is shared by all of them, quality improvement. Quality improvement is necessary to lead a company to success. Although all of the experts mentioned above have different views on quality improvement, their intentions are the same. However, their fundamental approaches were slightly different. For instance, the approaches illustrated by Deming and Juran focus on detection and correction while Cosbys theory emphasizes on prevention than detection. All in all, all four theories are widely accepted and are still being used by many organizations. Theories like Demings PDSA Cycle, Juran Trilogy, Crosbys 14 Steps to improvement, and Ishikawas diagrams are still widely used to explain the fundamental concept of TQM. 2.6 Review of Knowledge Sharing Knowledge as a resource of value creation, allows for exceptional marginal rates of productivityà ¢Ã¢â€š ¬Ã‚ ¦., appreciating value with continuing use and sharing knowledge instead of depreciating value of tangible products or natural resources (As cited in Yang, 2007) As illustrated in the above phrase, knowledge has to be shared in order to maintain and appreciate the value it has to offer as it will depreciate and vanish over time. Knowledge sharing is a process where knowledge and skills are transferred from one individual to another (Lin, 2007). Pangil and Nasurdin (2005) posit that a number of discussions and research about knowledge sharing is studies to comprehend key element in knowledge management. According to Chua, (2003), a well managed company can capture knowledge from a segment of its organization, shared, and utilized in a completely different in its operations. Moreover, Nonaka (1994) stressed that the efficiency of knowledge sharing is based on the willingness of an individual to identify the knowledge he possess to the company and share it when it is required. However, knowledge sharing among companies throughout the world does not seem to be well accepted among employees and organizations. One of the reason has been notified; where knowledge is being codified and expressed, it is easy to leak the important codified knowledge to the outside world and results in damages especially to an organizations competitive advantage, (Michailova and Husted, 2003). In addition, Mivhailova and husted (2003) conducted a research the Russian and Chinese industries and found that the reason employees refuse to share their knowledge are due to (1) cost involved during knowledge sharing; (2) the psychological fear that their personal value will drop after sharing their knowledge; and (3) accepting and respecting a strong hierarchical and former power. Nevertheless, according to Arduchvili et.al (2002) on his empirical research, the trend that employees do not want to share knowledge has nothing to do with selfish attempts but fear of misleading their colleag ues. Despite the minor negative impact of knowledge sharing as above, many researchers have proven that knowledge sharing will bring more benefits than harm (Yang, 2007; Chua, 2003) Effective knowledge sharing among organizational employees is useful to increase the long term sustainable competitive advantage (Lin, 2007; Yang, 2007; Ruhi, 2003) of the company as it encourages creativity and innovation (Hong et.al.2004; Patrick and Dotsika, 2007). This creates a place that generates information for decision making. New knowledge will indirectly form while the old knowledge is shared through discussion, meetings, and informal chats (Fernie et.al.2003). Ruhi(2003) discovered a number of benefit on effective knowledge sharing which includes (1) increase responsiveness to changes in the economic landscape; (2) dynamic creation and application of custom content; and (3) better manage business partner relationships. Additionally, a successful knowledge sharing environment will strategically alter employee attitudes towards promoting willingness and reliability in sharing knowledge among employees (Connelly and Kelloway, 2003). As there are a myriad of benefits in knowl edge sharing, motivational programs should held frequently to encourage employees to share knowledge (Ardichvili et.al 2002) 2.7 Relationship between TQM Practices and Knowledge Sharing 2.7.1 Leadership Leadership in an organization can be defined as the ability of a role player to influence a team of employees to follow his instruction or missions that have been assigned to them in order to achieve the goals or objectives that been preset by the company (Bounds et. al. 1999). In addition, Zhang (2000) and House and Dessler (1974) illustrated leadership to commit the following: Clarification of vision Coaching management Change of participation within company Employee empowerment Planning as well implementation They implementing the organizational change to provide guidance and recognize employees input such as ideas and suggestion as valuable resources. In parallel, a leader should move away from command managing to control oriented I order to make knowledge sharing successful (Macneil, 2004). Knowledge sharing in an organization does not occur automatically. Thus, a leader plays an important role to ensure that it materializes (Ellinger and Bostrom, 1999). As mentioned above, team members are likely to be recognized by leaders due to their contribution and information, and this will indirectly motivate them to share their knowledge with others (Srivastava et.al. 2006). A leader should also empower and encourage employees to participate in the decision making process and organize meetings where team members are free to express their ideas and suggestions (Arnord et.al. 200). Through these avenues, employees will be aware that their knowledge shared is actually significant and indispensable. Moreover, Arnord et.al (2000) emphasized that leaders should always show censer to his or her team members well being. By doing this, a connection of trust is built between the employee and leader so that knowledge sharing will be easier to function. Based on the literature findings abo ve, the following hypothesis has been proposed: Hypothesis 1: Leadership is positively associated with knowledge sharing. 