Journal # 1 Essay Example | Topics and Well Written Essays - 250 words

Journal # 1 - Essay Example Internship is an elemental component of nursing leadership where nursing students get to experience various professional scenarios first hand. The first day of Masters in Nursing Leadership internship at The Lake County Community Health Center involved meeting Damaris, M. She is the director of the family case management, nurse family, pregnancy prevention and health-works program. The meeting acted as introduction to what the internship entailed including the number of times such meetings were going to take place in a week. A notable engagement during the internship period was taking part in preparing for an upcoming performance review for the department (Clark 72). This created an opportunity for one to learn what is required in the operations of such a department. The internship also offered invaluable pointers onto the viability of my intended project. This was in the sense that it provided for a chance to remedy all the shortcomings of the project. The internship experience worked towards improving the content and context of the nursing leadership

The Forgotten Group Member Essay Example for Free

The Forgotten Group Member Essay The case study of The Forgotten Group Member demonstrations in what manner teams separate due to an absence of communication. The case verifies that knowing how to lead a team is just as significant as being a part of the team. It is imperative to understand that not only does a leader have the responsibility to lead the team but the members have a responsibility to partake in order for the team effectively complete an assignment. Part I: Group Development Teams pass through numerous stages for example the forming, storming, norming, performing and adjourning stages. This particular case places the team within the storming stage. When group participants get to know each other better, the storming stage begins. This stage is considered as a bid for power. Each group member is wondering whether or not he or she will be respected and this may play out in competition, tension and maybe disagreement. Relationships become strained and differences become uncomfortable. Christine is challenged for control by Mike. The hostility Mike feels developed when he came upon his teammates during an unofficial group meeting. Left unaddressed, as in this case, I can only assume that Mike become angry, hostile, and now unproductive. As the leader, Christine’s main task at this stage is to coach group members, in particular Mike, to get them on board. She needs to emphasis that teams come together because they share a common interest, and that members are treated equally. Once Christine re-evaluates the work and re-introduces the forming stages she can help re-integrate Mike back into the group. The forming stage occurs when the leader directs the team and establishes objectives clearly. Once Mike is reintroduced to the team goals and realizes his role on the team hopefully he would have made positive contributions in an effort to produce a high-quality group output. Part II: Problem Identification The hostile attitude Christina and her teammates experienced by Mike occurred during an unexpected team gathering; however Mike should reevaluate his overall performance in a group setting thus far. Based off his action, not attending team meetings and providing brief notes, Mike has become the social loafer of the team. Social loafers can be described as team members who work less and put less effort into the team assignment, than he or she would do if he or she had to complete the assignment alone. The key issues’ facing Christine is not only Mike’s social loafing but the lack of communication on her behalf to inform Mike of his lack of participation. By understanding the stages of group development, Christine should have redefined her team roles so that social loafers are more visible and peer pressures are more likely. This in turn will lead to yet another theory concept known as Social facilitation. Social facilitation occurs when the behavior of team participants are influenced positively by the presence of others in a team. According to our text, Social facilitation theory suggests that working in the presence of others creates an emotional arousal or excitement that stimulates behavior and therefore affects performance. When Christine recognized Mike as the â€Å"clown† of the group she should have relied on his strengths to embrace the audience. Perhaps assigning him the task of presenting the power point slides for their team presentation. Part III: Retrospective Evaluation Since this a difficult situation to solve and each solution has pros and cons I can only reiterate solutions mention in the previous sections. The ideal solution would have been for the group leader, Christine, to re-evaluate her understanding of group development. Once she had a full understanding of the stages and process that it takes to have an efficient team she would have known how to properly handle the situation. When I mention properly handle the situation, I refer to the fact that she should have addressed the issue with Mike in a non-threatening environment. After communicating with Mike, Christina would have been aware of any essential skills that he is lacking or uncomfortable situations that are preventing quality work. At this point in time Christine could have re-evaluated the work and reintroduced the forming stages. Mike will once again be re-introduced to the team goals and realize his role on the team. A different solution, not mentioned previously, would be Distributed Leadership. As per the course text, distributed leadership is the sharing of responsibility for meeting group task and maintenance needs. This involves having the leader, Christine, initiate discussions, clarifying issues, and sharing information while involving other team players. As outlined in the case, many team members were functioning fine, Mike was having trouble being able to meet deadlines and rarely let everyone know. This signals once again a communication problem. By having Christine reach out to Mike and his fellow team members, any issues that were apparent would be brought up and handled. In this case, Mike would have told Christine about his demanding job and relationship woes and thus the team could have adjusted according. The only demise of this method is that the discussions and information sharing will not always be as effective as actually addressing the issues head on. Part IV: Reflection Looking back at this case and the events that have transpired up till this point, it is obvious that Christine was not an effective group leader. Although the majority of the team did work efficiently there was just one negative aspect. That negative aspect was Mike. Being able to deal with conflict comes from experience but in this situation Christine was voted by her team members to be the group leader which should have inspired confidence in her. This confidence should have helped her address Mike in the beginning. If Christine have had the knowledge and the skills of group development she would have been able to effectively provide leadership.

