Month: September 2017
Comparing Death in the Two Poems
Comparing Death In the two poems “Death, Be Not Proud,” by John Donne and “Do Not Go Gentle into That Good Night,” by Dylan Thomas both deal with the issue of death, yet in different ways. The theme of each one of these poems is the subject of death. Each author chooses to tackle this difficult topic head on, but they do so in different styles.
Like day and night the mood in each poem is in total contrast to each other. Although the tone is totally different in each poem, the theme of death is accepted in each as well. In the first poem, “Death, Be Not Proud,” Donne describes death as a lowly figure that deserves no respect at all. That no one is afraid of death, but welcomes it as it brings us a satisfying state of everlasting sleep. It is just one aspect of life and something that everyone must experience.
Donne even goes so far as to say that there are things other than death that make us sleep just as well, if not better, as stated in the line “And poppy, or charms can make us sleep as well.
” In the end we will actually defeat death itself when we pass over into eternal life and there will be no more death, “And death shall be no more: Death, thou shalt die! ” He feels sorry for death because it will be what is ultimately dead and not us. The overall theme of this poem is to embrace death and not be afraid of it.
In the second poem, “Do Not Go Gentle into That Good Night,” Thomas displays a completely opposite viewpoint to describe death. He describes death as something that should be feared and fought against. He prays his father to hold on to the bitter end and do not give into his death. That indeed death is something that we need to be afraid of.
It is a rallying cry against death, that to give up is the coward’s way.
The idea of impending death gives us new insight into life, so fight through this death so that you can live your life with renewed strength. Thomas illustrated this point in the following line, “Grave men, near death, who see with blinding sight. ” The overall theme of this poem is that death is something to fear, that we should fight against it at all cost. That you should not just give up easily. Although the overall themes of each poem are different, the subject is the same in both.
Each author uses imagery and metaphors to bring the concept of death to life. In “Death, Be Not Proud,” Donne directly addresses death as if it were a person and not a thing. He personifies death so that he can discredit it. He makes us see death in terms of person in order for us to be able to relate to it.
In, “Do Not Go Gentle into That Good Night,” Thomas also personifies death, but for a different reason. His point is that death is to be feared and that we can relate to this better by seeing death as a person and the fear that it creates.
In conclusion, the two poems described here, “Death, Be Not Proud,” by John Donne and “Do Not Go Gentle into That Good Night,” by Dylan Thomas are both poems that deal with the subject of death though in complete different ways. This shows how two authors can take an idea that everyone knows about, such as death, and describe it in two completely different ways, yet each in a way that they demonstrate death and describes it in terms of a person. With Donne saying not to be afraid of death and that it has no control over us. In fact it should be afraid of us because in the end it is death that dies as we enter over into eternal life.
While Thomas takes the opposite approach and states that we are to indeed fear death and fight it to the end with every bit of strength that we have. These two poems present and interesting study in the contrast and comparison of two similar, yet different works of poetry.
By studying the ways that the two authors approach each individual work of art, we can gain valuable insight into the mindset of each man.
It is interesting to see how each author views and deals with the concept of death and how their individual courses of life guided them to their own views that appear in their poems. Works Cited Donne, John. “Death, Be Not Proud. ” Thomas, Dylan.
“Do Not Go Gentle into That Good Night. ”
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Union Apollo Corporation
Running head: THE UNION DRIVE AT APOLLO CORPORATION The Union Drive at Apollo Corporation [Name of Student] Kaplan University MT203: Human Resource Management [Name of Professor] [Date of Submission] The Union Drive at Apollo Corporation The case study of labor relations at Apollo Corporation concentrates on the violations committed by the Human Resource Director with regards to the termination of employment of a long-time employee despite the employee having substandard qualities in terms of work performance as well as incoherence of company policies. This paper would present the events leading to the case of Bob Thomas, an employee who has been terminated after he had been discovered to be involved in the creation of a union in Apollo Corporation, the violations committed by the Human Resource Direction regarding the various labor relations laws and the justifications given by each party regarding their actions and decisions. The paper will also present recommendations on how such circumstances may be avoided by managers of this company and other companies in the future. Review/Analysis of the Case Apollo Corporation HR Director Jean Lipski had decided to meet up with managers of the company in order to modify the relationship between the supervisors and employees of the company.
The company has been known to have a laid-back atmosphere in terms of its relationship with its employees. As a result, company policies such as the adherence of the employees to their attendance in the company and the disciplinary actions associated for the failure to comply with these policies were never implemented (Bohlander & Snell, 2007). However, because the company was involved in the highly competitive industry of the production of general component parts for communications, Lipski instructed the managers in the meeting she conducted with them to strengthen and tightening of the relationship between the supervisors of the company and its employees. This would be accomplished by the supervisors enforcing company policies and the corresponding disciplinary actions to employees who fail to adhere to these policies (Bohlander & Snell, 2007). Upon learning of the changes in the management being imposed by the Human Resource department, many employees were disgruntled. Bob Thomas was one of them. While he vocally expressed his frustrations regarding the changes in management relations with the employees, he secretly began to worry that he may be fired as a result of this. This was because his record for the previous years has been anything but satisfactory. He had been known in the company as a complainer, a trouble maker and highly critical of the management of the company. On top of this, his attendance record for the past five years has been extremely poor. This caused him to contact the union organizer of the Brotherhood of Machine Engineers. He expressed to the union organizer of his desire to begin a union drive in the company.
The union organizer agreed to this and soon, Thomas began to distribute fliers to employees regarding the union. His activities reached Lipski. As a result, Lipski called Thomas to her office to advise him that he was being relieved from his position in the company on the grounds of having been evaluated to have substandard level in his work performance and a poor attendance record (Bohlander & Snell, 2007). After he was fired from Apollo Corporation, Thomas immediately contacted the union organizer and advised him of the circumstances surrounding his termination in the company.
Together, Thomas and the union organizer headed to the regional office of the NLRB to file an unfair labor practice charge against the company on the grounds that Thomas was fired for being involved in the organization of the union in the company, using the reason of his poor work performance and attendance to justify the termination. Lipski, who had minimal experience dealing with unions, was deeply troubled regarding this situation particularly since she observed that the union was fully committed to unionize the employees of Apollo Corporation (Bohlander & Snell, 2007). Analysis of Findings In the United States, employees and employers are governed by labor relation laws in order to create an environment to allow them to exercise both their rights and responsibilities. In the case of Bob Thomas, however, the Human Resource department in the person of Jean Lipski had violated a number of these laws. The most obvious of this was the violation of the Wagner Act of 1935 which is also known as the National Labor Relations Act. According this section 7 of this act, employees “have the right to self-organization, to form, join or assist labor organization” (p. 597) with the purpose of ensuring that the welfare of the employees of an organization is protected. Although the reasons provided by Lipski for the termination of Bob Thomas from the company could be substantiated by records and documents, he was terminated only after Lipski discovered that Thomas was organizing a union in the company. The sequence of the events can cause enough doubt on the part of Thomas and the union organizer that the main reason for his termination was his involvement with the organization of the union which was covered up by his poor performance record (Bohlander & Snell, 2007). Lipski’s decision to meet only with the managers of the company regarding the changes of the relationship between managers and employees caused her to commit two unlawful labor practices stipulated in Section 8 of the Wagner Act of 1935 and the Taft-Hartley Act of 1947. The first of which is that by not including the employees in the meeting, her decision can be considered as an act of refusing to get involved into some form of collective bargaining with the employees of the company. The same holds true when she terminated Thomas without first discussing the matter with him and being open to some form of negotiation to occur between her and Thomas. The second unlawful practice Lipski committed was restraining the company’s employees of their rights which include the right to set up a union in the company. This was clearly seen in her decision to terminate Thomas after discovering that he was organizing a union in Apollo Corporation (Bohlander & Snell, 2007). In order to justify her actions, Lipski would be able to present to the NLRB supporting documentations that would show that for five years, Thomas’ attendance was poor along with his performance evaluation and his character evaluation. On top of this, Lipski would be able to present copies of the company policy to the NLRB for review, which will stipulate not only the expectations of the company to their employees regarding work performance and attendance, but also the corresponding sanctions associated with these policies.
Moreover, Lipski would be able to argue that because Thomas has been employed in the company for a period of nineteen years, it follows that he should by now be fully aware of the company policies and the corresponding disciplinary actions that will be carried out as a result of the employee’s failure to adhere to these policies. As such, Lipski would be able to present evidence that the termination of Thomas from the company was not in any way associated with his involvement to the organization of a union in the company. Rather, the termination was a result of the poor performance of Thomas as an employee of Apollo Corporation. On the other hand, Thomas may dispute Lipski’s allegations by presenting to the company the events that led to his termination. Thomas may be able to justify his poor attendance record by advising to the NLRB that in his nineteen years working in the company, the company did not give much weight to schedule and attendance adherence. He then could quote section 8 of the Wagner Act of 1935 and the Taft-Hartley Act of 1947 to prove that Lipski’s decision to only meet with the managers of the company in order to modify the relationship between the managers and the employees as a decision that did not allow the employees to negotiate with their managers regarding the changes that Lipski wanted to enforce. Because this decision has disgruntled the other employees of the company as well, Thomas may be able to bring in some of his colleagues to support his claim that the employees were not included in the meeting that would affect not only the managers but more so the employees of the company. Thomas could also quote these laws with regards on how he was terminated by the company. He could argue that he was not allowed to negotiate the decision passed by the Human Resource department regarding his termination. He could contest the severity of the sanction that was imposed to him since he could argue to the NLRB that he was never reprimanded for any of the reasons that were used by the company. Furthermore, because he was the prime organizer of the union in Apollo Corporation, he could use this as justification that he was terminated on the grounds of creating a union in the company. Recommendation In order to avoid cases such as that that occurred in Apollo Corporation, managers and employees must be present to discuss changes in the company’s policy since both parties would be affected by any decisions that would be reached. In the event that the company’s employees had established a union in the company, representatives from the management and the union must be present.
Managers should establish and present the goals that they wish to achieve to the employees or union negotiators. Examples of these goals would include cost cutting and the retention of control over the operations of the company to ensure that the company remains at par with its competitors. Based on these goals, the union negotiators or employees of the company should be given the opportunity to discuss issues regarding their salaries, working hours and working conditions. Ideally, both parties would be able to reach a compromise, and it is this compromise that would be implemented by the management of the company (Bohlander & Snell, 2007). Oftentimes, differences between the employees and the management cannot be resolved amicably. As such, management should implement a grievance procedure in the company which would allow employees to forward their needs and desires to management. These grievance procedures should consist of various steps with specific filing and reply times that both management and employees must adhere to. These grievance procedures must also ensure that the highest level of the grievance process is arbitration which is where resolutions may be reached and the parties would reach a compromise with the help of a mediator called an arbitrator. It would be the arbitrator’s responsibility to look into the policies regarding the company’s employment, the written agreement that was submitted, testimonies from both parties and the possible resolutions that could be arrived based on these (Bohlander & Snell, 2007). Summary and Conclusions The case of Bob Thomas in Apollo Corporation is a perfect example of the consequences a Human Resources Director will face as a result of a lack of experience and knowledge regarding labor and union relations. In the case of Apollo Corporation, although Jean Lipski had just cause to terminate Bob Thomas because of his poor performance at work, Lipski’s decision not to include the employees in her meeting with the supervisors and managers of the company have provided Bob Thomas to file a case against the company with the NLRB on the grounds of unlawful labor practices exhibited by the company, particularly by the Human Resource department through its director. In closing, labor laws were formulated in order to ensure that both managers and employees are able to exercise their rights and their responsibilities in the company. These laws should be strictly followed by companies regardless of the industry they are a part of or the size of the company in order to ensure that not only that companies would not have to face lawsuits against them filed by the employees in relation to their failure to give importance to their needs but also to ensure that a healthy working environment and relationship is fostered which would result to the success of the company.
Reference Bohlander, G. W. & Snell, S. A. (2007). Managing human resources (14 ed. ). Florence, KY: South-Western Publishing.
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Acc260 Solving Ethical Dilemmas in the Accounting Profession
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Hrm as a Strategic Partner
Man 2145 Assignment 01 Topic -Critically discuss the importance of HR Management to transform from being primarily administrative and operational to becoming more strategic contributor. In addition examine the current role of HR function. Due date- 24th April 2010 Name- Suntharamurthy Vishakan Student ID- SUVID91 3115 Table of contents 1. Introduction3 2. Discussion4 2. 1 Personnel management4 2. 1. 1 Functions of Personal management4 2. 2 Transform of personnel management to Human resource Management6 2. 2. 1 Change in competitive environment7 2. 2. Cultural differences7 2. 2. 3 Embracing new technology8 2. 2. 4 Flexibility and Diversity8 2. 2. 5 Controlling costs 9 2. 2. 6 Global economy9 2. 2. 7 The strategic significance10 3. 3 Current Role of HRM11 2. 3. 1Functions of SHRM12 3. 4 HR as strategic partner13 2. 4. 1 Strategic Business Plan13 2. 4. 2 Strategy Development and Implementation14 2. 4. 3 What are required of HR as Strategic Partner? 14 2. 4. 4 Continuous Improvement15 2. 4. 5 SHRM and Competitive advantage15 2. 4. 6 Some Real world examples of Successful firms using SHRM 16 2 Conclusion17 References18 1. Introduction Purpose of this report is to critically discuss the importance of HR Management to transform from personnel management to becoming more strategic contributor and examine the current role HR function. Personnel management is Personnel Management is the phase of management, which deals with the effective control, and use of manpower as distinguished from other sources of power. HRM is a strategically-driven process of acquiring, training, appraising and compensating employees, and maintaining good labor relations, health and safety. HRM directly addresses the business related issues or functions.
Strategy is normally a long term plan that shows the path to achieve the stated goals and objectives. HRM is the key to ensure the existence of the organization in this challenging business world. HRM is a separate department which manages the entire work force of an organization. This report has completed based on the SHRM practices and factors influenced personnel management to transform towards a Strategic partner. Real world examples are been used to illustrate the importance of SHRM as a strategic partner. Maximum information is used to complete these tasks. Internet, HRM reports, journals, Books, and newspapers are the sources of information used in the project. 2. Discussion 2. 1 Personnel management The word Personnel Management is popular with different names such as Labor management, Staff management, and Industrial management and in modern times as Human Resources Management Personnel management was focused on employment contracts, disciplinary issues and compensation.
Personnel management can include administrative tasks that are both traditional and routine. It can be described as reactive, providing a response to demands and concerns as they are presented. Personnel management is often considered an independent function of an organization. (Page West & Bernhadrdt, 2009) * The welfare aspect – This is concerned with the working conditions and basic enmities such as housing, schooling, hospitality, sanitary, canteen, creches, handling personnel problems and the recreational facilities.
The labor or personnel aspect – This is concerned with recruitment, placement of employees, remuneration, training and development, promotions, incentives, measuring productivity and individual performance. * The industrial relation aspect – This is concerned with trade union, negotiations settlement of industrial disputes, joint consultation and collective bargaining Personnel management can include administrative tasks that are both traditional and routine. 2. 1. 1 Functions of Personal management Personnel management is different from HRM. Personnel means persons employed. Hence, personnel Management views the man as economic man who works for money or salary. Human resources management treats the people as human beings having economic, social and psychological needs. Thus HRM is broader in scope compared to personnel management. 2. 2 Transform of personnel management to Human resource Management Human resource management has changed in name various times throughout history.
The name change was mainly due to the change in social and economic activities throughout history. The beginning of Personnel management can be traced to the distress about utilization of people functioning in factories and was set up through law of the land in most of the countries to deal with issues pertaining to grievances and welfare of the workmen. As the dynamics in relationships linking trade unions and management distorted the personnel management tasks grew away from welfare to other areas such as guaranteeing harmonious industrial relations and valuable personnel administration. During this period the prominence was on planning and observing conformance to rules and procedures. Page West & Bernhadrdt, 2009) Social, economic, and technological events also strongly influence HRM practices. These events include: An expanding cultural diversity at the work-place, The emergence of work and family issues, The growing use of part-time and temporary employees, An increased emphasis on quality and team-work, The occurrence of mergers and takeovers, The occurrence of downsizing and layoffs, The rapid advancement of technology, An emphasis on continuous quality improvement and A high rate of workforce illiteracy.
These events influence HRM practices in numerous ways. For example: * Some firms are attempting to accommodate the needs of families by offering benefit options like maternity leave, child care, flextime, and job sharing. * Some firms are attempting to accommodate the needs of older workers through skill upgrading and training designed to facilitate the acceptance of new techniques. * Some firms are educating their employees in basic reading, writing, and mathematical skills so that they can keep up with rapidly advancing technologies. 2. 2. 1 Change in competitive environment The last three decades saw, the changes in the competitive environment brought concerning by rising competition, which resulted in accessibility of wide option for clients and that in turn, gave a new aspect to marketplace, customers’ preference, which in result forces companies to constantly innovate and provide the kind of value to customer that competition cannot match. 2. 2. 2 Cultural differences The global business environment today is a multi-cultural one. While general business considerations are essentially the same the world over, business styles differ greatly from country to country. The global style of business is mixed with the multi cultural people.
Organizations employees, executives, salespeople, technicians to negotiate or make contracts with little or no understanding of the cultural differences in the ways people communicate and do business with each other. Due to this HRM has to be more dynamic in terms of recruiting, training and developing the employees to assure that they can function effectively anywhere around the world. (Millmore, M, & M, 2009) (2003 Southwestern College Publishing. ) 2. 2. 3 Embracing new technology Technology is forcing firms to become more competitive. At every instance there are innovation taking place. The rate of change is rapid. Organizations have come a long way from applications of Lasers to optic fibers. Some systems where IT helps HRM are: * Systems for e-recruitment; * On-line short-listing of applicants; * Developing training strategies on-line; * Psychometric training; * Payroll systems; * Employment data; * Recruitment administration; * References; * Pre-employment checks.
This has forced personnel management to be more strategic where to include IT in their Strategic planning of the Company and the HRM. 2. 2. 4 Flexibility and Diversity Before two or three decades a major trend emerged where employers were seeking increasing flexible arrangements in the hours worked by employees due to an increase in number of part-time and temporary contracts and the invention of distance working. The workforce and patterns of work are becoming diverse in which traditional recruitment practices are useless. In recent years, growth in the use of internet meant a move to a 24/7 society.
This created new jobs in e-commerce while jobs were lost in traditional areas like shops. This meant an increased potential for employees to work from home. Organizations need to think strategically about the issues these developments raise. HRM‘s role will change as changes occur. (Millmore, M, & M, 2009) 2. 2. 5 Controlling costs Investment in a new technology, intellectual capital and efforts for globalization has increased pressures on companies to lower cost as well as improve productivity. Among the above investments, labor cost is the largest expenditure of any organization, especially in service and knowledge intensive companies. So organizations have started using approaches such as down-sizing, outsourcing and employee leasing and productivity enhancement.
All these have direct impact on Policies and practices change in labor management. 2. 2. 6 Global economy Today’s global economy also influences some aspects of HRM. Many firms realize that they must enter foreign markets in order to compete as part of a globally interconnected set of business markets. From an HRM perspective, such organizations must foster the development of more globally-oriented managers: individuals who understand foreign languages and cultures, as well as the dynamics of foreign market places. These firms also must deal with issues related to expatriation, such as relocation costs, selection, compensation, and training. With this shift in business dynamics, the awareness sunup on companies that people and their knowledge is the only source of sustainable competitive advantage, as other resources related to materials, equipment, technology, finances etc. have proved short lived in the absence of human capital capable of deploying these resources effectively and efficiently. Companies now bank on people’s domain knowledge combined with their awareness of markets for developing innovative new products & services and thus creating enhanced value proposition for customers.
This marked change in attitude of managements saw the emergence of concept of Human Resource Management which characterizes implementation of personnel policies to maximize objectives of organizational integrity, employee commitment, flexibility and quality. Personnel management traditionally is aimed largely at non-managers, where as HRM treats management development as an equally important issue. Traditionally personnel management viewed organizational culture and leadership as issues concerned with organizational development, where as HRM highlights responsibility for managing organization culture and leadership issues. HRM concerns with setting consistent HR policies which reflect and communicate “core values” of the company. It is through building culture and sharing common values among people that companies are trying to ensure that their acts and decision are based on best interest of the company rather than stressing on conventional rules and procedures, thus achieving the element of speed. (Baron & Armstrong, 2007) 2. 2. 7 The strategic significance However more and more companies have begun to view the issues such as organization development, employee development, direct employee communication and involvement, performance management etc. s deliverables of well conceived HR strategy. In the industries where there is a strong correlation of intellectual capital and success at marketplace, the companies took HRM altogether to a different plane of strategic importance where the role of HR is clear in achieving overall strategic goals of the company. There are yet some other industries where companies think that industrial relations are still the major concern in people area, traces of traditional personnel management functioning can be seen in practice.
However, in general across the industries, there has been a shift in attitudes of personnel / HR professionals and the aspect is gaining importance at strategic level. (Boxall & Purcell, 2008) 2. 3 Current Role of HRM Strategic human resource management is designed to help companies best meet the needs of their employees while promoting company goals. Human resource management deals with any aspects of a business that affects employees, such as hiring and firing, pay, benefits, training, and administration. Human resources may also provide work incentives, safety procedure information, and sick or vacation days. Strategic human resource management is essential in both large and small companies. In small companies, this may be as simple as the owner or manager taking a little time every day to observe, assist, and assess employees, and provide regular reviews. Larger companies may have a whole department in charge of human resources and development. By meeting the needs of the employees in a way that also benefits the company, it is possible to improve the quality of staff members.
Taking the effort to provide employees with the tools they need to thrive is worth the investment. ORGANIZATIONAL PERFORMANCE MANAGERIAL COMPETENCIES * HR Professional Competence * Business -related Competence Technical Human Resource Practices ices Theoretical Framework for Strategic Human Resource Management Strategic Human Resource Practices ORGANIZATIONAL CONTEXT VARIABLES * Firm size * Level of Technology * Union Coverage 2. 3. 1 Functions of HRM Strategic Role: * develops and promotes policies, standards and good practices in the management of civil servants; and * implements these policies through discussions, explanations, guidelines, regulations and circulars. Central roles: determines and communicates overall Human Resource Management policy and standards of best practice * advises departments on the implementation of policies and the development of their Human Resource Management plans * formulates pay and conditions of service, fringe benefits and allowances and also deals with proposals for changes to structures of grades/ranks and for creation of directorate posts in the light of advice from independent standing bodies * Deals with appointment, promotion and discipline relating to senior positions, taking into account the advice from the Public Service Commission. It also processes cases relating to staff complaints, early retirement, legal assistance for civil servants, and benefits for retired civil servants * ensures service-wide comparability between grades and ranks with similar responsibilities * manages the Administrative and General Grades * consults with major staff associations(Boxall & Purcell, 2008) To play all these roles HR has several functions as follows: * HR plan * Recruitment * Selection * Induction * Motivation * Performance appraisal * Training and development Compensation management * Industrial relations * Health and safety(Relly) 2. 4 HR as a strategic partner 2. 4. 1 Strategic Business Plan To some organizations, strategic planning is a way of life. To others, it’s an exercise. To almost all, it’s a requirement.
Strategic planning allows agencies to map out where they are, where they want to go, and how they plan to get there. The strategic planning process varies from agency to agency. * Develop Human Resource plans and strategies aligned to the organization’s strategic direction and business strategy. Provide tools and tactics to enhance execution of these strategies * Integrate human resource management with current and pending legislation and socio-political changes. * Integrate human resource management with general organizational management. * Manage the interface between human resource management processes and systems. * Formulate and communicate human resource management policies. * Act as the conscience of employer with respect to public issues. * Scan the environment and identify emerging trends that ill affect the organization and the management of people therein. * Assess the long-term impact of short-term decisions on people. * Express the philosophy and values regarding people management in the organization. 2. 4. 2 Strategy Development and Implementation Full participation of HR people in strategy development and implementation promotes HR as strategic partner. Ensure that HR Manager and HR professionals: * contribute to business decisions * develop business acumen to understand how a profitable business is run * are customer-oriented learn how to link HR practices to your organizational business strategy Strategic planning allows agencies to put down on paper where they are, where they want to go, and how they plan to get there.
But the best planning in the world does nothing for an agency if it does not act on those plans. Strategic implementation of human resources management means performing activities that support agency mission accomplishment and measuring how well those activities contribute to achieving agency strategic goals. (Boxall & Purcell, 2008) 2. 4. 3 What are required of HR as Strategic Partner? These are among the important ones Recruiting the right employees. Align corporate values to the recruitment strategy. * Well-developed competencies of the workforce, and their relevance to organizational core business. * Participative culture where HR initiatives fully support the overall strategic plan. * Effective use of information technology. * Effective leadership through appointment of the right HR Head. Identification of human resource practices that make HR as strategic partner, namely, serving the business needs of the organization. Discard ineffective HR practices that do not contribute to the success of the organization. (Office of State Personnel, California, 2008) ] 2. 4. 4 Continuous Improvement HR management requires continuous improvement to ensure it retains its relevance as strategic partner.
Capable and committed people are needed at every level in order for this to happen. Senior management support is crucial to ensure that human resource becomes the organization’s strategic partner. It is said that nothing changes except change itself. Change is inevitable for the continued success of your organization. Manage them well to avoid or minimize disruption in your organization’s activities. 2. 4. SHRM and Competitive advantage Baron & Armstrong, (2007) define sustainable competitive advantage (SCA) as “long-term advantage over the organization’s competitors which is achieved by offering unique value”. Therefore, competitive advantage can reasonably be defined as per above, but not necessarily long-term/sustainable.
Universal (best practice) Organizations create competitive advantages by integrating a suitable ‘HRM bundle’ of best practices into the firm’s overall structure. The ‘HRM bundle’ typically includes ‘high ground’ elements of HRM, some of which may include: * A goal of employee commitment; A goal of organic structure and functional flexibility; * A goal of quality; and * A goal of integrating corporate objectives and HR objectives. In theory, successful integration of the above practices into a firm will ultimately result in an environment in which HRM actually helps to determine strategy (rather than just implement it). The validity of this framework is commonly substantiated by drawing causal relationships between, for example, motivation and customer satisfaction, or other relevant factor Contingent (best fit) As per the “best practice” framework, except that in this instance best practice is contingent on the firm’s situational environment. The competitive environment, industry and workforce structure interact to create a specific context in which HRM adds competitive advantages Organization-specific (unique) Baron & Armstrong uses the resource-based theory of sustainable competitive advantage to posit that intellectual and human resources are sets of attributes (i. e. he knowledge, training and experience of a firms employees), and that they can provide the firm with sustainable competitive advantages. The firm must control the resources. (Baron & Armstrong, 2007) 2. 4. 6 Some Real world examples of Successful firms using SHRM SAP (Australia) * Annual employee conference where everyone participates in developing the Company’s vision and strategy; * Staff and managers jointly compile business plans; * Staff and management jointly manage performance evaluations; and * Bonuses linked to ‘rated’ customer satisfaction system; Pepsi-Cola International Adopts a common values approach to HRM, to enhance competitiveness; * Has a multinational vocabulary that unites staff from different cultures and countries; and * Has identified 11 success factors for performance measurement and management. Apple Computer (USA, Europe, Pacific) * Adopted a growth/prospector/high-tech strategy for HRM; * Facilitated rapid HR growth by “fattening” corporate structure to create opportunities while simultaneously maintaining innovative spirit; and * Removed original founders in the best interest of the Co. nd its strategies. 3. Conclusion Once a HR professional said that “The most powerful of the strategic configurations of power remains people… you must work on developing an organizational spirit de corp. that aligns the hearts and minds of your staff with the aims of the business” The report has shown that the people are the asset for a company and to improve that asset the HR have transformed as a strategic contributor from personnel management.
The report also has showed the other factors which influenced this transform. In today’s organizations, to guarantee their viability and ability to contribute, HR managers need to think of themselves as strategic partners. The project also illustrates the importance of HR as a strategic partner through some real world examples, trend of SHRM and by explaining how the SHRM provides a competitive advantage to the companies.
The project also analyzed the current role of HR functions in a critical way by providing an understanding of contemporary HR theory and issues, by showing awareness of political, social and ethical issues. . References Books Baron, A. and Armstrong, M. (2007) Human capital management. London: Kogan Page. Boxall, P. and Purcell, J. (2008) Strategy and human resource management (2nd edition). Basingstoke: Palgrave Macmillan. Millmore, M. , Lewis, P. and Saunders, M. (2007) Strategic human resource management: contemporary issues.
Harlow: Financial Times/Prentice Hall. Page West, J. N. , & Bernhadrdt. (2009). An ascendant view of human resource management as a critical content dimension in new venture strategy. Bingley: Emerald group of publishing. Journal articles Reilly, P. (2008) Strategic HR? Ask yourself the questions. HR Director . No 44, February. pp12-14, 16-17 Richards, J. (2007) Aligning HR with the business: two steps forward, one step back. IRS Employment Review. No 866, 2 March. pp6-12. Online document HR as a Strategic Partner for Organizations of the Future (n. d). Retrieved April 22, 2010, from https://www. hewittassociates. com/Intl/AP/en-IN/KnowledgeCenter/ArticlesReports/hr_strategic_partner. aspx Office of State Personnel, California. (2008,
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In Electronics, an Integrated Circuit
In electronics, an integrated circuit (also known as IC, microcircuit, microchip, silicon chip, or chip) is a miniaturized electronic circuit (consisting mainly of semiconductor devices, as well as passive components) that has been manufactured in the surface of a thin substrate of semiconductor material. Integrated circuits are used in almost all electronic equipment in use today and have revolutionized the world of electronics. A hybrid integrated circuit is a miniaturized electronic circuit constructed of individual semiconductor devices, as well as passive components, bonded to a substrate or circuit board. Contents | |[hide] | |1 Introduction | |2 Invention | |3 Generations | |3. 1 SSI, MSI and LSI | |3. 2 VLSI | |3. ULSI, WSI, SOC and 3D-IC | |4 Advances in integrated circuits | |5 Popularity of ICs | |6 Classification | |7 Manufacturing | |7. 1 Fabrication | |7. 2 Packaging | |7. Chip labeling and manufacture date | |8 Legal protection of semiconductor chip layouts | |9 Other developments | |10 Silicon labelling and graffiti | |11 Key industrial and academic data | |11. 1 Notable ICs | |11. 2 Manufacturers | |11. VLSI conferences | |11. 4 VLSI journals | |12 See also | |13 References | |14 Further reading | |15 External links | Introduction [pic] [pic] Synthetic detail of an integrated circuit through four layers of planarized copper interconnect, down to the polysilicon (pink), wells (greyish), and substrate (green). Integrated circuits were made possible by experimental discoveries which showed that semiconductor devices could perform the functions of vacuum tubes and by mid-20th-century technology advancements in semiconductor device fabrication.
The integration of large numbers of tiny transistors into a small chip was an enormous improvement over the manual assembly of circuits using electronic components. The integrated circuit’s mass production capability, reliability, and building-block approach to circuit design ensured the rapid adoption of standardized ICs in place of designs using discrete transistors. There are two main advantages of ICs over discrete circuits: cost and performance. Cost is low because the chips, with all their components, are printed as a unit by photolithography and not constructed as one transistor at a time. Furthermore, much less material is used to construct a circuit as a packaged IC die than as a discrete circuit. Performance is high since the components switch quickly and consume little power (compared to their discrete counterparts) because the components are small and close together. As of 2006, chip areas range from a few square millimeters to around 350 mm2, with up to 1 million transistors per mm2. [edit] Invention [pic] [pic] Jack Kilby’s original integrated circuit The idea of the integrated circuit was conceived by a radar scientist working for the Royal Radar Establishment of the British Ministry of Defence, Geoffrey W. A. Dummer (1909–2002), who published it at the Symposium on Progress in Quality Electronic Components in Washington, D. C. on May 7, 1952.
[1] He gave many symposia publicly to propagate his ideas.
Dummer unsuccessfully attempted to build such a circuit in 1956. Jack Kilby recorded his initial ideas concerning the integrated circuit in July 1958 and successfully demonstrated the first working integrated circuit on September 12, 1958.
[2] In his patent application of February 6, 1959, Kilby described his new device as “a body of semiconductor material … wherein all the components of the electronic circuit are completely integrated. ”
[3] Kilby won the 2000 Nobel Prize in Physics for his part of the invention of the integrated circuit.
[4] Robert Noyce also came up with his own idea of an integrated circuit half a year later than Kilby. Noyce’s chip solved many practical problems that Kilby’s had not. Noyce’s chip, made at Fairchild Semiconductor, was made of silicon, whereas Kilby’s chip was made of germanium.
Early developments of the integrated circuit go back to 1949, when the German engineer Werner Jacobi (Siemens AG) filed a patent for an integrated-circuit-like semiconductor amplifying device
[5] showing five transistors on a common substrate arranged in a 2-stage amplifier arrangement. Jacobi discloses small and cheap hearing aids as typical industrial applications of his patent. A commercial use of his patent has not been reported. A precursor idea to the IC was to create small ceramic squares (wafers), each one containing a single miniaturized component. Components could then be integrated and wired into a bidimensional or tridimensional compact grid. This idea, which looked very promising in 1957, was proposed to the US Army by Jack Kilby, and led to the short-lived Micromodule Program (similar to 1951’s Project Tinkertoy).
[6] However, as the project was gaining momentum, Kilby came up with a new, revolutionary design: the IC. Robert Noyce credited Kurt Lehovec of Sprague Electric for the principle of p-n junction isolation caused by the action of a biased p-n junction (the diode) as a key concept behind the IC.
[7] See: Other variations of vacuum tubes for precursor concepts such as the Loewe 3NF. enerations [edit] SSI, MSI and LSI The first integrated circuits contained only a few transistors.
Called “Small-Scale Integration” (SSI), digital circuits containing transistors numbering in the tens provided a few logic gates for example, while early linear ICs such as the Plessey SL201 or the Philips TAA320 had as few as two transistors. The term Large Scale Integration was first used by IBM scientist Rolf Landauer when describing the theoretical concept, from there came the terms for SSI, MSI, VLSI, and ULSI. SSI circuits were crucial to early aerospace projects, and vice-versa. Both the Minuteman missile and Apollo program needed lightweight digital computers for their inertial guidance systems; the Apollo guidance computer led and motivated the integrated-circuit technology[citation needed], while the Minuteman missile forced it into mass-production. These programs purchased almost all of the available integrated circuits from 1960 through 1963, and almost alone provided the demand that funded the production improvements to reduce production costs from $1000/circuit (in 1960 dollars) to merely $25/circuit (in 1963 dollars). [citation needed] They began to appear in consumer products at the turn of the decade, a typical application being FM inter-carrier sound processing in television receivers. The next step in the development of integrated circuits, taken in the late 1960s, introduced devices which contained hundreds of transistors on each chip, called “Medium-Scale Integration” (MSI). They were attractive economically because while they cost little more to produce than SSI devices, they allowed more complex systems to be produced using smaller circuit boards, less assembly work (because of fewer separate components), and a number of other advantages. Further development, driven by the same economic factors, led to “Large-Scale Integration” (LSI) in the mid 1970s, with tens of thousands of transistors per chip. Integrated circuits such as 1K-bit RAMs, calculator chips, and the first microprocessors, that began to be manufactured in moderate quantities in the early 1970s, had under 4000 transistors. True LSI circuits, approaching 10000 transistors, began to be produced around 1974, for computer main memories and second-generation microprocessors. [edit] VLSI Main article: Very-large-scale integration [pic] [pic] Upper interconnect layers on an Intel 80486DX2 microprocessor die.