2.7.2 Organizational Culture As Gore Jr. (1999) mentioned in his research study, organizational culture is considered as key that leads to organizational success. It can create competitive advantage for a company by defining the boundaries of organization in a manner which will help in individual interaction such as sharing ideas and suggestion (Kefting and Frost, 1985). Holistically, organizational culture in the context of knowledge sharing can be described as a combination of theory, values, beliefs, ways of thinking, and acting that are shared by all the employees within the organization (Nor, 2005). In addition, researcher illustrate that a successful organizational environment is when the companys values are cultivated and glued into employees beliefs where their behaviors are derived from social pressure but not from formal procedures and policies. Kim and Lee Stipulate (2004). That there are three components in an organizational culture that cannot be neglected to affect knowledge management and his includes vision and goals, trust, and social network. As knowledge sharing is one of the key components is knowledge management, it is assumed that these three components are also significant. Clear organizational visions and goals will definitely help to encourage employees to share knowledge. This is due to the involvement and participation of employees that is essential to achieve the goals and missions of a company (ODell and Grayson, 1998). Alawi et.al (2007) and Von Krogh (1998) however, explained that interpersonal trust or trust between co -workers is very important in organizational cultures that have strong influence over knowledge sharing. Moreover, (Gruenfeld et.al. 1996) stated that the existence of trust among employees is necessary in order to respond openly and share their knowledge. ODell and Grayson (1998) also hi ghlighted that social interaction between individuals or groups ids helpful in knowledge sharing when different kinds of perspective and knowledge will be exchanged and transferred during the interaction. Based on this discussion, organizational culture is linked to with knowledge sharing and a hypothesis is formed. Hypothesis 2: Organizational Culture is positively with knowledge sharing 2.7.3 Teamwork Ideally, a company project would require a team of personnel that work together to accomplish the project goals. Thus, the composition of the team is crucial and leader needs to understand the abilities of each team member (Anderson, 1994). Generally, teamwork is defined as a work or project done by associates, where each member does a part in line with the efforts from subordinated in hierarchical levels (as cited in Macneil, 2003). However, Goh (2002) found that hierarchical levels of teamwork was obsolete and introduced a framework termed as horizontal communication. This goes beyond technology and encourages cress functional teamwork in the organization that will lead to knowledge transfer and exchange. She explained that employees can easily communication using horizontal cross-functional collaboration. Likewise, Lu et. Al. (2006) verified that good teamwork should contribute to knowledge sharing. Although many academicians and researchers elucidate such as the increase in operations productivity (Kirkman and Rosen, 1999), improvement in the level of customer satisfaction (Kirkman and Rosen, 1999), enhancement of jobs satisfaction among employees (Wall et.at. 1986), and development of a better organizational commitment, there is one fundamental benefit of framework that they disregarded, and this is complementary to the team members knowledge (as cited in Zarraga and Bonache, 2003). This can be clarified by analyzing the study of Wright et. Al.(1994) that explains in detail the idiosyncratic knowledge that is relevant to another member of the team and is transferred from an individual to that particular person. When this occurs a synergy is formed and results in a rise of a new knowledge to a higher level called group knowledge where combinations of unique skills of each team member are consolidated towards achieving missions and goals. Nevertheless, the social dilemma theory explains that knowledge sharing might arise from a problem called public- goods dilemma (Cabrera and Cabrera, 2002). Researcher explains that when knowledge is shared by a volunteers contribution to a team, every member in the team will benefit from it, whether they have made a contribution or not. In order to solve this problem, the company should plan rewarding strategy where people who share their knowledge will be rewarded. Therefore, a hypothesis is developed and stated as: Hypothesis 3: Teamwork is positively associated with knowledge sharing. 2.7.4 Training and Development Training and development is the development of new knowledge and skills as result of imparted knowledge (Goetsch and Davis, 2000). In relation to the context of knowledge sharing, Pangil and Nasurdin (2005) explained that training is crucial for knowledge sharing because it generates an opportunity for people gain new knowledge and share that knowledge. The role of training and development is expended to provide an environment that encourages and facilitates employees to share knowledge within the company. As discussed in the previous chapter, trust and motivation are very important in knowledge sharing. Thus, Goh (2002) stated that training in experimentation can help overcome constraints such as lack of increase an employees job satisfaction (Barli et.al. 2005) and organizational commitment (Ahmad and Bakar, 2003). A formal and successful training will encourage employees to share their knowledge (Lamoureux, 2006). Some options for formal and development programs can stem from hiring trainers and facilitators to provide in -house development programs, outstation training for employees, and e-learning courses that are provided by service providers (Lamourex, 2006). Researcher identified that formal training requires the trainee to perform after -action reviews and give suggestion. Thus, they will express, share and improve their knowledge to others during the training period. Apart from that, as the technology used is growing pervasively in todays corporate world, many tools are developed to faster information exchange. In this course, employee training is necessary get themselves familiarized the technological tools. Stoddart (2001) stated that a good internet management practice will improve the usability and knowledge sharing capability among employees. In addition, Curry and Stancich (2000) elucidated that knowledge sharing will only work if the culture of the organization promotes it and re al time applications such as computer conferencing are used. However, the most important element in accruing new knowledge is pointless without training. In short, training aids to ease the process of knowledge sharing. Surprisingly, there have been limited empirical evidences to prove that training can affect employees to share knowledge. With that reason, a hypothesis is formed. Hypothesis 4: Training and Development is positively associated with knowledge sharing. 