Pearl Sydenstricker Buck, 1892 - 1973 :: History

Pearl Sydenstricker Buck, 1892 - 1973 Pearl Comfort Sydenstricker was born on June 26, 1892, in Hillsboro, West Virginia. Her parents, Absalom and Caroline Sydenstricker, were Southern Presbyterian missionaries, and were stationed in China. Pearl was the fourth of seven children (and 1 of only 3 who would live until adulthood). Buck was born in the U.S. so she could be a natural U.S. citizen. The Sydenstrickers lived in Chinkiang (Zhenjiang), in Kiangsu (Jiangsu) province. Pearl's father spent much time away from home, traveling in the Chinese countryside in search of Christian converts. Pearl's mother ministered to Chinese women in a dispensary she created. >From childhood, Pearl spoke both English and Chinese. She was taught mainly by her mother and a Chinese tutor, Mr. Kung. Though in 1900 the family returned to the US to continue their lives. In 1910, Pearl enrolled in Randolph-Macon Woman's College, in Lynchburg, Virginia, and graduated in 1914. Although she wanted to stay in US, she returned to China after graduation when she heard that her mother was extremely sick. In 1915, she met John Lossing Buck and they were married in 1917. (The marriage was very unhappy, but it lasted for 18 years.) They immediately moved to Nanhsuchou (Nanxuzhou) in Anhwei (Anhui) province. This is where Pearl gathered poverty stricken material that she would later use in The Good Earth and other stories about China. The Bucks' first child, Carol, was born in 1921, but was born with PKU. (A genetic disorder in which the body lacks the enzyme necessary to metabolize phenylalanine to tyrosine. Left untreated, the disorder can cause brain damage and progressive mental retardation as a result of the accumulation of phenylalanine and its breakdown products.) The child became extremely retarded. Then, because of a uterine tumor found during the delivery, Pearl had a hysterectomy. In 1925, she and her husband adopted a baby girl, Janice. >From 1920 to 1933, Pearl and Lossing made lived in Nanking (Nanjing), on the campus of the Nanking University, where both had teaching jobs. In 1921, Pearl's mother died and shortly after her father moved in with the Bucks. The tragedies which Pearl suffered through out her life reached a climax in March, 1927. In the terrible even called the "Nanking Incident." In a confusing battle involving parts of Chiang Kai-shek's Nationalist troops, Communist forces, and assorted  ¡Ã‚ §warlords ¡Ã‚ ¨, several Westerners were murdered. The Bucks escaped and had an extremely long day hiding, but were finally rescued by American gunboats.

