Goods Services - 1178 Words

Homework #2: Goods, Services, and Operations Management Written By: Tamara Ellis Prof. Samuel A. Garwon MGMT 480 – 002 March 6, 2013 1. Explain why a bank teller, nurse, or flight attendant must have service management skills. How do the required skills differ for someone working in a factory? What are the implications for hiring criteria and training? Service-providers need technical/operations skills plus human interaction and marketing skills. A bank teller, for example, must be able to complete many types of financial transactions and operate the computer and associated software. The teller must also interact with the customer in a pleasant way, be in a location convenient to customers and market other financial services†¦show more content†¦She tells us to wait for our number to be called. After 30 minutes of waiting, our number had still not been called, and the last number called was 36 (6 people ahead of us). She had now exceeded the approximately waiting time and had not given us an update since, I once again asked the waiting time and she then said 15 to 20 minutes. This was an outrage to my family and me because that would make it a total of about an hour before we would be seated and this was far more than we originally anticipated. We explained to the hostess that if we had known it would be an approximately a n hour wait from the beginning we could have possibly made other arrangements to another restaurant. I believe the organization could have handled this much better by: having an accurate approx. waiting time, better customer service, upgraded technology, active managers, and ample amount of busboys and waiter/waitress for their busy nights. In this particular situation, operations management would have helped by forecasting: considering the time and day of operation, and setting forth plans for either a busy or slow day. Using supply chain management: by calling enough workers in to work. Technology Selection: by investing in a screen-touch seating application and/or waiting devices that ring or vibrate the time of their seating. Also by determining the best employees for each position and providing the best types of customer’s needs. 5. Interview a working friend or familyShow MoreRelatedThe Price Of Goods And Services935 Words   |  4 PagesThe way companies price their goods and services depends heavily on many different factors. Throughout human history, goods and servi ces have always had intrinsic value to people, and in our day and age this is no different. Shopping, however, has changed quite a bit due to many different reasons. Prices of goods and services are now changed by companies based on psychology, supply and demand, and government influences to adapt themselves to the modern world. The most personal of these three factorsRead MoreGood Customer Service736 Words   |  3 PagesGood Customer Service Good customer service is all about bringing customers back. Due to intangibility, the customers can’t feel the service, and thus causes lack of confidence of customers to the services. Therefore, the business should ensure that they provide a good, nice, friendly and professional service to the clients. The essence of good customer service is forming a relationship with customers – a relationship that that individual customer feels that he would like to pursue. 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Trying to be patient you stood quietly waiting for them to notice you and offer you a helping hand. After a while, you started to think, â€Å"Do they see me, or are they still on break?† â€Å"What’s going on there?† Later, you get annoyed in this situation; will you start off on theRead MoreGood or Bad Customer Service Essay1102 Words   |  5 PagesA large part of being a good service provider is ensuring customer convenience. Study findings show that strong leadership systems focus on customers, motivate employees, and implement their customer service vision. They also focus great attention on gathering the information needed to track customer satisfaction, and employees overall performance. Customer service should be designed and delivered seamlessly from the customers point of view. Customer-driven operations lead to success. 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The Compatibility of Freedom and Necessity in Marx’s Idea Free Essays

According to Sokel, he refers to this as an intrinsic drive that comes from someone. One must work hard and be determined on everything that he anticipates to realize. He should not entirely depend on the external forces or commands from external sources to make him go through. We will write a custom essay sample on The Compatibility of Freedom and Necessity in Marx’s Idea or any similar topic only for you Order Now He highlights the Marxist idea that someone only appears to be a true human being who can be recognized in the society when he can be positively rewarded by the works of his hands. Whenever he is imposed by the economic necessity, the work cannot actually make him became alienated because he would be engaged with other people, which is already an agent of socialization. He does not become himself as an individual; rather, he is alienated from his humankind. In this short analysis, the metamorphosis, the protagonist might become a wrong person. When Gregor works as a salesperson, he has a lot in his mind. Things might not be adding up according to him because he has to travel long distances to get customer, he has to pay his bills; he also has to take good care of this family. All these burden mounted on him does not make him happy. For this reason, he has to remain alone and except himself from the company of many. The paper will look into this issue through citation of Kafka`s depiction on the way in which the protagonist react to the idea leading his family into the misfortune. He eventually suffer the guilt of conscience which by all means dismisses Marx`s assertion that loss of humanity can also come from external sources like work mates and family members. From the journal, Palvos states that dangling among the vicissitudes in the world without harmony accomplishes a great blow to one`s moral identity. In life, every turn a fatality that has nothing to do with an incorrigible personal law and ethical countenance. If this happens, ones hope and determinations are all shuttered and his life remains without a meaning. Gregor`s self alienation and humiliation is suggestive of the modern dilemma of human beings in the technological period of machines who brute facts and information systems. This analysis points through and through to the reality of material existence and the possibilities of its fall, consequently moves toward the complete subversion of an ethical universe. From a responsible man who could take good care of his family to someone who is mentally tortured and only feels comfortable when he isolates himself from other people. Gregor’s metamorphosis from a civilized man into a horrific and monstrous vermin, an instinctual underworld character with an almost automatic nature, and finally to a simple bit of matter, turns him into an antagonist who upsets all the instincts of life. Indeed, Kafka’s criminal world vermin gives rise to a deep and stifled impulse in modernity, to the gradual spiritual death of the human, a metamorphosis par excellence of the human substantiate that overrides all instinctual and hermeneutical bound. When the mental capability of human being fails to reason, he is recognized as a worthless being that is at par reasoning with all animals. Henceforth, the humiliated modern human -uprooted beyond bound. When one is stripped of all ethical purposefulness, he no longer possesses the moral entity given to thinking and questioning. He is called to de facto accept and obey the mastermind of pretence techno capital reality, and, the geophysical enterprise of its dully respect. Positive factors of freedom sometimes blind many people. Myamoto emphasized on this statement by saying that most of the rich and modernized societies today have a lot of freedom and they enjoy it extremely without sensing the side effects associated with the freedom. The societies have failed in looking at the two sides of the coin. He goes by saying that alienation is a side effect associated with the freedom which most of us have failed to look into with a lot of concern. He support his claim by citing Enrich Fromm`s concept of alienation. He says that the relation of human being is very pivotal especially to those who are alienated. Those alienated should be put close to other people. Being alone to people is not enough, but it should be in all dimensions, through feelings, thoughts and even actions. This source identifies alienation as one of the side effect of identification of human being. Kafka`s protagonist, Gregor is very potential and cooperative in providing to the family. He shows all the ability of taking care of his parents. However, at some points, he alienates himself from the family, an aspect of perpetuated by the ended gratitude and concordat he previously got from them. Because of the isolation, he cannot be identified as someone who is financially stable and can take good care of the family. According to Nicolae, he makes his argument to the modern family where one appears to be insignificant or cannot realize his life dreams. He argues that the fact that Gregory stays benevolent makes him appear someone who is finally alienated and spends most of his time alone even without the family knowing his whereabouts. Gregor is portrayed as one who cannot be recognized in the society and he struggles with his loneliness at work place where he decided to seek new identity. At one point, the protagonist identifies himself with a creature which does not make him associate in the light; he rather has to hide himself in the darkness. Actually, being rejected makes one loose his value and becomes worthless before other people. In this regard, this source proves resourceful in identifying the change in Gregor which is from metal to physical level because of the challenge he gets while dealing with his family. From the outlook, Gregor does no change his moral standing irrespective of all the humiliations that he comes across. According to this source, morality is a factor in Gregor`s alienation after being neglected by the family. The social strength which is acquired by the family proves a lot of dehumanization as they draw the attention they originally had for Gregor. According to Yaron, maintaining culture in the society is very important. Culture helps in preserving the codes of conduct that governs good stay in the community. One who alienates himself from the culture has no positive contribution to the society. According to him, Gregor commits no crime towards anyone only that he was not true to himself and there was nothing that amazing that could make him alienate himself the other people. The split that he experiences in his personality, his deepest struggle and abandoning the culture includes everything taking place within him. However, most people who do not experience such things do not know about it. They can either choose to ignore or deny it. Gregor out rightly bears no illusion about the metaphysical chasm that encircles him and the isolation it brings from those around him who are his equals but do not know it. This gulf is not alienation from his family and the hypocrisy of his relations to them both prior and after the metamorphosis, but is the isolation where a disillusioned man who awakens to a radical awareness of his own mortality suffers the awful experience of separation from others. The separation is actually against the culture. The culture does not allow one ton separate from others irrespective of the situation, however, this takes place because of what he feels in his innermost heart. His corporeity points to his mortality which makes the inhuman world his master. Gregor’s inhuman world is as incomprehensible to human reason and sensibility as is death; it is far more human and humane than the reality of the people surrounding him who have denied their own mortality. Following the customs of our world, and according to the laws of habit and self-complacency, it would be beyond the bounds of scientific innovation for us to wake one morning and find ourselves transformed into colossal insects. Grego`s metamorphosis touches a deep, unappreciated, and anguishing reality in life. This is nourished by sources which are deeper than those of cogent reflection and scientific knowledge. Our personal existence can sometime lead us to horrifying and most anguishing discovery. This points out that the transitory nature of our lives and places can absolutely have great demand on our moral nature to reconcile with its true temporal dimensions. In this plinth, Gregor is doomed from the beginning. His far-reaching transformation into vermin is just physical and irrevocably. Later, it fully becomes impossible for him to reconcile the radical discontinuity between his newly discovered physical structure and his prior human self. The sudden awakening to the devastating discovery of his metamorphosis even brings backfire of his daily expectations with a terrifying inability not to achieve them again. His former self remains qualitatively unchangeable, indeed throughout the story is mostly baffled helplessly trying to adjust to radical change. Despite the tremendous effort that he puts, he ultimately finds it impossible to cope or bridge the gap between an unbridgeable void, which makes his insect like physical structure and the retaining of meaningful human identity. How to cite The Compatibility of Freedom and Necessity in Marx’s Idea, Papers