The final step in the development process, starting in the 1980s and continuing through the present, was “very large-scale integration” (VLSI). The development started with hundreds of thousands of transistors in the early 1980s, and continues beyond several billion transistors as of 2009. There was no single breakthrough that allowed this increase in complexity, though many factors helped. Manufacturers moved to smaller rules and cleaner fabs, so that they could make chips with more transistors and maintain adequate yield. The path of process improvements was summarized by the International Technology Roadmap for Semiconductors (ITRS). Design tools improved enough to make it practical to finish these designs in a reasonable time. The more energy efficient CMOS replaced NMOS and PMOS, avoiding a prohibitive increase in power consumption. Better texts such as the landmark textbook by Mead and Conway helped schools educate more designers, among other factors. In 1986 the first one megabit RAM chips were introduced, which contained more than one million transistors.
Microprocessor chips passed the million transistor mark in 1989 and the billion transistor mark in 2005[8]. The trend continues largely unabated, with chips introduced in 2007 containing tens of billions of memory transistors [9]. [edit] ULSI, WSI, SOC and 3D-IC ULSI, WSI, SOC and 3D-IC To reflect further growth of the complexity, the term ULSI that stands for “ultra-large-scale integration” was proposed for chips of complexity of more than 1 million transistors. Wafer-scale integration (WSI) is a system of building very-large integrated circuits that uses an entire silicon wafer to produce a single “super-chip”. Through a combination of large size and reduced packaging, WSI could lead to dramatically reduced costs for some systems, notably massively parallel supercomputers. The name is taken from the term Very-Large-Scale Integration, the current state of the art when WSI was being developed. A system-on-a-chip (SoC or SOC) is an integrated circuit in which all the components needed for a computer or other system are included on a single chip. The design of such a device can be complex and costly, and building disparate components on a single piece of silicon may compromise the efficiency of some elements. However, these drawbacks are offset by lower manufacturing and assembly costs and by a greatly reduced power budget: because signals among the components are kept on-die, much less power is required (see Packaging). A three-dimensional integrated circuit (3D-IC) has two or more layers of active electronic components that are integrated both vertically and horizontally into a single circuit.
Communication between layers uses on-die signaling, so power consumption is much lower than in equivalent separate circuits. Judicious use of short vertical wires can substantially reduce overall wire length for faster operation Advances in integrated circuits [pic] [pic] The die from an Intel 8742, an 8-bit microcontroller that includes a CPU running at 12 MHz, 128 bytes of RAM, 2048 bytes of EPROM, and I/O in the same chip. Among the most advanced integrated circuits are the microprocessors or “cores”, which control everything from computers to cellular phones to digital microwave ovens.
Digital memory chips and ASICs are examples of other families of integrated circuits that are important to the modern information society. While the cost of designing and developing a complex integrated circuit is quite high, when spread across typically millions of production units the individual IC cost is minimized. The performance of ICs is high because the small size allows short traces which in turn allows low power logic (such as CMOS) to be used at fast switching speeds. ICs have consistently migrated to smaller feature sizes over the years, allowing more circuitry to be packed on each chip. This increased capacity per unit area can be used to decrease cost and/or increase functionality—see Moore’s law which, in its modern interpretation, states that the number of transistors in an integrated circuit doubles every two years. In general, as the feature size shrinks, almost everything improves—the cost per unit and the switching power consumption go down, and the speed goes up. However, ICs with nanometer-scale devices are not without their problems, principal among which is leakage current (see subthreshold leakage for a discussion of this), although these problems are not insurmountable and will likely be solved or at least ameliorated by the introduction of high-k dielectrics.
Since these speed and power consumption gains are apparent to the end user, there is fierce competition among the manufacturers to use finer geometries. This process, and the expected progress over the next few years, is well described by the International Technology Roadmap for Semiconductors (ITRS). edit] Popularity of ICs Only a half century after their development was initiated, integrated circuits have become ubiquitous. Computers, cellular phones, and other digital appliances are now inextricable parts of the structure of modern societies. That is, modern computing, communications, manufacturing and transport systems, including the Internet, all depend on the existence of integrated circuits. Classification [pic] [pic] A CMOS 4000 IC in a DIP Integrated circuits can be classified into analog, digital and mixed signal (both analog and digital on the same chip). Digital integrated circuits can contain anything from one to millions of logic gates, flip-flops, multiplexers, and other circuits in a few square millimeters.
The small size of these circuits allows high speed, low power dissipation, and reduced manufacturing cost compared with board-level integration. These digital ICs, typically microprocessors, DSPs, and micro controllers work using binary mathematics to process “one” and “zero” signals. Analog ICs, such as sensors, power management circuits, and operational amplifiers, work by processing continuous signals. They perform functions like amplification, active filtering, demodulation, mixing, etc. Analog ICs ease the burden on circuit designers by having expertly designed analog circuits available instead of designing a difficult analog circuit from scratch. ICs can also combine analog and digital circuits on a single chip to create functions such as A/D converters and D/A converters.
Such circuits offer smaller size and lower cost, but must carefully account for signal interference. Manufacturing [edit] Fabrication Main article: Semiconductor fabrication [pic] [pic] Rendering of a small standard cell with three metal layers (dielectric has been removed). The sand-colored structures are metal interconnect, with the vertical pillars being contacts, typically plugs of tungsten. The reddish structures are polysilicon gates, and the solid at the bottom is the crystalline silicon bulk. [pic] [pic] Schematic structure of a CMOS chip, as built in the early 2000s. The graphic shows LDD-MISFET’s on an SOI substrate with five metallization layers and solder bump for flip-chip bonding. It also shows the section for FEOL (front-end of line), BEOL (back-end of line) and first parts of back-end process. The semiconductors of the periodic table of the chemical elements were identified as the most likely materials for a solid state vacuum tube by researchers like William Shockley at Bell Laboratories starting in the 1930s. Starting with copper oxide, proceeding to germanium, then silicon, the materials were systematically studied in the 1940s and 1950s. Today, silicon monocrystals are the main substrate used for integrated circuits (ICs) although some III-V compounds of the periodic table such as gallium arsenide are used for specialized applications like LEDs, lasers, solar cells and the highest-speed integrated circuits. It took decades to perfect methods of creating crystals without defects in the crystalline structure of the semiconducting material. Semiconductor ICs are fabricated in a layer process which includes these key process steps:
• Imaging
• Deposition
• Etching The main process steps are supplemented by doping and cleaning. Mono-crystal silicon wafers (or for special applications, silicon on sapphire or gallium arsenide wafers) are used as the substrate.
Photolithography is used to mark different areas of the substrate to be doped or to have polysilicon, insulators or metal (typically aluminium) tracks deposited on them. Integrated circuits are composed of many overlapping layers, each defined by photolithography, and normally shown in different colors.
Some layers mark where various dopants are diffused into the substrate (called diffusion layers), some define where additional ions are implanted (implant layers), some define the conductors (polysilicon or metal layers), and some define the connections between the conducting layers (via or contact layers). All components are constructed from a specific combination of these layers. In a self-aligned CMOS process, a transistor is formed wherever the gate layer (polysilicon or metal) crosses a diffusion layer.
• Capacitive structures, in form very much like the parallel conducting plates of a traditional electrical capacitor, are formed according to the area of the “plates”, with insulating material between the plates. Capacitors of a wide range of sizes are common on ICs.
• Meandering stripes of varying lengths are sometimes used to form on-chip resistors, though most logic circuits do not need any resistors. The ratio of the length of the resistive structure to its width, combined with its sheet resistivity, determines the resistance.
• More rarely, inductive structures can be built as tiny on-chip coils, or simulated by gyrators. Since a CMOS device only draws current on the transition between logic states, CMOS devices consume much less current than bipolar devices. A random access memory is the most regular type of integrated circuit; the highest density devices are thus memories; but even a microprocessor will have memory on the chip. (See the regular array structure at the bottom of the first image. Although the structures are intricate – with widths which have been shrinking for decades – the layers remain much thinner than the device widths.
The layers of material are fabricated much like a photographic process, although light waves in the visible spectrum cannot be used to “expose” a layer of material, as they would be too large for the features. Thus photons of higher frequencies (typically ultraviolet) are used to create the patterns for each layer. Because each feature is so small, electron microscopes are essential tools for a process engineer who might be debugging a fabrication process. Each device is tested before packaging using automated test equipment (ATE), in a process known as wafer testing, or wafer probing. The wafer is then cut into rectangular blocks, each of which is called a die. Each good die (plural dice, dies, or die) is then connected into a package using aluminium (or gold) bond wires which are welded and/or Thermosonic Bonded to pads, usually found around the edge of the die.
After packaging, the devices go through final testing on the same or similar ATE used during wafer probing. Test cost can account for over 25% of the cost of fabrication on lower cost products, but can be negligible on low yielding, larger, and/or higher cost devices. As of 2005, a fabrication facility (commonly known as a semiconductor lab) costs over a billion US Dollars to construct[10], because much of the operation is automated. The most advanced processes employ the following techniques:
• The wafers are up to 300 mm in diameter (wider than a common dinner plate).
• Use of 65 nanometer or smaller chip manufacturing process. Intel, IBM, NEC, and AMD are using 45 nanometers for their CPU chips. IBM and AMD are in development of a 45 nm process using immersion lithography.
• Copper interconnects where copper wiring replaces aluminium for interconnects.
• Low-K dielectric insulators.
• Silicon on insulator (SOI)
• Strained silicon in a process used by IBM known as strained silicon directly on insulator (SSDOI) Packaging Main article: Integrated circuit packaging [pic] [pic] Early USSR made integrated circuit The earliest integrated circuits were packaged in ceramic flat packs, which continued to be used by the military for their reliability and small size for many years. Commercial circuit packaging quickly moved to the dual in-line package (DIP), first in ceramic and later in plastic. In the 1980s pin counts of VLSI circuits exceeded the practical limit for DIP packaging, leading to pin grid array (PGA) and leadless chip carrier (LCC) packages. Surface mount packaging appeared in the early 1980s and became popular in the late 1980s, using finer lead pitch with leads formed as either gull-wing or J-lead, as exemplified by small-outline integrated circuit — a carrier which occupies an area about 30 – 50% less than an equivalent DIP, with a typical thickness that is 70% less. This package has “gull wing” leads protruding from the two long sides and a lead spacing of 0. 050 inches. In the late 1990s, PQFP and TSOP packages became the most common for high pin count devices, though PGA packages are still often used for high-end microprocessors.
Intel and AMD are currently transitioning from PGA packages on high-end microprocessors to land grid array (LGA) packages. Ball grid array (BGA) packages have existed since the 1970s. Flip-chip Ball Grid Array packages, which allow for much higher pin count than other package types, were developed in the 1990s. In an FCBGA package the die is mounted upside-down (flipped) and connects to the package balls via a package substrate that is similar to a printed-circuit board rather than by wires. FCBGA packages allow an array of input-output signals (called Area-I/O) to be distributed over the entire die rather than being confined to the die periphery. Traces out of the die, through the package, and into the printed circuit board have very different electrical properties, compared to on-chip signals. They require special design techniques and need much more electric power than signals confined to the chip itself. When multiple dies are put in one package, it is called SiP, for System In Package. When multiple dies are combined on a small substrate, often ceramic, it’s called an MCM, or Multi-Chip Module.
The boundary between a big MCM and a small printed circuit board is sometimes fuzzy. [edit] Chip labeling and manufacture date Most integrated circuits large enough to include identifying information include four common sections: the manufacturer’s name or logo, the part number, a part production batch number and/or serial number, and a four-digit code that identifies when the chip was manufactured. Extremely small surface mount technology parts often bear only a number used in a manufacturer’s lookup table to find the chip characteristics. The manufacturing date is commonly represented as a two-digit year followed by a two-digit week code, such that a part bearing the code 8341 was manufactured in week 41 of 1983, or approximately in October 1983. Packaging Main article: Integrated circuit packaging [pic] [pic] Early USSR made integrated circuit The earliest integrated circuits were packaged in ceramic flat packs, which continued to be used by the military for their reliability and small size for many years. Commercial circuit packaging quickly moved to the dual in-line package (DIP), first in ceramic and later in plastic. In the 1980s pin counts of VLSI circuits exceeded the practical limit for DIP packaging, leading to pin grid array (PGA) and leadless chip carrier (LCC) packages.
Surface mount packaging appeared in the early 1980s and became popular in the late 1980s, using finer lead pitch with leads formed as either gull-wing or J-lead, as exemplified by small-outline integrated circuit — a carrier which occupies an area about 30 – 50% less than an equivalent DIP, with a typical thickness that is 70% less. This package has “gull wing” leads protruding from the two long sides and a lead spacing of 0. 050 inches. In the late 1990s, PQFP and TSOP packages became the most common for high pin count devices, though PGA packages are still often used for high-end microprocessors. Intel and AMD are currently transitioning from PGA packages on high-end microprocessors to land grid array (LGA) packages. Ball grid array (BGA) packages have existed since the 1970s. Flip-chip Ball Grid Array packages, which allow for much higher pin count than other package types, were developed in the 1990s. In an FCBGA package the die is mounted upside-down (flipped) and connects to the package balls via a package substrate that is similar to a printed-circuit board rather than by wires. FCBGA packages allow an array of input-output signals (called Area-I/O) to be distributed over the entire die rather than being confined to the die periphery. Traces out of the die, through the package, and into the printed circuit board have very different electrical properties, compared to on-chip signals.
They require special design techniques and need much more electric power than signals confined to the chip itself. When multiple dies are put in one package, it is called SiP, for System In Package. When multiple dies are combined on a small substrate, often ceramic, it’s called an MCM, or Multi-Chip Module. The boundary between a big MCM and a small printed circuit board is sometimes fuzzy. [edit] Chip labeling and manufacture date Most integrated circuits large enough to include identifying information include four common sections: the manufacturer’s name or logo, the part number, a part production batch number and/or serial number, and a four-digit code that identifies when the chip was manufactured. Extremely small surface mount technology parts often bear only a number used in a manufacturer’s lookup table to find the chip characteristics. The manufacturing date is commonly represented as a two-digit year followed by a two-digit week code, such that a part bearing the code 8341 was manufactured in week 41 of 1983, or approximately in October 1983. Legal protection of semiconductor chip layouts Main article: Semiconductor Chip Protection Act of 1984 Prior to 1984, it was not necessarily illegal to produce a competing chip with an identical layout. As the legislative history for the Semiconductor Chip Protection Act of 1984, or SCPA, explained, patent and copyright protection for chip layouts, or topographies, were largely unavailable. This led to considerable complaint by U. S. chip manufacturers—notably, Intel, which took the lead in seeking legislation, along with the Semiconductor Industry Association (SIA)–against what they termed “chip piracy. ” A 1984 addition to US law, the SCPA, made all so-called mask works (i. e. , chip topographies) protectable if registered with the U. S. Copyright Office.
Similar rules apply in most other countries that manufacture ICs. (This is a simplified explanation – see SCPA for legal details. ) [edit] Other developments In the 1980s, programmable integrated circuits were developed. These devices contain circuits whose logical function and connectivity can be programmed by the user, rather than being fixed by the integrated circuit manufacturer. This allows a single chip to be programmed to implement different LSI-type functions such as logic gates, adders and registers. Current devices named FPGAs (Field Programmable Gate Arrays) can now implement tens of thousands of LSI circuits in parallel and operate up to 550 MHz. The techniques perfected by the integrated circuits industry over the last three decades have been used to create microscopic machines, known as MEMS. These devices are used in a variety of commercial and military applications. Example commercial applications include DLP projectors, inkjet printers, and accelerometers used to deploy automobile airbags. In the past, radios could not be fabricated in the same low-cost processes as microprocessors.
But since 1998, a large number of radio chips have been developed using CMOS processes. Examples include Intel’s DECT cordless phone, or Atheros’s 802. 11 card. Future developments seem to follow the multi-core multi-microprocessor paradigm, already used by the Intel and AMD dual-core processors. Intel recently unveiled a prototype, “not for commercial sale” chip that bears a staggering 80 microprocessors. Each core is capable of handling its own task independently of the others. This is in response to the heat-versus-speed limit that is about to be reached using existing transistor technology.
This design provides a new challenge to chip programming. Parallel programming languages such as the open-source X10 programming language are designed to assist with this task. [11] Silicon labelling and graffiti To allow identification during production most silicon chips will have a serial number in one corner. It is also common to add the manufactuers logo.
Ever since ICs were created, some chip designers have used the silicon surface area for surreptitious, non-functional images or words. These are sometimes referred to as Chip Art, Silicon Art, Silicon Graffiti or Silicon Doodling. [edit] Key industrial and academic data |[pic] |The lists in this article may contain items that are not notable, encyclopedic, or helpful. Please help out by removing| | |such elements and incorporating appropriate items into the main body of the article. (January 2008) | [edit] Notable ICs
• The 555 common multivibrator sub-circuit (common in electronic timing circuits)
• The 741 operational amplifier
• 7400 series TTL logic building blocks 4000 series, the CMOS counterpart to the 7400 series (see also: 74HC00 series)
• Intel 4004, the world’s first microprocessor, which led to the famous 8080 CPU and then the IBM PC’s 8088, 80286, 486 etc.
• The MOS Technology 6502 and Zilog Z80 microprocessors, used in many home computers of the early 1980s
• The Motorola 6800 series of computer-related chips, leading to the 68000 and 88000 series (used in some Apple computers). [edit] Manufacturers For a list of microchip manufacturers, see List of integrated circuit manufacturers. VLSI conferences ICM – IEEE International Conference on Microelectronics
• ISSCC – IEEE International Solid-State Circuits Conference
• CICC – IEEE Custom Integrated Circuit Conference
• ISCAS – IEEE International Symposium on Circuits and Systems
• VLSI – IEEE International Conference on VLSI Design
• DAC – Design Automation Conference
• ICCAD – International Conference on Computer-Aided Design
• ESSCIRC – European Solid-State Circuits Conference
• ISLPED – International Symposium on Low Power Electronics and Design
• ISPD – International Symposium on Physical Design ISQED – International Symposium on Quality Electronic Design
• DATE – Design Automation and Test in Europe
• ICCD – International Conference on Computer Design
• IEDM – IEEE International Electron Devices Meeting
• GLSVLSI – IEEE Great Lakes Symposium on VLSI
• ASP-DAC – Asia and South Pacific Design Automation Conference
• MWSCAS – IEEE Midwest Symposium on Circuits and Systems
• ICSVLSI – IEEE Computer Society Annual Symposium on VLSI
• IEEE Symposia on VLSI Circuits and Technology [edit] VLSI journals ED – IEEE Transactions on Electron Devices
• EDL – IEEE Electron Device Letters
• CAD – IEEE Transactions on Computer-Aided Design of Integrated Circuits and Systems, IEEE web site for this journal
• JSSC – IEEE Journal of Solid-State Circuits
• VLSI – IEEE Transactions on Very Large Scale Integration (VLSI) Systems
• CAS II – IEEE Transactions on Circuits and Systems II: Analog and Digital Signal Processing
• SM – IEEE Transactions on Semiconductor Manufacturing
• SSE – Solid-State Electronics
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The Difference between Old and New Music
Lets Get it on Marvin Gaye vs Juelz Santana Marvin Gaye and Juelz Santana took the phrase “lets get it on “to reach two different audiences. Musicians often use metaphors or sayings when they are trying to get a point across. Depending on how we use them, the message we are trying to deliver can be straight forward or indirect.
Sometimes a phrase can have several meanings. For instance the phrase “lets get it on “ what are we trying to say, are we challenging an opponent, accepting an opponents challenge, or could we be asking or agreeing to a sexual encounter? This statement can be used to express many forms of readiness based on how it is used.
Marvin Gaye and Juelz Santana both used the phrase “lets get it on” Marvin Gaye the originator ithe early 70’s and later on in 2003 Juelz Santana took the phrase and renamed his track “Lets go. ” Both songs have the same beat, baseline, hook two different genres and two different messages. “I’ve been really try in baby, tryna hold back these feelings for sooo long, and if you feel like I feel baby come on , ooooo come on , lets get it on“. Gaye Marvin.
“Let’s get it on”. Lets get it on Motown, 1973.
Marvin Gaye articulated lust and love in ways that presented sex as what it is for an adult, temporarily escaping the world. The song was inspired by Gayes thirst for his teenage girlfriend Janis Hunter, who later in his career became his second wife.
The song centers around classical simple chord changes, the arrangements center around a slightly eccentric rhythm pattern that deepens the tracks power while covering with a contemporary veneer. In a slow melody sincerely expressing how deep his love is while the live instruments play, Gayes message to Janice is clearly stated. “There’s nothing wrong with me loving you baby no, no , and you giving yourself to me can never be wrong, if the love is true oh baby ,ooh , ooh”.
“ Gaye Marvin. “Lets get it on”. Lets get it on Motown, 1973. Direct and straight to the point the sexually –suggestive lyrics incorporates smooth Rnb soul and doo-wop. By listening to the lyrics we as the audience will without a doubt understand that Marvin Gaye is suggesting that who ever he is singing to should get it on.
“Stop beating around the bush lets get it on, you know what I’m talking about come on baby, let your love come out if you believe in love, lets get it on. ” “ Gaye Marvin. “lets get it on”.
Lets get it on Motown, 1973. Whether it’s a sexual epiphany or just a deep desire for love in this original version the song and phrase was used to get the attention of a lover or future lover with the intentions of a sexual moment.
Three Decades later Juelz Santana a New York Emcee representing Harlem decided to reinvent the song in 2003 on his 2nd lp From me to you. ”Yah’ll dealing with a G from the block, yeah its me from the block, G from the block, (lets get it on ) But I don’t really like to beef on the block, I got to eat on the block, you dealing with a pimp from the hood keep a chick from the hood , Quick to tell her , hey, (lets get it on ) Santana Juelz. “Lets go” From me to you Roc-a-fella, 2003. Putting a little hip hop twist to it by speeding up the tempo, adding harder kicks, snares, a sample of the baseline and Marvin Gayes voice after every four bars this track had a new meaning and Genre. Juelz flow about 4 bars and the sample comes in right on time as Juelz brags about his aura, swagger, credentials in the streets and the scene of hip hop.
Juelz Santana renamed the song and dedicated it to his fans letting them know that it is his time to shine.
I’m one hell of a guy, fly fella can fly, like Scarface, one hell of a high shit, one hell of a ride that I drive 23’s look like propellers on the side”. “Lets go” From me to you Roc-a-fella, 2003.
Line for line “lets get it on” had a new meaning whereas Marvin Gaye showed us how to speak to a woman in a seductive way Expressing our love while Santana took it to a whole new era in hip hop to speak the streets representing his flashy flamboyant swag. Same song two total opposite meanings
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Life after 100 Years
Life After 100 years Person like you, me and many others in this earth has many thoughts and wonders in our mind that what will be the living life of human being after 100 years. The main question is, is human activities going be to replace by machines (robots, computers etc) and humans being lazy doing his/her work and expecting everything to be automatic or can be an imaginary life of machines take over every activities of humans. After 100 years we can expect lot of changes in our life. We can see lot of changes in the way we live.
For example is our Social life, technology that plays important role, economy that can change countries development and in one word we can say the entire life. The big change we can expect is the technology (Internet, robots, and space development) that can change entire our life, it can be the way we live, work, communicate etc. In this essay, we are going to choose three areas and we will see what they are in and after 100 years. Those areas are Internet, robots and space. Our second and interesting topic is Internet. Currently internet is the fastest communication channel in the world. One can access the Internet anytime and anywhere in the world. After 100 years one expects lot of changes in internet technology.
Internet can make human a lazy person but can save time, as with few clicks one can get everything he/she needs. Now we can see online shopping websites, but in future one can see online shopping malls, where from one website one can get everything from food to cloths, so everything we do is online with one mouse and few clicks that will change our life and save time. In few words I could say that this one technology can change the entire life of human being.
Third topic is Robots; is an interesting area we can talk about. After 100 years, everything will be done and replaced by Robots instead of human. May be you will stop hiring one maid for your home instead you buy a robot that will do everything of you from cooking, washing clothes, cleaning your house, protecting your home (as security guard), will alert you doing your daily things (as your personal assistant), will take care of your health and etc. So after 100 years If I imagine, I wanted a robot, I would like to have robot machine that I will use it as my car, my house maid, my personal assistant and lot more. Because Robots no need to sleep, no need to rest, no need to go to doctor, just need a power to run it. Our last topic is Space; more common to talk about space is moon. Recently scientists found out water on moon, so may be in future, humans start migrating to moon. May be in 100 years and later we can expect few more places like moon to live and maybe those will be tourist’s destinations one can visit. May be Microsoft Company CEO and richest person in the world, Bill Gates grandsons will be the first one to buy some property in the moon and migrate there. So we can expect lot of changes in the space technology in and after 100 years.
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Top 5 Textile Companies
Arvind Mills | | | | Arvind Mills| | Type| Public (NSE, BSE)| Industry| Textiles| Founded| 1931| Headquarters| Ahmedabad| Key people| Sanjay Lalbhai (CEO &MD) Arvind N. Lalbhai| Products| Denim, Knits, Khakhis| Revenue| Rs. 23. 45 Billion| Net income| Loss Rs. 480 Million| Employees| 26000| Website| www. arvindmills. com| Arvind Mills, the flagship company of the Lalbhai Group, is one of India’s leading composite manufacturer of textiles. Its headquarters is in Ahmedabad, Gujarat, India. It manufactures a range of cotton shirting, denim, knits and bottomweights (Khakis) fabrics. The Evolution 1930 was a year the world suffered a traumatic depression. Companies across the globe began closing down. In UK and in India the textile industry in particular was in trouble. At about this time, Mahatma Gandhi championed the Swadeshi Movement and at his call, people from all India began boycotting fine and superfine fabrics, which had so far been imported from England. In the midst of this depression one family saw opportunity.
The Lalbhais reasoned that the demand for fine and superfine fabrics still existed. And any Indian company that met this demand would surely prosper. The three brothers, Kasturbhai, Narottambhai and Chimanbhai decided to put up a mill to produce this superfine fabric. Next they looked around for state-of-the-art machinery that could produce such high quality fabric. Their search ended in England. The best technology of that time was acquired at a most attractive price.
And a company called Arvind Limited was born. Arvind Limited started with a share capital of Rs 2,525,000 ($55,000) in the year 1931. With the aim of manufacturing the high-end superfine fabrics Arvind invested in very sophisticated technology.
With 52,560 ring spindles, 2552 doubling spindles and 1122 looms it was one of the few companies in those days to start along with spinning and weaving facilities in addition to full-fledged facilities for dyeing, bleaching, finishing and mercerizing. The sales in the year 1934, three years after establishment were Rs 45. 76 lakh and profits were Rs 2. 82 lakh. Steadily producing high quality fabrics, year after year, Arvind took its place amongst the foremost textile units in the country. In the mid 1980’s the textile industry faced another major crisis. With the power loom churning out vast quantities of inexpensive fabric, many large composite mills lost their markets, and were on the verge of closure.
Yet that period saw Arvind at its highest level of profitability. There could be no better time, concluded the Management, for a rethink on strategy. The Arvind management coined a new word for it new strategy – Renovision. It simply meant a new way of looking at issues, of seeing more than the obvious and that became the corporate philosophy. The national focus paved way for international focus and Arvind’s markets shifted from domestic to global, a market that expected and accepted only quality goods. An in-depth analysis of the world textile market proved an eye opener. People the world over were shifting from synthetic to natural fabrics. Cottons were the largest growing segments.
But where conventional wisdom pointed to popular priced segments, Renovision pointed to high quality premium niches. Thus in 1987-88 Arvind entered the export market for two sections -Denim for leisure ; fashion wear and high quality fabric for cotton shirting and trousers. By 1991 Arvind reached 1600 million meters of Denim per year and it was the third largest producer of Denim in the world. In 1997 Arvind set up a state-of-the-art shirting, gabardine and knits facility, the largest of its kind in India, at Santej. With Arvind’s concern for environment a most modern effluent treatment facility with zero effluent discharge capability was also established. Year 2005 was a watershed year for textiles.
With the muliti-fiber agreement getting phased out and the disbanding of quotas, international textile trade was poised for a quantum leap. In the domestic market too, the rationalizing of the cenvat hain and the growth of the organized retail industry was likely to make textiles and apparel see an explosive growth. Arvind has carved out an aggressive strategy to verticalize its current operations by setting up world-scale garmenting facilities and offering a one-stop shop service, by offering garment packages to its international and domestic customers. of Lee, Wrangler, Arrow and Tommy Hilfiger and its own domestic brands of Flying Machine, Newport, Excalibur and Ruf ; Tuf, is setting its vision of becoming the largest apparel brands company in India. Copyright © 2009 Arvind Limited History and operations Arvind Mills was established in 1931. It was founded by the three brothers Kasturbhai Lalbhai, Narottambhai Lalbhai and Chimanbhai Lalbhai one of the leading families of Ahmedabad. * 1931 – Arvind Mills Ltd. is incorporated with share capital Rs. 2525000 ($55000) in Ahmedabad. Products manufactured are dhoties, sarees, mulls, dorias, crepes, shirtings, coatings, printed lawns ; voiles cambrics, twills gaberdine etc. * 1987 – The Company took up a modernisation programme to triple the production of denim cloth and to produce double yarn fabrics for exports. The new product groups identified were the indigo dyed blue denim, high quality two-ply fabrics for exports, and special products such as butta sarees, full voils and dhoties. * 1991 – Arvind reached 100 million meters of denim per year, becoming the fourth largest producer of denim in the world. * 1992 – The Company increased the production of denim cloth by 23,000 tonnes per day by modernising the plant located at Khatraj of Ankur Textiles. * 1993 – The Company proposed to expand the denim manufacturing capacity by 85,00,00 metres per annum. The Company also proposed to set up a new composite mill for producing annually 120 lakh metres of high quality shirting fabrics to be marketed in the domestic as well as international markets. * 1994 – The Company’s operations were divided into 3 units viz. , Textile Division, telecom division and garments division. * 1995 – The performance of textile division was significantly affected due to an unprecedented rise in cost of cotton. * Garment division launched ready to stitch jeans pack under the brand `Ruf & Tuf`. 1997 – The marketing and distribution network of `Newport` brand was strengthened and the relaunched `Flying Machine’ and ‘Ruggers` brand were strengthened. * The Company reported a fire in the goods godown & folding packing department in Naroda Road unit of the company. * Arvind Mills sets up the anti-piracy cell for the first time in India to curb large scale counterfeiting of their highly successful brands Ruf & Tuf and Newport jeans. * Arvind Mills adopts the franchisee system for the manufacture and distribution of Ruf and Tuf jeans. Arvind Fashions, doubles its capacity in the state-of-the-art manufacturing facility in Bangalore to produce Lee jeans. * 1997 was also the year when arvind mills started facing serious troubles financially * 1998 – Arvind Mills emerges as the world’s third largest manufacturer of denim. * Arvind Mills goes live with SAP R/3 ERP package in April 1998 in their new manufacturing units. * 1999 – Arvind Mills sets a two-month deadline for hiving off its garments division into a separate company and sale of its real estate in Delhi. * 2000 – CRISIL downgrades the debenture issues of Arvind, indicating that the instruments were in default. 2001 – Arvind Mills defaults on a $125 million floating rate note issue and puts forward a debt restructuring proposal that could significantly reduce its debt burden and sharply improve its financial health. * Arvind Mills posts a net loss of Rs 44. 59 crore for the quarter ended September 30, 2001. * 2003 – For the fourth quarter, Arvind Mills witnesses 280% growth in the net profit * Arvind Mills Ltd is assigned a `P1+` rating by CRISIL, which indicates a very strong rating for their commercial paper. * 2004 – Company turns itself around showing remarkable improvement in financial performance. 2005 – For the fourth quarter in a row, Arvind Mills has managed to post a profit growth in excess of 80 per cent.
Businesses * Fabric * Denim * Shirtings * Khakis * Knitwear * Voiles * Garment Exports * Shirts ; Jeans Own Brands 1. Main stream Excalibur Flying Machine 2. Popular Ruff ; Tuff New Port University 3. Premium Arrow USPA Sansa belt Izod Pier cardin Paris 4. Popular Cherooke 5. Bridge to luxury Gant , USA. 1949 Joint Venture Brands 1. Bridge to Luxury Tommy Hilfigure Nautica 2. Premium Lee Wrangler 3. Popular Wrangler hero Riders Financial restructuring In the mid 1990s, Arvind Mills undertook a massive expansion of its denim capacity even though other cotton fabrics were slowly replacing the demand for denim. The expansion plan was funded by loans from both Indian and overseas financial institutions.
With the demand for denim slowing, Arvind Mills found it difficult to repay the loans, and thus the interest burden on the loans shot up. In the late 1990s, Arvind Mills ran into financial problems because of its debt burden, and it incurred huge losses in the late 1990s. The company came up with a massive debt-restructuring plan for the long-term debts being taken up in February 2001. This complex financial restructuring exercise, which involved several domestic and international lenders, is considered to be the benchmark and a case study in India. ————————————————- Top of Form Raymond Group | | | | Raymond Limited| | Type| Public (NSE, BSE)| Industry| Textiles| Founded| 1925| Headquarters| Mumbai, India| Key people| Gautam Singhania – Chairman & Managing Director| Products| fabrics, designer wear, denim, cosmetics & toiletries, engineering files & tools, prophylactics and air charter services| Website| www. raymondindia. com| The Raymond Group is one of India’s largest clothing and apparel companies, with over 60% market share in India. Established in 1925 it has a net earnings of Rs. 2,100 crores. It sells textiles, readymade garments, engineering tools, prophylactics and toiletries. Vijaypat Singhania is the chairman emeritus of the company and Gautam Singhania the Managing Director. Contents| Company Divisions * 1. Textile With a capacity of 35 million meters in wool & wool-blended fabrics, Raymond commands over 60% market share in worsted suiting in India and ranks amongst the first three fully integrated manufacturers of worsted suiting in the world. 2. Engineering J. K. Files & Tools and Ring Plus Aqua Ltd. are the group companies that are engaged in the manufacture of precision engineering products such as steel files, cutting tools, hand tools, agri tools and auto components. * 3. Aviation Raymond Ltd. is one of the first Corporate House in India to launch Air Charter Services in India in 1996. Brands * Raymond Raymond manufactures worsted suiting fabric in fine grade wool.