European Politics Essay

Not long after taking office as President, Nicolas Sarkozy initiated a bold agenda of sweeping governmental and economic reform which enflamed controversy and engendered violent confrontation within the French government and among the French population regarding both the state of economic parity within French society, and France’s role in a swiftly changing global-political climate. Sarkozy, a former member of the National Assembly, a two-time appointee as Minister of the Interior, and a past President of the UMP, rose to prominence as a widely popular (and also widely unpopular) figure in the conservative wing of French politics. Although Sarkozy’s personal and romantic life as well as his financial dealings and his â€Å"public image† have all fallen under the intense scrutiny of the French and International media, the most controversial issues associated with President Sarkozy have generally been and continue to be issue and policy oriented. Prior to being elected President, Sarkozy made International news headlines when, as Minister of the Interior, â€Å"Sarkozy, insisted that Muslim women pose bare-headed for official identity photographs† (Scott, 2005), a move which provoked a storm of opposition within France and throughout the globe. However, Sarkozy’s intentions were even much wider than revealed by his policy regarding identity photos; Sarkozy’s â€Å"main recommendation, accepted by Chirac in January 2004, was for a law prohibiting the wearing of ostentatious signs of religious affiliation in public schools. This is now the law of the land† (Scott, 2005). Sarkozy’s record prior to becoming President indicated that he was a man unafraid to pursue a controversial course of action. As president, one of Sarkozy’s first publically criticized actions was his handling of a Libyan hostage crisis which involved the retrieval of Belgian health-care workers who had been held in Libya. In return for releasing the Belgians, the Libyan dictator Gaddafi was able to gain President Sarkozy’s signature on a treaty which transferred hundreds of millions of euros, along with important military equipment to Libya. This move was met not only with criticism but with a call for an investigation at the parlimentary level which was requested by the head of the French Socialist Party. Although this single example may seem slight in light of the forthcoming discussion regarding governmental reform and the EU policy on climate change which will form the heart of the present study of Sarkozy’s administration, the incident is illustrative of the odd duality which seems to stamp itself on many of Sarkozy’s policies, programs, and initiatives. The duality is one rooted on one side in what many might consider a superficial, yet effective, understanding of public image and political theater; on the other side, it is rooted in what many might call brutally pragmatic economics. Critics of Sarkozy go further than to call the President an economic pragmatist. Many members of Sarkozy’s own conservative party, the UMP, have criticized the President for being a strong advocate of free-trade while simultaneously backing sweeping reforms in the working-class sector including his â€Å"loi de modernisation de l’economie† (Lawday, 2007), or â€Å"Modernization of the Economy Law† which in addition to relaxing federal restrictions on retail prices and work-regulations, allowed workers who worked over thirty-five hours a week to collect their overtime pay tax-free. If, basically, Sarkozy’s economic policies reflect â€Å"a free-market, self-responsibility venture that he claims every advanced country in Europe, from Britain to those in Scandinavia, and lately Germany, has adopted to its advantage† (Lawday, 2007) they also reflect an essentially conservative philosophy which stands in odd contrast to Sarkozy’s iconoclastic image as an agent of change. As one observer phrased it, Sarkozy’s economic philosophy and national economic program â€Å"represents not so much novelty as catch-up politics with a conservative twist† (Lawday, 2007) and, as such, Sarkozy’s economic programs include the curbing of labor unions and their power. These aspects of Sarkozy’s approach to government and economic matters leaves little room for doubt that — at least in relation to financial matters — the President is a true conservative, although his vision may be, overall, a bit more modern than that which is commonly associated with conservatism, the end-result is the same. Sarkozy’s economic philosophies are important not only because they impact one of the most crucial sectors of public policy and governmental influence in France — the economy — but also because they indicate the aforementioned duality of purpose and bearing which seems to stand as part and parcel of Sarkozy’s political career. If on e the one hand, Sarkozy wanted to â€Å"amend the 35-hour working week so that it is no longer the reposeful regulation it implies† (Lawday, 2007), he also sought to simultaneously â€Å"force strikers to maintain a minimum service for trains, buses and other public services† (Lawday, 2007) and to â€Å"slice into the bloated state bureaucracy, where the unions are strongest, by permitting one replacement for every two retiring government office workers† (Lawday, 2007) while at the same time admitting — in the face of the recent global economic crisis — that laissez faire capitalism is dead. The economic platform and policies which Sarkozy has