2.7.5 Reward System It is irrefutable that a proper reward system in an organization is necessary to keep the working environment alive. In general, reward system comes in a monetary from or recognition which is awarded to employees that achieve the goals and mission that has been preset by the company. To elucidate, from a neurobiological perspective, it is a set of structures that can regulate and control behavior by inducing rewards. Pangil and Nasudin (2005), Mc Dermott and ODell (2001), and Sharatt and Usoro (2003) agreed that a companys reward system can effectively motivate people towards knowledge sharing. Knowledge sharing is so important that companies today have included them into performance assessments (McDermott and ODell, 2001). Pangil and Nasudin (2005) describe two purposes of a strategic reward system. Firstly, employee will be rewarded by performing knowledge sharing practices in the organization. Secondly, incentives will be given to those who continue perform desirable practices. Reward system for knowledge sharing can be segmented into: Individual Reward Group Reward Individual rewards are self -achieved where the company will award the individual who puts the most effort to share knowledge. According to Bartol and Srivastava (2002), value pay plans are suggested in individual award system to assess the performance of employees in knowledge sharing. In other words, financial enticement is used to motivate knowledge sharing (Hall, 2001). However, recognition sometimes can be more valuable than monetary rewards. For instance, the recognition of a journalist, researcher, or lecturer is considered as a reward to them after their efforts for publishing and teaching where knowledge sharing has created provocative change in the mindsets of people. Conversely, as discussed in the previous section, reward system is obligatory to ensure that every member in the team contributes to knowledge sharing (Zarraga and Bonache, 2003). Group reward system is slightly different from individual system, where rewards will be given based for group performance (Bartol a nd Srivastava, 2002). They explained that reward for group consist of profit sharing, gain sharing and stock ownership plans. As discussed above, reward system are crucial for practicing knowledge sharing, thus, following hypothesis is formed: Hypothesis 5: Reward System is positively associated with knowledge sharing. 2.7.6 Customer Focus Customer focus can be defines as the degree a company embarks to satisfy the customers needs and expectations in continues manner (Zhang, 2000). From a business perspective, it is a known fact that the customer solely determines the success of a company. To illustrate that notion, general Motors, AT T, and IBM had to reengineer their business function in order to meet the growing needs of their customers (Pinar, et.al. 2007). Thus, customer needs and expectations are considered as the baseline for any kind of business. Liao (2006) explained that sharing information on customer needs among co-workers or leaders could from as a competitive advantage to company. Apart from that, fast learning and knowledge transfer from an individual to another is what an organization must perform in order to maintain the products and services ahead of the needs and expectation of customers (Pfister, 2002) How do we get as many people as possible to create and transfer as much knowledge as possible in the best way possible in order to have a positive impact on our customer. (Buckman, 2004) Buckman in his book Building knowledge Driven Organization cited the above statement and explained that the full involvement, commitment, passion, to share and use the knowledge among employees are essential to satisfy customers (as cited in Buckman, 2004). Furthermore, requirements of customer can be tackled easily when knowledge is shared among team members. For an instance, Fang and Tsai (2005) illustrate and example; the intensive care unit is a place where fast decision making is necessary as patients lives are in danger. In this case, the customers need would be the treatment while the service team which includes surgeons and consulting doctors will share knowledge among themselves to make resourceful decisions to save a patients life. At present, there is a lack empirical research to examine the relationship between customer focus and knowledge sharing. Therefore, the following hypothesis is presented: Hypothesis 6: Customer Focus is positively associated with knowledge sharing. 2.7.7 Research Framework The relationship between the six dimensions of TQM and Knowledge Sharing is shown by Figure 2.2 below. Formulation of this research framework was based on the hypothesis thats discussed above. In this research framework, TQM practices are independent variables and knowledge sharing is a dependent variable. This study will focus on the relationship of each TQM practices to knowledge sharing. Figure 2.3: Research Framework Total Quality Management (TQM) Practices Leadership (H1) Organizational Culture (H2) Teamwork (H3) Training and Development (4) Reward System (5) Customer Focus (6) Knowledge Sharing

Water Management in Jordan Essay -- Environmental Management Science