Raymond’s domestic distribution is spread with more than 30,000 outlets that stock and sell Raymond’s range of fabrics. * Manzoni Manzoni is a luxury lifestyle brand offering a range of formal wear and sportswear including shirts, suits, trousers, jackets, ties and leather accessories. * ColorPlus ColorPlus is one of India’s premium casual wear brands offering shirts, trousers, knits and survival gear. Some of the technological innovations it is well known for; include thermo-fused buttons, golf balls, rough jeans, wrinkle technology, stain-free fabric, and the cone dyed technique. [3]. * Zapp! Raymond’s range of kids wear. The brand brings to 4–12 years a wide range of clothes, accessories, bed and bath linen and more. The first Zapp! store has been launched in Ahmedabad with ten more on their way. * Be: HOME Be: HOME is a specialty multi brand Home Retail Chain that present soft home furnishings & accessories which are sourced from across the globe (private & International). Spanning from a mid to premium pricing range, Be: HOME provides an assortment of quilts, blankets, robes, apparels, wall decor, vases, candles, gourmet cooking range. * Park Avenue Launched in 1986, Park Avenue is premium formal wear brand. The brand has received the ‘Most Admired Menswear Brand’ for the year 2009.
[4] * Parx Parx is a ‘premium casual lifestyle’ brand bringing semi-formal and casual clothes for 22-30 year olds. Parx was launched in 1999. * Notting Hill This brand caters to popular price segment offering affordable choice to people transitioning from tailored clothing to readymade[5]. The brand collection features men’s lifestyle products comprising suits, shirts, trousers, jeans, t-shirts and also accessories like ties, handkerchiefs and socks. * The Raymond Shop The Raymond Shop is a retail store offering complete wardrobe solutions for men. ————————————————- Top of Form Bottom of Form Bottom of Form | | | | | | | | | Home > Business > Textiles| | | | | | Growth through Consumer ProductsReliance’s Manufacturing Division at Naroda, Ahmedabad is one of the largest and most modern textile complexes in the world.
The Company’s flagship brand VIMAL is one of the most trusted brands of premium textiles in the country. Main growth drivers for VIMAL are retail presence across India, innovation and focus on premium products and men’s formal wear. RIL is distinctly known for shepherding a new era in fabrics. The flagship brand VIMAL, which was relaunched in the middle of 2007-08, is one of the most trusted brands of premium textiles in the Country. With the commissioning of new investments in design, modern weaving, state-of-the-art finishing equipments, RIL continues to operate one of the most modern textile complexes in Asia. Major growth drivers for VIMAL continued to be retail presence across India, constant innovation in products, cost efficiency and improved customer service.
The division continued adding clients in auto textiles and is now a significant supplier to major automobile manufacturers in India. The division continued its forays in the defence / police / paramilitary services by supplying specialised fabrics for their applications. New product initiatives included: * Fresca anti-microbial and anti-bacterial work-wear apparel fabrics * Home furnishing and auto-textiles * Silk-Amino suiting fabrics * Fire-retardant and water-repellent tent fabrics for defence/ police services * Insect ; mosquito repellent nets, as per WHO standards, which will find usage in several areas of the world affected by mosquitoes / insects| | | | | | | | | | | © Reliance Industries Limited. | | | The Wadias’ first venture, over 250 years ago, was in the area of ship building, more than 355 ships were designed and built by the Wadias, including men-of-war for the British Navy. It was on one such ship that the American National Anthem was composed, and on another Wadia built deck that the ‘Treaty of Nanking’, ceding Hongkong to England, was signed. The Spring Mills began operations in 1903 Emerging opportunities : With the wave of industrialization in the 19th century, trading grew, and with it, opportunities for new areas of business. In 1879, Bombay was next only to New Orleans as the world’s largest cotton port. It was at this time that Nowrosjee Wadia set his sights on India’s mushrooming textile industry. On August 23rd, in a humble redbrick shed, he began a small operation. Here, cotton yarn spun in India was dip dyed by hand in three colors-turkey red, green and orange-and laid out in the sun to dry. Humble opportunities : The Bombay Dyeing & Manufacturing Co. Ltd. had been born. A modest beginning for a company that was to grow in the following 115 yr. into one of India’s largest producer of textiles. Along the path of growth and diversification, Bombay Dyeing has spawned dozens of other companies. In technical and financial collaboration with world leaders, such companies have pioneered the manufacture of various chemicals and have grown to be leaders in their new fields. It was more than just a company that was born in 1879, a legacy was born. A legacy that would give rise to one of India’s most respected business houses. | Grasim Industries From Wikipedia, the free encyclopedia Jump to: navigation, search | This article is written like an advertisement.
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Unsourced material may be challenged and removed. (September 2007)| Grasim Industries Limited is a Aditya Birla Group company that started in 1948 and which started as a textile manufacturer. Since then Grasim has successfully diversified into Viscose Staple Fiber (VSF), cement, sponge iron and chemicals
[1] Contents[hide] * 1 Textile * 2 Grasim Industries Limited * 2. 1 Global footsteps * 2. 2 Focus of Growth Post MFA * 2. 3 Joint ventures * 2. Looking Forward * 3 Footnote * 4 External links| [edit] Textile Aditya Birla Group operates over 40 companies in 12 countries across 4 continents. Grasim is one of its flagship companies and It is the world’s second largest producer of Viscose Rayon Fiber with about 21% market share. Textile and related products contributes to 15% of the group turnover. [edit] Grasim Industries Limited Grasim Industries Limited was incorporated in 1948; Grasim is the largest exporter of Viscose Rayon Fiber in the country, with exports to over 50 countries. This, along with Aditya Birla Nuvo can be considered as companies of the AV Birla Group.
Grasim is headquartered in Nagda (kharach) kosamba [edit] Global footsteps Indo-Thai Synthetics Company Ltd was incorporated in 1969 in Thailand, started operations in 1970, this was Aditya Birla Group’s first foray into international venture. Aditya Birla Group incorporated P. T. Elegant Textiles in 1973 in Indonesia. Thai Rayon incorporated in 1974, this was the second company in Thailand, operating in Viscose Rayon Staple Fiber. Century Textiles Co. Ltd. s taken over by Aditya Birla Group in 1974; this company is a weaving and dyeing plant manufacturing and exporting variety of synthetic fabrics. PT Sunrise Bumi Textiles incorporated in 1979, it produces yarn exported over 30 countries in 6 continents. P. T Indo Bharat Rayon incorporated in 1980 produces Viscose Staple Fiber in Indonesia to become a dominant player in the domestic market as well as export markets. Thai Polyphosphates and Chemicals was started in 1984 in Thailand to produce Sodium Phosphates, presently merged with Thai Epoxy and Allied Products Company Limited (1992), Thai Sulphites and Chemicals Company Limited (1995) to form Aditya Birla Chemicals Ltd. This company supplies to sectors such as food, textiles, electrical and electronics, composites, leather, plastics and automobiles. PT Indo Liberty Textiles was incorporated in 1995 to manufacture synthetic spun yarn. In 2004, the Staple Fibre Division of Grasim Industries Ltd was presented with the Stockholm Industry Water Award for the company’s efforts to reduce water usage and improve their overall environmental impact. [citation needed] [edit] Focus of Growth Post MFA In late 1990s and later, the focus was the textile business because of the end of Multi-Fiber Arrangement (MFA) which opened a host of opportunities to Indian exporters. In this period, Aditya Birla Group took a three route strategy for growth. * Rapidly enhance existing capacities * Acquire and Build Garment brands for local and international markets Jayashree textiles was acquired by Aditya Birla Nuvo (formerly Indian Rayon), is a leading producer and exporter of yarns and fabrics to 50 countries with a turnover of $413 million. It acquired Madura Garments in 2000 to enter the branded garments business. Has brands such as Louis Philippe, Van Heusen, Peter England, Allen Solly, SF Jeans among others and also a global supplier to global buyers such as Marks ; Spencer’s, Polo etc. * Vertical integration to get cost advantage AV Cell Inc. , a joint venture between Aditya Birla Group and Tembec, Canada, established operations in 1998 to produce softwood and hardwood pulp for the purpose of internal consumption among different units of the Group.
Together, Aditya Birla Group and Tembec, Canada have acquired AV Nackawic Inc. , which produces dissolving pulp, as a further step to integrate. Grasim industries Ltd. is a leading player in the Viscose Staple Fiber (VSP). The Aditya Birla Group’s VSF manufacturing plants straddle Thailand, Indonesia, India and China. At each of these locations, further capacity expansions are under way — in Thailand by 31 ktpa; in Indonesia by 37 ktpa; in India by 64 ktpa and in China by 30 ktpa. These brownfield expansions, slated to be completed by the second quarter of 2008, will further notch up the Group’s VSF production from 566 ktpa to 727 ktpa and entail an investment close to US$ 260 million. Grasim wants to follow a strategy of backward integration, right from plantation stage to the final VSF stage. The Group’s VSF business operates through its three companies — Grasim Industries in India, Thai Rayon Corporation in Thailand and Indo Bharat Rayon in Indonesia, which also oversees its Chinese operations at Birla Jingwei Fibres, China. [edit] Joint ventures Thai Rayon Promoted in 1974 by the Aditya Birla Group, Thai Rayon is the sole manufacturer of Viscose Rayon Staple Fibre (VSF) in Thailand. More than 50 per cent of Thai Rayon’s VSF throughput is directly exported to more than 20 countries worldwide. The VSF meets the stringent quality expectations of customers in USA, Mexico, Europe, Turkey, Canada, Israel, Australia, South Korea, Philippines, Indonesia, Pakistan, Bangladesh and Sri Lanka. PT Indo Bharat Rayon Marketed under the brand name of ‘Birla Cellulose’, the company produces a wide range of VSF in engineered specifications for textiles and non-woven applications.
The company’s strong focus on environmental protection is reflected through its investments in a sophisticated state-of-the-art waste-water treatment plant and scientific waste disposal systems. [edit] Looking Forward They have recently acquired Pulp & VSF Plants in Canada and China respectively. They have also initiated a Pulp & Plantation Project in Laos | | | | ACC · Bajaj · Airtel · BHEL · Cipla · DLF · Grasim · Gujarat Ambuja · IDBI · HDFC · HDFC Bank · Hero Honda · Hindalco · HUL (formerly HLL) · ICICI Bank · Infosys · ITC · L&T · Maruti · NIIT · NTPC · ONGC · Ranbaxy · Reliance Comm. · Reliance Energy · RIL · SBI · Sun Pharmaceutical · TCS · Tata Motors · Tata Steel · Wipro| | | All-time BSE Sensex companies| | | | ABB · ACC · Bajaj Auto · BHEL · Bharat Petroleum · Bharti Airtel · Cipla · Dabur · Dr. Reddy’s Laboratories · GAIL · GlaxoSmithKline · Grasim Industries · Gujarat Ambuja Cements · HCL Technologies · HDFC · HDFC Bank · Hero Honda · Hindalco Industries · HLL · Hindustan Petroleum · ICICI Bank · Indian Petrochemicals · Infosys · Jet Airways · ITC Limited · L;T · MTNL · Mahindra ; Mahindra · Mahindra Satyam · Maruti Udyog · National Aluminium Company · NIIT · ONGC · Oriental Bank of Commerce · PNB · Ranbaxy Laboratories · Reliance Communications · Reliance Energy · Reliance Industries · Siemens · SBI · SAIL · Sun Pharmaceutical · Suzlon · TCS · Tata Motors · Tata Power · Tata Steel · VSNL · Wipro · Zee| Top of Form Bottom of Form
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Organisational Behaviour – Ocb and Cwb
Introduction Organisational behaviour is the study of individual and group dynamics in an organisational setting, as well as the nature of the organisations themselves. It examines employee behaviour, decisions, perceptions and responses. Whenever people interact in organisations, many factors come into play. Individual behaviours such as task behaviour, organisational citizenship, counterproductive work behaviours, joining and staying with the organisation, and work attendance (McShane, Olekalns and Travaglione, 2010), are the five main types of behaviours that employees display. This essay will be focusing on two of the above behaviours, organizational citizenship (OCB) and counterproductive work behaviour (CWB). Organisational Citizenship Behaviour Organ (1988) defines OCB as “behaviour that is discretionary, not directly or explicitly recognised by the formal reward system, and that in aggregate promotes the effective functioning of the organization…… the behaviour is not an enforceable requirement of the role or the job description…… the behaviour is a matter of personal choice”. This view is supported by Allison, Dryer and Voss (2001) who refers to OCB as an “employees’ extra-role behaviour, that is, behaviour that is voluntary and extends beyond normal role expectations. ” OCB describes the type of behaviour when employees go beyond their job scope to improve the overall performance of the organisation.
Examples are, being punctual, helping others, making suggestions to improve things and not wasting time at work (Schnake, 1991). OCB can be categorised into five types: Altruism, Civic Virtue, Conscientiousness, Courtesy and Sportsmanship (Allison, Dryer and Voss, 2001). Altruism is behaviour that practices unselfish acts for the welfare of others. Civic Virtue can be described as a voluntary participation in support of the company’s best interest. Conscientiousness is the act of going well beyond one’s required effort. Courtesy is the act of thoughtfulness and consideration to prevent work-related problems for others. Sportsmanship is the willingness to accept and tolerate inevitable work problems with a positive attitude. An employee is only considered a good organisational citizen when she possesses the above traits. OCB has been conventionally linked to job satisfaction, and is the main factor that led to job performance.
Jacobs and Solomon (1977) concluded that the correlations between job satisfaction and job performance would be higher in jobs where performance was rewarded than in jobs where it was not. Under such conditions, employees who perform well will be rewarded and rewards should lead to higher job satisfaction.
This is similar to the results gathered by Caldwell and O’Reily (1990), matching employee abilities to job requirements enhances job performance. They also found that matching employee abilities to job requirements enhances job satisfaction, as well. It is also likely that job satisfaction is caused by job performance, and rewards given to employees who perform well. There are many other views as to what encourages OCB. Moorman (1991) suggested that fairness from supervisors highly influences OCB; whether or not employees feel organisational decisions are made fairly and if it has the necessary employees’ input (procedural justice). Role perceptions including role ambiguity and role conflict are another view as to what influences OCB. Both role ambiguity and role conflicts are found to be negatively related to OCB. On the other hand, role clarity and role facilitation are positively related (Podsakoff, 200). Since both role ambiguity and role conflict are known to affect employee satisfaction, and satisfaction is related to OCB, it is likely that at least a portion of the relationship between ambiguity, conflict and OCBs is resolved by satisfaction. Counterproductive Work Behaviour The opposite of organisational citizenship is counterproductive work behaviour (CWB). They are considered opposites because the former is the behaviour of beneficial acts towards the organisation, whereas the latter harms it. According to McShane, Olekalns and Travaglione, (2010), “CWBs are voluntary behaviours that have the potential to directly or indirectly harm the organisation. They include abuse of others, threats, work avoidance, work sabotage and over acts. ” This is also supported by Spector (1997), “It (CWB) consists of acts committed by an employee that either intentionally or unintentionally hurt the organisation. This includes aggression against co-workers, aggression against the employer, sabotage, and theft. ” CWB is a behaviour that has intended damaging effect on the organisation either by directly affecting its functioning or property, or by hurting its employees causing them to lose effectiveness. In past researches, job dissatisfaction is often concluded as the main (Keenan and Newton, 1984) or highly correlated factor (Chen and Spector, 1992) for CWB. When employees do not have job satisfaction, morale goes down, causing them to be less efficient in their work. However, Robinson and Bennett (1997) states that other factors such as provocations and situational variables such as organisational climate, organisational justice, hiring practices, social norms and organisational constrains, also promotes CWB. Thus, CWB is not only affected by behavioural factors but external factors as well.
Key Factors OCB promotes overall organisational performance OCB is a valued quality in all organisations, as with good citizenship, it pushes the organisation to perform better as a whole. An example of an organisation where employees practice good citizenship would be FedEx. FedEx was selected as one of the top ten leaders in corporate social responsibility (CSR) by the Reputation Institute and Boston College Center for Corporate Citizenship. This ranking is based on three factors: organisational citizenship, fair governance and organisational climate (Robeel Haq, 2009). Being one of the most well-established courier service providers world-wide, Fedex employees would go the distance not just for their customers, but for their co-workers as well. Job Satisfaction is highly correlated to good citizenship. Employee practices OCB due to many reasons. Whether is behavioural or rewards induced, it is a valued behaviour in an organisation. With stronger job satisfaction, employees tend to be more motivated to do more for the organisation. It is a positive chain reaction.
With highly motivated employees, job performance goes up as well. CWB causes harm to employees as well as the image of the organisation. CWB can be very harmful to any organisation. Being an intended act of defiance, t does not only affect the actor, but the people around him as well; lowering the overall morale of the organisation. This causes a downward spiral; the lower the morale, the lesser the job satisfaction and the higher the possibility of CWB being committed. An example would be the case of the Association of Women for Action (AWARE) saga in April, 2009 (straitstimes. com). The internal conflict rising from the new leaders deliberately hiding facts from members and the public on the election of leadership roles, led to normal members losing faith and even taking sides on the different leaders. Irrelevant issues such as religion and homosexuality also clouded the organisation’s mission, “a women’s group able to campaign for gender equality in a coherent and consistent way, basing its arguments on research and a thorough understanding of the issues”. This controversy has caused the organisation to lose its effectiveness as a community and has damaged the image of the organisation. Job dissatisfaction is a major factor leading to CWB. As one’s job satisfaction goes down, one’s morale goes down as well. With little motivation to strive for excellence, job performance will inevitably suffer.
Employees with poor job performance are more likely to engage in CWB to relieve financially related stress (e. g. , theft of cash, sabotage). Reflections Understanding organisational behaviours is essential for people who are working in organisations as organisations who understand employees stand a higher chance of achieving high organisational effectiveness and efficiency. Having an in-depth knowledge allows managers to react, deal and solve problems more adeptly in this fast-paced market. It is important that management develop interpersonal relationship and understand the goals of their employees should they want the most out of their employees. As an individual, having this new knowledge now enables me to understand how people in social systems function with each other to get work done in the most effective manner. As a member of a team, I will now be able to identify behaviors like CWB and how to deal with and avoid causing them. Aiming to be a productive member, I will also be more conscious to practice good organizational citizenship. Acting on New Knowledge With the newly acquired knowledge, it has stirred my interest to find out more on the two behaviors. I have come up with three questions that will help me gain a more in-depth understanding. 1. As each employee’s personal view on expectations is different, how is OCB measured? 2. What is the relationship of being agreeable and OCB? 3. How is CWB related to work-life balance? Conclusion The study of organisational behaviour is crucial to an organisation’s growth in this rapid market. After all, it is the people in the organisation that makes it function. The knowledge of the different behaviours of their employees will enable them to make precise decisions and implement rules to help rectify problems such as CWBs. This review has shown that OCB is a valuable virtue to any organisation. To distinguish the employees who exude OCB from the mediocre employees, they would demonstrate traits like altruism, civic virtue, conscientiousness, courtesy and sportsmanship. OCB is highly influenced by job satisfaction and therefore, to maintain, or encourage employees to demonstrate OCB, employers should constantly motivate their employers to boost their morale and present rewards when due. CWB, on the other hand, is the opposite of OCB in the area of organisational progress. CWB damages the organisation either directly, or indirectly; whereas OCB promotes growth of the organisation. CWB is often influence by job dissatisfaction. An employee is less likely to display CWB if he is satisfied with his job. Word Count: 1694 words Reference List Allison, B. J. Dryer, S. Voss, 2001, ‘Student Classroom and Career Success: The Role of Organizational Citizenship Behavior’, Journal of Education for Business, vol. 76, no. 5, pp. 82-288, viewed 25 January 2010, EBSCOhost Business Source Premier.
Caldwell, D. F. , & O’Reily, C. A. , III. (1990). Measuring person-job fit with a profile-comparison process. Journal of Applied Psychology, 75, Pg 648-657 Chen, P. Y. , & Spector, P. E. (1992). Relationships of work stressors with aggression, withdrawal, theft, and substance use: An exploratory study.
Journal of Occupational and Organizational Psychology, 65, 177184. Jacobs, R. , & Solomon, T. (1977). Strategies for enhancing the prediction of job performance from job satisfaction. Journal of Applied Psychology, 62, 417-421 McShane, S. Olekalns, M. and Travaglione, T. 2010, Organisational Behaviour on the Pacific Rim, 3rd edition, McGraw-Hill, Sydney. Moorman, R. (1991). Relationship between organizational justice and organizational citizenship behaviors: Do fairness perceptions influence employee citizenship? Journal of Applied Psychology, 76: 845-855. Organ, D. W. 1988, Organisational Citizenship Behavior: The Good Soldier Syndrome, Lexington Books, Lexington, MA. Podsakoff, P. , MacKenzie, S. , Paine, B. nd Bachrach, D. (2000). Organizational citizenship behavior: A critical review of the theoretical and empirical literature and suggestions for future research. Journal of Management, 26 (3), 513-563. Robeel, H. , FedEx honoured for corporate social responsibility,arabiansupplychain. com, Oct 22, 2009 < https://www. arabiansupplychain. com/article-3169-fedex-honoured-for-corporate-social-responsibility/> Robinson, S. L. , & Bennett, R. J. (1997). Workplace deviance: Its definitions, its manifestations, and its causes. Research on Negotiation in Organizations. Schnake, M. (1991). Organizational citizenship: a review, proposed model, and research agenda.
Human Relations Spector, P. E. (1997), Job Satisfaction: Application, Assessment, Causes, and Consequences, Sage, Thousand Oaks, CA, Wong Kim Hoh, 2009, Unknowns knock out veterans at Aware polls, The Straits Times, 10 April 2009, <https://www. straitstimes. com/vgn-ext-templating/v/index. jsp? vgnextoid= f6e23742afb80210VgnVCM100000430a0a0aRCRD&vgnextchannel=4e60758920e39010VgnVCM1000000a35010aRCRD>
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“A Worn Path”
“A Worn Path” Eudora Welty is a famous southern writer who started her career during the Great Depression. In many cases, aspects of an author’s stories usually come from their own experiences or are directly reflected by what is going on in the world at that time. It is evident in her short story “A Worn Path” that it is set during times of economic hardship. In this story the main character Phoenix Jackson, “Grandma”, goes on a journey that takes her through the dark pine shadows of the woods, through a withered cotton fields and fields of dead corn, down a ravine and through swampy meadows. Paragraphs 1, 17, 21, 31) This long, vigorous journey will be all worth it because Phoenix is traveling to the nearest city to obtain medication for her sick grandson. The determination of this elderly woman is inspiring in many ways. She is willing to endure the harsh winter weather and go the distance to try and help her grandson. In the story “A Worn Path” Phoenix Jackson is the sole main character. There are a few very minor characters in the story: including the Hunter, the Doctor and the doctor’s assistant. It is made very clear from the beginning of the story that Phoenix is an elderly black woman; the author describes her appearance in great detail. “Her eyes were blue with age. Her skin had a pattern all its own of numberless branching wrinkles and as though a whole little tree stood in the middle of her forehead, but a golden color ran underneath, and the two knobs of her cheeks were illuminated by a yellow burning under the dark. Under the rag her hair came down on her neck in the frailest of ringlets, still black, and with an odor like copper. (Paragraph 2) The author draws a clear picture of Phoenix Jackson’s appearance with this very descriptive paragraph. Not only are we able to tell that she is elderly by the author’s description of her appearance, we can also tell by how slowly she moves and the fact that she needs a cane. Another way it is apparent that she is elderly is the way that other characters in the story react to her; for example, when the Hunter sees her wandering through the woods he yells out “Well, Granny! What are you doing there? ” (Paragraph 38) And a final example is when the doctor’s assistant refers to her as “Grandma” in paragraph 65. Throughout the story there are many clues that give away Phoenix’s economic status. The description of her clothing is one example. “She wore a dark striped dress reaching down to her shoe tops, and an equally long apron of bleached sugar sacks, with a full pocket: neat and tidy, but every time she took a step she might have fallen over her shoelaces, which dragged from her unlaced shoes. ” (Paragraph 2) The fact that she has to use bleached sugar sacks as an apron proves that she did not have money to buy nice things or even buy a real apron, she had to make her own. There could be two possible reasons that her shoes were not tied, one reason could be that she is too old to bend over and tie them, or the other could be that she just didn’t know how to tie her own shoes. One final example is the fact that she uses an umbrella as a cane. The dialogue in the story gives the impression that Phoenix was not formally educated. She has the ability to communicate with others, but her use of grammar is incorrect. While conversing with the Hunter, one of her responses is “No sir, I goin to town. ” (Paragraph 45) This gives a clear example of her use of language and incorrect use of grammar. Although she may not always say the right thing, Phoenix is very observant of her surroundings. While talking to the Hunter, she notices that he drops a nickel. She quickly causes a distraction so that he would not notice what he had done. Once the Hunter continued on his path, she bends down to pick up the nickel and says “God watching me the whole time. I come to stealing. ” (Paragraph 54) In her old age, she is still as sharp as a tack, and has enough sense to cause a distraction in order to get the nickel that the Hunter had unknowingly dropped. In many ways the “worn path” that Phoenix Jackson takes to the city so often is symbolic to her life. It is a long, difficult journey that she is very familiar with. She knows all of the twists and turns of the path, the ups and downs and she knows exactly where to go to reach her destination. The determination that this woman has throughout the whole story is remarkable. She endures so much, especially for her age. Phoenix Jackson is a fascinating and inspiring woman.
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Balanced Scorecard for Hospital Performance & Productivity
The Balanced Scorecard for Hospital Performance and Productivity ABSTRACT The purpose of this paper is to provide an overview of the usefulness of the Balanced Scorecard in improving a hospital’s management and delivery of health care at reduced cost without loss of quality. This paper describes an approach to designing and implementing a balanced scorecard system for measuring performance and productivity in a hospital setting. Specific measures of performance criteria are suggested as well as interpreted.
Guidelines for measuring productivity are also suggested and interpreted. How these measures may be used by a hospital to improve its administration of health care while reducing costs and maintaining quality are described. This paper is a useful resource for hospital managers looking to improve their performance and productivity. The balanced scorecard is a management tool that is widely used in the manufacturing industry. This paper fulfills a need by healthcare providers to obtain information on implementing a balanced scorecard system that specifically addresses issues unique to hospitals. This paper also addresses how to measure productivity within a balanced scorecard system. Keywords:Hospital Performance, Balanced Scorecard, Hospital Productivity 1. INTRODUCTION Performance measurement and productivity in health care are important issues to individuals and at a national level.
Medical costs continue to rise and consume an increasing proportion of GNP worldwide. Cost pressures are producing dramatic changes in the health care environment.
The government continues to search for ways to control spiraling costs, principally through caps on reimbursement rates, and at the same time the public seeks coverage for more services. Competition among health care providers is intense as alternative delivery systems grow and compete with public health facilities forcing all health care organizations to lower their costs, downsize, or close facilities (Gumbus et al. 2003). Increasingly health care providers are cutting services to, or refusing to treat, Medicare and Medicaid patients because of inadequate reimbursement rates. One result of cost pressures faced by individuals, employers, insurance companies, and the government is to shift health care provider performance priorities in several areas. Previously, a primary objective of health care provider organizations was to attract more patients (a revenue focused strategy). Now, they are concerned with reducing costs to meet patient demand. In the past, hospitals wanted simply to attract leading doctors trained in the latest procedures and technologies (a high-cost strategy). Now, the emphasis is on improved service quality to meet the demands of payers and regulators. Historically, hospitals wished to bill more care to more patients (another revenue enhancing strategy). Now, they seek to balance cost versus patient outcomes resulting in shorter stays, less expensive treatments, and fewer tests. Traditionally, hospitals allowed doctors free reign in treatment plans, which increased demand for hospital services (and costs). Now, hospitals seek to attract patients from managed-care plans and balance the goal of maintaining physician loyalty with limits (i. e. , lower costs) on the use of the latest, and more expensive, medical technologies.
Finally, hospitals encouraged only limited innovation in delivery of core services and administration. Now, high rates of innovation in both areas are necessary to achieve cost effective and efficient health care. Key to achieving cost controls in health care is adopting new approaches to performance and performance measurement (Adler et al. 2003). Hospitals have been slow to develop and implement formal performance and productivity measurement systems (Voelker et al. 2001). The primary problems that have inhibited hospitals from making greater progress in this area are culture, organization, and managerial practices that are inconsistent with competitive business, including operating practices that are not cost driven. Some specific reasons why hospitals have not been active in this area include the following: many hospital boards are composed of members lacking experience in competitive environments, lack of employee participation, particularly among doctors, and because many individuals regard hospital services as intangible and impossible to measure. Medical staff relations and quality of care are important attributes of hospital performance that can be difficult to measure, interpret, and compare with other health care organizations (Zelman et al. 2003). The balanced scorecard (BSC) is fundamentally a customized performance measurement system that looks beyond traditional financial measures and is based on organization strategy. This paper discusses fundamental concepts in developing performance metrics, provides an overview of issues in developing balanced scorecard measures, and gives numerous illustrations of performance measures. As shown later, the BSC is an active area of research within the medical community. However, previous research does not report on the fundamental linkages between hospital inputs, outputs, and the creation of performance metrics. In addition, these articles provide few specific examples of balanced scorecard measures and illustrations of how the balanced scorecard translates action into improved performance. 2. PERFORMANCE MEASUREMENT AND THE BALANCED SCORECARD IN HEALTHCARE Emphasis on financial measures of performance in response to cost pressures may be a dangerous impediment to creating future economic value (Weber 2001). Hospitals can benefit by using a balanced scorecard (BSC) to measure performance and productivity. The BSC consists of an integrated set of performance measures that are derived from the hospital’s management strategy.
The BSC is designed to translate management’s strategy into performance measures that employees can understand and implement. Using a balanced scorecard can provide a hospital with the following benefits: * It aligns the hospital around a more patient-focused strategy, * It facilitates, monitors, and assesses the implementation of the overall strategy, * It provides a communication and collaboration mechanism, It assigns accountability for performance at all levels of the hospital, and * It provides continual feedback on the strategy and promotes adjustments to changing market and regulatory factors. The BSC was originally developed by Kaplan and Norton (1992; 1993) from the notion that reliance on financial measures of performance alone is insufficient for managing complex organizations, especially as those organizations become more customer focused and want to benefit from their knowledge-based human capital. The BSC has evolved into a strategic management system that uses a framework and core principles to translate an organization’s mission and strategy into a comprehensive set of performance measures (Kaplan 1996). Kaplan and Norton suggest measuring an organization’s performance around four perspectives: (1) financial, (2) customer, (3) internal processes, and (4) learning and growth. This framework provides a balance between short- and long-term objectives, financial and non-financial measures, and external and internal performance indicators. The scorecard also balances the results the organization wants to achieve (typically the financial and customer perspectives) with the drivers of those results (typically the internal processes and the learning and growth perspectives) (Inamdar and Kaplan 2002). Zelman et al. (2003) establish the relevance of the balanced scorecard to health care, but with modifications to recognize unique characteristics of the industry and organizational characteristics.
Numerous articles exist concerning the balanced scorecard and healthcare. One area of research on this topic is concerned with the internal process of developing the balanced scorecard in a generic sense (see Voelker et al. 2001; Pink et al. 2001; Inamdar and Kaplan 2002; Sioncke 2005). Another group is concerned with developing measures at specific organizations or within defined patient populations (see Kershaw and Kershaw 2001; Gumbus et al. 2002; Gumbus et al. 2003; Sugarman and Watkins 2004; Woodward et al. 2004; Wells and Weiner 2005). Fundamentally, measuring performance gives health care providers more control over their services. Performance measures are designed to answer the following questions; * Are the service objectives appropriate? * Are the services meeting their objectives? * Are the services meeting the desired standards in terms of quality, effectiveness, access, and efficiency? Measures are based on inputs (e. g. , staff, services, supplies, equipment, facilities), outputs (services rendered, e. g. , acute and elective services, professional advice, training), and outcomes (results of inputs and outputs, e. g. , health status, disability, continuing care). Examples of hospital services, outputs, and outcomes are shown in Table I. Efficiency measures are ratios of inputs to outputs and it relates to achievement of specific objectives. The effectiveness of a department is a measure of how well the outcomes are achieving desired outcomes. The cost effectiveness of a service is the resources required to achieve the outcome, for example the total cost of achieving mobility and/or pain relief. Table I: Examples of Hospital Services, Outputs, and Outcomes Service Output Outcome Obstetrics Live birth Healthy child and mother Pathology Diagnostic test results Correct diagnosis, effective treatment Engineering Preventive maintenance Decreased machine downtime, reduced operating costs Financial services Financial reports Effective financial management Faced with increasing cost pressures, extensive government regulation, high expectations by the public, and increasing criticism health service providers must be able to not only do many things well but communicate their achievements in a clear and concise manner. Hospitals can benefit by applying the BSC approach to answer the following questions about performance: * Has financial performance improved? * Do patients recognize that we are delivering more value? * Have we improved key services and processes so that we can deliver more value to patients? * Are we maintaining our ability to learn and improve? . ESTABLISHING AND INTERPRETING PERFORMANCE CRITERIA There are some simple principles to follow when using a BSC approach to establishing performance indices and monitoring performance in hospitals.
First, major health goals for the hospital must be established. Second, these goals will serve as a roadmap for service managers of major segments of the organization to establish related goals and supporting objectives.
Third, a series of indicator measures should be developed to assess service delivery and effectiveness, operational performance, and the organization’s response to the environment. All measures of performance/productivity are interpreted in light of the hospital’s goals. Table II provides a high-level view of indicator measures, how they should link with hospital goals, objectives, and environmental concerns. Indicators are consistent with the perspectives outlined for application of the balanced scorecard, i. e. , they may be financial, patient focused, operational, and/or learning/growth oriented. Table II: Role of Indicator Measures in a Hospital Relate To Monitored By Timescale Service Goals Departmental Probably Effectiveness managers annually Indicators Service Objectives Departmental/ Monthly or Delivery cost center weekly Indicators managers Operational/ Detailed Cost center Monthly Organizational objectives/ managers Indicators action plans Environmental Assumptions, Corporate and Ad hoc, but Indicators goals, and departmental preferably objectives managers annually Following are brief descriptions and examples of performance measures for a public hospital using the perspectives of the BSC. 3. 1. FINANCIAL PERSPECTIVE The financial perspective garners the greatest amount of attention when cost control is paramount.
However, it is difficult for most hospital managers to follow direct costs through to the general ledger and then relate them to the activities they manage. Health care organizations need to be able to accumulate this information in a concise and understandable way. Categories of financial measures might include financial health, capital, human resources, and efficiency. Financial Health. Measures such as the percent by which revenues exceed expenses, return on assets, liquidity measures (e. g. , current ratio, working capital ratio) will certainly be used. Capital. In an era of ever expensive medical technology, the percentage of total expenses accounted for by capital equipment is important to monitor.
Human Resources. The costs of direct care staff are another important, and rising, health care cost component. Nurses, for example, are in short supply and hospitals regularly bid up the costs for their services. Measures such as “nursing care hours as a percentage of total inpatient/outpatient nursing hours” indicate the percentage of all inpatient/outpatient nursing hours for staff who are available to carry out the activities that contribute directly to care of in/outpatients. Efficiency. A measure of unit cost performance is the percent by which planned cost per weighted case differs from actual.