Financial Management Evaluating The Investment Opportunity - Sample

Question: Discuss about the case study Financial Management for Evaluating the Investment Opportunity. Answer: Introduction: The overall study mainly depicts the financial analysis, which could be used by Fanny to open a Choc-O-Lay branch in US Chicago. Furthermore, the novice effectively analyses the entire cost requirement, which could be conducted in the new business for smoothly running all the operations. Moreover, the study effectively evaluates the breakeven analysis for the new proposed business, which is essential for its survival in competitive market. Furthermore, the breakeven analysis could help Fanny depict the required amount of sales, which could be generated each month for the survival of the business. Brigham and Ehrhardt (2013) mentioned that evaluation of breakeven analysis mainly helps businesspersons to understand the sales needed for continued growth of the company. In addition, the study also evaluates and analyses profit and loss statement of the new proposed business for the first year. This analysis could eventually help Fanny understand the first year income, which could be generated after opening Choc-O-Lay branch. In this context, Brigham and Houston (2012) stated that evaluation of projected profits mainly help investor to make adequate investment decisions, which in turn increases their overall return on investment. On the other hand, Oikonomou et al. (2012) criticises that without adequate research, projected profits from an investment could eventually be reduced and hamper the investment capital. In addition, the study also evaluates and prepares a balance sheet, which could be reviewed by Fanny to understand the overall asset accumulation needed in the first year of incorporation. The study also helps in depicting the overall monthly cash flow that could be generated from first year of transactions. In addition, cash flow evaluation could also help in depicting the overall cash expenditure that might be conducted during the first year of incorporation. Moreover, with the help of sensitivity analysis the overall evaluation of different activities could be estimated. On the contrary, Mousavi et al. (2013) mentioned that sensitivity analysis could lose friction during an economic crisis, which might negatively affect operations of the new business. Furthermore, the novice effectively prepares a discounted cash flow statement, which could be used by the Fanny to evaluate the profitability from investment. According to Call et al. (2013), discounted cash flow mainly helps in depicting the time value of projected profits generated from business plan. Nevertheless, Farshadfar and Monem (2013) criticises that discounted cash flow does not accommodate change in inflati on rate, which might increase overall cost and hamper profits of the new business. Analysing the Breakeven Analysis for the proposed business: Figure 1: Depicting the break analysis for the proposed business (Source: As created by the author) The overall figure 1 mainly depicts the breakeven analysis for the proposed new business. In addition, with the help of selling and cost prices analysis the overall number of units that could be needed for the survival of new business can be effectively evaluated. Alhabeeb (2012) mentioned that with the help of breakeven analysis the investors are able to determine the overall limited number of sales units, which could be conducted to attain no profit no loss. On the other hand, Morgan et al. (2015) mentioned that breakeven analysis loses its friction if the data used in the calculation is irrelevant. Figure 2: Depicting the break sales and units for the proposed business (Source: As created by the author) Moreover, with the help of figure 2, the overall diagrammatic view of the breakeven units and sales could be effectively analysed. In addition, the above diagrammatic view could help Fanny understand the concept of breakeven analysis and how it is essential for continues growth of the company. In addition, $18,892.31 is mainly depicted, as the overall breakeven sales, which could be conducted by Fanny in her new proposed business to attain no profit and no loss. Moreover, the overall break-even unit that needs to be maintained by Fanny in her new Choc-O-Lay branch is 157 units. Khurshid et al. (2014) cited that determination of number of units, which could help in maintaining continuity of the business mainly, allows the management to make adequate pricing strategy to increase its market share. Nevertheless, Nykamp et al. (2014) argued that continuation of no profit no loss strategy could eventually affect future growth of the company and might reduce its liquidity. Analysis of the Profit and Loss statement at the end of first year for the proposed business: Figure 3: Depicting the Profit and Loss statement for the proposed business (Source: As created by the author) With the help of figure 3, the overall profits and loss statement for the new proposed project could be effectively evaluated. Moreover, in the first year of the operation Fanny could eventually have a profit of around $25,434, which is effective for continues growth of the new Choc-O-Lay branch. Bartov and Mohanram (2014) mentioned that calculation of projected profits from a new venture mainly help companies to evaluate the overall return that could be generated from operations. On the contrary, Kim et al. (2013) stated that projected profits could lose its friction during an economic crisis, which in turn affects investment capital of the company. After effective analysis, the overall demand for the Choc-O-Lay products in USA could help Fanny achieve the targeted profits in first year. Furthermore, from figure 3, the rising material cost is also depicted, which is mainly hampering profits of the company. Fanny could effectively use social media marketing to promote Choc-O-Lay products in USA. Healy and Palepu (2012) stated that companies with the help of effective online marketing are able to promote their products and increase their capacity to reach potential customers. However, Oberholzer (2013) criticises that any changes in assumed demand could negatively affect the actual profits and hamper cash reserves of the new venture. Furthermore, Fanny could not take advantage of tax exemptions, as she will invest her own capital in the new Choc-O-Lay branch. Analysis of the Balance Sheet statement at the end of first year for the proposed business: Figure 4: Depicting the Balance Sheet statement for the proposed business (Source: As created by the author) Figure 4 mainly depicts the overall projected balance sheet for the new Choc-O-Lay branch that will be opened by Fanny in USA. In addition, after evaluating the balance sheet, overall asset and liability that could be accumulated within first year of operations can be effectively analysed. Moreover, the total owners contribution for the new Choc-O-Lay branch is around $180,982. This mainly depicts the limited amount of money, which will be invested by Fanny from her retirement fund. In this context, Hormann and Schabert (2015) mentioned that projected balance sheet mainly help investors to evaluate the total investment capital that will be required in the new venture. On the other hand, Velicogna and Wahr (2013) criticises that without adequate research, balance sheet valuation might lose its friction and negatively affect projected profitability of the company. In addition, figure 4 also helps in analysing the overall inventory, which could be maintained by Fanny during 1 year of the operations. Jimenez and Ongena (2012) suggested that with the help of inventory valuation, investors are able to determine the quick ratio, which is used in understanding financial stability of the company. Furthermore, with the help of inventory valuation, Fanny could get the overall minimum inventory balance that could be maintained during first year of operations. On the other hand, Del and Sims (2015) criticises that increased inventory investment could eventually block essential working capital and might reduce productivity of the company. Furthermore, Fanny could effectively invest in refrigerator, distribution rights, market research, and website designing to increase its overall assets. In addition, these investments could eventually help in maintaining the level of productivity that is required for the new Choc-O-Lay branch. Kim (2016) mentioned that adequate accumulation of assets mainly help new business to increase their productivity and profitability. However, Paci (2012) criticises that increased investment in assets could block essential working capital, which negatively affect productivity of the company. Moreover, the overall current liabilities for the projected balance sheet are employee salary and labour cost of packing, which is at $3400. In addition, the overall depiction of current liabilities mainly helps Fanny to evaluate the overall financial obligations that could be incurred from the new proposed business. Aysun and Hepp (2013) stated that evaluation of liabilities mainly help investors to analyse the financial strength of the company. On the contrary, Gambacorta et al. (2014) criticises that increased accumulation of liabilities mainly reduces current ratio of the company, which in turn might affect its ability to support their current financial obligations. However, total liability and total asset of the new proposed business is at $209,815. In addition, this overall valuation of the balance sheet could mainly help Fanny in determining the viability of the investment opportunity (Del and Sims 2015). Moreover, the balance sheet, and income statement evaluation, Fanny could determine the overall profits that could be generated from the new venture for the first fiscal year. Analysis of the Monthly and annual Cash Flow statement for the first year for the proposed business: With the help of figure 5, the overall monthly cash flow statement for the first year can be effectively analysed. Moreover, this cash flow statement could help Fanny understand the liquidity requirements of the new venture. Serban (2013) stated that cash flow evaluation mainly depicts the overall cash transaction that is conducted by the company for the current fiscal year. In addition, the cash flow statement mainly depicts loss in operating cash flow generated for first six months. However, after the initial first six months there is a gradual rise in operating cash flow, which might help in supporting the overall activities of the new venture. In addition, due to declined sales in the first six month the profits generated from sales were not adequate, which could negatively affect its cash availability. On the contrary, Khanji and Siam (2015) criticises that without adequate market research new venture could lose friction and hamper profitability of the company. Moreover, due the expenditure of $116,510 of initial investment during the first month could mainly reduce cash balance of the proposed business. In addition, the cash flow also depicts the overall expenses that will be conducted over the period of first fiscal year. Collins et al. (2014) mentioned that determination of adequate liquidity requirements in a new business mainly helps in reducing slack time. On the other hand, Miao et al. (2016) companies with the help of NPV valuation is able to determine the adequate investment opportunity, which might provide higher return from investment. In addition, figure 5 also depicts the annual cash flow statement, which could be helpful in analysing the overall expenditure, income, and profits generated in the current fiscal year. Moreover, highest expenditure is conducted on material cost, which is imported from UK. In addition, closing cash balance due to negative transaction declined until first six month but effectively increased for rest of the fiscal year. Total cash inflow for the first year stands at $-25,109.6, which is adequate for first year operations. Farshadfar and Monem (2013) argued that evaluation of total cash flow statement mainly help investors to analyse the transactions that is conducted by companies in the current fiscal year. Analysis of the Discounted Cash Flow statement for the proposed business: The discounted cash flow is based on the analysis of five years with the operating cash flow for the first financial year shows a negative balance of $25,110. However, in the subsequent year the operating cash flow represents the cash flow amount of $30,132. The amount of initial cash flow is subjected to rise at a rate of 20 per cent per annum. The discounted cash flow also shows that capital expenditure incurred for the first financial year stands $116,510. Free cash flow for the first financial year represents a negative value of $141,620. On the subsequent year, the free cash flow stands $30,132 and for the final year, the free cash flow stands $52,067 approximately. The analysis also gives rise that the average free cash flow growth rate is represents 45.33% annually. According to Larrabee and Voss (2012), the concept of discounted cash flow states that it is a methodology employed to assess the investment by taking into the considerations the anticipated rate of accumulated int erest. Figure 6: Depicting the Discounted Cash Flow statement for the proposed business (Source: As created by the author) Fanny current discounted cash flow shows the present discounted value of cash in a negative value of 150,813. It is to be noted that the discounted cash flow is forward looking method rather than depending on the historical view of cost. It is argued that a business may not yield the desired amount of profit however; it does not necessarily depend upon the historical cost data. On the other hand, Heinrichs et al. (2013) argued that the method of DCF