advocated indicate that — above all else — Sarkozy is a pragmatist. This fact is s very useful fact because, by keeping it firmly in mind, a more complete understanding of Sarkozy the politician can be gained. In point of fact, most of what passes for â€Å"populism’ in Sarkozy’s public image is precisely due to his pragmatic approach. His populist reputation as a French nationalist who is for robust immigration reform may collide somewhat uncomfortably with his status as the (rotating) President of the European Union, just as his stand on unions collides with his recent, public statements regarding socialism where Sarkozy responded to the question: have you become a socialist? — with the answer â€Å"Maybe† (Lawday, 2007). Sarkozy’s radicalism — which stands in sharp contrasts to his fiscal conservatism and his conservatism on issues such as immigration and unions — manifests itself not in ideology, necessarily, but within the framework of his aforementioned pragmatism. In other words, Sarkozy may be a populist to the extent that he adopts positions which will curry favor with French Nationalists, such as the â€Å"headscarf† legislation mentioned at the opening of this paper, he may be a fiscal conservative bent on busting the unions and generating a productive working class base for French society, but in each case his convictions, while arguably difficult to pin down under a single umbrella of ideology, are always enacted by way of robust action. Sarkozy may be many things, but one thing he certainly is not is a dawdler. One of the most illustrative examples of Sarkozy’s style and substance as a leader, and specifically as the President of France, is his massive reform of French government and the displacement of governmental power. Although — as will be demonstrated shorty — Sarkozy’s controversial reforms to French government have the design and purpose of bringing the government into the modern era of global-politics and allowing for a more efficiently run government within France itself, the same reforms have been assailed by Sarkozy;’s critics, primarily by the French Socialist party, as being tantamount to instating a dictatorship in France with Sarkozy himself enthroned as dictator. Although the specificities and complexities of Sarkozy’s reforming of French government pose much too vast a too vast to exhaust within the confines of this short discussion, the overall impact and intention of his reform policies offer profound insight into not Sarkozy’s ambitions as President but into the potentially radical reshaping of French government as well as France’s relationship to the EU. Before delving into the specifics of the reform legislation, it is useful to remember just how the French Constitution regarded the separation of governmental powers and — more importantly — what role the President of France was accorded by the Fifth Republic’s Constitution. Because Sarkozy’s program of governmental reform offers, as a centerpiece, the apparent expansion of Presidential power and authority, while simultaneously strengthening the role and power of parliament, sorting out the specific angles by which Sarkozy enabled the expansion of Presidential power can be quite difficult to achieve. However, the role of the French President, according to the Fifth Republic’s Constitution was limited: â€Å"Article 5 [†¦ ] states that the President â€Å"‘Provides by their arbitration for the regular functioning of the public authorities and the continuity of the State’† (Bell, 2000, p. 15), with nothing mentioned about the President’s own power to legislate. This aspect of the Constitution is the key area by which Sarkozy sought to expand, in the eyes of the anti-reformers, Presidential power. Specifically, the most controversial aspect of the reform-laws was Sarkozy’s † plan to allow the president to address parliament, opening up the possibility of a US State of the Union-style address. That has not been permitted since 1875, in an attempt to keep the executive and legislative branches separate† (BBC News), and it is by this seemingly simple move that Sarkozy expanded Presidential authority while simultaneously seeming to limit that same authority. Because the Fifth Republic’s Constitution calls for the President to function as an â€Å"arbitrator† the American-style Presidency of the President as the leader of the legislature, addressing parliament, becomes a specter of dread to those who view this as an incursion on the Constitutional separation of powers. While it is true that â€Å"Article 5, which implicitly restricts the Presidency, has been a subject of controversy† (Bell, 2000, p. 15), Sarkozy’s expansion of Presidential authority has proven to be even more divisive. Sarkozy’s plan to rewrite the Fifth Republic’s Constitution represents the two primary aspects of his governing style which have formed the roots of the current discussion; these aspects are his inherent conservatism and his obvious pragmatism. The reform legislation introduced radical, pragmatic steps toward affecting sweeping change in France and rewrote the French Constitution, but while Sarkozy verbalized his assurances that the reforms represented â€Å"‘Movement, change, modernity,'† (BBC News) as well as a victory for French democracy, the same reforms also contributed to the strengthening of Presidential authority and resulted in a divided parliament with Sarkozy’s reform bill passing â€Å"by 539 votes to 357 – one vote more than the three-fifths