Hospitals should monitor the cost of administrative services as a percentage of total expenses. Day in inventory is a useful measure of the efficiency of inventory usage. 3. 2. CUSTOMER PERSPECTIVE Patient service must include developing a positive perception of care delivery and an ability by the organization to quickly correct patient service problems (Kershaw and Kershaw 2001; Gumbus et al. 2003). Several categories of customer/patient measures may be important. These include measures of patient satisfaction, patient involvement, and waiting time. patient satisfaction. The number of complaints provides an indication of satisfaction.
The results should be interpreted in light of the number of patient advocates, how well their presence is publicized, and if a centralized complaints system exists. The pattern of complaints should be monitored. Patient surveys should be conducted.
patient involvement. Indicators for patient involvement in treatment choices includes the number of sources from which treatment information is available, the proportion of treatment services for which protocols exist, and the proportion of consumers offered treatment choices. Monitoring of consumer involvement in the broader decision making process is difficult, with a possible measure being the number of consumers on service development groups. Waiting lists. Waiting lists for services should be monitored separately. If the notional days required to clear either of these waiting lists is high, the percent change in patients on the list should be examined. In addition, the average length of time that patients have to wait for specialists should be surveyed because this may impact on the demand for public hospital services. 3. 3. INTERNAL PROCESSES PERSPECTIVE Hospitals need to identify the internal processes (service development, service delivery, service evaluation) that have the greatest impact on what patients (customers) value. Excellence in these areas is determined by measures that capture time to market, delivery time, cost, and process quality (Kershaw and Kershaw 2001). Ultimately, balanced scorecard measures such as patient satisfaction (from surveys), retention, and safety, establishment of minimally invasive surgery programs, accreditation, and patient referral rates will determine the outcome of internal process initiatives.
Patient flow (timely discharge of patients) suggests another important area to measure. Following are some areas of concern for internal processes that may lead to well-functioning processes. Staffing. The ratio of staff to the area population and the staff workload should be monitored in aggregate and for specific work groups such as medical practitioners and nurses. An indication of the hospital’s commitment to equal employment opportunity (EEO) could be gauged by examining the workforce by ethnicity and gender mix. Efficiency. If the average cost per inpatient or outpatient case by treatment is high, then the key determinants of cost, namely average length-of-stay and staff costs should be examined. Staff costs should be analyzed to identify whether costs are high because of the base cost of staff, the workload per staff member, or because of high overtime costs. Additionally, “utilization rates” such as occupancy rates, throughput rates, and outpatient clinic time utilized should be examined in assessing how efficiently services are provided.
Facility utilization. The overall proportion of specialized treatment facilities or equipment time allocated to a medical service should be monitored as well as this time in relation to specialty treatment beds and patient population in the hospital. It is also important to analyze how facilities or equipment time is used. equity of access. The balance between use of inpatient, outpatient, and community services should be monitored as well as the balance between provision of services in the public and private facilities.
Other factors affecting access that should be monitored include staffing levels, average travel time, and the availability of facilities to accommodate families. Activity rates should be monitored in aggregate and by age, sex, ethnicity, and domicile. Mortality rates. Overall mortality rates for procedures should be examined and related back to the morbidity rates included in equity of access. 3. 4. Learning and Growth Perspective Measures from the learning and growth perspective attempt to identify the skills and tools needed to improve important internal processes. Key areas of concern include the skill levels of employees, availability of training, and employee satisfaction. Patient loads and training hours per caregiver are important BSC measures.
Other concerns and measures in this area include. 4. CONTINUING PROFESSIONAL EDUCATION, TRAINING, AND EMPLOYEE SATISFACTION. Most medical practitioners are subject to continuing professional education requirements. Measures that encourage employees to remain current in their fields and enhance their credentials should be part of a balanced scorecard system. In addition, learning and growth measures should be present to encourage innovation in delivering medical services.
Examples of measures include budgets and expenditures to support cutting edge procedures, number of experimental treatments attempted, and the number of test projects funded to improve service delivery. A service department must establish its own performance standards. It is not particularly helpful to monitor the activity levels, incident rates, etc. if there is no standard or budget for comparison. For example, expected throughput for surgical services should be specified on a month-by-month basis, and a standard should be set for post-operative infection rates (it may be appropriate to set a target level together with an acceptable or minimum standard). The deviation from these standards is the key management information that should be monitored. Comparative information should be used carefully. In addition to measuring the difference in actual performance from planned, it is often useful to compare current performance with historical and similar departments in other organizations. When comparing performance with outside departments or standards, differences in objectives and standards, measurement practices, information systems, environmental factors, and resource constraints should be considered. Careful study and comparisons of other organizations’ criteria and standards should be undertaken (e. . , admission rates, length of stay, environmental standards). Despite these difficulties, there are many examples where careful use of simple comparative information has helped improve the quality and productivity of service delivery. 5. PRODUCTIVITY: A PARTICULARLY USEFUL TYPE OF OPERATIONAL AND ORGANIZATIONAL MEASURE Increasingly, techniques borrowed from production organizations are being utilized to measure productivity and performance and to balance staff resources for greater flexibility in meeting patient demand. Productivity measures are very useful in hospitals if they are constructed with a clear purpose in mind and have the support of employees.
Productivity measures are used for two purposes. First, they report information not previously known by asking the questions; * Is an activity on schedule? * What is the cost of an activity or service? * How productive is a department? Second, they are used to control activities that need to be monitored or limited in some fashion. To be successful, productivity measures must affect employee behavior through a change in the relationship between performance nd rewards and generate commitment by employees to productivity improvement. Hospital department staffs are being asked to do more with less. Where hospital departments historically staffed according to peak loads, they now staff to meet the average load. This demands much greater flexibility in staffing, the greatest productivity challenge to hospitals because of the tremendous fluctuations in demand for hospital services.
However, staffing flexibility impacts on service quality in periods when staffing is low and service demand is high. As a result, efforts to improve productivity need to be balanced with quality of care, effectiveness, and social equity. Productivity is easier to measure than these other factors so there is a tendency to focus on productivity measures to the detriment of other important factors in health care, although improvements in productivity may help improve throughput, accessibility to services, and quality of services. A few simple guidelines are useful for building and sustaining a good productivity measurement system. The measures should be developed participatively. A participative approach lessens resistance to measurement and has motivational benefits. The measures should reflect where the hospital wants to be. If the strategic direction changes, then so should the measures. Productivity is a long-term process.
Patience is required concerning expected results. Regarding the specific measures used, choose a mix of individual and group performance measures. Clearly, the performance of a hospital depends on a combination of individual and team efforts. Clinical employees often view their work as a set of technical activities that they perform independently. They fail to connect their work to that of individuals and departments preceding and following them. Develop measures that consider the customer’s point of view.
Frequently productivity measures neglect to consider that a hospital exits to satisfy patient needs. Develop a family of measures for each department that encompasses productivity, performance, quality, and other relevant measures.
Rarely does a single measure adequately describe performance. Broad indices such as nursing hours paid per admission are unlikely to be helpful in identifying the factors behind the performance index or helping managers decide what action needs to be taken. Specific measures may be developed by analyzing the chain of factors between the initial decision to treat a patient and the actual expenses incurred. By looking at each link in the chain, it is possible to identify the factors that generate nursing costs. It is also possible to consider the interrelationship between these measures. For example, a relatively high index for admissions/population may be linked with low average patient activity. 6. COMMUNICATING PERFORMANCE INFORMATION Performance should be communicated to three groups; * Staff * Management * External groups contributing to your objectives. Health managers can only change service delivery through changing the behavior of their staff employees. Therefore, it is necessary to communicate performance information that is credible and meaningful to those personnel. A brief outline of a process for constructing performance measures, feeding back the information, and facilitating staff involvement in performance and productivity improvement may include; * Identifying the key issues relating to both quality and productivity, * Developing a few selected indicators that are useful for that particular work setting, * Establishing the monitoring system and baseline standards/targets, * Facilitating employee involvement in interpreting information, solving problems, and changing behavior, and * Rewarding performance. This degree of participation may not be appropriate to all units but it is imperative that this process start “top-down” to demonstrate management’s commitment and ensure consistency in application.
Regardless of the degree of staff participation, the performance indices must be credible, the performance information must be communicated simply and frequently, and the information must be used for action to identify and solve problems, encourage improvements, and reward good behavior. Traditionally, management reporting has been on the basis of inputs, primarily deviations from budget (e. g. , bed and staff numbers), outputs and activity levels (e. g. , numbers of admissions, operations, tests conducted, inspections, etc. ), and progress in implementing plans. Communication with external groups requires information that is simple and credible. The objective of the communication should be very clear. If behavioral change is desired, then the communication will need to be reinforced with discussions and develop mutually acceptable action plans. . LEVELS OF MONITORING AND REPORTING Individuals throughout the organization will be interested in different performance levels of throughput. For example, the manager of surgical services for a multi-location facility might be concerned with total throughput in each surgical specialty (broken into acute and elective), quality as measured by post-operative morbidity, cost as measured by variance from budget, and accessibility as measured by average waiting time. The manager of surgical services at one location might be concerned with far greater detail. Finally, the manager of operating rooms might monitor; * availability of time for elective work (against an agreed upon standard), * availability of workers for acute work (against an agreed upon standard), * quality as measured by anesthetic related complications, * costs broken down into nursing, senior medical, junior medical, technical, etc. , * staff costs associated with scheduled and unscheduled sessions, * costs of OR and anesthetic supplies, * average cost per hour, and * unproductive time due to non-availability of staff. The managers of the surgical departments might also monitor a number of factors relating to their own specialties such as quality as measured by surgical related complications, use of allocated time, unproductive time due to non-availability of surgeons, delays in access to operating rooms for acute operations, and surgeon productivity. 8. CONCLUSION Concern by hospital management for performance and productivity measurement has grown in proportion to cutbacks in government funding for health services, pressure from businesses and insurance companies, and public concerns about the rising costs of health care. These factors have produced heightened competition in the health services industry.
Many hospitals are responding by adopting the performance/productivity measurement techniques more commonly found in manufacturing businesses, such as the balanced scorecard. Although scorecards may appear as a fad in the healthcare field, they have in fact earned a permanent place in strategic planning (Pieper 2005). A successful performance/productivity measurement system should follow a few important principles and take account of the unique characteristics of health care. Application of these measurement methods along with some creativity, initiative, and cooperation among hospital employees, customers, and consumers can improve the management and delivery of health care at reduced cost and without loss of quality. REFERENCES Adler, P. S. , P. Riley, S. Kwon, J. Signer, B. Lee & R. Satrasala (2003). Performance improvement capability: Keys to accelerating performance improvement in hospitals. California Management Review 45(2), 12-33. Cleverly, W. & O. Cleverly (2005). Scorecards and dashboards using financial metrics to improve performance. Healthcare Financial Management 59(7), 64-69. Gumbus, A. , B. Lyons & D. E. Bellhouse (2002). Journey to destination 2005: How Bridgeport Hospital is using the balanced scorecard to map its course.
Strategic Finance 84(2), 46-50. Gumbus, W. , D. E. Bellhouse & B. Lyons (2003). A three-year journey to organizational and financial health using the balanced scorecard: A case study at a Yale New Haven health system hospital. Journal of Business & Economic Studies 9(2), 54-64. Inamdar, N. & Kaplan, R. S. (1992) “Applying the balanced scorecard in healthcare provider organizations. Journal of Healthcare Management 47(3), 179-195. Kaplan, R. S. & D. P. Norton (1992). The balanced scorecard: Measures that drive performance. Harvard Business Review 70(1), 71-79. Kaplan, R. S. & D. P. Norton. (1993). Putting the balanced scorecard to work. Harvard Business Review 71(5), 134-140. Kaplan, R. S. & D. P. Norton. (1996). Using the balanced scorecard as a strategic management system.
Harvard Business Review 74(1), 75-86. Kershaw, R. & S. Kershaw (2001). Developing a balanced scorecard to implement strategy at St. Elsewhere hospital. Management Accounting Quarterly 2(2), 28-35. Pieper, S. (2005). Reading the right signals: How to strategically manage with scorecards.
Healthcare Executive 20(3), 8-14. Pink, G. H. , I. McKillop, E. G. Schraa, C. Preyra, C. Montgomery & G. R. Baker (2001). Creating a balanced scorecard for a hospital system. Journal of Health Care Finance 27(3), 1-20. Sioncke, G. (2005). Implementation of a balanced scorecard in a care home for the elderly: Useful or not? Total Quality Management 16(8-9), 1023-1029. Sugarman, P. A. and J. Watkins (2004). Balancing the scorecard: Key performance indicators in a complex healthcare setting. Clinician in Management 12, 129-132. Voelker, K. , R. Rakich & G. French (2001). The balanced scorecard in healthcare organizations: A performance measurement and strategic planning methodology. Hospital Topics 79(3), 13-24. Weber, D. O. (2001). A better gauge of corporate performance. Health Forum Journal May/June, 20-24. Wells, R. & B. Weiner (2005). Using the balanced scorecard to characterize benefits of integration in the safety net.
Health Services Management Research 18, 109-123. Woodward, G. , D. Manuel & V. Goel (2004). Developing a balanced scorecard for public health. ICES (Institute for Clinical Evaluation Sciences), Toronto. Zelman, W. N. , G. H. Pink & C. B. Matthias (2003). Use of the balanced scorecard in health care. Journal of Health Care Finance 29(4), 1-16.
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Dalhousie
JUVENILE ADVENTURERS & Auro Adventure Educational Trekking & Adventure program @ Dalhousie (H. P. ) April/May 2010 Juvenile Adventurers & Auro Adventure is pleased to announce Adventure Camps at DALHOUSIE during summer vacation - 2010. During the camps various activities like Rock climbing, Bird watching, Star gazing, Slide-shows, River crossing, Map reading, painting, etc. are coordinated with trekking in such a way that makes these camps not only enjoyable but equally informative. Training is imparted to the participants by qualified & experienced mountaineers. The participants will have opportunity to interact with leading personalities of Indian mountaineering during the talk shows, slide shows, movie shows which shall be arranged during the camp. Evening campfires, after day’s hard work, is the time to learn about the extra skills that the other participants possess and to represent yourself! The hill resort of Dalhousie (7000 ft. 2150 m. ), situated on the main range of Dhauladhar, commands a panoramic view of the ice-covered Pir Panjal Range. It is surrounded by thick forests, and the treks through these forests and the slopes of the mountains are the most rewarding. We are pleased to announce a Seven-day trekking/training programme for the interested and young in spirit. PROGRAMME OUTLINE Day 1: Reporting at Dalhousie, room allotment, brief orientation, dinner and rest. Day 2 to 6: Trekking during the day to the deep forests and high mountains, training/techniques of walking/climbing in the mountains, rock climbing, river crossing, talk, introduction to flora fauna of Himalaya, Ornithology Practical, slide show, adventure games, drawing-painting, creative writing, etc. in the evening and camp fire (at least once) during the camp. Visit to Kala Top Wildlife Sanctuary and Khajjiar, partly by vehicle and partly by trek. Day 7: Send off. Programme Details: Batch |Starting from Ahmadabad |Reporting at Dalhousie in the |Starting from Dalhousie in the |Reaching back at | | | |evening |Morning |Ahmadabad | |1st |20 April 2010 |21 April 2010 |27 April 2010 |28 April 2010 | |2nd |26 April 2010 |27 April 2010 |3 May 2010 |4 May 2010 | |3rd |2 May 2010 |3 May 2010 |9 May 2010 |10 May 2010 | |4th |8 May 2010 |9 May 2010 |15 May 2010 |16 May 2010 | |5th NRI | |28 May |4 June 2010 | | Ahmadabad to Pathankot & back by train No 9223 & 9224 Pathankot to Dalhousie & back by Bus. Charges & Coast • For 1st to 4th Batch: Rs. 7500/- per Adult Rs. 7000/- per Student. Registration fees Rs. 2000/- (Advance and Non refundable) [Cost includes travel expense i. e. Ahmadabad to Ahmadabad. However, participants will have to manage their food en route. ] • For NRI 5th Batch:400 US $ / per participants (All Advance) Note of caution: The organizers are experienced, qualified and ensure full safety in all activities. However, the organizers won’t be responsible for any mishap or accident. • The participants will get accommodation in hotel rooms with wall to wall carpet and 24hrs running hot water. If participants are coming with the family, the children will be accommodated separately with other children of their age in the same hotel premises. • All sessions of the camp would be compulsory for all participants. It’s an educational trekking camp wherein the participants may have to trek 8/10 kms per day in forests. • Menu for food will be decided by the organizers. Individual demands will not be entertained. The participants will get quality & healthy food according to the climate. ( Breakfast, Lunch, Tea & Dinner) • No age bar. All who are young in spirit may join. • Register before 29th January 2010. NOTES 1. Maximum 65 participants per batch. 2. Parents may join the camp along with their children. 3. A certificate of participation will be awarded to each participant. 4. It will be possible to contact the participants on phone in late evenings or early mornings. Participants can also make calls from the STD booth in the hotel premises. 5. Temperature in Dalhousie during the programme may be around 18-27° during the day and 10-16° during nights. 6. Day-to day programme may change in case of bad weather or due to unforeseen circumstances. Dalhousie.. the gift of Lord to Himachal Pradesh Thick forests, wildlife tranquil ambience and refreshing views of the far mountains draped in snow. Dalhousie is an enchanting little town with a colonial hangover. Its lush forests of pine, cedar and deodar attract nature-lovers, along with the usual throng of tourists seeking shelter from the sweltering heat of the plains. Set on five hills and facing the Pir Panjal range, one can view the Ravi, Beas and Chenab rivers from certain vantage points. Fold after fold of mountains, snow-capped and pristine, can be viewed from the jagged Pangi Valley, which is a trekker’s paradise. Whether claims that Rabindranath Tagore penned his first poem here or Subhash Chandra Bose visited it secretly, hold good or not, Dalhousie’s spectacular landscape sure warrants a visit! Location: Dalhousie is a sleepy little place along the Dhauladhar Range in Himachal Pradesh, 80 kms from Pathankot at an altitude that varies between 5,000 and 7800 feet. Climate: Summers are fairly pleasant, with temperatures ranging from 12? C to 25? C . Winters are extremely cold, with temperatures dipping as low as 2? C to 10? C. Things to be carried: Jeans Pants, T-Shirts, Shirts, Socks, Hand gloves, Windproof Jacket, Handkerchief, Ruck Sack, Day Pack, Toilet Kit, First Aid, Medicines, Water Bottle, Torch, Extra cell, Raincoat/Ponchos, Camera, Binocular, Goggle, Sun cap, I-card, Sleeper. No Liquor. No Smoking Contact: Surendra Gohil: 9978970073 (V V Nagar) Nikhil Mori: 9426332003 (Baroda) Kiran Chavda: 09414152270 / 9929322870 (Mt. Abu) *** surendragohil@gmail. com Nikhil. mori@gmail. com kiran. chaula@gmail. com / Kiran@auroadventure. com ----------------------- Contact: Kiran Chavda : 09414152270 Nikhil Mori : 9427239035 Surendra Gohil : 9427239008 *** juvenileadventurers@gmail. com Educational Trekking & Adventure program *** May 2008 JUVENILE ADVENTURERS JUVENILE ADVENTURERS
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European Expansion
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European Expansion. (2017, Sep 20).
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Principles of Managerial Finance
PART 1 Introduction to Managerial Finance CHAPTERS IN THIS PART 1 2 3 The Role and Environment of Managerial Finance Financial Statements and Analysis Cash Flow and Financial Planning INTEGRATIVE CASE 1: TRACK SOFTWARE, INC. CHAPTER 1 The Role and Environment of Managerial Finance INSTRUCTOR’S RESOURCES Overview This chapter introduces the student to the field of finance and explores career opportunities in both financial services and managerial finance. The three basic legal forms of business organization (sole proprietorship, partnership, and corporation) and their strengths and weaknesses are described, as well as the relationship between major parties in a corporation. The managerial finance function is defined and differentiated from economics and accounting. The chapter then summarizes the three key activities of the financial manager: financial analysis and planning, investment decisions, and financing decisions. A discussion of the financial manager’s goals – maximizing shareholder wealth and preserving stakeholder wealth – and the role of ethics in meeting these goals is presented.
The chapter includes discussion of the agency problem – the conflict that exists between managers and owners in a large corporation. Money and capital markets and their major components are introduced in this chapter. The final section covers a discussion of the impact of taxation on the firm’s financial activities. PMF DISK This chapter’s topics are not covered on the PMF Tutor, PMF Problem-Solver, or the PMF Templates. Study Guide The following Study Guide example is suggested for classroom presentation: Example 1 3 Topic Earnings per share Income tax calculation ANSWERS TO REVIEW QUESTIONS 1-1 Finance is the art and science of managing money. Finance affects all individuals, businesses, and governments in the process of the transfer of money through institutions, markets, and instruments. Financial services is the area of finance concerned with the design and delivery of advice and financial products to individuals, businesses, and government. Managerial finance encompasses the functions of budgeting, financial forecasting, credit administration, investment analysis, and funds procurement for the firm.
Managerial finance is the management of the firm’s funds within the firm. This field offers many career opportunities, including financial analyst, capital budgeting analyst, and cash manager (Note: Other answers possible). 1-3 Sole proprietorships are the most common form of business organization, while corporations are responsible for the majority of business receipts and profits. Corporations account for the majority of business receipts and profits because they receive certain tax advantages and can expand more easily due to access to capital markets.
Stockholders are the true owners, through equity in common and preferred stock, of a corporation. They elect the board of directors, which has the ultimate authority to guide corporate affairs and set general policy. The board is usually composed of key corporate personnel and outside directors. The president (CEO) reports to the board. He or she is responsible for day-to-day operations and carrying out policies established by the board.
The owners of the corporation do not have a direct relationship with management but give their input through the election of board members and voting on major charter issues. The owners of the firm are compensated through the receipt of cash dividends paid by the firm or by realizing capital gains through increases in the price of their common stock shares. The most popular form of limited liability organizations other than corporations are: ? Limited partnerships – A partnership with at least one general partner with unlimited liability and one or more limited partners that have limited liability. In return for the limited liability, the limited partners are prohibited from active management of the partnership. ? S corporation – If certain requirements are met, the S corporation can be taxed as a partnership but receive most of the benefits of the corporate form of organization. ? Limited liability corporation (LLC) – This form of organization is like an S corporation in that it is taxed as a partnership but primarily functions like a corporation. The LLC differs from the S corporation in that it is allowed to own 1-2 1-4 1-5 other corporations and be owned by other corporations, partnerships, and non-U. S. residents. ? Limited liability partnership (LLP) – A partnership form authorized by many states that gives the partners limited liability from the acts of other partners, but not from personal individual acts of malpractice. The LLP is taxed as a partnership. This form is most frequently used by legal and accounting professionals.
These firms generally do not have large numbers of owners. Most typically have fewer than 100 owners. 1-6 Virtually every function within a firm is in some way connected with the receipt or disbursement of cash. The cash relationship may be associated with the generation of sales through the marketing department, the incurring of raw material costs through purchasing, or the earnings of production workers. Since finance deals primarily with management of cash for operation of the firm every person within the firm needs to be knowledgeable of finance to effectively work with employees of the financial departments. The treasurer or financial manager within the mature firm must make decisions with respect to handling financial planning, acquisition of fixed assets, obtaining funds to finance fixed assets, managing working capital needs, managing the pension fund, managing foreign exchange, and distribution of corporate earnings to owners. Finance is often considered a form of applied economics.
Firms operate within the economy and must be aware of economic principles, changes in economic activity, and economic policy. Principles developed in economic theory are applied to specific areas in finance. From macroeconomics comes the institutional structure in which money and credit flows take place. From microeconomics, finance draws the primary principle used in financial management, marginal analysis. Since this analysis of marginal benefits and costs is a critical component of most financial decisions, the financial manager needs basic economic knowledge. a. Accountants operate on an accrual basis, recognizing revenues at the point of sale and expenses when incurred. The financial manager focuses on the actual inflows and outflows of cash, recognizing revenues when actually received and expenses when actually paid. . The accountant primarily gathers and presents financial data; the financial manager devotes attention primarily to decision making through analysis of financial data. 1-10 The two key activities of the financial manager as related to the firm’s balance sheet are: (1) Making investment decisions: Determining both the most efficient level and the best mix of assets; and (2) Making financing decisions: Establishing and maintaining the proper mix of shortand long-term financing and raising needed financing in the most economical fashion. 1-7 1-8 -9 Making investment decisions concerns the left-hand side of the balance sheet (current and fixed assets). Making financing decisions deals with the right-hand side of the balance sheet (current liabilities, long-term debt, and stockholders’ equity). 1-11 Profit maximization is not consistent with wealth maximization due to: (1) the timing of earnings per share, (2) earnings which do not represent cash flows available to stockholders, and (3) a failure to consider risk.
Risk is the chance that actual outcomes may differ from expected outcomes. Financial managers must consider both risk and return because of their inverse effect on the share price of the firm. Increased risk may decrease the share price, while increased return may increase the share price.
The goal of the firm, and therefore all managers, is to maximize shareholder wealth. This goal is measured by share price; an increasing price per share of common stock relative to the stock market as a whole indicates achievement of this goal. Mathematically, economic value added (EVA) is the after-tax operating profits a firm earns from an investment minus the cost of funds used to finance the investment. If the resulting value is positive (negative), shareholders wealth is increased (decreased) by the investment. EVA is used for determining if an existing or planned investment will result in an increase in shareholder wealth, and should thus be continued in order to fulfill the financial management function of maximizing shareholder wealth. In recent years the magnitude and severity of “white collar crime” has increased dramatically, with a corresponding emphasis on prosecution by government authorities. As a result, the actions of all corporations and their executives have been subjected to closer scrutiny. This increased scrutiny of this type of crime has resulted in many firms establishing corporate ethics guidelines and policies to cover employee actions in dealing with all corporate constituents.
The adoption of high ethical standards by a corporation strengthens its competitive position by reducing the potential for litigation, maintaining a positive image, and building shareholder confidence. The result is enhancement of longterm value and a positive effect on share price. Market forces – for example, shareholder activism from large institutional investors – can reduce or avoid the agency problem because these groups can use their voting power to elect new directors who support their objectives and will act to replace poorly performing managers. In this way, these groups place pressure on management to take actions that maximize shareholder wealth. The threat of hostile takeovers also acts as a deterrent to the agency problem. Hostile takeovers occur when a company or group not supported by existing management attempts to acquire the firm. Because the acquirer looks for companies that are poorly managed and undervalued, this threat motivates managers to act in the best interests of the firm’s owners. 1-17 Firms incur agency costs to prevent or minimize agency problems. It is unclear whether they are effective in practice. The four categories of agency cost are monitoring expenditures incurred by the owners for audit and control procedures, bonding 1-12 1-13 1-14 1-15 1-16 xpenditures to protect against the potential consequences of dishonest acts by managers, structuring expenditures that use managerial compensation plans to provide financial incentives for managerial actions consistent with share price maximization, and opportunity costs resulting from the difficulties typically encountered by large organizations in responding to new opportunities.
Structuring expenditures are currently the most popular way to deal with the agency problem – and also the most powerful and expensive. Compensation plans can be either incentive or performance plans. Incentive plans tie management performance to share price. Managers may receive stock options giving them the right to purchase stock at a set price. This provides the incentive to take actions that maximize stock price so that the price will rise above the option’s price level.
This form of compensation plan has fallen from favor recently because market behavior, which has a significant effect on share price, is not under management’s control. As a result, performance plans are more popular today. With these, compensation is based on performance measures, such as earnings per share (EPS), EPS growth, or other return ratios. Managers may receive performance shares and/or cash bonuses when stated performance goals are reached. In practice, recent studies have been unable to document any significant correlation between CEO compensation and share price. 1-18 The key participants in financial transactions are individuals, businesses, and governments. These parties participate both as suppliers and demanders of funds. Individuals are net suppliers, which means that they save more dollars than they borrow, while both businesses and governments are net demanders since they borrow more than they save. One could say that individuals provide the excess funds required by businesses and governments. Financial markets provide a forum in which suppliers of funds and demanders of loans and investments can transact business directly.
Primary market is the name used to denote the fact that a security is being issued by the demander of funds to the supplier of funds. An example would be Microsoft Corporation selling new shares of common stock to the public. Secondary market refers to the trading of securities among investors subsequent to the primary market issuance. In secondary market trading, no new funds are being raised by the demander of funds.
The security is trading ownership among investors. An example would be individual “A” buying common stock of Microsoft through a broker. Financial institutions and financial markets are not independent of each other. It is quite common to find financial institutions actively participating in both the money market and the capital market as both suppliers and demanders of funds. Financial institutions often channel their investments and obtain needed financing through the financial markets. This relationship exists since these institutions must use the structure of the financial marketplace to find a supplier of funds. 1-20 The money market is a financial relationship between the suppliers and demanders of short-term debt securities maturing in one year or less, such as U. S. Treasury bills, 1-19 commercial paper, and negotiable certificates of deposit. The money market has no one specific physical location.
Typically the suppliers and demanders are matched through the facilities of large banks in New York City and through government securities dealers. -21 The Eurocurrency market is the international equivalent of the U. S. money market and is used for short-term bank time deposits denominated in dollars or other major currencies. These deposits can be lent by the banks to creditworthy corporations, governments, or other banks at the London Interbank Offered Rate (LIBOR) – the base rate used for all Eurocurrency loans. The capital market is a financial relationship created by a number of institutions and arrangements that allows the suppliers and demanders of long-term funds (with maturities greater than one year) to make transactions. The key securities traded in the capital markets are bonds plus common and preferred stock. Securities exchanges provide a forum for debt and equity transactions. They bring together demanders and suppliers of funds, create a continuous market for securities, allocate scarce capital, determine and publicize security prices, and aid in new financing.
The over-the-counter market is not a specific institution, but rather an intangible market for the buyers and sellers of securities not listed on the major exchanges. The dealers are inked with purchasers and sellers through the National Association of Securities Dealers Automated Quotation System (NASDAQ), a complex telecommunications network. Prices of traded securities are determined by both competitive bids and negotiation. The over-the-counter market differs from organized security exchanges in its lack of a physical trading location and the absence of listing and membership requirements. In addition to the U. S. capital markets, corporations can raise debt and equity funds in capital markets located in other countries.
The Eurobond market is the oldest and largest international debt market. Corporate and government bonds issued in this market are denominated in dollars or other major currencies and sold to investors outside the country in whose currency the bonds are denominated. Foreign bond markets also provide corporations with the opportunity to tap other capital sources. Corporations or governments issue bonds denominated in the local currency and sold only in that home market. The international equity market allows corporations to sell blocks of stock to investors in several countries, providing a diversified investor base and additional opportunities to raise larger amounts of capital. An efficient market will allocate funds to their most productive uses due to competition among wealth-maximizing investors. Investors determine the price of assets through their participation in the financial markets and publicize those prices that are believed to be close to their true value.
The ordinary income of a corporation is income earned through the sale of a firm’s goods or services. Taxes on corporate ordinary income have two components: a fixed amount on the base figure for its income bracket level, plus a progressive percentage, ranging from 15% to 39%, applied to the excess over the base bracket figure. A capital gain occurs when a capital asset is sold for more than its initial purchase price.
Capital gains are added to ordinary income and taxed at the regular corporate rates. The average tax rate is calculated by dividing taxes paid by taxable income. For firms with taxable 1-22 1-23 1-24 1-25 1-26 income of $10 million or less, it ranges from 15 to 34 percent. For firms with taxable income in excess of $10 million, it ranges between 34 and 35 percent.
The marginal tax rate is the rate at which additional income is taxed. -27 Intercorporate dividends are those received by a corporation for stock held in other corporations. To avoid triple taxation, if ownership is less than 20%, these dividends are subject to a 70% exclusion for tax purposes. (The exclusion percentage is higher if ownership exceeds 20%. ) Since interest income from intercorporate bond investments is taxed in full, this tax exclusion increases the attractiveness of stock investments over bond investments made by one corporation in another. The tax deductibility of corporate expenses reduces their actual after-tax cost. Corporate interest is a tax-deductible expense, while dividends are not. The purpose of a tax loss carryback and carryforward is to provide a more equitable tax treatment for corporations that are experiencing volatile patterns of income. It is particularly attractive for firms in cyclical businesses such as construction. To illustrate a loss carryback, assume a firm had a positive taxable income in 2000 and 2001 and then experienced a negative taxable income in 2002. The negative amount can first be used to reduce the 2000 taxable income by the amount of the tax loss to as low as zero. If any tax loss from 2002 remains, it can be applied against the 2001 taxable income until the loss is exhausted or 2001 taxable income reaches zero. A tax refund will then be obtained for 2000 and 2001 for the taxes previously paid. Any remaining loss would have to wait for the 2003 tax year to see if it needs to be carried forward. 1-28 1-29 SOLUTION TO PROBLEMS 1-1 LG 1: Liability Comparisons a. Ms. Harper has unlimited liability. b. Ms. Harper has unlimited liability. c. Ms. Harper has limited liability, which guarantees that she cannot lose more than she invested. LG 2, 4: The Managerial Finance Function and Economic Value Added a. Benefits from new robotics $560,000 Benefits from existing robotics 400,000 Marginal benefits $160,000 b. Initial cash investment Receipt from sale of old robotics Marginal cost c. Marginal benefits Marginal cost Net benefits $220,000 70,000 $150,000 $160,000 150,000 $ 10,000 1-2 d. Ken should recommend that the company replace the old robotics with the new robotics. Since the EVA is positive, the wealth of the shareholders would be increased by accepting the change. e. EVA uses profits as the estimate of cost and benefits. Profits ignore the important points of timing, cash flow, and risk, three important factors to determining the true impact on shareholders’ wealth. 1-3 LG 2: Annual Income versus Cash Flow for a Period a. Sales $760,000 Cost of good sold 300,000 Net profit $460,000 b. Cash Receipts Cost of good sold Net cash flow $690,000 300,000 $390,000 c. The cash flow statement is more useful to the financial manager.
The accounting net income includes amounts that will not be collected and, as a result, do not contribute to the wealth of the owners. 1-4 LG 4: Identifying Agency Problems, Costs, and Resolutions a. In this case the employee is being compensated for unproductive time. The company has to pay someone to take her place during her absence. Installation of a time clock that must be punched by the receptionist every time she leaves work and returns would result in either: (1) her returning on time or (2) reducing the cost to the firm by reducing her pay for the lost work. b. The costs to the firm are in the form of opportunity costs. Money budgeted to cover the inflated costs of this project proposal is not available to fund other projects which may help to increase shareholder wealth. Make the management reward system based on how close the manager’s estimates come to the actual cost rather than having them come in below cost. c. The manager may negotiate a deal with the merging competitor which is extremely beneficial to the executive and then sell the firm for less than its fair market value. A good way to reduce the loss of shareholder wealth would be to open the firm up for purchase bids from other firms once the manager makes it known that the firm is willing to merge. If the price offered by the competitor is too low, other firms will up the price closer to its fair market value. . Generally part time or temporary workers are not as productive as full-time employees.