is more inclined towards the fundamental expectations of the business, and does not includes the volatile external factors in the analysis. The benefit of using the DCF cash flow is that it enables the analysis of different components of business rather than evaluating each component separately. Evaluating the overall capital needed for the proposed business: Fenny received $475,000 after her retirement and the overall capital requirement for Choc-O-Lay will be $200,000 with the owners equity contribution of $180,982. The information derived from the forecasted balance sheet states that Fenny is looking forward to acquire inventory of worth $78327, which will be her initial amount of investment for the opening stock of raw materials. In addition, to this deposit derived from the industrial room stood $1260 with opening cash balance of $39,362. The total amount of current assets stands $118,949 for the first forecasted financial year. On the other hand, Fenny is also looking forward to acquire fixed assets in the form of Refrigerator with annual depreciation value of $1050 under the fixed straight-line method. The refrigerator will be depreciated at a span of five years with no residual value (Peirson et al. 2014). Fenny will also be acquiring the marketing and distribution rights of worth $100,000. It is to be noted that marketing and distribution rights will be be depreciated in the span of five years under fixed line method with $20,000 per year. The forecasted balance sheet shows that other fixed assets such market research, website designing will be amortized, and all the assets will have the span of five years (Larrabee and Voss 2012). The total amount of fixed assets will be $90,867 for the first financial year. The current liabilities consist of the outstanding expenses with the salary of employees and labor cost of packaging $2650 and $750 respectively. According to Fabozzi and Peterson (2013), it could be noted that investment made in inventories could essentially lead to lock up of initial amount of capital. In this context, Healy and Palepu (2012) further stated that until the expiry of lock in period, no inventory turnover is possible and this could possibly lead to absolute inventory or abnormal loss of inventories due to pilferage or lean sales. The analysis is based on the critical evaluation of owners equity contribution, which could have been slightly on the higher side as the total amount of equity after net tax deduction stands $206,415. Evaluating the Sensitivity analysis that could be used by Fanny for the proposed business: Sensitivity analysis can be defined as the study of determining the uncertainty regarding the output of the mathematical model or systems, which can be allocated to different source of uncertain inputs. The procedure of calculating the desired outcomes under the alternative assumptions is to determine the impact of a variable input under the sensitivity analysis for determining the useful for a range of purpose (DeFusco et al. 2015). The impacts of policies and programs adopted by Choc-O-Lay may turn out to be difficult to measure or predict and the values yielded from this impact is difficult to monetize. With the implementation of sensitivity analysis techniques Choc-O-Lay can examine the degree of uncertainty in the cost benefits analysis and shows the reasons behind inputs which effects the results derived from business. Figure 7: Depicting the sensitivity for breakeven analysis for the proposed business (Source: As created by the author) The break even for the first year is $120.00 sales per unit with variable cost of material $86.88 having a conversion rate of $1.12, packaging and shipping cost and credit card charges are of $2.00 and $1.20 respectively. Packaging and shipping cost is considered as variable due to the changing nature of production level. On the other hand, rent for industrial room and employees salary is considered as fixed cost having the worth of $420.00 and $2650.00 respectively (Lerner et al. 2012). At the operating level of 120.00 per unit, Choc-O-Lay will have to sale an approx of 1889 units to attain the level of break-even sales after incurring the contribution cost of $95,405. On the other hand, Choc-O-Lay if decides to sell $108 per unit annually, it will incur the cost of material of worth $86.88 with conversion rate of $1.12. On the implementation of discount, Choc-O-Lay will be able to sale 4834 units to achieve the breakeven point with contribution of $73.892. It is noted that Fenny would incur a cost of 100,000 to acquire the marketing rights. The rights acquired would have a life span of five years. However, it is to be noted that she has received a sum of $475,000 during the time of retirement and if Fanny decides to invest the amount directly received would not get the benefit of tax exemption and this would lead to lock in of capital as well. On the other hand, if Fanny decides to take loan and employ the same to acquire the rights she would get the benefit of tax exemptions, which will further enable her to earn interest by investing in fixed deposits schemes (Aysun and Hepp 2013). The interest gain on fixed deposit could range from 3 to 5 per cent on annual basis. The principle amount of investment in fixed deposit scheme includes $100,000 that will be invested to earn fixed interest of $20,000 on annual basis. The interest earned from the fixed deposit schemes would form a part of Fannys additional income. Conclusion and Recommendation: The study mainly helps in evaluating the new business opportunity that could be used by Fanny to increase its income after her retirement. In addition, the novice has effectively prepared projected income, cash flow and balance sheet statement, which could help Fanny in making adequate invest decisions. In addition, the study also helps in evaluating the breakeven sales and units, which could be used by fanny to determine the minimum amount of sales. Moreover, the evaluation of no profit no loss situation could effectively help Fanny to push the number of sales, which might have no negative impact on her investment. Furthermore, the study also provides discounted cash flow statement, which could be used by Fanny in determining the investment viability. In addition, with the help of sensitivity analysis, Fanny could be provided with different situation that might help in her investment decision. Moreover, the study mainly helps Fanny make adequate investment decision, which might in t urn provide adequate return for rest of her life. Recommendation 1: After the overall evaluation of all the projected financial statement, certain amendments could be conducted by Fanny to increase the overall profits from the new business. In addition, the main expenditure is conducted on the materials that will be imported from UK. Moreover, Fanny could purchase the machinery directly from Choc-O-Lay Company to decrease its overall purchases. In addition, this reduce imports could eventually help in decreasing the overall shipping and air freight charges, which in turn could help in improving profitability of the new business. Moreover, Fanny has around $475,000 as her capital, which might effectively help in purchasing the machinery for producing Choc-O-Lay products in US. This method could effectively help in reducing cost of production and improve profitability of the new Choc-O-Lay branch. In addition, the overall breakeven units and sales could also be reduced and helps the company attain more profits. The strategy could also help in determining a positive DCF, which could help in increasing authenticity of the overall proposed business. Recommendation 2: Fanny could demand more discounts on the overall Choc-O-Lay products that is been imported in US. This increased discount could help in reducing cost of material and might help in increasing profitability from the new venture. Furthermore, Fanny could also purchase materials on bulk to initiate more discounts from Choc-O-Lay Company. These increased discounts from purchase price could eventually help in improving profitability of the company, which in turn might have positive effect on cash flow, income, and balance sheet statement. Furthermore, the increased income could also help in obtaining a positive DCF, which might in turn increase viability of the project. Reference: Alhabeeb, M.J., 2012. Break Even Analysis.Mathematical Finance, pp.247-273. Aysun, U. and Hepp, R., 2013. Identifying the balance sheet and the lending channels of monetary transmission: A loan-level analysis.Journal of Banking Finance,37(8), pp.2812-2822. Bartov, E. and Mohanram, P.S., 2014. Does income statement placement matter to investors? The case of gains/losses from early debt extinguishment.The Accounting Review,89(6), pp.2021-2055. Brigham, E.F. and Ehrhardt, M.C., 2013.Financial management: Theory practice. Cengage Learning. Brigham, E.F. and Houston, J.F., 2012.Fundamentals of financial management. Cengage Learning. Call, A.C., Chen, S. and Tong, Y.H., 2013. Are analysts' cash flow forecasts nave extensions of their own earnings forecasts?.Contemporary Accounting Research,30(2), pp.438-465. Collins, D.W., Hribar, P. and Tian, X.S., 2014. Cash flow asymmetry: Causes and implications for conditional conservatism research.Journal of Accounting and Economics,58(2), pp.173-200. DeFusco, R.A., McLeavey, D.W., Pinto, J.E., Anson, M.J. and Runkle, D.E., 2015.Quantitative investment analysis. John Wiley Sons. Del Negro, M. and Sims, C.A., 2015. When does a central bank s balance sheet require fiscal support?.Journal of Monetary Economics,73, pp.1-19. Fabozzi, F.J. and Peterson, P.P., 2013.Analysis of Financial Statements. Wiley. Farshadfar, S. and Monem, R., 2013. Further evidence on the usefulness of direct method cash flow components for forecasting future cash flows.The international journal of accounting,48(1), pp.111-133. Gambacorta, L., Hofmann, B. and Peersman, G., 2014. The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross Country Analysis.Journal of Money, Credit and Banking,46(4), pp.615-642. Healy, P.M. and Palepu, K.G., 2012.Business Analysis Valuation: Using Financial Statements. Cengage Learning. Heinrichs, N., Hess, D., Homburg, C., Lorenz, M. and Sievers, S., 2013. Extended dividend, cash flow, and residual income valuation models: accounting for deviations from ideal conditions.Contemporary Accounting Research,30(1), pp.42-79. Hrmann, M. and Schabert, A., 2015. A monetary analysis of balance sheet policies.The Economic Journal,125(589), pp.1888-1917. Hull, J.C., 2014.The evaluation of risk in business investment. Elsevier. Jimnez, G. and Ongena, S., 2012. Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications.The American Economic Review,102(5), pp.2301-2326. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Khanji, I.M. and Siam, A.Z., 2015. The Effect of Cash Flow on Share Price of the Jordanian Commercial Banks Listed in Amman Stock Exchange.International Journal of Economics and Finance,7(5), p.109. Khurshid, R., Tabish, S.A., Hakim, A., Khan, A. and Singh, Y., 2014. Break-even analysis of MRI facility at a large tertiary care teaching hospital of North India.IJMAHS,2, pp.220-222. Kim, S., Kraft, P. and Ryan, S.G., 2013. Financial statement comparability and credit risk.Review of Accounting Studies,18(3), pp.783-823. Kim, Y.J., 2016. Foreign currency exposure and balance sheet effects: A firm-level analysis for Korea.Emerging Markets Review,26, pp.64-79. Larrabee, D.T. and Voss, J.A., 2012.Valuation techniques: Discounted cash flow, earnings quality, measures of value added, and real options. John Wiley Sons. Lerner, J., Hardymon, F. and Leamon, A., 2012. Venture capital Private equity: A casebook. Miao, B., Teoh, S.H. and Zhu, Z., 2016. Limited attention, statement of cash flow disclosure, and the valuation of accruals.Review of Accounting Studies,21(2), pp.473-515. Morgan, R.O., Bass, D.M., Judge, K.S., Liu, C.F., Wilson, N., Snow, A.L., Pirraglia, P., Garcia-Maldonado, M., Raia, P., Fouladi, N.N. and Kunik, M.E., 2015. A break-even analysis for dementia care collaboration: Partners in Dementia Care.Journal of general internal medicine,30(6), pp.804-809. Mousavi, S.M., Hajipour, V., Niaki, S.T.A. and Alikar, N., 2013. Optimizing multi-item multi-period inventory control system with discounted cash flow and inflation: two calibrated meta-heuristic algorithms.Applied Mathematical Modelling,37(4), pp.2241-2256. Nykamp, S., Bakker, V., Molderink, A., Hurink, J.L. and Smit, G.J., 2014. Break even analysis for the storage of PV in power distribution grids.International Journal of Energy Research,38(9), pp.1112-1128. Oberholzer, M., 2013. A Non-Parametric Comparison Among Firms' Income Statement-Based And Balance Sheet-Based Performance.The International Business Economics Research Journal (Online),12(11), p.1467. Oikonomou, I., Brooks, C. and Pavelin, S., 2012. The impact of corporate social performance on financial risk and utility: A longitudinal analysis.Financial Management,41(2), pp.483-515. Paci, E., 2012. Summary of the evidence of breast cancer service screening outcomes in Europe and first estimate of the benefit and harm balance sheet.Journal of medical screening,19(1), pp.5-13. Peirson, G., Brown, R., Easton, S. and Howard, P., 2014.Business finance. McGraw-Hill Education Australia. Serban, A.A.M., 2013. The Financiar and Functional Balance Sheet-Instruments of the Financial Position Analysis.International Journal of Academic Research in Economics and Management Sciences,2(1), p.176. Titman, S., Keown, A.J. and Martin, J.D., 2015.Financial management: Principles and applications. Pearson. Velicogna, I. and Wahr, J., 2013. Time variable gravity observations of ice sheet mass balance: Precision and limitations of the GRACE satellite data.Geophysical Research Letters,40(12), pp.3055-3063.