Water shortage is a global problem and the consequences of water deficit can be a future crisis. According to Hasan Ali (2002, 1-3) the world large water deficient region is the Middle East. Jordan is one of the water-scarce countries in this area, Jordan is similarly in the top of ten water-deficient countries. The reasons of this problem are the features of nature such as semi-arid climate, few water sources and low precipitation. Because of that, the country has the lowest per head basis of water in the world. The other reasons are social effects namely rising population, resulting from a high degree of urbanization, gain of engineering systems and economic development (Akawwic et al. 2009, 197-198). The aim of this essay is to suggest the most effective solutions to avoid the future crisis in Jordan. Four solutions will be analysed in this essay: firstly, adoption of irrigation systems; secondly, water harvesting; thirdly, desalination; fourthly, water management. Initially, the largest customer of water resources is the agriculture sector. It is a really danger for Jordan because the statistics show that water consumption of agriculture is about 80 % of all water. Therefore, firstly, the suitable solution is to reduce water consumption of agriculture (Akawwic et al 2010, 201). It could be realized with using effective irrigation methods such as drip or micro irrigation (ibid.,202). The irrigation methods, in particular, â€Å"furrow and basin irrigation†, which were often used in past, required large quantities of water. Therefore, these approaches were substituted by micro irrigation, in order to economize water resources (Abbasi et al 2010, 337). Generally, micro irrigation is the favourable and effective method, but there is in... ...October 24, 2010 ) Beithou. N. 2006. Proposed water management and control device for water losses problem in Jordan. J.Environ. Eng. Sci. 5:443-446. EBSCOhost http://www.search.ebscohost.com / (accessed November 5, 2010) Hasan Ali, B. 2002. Modern and Traditional Irrigation Technologies in the Eastern Mediterranean: Water-demand management in the Mediterranean. 2nd ed. Ottawa, ON, CAN: IDRC Books. Ebrary http://site.ebrary.com/lib/astana/ (accessed ) Hassan,Y, F. Molle and J-P. Venot. 2008. Irrigation in the Jordan Valley: Are water pricing overly optimistic? Agricultural Water Management. 95:427-438. Science Direct http://www.sciencedirect.com/ (accessed October 24, 2010 ) Mohsen. S. 2007. Water strtegies and potential of desalination in Jordan. Desalination. 203: 27-46. Science Direct http://www.sciencedirect.com/ (accessed November 5, 2010 )

Orthopraxy In Islam Essay -- essays research papers fc

Orthopraxy in Islam   Ã‚  Ã‚  Ã‚  Ã‚  Islamic life is centered on the physical practice of prayer (salat). With that the religion of Islam itself is based in the methodical movement through which Muslims show their devotion to Allah. The prayer begins with the devotee standing, bending slowly into a sitting position and ending in full prostration. Bowing fully onto the ground is a practice that shows humility and represents the true devotion of members. Practice-centered religion differentiates itself from â€Å"orthodox† religion in that it focuses primarily on ritual practice, rather than theology or doctrine, orthodox meaning â€Å"correct opinion†. The most visible orthodox religion of America is Christianity. Christianity centers life around the opinions of the church with less emphasis on purity and behavior. Islamic life is distinctly based on what can be defined as â€Å"orthopraxy† or the importance of religious practice. The orthopraxy of Islam can be seen in at least th ree of the Five Pillars of Islam, salat, Ramadan and the hajj, which are also representative of Muslim faith and duties.   Ã‚  Ã‚  Ã‚  Ã‚  Salat, as mentioned earlier, is the performance of prayer five times a day. The prayer, which includes full prostration, is performed facing Mecca. In the The Meaning of the Glorious Koran, (the earliest source of Islamic writing as dictated to Mohammed), it is written, â€Å"Whencesoever thou comest forth (for prayer, O Mohammed) turn thy face toward the Inviolable Place of Worship. Lo! it is the Truth from thy Lord. Allah is not unaware of what ye do (Surah 2:149).† Implicit directions for prayer also display the amount of emphasis on practice. Salat must be performed five times daily, at specific times of the day: early morning, noon, mid-afternoon, sunset, and evening. Each Friday a congregational service is held at the mosque and every male is required to attend. Before prayer, four ritual aspects are required: ritual purification, proper covering of the body, proper intention, and facing Mecca, or qibla (1). The emphasis on purity is directly associated with prayer, as one must not be impure in any way when one prays. The ritual impurity associated with everyday living is known as najasa or hadath. Najasa is external impurity including but not limited to, urine, blood, pus, feces of animals and humans. Hadath is impurity of the soul... ...ractices of The Five Pillars of Islam, the original and continually practiced rituals of Muslims. The difference also involves the lifestyle of the Christians. In most Christian sects/denominations there is no encounter with personal circumambulation, prostration or ritual covering of the body. These physical aspects of Islam truly separate it from what can be considered orthodoxy. The faith and duties of Islam are inside of the practices performed. The Islamic people practice strict physical rituals that correspond directly with their belief system. The Five Pillars of Islam exemplify the practices of Islam in that they require physical practice including worship, behavior and ritual cleanliness. The practices are followed obediently by Muslims and are seen as enhancing the relationship one has with Allah. As Dr. Denny says, â€Å"Islam†¦on the other hand, view[s] religion as a way of life and a ritual patterning of that life under God’s lordship (1).† Works Cited 1.  Ã‚  Ã‚  Ã‚  Ã‚  See Frederick Denny’s book, An Introduction to Islam pages 112-136. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Pickthall, Mohammed Marmaduke, ed. The Meaning of the Glorious Koran. Mentor, NY, NY.