These workers have not been on the job as long to increase their work efficiency. Also, the better employees generally need to be highly compensated for their skills. This manager is getting rid of the highest cost employees to increase profits. One approach to reducing the problem would be to give the manager performance shares if they meet certain stated goals. Implementing a stock incentive plan tying management compensation to share price would also encourage the manager to retain quality employees. -5 LG 6: Corporate Taxes a. Firm’s tax liability on $92,500 (from Table 1. 4): Total taxes due = $13,750 + [. 34 x ($92,500 – $75,000)] = $13,750 + (. 34 x $17,500) = $13,750 + $5,950 = $19,700 After-tax earnings: Average tax rate: Marginal tax rate: $92,500 $19,700 34% ? $19,700 $92,500 = = $72,800 21. 3% b. c. d. 1-6 a. LG 6: Average Corporate Tax Rates Tax calculations using Table 1. 4: $10,000: Tax liability: $10,000 x . 15 = After-tax earnings: $10,000 $1,500 = Average tax rate: $1,500 ? $10,000 = $80,000: Tax liability: $1,500 $8,500 15% $13,750 + [. 4 x (80,000 – $75,000)] $13,750 + (. 34 x $5,000) $13,750 + $1,700 $15,450 = Total tax $80,000 $15,450 ? $15,450 = $80,000 = $64,550 19. 3% After-tax earnings: Average tax rate: $300,000: Tax liability: $22,250 + [. 39 x ($300,000 – $100,000)] $22,250 + (. 39 x $200,000) $22,250 + $78,000 $100,250 = Total tax $300,000 $100,250 ? $100,250 = $199,750 $300,000 = 33. 4% After-tax earnings: Average tax rate: $500,000: Tax liability: $113,900 + [. 34 x ($500,000 – $335,000)] $113,900 + (. 34 x $165,000) $113,900 + $56,100 $170,000 = Total tax $500,000 $170,000 ? $170,000 = $330,000 $500,000 = 34% After-tax earnings: Average tax rate: $1,500,000: Tax liability: $113,900 + [. 34 x ($1,500,000 – $335,000)] $113,900 + (. 34 x $1,165,000) $113,900 + $396,100 $510,000 = Total tax After-tax earnings: Average tax rate: $10,000,000: Tax liability: $1,500,000 $510,000 ? $510,000 $1,500,000 = = $990,000 34% $113,900 + [. 34 x ($10,000,000 – $335,000)] $113,900 + (. 34 x $9,665,000) $113,900 + $3,286,100 $3,400,000 = Total tax After-tax earnings: Average tax rate: $15,000,000: Tax liability: $10,000,000 $3,400,000 = $3,400,000 ? $10,000,000 = $6,600,000 34% $3,400,000 + [. 4 x ($15,000,000 – $10,000,000)] $3,400,000 + (. 34 x $5,000,000) $3,400,000 + $1,750,000 $5,150,000 = Total tax $15,000,000 $5,150,000 = $5,150,000 ? $15,000,000 = $9,850,000 34. 33% After-tax earnings: Average tax rate: b. Average Tax Rate versus Pretax Income 36 34 32 30 28 26 24 22 20 18 16 14 0 2000 4000 6000 8000 10000 12000 14000 16000 Average Tax Rate % Pretax Income Level ($000) As income increases, the rate approaches but does not reach 35%. 1-7 a. LG 6: Marginal Corporate Tax Rates Pretax Income $ 15,000 60,000 90,000 200,000 Base Tax $ 0 7,500 13,750 22,250 + + + + + % (. 15 (. 5 (. 34 (. 39 Tax Calculation Amount x over Base x 15,000) x 10,000) x 15,000) x 100,000) = = = = = Tax $ 2,250 10,000 18,850 61,250 Marginal Rate 15. 0% 25. 0% 34. 0% 39. 0% 400,000 1,000,000 20,000,000 113,900 113,900 3,400,000 + + + (. 34 (. 34 (. 35 x x x 65,000) 665,000) 10,000,000) = = = 136,000 340,000 6,900,000 34. 0% 34. 0% 35. 0% b. Marginal Tax Rate versus Pretax Income 40 Marginal Tax Rate % 35 30 25 20 15 10 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 Pretax Income Level ($000) As income increases to $335,000, the marginal tax rate approaches and peaks at 39%. For income in excess of $335,000, the marginal tax rate declines to 34%, and after $10 million the marginal rate increases slightly to 35%. 1-8 a. LG 6: Interest versus Dividend Income Tax on operating earnings: $490,000 x . 40 tax rate = $196,000 b. and c. Before-tax amount Less: Applicable exclusion Taxable amount Tax (40%) After-tax amount (b) Interest Income $20,000 0 $20,000 8,000 $12,000 (c) Dividend Income $20,000 14,000 (. 70 x $20,000) $ 6,000 2,400 $17,600 d. The after-tax amount of dividends received, $17,600, exceeds the after-tax amount of interest, $12,000, due to the 70% corporate dividend exclusion. This increases the attractiveness of stock investments by one corporation in another relative to bond investments. e. 1-9 a. Total tax liability: Taxes on operating earnings (from a. ) + Taxes on interest income (from b. ) + Taxes on dividend income (from c. ) Total tax liability LG 6: Interest versus Dividend Expense EBIT Less: Interest expense Earnings before taxes Less: Taxes (40%) Earnings after taxes* $40,000 10,000 $30,000 12,000 $18,000 $196,000 8,000 2,400 $206,400 * This is also earnings available to common stockholders. b. EBIT Less: Taxes (40%) Earnings after taxes Less: Preferred dividends Earnings available for common stockholders LG 6: Capital Gains Taxes Capital gain: Asset X = $2,250 Asset Y = $35,000 Tax on sale of asset: Asset X = $250 Asset Y = $5,000 $40,000 16,000 $24,000 10,000 $14,000 1-10 a. $2,000 = $30,000 = $ 250 $5,000 b. x . 40 x . 40 = = $ 100 $2,000 1-11 LG 6: Capital Gains Taxes a. and b. Sale Price (1) $ 3,400 12,000 80,000 45,000 18,000 Purchase Price (2) $ 3,000 12,000 62,000 41,000 16,500 Capital Gain (1) – (2) (3) $ 400 0 18,000 4,000 1,500 Tax (3) x . 40 (4) $ 160 0 7,200 1,600 600 Asset A B C D E CHAPTER 1 CASE Assessing the Goal of Sports Products, Inc. a. Maximization of shareholder wealth, which means maximization of share price, should be the primary goal of the firm.
Unlike profit maximization, this goal considers timing, cash flows, and risk. It also reflects the worth of the owners’ investment in the firm at any time. It is the value they can realize should they decide to sell their shares. Yes, there appears to be an agency problem.
Although compensation for management is tied to profits, it is not directly linked to share price. In addition, management’s actions with regard to pollution controls suggest a profit maximization focus, which would maximize their earnings, rather than an attempt to maximize share price. The firm’s approach to pollution control seems to be questionable ethically. While it is unclear whether their acts were intentional or accidental, it is clear that they are violating the law – an illegal act potentially leading to litigation costs – and as a result are damaging the environment, an immoral and unfair act that has potential negative consequences for society in general. Clearly, Sports Products has not only broken the law but also established poor standards of conduct and moral judgment. Some specific recommendations for the firm include: ? Tie management, and possibly employee, compensation to share price or a performance-based measure and make sure that all involved own stock and have a stake in the firm.
Being compensated partially on the basis of share price or another performance measure, and owning stock in the firm will more closely link the wealth of managers and employees to the firm’s performance. ? Comply with all federal and state laws as well as accepted standards of conduct or moral judgment. Establish a corporate ethics policy, to be read and signed by all employees. (Other answers are, of course, possible. ) b. c. d. CHAPTER 2 Financial Statements and Analysis INSTRUCTOR’S RESOURCES Overview This chapter examines the key components to the stockholders’ report: the income statement, balance sheet, statement of retained earnings, and the statement of cash flows. On the income statement and balance sheet, the major accounts/balances are reviewed for the student. The rules for consolidating a company’s foreign and domestic financial statements (FASB No. 52) are described. Following the financial statement coverage the chapter covers the evaluation of financial statements using the technique of ratio analysis. Ratio analysis is used by prospective shareholders, creditors, and the firm’s own management to measure the firm’s operating and financial health. Three types of comparative analysis are defined: cross-sectional analysis, timeseries analysis, and combined analysis.
The ratios are divided into five basic categories: liquidity, activity, debt, profitability, and market. Each ratio is defined and calculated using the financial statements of the Bartlett Company. A brief explanation of the implications of deviation from industry standard ratios is offered, with a complete (cross-sectional and timeseries) ratio analysis of Bartlett Company ending the chapter. The DuPont system of analysis is also integrated into the example. PMF Tutor: Financial Ratios This section of the Gitman Tutor generates problems to give the student practice calculating liquidity, activity, debt, profitability, and market ratios. PMF Problem-Solver: Financial Ratios This module allows the student to compute all the financial ratios described in the text. There are three options: all ratios, families of ratios, and individual ratios. PMF Templates Spreadsheet templates are provided for the following problems: Problem Problem 2-4 Problem 2-5 Problem 2-6 Problem 2-8 Problem 2-15 Topic Calculation of EPS and retained earnings Balance sheet preparation Impact of net income on a firm’s balance sheet Statement of retained earnings Debt analysis Study Guide Suggested Study Guide examples for classroom presentation: Example 1 2 3 Topic Basic ratio calculation Common-size income statement Evaluating ratios ANSWERS TO REVIEW QUESTIONS 2-1 The purpose of each of the 4 major financial statements are: Income Statement – The purpose of the income statement is to provide a financial summary of the firm’s operating results during a specified time period. It includes both the sales for the firm and the costs incurred in generating those sales. Other expenses, such as taxes, are also included on this statement.
Balance Sheet – The purpose of the balance sheet is to present a summary of the assets owned by the firm, the liabilities owed by the firm, and the net financial position of the owners as of a given point in time. The assets are often referred to as investments and the liabilities and owners equity as financing. Statement of Retained Earnings – This statement reconciles the net income earned during the year, and any cash dividends paid, with the change in retained earnings during the year. Statement of Cash Flows – This statement provides a summary of the cash inflows and the cash outflows experienced by the firm during the period of concern. The inflows and outflows are grouped into the cash flow areas of operations, investment, and financing. -2 The notes to the financial statements are important because they provide detailed information not directly available in the financial statements. The footnotes provide information on accounting policies, procedures, calculation, and transactions underlying entries in the financial statements.
Financial Accounting Standards Board Statement No. 52 describes the rules for consolidating a company’s foreign and domestic financial statements. It requires U. S. based companies to translate foreign-currency-denominated assets and liabilities into U. S. dollars using the current rate (translation) method. This method uses the exchange rate prevailing on the date the fiscal year ends (the current rate). Income statement items can be translated using either the current rate or an average exchange rate for the period covered by the statement. Equity accounts are converted at the exchange rate on the date of the investment. In the retained earnings account any gains and losses from currency fluctuations are stated separately in an equity reserve account? the cumulative translation adjustment account? and not realized until the parent company sells or closes the foreign operations. Current and prospective shareholders place primary emphasis on the firm’s current and future level of risk and return as measures of profitability, while creditors are more concerned with short-term liquidity measures of debt.
Stockholders are, therefore, most interested in income statement measures, and creditors are most concerned with balance sheet measures. Management is concerned with all ratio measures, since they recognize that stockholders and creditors must see good ratios in order to keep the stock price up and raise new funds. Cross-sectional comparisons are made by comparing similar ratios for firms within the same industry, or to an industry average, as of some point in time. Time-series comparisons are made by comparing similar ratios for a firm measured at various points in time. Benchmarking is the term used to describe this cross-sectional comparison with competitor firms.
The analyst should devote primary attention to any significant deviations from the norm, whether above or below. Positive deviations from the norm are not necessarily favorable. An above-normal inventory turnover ratio may indicate highly efficient inventory management but may also reveal excessively low inventory levels resulting in stockouts. Further examination into the deviation would be required. Comparing financial statements from different points in the year can result in inaccurate and misleading analysis due to the effects of seasonality. Levels of current assets can fluctuate significantly, depending on a company’s business, so statements from the same 2-3 2-4 2-5 2-6 2-7 month or year end should be used in the analysis to ensure valid comparisons of performance. -8 The current ratio proves to be the better liquidity measure when all of the firm’s current assets are reasonably liquid.
The quick ratios would prove to be the superior measure if the inventory of the firm is considered to lack the ability to be easily converted into cash. Additional information is necessary to assess how well a firm collects receivables and meets payables. The average collection period of receivables should be compared to a firm’s own credit terms. The average payment period should be compared to the creditors’ credit terms. Financial leverage is the term used to describe the magnification of risk and return introduced through the use of fixed-cost financing, such as debt and preferred stock.
The debt ratio and the debt-equity ratio may be used to measure the firm’s degree of indebtedness. The times-interest-earned and the fixed-payment coverage ratios can be used to assess the firm’s ability to meet fixed payments associated with debt. Three ratios of profitability found on a common-size income statement are: (1) the gross profit margin, (2) the operating profit margin, and (3) the net profit margin. Firms that have high gross profit margins and low net profit margins have high levels of expenses other than cost of goods sold. In this case, the high expenses more than compensate for the low cost of goods sold (i. e. , high gross profit margin) thereby resulting in a low net profit margin. The owners are probably most interested in the Return on Equity (ROE) since it indicates the rate of return they earn on their investment in the firm. ROE is calculated by taking net profits after taxes and dividing by stockholders’ equity. The price-earnings ratio (P/E) is the market price per share of common stock divided by the earnings per share. It indicates the amount the investor is willing to pay for each dollar of earnings. It is used to assess the owner’s appraisal of the value of the firm’s earnings. The level of the P/E ratio indicates the degree of confidence that investors have in the firm’s future.
The market/book (M/B) ratio is the market price per of common stock divided by the firm’s book value per share. Firms with high M/B ratios are expected to perform better than firms with lower relative M/B values. Liquidity ratios measure how well the firm can meet its current (short-term) obligations when they come due.
Activity ratios are used to measure the speed with which various accounts are converted (or could be converted) into cash or sales. Debt ratios measure how much of the firm is financed with other people’s money and the firm’s ability to meet fixed charges. 2-9 2-10 2-11 2-12 2-13 2-14 2-15 2-16 Profitability ratios measure a firm’s return with respect to sales, assets, or equity (overall performance). Market ratios give insight into how well investors in the marketplace feel the firm is doing in terms of return and risk. The liquidity and debt ratios are most important to present and prospective creditors. 2-17 The analyst may approach a complete ratio analysis on either a cross-sectional or timeseries basis by summarizing the ratios into their five key areas: liquidity, activity, debt, profitability, and market. Each of the key areas could then be summarized, highlighting specific ratios that should be investigated. The DuPont system of analysis combines profitability (the net profit margin), asset efficiency (the total asset turnover) and leverage (the debt ratio). The division of ROE among these three ratios allows the analyst to the segregate the specific factors that are contributing to the ROE into profitability, asset efficiency, or the use of debt. 2-18 SOLUTIONS TO PROBLEMS 2-1 LG 1: Reviewing Basic Financial Statements Income statement: In this one-year summary of the firm’s operations, Technica, Inc. showed a net profit for 2003 and the ability to pay cash dividends to its stockholders.
Balance sheet: The financial condition of Technica, Inc. at December 31, 2002 and 2003 is shown as a summary of assets and liabilities. Technica, Inc. as an excess of current assets over current liabilities, demonstrating liquidity. The firm’s fixed assets represent over one-half of total assets ($270,000 of $408,300). The firm is financed by short-term debt, long-term debt, common stock, and retained earnings. It appears that it repurchased 500 shares of common stock in 2003. Statement of retained earnings: Technica, Inc. earned a net profit of $42,900 in 2003 and paid out $20,000 in cash dividends. The reconciliation of the retained earnings account from $50,200 to $73,100 shows the net amount ($22,900) retained by the firm. 2-2 LG 1: Financial Statement Account Identification a. Statement BS BS BS BS IS BS BS BS IS b. Type of Account CL CA CL FA* E FA CA SE E Account Name Accounts payable Accounts receivable Accruals Accumulated depreciation Administrative expense Buildings Cash Common stock (at par) Cost of goods sold Depreciation Equipment General expense Interest expense Inventories Land Long-term debt Machinery Marketable securities Notes payable Operating expense Paid-in capital in excess of par Account Name Preferred stock Preferred stock dividends Retained earnings Sales revenue Selling expense Taxes Vehicles IS BS IS IS BS BS BS BS BS BS IS BS a. Statement BS IS BS IS IS IS BS E FA E E CA FA LTD FA CA CL E SE b. Type of Account SE E SE R E E FA * This is really not a fixed asset, but a charge against a fixed asset, better known as a contra-asset. 2-3 a. LG 1: Income Statement Preparation Cathy Chen, CPA Income Statement for the Year Ended December 31, 2003 Sales revenue Less: Operating expenses Salaries Employment taxes and benefits Supplies Travel & entertainment Lease payment Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (30%) Net profits after taxes b. $180,000 90,000 17,300 5,200 8,500 16,200 7,800 45,000 $ 35,000 7,500 $ 27,500 8,250 $ 19,250 In her first year of business, Cathy Chen covered all her operating expenses and earned a net profit of $19,250 on revenues of $180,000. 2-4 a. LG 1: Calculation of EPS and Retained Earnings Earnings per share: Net profit before taxes Less: Taxes at 40% Net profit after tax Less: Preferred stock dividends Earnings available to common stockholders Earnings per share: $218,000 87,200 $130,800 32,000 $ 98,800 Earning available to common stockholders $98,800 ? ? $1. 162 Total shares outstanding 85,000 b. Amount to retained earnings: 85,000 shares x $0. 0 = $68,000 common stock dividends Earnings available to common shareholders Less: Common stock dividends To retained earnings 2-5 LG 1: Balance Sheet Preparation Owen Davis Company Balance Sheet December 31, 2003 Assets Current assets: Cash Marketable securities Accounts receivable Inventories Total current assets Gross fixed assets Land and buildings Machinery and equipment Furniture and fixtures Vehicles Total gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets Liabilities and stockholders’ equity Current liabilities: Accounts payable Notes payable Accruals $98,800 68,000 $30,800 215,000 75,000 450,000 375,000 $1,115,000 $ 325,000 560,000 170,000 25,000 $1,080,000 265,000 $ 815,000 $1,930,000 $ 220,000 475,000 55,000 Total current liabilities Long-term debt Total liabilities $ 750,000 420,000 $1,170,000 Stockholders’ equity Preferred stock Common stock (at par) Paid-in capital in excess of par Retained earnings Total stockholders’ equity Total liabilities and stockholders’ equity 2-6 LG 1: Impact of Net Income on a Firm’s Balance Sheet Beginning Value $ 35,000 $1,575,000 $2,700,000 $1,575,000 $ 100,000 90,000 360,000 210,000 $ 760,000 $1,930,000 . Account Marketable securities Retained earnings Long-term debt Retained earnings Change + $1,365,000 + $1,365,000 – $ 865,000 + $ 865,000 Ending Value $1,400,000 $2,940,000 $1,835,000 $2,440,000 $2,465,000 $2,440,000 b. c. Buildings Retained earnings No net change in any accounts $1,600,000 $1,575,000 + $ 865,000 + $ 865,000 d. 2-7 LG 1: Initial Sale Price of Common Stock (Par value of common stock ? Paid in capital in excess of par) Number of common shares outstanding $225,000 ? $2,625,000 Initial sales price ? ? $9. 50 per share 300,000 Initial sales price ? -8 a. LG 1: Statement of Retained Earnings Cash dividends paid on common stock = Net profits after taxes – preferred dividends – change in retained earnings $377,000 – $47,000 – (1,048,000 $928,000) $210,000 = = Hayes Enterprises Statement of Retained Earnings for the Year Ended December 31, 2003 Retained earnings balance (January 1, 2003) Plus: Net profits after taxes (for 2003) Less: Cash dividends (paid during 2003) Preferred stock Common stock Retained earnings (December 31, 2003) b. $928,000 377,000 (47,000) (210,000) $1,048,000 Earnings per share = Net profit after tax – Preferred dividends (EACS*) Number of common shares outstanding Earnings per share = $377,000 – $47,000 ? $2. 36 140,000 * Earnings available to common stockholders c. Cash dividend per share = Total cash dividend # shares Cash dividend per share = 2-9 a. $210,000 (from part a) ? $1. 50 140,000 LG 1: Changes in Stockholders’ Equity Net income for 2003 = change in retained earnings + dividends paid Net income for 2003 = ($1,500,000 – $1,000,000) + $200,000 = $700,000 New shares issued = outstanding share 2003 – outstanding shares 2002 New shares issued = 1,500,000 – 500,000 = 1,000,000 . c. ?Paid – in – capital ? ?Common stock ? shares outstanding $4,000,000 ? $1,000,000 Average issuance price ? ? $5. 00 1,000,000 Average issuance price ? Paid – in – capital ? Common stock Number of shares issued $500,000 ? $500,000 Original issuance price ? ? $2. 00 500,000 Original issuance price ? d. 2-10 LG 2, 3, 4, 5: Ratio Comparisons a. The four companies are in very different industries. The operating characteristics of firms across different industries vary significantly resulting in very different ratio values. The explanation for the lower current and quick ratios most likely rests on the fact that these two industries operate primarily on a cash basis.
Their accounts receivable balances are going to be much lower than for the other two companies. High level of debt can be maintained if the firm has a large, predictable, and steady cash flow. Utilities tend to meet these cash flow requirements. The software firm will have very uncertain and changing cash flow.
The software industry is subject to greater competition resulting in more volatile cash flow. Although the software industry has potentially high profits and nvestment return performance, it also has a large amount of uncertainty associated with the profits. Also, by placing all of the money in one stock, the benefits of reduced risk associated with diversification are lost. b. c. d. 2-11 a LG 3: Liquidity Management 2000 2001 1. 88 1. 74 1. 79 1. 22 1. 19 $7,950 $9,300 2002 1. 55 1. 24 $9,900 2003 Current Ratio Quick Ratio Net Working Capital b. c. 2-12 a. 1. 14 $9,600 The pattern indicates a deteriorating liquidity position. The low inventory turnover suggests that liquidity is even worse than the declining liquidity measures indicate. Slow inventory turnover may indicate obsolete inventory. LG 3: Inventory Management Sales Cost of Goods Sold Gross Profit CGS Average Inventory = Inventory Turnover = Inventory Turnover Average Age of Inventory Average Age of Inventory $4,000,000 ? $1,600,000 $2,400,000 $650,000 $2,400,000 ? = 3. 69 times = 360 ? 3. 69 = 97. 6 days 100% 60% 40% $650,000 b. The Wilkins Manufacturing inventory turnover ratio significantly exceeds the industry. Although this may represent efficient inventory management, it may also represent low inventory levels resulting in stockouts. -13 a. LG 3: Accounts Receivable Management Average Collection Period = Accounts Receivable ? Average Sales per Day 45 Days = $300,000 ? ($2,400,000 ? 360) Since the average age of receivables is 15 days beyond the net date, attention should be directed to accounts receivable management. b. This may explain the lower turnover and higher average collection period.
The December accounts receivable balance of $300,000 may not be a good measure of the average accounts receivable, thereby causing the calculated average collection period to be overstated. It also suggests the November figure (0-30 days overdue) is not a cause for great concern. However, 13 percent of all accounts receivable (those arising in July, August and September) are sixty days or more overdue and may be a sign of poor receivables management. LG 3: Interpreting Liquidity and Activity Ratios Bluegrass appears to be holding excess inventory relative to the industry.
This fact is supported by the low inventory turnover and the low quick ratio, even though the current ratio is above the industry average. This excess inventory could be due to slow sales relative to production or possibly from carrying obsolete inventory. The accounts receivable of Bluegrass appears to be high due to the large number of days of sales outstanding (73 versus the industry average of 52 days). An important question for internal management is whether the company’s credit policy is too lenient or customers are just paying slowly – or potentially not paying at all. Since the firm is paying its accounts payable in 31 days versus the industry norm of 40 days, Bluegrass may not be taking full advantage of credit terms extended to them by their suppliers. By having the receivables collection period over twice as long as the payables payment period, the firm is financing a significant amount of current assets, possibly from long-term sources. The desire is that management will be able to curtail the level of inventory either by reducing production or encouraging additional sales through a stronger sales program or discounts. If the inventory is obsolete, then it must be written off to gain the income tax benefit.
The firm must also push to try to get their customers to pay earlier. Payment timing can be increased by shortening credit terms or providing a discount for earlier payment. Slowing down the payment of accounts payable would also reduce financing costs. Carrying out these recommendations may be difficult because of the potential loss of customers due to stricter credit terms. The firm would also not want to increase their costs of purchases by delaying payment beyond any discount period given by their suppliers. 2-14 a. b. c. d. 2-15 LG 4: Debt Analysis Ratio Debt Definition Debt Total Assets EBIT Interest Calculation $36,500,000 $50,000,000 $ 3,000,000 $ 1,000,000 Creek . 73 Industry . 51 Times Interest Earned 3. 00 7. 30 Fixed Payment Coverage EBIT + Lease Payment Interest + Lease Payments + {[(Principal + Preferred Stock Dividends)] x [1? (1-t)]} $3,000,000 + $200,000 1. 19 $1,000,000 + $200,000 + {[($800,000 + $100,000)] x [1? (1-. 4)]} 1. 85 2-16 Because Creek Enterprises has a much higher degree of indebtedness and much lower ability to service debt than the average firm in the industry, the loan should be rejected. LG 5: Common-Size Statement Analysis Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2002 and 2003 2003 100. 0% 70. 0% 30. 0% 2002 100. 0% 65. 9% 34. 1% Sales Revenue Less: Cost of goods sold Gross profits Less: Operating expenses: Selling 10. 0% 12. 7% General 6. 0% Lease expense . 7% Depreciation 3. 3% 20. 0% Operating profits 10. 0% Less: Interest expense 3. 3% Net Profits before taxes 6. 7% 9. 4% Less: Taxes 2. 7% Net profits after taxes 4. 0% 6. 3% . 6% 3. 6% 23. 2% 10. 9% 1. 5% 3. 8% 5. 6% Sales have declined and cost of goods sold has increased as a percentage of sales, probably due to a loss of productive efficiency. Operating expenses have decreased as a percent of sales; this appears favorable unless this decline has contributed toward the fall in sales. The level of interest as a percentage of sales has increased significantly; this is verified by the high debt measures in problem 2-15 and suggests that the firm has too much debt.
Further analysis should be directed at the increased cost of goods sold and the high debt level. 2-17 a. LG 4, 5: The Relationship Between Financial leverage and Profitability (1) total liabilities total assets $1,000,000 Debt ratioPelican ? ? . 10 ? 10% $10,000,000 $5,000,000 Debt ratioTimberland ? ? . 50 ? 50% $10,000,000 Debt ratio ? (2) earning before interest and taxes interest $6,250,000 Times interest earnedPelican ? 62. 5 $100,000 $6,250,000 Times interest earnedTimberland ? ? 12. 5 $500,000 Times interest earned ? Timberland has a much higher degree of financial leverage than does Pelican. As a result Timberland’s earnings will be more volatile, causing the common stock owners to face greater risk. This additional risk is supported by the significantly lower times interest earned ratio of Timberland. Pelican can face a very large reduction in net income and still be able to cover its interest expense. b. (1) operating profit sales $6,250,000 Operating profit marginPelican ? ? . 25 ? 5% $25,000,000 $6,250,000 Operating profit marginTimberland ? ? . 25 ? 25% $25,000,000 Operating profit margin ? (2) net income sales $3,690,000 Net profit marginPelican ? ? . 1476 ? 14. 76% $25,000,000 $3,450,000 Net profit marginTimberland ? ? . 138 ? 13. 80% $25,000,000 Net profit margin ? (3) net profit after taxes total assets $3,690,000 Return on assetsPelican ? ? . 369 ? 36. 9% $10,000,000 $3,450,000 Return on assetsTimberland ? ? . 345 ? 34. 5% $10,000,000 Return on assets ? (4) net profit after taxes stockholders equity $3,690,000 Return on equityPelican ? ? . 41 ? 41. % $9,000,000 $3,450,000 Return on equityTimberland ? ? . 69 ? 69. 0% $5,000,000 Return on equity ? Pelican is more profitable than Timberland, as shown by the higher operating profit margin, net profit margin, and return on assets. However, the return on equity for Timberland is higher than that of Pelican. (c) Even though Pelican is more profitable, Timberland has a higher ROE than Pelican due to the additional financial leverage risk.
The lower profits of Timberland are due to the fact that interest expense is deducted from EBIT. Timberland has $500,000 of interest expense to Pelican’s $100,000. Even after the tax shield from the interest tax deduction ($500,000 x . 40 = $200,000) Timberland’s profits are less than Pelican’s by $240,000. Since Timberland has a higher relative amount of debt, the stockholders’ equity is proportionally reduced resulting in the higher return to equity than that obtained by Pelican. The higher ROE is at the expense of higher levels of financial risk faced by Timberland equity holders. 2-18 a. LG 6: Ratio Proficiency Gross profit ? sales ? gross profit margin Gross profit ? $40,000,000 ? .8 ? $32,000,000 Cost of goods sold ? sales – gross profit Cost of goods sold ? 40,000,000 – $32,000,000 ? $8,000,000 b. c. Operating profit ? sales ? operating profit margin Operating profit ? $40,000,000 ? .35 ? $14,000,000 Operating expenses ? gross profit – operating profit Operating expenses ? $32,000,000 – $14,000,000 ? $18,000,000 Net profit ? sales ? net profit margin ? $40,000,000 ? .08 ? $3,200,000 d. e. f. Total assets ? g. sales $40,000,000 ? ? $20,000,000 total asset turnover 2 net income $3,200,000 ? ? $16,000,000 ROE . 20 Total equity ? h. Accounts receivable ? average collection period ? Accounts receivable ? 62. 2days ? 2-19 a. sales 365 40,000,000 ? 62. 2 ? $111,111 ? $6,911,104 360 LG 6: Cross-Sectional Ratio Analysis Fox Manufacturing Company Ratio Analysis Industry Average 2003 2. 35 . 87 4. 55 times 35. 3 days 1. 09 Actual 2003 1. 84 . 75 5. 61 times 20. 5 days 1. 47 Current ratio Quick ratio Inventory turnover Average collection period Total asset turnover Debt ratio Times interest earned Gross profit margin Operating profit margin Net profit margin Return on total assets (ROA) Return on common equity (ROE) Earnings per share .30 . 55 12. 3 . 202 . 135 . 091 . 099 . 167 $3. 10 8. 0 . 233 . 133 . 072 . 105 . 34 $2. 15 Liquidity: The current and quick ratios show a weaker position relative to the industry average. Activity: All activity ratios indicate a faster turnover of assets compared to the industry. Further analysis is necessary to determine whether the firm is in a weaker or stronger position than the industry. A higher inventory turnover ratio may indicate low inventory, resulting in stockouts and lost sales. A shorter average collection period may indicate extremely efficient receivables management, an overly zealous credit department, or credit terms which prohibit growth in sales. Debt: The firm uses more debt than the average firm, resulting in higher interest obligations which could reduce its ability to meet other financial obligations. Profitability: The firm has a higher gross profit margin than the industry, indicating either a higher sales price or a lower cost of goods sold.
The operating profit margin is in line with the industry, but the net profit margin is lower than industry, an indication that expenses other than cost of goods sold are higher than the industry. Most likely, the damaging factor is high interest expenses due to a greater than average amount of debt. The increased leverage, however, magnifies the return the owners receive, as evidenced by the superior ROE. b. Fox Manufacturing Company needs improvement in its liquidity ratios and possibly a reduction in its total liabilities.
The firm is more highly leveraged than the average firm in its industry and, therefore, has more financial risk. The profitability of the firm is lower than average but is enhanced by the use of debt in the capital structure, resulting in a superior ROE. LG 6: Financial Statement Analysis 2-20 a. Ratio Analysis Zach Industries Industry Actual Average 2002 1. 80 1. 84 . 0. 78 . 38 2. 50 2. 59 37 days 36 days 65% 67% Actual 2003 1. 04 2. 33 56 days 61. 3% Current ratio Quick ratio Inventory turnover Average collection period Debt ratio Times interest earned Gross profit margin Net profit margin Return on total assets Return on common equity Market/book ratio b. (1) 3. 8 38% 3. 5% 4. 0% 9. 5% 1. 1 4. 0 40% 3. 6% 4. 0% 8. 0% 1. 2 2. 8 34% 4. 1% 4. 4% 11. 3% 1. 3 Liquidity: Zach Industries’ liquidity position has deteriorated from 2002 to 2003 and is inferior to the industry average. The firm may not be able to satisfy shortterm obligations as they come due. Activity: Zach Industries’ ability to convert assets into cash has deteriorated from 2002 to 2003. Examination into the cause of the 21-day increase in the average collection period is warranted. Inventory turnover has also decreased for the period under review and is fair compared to industry.
The firm may be holding slightly excessive inventory. Debt: Zach Industries’ long-term debt position has improved since 2002 and is below average. Zach Industries’ ability to service interest payments has deteriorated and is below industry. Profitability: Although Zach Industries’ gross profit margin is below its industry average, indicating high cost of goods sold, the firm has a superior net profit margin in comparison to average. The firm has lower than average operating expenses. The firm has a superior return on investment and return on equity in comparison to the industry and shows an upward trend.
Market: Zach Industries’ increase in their market price relative to their book value per share indicates that the firm’s performance has been interpreted as more positive in 2003 than in 2002 and it is a little higher than the industry. (2) (3) (4) (5) Overall, the firm maintains superior profitability at the risk of illiquidity. Investigation into the management of accounts receivable and inventory is warranted. 2-21 LG 6: Integrative–Complete Ratio Analysis Ratio Analysis Sterling Company Industry Actual 2002 1. 55 Ratio Current ratio Actual 2001 1. 40 Actual 2003 1. 67 Average 2003 1. 85 TS: CS: TS: CS: Time-series Cross-sectional Improving Fair Quick ratio 1. 00 .92 .88 1. 05 TS: Deteriorating CS: Poor Inventory turnover 9. 52 9. 21 7. 89 8. 60 TS: Deteriorating CS: Fair TS: Improving CS: Good Average collection period 45. 0 days 36. 4 days 28. 8 days 35 days Ratio Average payment period Industry Actual Actual 2001 2002 58. 5 days 60. 8 days Actual 2003 52. 3 days Average TS: Time-series 2003 CS: Cross-sectional 45. 8 days TS: Unstable CS: Poor 0. 74 TS: Improving CS: Good TS: Increasing CS: Fair TS: Deteriorating CS: Poor TS: Deteriorating CS: Poor TS: Deteriorating CS: Good TS: Improving CS: Good TS: Stable CS: Good TS: Improving CS: Good Total asset turnover 0. 74 0. 80 .83 Debt ratio 0. 20 0. 20 0. 35 0. 30 Times interest earned 8. 2 7. 3 6. 5 8. 0 Fixed payment coverage ratio Gross profit margin 4. 5 4. 2 2. 7 4. 2 0. 30 0. 27 0. 25 0. 25 Operating profit margin Net profit margin . 12 0. 12 0. 13 0. 10 0. 067 0. 067 0. 066 0. 058 Return on total assets (ROA) 0. 049 0. 054 0. 055 0. 043 Return on common Equity (ROE) 0. 066 Earnings per share (EPS) Price/earnings (P/E) Market/book ratio (M/B) $1. 75 TS: Improving 0. 073 0. 085 $2. 20 $3. 05 0. 072 $1. 50 CS: Good TS: Improving CS: Good TS: Deteriorating CS: Poor TS: Deteriorating CS: Good 12. 0 10. 5 9. 0 11. 2 1. 20 1. 05 1. 16 1. 10 Liquidity: Sterling Company’s overall liquidity as reflected by the current ratio, net working capital, and acid-test ratio appears to have remained relatively stable but is below the industry average. Activity: The activity of accounts receivable has improved, but inventory turnover has deteriorated and is currently below the industry average. The firm’s average payment period appears to have improved from 2001, although the firm is still paying more slowly than the average company. Debt: The firm’s debt ratios have increased from 2001 and are very close to the industry averages, indicating currently acceptable values but an undesirable trend.