Up Until That Instant... free essay sample

A sharp gulp ceased to moisten my throat. Words seemed to blend together, appearing to me as foreign hieroglyphs. I stood alone, with this puzzling object: a book, trembling in my sweaty palms. A colony of hyenas remained in front of me, staring with their bulging eyes, mocking me with their grim smiles and giggles. I was not the best reader in my class; I would stutter at each line my eyes came across, stumbling andmumbling repeatedly. Yet, I didn’t give up, silly me. If I had, this torment wouldn’t have lasted nearly as long. These â€Å"books† were always an intimidating conundrum to me. My father enjoyed a good audiobook, but, for the most part, I grew up in a bookless household. As a child however, listening to a monotoned voice humming meaningless words wasn’t an acceptable introduction to literature. I quickly learned that I was the odd one out in school: no classmate wished to befriend me, or even talk to me. We will write a custom essay sample on Up Until That Instant or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page School had become a place I viewed as a twisted alternate-reality with no escape. I relived the same torture day after day with nothing new or exciting to look forward to. Hopelessness washed over me. I would think: ‘what is the point of trying to even get out of bed in the morning, or even, living?’ Only eight-years-old, and I was diagnosed with depression and anxiety. My parents took notice of my developing (or rather decreasing) behavior, and determined I needed some extra-curricular activity to pursue: theater. They decided it was a fantastic idea to place an introvert into a crowd of extroverts. â€Å"Acting will be fun, and a new change for you!† My mother had exclaimed. I didn’t understand what impact acting could make upon helping me comprehend these strange patterns in books. Reluctantly, I went to audition for a children’s show. I happened to land a minute part with one or two lines, but as they say in the theater world, ‘There are never small parts, only small actors!’ A wrinkled, thick stack of papers was thrust into my hands. Strangely enough, I didn’t feel panic when glancing through my used script. The pages seemed to come alive with colorful energy and playful vitality. As odd as it may seem coming from a shy young girl, I discovered an interest for reading plays, specifically Shakespeare’s work. From King Lear to Twelfth Night (I didn’t particularly enjoy the sappy love story of Romeo and Juliet) I scanned each word and stored it in my mind like boxes in an attic. It felt as if I weren’t even reading, for the literaturedidn’t seem as frightening or forced as it did in classes. I realized that these characters symbolized a part of me I wanted to be; whether it was brave, amusing, intelligent or charming. Fast forward to eighth-grade. I hardly recall school during that blurry year, yet I do remember taking a creative writing class. A flock of irregular children pouring their imaginations out on paper. This was a new turn for me. Up to this point, I’d just read a script, act it out on stage, and enjoy the audience’s positive reaction. Whereas in that class, I’d write short stories that took place in the 1960’s or the 2070’s. I’d proceed to read them in front of these wide-eyed owls as they’d hoot and holler at me. I do not believe they were really listening to my stories, they just liked to be obnoxious. Despite my efforts to excel in reading and writing, nothing seemed to work. I was barely passing Creative Writing, let alone English. But being who I am, I pushed myself to the limit. Ninth and tenth grade I took Honors English and eleventh and twelfth grade I pursued Advanced Placement courses. I wasn’t the best, but I wasn’t the worst. Perhaps it was result of me continuously taking theater courses, acting at a local theater, and performing for pure sport. It kept me sane, content, and focused. That was all I excelled in, but I wanted more, I wanted to be the one that was looked up to instead of being laughed at. While I continued slaving away with creative writing and AP, I took a job teaching childrens acting classes. Handing them a script was like passing on a baton. They’d look up at me, staring blankly like a deer in headlights, asking me â€Å"Why is this in parenthesis?† or â€Å"How come these letters are slanted and not normal?† I found I could give them pretty darn good answers; maybe I wasn’t so atrocious at English. That’s was it! Mixing English and theater together: that was my talent. I wasn’t sure what that meant at the moment and how it could shape my literary experience, nevertheless it was me, my essence, who I was and who I will be. My mind began to connect situations and events to metaphors and similes.With this, my writing improved with one swift stroke of the pen, and suddenly I had discovered my personal style, my niche. I just had to be myself, and write exactly how pictorial and definitive my thoughts tended to be. Reading and writing concerns had become a thing of the past, and I was ready for a new obstacle. Thus, my senior year I worked tirelessly on a piece of art I’ve never created before: a script. After months of tedious work, I turned in my bundle of words for a theater competition. Furthermore, to my surprise, it was accepted! In addition, after years of battling depression, the script had turned out to be a comedy. I had carefully foiled each of the characters so that no one was like the other, making it ultimately hilarious.I gathered a company of actors, and directed the show myself; we took it to the stage. Of course there were obstructions: actors getting sick, dropping out, not being able to make rehearsals, props were lost, lights didn’t work, or the audio tracks broke down. Despite these hindrances, it all lead up to this moment†¦ I stand, in a humid spot light, looking out to the hundreds of tiny faces before me, this time not alone. Their eyes glimmer and seem happy and excited like a pup’s. Oh, my dear companions. â€Å"Thank you,† I stated clearly into the metallic microphone, â€Å"I couldn’t have done any of this without you.† Typical speech, but sincere. I just won an award for best original script, and my actors, sprinkled throughout the audience, barked with enthusiasm for my award. I had done it. I had pushed the limit, through demanding and strenuous times. A notable smile crosses my face; all’s well that ends well.