Private Gun Ownership Should NOT be Banned Essay -- gun control laws

Would you choose to own a gun if your life depended on it? America has defended itself with guns since December 13, 1631 when the National Guard was born. We are a country that defends what we love. What do we defend ourselves with? Guns of course. Guns and America were discovered around the same time. Guns will forever be a part of America. Without guns the American Revolution would not have been won (Boehm). There have been some times in American history where guns have caused the loss of innocent Americans lives due to an unstable person, but there have also been multiple times where guns have defended each and every American’s freedom. Most people don’t think about a day-to-day basis and how guns can be beneficial to our lives. Private gun ownership should not be banned because guns provide protection, people are responsible for killing people, without guns, criminals will find other ways to kill, and it is our American right to own guns to protect ourselv es. Without guns, people would be running crazy in the streets. We all want to have that warm, fuzzy feeling of protection. Protection is now the top reason Americans own guns (Personal). Those who are against guns usually say there’s other ways to protect yourself such as calling 911 or the local police (Justice). Although that is true, it is an unrealistic way of protection. Police usually arrive after a crime is committed or when it is too late (Why). The first person to encounter a criminal with a gun is the victim and if the victim is armed, they can protect themselves on the spot and not have to hid or wait for the police to arrive. We call the police because they are armed with a firearm and can protect you. If used for protection, guns will save ... ... n.d. Web. 11 Dec. 2013. "Personal Safety Top Reason Americans Own Guns Today." Personal Safety Top Reason Americans Own Guns Today. N.p., n.d. Web. 11 Dec. 2013. "Statistics Prove: More Guns, Less Crime." Infowars Statistics Prove More Guns Less Crime Comments. N.p., n.d. Web. 11 Dec. 2013. "What Are the Gun Laws in Iowa?" About.com Crime / Punishment. N.p., n.d. Web. 11 Dec. 2013. "Why Own a Gun? Protection Is Now Top Reason." Pew Research Center for the People and the Press RSS. N.p., n.d. Web. 11 Dec. 2013. "Adam Lanza Wouldn't Have Been Stopped by Stricter Gun Control Laws." PolicyMic. N.p., n.d. Web. 11 Dec. 2013. "Justice Stevens: You Have the 'Constitutional Right' to Call 911, Not to Own a Gun | Outdoor Life." Outdoor Life. N.p., n.d. Web. 11 Dec. 2013. "Refuting Anti-Gun Control Arguments." The Progressive Cynic. N.p., n.d. Web. 11 Dec. 2013.

Financial Ratios for East Coast Yachts

Question 1: Financial ratios for East Coast Yachts: Current ratio| =| Current Assets| | | Debt-equity ratio| =| Total liabilities| | | Current Liabilities| | | | | Total equity| | =| $14,651,000 | | | | =| $19,539,000 + $33,735,000| | | $19,539,000 | | | | | $55,341,000 | | =| 0. 75| | | | =| 0. 96| | | | | | | | | | | | | | | | | Quick ratio| =| Current Assets – Inventory| | | Equity multiplier| =| Total assets| | | Current Liabilities| | | | | Total equity| | =| $14,651,000 – $6,136,000| | | | =| $108,615,000 | | | $19,539,000 | | | | | $55,341,000 | | =| 0. 44| | | | =| 1. 96| | | | | | | | | | | | | | | | Total asset turnover| =| Sales| | | Interest coverage| =| EBIT| | | Total Assets| | | | | Interest| | =| $167,310,000 | | | | =| $23,946,000 | | | $108,615,000 | | | | | $3,009,000 | | =| 1. 54| | | | =| 7. 96| | | | | | | | | | | | | | | | | Inventory turnover| =| COGS| | | Profit margin| =| Net Income| | | Inventory| | | | | Sales| | =| $117,910,000 | | | | =| $1 2,562,200 | | | $6,136,000 | | | | | $167,310,000 | | =| 19. 22| | | | =| 7. 51%| | | | | | | | | | | | | | | | | Receivables turnover| =| Sales| | | Return on assets| =| Net Income| | | Accounts receivable| | | | | Total assets| =| $167,310,000 | | | | =| $12,562,200 | | | $5,473,000 | | | | | $108,615,000 | | =| 30. 