The firm’s fixed payment coverage has declined and is below the industry average figure, indicating a deterioration in servicing ability. Profitability: The firm’s gross profit margin, while in line with the industry average, has declined, probably due to higher cost of goods sold. The operating and net profit margins have been stable and are also in the range of industry averages. Both the return on total assets and return on equity appear to have improved slightly and are better than the industry averages. Earnings per share made a significant increase in 2002 and 2003. The P/E ratio indicates a decreasing degree of investor confidence in the firm’s future earnings potential, perhaps due to the increased debt load and higher servicing equirements. Market: The firm’s price to earnings ratio was good in 2001 but has fallen significantly over 2002 and 2003. The ratio is well below industry average.
The market to book ratio initially showed signs of weakness in 2002 but recovered some strength in 2003. The markets interpretation of Sterling’s earning ability indicates a lot of uncertainty. The fluctuation in the M/B ratio also shows signs of uncertainty. In summary, the firm needs to attend to inventory and accounts payable and should not incur added debts until its leverage and fixed-charge coverage ratios are improved. Other than these indicators, the firm appears to be doing well? especially in generating return on sales.
The market seems to have some lack of confidence in the stability of Sterrling’s future. 2-22 a. 2003 Margin(%) Johnson 4. 9 Industry 4. 1 2002 Johnson Industry 2001 Johnson Industry b. x x x Turnover 2. 34 2. 15 = = = ROA(%) 11. 47 8. 82 x x x FL Multiple = 1. 85 = 1. 64 = ROE(%) 21. 21 14. 46 LG 6: DuPont System of Analysis 5. 8 4. 7 x x 2. 18 2. 13 = = 12. 64 10. 01 x x 1. 75 1. 69 = = 22. 13 16. 92 5. 9 5. 4 x x 2. 11 2. 05 = = 12. 45 11. 07 x x 1. 75 1. 67 = = 21. 79 18. 49 Profitability: Industry net profit margins are decreasing; Johnson’s net profit margins have fallen less. Efficiency: Both industry’s and Johnson’s asset turnover have increased. Leverage: Only Johnson shows an increase in leverage from 2002 to 2003, while the industry has had less stability. Between 2001 and 2002, leverage for the industry increased, while it decreased between 2002 and 2003. As a result of these changes, the ROE has fallen for both Johnson and the industry, but Johnson has experienced a much smaller decline in its ROE. c. Areas which require further analysis are profitability and debt. Since the total asset turnover is increasing and is superior to that of the industry, Johnson is generating an appropriate sales level for the given level of assets.
But why is the net profit margin falling for both industry and Johnson? Has there been increased competition causing downward pressure on prices? Is the cost of raw materials, labor, or other expenses rising? A common-size income statement could be useful in determining the cause of the falling net profit margin. Note: Some management teams attempt to magnify returns through the use of leverage to offset declining margins. This strategy is effective only within a narrow range. A high leverage strategy may actually result in a decline in stock price due to the increased risk. 2-23 a. LG 6: Complete Ratio Analysis, Recognizing Significant Differences Home Health, Inc. Ratio Current ratio Quick ratio Inventory turnover Average collection period Total asset turnover Debt ratio Times interest earned Gross profit margin Operating profit margin Net profit margin Return on total assets Return on common equity Price/earnings ratio Market/book ratio 2002 3. 25 2. 50 12. 80 42 days 1. 40 . 45 4. 00 68% 14% 8. 3% 11. % 21. 1% 10. 7 1. 40 2003 3. 00 2. 20 10. 30 31 days 2. 00 . 62 3. 85 65% 16% 8. 1% 16. 2% 42. 6% 9. 8 1. 25 Difference
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Window Dressing
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Brand and Heineken
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China Airlines Marketing Strategy
Marketing Strategy China Airlines on Guam CASE SYNOPSIS: This is a case study about how a foreign carrier, China Airlines, adapts it strategy competing in the Guam-based airline industry. The case traces the company’s history on Guam from setting up its regular flight schedule between Guam and Taipei, through a pricing competition with its main competitor Continental Micronesia, to today where it occupies the sole market share of flights between these locations. In addition, the study explains China Airlines approach to its customers through partnerships with hotels and tourism companies in both Taiwan and on Guam; how this business has been affected by immigration regulations; and how it has become a successful carrier on Guam, in spite of failing to reach its initial goal for even being on Guam. Business Background on Guam China Airlines is a foreign aviation corporation with headquarters in Taipei Taiwan.
Before 2000, China Airlines only flew charter flights to Guam, with the market here being limited by the requirement that Taiwanese hold American visas to enter Guam. These charter flights, or irregularly scheduled flights specially arranged according to the needs of customers, were more expensive than normal flights, and were held at peak travel times, such as Chinese New Year (which usually is in January or February and lasts about fifteen days), a golden travel time period throughout Asia. In March 2000, the United States passed a visa waiver policy, allowing Taiwanese to come to Guam directly from Taiwan with only a Taiwanese passport and a Taiwanese identification card. The stay period was only valid for 15 days. With this policy in place, more Taiwanese came to Guam for vacation. With this growing tourist market in mind, China Airlines set up regularly scheduled flights between Taipei and Guam twice a week with a capacity of about 150 passengers per flight. When China Airlines began regular flights, its goal was to develop its market in the whole Micronesia area, targeting Guam as its hub to fly to the surrounding islands, and keeping flight capacity small, as the airports around these islands did not ave the infrastructure that would allow large planes to land. However, its main competitor on Guam, Continental Micronesia Airlines, had established a presence in the Micronesia area from the 1970s onward, making it difficult for China Airlines to open flight routes throughout the region.
The way China Airlines operated its business was to contract with a global ground aircraft service group named Aircraft International Service Group, which does airplane maintenance, aircraft cleaning service, refueling and passenger check-in. In such a way, China Airlines did not need to recruit an entire team to Guam, thus keeping its operational costs low and allowing it to compete with Continental Micronesia, which also had regular flights between Taipei and Guam. A pricing competition between China Airlines and Continental Airlines lasted for about five years to capture the largest share of the Guam market. Both airlines tried to lower their ticket prices to keep their flight routes. As a result, neither of the airlines could make a profit from these flights since they targeted the same group of customers. As a corporation, Continental Micronesia had to give up the market when it could not make a profit anymore according to current chief executive officer of Continental Micronesia Charlie Duncan.
Thus Continental terminated its regular flights between Taipei and Guam in October 2005, according to Pacific News Daily. To force Continental Micronesia to terminate its three times weekly regular flight routes between Taipei would be China Airlines’ first marketing strategic achievement even though it lost money during the competition. But as the last airline standing after a pricing competition, they had more pricing flexibility. Sometimes China Airlines is able to sell tickets from Guam to Taiwan at a cost almost equal to a flight from the United States to Taiwan. Business Development China Airlines maintains its success by working with tourist agents, which are the biggest air tickets resource for both passengers and airlines company since its vacationing passengers are usually looking for a package deal, to include hotel and air tickets, and even activities. Airline companies can do mass sales to the tourist agents at a lower price, but allowing it to maximize its profits in general.
China Airlines works closely ith a lot of tourist agents both in Taiwan and Guam. According to China Airlines Guam Branch general manager Norman Wang, flight sales have to be balanced between an outbound and inbound market. When a flight comes in to Guam, which is an inbound flight, its outbound passengers have to reach a certain level of capacity. Otherwise, it will lose money if it flies back to Taiwan below its break-even level. In order to attract more tourist to come to Guam, China Airlines works closely with three tourist companies on Guam, which take care of the arrival passengers while the tourism companies in Taiwan do sales. Due to languages barriers, customer service at the arrival destination is necessary for most Taiwanese. Thus, these three companies are incorporated to take the passengers to check in at hotels and arrange activities as necessary.
Regarding the outbound passengers, China Airlines made more effort to work with eleven local tourism companies on Guam since Taiwan is not a very popular tourism destination for local residents. Therefore, these eleven companies only focus on ticket sales or travel packages sales to local residents. Besides that, China Airlines cooperates with hotels directly through bundle packages — hotel plus air tickets — to attract more customers, since most customers want a cheaper rate for both hotel and air tickets. And they even introduced wedding destination catering and Certified Professional Accountant services to Taiwan. Through these partnership engagement activities, China Airlines had been doing well after Continental was out of the competition.
Moreover, Guam Visitors Bureau was making an effort to promote Guam in Taiwan, starting around 2007, which did help to get more awareness of Guam as a tourism destination in Taiwan. For a while, it was hard for Guam residents to get a ticket to Taiwan, especially local Taiwanese. China Airlines noticed the demand of tickets from the Guam end, and that Guam also increased its awareness in Taiwan. In order to ensure its market is ready for expansion; China Airlines conducted marketing research on both areas through working with tourist agents and local government agencies, as well. Tourist agents from both places indicated that there would be an increased trend in the near future and they were capable to help to increase sales in order to expand the market share. After several conversations between the governments of both areas, they encouraged and supported China Airlines’ expansion challenge. As a result, China Airlines decided to change its 150 passengers capacity airplane to 300 seats per plane in September 2008, while maintaining a twice-a-week schedule. Larger capacity flights were the second achievement for China Airlines. Since then, China Airlines has maintained a schedule of twice weekly flights at a 300- seat capacity.
During busy seasons (Chinese New Year and summer time), it adds more flights temporarily. Business failures Replacement of smaller capacity planes was only one of the methods China Airlines used to increase its market shares and profit margins. China Airlines also tried to increase the frequency of its flights per week in 2008. Its original schedule was only Tuesday and Saturday from Taiwan, and then they changed the schedule to be Monday, Wednesday, Friday and Sunday by adding two more flights a week.
When they increased flights, they promoted six days-five nights or five days-four nights bundle packages, hoping to give customers more convenient options. However, it turned out to be a failure due to customer behavior changes (or group pattern change). The passengers either stayed longer or shorter, as a result, all the passengers chose the same flight while leave the other two schedules more vacant. In the end, they changed the flight schedule back to its twice-weekly schedule. Another way to increase market share is to explore potential markets. China Airlines never forgot its main goal on Guam, which was to set up Guam as a hub to the Micronesian region. Saipan to Guam and Rota to Guam routes are operated by Cape Airlines, which forged a partnership with Continental Micronesia. China Airlines tried to explore ways to incorporate with Continental Micronesia based on the model of Cape Airlines and Continental Micronesia.
However, China Airlines was turned down. Uncertain opportunity A lot of business people are looking at the military buildup on Guam as an opportunity. As for China Airlines, according to Wang, they are not sure if this is going to favor them since the military buildup has been delayed. He explained that first of all, the military are not going to Taiwan for travel: whenever they have a vacation, they will choose to go home first. And if they want to travel around Asia, Taiwan is usually the last destination they consider, he said. The only possible benefit the military buildup may offer to China Airlines is that it may attract more business investors to come to Guam time to time to do business research while seeking a chance to set up business here. But if it is delayed longer, there will also be fewer investors coming to Guam.
Future Challenges China Airlines is facing some challenges now. According to Wang, the Taiwanese population on Guam has decreased, and these are its main customers on Guam. In order to balance the inbound and outbound passengers, they need to make more of an effort to maintain or even increase Guam’s market share. But who they should target and how is still uncertain. China Airlines has tried hard to work with the community on Guam in order to get more public awareness.
They have approached Naval Base Guam, Andersen Air Force Base, and the Chinese and Guam chambers of commerce, through social activities. But the result of these efforts is not appreciable. In addition, the United States extended its Taiwanese Visa Waiver stay period to 45 days in November 2009, which also allows them to visit the Commonwealth of the Northern Mariana Islands during the time. This policy reduces China Airlines’ business, instead of bringing in more customers. Wang explained that under the two-week stay policy, some frequent-flying businessmen could not complete their work in such a limited time period and had to buy another ticket to come in again. But now, they can save one trip at least. Moreover, even though China Airlines occupies the market between these two destinations, its ticket prices are still expensive for the Taiwanese, who are the main customer resource to China Airlines. Thus it is challenge for China Airlines to set price to maximize profits. SWOT Analysis Strength: Today China Airlines is the only carrier with regular flights between Guam and Taiwan, which gives it more flexibility to set prices.
Guam is an American territory with beaches, plus a visa waiver policy to Taiwan, thus attracting many Taiwanese tourists. Weakness: Guam to Taipei is the only flight route China Airlines has in the region, which limits its market shares and profits margins. Whenever China Airlines tries to increase flights schedule between these two destinations, overhead cost exceeds its profits, which limits China Airlines’ expansion.
Moreover, with Continentals Micronesia pre-occupancy in Micronesia area, it makes it harder for China Airlines to expand its market. Meanwhile, Guam government needs to improve its public facilities, such as public restrooms, which are locked sometimes, and public transportation, which does not provide comfortable seats or consistent schedules. Opportunity: China Airlines hopes the military buildup can bring more Taiwan investors to come to Guam while the investors will commute more frequently between these two destinations. Threat: Guam Visitors Bureau (GVB) usually has a certain of budget for promoting Guam in different countries. Currently, GVB has allocated more of its budget to promote Guam in China and is focusing efforts there.
Thus, GVB will decrease its budget to promote Guam in Taiwan. As a result, it affects China Airlines business directly. Overall, China Airlines made profits between these two destinations even though they failed to expand its market shares in the Micronesia area. However, China Airlines has successfully adjusted its marketing strategies based on its competitors, market demands and political elements between these two destinations. Even though China Airlines is a leader between these two places, they still try to seek more opportunities to realize its initial goal on Guam. Reference Daleno, G. (September 17, 2005). Taiwan flights to be cut, Retrieved on October 26, 2010 from Pacific Daily News
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Queen Victoria
Queen Victoria is associated with Britain’s great age of industrial expansion, economic progress, and especially, empire. At her death it was said, “Britain had a worldwide empire on which the sun never set” (Axelrod-Contrada 23). Queen Victoria set the tone of the British Empire for later monarchs by ruling through a series of powerful prime ministers who took political control of Britain. In the early part of her reign, two men influenced her greatly: her Prime Minister, Lord Melbourne, as well as her husband, Prince Albert, whom she married in 1840. Both men taught her much about how to be a ruler in a ‘constitutional monarchy’ where the monarch had very few powers but could wield much leverage. It was during Victoria’s reign that the modern idea of the constitutional monarch, whose role was to remain above political parties, began to evolve. However, Victoria was not always non-partisan, and she would exploit opportunities to express her opinions, sometimes very forcefully, in private. Victoria was born at Kensington Palace, London, on the May 24, 1819. She was the only daughter of Edward, Duke of Kent. Her father died shortly after her birth, making her heir to the throne because the three uncles who were ahead of her in the line of succession (George IV, Frederick Duke of York, and William IV) had no legitimate children who had survived.
Victoria was warmhearted and lively. She had a gift for drawing and painting. Victoria was a natural diarist and kept a regular journal throughout her life. On William IV’s death in 1837, she became Queen at the age of 18. “I was awoke at 6 o’clock by Mamma, who told me that the Archbishop of Canterbury and Lord Conyngham were here, and wished to see me. I got out of bed and went into my sitting-room (only in my dressing-gown), and alone, and saw them. Lord Conyngham (the Lord Chamberlain) then acquainted me that my poor Uncle, the King, was no more, and had expired at 12 minutes past 2 this morning, and consequently that I am now Queen” (Nevill 103). On her first day as monarch, Queen Victoria assured Lord Melbourne that it had long been her “intention to retain him and the rest of the present Ministry at the head of affairs” (Arnstein 37). In practice, she had no alternative because Melbourne’s coalition of Whigs and Radicals outnumbered the opposition Tory (or Conservative) party, headed by Sir Robert Peel in the House of Commons and by the Duke of Wellington in the House of Lords. Before long, the young queen’s primary concern became Melbourne’s retaining his majority in Parliament while she retained Melbourne as her chief minister.
Within a very few weeks she had persuaded herself that Melbourne was “a thoroughly straightforward, disinterested, excellent and kindhearted man” (Arnstein 38). Whatever the subject, the prime minister was able to explain it to Victoria “like a kind father would do to his child; he has something so . . . affectionate and kind in him, that one must love him” (Arnstein 38). The partnership that began in June 1837 between the 58-year-old prime minister and the 18-year-old queen remains one of the most unusual and most engaging of political romances in recorded history mostly because their deliberations, their conversations, and the gossip that they exchanged were recorded in detail by Queen Victoria herself in the entries that she made each night in her journal. In the queen’s eyes Melbourne was himself a truly romantic figure. He had served since 1806 as a Member of Parliament. He had survived the Napoleonic Wars and the ‘era of domestic unrest’ that followed. He not only knew personally most of the influential people in the Britain of the late 1830’s, but he had also met, and could vividly describe, their parents and their grandparents. It was through Lord Melbourne that Queen Victoria developed an immediate sense of what it had been like to experience the Regency era. Victoria was aware that Melbourne had endured a difficult family life: his wife, Caroline Lamb, had been guilty of numerous infidelities including a passionate and widely publicized affair with the poet Lord Bryon. She had died mad, and yet he had never deserted her.
Their only surviving child, a son, was an epileptic who had died at age 29. A lonely widower, Melbourne possessed both the time and the desire to serve for several years not only as the Queen’s prime minister but also as her private secretary, her riding companion, and often her dinner and after-dinner companion. They spent as many as six hours together on a single day, talking not only about politics past and present but also about clothing and hair styles, about marriages historical and contemporary, and about the presence and absence of personal beauty among member of the court circle and elsewhere” (Arnstein 39). By the standards of the 1830’s, Melbourne at 58 was an old man, but for a time, he was stimulated by the enthusiasm and by the energy of the young queen. As time passed, she necessarily became influenced by Melbourne’s Whig political philosophy, which was tolerant but mildly cynical. Victoria became so partisan a Whig n her private comments that the prime minister felt compelled to remind his monarch at regular intervals that the Tory party also possessed able members who made useful contributions to public debate and who might one day serve as her ministers. Melbourne headed a reform ministry, but by 1837, his main desire became calming the political waters. He supported an ideological position halfway between absolute rule and democracy. On the one hand, he feared the prospect of popular democracy: if the illiterate masses were abruptly granted the right to choose their rulers, then they would in all likelihood fall victim to demagogues. On the other hand, Melbourne much preferred the rule of law and of reason, even as he was fully prepared to accept that most people failed to behave reasonably much of the time. “You had better try to do no good,” he told Victoria on one occasion, “and then you’ll get into no scrapes” (Arnstein 39-40). Even as some of his cabinet colleagues sought to expand the role of the national government, Melbourne preferred a regime that focused on two purposes: to prevent and punish crime and to preserve contracts. Although most historians have credited Melbourne with the best of intentions in the education of his new sovereign, many have been critical about his failure to develop Victoria’s social conscience. He had no desire to abolish England’s reformed Poor Law of 1834, which continued by the means of parish Poor Law unions and workhouses to provide food, clothing, and shelter for the very poor, the very sick, and the very old.
Although somewhat reluctant, he also went along with the Factory Act of 1833, which prohibited children under nine from working in cotton mills. Children aged 9 to 13 were to be limited to an 8-hour working day and to be given schooling forced by law. Neither Melbourne nor any other political leader of his day expected to transform Britain into a society resembling the post-1945 welfare state. He took it for granted that although his ministry might pass regulations involving child welfare and public health, it lacked the authority, the personnel, and the financial resources to provide all of Victoria’s subjects with ‘cradle-to-the-grave-security’. On such matters, Queen Victoria found it easy to agree with the wisdom of the day. At the same time, she was quite sympathetic to personal tales of distress when called to her attention. In due time, the question arose of when and how Victoria might appropriately find a husband. The Tories hoped that a husband might cause the ‘Whig Queen’ to become a less partisan monarch while the Whigs realized that without a husband, Victoria could not continue the royal succession. If she married, then Victoria could rid herself of her mother as palace chaperone, but it could also introduce the possibility of disagreements with the new husband. As the queen admitted to Melbourne, she was “‘so accustomed to have my own way. ’ Melbourne responded: ‘Oh! but you would have it still’” (Arnstein 46). Elizabeth was very much aware that since her childhood, her Uncle Leopold had hoped for a marriage with Albert, the younger son of the Duke of Saxe-Coburg-Gotha. When Albert and his elder brother came to Windsor for a visit, Victoria found Albert beautiful: “His blue eyes, his exquisite nose, his broad shoulder, and his fine waist, his conversational talents, his love of music, and his ability to dance” (Arnstein 46). Within three days she confided in Lord Melbourne that she had changed her opinion about marriage. In marital matters, a reigning queen had to take the initiative. Two days later, with Melbourne’s encouragement, she proposed marriage to Albert. He accepted. A wedding date was set for February 10, 1840, and another chapter in Queen Victoria’s life was about to begin. A few months before Albert became her husband, Queen Victoria remarked to her Uncle Leopold that “the English are very jealous at the idea of Albert’s having any political power, or meddling with affairs here – which I know from himself he will not do” (Arnstein 67). Albert may not have moved to England to meddle, but he was increasingly absorbed by the affairs of his adopted country, and his intention was to enhance the role of his new wife, the queen. As he was to explain to the Duke of Wellington a decade later, his purposes were “to sink his own individual existence in that of his wife – to aim at no power by himself or for himself – to shun all ostentation – to assume no separate responsibility before the public – to make his position entirely a part of hers – to fill up every gap which, as a woman, she would naturally leave in the exercise of her regal functions – continually and anxiously to watch every part of the public business, in order to be able to advise and assist her at any moment in any of the multifarious and difficult questions brought before her, political, or social, or personal. To place all his time and powers at her command as the natural head of the family, superintendent of her household, manager of her private affairs in her communications with the officers of the Government, her private secretary, and permanent Minister” (Arnstein 67). Albert preferred to see himself always as a servant, but he was obviously an intensely ambitious servant; one whose hope it was to strengthen the influence of the British monarchy not only as a symbol of morality and domesticity, but also as an active player in day-to-day government. In the course of the 1840’s, with Queen Victoria more often pregnant than reigning, Albert did indeed come to play an increasingly important political role. He examined the papers in the dispatch boxes, and to a deepening degree, he added comments to the dispatches themselves. He participated in almost every personal meeting that Queen Victoria held with either her prime ministers or with a member of the Cabinet. He accompanied Victoria to Parliament when she formally opened and closed each annual session, and when she read her ‘Speech from the Throne,’ he sat on a throne of his own next to hers. Occasionally he presided at royal receptions in her palace. In every royal home (Buckingham Palace, Windsor Castle, and later Osborne and Balmoral), Albert and Victoria worked at adjoining desks for many hours each day.
Their relationship became as much a political as a domestic partnership. It was Albert who wrote the lengthy memoranda and who in a broadening role, came to draft her letters to her ministers. In fact, if not in name, their partnership became a dual monarchy. By 1845 a close observer of palace procedure took note of the fact that Albert and Victoria always met ministers together and began each sentence with ‘We. He went on to say: “The Prince is become so identified with the Queen that they are one person, and as he likes business, it is obvious that while she has the title he is really discharging the functions of the Sovereign. He is King to all intents and purposes” (Arnstein 68). To place Queen Victoria’s reign in its appropriate context, both the era preceding and the era following her reign shall be discussed. The Georgian Era was followed by Queen Victoria’s Era. After her reign concluded, the Edwardian Era was ushered in. The Georgian Era was a period of British history that included the reigns of George I, George II, George III, and George IV. Essentially, the king called the shots for everything that happened during this period. Social reform under campaigners, politicians, and members of the Clapham Sect brought about changes in social justice and prison reform. There was a revival of Christianity and non-conformists. Hospitals, Sunday schools, and orphanages were also founded during this era.
The loss of the American Colonies and the American Revolution occurred during the Georgian Era and were looked upon as national disasters. “The expansion of the empire brought fame and sowed the seeds of the worldwide British Empire of the Victorian and Edwardian Eras which were to follow” (Chesney 27). The Victorian Era of the United Kingdom encompassed the period of Queen Victoria’s reign from 1837-1901. It was a long period of prosperity for the British people, including a largely developed middle class. Industrial improvements at home and large profits from oversea trading became major factors to the United Kingdom’s success. The Victorian Era is often characterized as the Pax Britannica, a long era of peace. The House of Commons was run by two major political parties, the Whigs and the Tories; later known as the Liberals and the Conservatives. Gothic revival architecture became increasingly significant during the Victorian Era. As mentioned earlier, Queen Victoria was part of the government, but the Prime Ministers were the ones who ran the country. During the 19th century, Britain went through a rapid population growth almost doubling its size. Wages were kept down and housing was expensive and scarce. In London, large houses were turned into tenements and flats, which later developed into the slums of London. “Hideous slums, some of them acres wide, some no more than crannies of obscure misery, make up a substantial part of the, metropolis… In big, once handsome houses, thirty or more people of all ages may inhabit a single room” (Chesney 54). The Victorian Era was notorious for the employment of young children.
Children ages 5 to 15 worked in factories and mines, and they often worked as chimney sweeps. Child labor was mostly brought on by economic hardships; children had to work because their families were put into debtor’s prisons. Queen Victoria’s influence on society was not so great.
From a certain standpoint, one could say that Victoria shunned society, leaving everything up to her prime ministers. The Edwardian Era in the United Kingdom was the period of King Edward VII’s reign from 1901-1910. Socially, the Edwardian Era was a period where the British class system was very rigid. There were economic and social changes that created more mobility than what was previously shown during the Victorian Era. Changes in socialism, women’s suffrage, and opportunities caused by industrialization were most prevalent during the Edwardian Era. Upper classes developed leisure sports, which led to fashion outbreaks such as the corset. In conclusion, while Victoria was Queen there was a tremendous change in the lives of British people. Britain became the most powerful country in the world, with the largest empire that had ever existed, ruling a quarter of the world’s population.
The number of people living in Britain more than doubled, causing a huge demand for food, clothes and housing. Factories and machines were built to meet this demand and new towns grew up, changing the landscape and the ways people lived and worked. Railways, originally built to transport goods, meant people could travel easily around the country for the first time. It is probably impossible to overestimate Victoria’s importance to the history of the 1800s. The age itself has become known as the Victorian era, both for the supremacy of the British Empire during her reign, and because of her personal reputation. Bibliography
• Arnstein, Walter L. Queen Victoria. New York: Palgrave Macmillan, 2003.
• Aveling, J. C. H, Tindal Hart, M. S. Stancliffe, et al. A House of Kings. Ed.
• Axelrod-Contrada, Joan.
Women Who Led Nations. Minneapolis: The Oliver Press, 1999.
• Carpenter Edward. London: n. p. , 1966.
• Duff, David, ed. Queen Victoria’s Highland Journals. Exeter, England: Webb & Bower, 1980.
• Fry, Plantagenet S. The Kings & Queen of England & Scotland.
London: Dorling Kindersley Limited, 1990.
• Hibbert, Christopher. Queen Victoria – A Personal History. Cambridge: First Da Capo Press, 2000.
• Hibbert, Christopher. Queen Victoria in Her Letters and Journals. Great Britain: Sutton Publishing, 2000.
• Nevill, Barry St. John, ed. Life at the Court of Queen Victoria, 1861-1901: With Selections from the Journals of Queen Victoria. Great Britain: Sutton Publishing, 1997.
• Plunkett, John.
Queen Victoria – First Media Monarch. New York: Oxford University Press, 2003.
• Saint, Andrew and Gillian Darley.
The Chronicles of London. London: George Weidenfeld & Nicolson Limited, 1994.
• Strachey, Lytton. Queen Victoria. McLean: IndyPublish, n. d.
• Warner, Marina. Queen Victoria’s Sketchbook.
London: Macmillan London Limited, 1979.
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My Dream Job is to Become a Chef
My name is Kenneth Jerome Verrette, I am 23 years of age. I am currently attending The Art Institute of Dallas acquiring my Associates in Applied Science under Culinary Arts. I was always in the kitchen as a kid. I love to cook a variety of foods. There have only been a handful of dishes that I have prepared that were not up to par. I chose to take a cooking class in high school over other electives.
So let see as to why I was destined to become a chef from a child. I love to cook. Growing up, I would always be in the kitchen, and it didn’t matter as to whose house that I was in. I would always ask if there was something that I could do to help out. I remember one Thanksgiving when I was at my Grandmother’s house and it was my job to make the mashed potatoes and sweet potatoes. I think that was some of the most fun that I have had in the kitchen. It ended up being the hit of the evening. When I got out of high school I didn’t touch the cooking side of things for a couple of years. I actually specialized in weapons and missiles while I was in the military. But when I got out because I got disabled I knew that I had to go to school because I couldn’t sit behind a desk again.
I had done that before and I knew that I couldn’t sit behind a desk for 8 hours a day or more, I needed to be active. The day that I went to look into enrolling into this school, the individual gave me a tour of the school. When we got back to his desk and I knew that I was going to enroll and I signed the papers and knew that I just entered the career that I was destined to be in. I love to cook. I have cooked many of different dishes from around the world and I am always interested in new dishes to cook at home with my girlfriend. It is always fun cooking something new and tasting it for the first time after it has been prepared. I go out to eat occasionally and the food is good but there is something better about eating at home something that I have prepared myself.
I would much rather cook at home 3 meals a day than go out to eat. When I was in my sophomore year in high school, I was asked to take an elective and I remember seeing the cooking class on the paper. I remember saying to myself that was the class that I was going to take before I had even looked at the other classes that there were to offer. The whole time that I took that class I had a blast. I remember when we had to make something and bring it in to class for everyone to taste. I made chocolate pancakes that had chocolate chips in them because I knew that I could make them well and they were my favorite. When I brought them into class they were eaten up within minutes of being uncovered. It made me very pleased knowing that they were that good. As you can see from a child I was destined to become a chef. From all of the times of being in a kitchen, from the class that I took in high school, to getting out of the military and enrolling in this school. I just couldn’t get away from the kitchen. Cooking it was my career from the start.
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Benefits of Youth Sports
The benefits of youth sports Points Amateur sports used to mean varsity and JV teams in high school and college, but today more than thirty million kids play on a wide range of recreational and competitive or select teams at younger and younger ages. Parents want to encourage safe sports for their children, both on the field and off. Whether your athlete is a five-year-old beginner or the star of a varsity team, The Young Athlete provides guidance on everything from working with the coach to preventing and treating sports-related injuries.
Jordan D. Metzl, M. D. co-founder and medical director of The Sports Medicine Institute for Young Athletes and one of America’s premier pediatric sports physicians, explains: * How to keep your child athlete healthy in mind and body * How to deal with the coach and other parents and help your child handle team pressure * How to recognize and prevent injuries such as fractures, ligament tears, and repetitive stress injuries * How to recognize when your child is doing “too much” * How to judge the impact of daily physical practice on growing bodies The Young Athlete provides two kinds of guidelines. First, it helps both you and your child keep a sensible perspective on the benefits of organized sports and avoid a “win at all costs” mentality. Through personal advice and anecdotes from his medical practice, Dr. Metzl, a marathon runner, Ironman triathelete, and former college soccer player, helps parents evaluate real-life situations and decisions. He addresses the concerns of parents who have no experience in sports but want to encourage their children to achieve their utmost potential. Second, this book focuses on strategies that can help prevent injuries and promote health. Dr. Metzl tells you how to recognize the most common injuries and determine their degree of seriousness. He also discusses the nutritional needs of the developing athlete and the benefits of strength and preventive conditioning before and during the season. The Young Athlete is a comprehensive guide that will enable your young athlete to be the best that he or she can be, both on and off the field.
Chapter 1 MENS SANA IN CORPORE SANO (A SOUND MIND IN A SOUND BODY) Sports are for fun, but they also offer benefits and lessons that carry over into all aspects of life. When kids are asked why they play sports, here’s what they say: * To have fun * To improve their skills * To learn new skills * To be with their friends * To make new friends * To succeed or win * To become physically fit Kids usually get the benefits they seek from sports and more.
Kids need attention and respect (in that order), but they have few ways to get them. What is unique about sports is that they offer kids an arena where they can earn attention and respect by exerting their natural abilities. Kids are good at sports because sports are essentially about speed, strength, coordination, vision, creativity, and responsiveness-the necessary physical attributes are the attributes of youth. Given that athletics involves all aspects of the human being, it is not surprising that participants benefit in all of the areas they mention.
According to researchers at the Institute for the Study of Youth Sports at Michigan State University, kids who participate in organized sports do better in school, have better interpersonal skills, are more team oriented, and are generally healthier. Participation in sports provides opportunities for leadership and socialization, as well as the development of skills for handling success and failure. Moreover, when playing games, children learn how rules work. They see how groups need rules to keep order, that the individual must accept the rules for the good of the group, that rules entail a consideration of the rights of others. They also learn about competition, but within a restricted and safe system where the consequences of losing are minimized.
Benefits for girls have been of particular interest to researchers. The President’s Council on Physical Fitness and Sports reports many developmental benefits of participating in youth sports for girls, including increased self-esteem and self-confidence, healthier body image, significant experiences of competency and success, as well as reduced risk of chronic disease. Furthermore, female athletes “do better academically and have lower school dropout rates than their nonathletic counterparts. ” The Women’s Sports Foundation lists many ways that sports specifically benefit female athletes. These include their being less likely to become pregnant as teenagers, less likely to begin smoking, more likely to quit smoking, more likely to do well in science, and more likely to graduate from high school and college than female nonathletes.
Female athletes also take greater pride in their physical and social selves than their sedentary peers; they are more active physically as they age; they suffer less depression. There is also some evidence that recreational physical activity decreases a woman’s chances of developing breast cancer and helps prevent osteoporosis. I am convinced that sports offer a unique arena in which children can successfully exert their talents. The arena is unique for two reasons. First, sports engage the child as a complete human being: all facets-not just physical, but also social, cognitive, and psychological-are engaged harmoniously in striving toward peak fulfillment. Second, sports involve youths working in an ongoing community composed of their peers as well as their peers’ families.
Sports, that is, offer children an exhilarating, satisfying, rewarding way to participate in a larger world not generally accessible to nonathletes. Ads by Google Sale On Luna Sports Clothing Save Up To 20% On Luna Sports Free Shipping On Orders Over $50! RealCyclist. com/LunaSportsClothing Fundraising and Auctions We run fee-FREE auctions at events & supply Memorabilia at COST price! www. helpinghand. com. au Good Health Worldwide International Health & Medical Insurance For Expats Overseas www.