Towton - Battle of Towton - Wars of the Roses - Edward IV

Towton - Battle of Towton - Wars of the Roses - Edward IV Battle of Towton: Date Conflict: The Battle of Towton was fought on March 29, 1461, during the Wars of the Roses (1455-1485). Armies Commanders Yorkists Edward IV20,000-36,000 men Lancastrians Henry Beaufort, Duke of Somerset25,000-42,000 men Battle of Towton - Background: Beginning in 1455, the Wars of the Roses saw a dynastic conflict erupt between King Henry VI (Lancastrians) and the out-of-favor Richard, Duke of York (Yorkists). Prone to bouts of insanity, Henrys cause was chiefly advocated by his wife, Margaret of Anjou, who sought to protect their sons, Edward of Westminster, birthright. In 1460, the fighting escalated with Yorkist forces winning the Battle of Northampton and capturing Henry. Seeking to assert his power, Richard attempted to claim the throne after the victory. Blocked from this by his supporters, he agreed to the Act of Accord which disinherited Henrys son and stated that Richard would ascend to the throne upon the kings death. Unwilling to let this stand, Margaret raised an army in northern England to revive the Lancastrian cause. Marching north in late 1460, Richard was defeated and killed at the Battle of Wakefield. Moving south, Margarets army defeated the Earl of Warwick at the Second Battle of St. Albans and recovered Henry. Advancing on London, her army was prevented from entering the city by the Council of London which feared looting. Battle of Towton - A King Made: As Henry was unwilling to enter the city by force, negotiations began between Margaret and the council. During this time, she learned that Richards son, Edward, Earl of March, had defeated Lancastrian forces near the Welsh border at Mortimers Cross and was uniting with the remnants of Warwicks army. Concerned about this threat to their rear, the Lancastrian army began withdrawing northwards to a defensible line along the River Aire. From here they could safely await reinforcements from the north. A skillful politician, Warwick brought Edward to London and on March 4 had him crowned as King Edward IV. Battle of Towton - Initial Encounters: Seeking to defend his newly won crown, Edward immediately began moving to crush the Lancastrian forces in the north. Departing on March 11, the army marched north in three divisions under the command of Warwick, Lord Fauconberg, and Edward. In addition, John Mowbry, Duke of Norfolk, was sent to the eastern counties to raise additional troops. As the Yorkists advanced, Henry Beaufort, Duke of Somerset, commanding the Lancastrian army began making preparations for battle. Leaving Henry, Margaret, and Prince Edward at York, he deployed his forces between the villages of Saxton and Towton. On March 28, 500 Lancastrians under John Neville and Lord Clifford attacked a Yorkist detachment at Ferrybridge. Overwhelming men under Lord Fitzwater, they secured the bridge over the Aire. Learning of this, Edward organized a counterattack and sent Warwick to attack Ferrybridge. To support this advance, Fauconberg was ordered to cross the river four miles upstream at Castleford and move to attack Cliffords right flank. While Warwicks assault was largely held, Clifford was forced to fall back when Fauconberg arrived. In a running fight, the Lancastrians were defeated and Clifford was killed near Dinting Dale. Battle of Towton - Battle Joined: The crossing retaken, Edward advanced across the river the next morning, Palm Sunday, despite the fact that Norfolk still had not arrived. Aware of the previous days defeat, Somerset deployed the Lancastrian army on a high plateau with its right anchored on the stream of the Cock Beck. Though the Lancastrians occupied a strong a position and had a numerical advantage, the weather worked against them as the wind was in their face. A snowy day, this blew the snow in their eyes and limited visibility. Forming to the south, the veteran Fauconberg advanced his archers and opened fire. Assisted by the strong the wind, the Yorkist arrows fell in the Lancastrian ranks causing casualties. Replying, the Lancastrian archers arrows were hampered by the wind and fell short of the enemys line. Unable to see this due to the weather, they emptied their quivers to no effect. Again the Yorkist archers advanced, gathering up the Lancastrian arrows and shooting them back. With losses mounting, Somerset was forced to take action and ordered his troops forward with a cry of King Henry! Slamming into the Yorkist line, they slowly began pushing them back (Map). On the Lancastrian right, Somersets cavalry succeeded in driving off its opposite number, but the threat was contained when Edward shifted troops block their advance. Details pertaining the fighting are scarce, but it is known that Edward flew about the field encouraging his men to hold and fight. As the battle raged, the weather worsened and several impromptu truces were called to clear the dead and wounded from between the lines. With his army under severe pressure, Edwards fortunes were bolstered when Norfolk arrived after noon. Joining Edwards right, his fresh troops slowly began to turn the battle. Outflanked by the new arrivals, Somerset shifted troops from his right and center to meet the threat. As the fighting continued, Norfolks men began to push back the Lancastrian right as Somersets men tired. Finally as their line neared Towton Dale, it broke and with it the entire Lancastrian army. Collapsing into full retreat, they fled north in an attempt to cross the Cock Beck. In full pursuit, Edwards men inflicted severe losses on the retreating Lancastrians. At the river a small timber bridge quickly collapsed and others reportedly crossed on a bridge of bodies. Sending horsemen forward, Edward pursued the fleeing soldiers through the night as the remnants of Somersets army retreated to York. Battle of Towton - Aftermath: Casualties for the Battle of Towton are not known with any precision though some sources indicate they may have been has high as 28,000 total. Others estimate losses around 20,000 with 15,000 for Somerset and 5,000 for Edward. The largest battle fought in Britain, Towton was a decisive victory for Edward and effectively secured his crown. Abandoning York, Henry and Margaret fled north to Scotland before separating with the latter ultimately going to France to seek aid. Though some fighting continued for the next decade, Edward ruled in relative peace until the Readeption of Henry VI in 1470. Selected Sources HistoryNet: Battle of TowtonUK Battlfields Resource Centre: Battle of Towton

Account of the Gold Discovered in California in 1848

Account of the Gold Discovered in California in 1848 When the 50th anniversary of California Gold Rush approached there was great interest in locating any eyewitnesses to the event who might still be alive. Several individuals claimed to have been with James Marshall when he first found a few gold nuggets while building a sawmill for adventurer and land baron John Sutter. Most of these accounts were greeted with skepticism, but it was generally agreed that an old man named Adam Wicks, who was living in Ventura, California, could reliably tell the story of how gold was first discovered in California on January 24, 1848. The New York Times published an interview with Wicks on December 27, 1897, approximately a month before the 50th anniversary. Wicks recalled arriving in San Francisco by ship in the summer of 1847, at the age of 21: I was charmed with the wild new country, and decided to stay, and I’ve never been out of the state from that time. Along in October 1847, I went with several young fellows up the Sacramento River to Sutter’s Fort, at what is now the City of Sacramento. There were about 25 white people at Sutter’s Fort, which was merely a stockade of timbers as a protection from assaults by Indians.Sutter was the richest American in central California at the time, but he had no money. It was all in land, timber, horses, and cattle. He was about 45 years old, and was full of schemes for making money by selling his timber to the United States government, which had just come into possession of California. That is why he was having Marshall build the sawmill up in Columale (later known as Coloma).I knew James Marshall, the discoverer of gold, very well. He was an ingenious, flighty sort of man, who claimed to be an expert millwright out from New Jersey. California Gold Rush Began With Discovery at Sutters Sawmill Adam Wicks remembered hearing about the gold discovery as an inconsequential bit of camp gossip: In the latter part of January 1848, I was at work with a gang of vaqueros for Captain Sutter. I remember as clearly as if it were yesterday when I first heard of the gold discovery. It was on January 26, 1848, forty-eight hours after the event. We had driven a drove of cattle to a fertile grazing spot on the American River and were on our way back to Columale for more orders.A nephew, a lad of 15 years, of Mrs. Wimmer, the cook at the lumber camp, met us on the road. I gave him a lift on my horse, and as we jogged along the boy told me that Jim Marshall had found some pieces of what Marshall and Mrs. Wimmer thought were gold. The boy told this in the most matter-of-fact way, and I did not think of it again until I had put the horses in the corral and Marshall and I sat down for a smoke. Wicks asked Marshall about the rumored gold discovery. Marshall was at first quite annoyed that the boy had even mentioned it. But after asking Wicks to swear he could keep the secret, Marshall went inside his cabin, and returned with a candle and a tin matchbox. He lit the candle, opened the matchbox, and showed Wicks what he said were nuggets of gold. The largest nugget was the size of a hickory nut; the others were the size of black beans. All had been hammered, and were very bright from boiling and acid tests. Those were the evidences of gold.I have wondered a thousand times since how we took the finding of the gold so coolly. Why, it did not seem to us a big thing. It appeared only an easier way of making a living for a few of us. We had never heard of a stampede of gold-crazy men in those days. Besides, we were green backwoodsmen. None of us had ever seen natural gold before. The Workers at Sutters Mill Took It in Stride Amazingly, the impact of the discovery had little effect on the daily life around Sutters holdings. As Wicks recalled, life went on as before: We went to bed at the usual hour that night, and so little excited were we about the discovery that neither of us lost a moment’s sleep over the stupendous wealth that lay all about us. We proposed to go out and hunt at odd times and on Sundays for gold nuggets. Two weeks or so later Mrs. Wimmer went to Sacramento. There she showed at Sutter’s Fort some nuggets she had found along the American River. Even Captain Sutter himself had not known of the finds of gold on his land until then. Gold Fever Soon Seized the Entire Nation Mrs. Wimmers loose lips set in motion what would turn out to be a massive migration of people. Adam Wicks remembered that prospectors started appearing within months: The earliest rush to the mines was in April. There were 20 men, from San Francisco, in the party. Marshall was so mad at Mrs. Wimmer that he vowed he would never treat her decently again.At first it was thought the gold was only to be found within a radius of a few miles of the sawmill at Columale, but the newcomers spread out, and every day brought news of localities along the American River that were richer in gold than where we had been quietly working for a few weeks.The very maddest man of all was Captain Sutter when men began to come from San Francisco, San Jose, Monterey and Vallejo by the score to find gold. All of the captains workmen quit their jobs, his sawmill could not be run, his cattle went wandering away for lack of vaqueros, and his ranch was occupied by a horde of lawless gold-crazy men of all degrees of civilization. All the captain’s plans for a great business career were suddenly ruined. The Gold Fever soon spread to the east coast, and at the end of 1848, President James Knox Polk actually mentioned the discovery of gold in California in his annual address to Congress. The great California Gold Rush was on, and the following year would see many thousands of 49ers arriving to search for gold. Horace Greeley, the legendary editor of the New York Tribune dispatched journalist Bayard Taylor to report on the phenomenon. Arriving in San Francisco in the summer of 1849, Taylor saw a city growing at incredible speed, with buildings and tents appearing all over the hillsides. California, considered a remote outpost only a few years earlier, would never be the same.