57| | | | =| 11. 57%| | | | | | | | | | | | | | | | | Debt ratio| =| Total assets – Total equity| | | Return on equity| =| Net Income| | | Total assets| | | | | Total equity| | =| $108,615,000 – $55,341,000| | | | =| $12,562,200 | | | $108,615,000 | | | | | $55,341,000 | | =| 0. 49| | | | =| 22. 70%| | | | | | | | | | | | | | | | | Question 2: | | East Coast Yachts| | Yacht Industry Ratios| | | | | Lower Quartile| Median| Upper Quartile| Current ratio| | 0. 75| | 0. 50| 1. 43| 1. 9| Quick ratio| | 0. 44| | 0. 21| 0. 38| 0. 62| Total asset turnover| | 1. 54| | 0. 68| 0. 85| 1. 38| Inventory turnover| | 19. 22| | 4. 89| 6. 15| 10. 89| Receivables turnover| | 30. 57| | 6. 27| 9. 82| 14. 11| Debt ratio| | 0. 49| | 0. 44| 0. 52| 0. 61| Debt-equity ratio| | 0. 96| | 0. 79| 1. 08| 1. 56| Equity multiplier| | 1. 96| | 1. 79| 2. 08| 2. 56| Interest coverage| | 7. 96| | 5. 18| 8. 06| 9. 83| Profit margin| | 7. 51%| | 4. 05%| 6. 98%| 9. 87%| Return on assets| | 11. 57%| | 6. 05%| 10. 53%| 13. 21%| Return on equity| | 22. 70%| | 9. 93%| 16. 54%| 26. 15%|The liquidity ratio shows that the company has less liquidity as compare to the whole industry. East Coast Yachts current ratio is below the median industry ratio and the quick ratio is positioned at the median industry ratio. This indicates that the company may access to short-term borrowing. Referring to the turnover ratio, all the three ratios, I. e. total asset turnover, inventory turnover and receivables turnover are higher than upper quartile industry ratio. This indicates that the company is more efficient among the whole industry in using its assets to generate sales.The financial levera ge ratios, which include the debt ratio, debt-equity ratio, equity multiplier and interest coverage, are all below the median industry ratio, but higher than the lower quartile. This shows that East Coast Yachts is having less debt than the other companies in the industry, but is still within the normal range. The profit margin, return on assets as well as return on equity of the company are higher than the industry median. This shows that the company’s profitability is performing well among the whole industry.As an overall, East Coast Yachts is performing well in the industry, while more concentration would only be required to be placed on the liquidity ratios. Question 3: Return on equity = 22. 70% Retention ratio (b)| =| Net income – Dividends| | | Net Income| | =| $12,562,200 – $7,537,320| | | $12,562,200 | | =| 40%| Sustainable growth rate (SGR) = Return on equity x Retention ratio = 22. 70% x 0. 4 = 9. 08% Increase in assets| =| Assets| x| ? Sales| | | Sal es| | | | =| $108,615,000 | x| (167,310,000 x 9. 08%)| | | $167,310,000 | | | | =| $9,862,242. 00 | | | | | | | |Increase in spontaneous liabilities| =| Spontaneous liabilities| x| ? Sales| | | Sales| | | | =| $6,461,000 | x| (167,310,000 x 9. 08%)| | | $167,310,000 | | | | =| $ 586,658. 80 | | | | | | | | Retention ratio (b)| =| Addition to RE| | | | | Net income| | | | =| $5,024,880 | | | | | $12,562,200 | | | | =| 40%| | | | | | | | Profit margin| =| Net income| | | | | Sales| | | | =| $12,562,200 | | | | | $167,310,000 | | | | =| 8%| | | | | | | | Increase in equity| =| PM x Projected sales x retention ratio| | =| 8% x ($167,310,000 x 1. 0908) x 0. 4| | =| $5,840,055. 94 | | | | | | | | External Funds Needed (EFN)| =| Increase in assets – Increase in spontaneous liabilities – Increase in equity| | =| $9,862,242. 00 – $586,658 – $5,840,056| | =| $3,435,527. 