majority of the combined Assembly and Senate required to pass the reforms† BBC News), so if strengthening democracy was Sarkozy’s intention, his initial result was to divide the parliament and pass a sweeping reform to the French Constitution with next-to-no consensus. This fact in itself would seem to confirm the trepidation regarding his proposed reforms (now law) which engulfed his detractors in parliament. One of these detractor s, â€Å"Socialist senator Bernard Frimat told lawmakers before the vote at a special session at the Chateau of Versailles† (BBC News) that Sarkozy had offered a † â€Å"consolidation of ‘monocracy’,† (BBC News) but Sarkozy, always careful to play to populist ideas and ideals, counter-weighted the expansion of Presidential authority with corresponding limits and restrictions on the French Presidency. The reform laws while strengthening the President’s role in the legislature also limit the President to two five year terms, â€Å"gives parliament a veto over some presidential appointments, ends government control over parliament’s committee system, allows parliament to set its own agenda, and ends the president’s right of collective pardon† (BBC News). Seemingly, by these latter reforms, Sarkozy was interested in limiting not expanding the powers of the French President; however the telling point of the reform laws as they relate to the French Presidency lies within the mere expansion of the President’s role as a lawmaker rather than, as the Fifth Republic’s Constitution advocated, a â€Å"a neutral ‘umpire’ who has three principal tasks: i) to see that the Constitution is respected; ii) to ‘arbitrate’ to ensure the continuity of the state; iii) to be vigilant on the issues of national independence, territorial i ntegrity and the respect for treaties† (Bell, 2000, p. 16). Sarkozy’s vision of the President — and the reform legislation he was able to enact to realize this vision — stands in direct opposition to Article 5 of the French Constitution. Sarkozy’s radical pragmatism extends beyond the parameters and confines of French domestic issues into the realm of International affairs. As the acting President of the European Union, Sarkozy has applied a similarly â€Å"hands on† approach to issues of international importance such as climate change. As illustrated by Sarkozy’s reform legislation and the somewhat concealed agenda therein which provided for the expansion of Presidential authority, Sarkozy seems to have adopted a similar approach to his position as EU President. On the topic of global warming and climate change, Sarkozy has proven to be as pragmatic and as forceful as he was on the issues of crime, immigration, and government reform in France. At the thirty-third summit of the G8, Sarkozy offered a plan to reduce French CO2 emissions by half and what followed was the adoption of this concept by the G8 nations as a whole. Although the agreement which was reached at the summit was non-binding, Sarkozy’s lead enabled the G8 nations to put forth a collective plan to cut in half the global emissions of greenhouse gasses. Sarkozy continued to push for a binding agreement, but his efforts proved futile. Nevertheless, his approach to the issue of climate change represented, as his approach to governmental reform. a pragmatic and comprehensive approach to a hard problem. Of interest is the fact that the binding agreement regarding greenhouse gas emissions was apparently blocked by the United States with its President, George W, Bush, citing the refusal of third-world nations to also enter into the agreement. Responding tot his obstacle, Sarkozy turned his efforts not toward America or the Third World, but to China, utilizing his status as EU President to put forward a comprehensive and progressive energy policy which included a collaborative effort with the Chinese. Sarkozy’s successful brokering of a deal on energy adn climate change between the EU adn China marks one of the most important accomplishments of his pragmatic and often radical approach to governing. It is due to this combination of tenacity and creativity that Sarkozy has evolved from a controversial cabinet member in the French government known mostly for being a strong conservative to an actor on the world stage who seems to be equal parts populist and conservative. It is, perhaps, not necessary, to understand which of the aspects, conservative or populist is dominant in Sarkozy, it is possibly not even that important to understand, at a personal, human level, which aspect represents more honestly Sarkozy’s own world-view. While some observers may claim that Sarkozy’s populism is merely a smokescreen to conceal his ambitious moves toward a consolidation of personal power, others may claim, with good reason, that Sarkozy’s populism represents a genuine attempt to represent the global sea-change which has currently cast global economics and world-affairs into an ambiguous and dangerous place. No matter which of these perspectives lies closer to the objective truth of Sarkozy the man, the result of Sarkozy’s actions as a world-leader will involve much more than a consideration of President Sarkozy’s motives. One of the most compelling aspects of Sarkozy as a world leader is his simultaneous insistence of modernity while maintaining an acute, almost reverential, respect for the past. Like the other dualities apparent in Sarkozy’s governing style adn thinking style, this duality of â€Å"past vs. future† manifest, in