The Hazards of taking childeren out to eat Essay

The Hazards of taking childeren out to eat - Essay Example McDonalds, for example, has a clown as its mascot, Ronald McDonald. It has playgrounds for children and special toys that come with its food. Given a choice, children will clamour to go to these special places. The food they will eat there, unfortunately, will not be good for them. These restaurants know that if they can lure children into their restaurants they will get money from the parents. Pandering to children is a good business model for many restaurants. Additionally, it is important to note that children like sugar and junk food. These restaurants ensure that they have these things on their menus. This food is not good for children. Parents who do not take their children out to eat have much more control over their childrens diets. They can cook with fresh food and will know exactly what is in each meal. They can avoid sugary and fat foods and make sure that their children are eating properly. Food packed with vitamins and nutrients notably helped boost mental performance as youngsters got older, the Journal of Epidemiology and Community Health reports. Researchers said toddlers diets could change IQ levels later in childhood, even if eating habits improve with age. "This suggests that any cognitive/behavioural effects relating to eating habits in early childhood may well persist into later childhood, despite any subsequent changes to dietary intake," the authors wrote (Guardian). The fix is in. Many fast food restaurants have very low standards when it comes to food, and yet their food is incredibly attractive to children. We have to remember just how hazardous this kind of food is to childrens health. As one report recently put it: â€Å"One out of three children will come down with diabetes. One out of five children now has hypertension. Doctors are seeing children as young as 2 and 3 years old with the beginnings of heart disease† (Ringle). Nothing is more

Sports and Entertainment Management Essay Example | Topics and Well Written Essays - 750 words - 2

Sports and Entertainment Management - Essay Example The most interesting thing that I learnt was that life takes unexpected turns for all of us. It is not always for the worse but some brilliant opportunities are presented to us too. We need to be open to new circumstances. A flexible attitude always prevails. Mr. Baker talked about transition in an organization. Transition or change is very important for an organization. Mr. Baker said that making a change is extremely difficult but we have to make it because we have to stay up to speed with the rest of the world. The ways of the world change. The tastes of the consumers change. Technology changes all the time. This is why an organization needs to be flexible and must be able to anticipate the requirements of change. According to Lewin, when an organization undergoes change, it goes through three processes which are unfreezing, change, and refreezing (pp. 197–211). Unfreezing is the most difficult part because it is the stage which is resisted the most. It is common human beha vior that when people are settled in and are comfortable, they always tend to resist when they are asked to make a change. A good leader administers change in a very effective manner by taking all team members into confidence and explaining to them that a change is necessary for their own well-being. When the team members know about the importance of change, they cooperate in a better manner. The key is to involve the team members in the process of transitioning. If the details of change are kept from the team members, a greater resistance is likely to be expected. However, no matter how much efforts are made to involve the team members in the change process, there would always be some resistance. It is very important that this resistance is dealt fairly because it causes great stress otherwise. Lewin suggests that a â€Å"controlled crisis† can be created by the leader so that the team members or the employees are motivated to find a new equilibrium themselves. When the cris is creates a sense of instability in the team members, they seek change themselves and, therefore, enter the second phase of change. According to Lewin, different people respond differently to change. It is not possible that the change would be undergone overnight. There are two types of people; proactive and reactive. Proactive people understand the need of change quickly and start working in the new direction at once. Reactive people do not change unless something really happens to them and they are forced to change. The creation of a crisis was suggested to set the wheels of reactive people in motion. However, there are always certain people who benefit heavily from the status quo. Such people take a long time to unfreeze and change. Here comes the importance of yet another very important aspect of Mr. Baker’s presentation which is decision-making. A leader must be able to take tough decisions in a timely manner. Being a hockey coach for a fair amount of time, Mr. Baker ha s the mental toughness and maturity to handle a team effectively. According to him, it is very important that a leader never cheats. One of the major aims of his coaching was to hold the kids accountable if they do anything wrong so that a sense of responsibility can be created. This also helps in letting the team members know what their boundaries are. The team members are also treated with great respect so that they may never feel mistreated. All these things apart, the need to take necessary decisions is very important no matter how tough they are. However, there is always a room for improvement and there is a possibility that things can be done in much better way than they have been done in the past. According to Shapira, decision making is considered as a process in which different interests and perspectives

Kant on Will Essay Example for Free

Kant on Will Essay Kant’s argument that an act out of duty can not be in conflict with itself or with any other will acting out of duty derives from the concept he puts forth of the internal principle. A will cannot conflict itself if it determines itself a priori. By determining its morals before the benefit of experience, it determines itself simply that it exists as it is. Intuitively, anything pure cannot conflict with itself just as the idea of good cannot conflict with itself and be somehow partly bad (437). Thus by simply being, without any other influence determining it, the will is an end in itself (437). A will acting out of duty, or in other words on its own internal principles, can not conflict with another will simply because it does not depend on the other will. In order to conflict, something must first interact. And if two wills are acting in accordance with duty, then they each recognize each other as an end in itself, and therefore do not interact on the level of morality (438). Just as a self-sufficient village with no roads leading to or from can not conflict with another village simply because it needs not and cannot interact, a self-sufficient will, and therefore determined with no external influence, can also not conflict with anther will acting out of duty. Though if something is not self-sufficient, it requires another object to fulfill its ends. As with the village, if it needs to conquer a neighboring village’s farmland in order to feed itself, conflict arises. Similarly, should a will not be determined a priori, but instead based on external circumstances, then a will must use another will to fulfill its needs, and therefore would conflict with the autonomy of the second will.

Strategic Management Essay -- Information Technology

Strategic Management and Planning is a course of decisions and actions which ultimately lead to the development of a strategy to help a company achieve their objectives. Strategic planning focuses on the company’s long term range and how to accomplish what is laid out. Effective planning will help to prevent problems, provide a response if problems occur, and make available information and support needed to maintain public awareness, safety, and confidence. How do the two UCB's strategic IT plans stack up against the Baldrige criteria for assessing strategic planning? The Baldrige criteria are a series of questions that are not routinely asked on how an organization or company can function more efficiently. The purpose of these questions is to describe how the organization sets its strategic objectives into action plans, what are the organization’s action plans, and how is the organization able to project future performance on these key performance indicators or measures. In this paper, I will address these questions as they relate to UC Berkeley and the University of Colorado’s Campus-wide IT Strategic Plan. I will describe how each university used the strategic planning process to address their needs. What are the university’s current strategic objectives, the goals for each objective and the timetable for achieving these objectives? How will each university adapt to potential growth in technology? And what measures do the universities use to track the achievement and effectiveness of their action plans? In each report, each university clearly defined what there IT strategic plans and objectives are for their future success. By clearly defining what are their goals and needs, they mirror the Baldrige criteria. UC Berkeley d... ...essfulness of their strategic plan. In my research, this is not a problem that is isolated to just UC Berkeley or UC-Boulder. There seems to be a common practice among the IT community to not take into account the importance of measuring the effectiveness of their IT strategies. When discussing measuring for effectiveness of the IT plan at UC Berkeley, Mr. Jack McCredie explains, â€Å"It is much more of a description of an end state that we are working for. We are more goal oriented, not number oriented, in our process. One UC Berkeley goal was to wire the campus, not count the number of nodes that are actually installed. Our board doesn’t seem to require particular dashboard numbers that say we are 38 percent of the way to accomplishing our goal.† Both of the universities do not put enough thought into establishing proper measures of effectiveness into their plans.

Paper Camp

DRUG ADDICTION AS A PROBLEM-DETERMINED SYSTEM: A CASE STUDY Introduction Drug addiction seems to be a rapidly growing societal problem that leaves many lives destroyed in its wake. Families are ripped apart by its devastating impact, and countless drug addicts are unable to free themselves from the powerful grip of drug addiction and consequently pay with their lives. According to Edmonds and Wilcocks (1995), drug addiction is a very real problem in South Africa. It affects people from all walks of life and can no longer be considered a localised problem.Jackson, Usher and O’Brien (2006) found that the experience of having a family member that is addicted to drugs, especially a child, had a profound effect on other members of the immediate family as well as on the family relationships. Butler and Bauld (2005) highlighted the devastation parents experienced in learning that their child was addicted to drugs and the subsequent impact that this had on their lives. Grohsman (2007) argues that the impact of drug addiction goes beyond the individual and the family, as the ripples thereof can also be felt in the larger community and economy.Therefore, it seems that parents, families, teachers, community and church leaders, healthcare professionals, law enforcement agencies, government and society at large, have a tremendous task ahead in the prevention and treatment of drug abuse throughout the country. Just like a tree bears fruit when conditions are optimal for such an occurrence to take place, the problem of drug addiction is also assumed to develop within the context of a system of relatedness that put forth just the right ingredients for its emergence.Therefore, as the 3 researcher, I set out to explore the specific interactions between role players that created a suitable environment for the problem of drug addiction to emerge. As human beings, we are social creatures and thus our life experiences are inevitably tied up in the experiences of others. Any a ttempt to understand a particular individual has to include those that form part of that individual’s ecology of living Statement of the problem ? Drop in attendance and performance at work or school. Engaging in secretive or suspicious behaviors. ? Sudden change in friends, favorite hangouts, and hobbies. ? Unexplained change in personality or attitude. ? Sudden mood swings, irritability, or angry outbursts. ? Periods of unusual hyperactivity, agitation, or giddiness. ? To built up a drug tolerance ? take drugs to avoid or relieve withdrawal symptoms. ? lost control over your drug use ? life revolves around drug use ? abandoned activities you used to enjoy,  . continue to use drugs, despite knowing it’s hurting you. Significance of the study The purpose of this study was to gain a better understanding of how a problemdetermined system developed around a case of drug addiction within the context of a system of relatedness. The epistemological framework informing this qualitative study was constructivism. The six participants who took part in the study represent the most prominent role players in the particular context of living.The individual battling with drug addiction, his parents, older sister, maternal grandmother and maternal aunt were interviewed. The methods of data collection employed were semi-structured interviews, a chronological event chart, genograms, and an eco-map. The interviews were interpreted using the hermeneutic approach. The different themes that emerged from each participant’s story were integrated in relation to each other and with respect to the collaborative sources of data.The most dominant themes extracted within this study are the initial reactions to Andrew’s drug addiction, life changes experienced due to Andrew’s drug addiction, support, as well as the meanings attributed to Andrew’s drug addiction. Further researcher into problem-determined systems in different cultures is recommende d. To Students: Firstly, the one reason of drug abuse among university students is peer pressure, particularly from the social influences among friends, school, and the community.If their social main group is using drugs, it can risk for teens because they are the juncture age that really easy to be persuaded. For example, most of university students got a lot of money from their parents and a lot of students left home and have a freedom to stay in dormitory by themselves, these can cause teenagers to try drugs just to fit in the social norms, they might do it to impress their buddies to be considered â€Å"cool† as part of being in the group and gain acceptance by friends.To Everybody:  as we now, today this entire staff called drug, affect mostly young people and it is more obvious in places where there are many gathered, like university because of the easiness of finding drugs in university, whenever they want, it is really easy for them to buy it because of weak law   enforcement in our country. In short, University students use drug because peer pressure, faulty function of the family, to relive their depression and the  weak law  enforcement. I think it is a big problem so much and we should do anything to protect them from drug.They need to be more educated about drug abuse and have a stopping drug campaign. Moreover, the most important that can help is a family. Strong family relationship, interest in your teens, talking with reasons can prevent drug use Limitations of the Study Throughout the entire process of completing this study, the following limitations were found: The focus of this study was only directed on the experiences of one particular family in one specific culture. This narrow scope might be considered a limitation to this study, as it only explored how a single Caucasian family ascribed meaning to their particular experience of rug addiction. However, the main reasoning or driving force of this study was not to generalise the experiences of a particular family as being similar or dissimilar to the experiences of other families. Therefore, the qualitative orientation of this study allowed me as the researcher to focus my attention solely on the manner in which one family conceptualised their experiences of drug addiction. As was pointed out, Terre Blanche et al. (2006) explain that a qualitative approach allows the researcher to study selected issues in depth, openness and etail as it involves the studying of real-life situations as they unfold naturally. Therefore, the focus of this study was not aimed at aspects of generalised applicability that would fall within the domain of quantitative research. Another limitation to this study was the absence of Tim’s perspective regarding the family drama. However, it was each participant’s privilege and right to decide whether they wanted to partake in this research study. Tim’s refusal to be a part of this research study was therefore re spected. Review or related determine Personal history and backgroundChildhood memory: [pic] In response to the news of Andrew’s drug addiction, David and Lauren both blamed themselves and tried to make sense of the situation. Both Emma and Sophia report that they also blamed David and Lauren for Andrew’s drug problem. When Katie heard about Andrew’s drug addiction, she blamed him for it, while Andrew also reported that he only had himself to blame. The first theme contains all the initial reactions experienced by the participants shortly after Andrew’s drug problem was exposed. Moreover, Andrew’s reaction to the responses from is family is also included here. Early adolescence Lauren, David, Katie, Emma and Sophia all reported experiencing shock. Both Lauren and David reported experiencing devastation, helplessness and guilt. Yet Lauren and David also felt relieved as they reported how the puzzle pieces fell into place at that moment. Emma was the only participant to report feelings of utter disbelief, and Katie was the only participant who reported that she was not surprised by the news of Andrew’s drug addiction as she had all along been suspecting that something was wrong with Andrew.Andrew reported feeling embarrassed and sad when he told his family about his drug problem. Turning point Theme Two: Life Changes Experienced due to Andrew’s Drug Addiction This theme characterises all the changes that resulted in the family from the impact of Andrew’s drug addiction. Also included in this theme are the changes that took place in Andrew’s own life as a result of his drug addiction. Emotional changes Lauren and David reported that they felt helpless, guilty and overwhelmed by Andrew’s drug addiction. Emma and Sophia reported that they felt overwhelmed by the extent of their involvement.Both Lauren and Andrew reported that they both felt utterly alone during this time. 15 Katie was the only par ticipant to report that she felt tied-down by her responsibilities toward her own family, and that she was subsequently rather uninvolved in Andrew’s problems. Andrew reported that he felt anger towards his family. Identity changes Lauren, David and Andrew reported that they thought of themselves as failures. Lauren felt that she had failed as a mother and David felt that he failed as a father. Andrew reported that he was labelled as the black sheep of the family when his drug addiction became public.David was the only participant to report that he was embarrassed by Andrew. Occupational changes Lauren reported that her occupational situation had become stressful as she repeatedly had to take time off from work as a result of Andrew’s drug addiction. She often had to attend court hearings when he had been arrested. Andrew reported that he had lost his job as a result of his drug addiction. Relationship changes Lauren, David, Katie and Andrew all reported that there was much more conflict between the family members. David and Lauren reported that communication within the family had become constrained.Emma and Sophia reported that they became much closer to the members of the Joubert family as a result of their involvement. Katie was the only participant to report that she visited her parents less because Andrew was there. Reinforcement The orientation of this study is also adequately disclosed in that, as the researcher, I clearly demarcated my personal interest in the study and expectations thereof. The nature of the study was also clearly explained. As the researcher, my engagement with the material is reflected through the hermeneutic process of data analysis, which attempts to discover meaning and to achieve understanding.Consequently, specific themes were identified that seem to underlie each participant’s unique experience regarding the topic of the study. Therefore, I attempted to approach this 26 study from a position of â€Å"not knowing† and allowed myself the privilege of seeing the world through the eyes of each participant that took part in this study. The hermeneutic process of data analysis also allowed me the opportunity to firmly ground the various interpretations, by linking each identified theme with examples from the specific interviews conducted with the participants.The validity of this study was obtained by utilising the â€Å"triangulation† strategy. The data generated in this study was obtained from multiple sources such as the literature study, the description of the family and its members, the genograms, a chronological event chart, an eco-map and semi-structured interviews. The validity of this study is further strengthened by the overall coherence reflected in the qualitative nature, postmodern ontology, constructivist epistemology, literature study, hermeneutic method of analysis and collaborative resources chosen for this study.As such, a visible thread of relevance runs th rough the different facets of this study. The study also appears â€Å"fruitful† as it provides an abundance of rich and meaningful descriptions about drug addiction as a problem-determined system. In particular, the participants that took part in this study all agreed that the ways in which I engaged them individually had made sense to them. As such, catalytic validity has been achieved. Conclusion This study allowed me as the researcher the profound privilege of bearing witness to intricate complexities of the Joubert family drama.Through the stories told by each participant, the themes that seem to underlie them, and from the collaborative sources of data, I was able to see how Andrew’s drug addiction developed within the context of his family system. The following hypotheses were made: It appears that the Joubert family has always had extremely limiting rules to which each member had to adhere. These rules inevitably resulted in the formation of redundant 28 patter ns of interaction between the family members.The limited family repertoire provided a sense of stability as it ensured the predictability of each family member. Perhaps Andrew’s birth marked the start of this family’s evolution from an â€Å"undifferentiated blob of sameness† to greater individual differentiation. When Andrew was much younger, it was easier for the family to maintain its stability or status quo by opposing the difference or the new information that Andrew tried to bring to the family system. At this time, Andrew was merely pushed toward the periphery of the family as he was labelled the black sheep and the outsider.Thus, by reframing the difference that Andrew brought to his family as deviance, the family was able to remain homeostatic and unchanged. But despite the Joubert family’s commitment to sameness, they had managed to create the context for change. Their immediate response to the challenge that Andrew’s drug addiction posed to their stability, was to form a problem-determined system whereby they all agreed through their languaging that Andrew’s drug addiction was in fact a problem. In this manner, the family tried to keep Andrew as their scapegoat by once again labelling him as the sole carrier of the problem.However, Andrew’s drug addiction was much stronger than the homeostatic tendency of the Joubert family unit, and so evolution could take place. As a result, the stable family system was pushed off its axes and relationships were altered to such an extent that greater differentiation amongst the family members was made possible. Finally, it seems appropriate to say that where there was a beginning there is now an ending and in that way the study has come full circle as it achieved that which it has set out to achieve.