26 | | | | | | | | | | | | | East Coast Yachts| | | Pro forma Income Statement| | | Sales| | 182 ,501,748| | | Cost of goods sold| | 128,616,228| | | Other expenses| | 21,809,455| | | Depreciation| | 5,460,000| (Assume constant)| Earnings before interest and taxes (EBIT)| 26,616,065| | | Interest| | 3,009,000| (Assume constant)|Taxable income| | 23,607,065| | | Taxes (40%)| | 9,442,826| | | Net Income| | 14,164,239| | | Dividends| | 8,221,709| | | Addition to RE| | 5,481,139| | | | | | | | East Coast Yachts| | | Pro forma Balance Sheet| | | Assets| | | | | Current assets| | | | | Cash| | 3,318,214| | | Accounts receivable| | 5,969,948| | | Inventory| | 6,693,149| | | Total| | 15,981,311| | | Fixed assets| | | | | Net plant and equipment| | 102,495,931| | | | | | | | | | | | | Total assets| | 118,477,242| | | | | | | | Liabilities| | | | | Current liabilities| | | | | Accounts payable| | 7,047,659| | | Notes payable| | 14,265,482| | |Total| | 21,313,141| | | | | | | | Long term debt| | 33,735,000| | | | | | | | Shareholders' equity| | | | | Common stock| | 5,200,000| | | Retaine d earnings| | 54,693,803| | | Total equity| | 59,893,803| | | | | | | | Total liabilities and equity| | 114,941,944| | | | | | | | EFN| | 3,535,298| | | Current ratio| =| Current Assets| | Debt-equity ratio| =| Total liabilities| | | Current Liabilities| | | | Total equity| | =| $15,981,311 | | | =| $21,313,141 + $33,735,000| | | $21,313,141 | | | | 59,893,803 | | =| 0. 75| | | =| 0. 92| | | | | | | | | | | | | | |Quick ratio| =| Current Assets – Inventory| | Equity multiplier| =| Total assets| | | Current Liabilities| | | | Total equity| | =| $15,981,311 – $6,693,149| | | =| $118,477,242 | | | $21,313,141 | | | | $59,893,803 | | =| 0. 44| | | =| 1. 98| | | | | | | | | | | | | | | Total asset turnover| =| Sales| | Interest coverage| =| EBIT| | | Total Assets| | | | Interest| | =| $182,501,748 | | | =| $26,616,065 | | | $118,477,242 | | | | $3,009,000 | | =| 1. 54| | | =| 8. 85| | | | | | | | | | | | | | | Inventory turnover| =| COGS| | Profit margin| =| Net Income| | | Inventory| | | | Sales| =| $128,616,228 | | | =| $14,164,239 | | | $6,693,149 | | | | $182,501,748 | | =| 19. 22| | | =| 7. 76%| | | | | | | | | | | | | | | Receivables turnover| =| Sales| | Return on assets| =| Net Income| | | Accounts receivable| | | | Total assets| | =| $182,501,748 | | | =| $14,164,239 | | | $5,969,948 | | | | $118,477,242 | | =| 30. 57| | | =| 11. 96%| | | | | | | | | | | | | | | Debt ratio| =| Total assets – Total equity| | Return on equity| =| Net Income| | | Total assets| | | | Total equity| | =| $118,477,242 – $59,893,803| | | =| $14,164,239 | | | $118,477,242 | | | | $59,893,803 | | =| 0. 49| | | =| 23. 5%| | | East Coast Yachts| | | Original ratios| | Based on pro forma| Current ratio| | 0. 75| | 0. 75| Quick ratio| | 0. 44| | 0. 44| Total asset turnover| | 1. 54| | 1. 54| Inventory turnover| | 19. 22| | 19. 22| Receivables turnover| | 30. 57| | 30. 57| Debt ratio| | 0. 49| | 0. 49| Debt-equity ratio| | 0. 96| | 0. 92| Equity multiplier| | 1. 96| | 1. 98| Interest coverage| | 7. 96| | 8. 85| Profit margin| | 7. 51%| | 7. 76%| Return on assets| | 11. 57%| | 11. 96%| Return on equity| | 22. 70%| | 23. 65%| As noted from above, the liquidity and turnover ratio will remain constant assuming growth precisely at 9. 8%. Debt-equity ratio will decreased slightly while equity multiplier and interest coverage increased, assuming interest remain constant. Slight improvement also noted from profit margin, return on assets and return on equity. Question 4: Growth rate| | 20%| | | | | | | | Increase in assets| =| Assets| x| ? Sales| | | Sales| | | | =| $108,615,000 | x| (167,310,000 x 20%)| | | $167,310,000 | | | | =| 21,723,000. 00 | | | | | | | | Increase in spontaneous liabilities| =| Spontaneous liabilities| x| ? Sales| | | Sales| | | | =| $6,461,000 | x| (167,310,000 x 20%)| | $167,310,000 | | | | =| $1,292,200. 00 | | | | | | | | Retention ratio (b)| =| Addition to RE| | | | | Net income| | | | =| $5,024,880 | | | | | $12,562 ,200 | | | | =| 40%| | | | | | | | Profit margin| =| Net income| | | | | Sales| | | | =| $12,562,200 | | | | | $167,310,000 | | | | =| 8%| | | | | | | | Increase in equity| =| PM x Projected sales x retention ratio| | =| 8% x ($167,310,000 x 1. 2) x 0. 4| | | =| $6,424,704. 00| | | | | | | | External Funds Needed (EFN)| =| Increase in assets – Increase in spontaneous liabilities – Increase in equity| | =| $21,723,000. 0 – $1,292,200. 00 – $6,424,704. 00| | =| $14,006,096. 