GoodHealthWorldwide. com Physical Benefits Fitness. Kids who play sports develop general physical fitness in a way that’s fun, and they establish lifelong habits for good health. This is particularly important at a time when obesity in the United States has reached epidemic proportions: the incidence of obesity has increased by more than 50 percent among America’s children and teens since 1976 and continues to grow at a staggering rate! Stress relief. Sports allow kids to clear their minds of academic and social pressures, to literally run off the tension that’s accumulated in their muscles. In the words of one patient, “If you play really hard, you feel better because playing takes your mind off things that bother you, and afterwards you can concentrate better.
Most doctors recognize the positive mental effect of physical exertion, even though we’re not sure exactly why this is so. I know that my ability to study in college and medical school was greatly enhanced when I ran during the day, and I’m not the only athlete to find this true. Many athletes get better grades in-season (theories posit the discipline and the need to manage time, along with an increased ability to concentrate). During exams, Duke University opens its gyms twenty-four hours a day to provide stress relief for its students. ns trac. Sports give kids a satisfying, enjoyable way to develop their own talents: through personal effort they get good at something they’re interested in. Doing something well makes them feel good about themselves, but equally important, it teaches them about the process of how to improve and work more effectively. Learning a skill-to dribble left-handed, say, or to execute an effective second serve-entails a recognition that practice is essential and that improvement is incremental.
The process of repetition teaches the athlete how to master a move and also how to experiment with different approaches to improve a skill. The feedback in sports is usually immediate and visible-does the ball go into the basket? -so that the athlete can change or repeat what she’s doing and figure out how to get better. Not only that, the whole process of seeing practice lead to improvement gives kids a feeling of control, a feeling all too rare in their lives. Healthy habits.
Because sports increase an awareness of one’s body and how it responds to different stimuli and circumstances, sports help prevent drug and alcohol abuse. Most athletes value what their bodies can do and want to maintain those abilities. Being an athlete also gives kids an acceptable reason for telling their friends no to drugs, booze, and other high-risk, unhealthy behaviors. (Of course, not all athletes avoid drugs and alcohol. ) Ads by Google Why Meditation? 15 Minutes Of Meditation Each Day Will Dramatically Improve Your Life www. silvaultramindsystem. com How to Do Meditation? Easily Learn How to Meditate Download Free Meditation Audio www. SilvaLifeSystem. com Racing camels,horses,dogs improve performance, muscle tone increase work rate ,appetite, www. collovet. com. au Personal Benefits Valuing preparation. Sports help kids learn to distinguish between effort and ability.
Sports increase self-discipline and the awareness of the value of preparation because kids can see the difference in their performance. Competitive athletes learn the importance of effort, being prepared (mentally and physically), and enlightened risk-taking.
They see that raw physical talent is not always sufficient to win the game, but that preparation is essential. This includes mental preparation (staying focused) and physical fitness as well as practicing the plays with their teammates in team sports. They learn to evaluate risk versus reward. Another invaluable lesson is discovering that mistakes are part of learning; they signal that a particular approach is unsuccessful and you must try another.
Kids also learn to deal productively with criticism as part of improvement and preparation. families e. Sports provide an unparalleled model for dealing with disappointment and misfortune. Young athletes learn to handle adversity, whether it’s picking themselves up after losing a big game or not getting as many minutes as they wanted. They find ways to deal with losing and go on, because there’s another big game next week or next year.
They figure out what to do to get what they want for themselves. They put in extra time on fitness or work on specific weaknesses in their game (long-ball trapping, hitting to the opposite field, looking the ball into their hands). Athletes also learn to deal with the physical and psychological effects of injury. I broke my jaw playing soccer and missed most of the season my junior year in high school. I went through the classic stages of grief, from “This can’t be true” to ultimate acceptance. Two months of sitting out, waiting to heal, and dealing with physical and emotional pain was devastating. There were times early on when I sat in my bed whimpering from pain.
But as time went on and my jaw began to heal, I somehow began to realize what almost all athletes in pain realize: the only person who is going to help you is yourself. You find the limits of what you can ask of yourself and know that you will deliver. This learning to get the best out of yourself carries over into all aspects of life. People can find their internal drive through training and hard work, but adversity really brings it out. In my case, I came back with stronger resolve. In my senior year I became an all-district soccer player and was propelled toward a college soccer career. Attitude control.
Older teens learn that a confident attitude improves their performance, and that they have some control over their attitude. They learn to disregard comparative stats in preparing for an opponent and instead to adopt “attitude enhancers” such as visualization exercises, team or individual rituals, singing specific songs together, or having dinner as a team the night before the game.
Some might call these superstitions, others, self-fulfilling prophecies, but they work. Leadership opportunities. Team sports offer kids a rare opportunity to serve as leaders. Kids can be in a position to assess the strengths and weaknesses of their various teammates and help to exploit their strengths and compensate for their weaknesses.
They can minimize conflicts among players. They can reinforce values-such as fair play, teamsmanship, hard work, mental preparation-by speaking up when appropriate and setting a good example. They can also take the initiative in arranging for team dress on game days (football players wear their jerseys to class, female basketball players wear their warm-up pants), organizing team dinners or team movie nights, and inviting teachers and administrators to their games. Identity and balance. Being part of a group is inordinately important to kids, and sports make kids feel like they belong, whether it’s to the group of athletes in general or their team in particular.
Sports also contribute to a teenager’s sense of a stable identity with particular values. I’m a football player” is a very different statement than “I play football. ” People are complicated, however; no individual is just one thing. It’s better to encourage children-and adults-not to assume a single identity to the exclusion of all else. Time management. Young athletes learn to manage their time productively. They know they have to get their homework done, so they learn not to waste time (some of them even quit watching television and hanging out at the mall). They plan ahead, so that big school projects don’t catch them by surprise.
They even figure out they have to eat well and get a good night’s sleep. Countless athletes, in school and the workplace, say that being an athlete taught them discipline that is invaluable in their lives on and off the field. Long-term thinking. Athletes learn the fundamental lesson of sacrificing immediate gratification for long-term gain. This is the basis for personal success as well as for civilization in general, and no lesson can be more valuable.
Ads by Google Under New Ownership Local running/sk8/sport shop Students save 10% www. ontherunsports. com Masters Sport Management AISTS offers a Masters Degree in Sports Administration & Technology www. aists. rg Racing camels,horses,dogs improve performance, muscle tone increase work rate ,appetite, www. collovet. com. au Social benefits Sports are a social activity. Team sports are obviously done with other people, but even individual sports are often done as a team (tennis, golf, track). All sports, however, are intended to be performed in front of others, and the social ramifications are many.
Here are some of them. Relationships with other kids. Athletes develop relationships with their teammates. For boys, sports are a primary, and unfortunately sometimes the sole, way of socializing with others. In many schools and communities, nonathletic males find it difficult to develop a social network at all.
For girls, who according to the feminist theorist Carol Gilligan tend to define themselves through their relationships rather than their achievements, sports offer yet another way to make friends and create an alternate peer group. According to Mike Nerney, a consultant in substance abuse prevention and education, multiple peer groups are always a good idea for teens, who have an intense need for inclusion and belonging, but who can also be volatile, cruel to each other, and foment destructive behavior as a group. Having a refuge when relations go wrong with one group can alleviate a great deal of stress and offer an alternative for kids who feel uncomfortable or frightened by peers who engage in high-risk activities. Teamwork. On a team, kids learn about cooperation, camaraderie, give-and-take. They learn that while their natural position might be wide receiver, the team needs a cornerback, so they sacrifice their personal desires and play defense.
They learn that you don’t have to like someone in order to work together toward a common goal. They also discover that you can work for people you don’t respect and still be productive, improve your skills, and have fun. A team is a natural environment in which to learn responsibility to others: you can’t stay out carousing the night before a game; sometimes you need to pass up a party in order to show up and play well. Kids learn these lessons from their teammates and, most important, a coach who encourages the good of the team over the needs of an individual player. This attitude is sometimes rare in today’s sports climate, where what’s glorified is to “be the man. I think the earlier the message is instilled about the good of the larger whole, the better for kids in the long run.
m perspec. Organized sports sponsored by clubs or youth leagues not affiliated with schools offer players an opportunity to meet a variety of kids from different backgrounds. Students from public, private, and parochial schools come together in a common enterprise, crossing socioeconomic and ethnic lines, so that over time all players broaden their sense of how other people live. The genuinely multicultural environment is of tremendous importance in our polarized society. Kids play on the same team, wear the same uniform, share the same objectives and experiences.
Sports are a great equalizer: rich or poor, black, brown, or white, are irrelevant. What counts is talent and heart.
Ads by Google Football Stats CG Real-time on-air graphics Statistical data scouting system www. wtvision. com Movie Trailers Preview the latest movie trailers for new ; upcoming movies. movies. 701panduan. com Malaysia Tour Packages Beach, Diving ; City Experience Affordable Rates. Contact Us Today! www. mvision. com. my Social benefits part 2 Relationships with adults. When coaches, parents, and kids see each other at practice and games week after week, year after year, the adults learn to admire and praise the kids’ prowess and progress, even when kids are as young as third graders. This kind of attention helps youngsters learn to balance their own evaluation of their improving skills with the appraisal of others who are not blood relatives; they also begin the lifelong process of figuring out whom to listen to when they hear conflicting advice or assessments. In addition, for young athletes of all ages, attention from interested adults is not only flattering but also helps them overcome shyness and develop poise when talking to relative strangers in social situations.
The ability to feel comfortable in a variety of social circumstances will be progressively more valuable in a world of multiple cultures and decreasing numbers of supportive communities. Sports give kids an opportunity to spend ongoing periods of time with an adult in a shared endeavor. Indeed, kids may spend more time with their coach than with any other adult in their lives, especially if they’re on a school team or a club team that practices two or more times a week. Ideally this coach cares about them as whole beings rather than particular talents who can run for touchdowns or block opponents’ shots. To thrive, kids need to be with adults who want them to do well in a variety of endeavors, who notice their improvements and hard work, who manifest sound values, and who don’t pay attention to them solely because of their contributions to the win column. The coach-player relationship can be very strong, and even parentlike.
Coaches of young athletes take on a tremendous responsibility to set a good example and treat their players respectfully. Thankfully, most coaches take this responsibility very seriously. Sometimes, the coach-player relationship can even be life-saving. A female coach of a varsity boys’ team reported that one of her players came to her saying, “I need to talk to you. I found blood in my urine. ” “Let me ask you something,” the coach replied. “Have you been having unprotected sex? ” “No, of course not. I can’t believe you asked me that,” he said. “Well, I need to know what direction to take you in. No matter what happened, you need to see a doctor. ” The coach recalled, “This boy was very good looking and very popular. I knew what was going on. The doctor found he had picked up a venereal disease which could have made him infertile. The boy called me from the doctor’s office to say thank you. ” Participating in a community.
Sports foster a sense of community: they give both participants and spectators the experience of belonging to something larger than themselves, the need for which seems to e hard-wired into the human brain. This is why kids love playing for their schools, why high school football games in small cities can draw tens of thousands of spectators week after week, and why adults identify with their college teams years after they have graduated. Playing for an institution or a community gives kids a chance to feel that they are making a genuine contribution to a larger group. Ads by Google Sports Stores Get all sort of sports equipments. Find list of sports stores here. www. 701panduan. com retire? After all the bills will yiu have enough to retire on? thisopneroad. com Smart Parents 7L Strategy Get Free e-zines, tips & secrets to happier family and brighter kids! www.
SmartParents. com. my High and low Sports can actually change the physiology of athletes and fans. Physical exertion can raise the level of pheronemes and endorphins, brain chemicals that cause exhilaration.
Exercise can also elevate the serum testosterone level, which makes the heart beat faster. Spectators can feel depressed when their team loses and elated when their team wins. They, too, undergo physiological changes when watching their team: fans of the winning team experience an increase in testosterone, whereas supporters of the losers undergo a decrease in testosterone. When playing for school or club teams, young athletes are afforded the opportunity to see how grownups and children treat one another and how this treatment has long-term consequences.
They can see which adults care about kids, are willing to do their fair share and more, and take a stand for what they believe in. They see which parents are cooperative-pitching in to help with snacks, driving their kids’ teammates to games, serving as team treasurer, volunteering to line the fields on cold, rainy mornings. They hear parents screaming at the officials and recognize which ones know the rules and which don’t. They see who supports their own children and others, who bullies their children or the officials. They see parents who teach their children to assume they are always right, are better than the other players, and that someone else, anyone else, is always at fault if things go wrong. They also see how the kids in these families emulate or reject their parents’ behavior. They think about how they will treat their own children and how they will behave with their friends as members of groups.
One hockey father says, “Part of the benefit of sports is that children observe its complex social dynamic among coaches, parents, players, and officials. There’s a wide range of ethics, such as the attitude toward authority. Do you try to abide by the spirit of the rules, get away with what you can, accept what an official says, or do you argue and yell at him, or complain about it? Another major element they encounter is the difference between teammates who are good at communicating and sharing versus those who are out to get what they can for themselves. This is a dichotomy adults face throughout life. Kids involved in sports have to consciously or subconsciously figure out where they fit into those various spectrums. ” Participating for years on the same team not only improves the play, because the players learn each other’s strengths and weaknesses and where they’ll be on the field or court, but it gives kids a wider view of the world and the people in it. Ads by Google Discount Hydration Wide Selection Of Brands ; Products Free Delivery For Orders Over S$50! BestBuy-World. com/ Stem Cell Autism Therapy Patients are Seeing Results Today Don’t wait for Treatment Learn more www.
StemCellTreatmentNow. com Smart Parents 7L Strategy Get Free e-zines, tips & secrets to happier family and brighter kids! www. SmartParents. com. my Similarities of sports and arts Are the benefits of sports unique? Many have noted that the arts produce many of the same benefits as sports, for both participant and spectator. Sports entail all elements of human life-physical, emotional, cognitive, social-but in a simplified, orderly form. Sports boil life down to competition governed by agreed-upon rules. The opponents are known, the goals clear and quantifiable.
Athletes practice the skills necessary to excel and gain a sense of control and mastery. Sports are a public performance, which fosters a sense of community among people-participants as well as spectators-who would otherwise be strangers. At their best, they produce a sense of exhilaration.
The arts are the other significant leisure activity that distills life down to simpler forms. The arts simplify life by selecting and arranging certain elements to create a unified, expressive whole. They too are intended for an audience. The performing arts, dance in particular, have much in common with sports: they take place outside of everyday life, the activities are physical and demand practice, and performance can produce exhilaration and a sense of community.
What makes sports different from the arts is that they demand a spontaneous response to surprise. A dance is choreographed; the dancers know what they are to do at every moment. A game has set plays, but the athletes must respond to what their opponents do, or to the unexpected bounce of the ball. The denouement of the game is uncertain, often until its final seconds. This combination of total human exertion with an environment that balances control, spontaneity, and uncertainty leads to the unique excitement and satisfaction of sports, for both athletes and spectators. * As with most spheres of human endeavor, the benefits of sports can easily turn into deficits. Moderation is, as the Greeks pointed out, the key to wisdom. Many in the athletic community worry that youth sports have become too serious, and that the win-at-all-costs mentality has become the reality today.
Youth sports shouldn’t be an obsession that excludes other areas of life (academics, the arts, community service, family life, religious training). Sports should be just one arena of many in which kids have a chance to express themselves and have fun. When winning is overvalued, the idea of sportsmanship and fair play disappears, as does concern for the whole child. When only a kid’s athletic talent is important, her character development, her academic performance and needs, her long-term physical health, the development of her skills at other positions on a team are neglected. The pressure to be a winner may push some young athletes toward unsafe performance-enhancing drugs or body-building supplements.
Furthermore, when winning is the prime value, the public nature of sports can turn sour. An athlete who is not playing well or makes a mistake may feel humiliation and shame because she knows everyone is watching. Being a member of a team can become destructive if the players turn arrogant and fall into an us-them mentality, seeing opponents as the enemy and treating their nonathletic peers as inferior or contemptible. Furthermore, if a teenager overidentifies as an athlete, he will be ignoring other interests at a time when he should be broadening rather than narrowing his horizons. College and professional sports have become corrupted by the win-at-all-costs mentality, and this corruption is intensified by big-money contracts for winning players, coaches, and organizations. Loyalty, camaraderie, sportsmanship, the joy of mastering skills- these values all too often disappear when “winning is the only thing. ” If they remain uninfected by the toxins of winning at all costs and instead focus on effort and fair play, youth sports can be beautiful, exciting, and fun.
They can provide kids with an extraordinary opportunity to express their talents and their character, to run around screaming and laughing with joy. The job of parents and coaches of young athletes is to maximize the benefits and minimize the deficits of youth sports by keeping a long-term perspective and helping kids do the same.
Author Jordan D. Metzl, M. D. , is the medical director of the Sports Medicine Institute for Young Athletes at the Hospital for Special Surgery in New York City. A Medical contributor to CBS News, he has published widely in the field of sports medicine and speaks regularly to medical and parent groups both in the United States and around the world. A former college soccer player, Dr. Metzl is a seventeen-time marathon runner and two-time Ironman triathlete. More Carol Shookhoff, Ph. D. , writes frequently on educational issues. She is the mother of a teenage soccer player who also plays basketball and lacrosse and runs track. More
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My Favorite Person
My favorite person was born, February 24, 2002, and that day will forever be a milestone in my life. He is a bundle of joy from Heaven, and the way he smells is like the air drifting over the cold winter snow. He is my son Micah Jarrell Bailey. That day gave my life new meaning. He is a handsome, well mannered, smart little boy with the character of some of the world most honorable people. Micah has a canting look that is prominent is a crowd. He has the face of a care bear with round, chubby, and slightly freckled cheeks. His eyes are a greenish hazel with a touch of gold, that give off a hue of sparkling diamonds, They are placed slightly deeper than normal, which give a sophisticated look.
He has silky, mildly curly hair with an autumn brown tent and his skin is smooth and flawless with a tone of caramel. His physique is one of an under-sized football player: his arms are short with indention lines here and there demonstrating small muscles. His abdomen is round that lead to his semi-defined chest. His legs are rather large for his age, thighs with crumbling muscles like those of a body builder and slightly knocked knees, which lead to his large calves. We always tell him he has legs like a tank. Even with his good looks it is his personality is what makes me pay attention, it is one of a happy puppy. He has the ability to create warmth and tranquility in my heart, His smile is like an ocean front sunset on a cool summer night, simply breath taking. He walks with somewhat of a gentle swagger, like that of a Heisman trophy winner on draft day.
He always seems to say or do the right thing at precisely the right moment to disrupt tension in the room. Micah is a smart person and is like the Forth Infantry from Fort Hood, Texas, looking for Saddam Hussein, he is unbelievably focused, and He is a straight “A” student and has an incanting love of music, plus enjoys reading. He is in the third grade and reads on a seventh grade level He likes to read adventure books with warriors that he can pretend to be. In addition, he does a remarkable job reading and understanding his children’s Bible. Even with his charming personality and eye catching good looks, he has an overwhelming sense of character. He is eight years of age and has the mind action of someone twice his age. He loves interacting with people; he has a unique way of dissecting a person with his mind, like a surgeon would do in surgery. First, he would innocently attach them with a flurry of questions, like a contestant of Jeopardy. Secondly; he will evaluate your answers to see if he could obtain a better answer.
And thirdly, after the questioning has ceased, he candidly smiled and walk away. This is the way he would analyze people. I have never met a person whom he did not like, and he always has something good to say about everyone. Micah is a blessing to me and will always be on the most favorite people. With all his wittiness and good looks, he is truly and admirable person inside and out. Everyday, he lets me know that there is a God above. When I wake him in the morning, he always hugs me, while still half asleep and says with soft cartoon character like voice “I love you momma,” and at night, he never lets us forget to say our prayers. And, those are the type of little things he does, which just fill my heart with joy. And, that is the reason he deserves all the love I have to give.
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Reflective Statement
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Capital Punishment should be Abolished in Malaysia
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Radio and Soft Ware
ABSTRACT: This is the world of VLSI . Presently all most all the people are using technology in various forms like mobiles, i-pods, i-phones etc. , Every one enjoys technology but only a few know about VLSI design in world design and its working. Coming to VLSI it is the process of creating integrated circuits by combing 1000`s of transistor based circuits in to a single chip. It began 1970`s when complex semi conductors and communication technologies were being developed, But now it has become key to many sophisticated electronic devices. As the subject is a big ocean we laid our emphasis on VLSI chip coupled with SDR technology used in mobiles. VLSI technology makes the mobile affordable and SDR technology make its flexible. Coming to the role of soft ware define radio abbreviated as SDR, it helps one to access different net works like CDMA, GSM, WILL etc.
Basically SDR is radio communication system which can potentially tune to any frequency band and received any modulation across a large frequency spectrum by means of little hard ware as possible and process it signals through soft ware. VLSI CHIP [pic] This paper introduces the basic design of SDR, use of VLSI chips in mobiles and their working principles. KEYWORDS:- 1. VLSI – Very large scale integration 2. SDR – Soft ware defined Radio 3. R. F – Radio Frequency 4. I. F -intermediate frequency INTRODUCTION Tele communication industry is one of the highly developed segment which is dependent on VLSI technology. SDR also plays a prominent role in the mobile communication VLSI helps in reducing the size and price of the mobile where as SDR increases the flexibility of the mobile. Existing networks in telecommunication can be classified into two major types – ) GSM (Global System for Mobile communication) b) CDMA (Code Division Multiple Access) These networks differ in their accessing frequencies. The problem encountered while using these network is, both these networks can not be accessed from the same hand set. Now a days dual SIM card phones have been developed using SDR. Soft ware radio provides solution by using super heterodyne radio frequency front end. Soft ware defined radios have significant utility for the military and cell phone services both of which must serve a wide variety of changing radio protocols in real time. The following segments introduce the use of VLSI and SDR, their working principles, advantages and disadvantages [pic] VLSI technology :- Most of the student are exposed to ICs at a very basic level involving SSI and MSI circuits like multiplexers, encoders, decoders etc. VLSI is the next stage of SSI and MSI. This field involves packing more and more logic devices into smaller and smaller areas.
Particularly in this era of Nano technology simplicity plays a very prominent role for any device. This is possible by using VLSI design. But this design involves a lot of expertise in many fronts like system architecture, logic and circuit design way for fabrication etc. A lot of knowledge is required for the actual implementation and design of VLSI. Digital VLSI circuits are predominantly CMOS based.
The way normal blocks like latches and gates are implemented is different from what students have seen so far, but the behaviour remains the same. All the miniaturization involves new things to consider. A lot of thought has to go into actual implementations as well as design. Let us look at some of the factors involved. 1. Circuit Delays. Large complicated circuits running at very high frequencies have one big problem to tackle – the problem of delays in propagation of signals through gates and wires … even for areas a few micrometers across! The operation speed is so large that as the delays add up, they can actually become comparable to the clock speeds. 2. Power. Another effect of high operation frequencies is increased consumption of power.
This has two-fold effect – devices consume batteries faster, and heat dissipation increases. Coupled with the fact that surface areas have decreased, heat poses a major threat to the stability of the circuit itself. . Layout. Laying out the circuit components is task common to all branches of electronics. What’s so special in our case is that there are many possible ways to do this; there can be multiple layers of different materials on the same silicon, there can be different arrangements of the smaller parts for the same component and so on. The power dissipation and speed in a circuit present a trade-off; if we try to optimize on one, the other is affected. The choice between the two is determined by the way we chose the layout the circuit components. Layout can also affect the fabrication of VLSI chips, making it either easy or difficult to implement the components on the silicon.
Most of the today’s VLSI designs are classified into 3 categories – Analog :- Small transistor counts circuits such as amplifiers, data converters ,sensors etc. , Application Specific integrated circuits :- Progress in the fabrication of ICs has enabled us to create fast and powerful circuits in smaller and smaller devices. This also means we can pack a lot more of functionality in the same area. This is key for design of ASIC`s . Systems on chip :- These are highly complex mixed signal circuits (digital & analog on the same chip). Mobiles developed by using all the above VLSI designs will be simple as they contain a large number of transistors on one chip, more ever they become cheap. Thus VLSI makes the mobiles compact, affordable and energy efficient.
Role of SDR in mobiles:- Frequency is an important term in the operation any networks. Cell phones are categorized in to CDMA and GSM based on this principle. CDMA operate with in a frequency range of 1 MHz to 800 MHz. GSM operates for a frequency range of 900 MHz to 1900 MHz. Thus both these networks can not be access for a single hand set. To solve this problem soft ware defined radio is developed. SDR can tune to any frequency band and relieve any modification across a large frequency spectrum . [pic] Operating principles of SDR:- There are two concepts in the working of SDR, one is ideal and other is practical. Ideal concept:- The receiver has an analog attached to digital converter and this is attached to the antenna. A digital signal processor would read the converter and its soft ware would transform the stream of data form the converter to any other form it requires. An ideal transmitter is of the similar type. A digital signal processor would generate a stream of numbers which will be sent to a digital to analog converter connected to the radio antenna. But this ideal stream is not completely realizable. Practical concept :- Current digital electronics are too slow to receive tropical radio signal over approximately 40 MHz directly. An ideal soft ware radio has to collect and process samples at more than twice the maximum frequency at which it is to operate for frequencies below 40 MHz a direct conversion hard ware solution is required. In this hard ware solution an ADC converter is directly connected to antenna.
The output stream of digital data obtained from analog to digital converter is then passed to a soft ware defined processing stage for frequencies above 40 MHz . The actual analog to digital converter does not perform with sufficient speed, so direct conversion is not possible. To solve this problem a super heterodyne RF front end is adopted. Super heterodyne:- It consist of frequency mixer and reference oscillator to heterodyne the radio signals to lower frequencies. The mixer changes the frequency of the signal.
The Super heterodyne RF front end lower the frequency of the received to intermediate frequency values under 40 MHz convertible limit. This intermediate frequency is then treated by ADC. Thus by using same mobile both the frequencies corresponding to GSM & CDMA networks can be accessed. ADVANTAGES:- 1. Lower package count. 2. Low board space. 3. Fewer board level connections. 4. Higher performance. 5. Reliability and lower cost due to the lower chip count DISADVANTAGES:- 1. Long design. 2. Long fabrication time. 3. Higher risk project. 4. Spiking problem. 5. Leakage of power. However, CMOS transistor can reduce most of the problems. CONCLUSION :- If we take geographical conditions into account, some networks will be advantageous in one part of the world and the other at some other places. Using different phones for this purpose will be some what inconvenient. So having ability to use all the networks will be a welcome always.
With the advent of SDR one needs just one set to access different networks, thereby, providing flexibility. Dual Simcards phones developed based on SDR technology have gained good response. In countries like India, price place an important role in determining the demand for a particular product, and also interest towards compact and simple devices is increasing day by day. In this context a lot of progress has been made in the circuit design. As VLSI has succeeded in reducing the cost and also making the product efficient it has gained a lot of craze. Most of the companies are producing the product based on single chip design. REFERENCES :- www. wikipedia . com www. google. com [pic]
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Travel Agency
REPORT ON Management information system on Travel management Submitted to: Prof. Prashant Barge Submitted on: 10th Sep 2010 By: Praveen Kumar Rajesh Kumar Abhigyan Banerjee Kushal Reddy Shobhit Lasod Deepak M 10020741049 10020741050 10020741051 10020741052 10020741053 10020741054 A STUDY OF EXISTING MIS SYSTEM AT KIRTY TOURS AND TRAVELS – NASIK ? About Kirty Tours and Travels Kirty Tours & Travels is a deep-rooted name for arranging different types of tour with excellent packages available like North India Tour package, South India Tour package, India golden triangle tour, Pilgrimage tours etc. Involved in the line of providing superb tour packages, we have 20 years of experience acting as very best travel agents and tour operator. Their main mission is to achieve a concrete success in the Industry and build the Brand Image of the company beyond heights.
They are continuously trying to achieve the goal of being one among the Fortune companies and provide the maximum customer satisfaction. We are moving ahead with our excellent services of North India Tour package, South India Tour package, India golden triangle tour that are capable of changing the trends of the life styles. Objective of the Project: The aim of this project is to study the daily business operations of a tour and travels business/ operator, examine their existing information system in detail and suggest changes/ improvements in their existing Management Information system. As part of this assignment, we chose to study the system prevailing in Kirty Tours and Travels, Nasik. Kirty tours is a fairly big tours and travels operator having 4 branches in Nasik city and provides services like bus, rail and air ticket booking, package holiday and tours and pilgrimage bookings. In this endeavour we would like to make the usiness more responsive and flexible by proposing a new MIS system which can serve the overall information needs of the business. Our proposed MIS system will tightly integrate financial, booking and customer management systems. Our MIS system integrates all phases of travel management – submitting initial requests, planning, online booking, and submitting and settling travel expenses.
The application includes a tailored user interface for all roles involved in processes used by travel agent. The new travel Management MIS provides an end-to-end solution for managing business of a travel agent. The solution provides features and functions that allow them to perform: ? ? Travel planning and online booking – This system enables travel agent to book flights, hotels, cars, and country-specific rail options, as well as look up related information. In addition, the application fully supports communication with customer, making interactions more efficient.
Travel management reporting – Travel management MIS system supports decision-making and facilitates the development and implementation of new travel management strategies. Travel Management system optimizes the entire trip life cycle, from travel requests and approvals through planning and reservations, travel bills management, policy compliance, and analytics. These are a few reasons why the management of Kirty tours and travels should look for new / proposed MIS system: ? ? ? ? ? ? End-to-end solution –Travel Management system requires no development or additional interfaces. Integration with Finance – The application is completely integrated with the financials. Reduced indirect costs – We can dramatically reduce indirect costs by automating your processes and workflow. Improved compliance – The proposed MIS system ensures improved compliance with travel agency’s policy and negotiated travel contracts.
Booking consolidation – The new MIS provides a reliable analysis of travel information and costs through synchronization with reservation systems. Improved cash flow – Efficient accounting cycles and up-to-date cost information result in better cash flow. ? DFD OF EXISTING SYSTEM ? STUDY OF EXISTING SYSTEM The existing system at Kirty tours and travels is mostly based on manual operations. The daily operations of Kirty tours can be described as follows: 1. Customers normally approach Kirty tours and travels booking office in person or over phone to book his travel needs/ requirements. 2. Tie-ups with prominent travel booking websites enables Kirty tours to search for the most suitable travel packages to the customer. This search is done by one of the personnel’s of Kirty tours online using a desktop terminal. 3. Some of the travel management companies with which Kirty has tie-ups with are ? Beam – https://travel. beam. co. in/ ? Suvidha – https://suvidhatravels. in/ ? Cleartrip – https://www. cleartrip. com/ ? Make My Trip – https://www. makemytrip. om/ ? Yatra – https://www. yatra. com/ 4. Commission to Kirty tours from these travel management organisations is based on number of bookings done from their respective websites. 5. Once the booking is done from a website, billing/ invoicing takes place, again manually and the ticket is handed over to the customer. 6. For the purpose of financial audits, the Tally ERP system is used. All financial book-keeping work is currently happening at the Mumbai Naka branch of Kirty tours. 7. Kirty tours have 4 branches in Nasik and employs on an average 3 employees in each branch to service the customers. As evident from the existing system description, there is no linkage between the Finance team and people working in the branches who book customer orders.
The functional departments are working in isolation and hence there is no linkage between the different functional teams. There is no MIS system that is currently being used in the business enterprise. Only personal computers are used by the employees booking the customer orders to find/ search for a travel package. As the current work process is completely dependent on online travel management portals, the daily operations are very arbitrary and random. Also the end of month commission owed by various online travel management companies to Kirty tours can be known only online in their respective portals. Thus the business has a high degree of dependency on these online portals.
There is also a need to integrate all the four branches and the finance team for better communication and functioning of the business. Hence, there is enough scope for the business to improve their operations and make it more efficient by having an MIS system. ? MODIFIED DFD ? DESCRIPTION OF THE MODIFIED SOLUTION The proposed MIS system for KIRTY TRAVELS is shown in the DFD. The proposed MIS system will be used for customer order bookings, order processing, ticketing and billing. As per the new information system, Kirty tours and travels instead of working with travel management companies like “Make My Trip”, “Yatra”, “Cleartrip”, now will have direct tie-ups with prominent domestic airlines such as “Jet Airways”, “Kingfisher – airlines”, “Spice Jet”, “Indigo”, “Indian” and “Go Air” etc. For this to happen, Kirty tours has to enter into an agreement with these airline companies and can become a direct franchisee (Authorised tour operator) of these airline companies. Thus Kirty tours will now be directly working under the airlines instead of working under 3rd party travel management companies. Some of the main advantages of this direct alliance are: ? Greater degree of transparency and flexibility in terms of ticket booking and confirmation: Kirty tours having entered into an agreement will have greater privileges now and can offer Credit Periods to customers. Kirty tours will have quotas booked for each flight and thus will have greater visibility of flight seat status and likes. Hence, it will be highly unlikely that for a given flight, the customer will return without having booked a ticket; therefore this leads to greater customer satisfaction. ? Being a direct franchisee of airlines, Kirty tours will now get their total payment or commission as per their bookings and this information can be directly obtained real – time from the airlines application. ? A high performance MIS system will now interact with applications of prominent airways and hence service time also reduces drastically. Thus effectively the new/ proposed MIS system will directly interact with the applications of different airlines to book orders and thus the operations of the business is expected to become more responsive, smooth and efficient. On similar lines, the application will interact with the IRCTC website of Indian railways to cater to customers who wish to undertake train journeys.
However for bus journeys and travel bookings, the proposed MIS application still has to work with interfaces like “Neeta Tours”, “RedBus. in” etc. The daily operations using the new MIS system can be expected to be as given below. 1. Initially the customer approaches KIRTY TRAVELS for their customer needs. Inputs like travel mode/ stay options/ travel date are collected from the customer. 2. Kirty tours will now use their online MIS application (Instead of using the 3rd party travel management websites) and directly connect to airlines/ railways/ bus ticket booking application online.
Based on the given inputs, different travel options are suggested to the customer. Upon the consent of the customer a provisional booking is made. . The customer must confirm the booking (provisional) within 3 days by sending a deposit of 10% of the total cost. On the receipt of the deposit, the reservation module sends the details from the provisional booking file to the confirmed booking file. 4. Four weeks before the departure is due, the accounts module sends an automated generated invoice to the customer for the remaining dues. 5. Once the full payment is received, accounts module sends an acknowledgement that no dues are left to the customer service module which then delivers the confirmed tickets to the customer. . The entire proposed MIS system will run as an online real time MIS application. Investments in terms of software application, hardware services and work stations are needed. 7. In order to achieve a higher degree of flexibility and ease of operation, the proposed application can be integrated with the currently existing auditing tool that is tally for easy auditing. 8. Also since every customer transaction is saved in the database of the proposed system. So Kirty tours and travels will now be informed to a much greater extent about the details of their ravel bookings and have passenger details. This important customer data can be analysed at a later stage to make some important business decisions.