Evolution of Management Essay

As long as there have been human endeavors, there have been people willing to take charge—people willing to plan, organize, staff, and control the work. One might say that nature abhors a vacuum and thus someone will always step forward to fill a leadership void. Probably the natural emergence of leadership grew out of our instinct for survival. In the hostile world of early humankind, food, shelter, and safety needs usually required cooperative efforts, and cooperative efforts required some form of leadership. Certainly leadership was vested in the heads of early families via the patriarchal system. The oldest member of the family was the most experienced and was presumed to be the wisest member of the family and thus was the natural leader. As families grew into tribes and tribes evolved into nations, more complex forms of leadership were required and did evolve. Division of labor and supervision practices is recorded on the earliest written record, the clay tablets of the Sumerians. In Sumerian society, as in many others since, the wisest and best leaders were thought to be the priests and other religious leaders. Likewise, the ancient Babylonian cities developed very strict codes, such as the code of Hammurabi. King Nebuchadnezzar used color codes to control production of the hanging gardens, and there were weekly and annual reports, norms for productivity, and rewards for piecework. The Egyptians organized their people and their slaves to build their cities and pyramids. Construction of one pyramid, around 5000 BC. , required the labor of 100,000 people working for approximately 20 years. Planning, organizing, and controlling were essential elements of that and other feats, many of them long term. The ancient Egyptian Pharaohs had long-term planners and advisors, as did their contemporaries in China. China perfected military organization based on line and staff principles and used these same principles in the early Chinese dynasties. Confucius wrote parables that offered practical suggestions for public administration. In the Old Testament, Moses led a group of Jewish slaves out of Egypt and then organized them into a nation. Exodus, Chapter 18, describes how Moses â€Å"chose able men out of all Israel and made them heads over the people, and differentiated between rulers of thousands, rulers of hundreds, rulers of fifties and rulers of tens. A system of judges also evolved, with only the hard cases coming to Moses. The city-states of Greece were commonwealths, with councils, courts, administrative officials, and boards of generals. Socrates talked about management as a skill separate from technical knowledge and experience. Plato wrote about specialization and proposed notions of a healthy republic. The Roman Empire is thought by many to have been so successful because of the Romans’ great ability to organize the military and conquer new lands. Those sent to govern the far-flung parts of the empire were effective administrators and were able to maintain relationships with leaders from other provinces and across the empire as a whole. There are numerous other ancient leaders who were skillful organizers, at least as indicated by their accomplishments, such as Hannibal, who shepherded an army across the Alps, and the first emperor of China, who built the Great Wall. Many of the practices employed today in leading, managing, and administering modern organizations have their origins in antiquity. Many concepts of authority developed in a religious context. One example is the Roman Catholic Church with its efficient formal organization and management techniques. The chain of command or path of authority, including the concept of specialization, was a most important contribution to management theory. Machiavelli also wrote about authority, stressing that it comes from the consent of the masses. However, the ideas Machiavelli expressed in The Prince are more often viewed as mainly concerned with leadership and communication. Much management theory has military origins, probably because efficiency and effectiveness are essential for success in warfare. The concepts of unity of command, line of command, staff advisors, and division of work all can be traced back at least to Alexander the Great, or even earlier, to Lao Tzu. The Industrial Revolution created a need for new thinking and the refinement of old thinking. Time and motion studies intensified the division of work, as did centralized production and research and development. Modern management theory prevails afterwards. The preceding historical review indicates that thinking about management and leadership is in large part situational and that practices evolved to deal with new situations that arose. It also indicates that yesterday’s principles and theories are surprisingly contemporary and surprisingly sophisticated. Some overlap occurs, of course, and some gaps. Today’s theorists have attempted to fill in the gaps and adapt the theories to current situations. Yet, like in other areas of thought, not much is of recent origin in the field of management theory. The Evolution of Management Changes in management practices occur as managers, theorists, researchers, and consultants seek new ways to increase organizational efficiency and effectiveness. The driving force behind the evolution of management theory is the search for better ways to utilize organizational resources. Advances in management theory typically occur as managers and researchers find better ways to perform the principal management tasks: planning, organizing, leading, and controlling human and other organizational resources. In this paper, we will try to examine how management theory concerning appropriate management practices has evolved in modern times, and look at the central concerns that have guided its development. First, we look into the so-called classical management theories that emerged around the turn of the twentieth century. These include scientific management, which focuses on matching people and tasks to maximize efficiency; and administrative management, which focuses on identifying the principles that will lead to the creation of the most efficient system of organization and management. Next, we consider behavioral management theories, developed both before and after the Second World War, which focus on how managers should lead and control their workforces to increase performance. Then we discuss management science theory, which developed during the Second World War and which has become increasingly important as researchers have developed rigorous analytical and quantitative techniques to help managers measure and control organizational performance. Finally, we discuss business in the 1960s and 1970s and focus on the theories that were developed to help explain how the external environment affects the way organizations and managers operate. At the end of this paper, one will understand the ways in which management theory has evolved over time. One will also understand how economic, political, and cultural forces have affected the development of these theories and the ways in which managers and their organizations behave. Figure 1. 1 summarizes the chronology of the management theories that are discussed in this paper. Scientific Management Theory The evolution of modern management began in the closing decades of the nineteenth century, after the industrial revolution had swept through Europe, Canada, and the United States. In the new economic climate, managers of all types of organizations—political, educational, and economic—were increasingly trying to find better ways to satisfy customers’ needs. Many major economic, technical, and cultural changes were taking place at this time. The introduction of steam power and the development of sophisticated machinery and equipment changed the way in which goods were produced, particularly in the weaving and clothing industries. Small workshops run by skilled workers who produced hand-manufactured products (a system called crafts production) were being replaced by large factories in which sophisticated machines controlled by hundreds or even thousands of unskilled or semiskilled workers made products. Owners and managers of the new factories found themselves unprepared for the challenges accompanying the change from small-scale crafts production to large-scale mechanized manufacturing. Many of the managers and supervisors had only a technical orientation, and were unprepared for the social problems that occur when people work together in large groups (as in a factory or shop system). Managers began to search for new techniques to manage their organizations’ resources, and soon they began to focus on ways to increase the efficiency of the worker–task mix. Job specialization and division of labor The famous economist Adam Smith was one of the first to look at the effects of different manufacturing systems. 7 He compared the relative performance of two different manufacturing methods. The first was similar to crafts-style production, in which each worker was responsible for all of the 18 tasks involved in producing a pin. The other had each worker performing only 1 or a few of the 18 tasks that go into making a completed pin. Smith found that factories in which workers specialized in only 1 or a few tasks had greater performance than factories in which each worker performed all 18 pin-making tasks. In fact, Smith found that 10 workers specializing in a particular task could, between them, make 48 000 pins a day, whereas those workers who performed all the tasks could make only a few thousand at most. Smith reasoned that this difference in performance was due to the fact that the workers who specialized became much more skilled at their specific tasks, and, as a group, were thus able to produce a product faster than the group of workers who each had to perform many tasks. Smith concluded that increasing the level of job specialization— the process by which a division of labour occurs as different workers specialize in different tasks over time—increases efficiency and leads to higher organizational performance. Based on Adam Smith’s observations, early management practitioners and theorists focused on how managers should organize and control the work process to maximize the advantages of job specialization and the division of labour. F. W. Taylor and Scientific Management Frederick W. Taylor (1856–1915) is best known for defining the techniques of scientific management, the systematic study of relationships between people and tasks for the purpose of redesigning the work process to increase efficiency. Taylor believed that if the amount of time and effort that each worker expended to produce a unit of output (a finished good or service) could be reduced by increasing specialization and the division of labour, then the production process would become more efficient. Taylor believed that the way to create the most efficient division of labour could best be determined by means of scientific management techniques, rather than intuitive or informal rule-of-thumb knowledge. This decision ultimately resulted in problems. For example, some managers using scientific management obtained increases in performance, but rather than sharing performance gains with workers through bonuses as Taylor had advocated, they simply increased the amount of work that each worker was expected to do. Many workers experiencing the reorganized work system found that as their performance increased, managers required them to do more work for the same pay. Workers also learned that increases in performance often meant fewer jobs and a greater threat of layoffs, because fewer workers were needed. In addition, the specialized, simplified jobs were often monotonous and repetitive, and many workers became dissatisfied with their jobs. Scientific management brought many workers more hardship than gain, and left them with a distrust of managers who did not seem to care about their wellbeing. These dissatisfied workers resisted attempts to use the new scientific management techniques and at times even withheld their job knowledge from managers to protect their jobs and pay. Unable to inspire workers to accept the new scientific management techniques for performing tasks, some organizations increased the mechanization of the work process. For example, one reason for Henry Ford’s introduction of moving conveyor belts in his factory was the realization that when a conveyor belt controls the pace of work (instead of workers setting their own pace), workers can be pushed to perform at higher levels—levels that they may have thought were beyond their reach. Charlie Chaplin captured this aspect of mass production in one of the opening scenes of his famous movie, Modern Times (1936). In the film, Chaplin caricatured a new factory employee fighting to work at the machine imposed pace but losing the battle to the machine. Henry Ford also used the principles of scientific management to identify the tasks that each worker should perform on the production line and thus to determine the most effective way to create a division of labour to suit the needs of a mechanized production system. From a performance perspective, the combination of the two management practices— (1) achieving the right mix of worker–task specialization and (2) linking people and tasks by the speed of the production line—makes sense. It produces the huge savings in cost and huge increases in output that occur in large, organized work settings. For example, in 1908, managers at the Franklin Motor Company redesigned the work process using scientific management principles, and the output of cars increased from 100 cars a month to 45 cars a day; workers’ wages increased by only 90 percent, however. From other perspectives, though, scientific management practices raise many concerns. The definition of the workers’ rights not by the workers themselves but by the owners or managers as a result of the introduction of the new management practices raises an ethical issue, which we examine in this â€Å"Ethics in Action. † Fordism in Practice From 1908 to 1914, through trial and error, Henry Ford’s talented team of production managers pioneered the development of the moving conveyor belt and thus changed manufacturing practices forever. Although the technical aspects of the move to mass production were a dramatic financial success for Ford and for the millions of Americans who could now afford cars, for the workers who actually produced the cars, many human and social problems resulted. With simplification of the work process, workers grew to hate the monotony of the moving conveyor belt. By 1914, Ford’s car plants were experiencing huge employee turnover—often reaching levels as high as 300 or 400 percent per year as workers left because they could not handle the work-induced stress. 15 Henry Ford recognized these problems and made an announcement: From that point on, to motivate his workforce, he would reduce the length of the workday from nine hours to eight hours, and the company would double the basic wage from US$2. 50 to US$5. 00 per day. This was a dramatic increase, similar to an announcement today of an overnight doubling of the minimum wage. Ford became an internationally famous figure, and the word â€Å"Fordism† was coined for his new approach. Ford’s apparent generosity was matched, however, by an intense effort to control the resources—both human and material—with which his empire was built. He employed hundreds of inspectors to check up on employees, both inside and outside his factories. In the factory, supervision was close and confining. Employees were not allowed to leave their places at the production line, and they were not permitted to talk to one another. Their job was to concentrate fully on the task at hand. Few employees could adapt to this system, and they developed ways of talking out of the sides of their mouths, like ventriloquists, and invented a form of speech that became known as the â€Å"Ford Lisp. † Ford’s obsession with control brought him into greater and greater conflict with managers, who were often fired when they disagreed with him. As a result, many talented people left Ford to join his growing rivals. Outside the workplace, Ford went so far as to establish what he called the â€Å"Sociological Department† to check up on how his employees lived and the ways in which they spent their time. Inspectors from this department visited the homes of employees and investigated their habits and problems. Employees who exhibited behaviours contrary to Ford’s standards (for instance, if they drank too much or were always in debt) were likely to be fired. Clearly, Ford’s effort to control his employees led him and his managers to behave in ways that today would be considered unacceptable and unethical, and in the long run would impair an organization’s ability to prosper. Despite the problems of worker turnover, absenteeism, and discontent at Ford Motor Company, managers of the other car companies watched Ford reap huge gains in efficiency from the application of the new management principles. They believed that their companies would have to imitate Ford if they were to survive. They followed Taylor and used many of his followers as consultants to teach them how to adopt the techniques of scientific management. In addition, Taylor elaborated his principles in several books, including Shop Management (1903) and The detail how to apply the principles of scientific management to reorganize the work system. Taylor’s work has had an enduring effect on the management of production systems. Managers in every organization, whether it produces goods or services, now carefully analyze the basic tasks that must be performed and try to devise the work systems that will allow their organizations to operate most efficiently. The Gilbreths Two prominent followers of Taylor were Frank Gilbreth (1868–1924) and Lillian Gilbreth (1878–1972), who refined Taylor’s analysis of work movements and made many contributions to time-and-motion study. Their aims were to (1) break up into each of its component actions and analyze every individual action necessary to perform a particular task, (2) find better ways to perform each component action, and (3) reorganize each of the component actions so that the action as a whole could be performed more efficiently—at less cost of time and effort. The Gilbreths often filmed a worker performing a particular task and then separated the task actions, frame by frame, into their component movements. Their goal was to maximize the efficiency with which each individual task was performed so that gains across tasks would add up to enormous savings of time and effort. Their attempts to develop improved management principles were captured—at times quite humorously—in the movie Cheaper by the Dozen, which depicts how the Gilbreths (with their 12 children) tried to live their own lives according to these efficiency principles and apply them to daily actions such as shaving, cooking, and even raising a family. Eventually, the Gilbreths became increasingly interested in the study of fatigue. They studied how the physical characteristics of the workplace contribute to job stress that often leads to fatigue and thus poor performance. They isolated factors— such as lighting, heating, the colour of walls, and the design of tools and machines—that result in worker fatigue. Their pioneering studies paved the way for new advances in management theory. In workshops and factories, the work of the Gilbreths, Taylor, and many others had a major effect on the practice of management. In comparison with the old crafts system, jobs in the new system were more repetitive, boring, and monotonous as a result of the application of scientific management principles, and workers became increasingly dissatisfied. Frequently, the management of work settings became a game between workers and managers: Managers tried to initiate work practices to increase performance, and workers tried to hide the true potential efficiency of the work setting in order to protect their own well-being. Administrative management theory Side by side with scientific managers studying the person–task mix to increase efficiency, other researchers were focusing on administrative management, the study of how to create an organizational structure that leads to high efficiency and effectiveness. Organizational structure is the system of task and authority relationships that control how employees use resources to achieve the organization’s goals. Two of the most influential views regarding the creation of efficient systems of organizational administration were developed in Europe. Max Weber, a German professor of sociology, developed one theory. Henri Fayol, the French manager who developed a model of management introduced earlier, developed the other. The Theory of Bureaucracy Max Weber (1864–1920) wrote at the turn of the twentieth century, when Germany was undergoing its industrial revolution. To help Germany manage its growing industrial enterprises at a time when it was striving to become a world power, Weber developed the principles of bureaucracy—a formal system of organization and administration designed to ensure efficiency and effectiveness. A bureaucratic system of administration is based on five principles (summarized in Figure 1. 