00| | | | | | | | | | | | | | | | | | East Coast Yachts| | | Pro forma Income Statement| | | Sales| | 200,772,000| | | Cost of goods sold| | 141,492,000| | | Other expenses| | 23,992,800| | | Depreciation| | 5,460,000| (Assuming constant)| Earnings before interest and taxes (EBIT)| 29,827,200| | | Interest| | 3,009,000| (Assuming constant)| Taxable income| | 26,818,200| | | Taxes (40%)| | 10,727,280| | | Net Income| | 16,090,920| | | Dividends| | 9,044,784| | | Addition to RE| | 6,029,85 6| | | | | | | | East Coast Yachts| | |Pro forma Balance Sheet| | | Assets| | | | | Current assets| | | | | Cash| | 3,650,400| | | Accounts receivable| | 6,567,600| | | Inventory| | 7,363,200| | | Total| | 17,581,200| | | Fixed assets| | | | | Net plant and equipment| | 112,756,800| | | | | | | | | | | | | Total assets| | 130,338,000| | | | | | | | Liabilities| | | | | Current liabilities| | | | | Accounts payable| | 7,753,200| | | Notes payable| | 15,693,600| | | Total| | 23,446,800| | | | | | | | Long term debt| | 33,735,000| | | | | | | | Shareholders' equity| | | | | Common stock| | 5,200,000| | |Retained earnings| | 60,169,200| | | Total equity| | 65,369,200| | | | | | | | Total liabilities and equity| | 122,551,000| | | | | | | | EFN| | 7,787,000| | | | | East Coast Yachts| | | Original ratios| | Growth @9. 08%| | Growth @20%| Debt-equity ratio| | 0. 96| | 0. 92| | 0. 87| Equity multiplier| | 1. 96| | 1. 98| | 1. 99| Interest coverage| | 7. 96| | 8. 85| | 9. 91| Profit margin| | 7. 51%| | 7. 76%| | 8. 01%| Return on assets| | 11. 57%| | 11. 96%| | 12. 35%| Return on equity| | 22. 70%| | 23. 65%| | 24. 62%| The growth rate of 20% indicates that the EFN is $7,787,000.Debt-equity ratio will decrease by 0. 05. The profit margin, return on assets and return on equity shows improvement if the expansion plan was taken up, assuming interest and depreciation remain constant. The further expansion may be taken up as it will bring improvement to the company’s profitability. Also, debt-equity ratio is still below 1 hence there is room for the expansion to be taken up. Question 5: Depreciation rate| =| Depreciation| | | | | PPE| | | | =| $5,460,000 | | | | | $93,964,000 | | | | =| 5. 81%| | | | | | | | Cost of new line| | 30,000,000| | |New depreciation charged| | 1,743,220. 81| | | | | | | | | | | | | East Coast Yachts| | | Pro forma Income Statement| | | Sales| | 200,772,000| (Assuming growth rate 20%)| Cost of goods sold| | 141,492,000| (Assuming growth rat e 20%)| Other expenses| | 23,992,800| (Assuming growth rate 20%)| Depreciation| | 1,743,221| | | Earnings before interest and taxes (EBIT)| | 33,543,979| | | Interest| | 3,009,000| (Assuming constant)| Taxable income| | 30,534,979| | | Taxes (40%)| | 12,213,992| | | Net Income| | 18,320,988| | | Dividends| | 9,044,784| | | Addition to RE| | 6,029,856| | | | | | | East Coast Yachts| | | Pro forma Balance Sheet| | | Assets| | | | | Current assets| | | | | Cash| | 3,650,400| | | Accounts receivable| | 6,567,600| | | Inventory| | 7,363,200| | | Total| | 17,581,200| | | Fixed assets| | | | | Net plant and equipment| | 141,013,579| | | | | | | | Total assets| | 158,594,779| | | | | | | | Liabilities| | | | | Current liabilities| | | | | Accounts payable| | 7,753,200| | | Notes payable| | 15,693,600| | | Total| | 23,446,800| | | | | | | | Long term debt| | 33,735,000| | | | | | | | Shareholders' equity| | | | | Common stock| | 5,200,000| | |Retained earnings| | 60,169,200| | | Total equity | | 65,369,200| | | | | | | | Total liabilities and equity| | 122,551,000| | | | | | | | New EFN| | 36,043,779| | | Existing EFN| | 7,787,000| | | Additional EFN| | 28,256,779| | | Depreciation charged from increase in fixed assets at SGR of 20% was $1,743,220. 81. The new plant would cost $30,000,000. The additional EFN would be $28,256,779. The total EFN would become $36,043,779. This would imply that the capacity utilization would be lower next year, since the new plant would expand capacity much more than the required under SGR.