Some of the drawbacks of the existing system that can be completely eliminated with the introduction of MIS system at Kirty tours are: ? Faster processing of customer requests or orders, thus leading to higher levels of customer service. The customer satisfaction levels are surely going to increase. Enhanced reputation and thus increase in customer loyalty. Earlier because of interfaces, order processing was tedious and time consuming. ? Having an accounts module inbuilt in the MIS system and integration with Accounts department system (Tally system) will make the financial processing and audit process for the business at the end of the year easy and convenient. All the payments from the airways will directly be credited to the bank account of Kirty tours and also the proposed system will have visibility over the money transactions. Hence greater degree of financial control is being offered.
Integration also among the branches of Kirty tours will give them greater visibility over the business operations of their branches; which was earlier not possible because of stand-alone operations of all branches. ? Also lesser workload on employees because of the automated MIS system and hence greater levels of employee satisfaction. NEW EQUIPMENTS TO BE INSTALLED The equipments that need to be procured/ purchased and installed for the new MIS system are: 1. Network Servers: A high performance server from either IBM or Dell is required on which the proposed online application will run. This server should also run a fast and efficient database such as SQL Server or Oracle DB. 2. The storage capacity of the database is decided to be 3 Terabytes considering the magnitude of operations of Kirty tours. Out of this capacity 1 TB is used for operational purposes, while 2 Terabyte is used for back-ups and archiving. 3. An efficient firewall with antivirus is very essential for smooth operations of the online MIS system and protection against malicious software threats and attacks. 4. Data-cards and LAN wires for interconnectivity is necessary for interconnection of system/ workstations in the LAN. . Apart from the above mentioned hardware requirements, an online tool for managing the entire daily operations is also necessary. This will be the online software application for provisional order booking, order confirmation, order cancellation, rescheduling, ticketing and billing/ invoicing. ? TECHNICAL AND OPERATIONAL FEASIBILITY Feasibility study is carried out t decide whether the proposed system is feasible for the company. The feasibility study is to serve as a decision document and it must answer three key questions: 1. Is there a new and better way to do the job that will benefit the user? 2. What are the cost and the savings of the alternative(s)? 3. What is recommended? Technical feasibility: Technical feasibility centres on the existing computer system i. e. Hardware, Software etc.
Kirty tours and travels require SQL/ Oracle database management that are all easily available with extensive development support through manuals and blogs. The requirements of the system for Kirty tours and travels are also quite standard and on – par with what industry leaders (such as “Cox and Kings”, “Thomas Cook”, “Sita tours and Travels”) use. Network connection to inter-connect all the branches can be done through a common server. Thus the proposed application is technically feasible. Economic feasibility: Economical Feasibility is the most frequently used method for evaluating the effectiveness of a candidate system. More commonly known as Cost/ Benefit analysis, the procedure is to determine the benefits and savings that are expected from the candidate system and compare them with costs. If the benefits outweigh costs, then the decision is made to design and implement the system.
The cost – benefit analysis in qualitative and quantitative terms is done in the next section. Operation feasibility: A simple to use, user friendly system is being proposed for managing information in Kirty tours and travels. This system is definitely feasible in operational terms. PERT CHART Computing Platform 10 Begin 1 2 Installation 4 Testing 9 5 Implementation 15 6 12 6 12 Prepare Site 3 10 35 Follow up ? Node ? Activity Measuring units in Weeks ? COST BENEFIT ANALYSIS The cost benefit analysis can be divided into 2 parts namely: Quantitative Analysis: We propose that after the introduction of MIS system in Kirty tours, business revenues are going to increase by 40% in value terms. The cost involved in setting up the MIS system is analysed below. 1. Cost incurred in setting up of the MIS 2. Cost involved in training the personals on usage of the system. 3. Cost involved in the annual or biennial maintenance of the proposed MIS system.
Hardware components like databases and databases that are used for data storage form a part of the proposed MIS system. These systems are to be maintained on a regular basis to avoid technical glitches. 4. The internet connection should be protected by a robust firewall. Firewalls protect the corporate network from external connections i. . Internet. Cost is incurred in implementing firewall for the network.
Suppose we assume that the ? Average revenue generated for the last 3 years to be 30 lakhs, ? the increase in the average annual revenue due to MIS implementation would be in the range of Rs 11 to 12 lac pa ? An increase of roughly Rs 1 lac per month. Pay-Back Period Analysis: We are proposing a MIS system whose ? Cost is around 12 to 14 lakhs. This cost includes the cost of development and delivery of MIS software system, cost of new workstations, hardware cost and other miscellaneous overheads. Assuming that the above estimated figures are close to the actual reality, the Pay-Back period would be anywhere between 12 months to 15 months. Qualitative Analysis: Analysing the cost and benefits of introducing the MIS system in qualitative terms, we can suggest the following benefits: 1. Greater customer service 2. Greater degree of customer retainment: Because of enhanced services, more and more customers would like to associate themselves with the enterprise. 3. Increased customer goodwill: Greater customer satisfaction automatically leads to increased customer goodwill, increase in reputation. . Easier to track customer orders: Introduction of a completely automated MIS system leads to greater transparency of the entire travel management system and makes the process of tracking customer bookings easy and convenient. ? NEW PROCEDURE/ TRAINING 1. Training to all staff and managers on new software: The new MIS system comes with a cost of training all the staff and employees on the new MIS software system. 2. Training on new process and report generation techniques from the new MIS system. ? ANTICIPATED PROBLEMS WITH NEW SETUP 1. We have seen and read about various organizations that have experienced problems and resistance from employees whenever a new change is brought about in the organization. So we foresee a resistance from the staff of Kirty tours and travels on account of introduction of this change in their business process.
Hence the management of Kirty travels must ensure that the transition is smooth and must inform the staff in prior about the features and benefits of the proposed system and should prepare them for a successful roll-out of the MIS system. 2. The proposed system is a completely automated online MIS. However because of limited infrastructure and resources in India, there can be disruptions in the internet connectivity and hence care must be taken to build a robust MIS system, taking these technical aspects into considerations. ? IMPLEMENTATION PLAN WATERFALL MODEL SOFTWARE DEVELOPMENT LIFECYCLE (SDLC): From the inception of an idea for software system, until it is implemented and delivered to the customer and even after that the system undergoes the several changes. The software is said to have a lifecycle known as Software Lifecycle composed of several phases. Each of these phases results in the development of either a part of the system or something associated with the system, such as a test plan or user manual. In the traditional and most common lifecycle model called WATERFALL MODEL, each phase has well defined starting and ending points with clearly identifiable inputs to the very next phase attached to it. In practice basically very simple and meaningful to visualize and understand clearly as depicted in the figure: REQUIREMENT GATHERING AND ANALYSIS DESIGN & SPECIFICATION CODING & MODULE TESTING INTEGRATION & SYSTEM TESTING USER ACCEPTANCE TEST DELIVERY, DEPLOYMENT & MAINTENANCE WATER FALL MODEL OF SYSTEM DEVELOEMENT We intend to propose the waterfall model for system development. A simple waterfall Lifecycle Model comprises the following phases: Requirements gathering & Analysis Requirements gathering and analysis is usually the very first phase of system development lifecycle. It is undertaken after a feasibility study has been performed to define the precised cost and benefits of the software system. The feasibility study here shows positive signs and hence we can proceed ahead to the requirement gathering phase of SDLC. The purpose of this particular phase is to identify and obtain the exact requirements of the system. Detailed requirements for the proposed MIS system can be given by our group on behalf of Kirty tours and travels, since we have studied their entire system in entirety. We have understood their new system needs.
The system development team will thus have to gather every requirement or need of the system and should work on the design of the system. Here all the requirements will be in functional terms and this has to be converted into technical design documents for further usage. Design & Specification Once the requirements for the system have been documented and are validated, software engineers design a software system to meet them. This phase is sometimes split into two sub-heads such as architectural or high level design and detailed design. The high level design deals with the overall module structure and origin rather than the details of the module. The high level design is defined by designing each module in detail known as detailed design.
Separating the requirements analysis phase from the design phase is an instance of a fundamental what/how dichotomy. The general principle involves making a clear distinction between what the problem is and how to solve the problem. The purpose of the design phase is to specify the particular system, which will meet the stated requirements.
The proposed system is an online MIS, design documents (both high level and low level designs) highlighting the Graphical user interfaces (GUI), business logic, interfaces with other airline applications are to be designed first and should get validated from us or from Kirty tours and travels. After obtaining the consent of the client, coding and development is to be started. Coding & Module Testing This is the phase, in which actual system development activities are taken up. Individual modules of the proposed system will be developed and will be tested in isolation for their functionality and logic. This phase known is known as Coding/ development and module testing phase. Integration & System Testing This is the next phase in the traditional Waterfall Model. In this phase all the modules that have been developed before and tested are basically linked/ integrated together. The integrated module now forms an entire system in totality and will be tested for functionality, logic and robustness.
The system will also be thoroughly checked for end-to-end data flow. Database entries and performance are also monitored and tested. Data-flow to Tally system will also be tested. User profiles and accounts are created and are checked for thoroughness. User Acceptance Testing In this phase of the system development, the built system will be tested by the client or client team i. e. ersonnels of Kirty tours and travels or by us. The criteria for validation here will be Ensuring all our requirements and needs are correctly addressed in the system functionality.
Ease – of – use/ user friendliness of the new system Performance of the system. Once the system is checked and tested for the above mentioned criteria, the system is ready for delivery and deployment. However if the client is not satisfied with the system, rework has to be done to modify the system as per client’s needs. Delivery, Deployment & Maintenance Once the system passes all the tests and its subsequent activities, only after that it is delivered to the customer. This phase is known as delivery stage. In our case, the system will have been tested by the client and client team for acceptance. We expect the system to be ready for deployment in this phase. In the deployment phase, the software code/ application is loaded/ deployed in the application server, centralised database is installed and all the branches of Kirty tours and travels will have to be interconnected through application network. The new application infrastructure is now ready for use.
After the successful completion for the delivery stage the system enters into the maintenance phase. As a result of this any modifications made to the system after initial delivery is usually attributed to this particular phase. Unlike a conventional software system, this MIS system is fairly less complex and hence annual or biennial maintenance of database, server and network hardware components would suffice.
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Travel Agency. (2017, Sep 20).
Retrieved November 5, 2025 , from
https://studydriver.com/2017/09/page/16/
Sacred Groves and Stewardship
India is a land of varied cultures, religions and people. Unity in diversity is the mantra of the land. Among all these diversifications is found an impressive population of tribal people.
These tribal people are believed to be the true inhabitants of India. Almost all the states in India have significant presence of tribal people who constitute impressive portion of the population of the state. The tribal people in India have their own cultures and traditions which are in true agreement with the Indian civilizations and cultures. Population of the tribes in India The population of the tribal people in India crosses 20 million. Each tribe is distinguished from another. The tribal people in India are different not only in terms of physical appearance but also in terms of their cultural identity.
The large variety of tribal clans is found in the North East regions of India. States like Assam, Tripura, Meghalaya, Manipur, Mizoram, Nagaland and Arunachal Pradesh have deep concentration of tribal people.
Tribal Cultures in North East Each of the tribes found in the North East regions of the country are marked for their unique and distinguished cultures. They have their own rituals, beliefs, festivals, dances, songs and ways of living. But one thing which is common in all the tribal people is that their cultures display a lot of power, joy, vibrancy and enthusiasm. Their festivals are specifically marked for their hospitality and a strong bond of love for each other. Tribal cultures in Orissa Orissa is one of the Indian states which have impressive number of tribal clans.
The tribal culture in Orissa has adapted itself to many of the Hindu traditions prevalent in the region. The true colors of the tribal cultures in Orissa can be seen on occasions like birth, death, marriage and festivals. They make the occasion vibrant with their unique performance of dance and music. Introduction: India has traditionally been the home of different cultures and people. Unity in diversity is one of the most prominent features in the people of India. Among the diversified population a significant portion is comprised of the tribal people, the original inhabitants’ of the land.
The tribal culture of India and their traditions and practices pervade almost all of the aspects of Indian culture and civilization. The different tribes in India: In India one can find almost a new dialect, culture, and different people after moving 50 kms in any direction. Likewise the tribal population is also very much varied and diversified. The present tribal population of India is approximately 20 million all together. The tribes each one of them is a distinctive community either migrated from another place or the original inhabitants of the land.
These different tribes still inhibits the different parts especially the seven states of the North Eastern part, and almost each and every corner of the land. The distinctiveness of the tribes lies their rituals, cultures, beliefs and above all the harmony in which they survive in unison with nature. Their living perfectly depicts a well balanced give and take procedure that in no way disrupts the ecological balance. Tribal Cultures of India: One has to love tribal culture in India to understand the uniqueness of their culture. Warm hospitality, simple ways of living and sincere judgment of the opinions are some of the traits that mark the tribal cultures of India. Their custom depicts their belief in simplicity.
Most of the tribes in India have their own gods and goddesses that reflects the dependence of Tribal people on nature. Except for the few most of the tribes in India is sociable, hospitable, and fun loving along with strong community bonds. Some of the tribes shares patriarchal cultural ties and some of the tribal societies are women oriented.
They have their own festivals and celebrations. The tribal people are clinging to their identity despite of the external influences that threatened the tribal culture especially after their post independence turbulent period. ****************************************************************************** India has habitually upheld its tradition and has sufficed as a home to umpteen cultures and people. `Unity in diversity` is one of the most spectacular features amongst the population of India. Among the diversified population, a significant portion comprises the tribal people, the aboriginal inhabitants of the primeval land. Tribal culture of India, their traditions and practices interpenetrate almost all the aspects of Indian culture and civilisation. The different tribes in India if ever counted can move up to a mind boggling number, with all their ethnicities and impressions. In India almost a new dialect can be witnessed each new day; culture and diversification amongst the tribals can also be admired from any land direction.
The tribal population is also pretty much varied and diversified. Quite manifestly, Indian tribal culture should assimilate and mirror a definitive section of the society. The current tribal population of India is approximately 20 million altogether. Each of the tribes is a distinctive community, either migrated from a different place or the original denizens of the land. These various tribes still inhabit the different parts, especially the seven states of the North-eastern region and almost each and every nook of the country. The speciality of the Indian tribes lies in their customs, cultures, beliefs and, in particular, the harmony in which they survive in unanimity with nature. Tribal living perfectly portrays a well-balanced environment, a procedure that in no way upsets the ecological balance. In order to entirely comprehend tribal culture in India, to understand the uniqueness of their culture, a detailed study is very much required by travelling within the society.
Affectionate hospitality, undemanding ways of living and earnest judgement of the opinions are some of the characteristic traits that earmark tribal cultures of India. Their customs mirror their confidence in simplicity. Most of the tribes in India possess their own gods and goddesses, reflecting the dependence of tribal people on nature and animism. Except for the few, most of the tribes in India are affable, hospitable and fun-loving, coupled with potent community bonding. Some of the tribes share patriarchal cultural ties and some of the tribal societies are inclined towards women-oriented issues.
They thus have their own festivals and celebrations. Indigenous Cultures The indigenous and ethnic people of the world have learnt to live in most hostile environmental condition in this universe. The most interesting feature associated with these indigenous and ethnic has been found that, they live in localities which are immensely rich in biodiversity. It is estimated that about 300 million indigenous people are living in world, out of which nearly half i. e. 150 million are living in Asia, about 30 million of which are living in Central and South America and a significant number of them are living in Australia, Europe, New Zealand, Africa, and Soviet Union. A list of some of these prominent ethnic and indigenous people is presented in table -1. These ethnic and indigenous people have played a vital role in conservation of environmental management and development process as they posse’s traditional knowledge which has been useful in Eco-restoration. It has been noticed that these people know how to live with harmony in nature. Indigenous Tribes in India In India, 68 million people belonging to 227 ethnic group and comprising of 573 tribal communities derived from six racial stocks namely – Negroid, Proto- Australoid, Mongoloid, Mediterranean, West Breachy and Nordic exists in different part of the country (Pushpgandhan 1). These ethnic people mostly the indigenous tribals live close in the vicinity of forests and have managed and conserved the biodiversity of their localities since long time. These tribals take shelter from forest and utilize wild edible plants both raw and cooked. The flower and fruits are generally eaten raw where as tubers, leaves and seeds are cooked.
Tribals utilize forest produce, forest timber and fuelwood. These tribals are living in forest since ages and have developed a kind of affinity with forests.
India is a country with large ethnic society and has immense wealth due to which it is rich in biodiversity. There are 45,000 species of wild plant out of which 9,500 species are ethnobotanically important species. Of these 7,500 species are in medicinal use for indigenous health practices. About 3,900 plant species are used by tribals as food (out of which 145 species comprise of root and tubers, 521 species of leafy vegetables, 101 species of bulbs and flowers, 647 species of fruits), 525 species are used for fiber, 400 species are used as fodder, 300 species are used in preparation and extraction of chemicals which are used as naturally occurring insecticides and pesticides, 300 species are used for extraction of gum, resins, dyes and perfume. Indigenous Culture and Religions In addition to these a number of plants are used as timber, building material and about 700 species are culturally important from moral, cultural, religious, aesthetic and social point of view of. Indian sub-contient is one of the twelve mega-centres of biodiversity representing two of the eighteen hotspots of biological diversity one occurring in Western Ghat and another in North- Eastern Himalaya (Zeven and Zhikovsky 3). Floristically 141 endemic genera belonging to over 47 families of higher plant occur in India In India 11. 95% of the world’s biodiversity has been conserved by ethnic people in many ways(Arora,4). Botanical survey of India has reported 46,214 plant species are found in India of global flora of these 17,500 represents flowering plants. Thirty seven of these are endemic and found in North -East of India.
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Peer Assesment Contract the Skinny
BA (Hons) Communication, Advertising and PR Communication Management Cancer Research UK Peer Assessment Contract Introduction The ‘Peer Assessment Contract’ (PAC) is a document stating the guidelines and regulations that the Account Executive (AE) group has agreed to follow. The PAC will also contain information on the group’s overall strategy for the successful completion of the project. The purpose of this contract is to provide evidence of the agreed acceptable standards of work and level of professionalism that the AEs should adhere to as well as encouraging a positive and pro-active attitude. By signing the PAC, Scott Browning (SB), Fiona Macdonald (FM), Ross Naylor (RN), Nina Camara (NC), Chris Mitchell (CM) and Johan Gerdin (JG) have agreed to all of the terms and conditions included within the PAC. The PAC is to be used as a key tool within the group and will be reviewed throughout the semester.
Any Peer Assessment (PA) issues that are brought to the group’s attention must be addressed immediately and if assistance is required, Account Managers (AMs), Account Directors (ADs) or the Managing Director (MD) will be consulted for guidance. If any changes are thought to be necessary to the PAC by any AE; a group vote will take place, with the majority over-ruling. Again, if further assistance is needed, the decision will be taken to the AMs, ADs or finally the MD for guidance. AE role and responsibilities The role that AEs have in the macro team is to provide support to the AMs and AD’s. The main responsibility that AEs have towards the macro team is to complete and hand in the various tasks that are set by the AMs. The work shall be handed in on time and shall meet the standard of quality as stated in the AE PAC. One ongoing task for AEs throughout the project is to produce an accurate set of minutes from the full group meeting every week. AEs must attend and be prepared (see below) for the full group meeting which will take place every Wednesday at 9am or as amended by full group (FG). This involves:
• Arriving 10 minutes prior to the start of the meetings.
• Reading every agenda before the meeting.
• Discussing any issues that the AE may have with the agenda, allowing points to be brought up in the meeting.
• Reading all necessary documents required including any agenda points. Preparation of minutes.
• Updating each set of minutes for macro group meeting
• Updating each set of minutes and agenda for the micro group meeting. If there is an issue any individual would like to discuss at the FG meeting, this must be added to the agenda by 5pm the day before the meeting or the deadline for amending the agenda as set by the AMs. The AEs should maintain a positive and proactive attitude towards the AM’s and ADs and the setting of tasks. They should also actively seek to problem solve should a problem arise and find useful and workable solutions. Roles Within the AE group, certain roles have been assigned to each AE. These include:
• Administration. This includes Email account maintenance, and AE group portfolio of work.
This role is assigned to FM, NC and JG. RN, CM and SB are extra support if needed.
• Scheduling. Creating and maintaining the AE group schedule.
The schedule includes all members of the AE group and clearly shows their academic timetable, as well as any work commitments and/or any other times of unavailability. Scheduling role assigned to RN with FM as support.
• AM liaison. This AE will communicate to the AMs on behalf of the AE group. This may be questions or updates on tasks, general support or any problems or matters arising regarding the project. AM liaison role assigned to SB – NC support
• AD liaison. This individual will be the link between the AE group and the ADs. Any problems or otherwise would usually be transmitted to the AMs first, however, should the AE group have any problems with the AMs, the ADs would need to be notified.
This role also includes keeping the ADs up to date with AE progress. AD liaison role assigned to CM – JG support Confirmation of Assessment Dates Assessment One – Individual Assessment. This assignment is worth 40% of the Communication Management (CM) module final mark. Due in week 8 and it is to be 2,000 words in length. The assignment is reflective work- analysing and critiquing the individual AEs performance to date relative to their contribution to the micro group with appropriate recommendations Assessment Two – Group Presentation with Written Documentation, worth 60% of final CM grade and due in week 14. Presentation shall last 20 minutes, and a report of 5,000 words shall be prepared. The presentation and report will provide a detailed critical analysis of the individual, micro and group performance across the project. Quality of Work The basic standard for quality of work is outlined in the School of Arts and Creative Industries (SACI) handbook which is available online or in the Program Handbook.
All group members must take into consideration each point set in the handbook when submitting work. Any submitted work that does not comply with the SACI handbook will not be acceptable and will be expected to e amended and resubmitted within 12 hours and the individual shall be Peer Assessed accordingly. Should the second submission still not meet desired standards the individual will be peer assessed accordingly again. The group expects all grammar to meet the standard set out in the SACI handbook including spelling, structure of sentences, discourse, referencing, and relevance to topic through appropriate research and adheres to agreed format guidelines.
All group members are expected to have a copy of the SACI handbook as a reference when undertaking work and to refer to it when group work is being conducted. Criteria of quality that is expected: 1. Work submitted must be of the AEs highest possible standard. 2. Work must be handed in by the set deadline. 3. All content must be referenced to the used source. At least one piece of referencing material must be used for research in each piece of work. 4. Referenced material must be set out in the correct format as shown in the student handbook. 5. Work must meet the correct formatting and text as shown below. The correct guidelines as shown in the SACI handbook can be found in the appendices Formatting and Text Any formal document must comply with the agreed formatting and text of the full Communication management (CM) group to insure continuity throughout all group documentation. The agreed format for text will be; Main Body Arial 12pt. Headings in Arial Bold 14pt. Subheadings in Arial Bold 12pt. 1. 5 line spacing. Submission of work with the incorrect format will be treated as incomplete and will be expected to be resubmitted before the deadline if applicable or in the negotiated time set by group if after deadline. Submission of Work The group members are obliged to submit any work required by the deadline agreed by the AMs or ADs. Any piece of work submitted after the agreed deadline and for the reason that is not in compliance with the conditions stated below will be penalised and Peer assessed accordingly.
The deadline for the submission of work can be changed under the following circumstances: a) Following the group vote the group members agreed on amendment of the deadline b) A group member is unable to submit the work in compliance with mitigating circumstances Professionalism The group members should at all times conduct themselves in a professional manner. This includes a professional attitude, approach to work and speech during official meetings.
Group members should also be professional in their interaction with other group members and colleagues within the Full Group structure. To act in a professional manner includes:
• Being up to date with the project.
• Checking your e-mail on a regular basis.
• Not having your mobile phone on when a meeting is in session.
• Communicating in a clear and professional manner. Positive and appropriate body language.
• Sufficient contribution to macro discussions. Attendance Full attendance is compulsory for all lectures, tutorials, AE and FG meetings. Only mitigating circumstances will be accepted as a valid reason for absence, however, for circumstances outside of mitigating circumstances, a group vote shall be used to decide upon validity.
Penalties will be incurred as stipulated in the points table (see page 13) If an AE requires leaving a meeting early then prior warnings should be given as soon as possible and should have an appropriate reason. The beginning of the meeting shall not be accepted as a prior warning however any time before an hour of the meeting commencing shall be tolerated along with an appropriate reason as long as a suitable method of contact (see page 10) is used. An appropriate reason would be a reason which the majority of the group agree is satisfactory from a vote or one of the mitigating circumstances shown in the mitigating circumstances section further on in the PAC. (see page 9) Lateness / Timekeeping All group members are expected to arrive at the meeting or lecture location ten minutes before the meeting starts. However PA will not begin until the meeting has actually begun. Reasons for lateness must comply with mitigating circumstances. In the case of lateness, all members must use the correct procedures in terms of notifying the group. If the AE is late for more than a third of the meeting then they will be deemed as absent. For every ten minutes late prior to the calculated third of the meeting, a point will be deducted. See penalty table (page 13) Appointments Any medical, dental or personal appointments that fall on the same day as a meeting will not be deemed as an acceptable excuse for being late or for missing a planned meeting. However if a meeting is re-planned to be on the same day of an appointment planned before re-plan was announced, it is acceptable to be absent, as long as the group agree, as long as it is of some urgency or due to limited appointments that the AE cannot cancel. Only emergency appointments such as emergency dental or emergency medical appointments will be acceptable for lateness or absence. In these cases, AEs must try and notify the group if possible by any means possible.
Retrieval of Deducted Points A group member can retrieve any deducted points provided that he or she agrees to do additional work for the group and does it to the set standards. The retrieval of points is possible as long as it meets the above conditions and if it is approved by a group vote. In case the group members fail to reach an agreement or in case the individual has objections against the group decision, AMs/ ADs or the MD can be consulted. Group vote In the case of any of the issues mentioned within the PAC, specific PA issues or any case that that an AE feels the PAC should be changed or added to, a group vote may be used to decide upon a majority rule. Each group member will count as one vote with the exception of the member in question if specific to one AE. In the event of a tie the AMs and ADs will be consulted for assistance, and then failing this, the MD shall be approached and will have a final say in the outcome of the decision. Mitigating circumstances Mitigating circumstances are defined as circumstances that are severe, unforeseen and outside an AEs control.
They occur immediately before or during the assessment period in question. They would normally adversely affect a student’s performance in an assessment or for a significant period of time in a semester/trimester. In other words, they must be circumstances which you could not have prepared for or predicted, for example, ill health, bereavement and emotional or practical problems. The severity of the impact is also crucial; minor sickness and minor disruptions are not accepted. Examples of mitigating circumstances:
• You are seriously ill e. g. flu, tonsillitis, severe stomach illness.
• You have experienced some family problems e. g. a death in the family, separation of parents, and illness of a family member.
• Serious transport problems e. g. unannounced travel cancellations, serious road accident. Unexpected circumstances e. g. burglary, fire etc.
Conditions which would not be acceptable as mitigating circumstances are those in which a student could reasonably have avoided the situation, made arrangements to address the problem, taken action to limit their impact, or be able to comfortably work through them. These circumstances would be seen to be within an AEs control.
Examples that would not be accepted (as decided by group):
• Bad transport: Failure to make alternative travel plans when a student knew about disruptions in advance.
• Light illness e. g. a cold, hangover, sore head etc. something that the student could continue to work through without too much strain. ) Notification of mitigating circumstances Any reason for lateness or absence should be notified to the rest of the group at the earliest convenience possible however it is understandable that this is not always possible to notify in extreme circumstances, such as the mitigating circumstances. As much notice as possible should be given if there is known absence or lateness which cannot be avoided. Unforeseen absence or lateness should be notified to the rest of the group as soon as it is encountered. Suitable methods of contact are:
• Face-to face
• Phone call or answer machine message Non- Suitable methods are:
• Text Message
• E mail By signing the below I agree to the terms of this Peer Assessment Contract and understand these form my conduct and performance as a member of the Communication Management group. Signed by ………………………………………………….. Date ……………………………………………………….. Signed by ………………………………………………….. Date ……………………………………………………….. Signed by ………………………………………………….. Date ……………………………………………………….. Signed by ………………………………………………….. Date ……………………………………………………….. Signed by ………………………………………………….. Date ……………………………………………………….. Signed by ………………………………………………….. Date ……………………………………………………….. Appendix 1 Penalty Tables Table of Penalties-Absence |Week |valid excuse with |Valid excuse, no |No valid excuse with |No valid excuse, no | | |notice |notice |notice |notice | |2 – 4 |0 |0 |1 |2 | |5 – 8 |0 |1 |3 |4 | |9 – 13 |0 |2 |4 |5 | Table of Penalties- Lateness Week |valid excuse with |Valid excuse, no |No valid excuse with |No valid excuse, no | | |notice |notice |notice |notice | |2 – 4 |0 |0 |0 |1 | |5 – 8 |0 |1 |1 |2 | |9 – 13 |0 |2 |2 |3 | Table of Penalties- Minutes or AE Task Late Submission Week |valid excuse with |Valid excuse, no |No valid excuse with |No valid excuse, no | | |notice |notice |notice |notice | |2 – 4 |0 |0 |0 |1 | |5 – 8 |0 |1 |1 |2 | |9 – 13 |0 |2 |2 |3 | Minute Taking and Chairperson Rota Minute Taker/BackupChairperson Week 3Ross/ChrisNina Week 4Scott/FionaJohan Week 5Fiona/JohanChris Week 6Johan/NinaRoss Week 7Nina/RossFiona Week 8Ross/ChrisScott Week 9Chris/ScottNina Week 10Scott/FionaJohan Week 11Fiona/JohanChris Week 12Johan/NinaRoss The following is an idea of roughly what an agenda would look like. Please note that this is fairly generic and some meetings may have specific items unique to them and they will not be shown here. A description of each item is provided below the related title. 1. Introductions, if Appropriate, and Apologies for Absence 2. Declarations of Interest (Members must declare any personal and prejudicial interests in the items on the agenda. ) 3. Minutes of the Previous Meeting (The Members examine the minutes of the previous meeting and either agree them or ask for changes to be made) 4. Matters Arising (If there are any subjects in the minutes of the previous meeting where updated information is available it will be dealt with here. ) 5. Action Points 6. Any Other Business (If there is any other business that arrived too late to be included on the agenda it may, at the Chair’s discretion, be discussed here. The procedure for dealing with late business changes depends on the meeting concerned. ) 7. Date of Next Meeting (Finally, the date of the next meeting, if known, is announced. ) Contact Details Ross Naylor Mobile: 07967 105 082 Email:floobernails@hotmail. com Chris Mitchell Mobile: 07725 049 170 Email:07004298@napier. ac. uk Scott Browning Mobile:07772 849 250 Email:sbro962@hotmail. com Fiona MacDonald Mobile:07793 751 199 Email:07000769@napier. ac. uk Johan Gerdin Mobile: 07516 990 238 Email: johang-86@hotmail. com Nina Camara Mobile: 07928 044 469 Email:07008080@napier. ac. uk
Cite this page
Peer Assesment Contract the Skinny. (2017, Sep 20).
Retrieved November 5, 2025 , from
https://studydriver.com/2017/09/page/16/
Types of Drugs
1. This name describes the chemical structure of the drug and is generally not used due to its long and complicated name. Answer
- Chemical Name
- Generic Name
- Official Name
- Trade Name
2. This name is established by the USAN (United States Adopted Names Council).
- Chemical Name
- Generic Name
- Official Name
- Trade Name
3. This name is “owned” by a drug company.
- Chemical Name
- Generic Name
- Official Name
- Trade Name
4. This name is what the medication is listed under in the USP/NF (United States Pharmacopeia/National Formulary).
- Chemical Name
- Generic Name
- Official Name
- Trade Name
5. True or False: One drug may have several generic names.
- True
- False
6. True or False: The generic name is also known as the proprietary name.
- True
- False
7. True or False: The official name is not always the same as the generic name.
- True
- False
8. 2-carboxylic acid” is what kind of name?
- Chemical Name
- Generic Name
- Official Name
- Trade Name
9. According to the text, “Amoxicillin capsules, tablets, chewable tablets and powder for oral suspension” is what kind of name?
- Chemical Name
- Generic Name
- Official Name
- Trade Name
- Official and Generic Name
10. According to www. medlineplus. gov, what are some brand or trade names for valproic acid?
- Depakote
- Depakene
- Dilantin
- Phenytek
11. According to www. medlineplus. gov, what is NOT an indication or use for valproic acid?
- Anorexia
- Headache prevention
- Bipolar disorder
- Seizures
12. According to www. medlineplus. gov, what which of the following is NOT a brand name for azithromycin?
- Zithromax
- Zithromax Quad Pack
- Zithromax Tri-Pak
- Zithromax Z-Pak
- All of the above
13. According to www. medlineplus. gov, which of the following would be an indication for azithromycin? Answer C
- Influenza
- Acne
- Upper respiratory track infections
- Topical treatment of skin infections
14. According to www. medlineplus. gov, levothyroxine may have the following trade or brand names EXCEPT:
- Synthroid
- Levoxyl
- Cytomel
- Unithroid
15. According to www. medlineplus. gov, which two medications are considered antibiotics?
- Levothyroxine and amoxicillin
- Azithromycin and atenolol
- Azithromycin and atorvastatin
- Amoxicillin and azithromycin
16. According to www. medlineplus. gov, a brand or trade name for atenolol is:
- Lopressor
- Toprol XL
- Tenormin
- Tenoretic
17. According to www. medlineplus. gov, the main indication for levothyroxine is:
- Treatment of low thyroid hormone
- Treatment of blood pressure
- Treatment of diabetes
- Treatment for weight loss
18. According to www. medlineplus. gov, which of the following is an indication for the use of atorvastatin?
Treatment high cholesterol
- To reduce the risk of heart attack for those with, or at risk for, heart disease
- To reduce the risk of stroke for those with, or at risk for, heart disease
- To reduce the risk of diabetes
- All of the above except A
- All of the above except D
19. According to www. medlineplus. gov, the brand or trade name for atorvastatin is:
- Lipitor
- Crestor
- Zocor
- Pravachol
20. According to www. medlineplus. gov, which of the following is NOT a use for atenolol:
- Hypertension (high blood pressure)
- Angina (chest pain)
- Hyperlipidemia (high cholesterol)
- Improve survival after a heart attack
21. According to www. medlineplus. gov, which of the following is a brand or trade name for amoxicillin?
- Amoxil
- Augmentin
- Trimox
- Answers A & B
- Answers A & C
22. According to www. medlineplus. gov, amoxicillin may be used to treat bacterial infections such as:
- urinary tract infections
- bronchitis
- gonorrhea
- skin infections
- all of the above
23. What are the two types of drug names that a pharmacy technician could typically see on a written prescription from a doctor?
- chemical or generic
- chemical or trade
- trade or generic
- official or chemical
- official or generic
24. True or False: There can only be one trade name for a medication.
- True
- False
25. True or False: The generic name is given to a drug by the manufacturer after the drug becomes officially recognized.
- True
- False
Cite this page
Types of Drugs. (2017, Sep 20).
Retrieved November 5, 2025 , from
https://studydriver.com/2017/09/page/16/