2). †¢ Principle 1: In a bureaucracy, a manager’s formal authority derives from the position he or she holds in the organization. Authority is the power to hold people accountable for their actions and to make decisions concerning the use of organizational resources. Authority gives managers the right to direct and control their subordinates’ behaviour to achieve organizational goals. In a bureaucratic system of administration, obedience is owed to a manager, not because of any personal qualities that he or she might possess— such as personality, wealth, or social status—but because the manager occupies a position that is associated with a certain level of authority and responsibility. †¢ Principle 2: In a bureaucracy, people should occupy positions because of their performance, not because of their social standing or personal contacts. This principle was not always followed in Weber’s time and is often ignored today. Some organizations and industries are still affected by social networks in which personal contacts and relations, not job-related skills, influence hiring and promotional decisions. †¢ Principle 3: The extent of each position’s formal authority and task responsibilities, and its relationship to other positions in an organization, should be clearly specified. When the tasks and authority associated with various positions in the organization are clearly specified, managers and workers know what is expected of them and what to expect from each other. Moreover, an organization can hold all its employees strictly accountable for their actions when each person is completely familiar with his or her responsibilities. †¢ Principle 4: So that authority can be exercised effectively in an organization, positions should be arranged hierarchically, so employees know whom to report to and who reports to them. Managers must create an organizational hierarchy of authority that makes it clear who reports to whom and to whom managers and workers should go if conflicts or problems arise. This principle is especially important in the armed forces, CSIS, RCMP, and other organizations that deal with sensitive issues involving possible major repercussions. It is vital that managers at high levels of the hierarchy be able to hold subordinates accountable for their actions. †¢ Principle 5: Managers must create a well-defined system of rules, standard operating procedures, and norms so that they can effectively control behaviour within an organization. Rules are formal written instructions that specify actions to be taken under different circumstances to achieve specific goals (for example, if A happens, do B). Standard operating procedures (SOPs) are specific sets of written instructions about how to perform a certain aspect of a task. A rule might state that at the end of the workday employees are to leave their machines in good order, and a set of SOPs then specifies exactly how they should do so, itemizing which machine parts must be oiled or replaced. Norms are unwritten, informal codes of conduct that prescribe how people should act in particular situations. For example, an organizational norm in a restaurant might be that waiters should help each other if time permits. Rules, SOPs, and norms provide behavioural guidelines that improve the performance of a bureaucratic system because they specify the best ways to accomplish organizational tasks. Companies such as McDonald’s and Wal-Mart have developed extensive rules and procedures to specify the types of behaviours that are required of their employees, such as, â€Å"Always greet the customer with a smile. † Weber believed that organizations that implement all five principles will establish a bureaucratic system that will improve organizational performance. The specification of positions and the use of rules and SOPs to regulate how tasks are performed make it easier for managers to organize and control the work of subordinates. Similarly, fair and equitable selection and promotion systems improve managers’ feelings of security, reduce stress, and encourage organizational members to act ethically and further promote the interests of the organization. If bureaucracies are not managed well, however, many problems can result. Sometimes, managers allow rules and SOPs—â€Å"bureaucratic red tape†Ã¢â‚¬â€to become so cumbersome that decision making becomes slow and inefficient and organizations are unable to change. When managers rely too much on rules to solve problems and not enough on their own skills and judgment, their behaviour becomes inflexible. A key challenge for managers is to use bureaucratic principles to benefit, rather than harm, an organization. Fayol’s Principles of Management Working at the same time as Weber but independently of him, Henri Fayol (1841–1925), the CEO of Comambault Mining, identified 14 principles (summarized in Table 2. ) that he believed to be essential to increasing the efficiency of the management process. Some of the principles that Fayol outlined have faded from contemporary management practices, but most have endured. The principles that Fayol and Weber set forth still provide a clear and appropriate set of guidelines that managers can use to create a work setting that makes efficient and effective use of organizational resources. These principles remain the bedrock of modern management theory; recent researchers have refined or developed them to suit modern conditions. For example, Weber’s and Fayol’s concerns for equity and for establishing appropriate links between performance and reward are central themes in contemporary theories of motivation and leadership. Behavioural Management Theory The behavioural management theorists writing in the first half of the twentieth century all espoused a theme that focused on how managers should personally behave in order to motivate employees and encourage them to perform at high levels and be committed to the achievement of organizational goals. The â€Å"Management Insight† indicates how employees can become demoralized when managers do not treat their employees properly. Management Insight – How to Discourage Employees Catherine Robertson, owner of Vancouver-based Robertson Telecom Inc. , made headlines in February 2001 for her management policies. Robertson is a government contractor whose company operates Enquiry BC, which gives British Columbians toll-free telephone information and referral services about all provincial government programs. Female telephone operators at Robertson Telecom must wear skirts or dresses even though they never come in contact with the public. Not even dress pants are allowed. As Gillian Savage, a former employee, notes, â€Å"This isn’t a suggested thing, it’s an order: No pants. † Brad Roy, another former employee, claims a female Indo-Canadian employee was sent home to change when she arrived at work wearing a Punjabi suit (a long shirt over pants). The no-pants rule is not the only concern of current and former employees. Roy also said, â€Å"I saw some people being reprimanded for going to the washroom. While Robertson denied Roy’s allegation regarding washrooms, she did confirm that company policy included the no-pants rule, that employees were not allowed to bring their purses or other personal items to their desks, and that they were not allowed to drink coffee or bottled water at their desks. The company does not provide garbage cans for the employees. A g roup of current and former employees recently expressed concern with the number of rules Robertson has in place, and claimed that the rules have led to high turnover and poor morale. A current employee claims that many workers do not care whether they give out the right government phone numbers. Robertson said that she knew of no employees who were discontent, and was shocked that the policies had caused distress among employees. She defended the dress code as appropriate business attire. Robertson may have to make some adjustments in her management style. The cabinet minister responsible for Enquiry BC, Catherine MacGregor, ordered an investigation of the contractor after being contacted by The Vancouver Sun about the allegations. She noted that the skirts-only rule for women is not appropriate, and that, â€Å"All of our contractors are expected to fully comply with the Employment Standards Act, Workers Compensation rules and human rights legislation. † Additionally, Mary-Woo Sims, head of the BC Human Rights Commission, said dress codes can’t be based on gender. Thus, an employer can’t tell men they must wear pants (as Robertson does), but tell women they can’t. â€Å"On the face of it, it would appear to be gender discriminatory,† Sims said. The Work of Mary Parker Follett If F. W. Taylor is considered to be the father of management thought, Mary Parker Follett (1868–1933) serves as its mother. 28 Much of her writing about management and about the way managers should behave toward workers was a response to her concern that Taylor was ignoring the human side of the organization. She pointed out that management often overlooks the multitude of ways in which employees can contribute to the organization when managers allow them to participate and exercise initiative in their everyday work lives. Taylor, for example, relied on time-and-motion experts to analyze workers’ jobs for them. Follett, in contrast, argued that because workers know the most about their jobs, they should be involved in job analysis and managers should allow them to participate in the work development process. Follett proposed that, â€Å"Authority should go with knowledge †¦ whether it is up the line or down. † In other words, if workers have the relevant knowledge, then workers, rather than managers, should be in control of the work process itself, and managers should behave as coaches and facilitators—not as monitors and supervisors. In making this statement, Follett anticipated the current interest in self-managed teams and empowerment. She also recognized the importance of having managers in different departments communicate directly with each other to speed decision making. She advocated what she called â€Å"cross-functioning†: members of different departments working together in cross-departmental teams to accomplish projects—an approach that is increasingly utilized today. Fayol also mentioned expertise and knowledge as important sources of managers’ authority, but Follett went further. She proposed that knowledge and expertise, and not managers’ formal authority deriving from their position in the hierarchy, should decide who would lead at any particular moment. She believed, as do many management theorists today, that power is fluid and should flow to the person who can best help the organization achieve its goals. Follett took a horizontal view of power and authority, in contrast to Fayol, who saw the formal line of authority and vertical chain of command as being most essential to effective management. Follett’s behavioural approach to management was very radical for its time. The Hawthorne Studies and Human Relations Probably because of its radical nature, Follett’s work was unappreciated by managers and researchers until quite recently. Instead, researchers continued to follow in the footsteps of Taylor and the Gilbreths. One focus was on how efficiency might be increased through improving various characteristics of the work setting, such as job specialization or the kinds of tools workers used. One series of studies was conducted from 1924 to 1932 at the Hawthorne Works of the Western Electric Company. This research, now known as the Hawthorne studies, began as an attempt to investigate how characteristics of the work setting—specifically the level of lighting or illumination—affect worker fatigue and performance. The researchers conducted an experiment in which they systematically measured worker productivity at various levels of illumination. The experiment produced some unexpected results. The researchers found that regardless of whether they raised or lowered the level of illumination, productivity increased. In fact, productivity began to fall only when the level of illumination dropped to the level of moonlight, a level at which presumably workers could no longer see well enough to do their work efficiently. The researchers found these results puzzling and invited a noted Harvard psychologist, Elton Mayo, to help them. Subsequently, it was found that many other factors also influence worker behaviour, and it was not clear what was actually influencing the Hawthorne workers’ behaviour. However, this particular effect— which became known as the Hawthorne effect—seemed to suggest that workers’ attitudes toward their managers affect the level of workers’ performance. In particular, the significant finding was that a manager’s behaviour or leadership approach can affect performance. This finding led many researchers to turn their attention to managerial behaviour and leadership. If supervisors could be trained to behave in ways that would elicit cooperative behaviour from their subordinates, then productivity could be increased. From this view emerged the human relations movement, which advocates that supervisors be behaviourally trained to manage subordinates in ways that elicit their cooperation and increase their productivity. The importance of behavioural or human relations training became even clearer to its supporters after another series of experiments—the bank wiring room experiments. In a study of workers making telephone switching equipment, researchers Elton Mayo and F. J. Roethlisberger discovered that the workers, as a group, had deliberately adopted a norm of output restriction to protect their jobs. Workers who violated this informal production norm were subjected to sanctions by other group members. Those who violated group performance norms and performed above the norm were called â€Å"ratebusters†; those who performed below the norm were called â€Å"chiselers. † The experimenters concluded that both types of workers threatened the group as a whole. Ratebusters threatened group members because they revealed to managers how fast the work could be done. Chiselers were looked down on because they were not doing their share of the work. Work-group members disciplined both ratebusters and chiselers in order to create a pace of work that the workers (not the managers) thought was fair. Thus, a work group’s influence over output can be as great as the supervisors’ influence. Since the work group can influence the behavior of its members, some management theorists argue that supervisors should be trained to behave in ways that gain the goodwill and cooperation of workers so that supervisors, not workers, control the level of work-group performance. One of the main implications of the Hawthorne studies was that the behavior of managers and workers in the work setting is as important in explaining the level of performance as the technical aspects of the task. Managers must understand the workings of the informal organization, the system of behavioural rules and norms that emerge in a group, when they try to manage or change behaviour in organizations. Many studies have found that, as time passes, groups often develop elaborate procedures and norms that bond members together, allowing unified action either to cooperate with management in order to raise performance or to restrict output and thwart the attainment of organizational goals. The Hawthorne studies demonstrated the importance of understanding how the feelings, thoughts, and behaviour of work-group members and managers affect performance. It was becoming increasingly clear to researchers that understanding behaviour in organizations is a complex process that is critical to increasing performance. Indeed, the increasing interest in the area of management known as organizational behaviour, the study of the factors that have an impact on how individuals and groups respond to and act in organizations, dates from these early studies. Theory X and Theory Y Several studies after the Second World War revealed how assumptions about workers’ attitudes and behaviour affect managers’ behaviour. Perhaps the most influential approach was developed by Douglas McGregor. He proposed that two different sets of assumptions about work attitudes and behaviours dominate the way managers think and affect how they behave in organizations. McGregor named these two contrasting sets of assumptions Theory X and Theory Y (see Figure 1. 3). THEORY X According to the assumptions of Theory X, the average worker is lazy, dislikes work, and will try to do as little as possible. Moreover, workers have little ambition and wish to avoid responsibility. Thus, the manager’s task is to counteract workers’ natural tendencies to avoid work. To keep workers’ performance at a high level, the manager must supervise them closely and control their behaviour by means of â€Å"the carrot and stick†Ã¢â‚¬â€rewards and punishments. Managers who accept the assumptions of Theory X design and shape the work setting to maximize their control over workers’ behaviours and minimize workers’ control over the pace of work. These managers believe that workers must be made to do what is necessary for the success of the organization, and they focus on developing rules, SOPs, and a well-defined system of rewards and punishments to control behaviour. They see little point in giving workers autonomy to solve their own problems because they think that the workforce neither expects nor desires cooperation. Theory X managers see their role as to closely monitor workers to ensure that they contribute to the production process and do not threaten product quality. Henry Ford, who closely supervised and managed his workforce, fits McGregor’s description of a manager who holds Theory X assumptions. THEORY Y In contrast, Theory Y assumes that workers are not inherently lazy, do not naturally dislike work, and, if given the opportunity, will do what is good for the organization. According to Theory Y, the characteristics of the work setting determine whether workers consider work to be a source of satisfaction or punishment; and managers do not need to control workers’ behaviour closely in order to make them perform at a high level, because workers will exercise selfcontrol when they are committed to organizational goals. The implication of Theory Y, according to McGregor, is that â€Å"the limits of collaboration in the organizational setting are not limits of human nature but of management’s ingenuity in discovering how to realize the potential represented by its human resources. It is the manager’s task to create a work setting that encourages commitment to organizational goals and provides opportunities for workers to be imaginative and to exercise initiative and self-direction. When managers design the organizational setting to reflect the assumptions about attitudes and behaviour suggested by Theory Y, the characteristics of the o rganization are quite different from those of an organizational setting based on Theory X. Managers who believe that workers are motivated to help the organization reach its goals can decentralize authority and give more control over the job to workers, both as individuals and in groups. In this setting, individuals and groups are still accountable for their activities, but the manager’s role is not to control employees but to provide support and advice, to make sure employees have the resources they need to perform their jobs, and to evaluate them on their ability to help the organization meet its goals. Henri Fayol’s approach to administration more closely reflects the assumptions of Theory Y, rather than Theory X. Management Science Theory This theory focuses on the use of rigorous quantitative techniques to help managers make maximum use of organizational resources to produce goods and services. In essence, management science theory is a contemporary extension of scientific management, which, as developed by Taylor, also took a quantitative approach to measuring the worker–task mix in order to raise efficiency. There are many branches of management science; each of them deals with a specific set of concerns: Quantitative management utilizes mathematical techniques—such as linear and nonlinear programming, modelling, simulation, queuing theory, and chaos theory—to help managers decide, for example, how much inventory to hold at different times of the year, where to locate a new factory, and how best to invest an organization’s financial capital. Resources in the organizational environment include the raw materials and skilled people that an organization requires to produce goods and services, as well as the support of groups including customers who buy these goods and services and provide the organization with financial resources. One way of determining the relative success of an organization is to consider how effective its managers are at obtaining scarce and valuable resources. The importance of studying the environment became clear after the development of open-systems theory and contingency theory during the 1960s. The Open-Systems View One of the most influential views of how an organization is affected by its external environment was developed by Daniel Katz, Robert Kahn, and James Thompson in the 1960s. 38 These theorists viewed the organization as an open system— a system that takes in resources from its external environment and converts or transforms them into goods and services that are then sent back to that environment, where they are bought by customers (see Figure 1. 4). At the input stage, an organization acquires resources such as raw materials, money, and skilled workers to produce goods and services. Once the organization has gathered the necessary resources, conversion begins. At the conversion stage, the organization’s workforce, using appropriate tools, techniques, and machinery, transforms the inputs into outputs of finished goods and services such as cars, hamburgers, or flights to Hawaii. At the output stage, the organization releases finished goods and services to its external environment, where customers purchase and use them to satisfy their needs. The money the organization obtains from the sales of its outputs allows the organization to acquire more resources so that the cycle can begin again. The system just described is said to be â€Å"open† because the organization draws from and interacts with the external environment in order to survive; in other words, the organization is open to its environment. A closed system, in contrast, is a self-contained system that is not affected by changes that occur in its external environment. Organizations that operate as closed ystems, that ignore the external environment and that fail to acquire inputs, are likely to experience entropy, the tendency of a system to lose its ability to control itself and thus to dissolve and disintegrate. Management theorists can model the activities of most organizations by using the open-systems view. Manufacturing companies like Ford and General Electric, for example, buy inputs such as component parts, skilled and semiskilled labour, and robots and computer-controlled manufacturing equipment; then, at the conversion stage, they use their manufacturing skills to assemble inputs into outputs of cars and computers. As we discuss in later chapters, competition between organizations for resources is one of several major challenges to managing the organizational environment. Researchers using the open-systems view are also interested in how the various parts of a system work together to promote efficiency and effectiveness. Systems theorists like to argue that â€Å"the parts are more than the sum of the whole†; they mean that an organization performs at a higher level when its departments work together rather than separately. Synergy, the performance gains that result when individuals and departments coordinate their actions, is possible only in an organized system. The recent interest in using teams comprising people from different departments reflects systems theorists’ interest in designing organizational systems to create synergy and thus increase efficiency and effectiveness.