Sarkozy, not as an abstract idealogy but in pragmatic application. In addition to his highly controversial reforms in regard to economics, government, unions, immigration, and climate change, Sarkozy has also generated a great deal of controversy regarding his position of cultural subjects and education in France. While seeming to be a strong nationalist with a true conservative’s reverence for tradition, Sarkozy has readily admitted that France has failed to â€Å"democratize† its culture and that in doing so, accomplished â€Å"one of the chief failures of the past 50 years of French government† (â€Å"Sarkozy out to ‘Democratize’,† 2007, p. B01). As always, his suggested course of action revealed a blend of populism and conservatism and fused the cultural concerns of France with the power of the French government: â€Å"Sarkozy defined â€Å"democratisation de la culture† as providing the means for the largest number of people to understand and appreciate Sophocles, Shakespeare and Racine. He added that the purpose of education is to â€Å"teach you how to tell the difference between ‘Madame Bovary’ and a police blotter, or between ‘Antigone’ and ‘Harry Potter. ‘ Later, you can read what you like. † (â€Å"Sarkozy out to ‘Democratize’,† 2007, p. B01) In conclusion, Sarkozy’s style of governing offers a curious and sometimes uncomfortable blend of populism and conservatism. In the area of domestic policy, he has proven to be both radical in his approach and keenly aware of the political impact of his pragmatic reforms, on international issues he has proven to be creative, opportunistic, and decisive. While Sarkozy’s bold embracing of â€Å"modernity† may be authenticated by his actions in some cases, many of his policies and programs reveal an essentially conservative politician who seeks, not merely reform, but the type of reform which ensures the continuation of his carefully crafted ideological beliefs.

Harnischfeger Corporation

Financial Reporting & Analysis April 19th, 2013 Case Study- Harnischfeger Corporation 1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. The accelerated depreciation method was changed from to straight-line on all company assets that caused to increase after-tax net income for 1984 by $11. 005 million. The cumulative effect of change in 1984 there will be no reduction in the depreciation expense due to change. in 1984 decreased by $7. 0 million over the previous year.Most of this reduction was a result of the company's agreement with Kobe Steel, Ltd. Under this agreement, Kobe agreed to reimburse Harnischfeger up to $17. 0 million dollars of R;D expense over a period of three years. However, some students argue that Harnischfeger may be cutting its research budget since the actual reduction in Harnischfeger's    1984 R&D expense is more than one-third of this amount. (See Exhibit 4, Notes 6 and 9, in the case. ) 8 . Effective 1984, Harnischfeger began to include in its net sales products purchased from Kobe Steel, Ltd. , and sold to third parties by Harnischfeger.Previously only the gross margin on Kobe-originated equipment was included in Harnischfeger's financial statements. This increased Harnischfeger's sales in 1984 by $28. 0 million but had no impact on its profits. Some students would mistakenly argue that this had an impact on Harnischfeger's net income. (See Exhibit 4, Note 2, in the case. ) Although some of the above are pure accounting decisions with no direct cash-flow consequences, the other decisions affect the company's reported profits as well as its cash flow. The instructor should ask the class to identify the latter-type decisions among the above.Discussion of Question 2 The above analysis shows that most, if not all, of the reported profits of Harnischfeger in 1984 are produced by accounting changes. Therefore, the accounting changes helped the management report a signific ant profit rather than a modest loss. The instructor should point this out to the class and ask: Why do you think the management of Harnischfeger made these accounting changes? Students point out a number of possible motives for the accounting changes: 1. Boost the company's stock price so that the company could raise new capital, 2.Meet the earnings targets of the company's top management compensation plan, 3. Avoid the violation of debt covenant restrictions, and 4. Improve the company's image with the customers, dealers, and prospective employees. Some students argue that the analysis in Question (1) shows that it is too complicated for an average investor to â€Å"see through† the impact of all the accounting changes. They further point out that, even if many analysts recognize the effect of the company's accounting decisions on the 1984 profits, it is quite unlikely that the analysts would be able to assess the impact of these changes in future years.Other students are l ikely to argue that the market processes the reported profit numbers efficiently. They argue that there are some sophisticated analysts who could perform the analysis that was done in the class. The instructor should encourage this discussion. At some point in the discussion, the instructor should intervene and summarize the evidence from the research literature: 1. There is considerable evidence in finance and accounting literature that shows that the capital markets are generally efficient. 2.For stock prices to reflect reality in an unbiased manner, it is not necessary that everyone in the market has to process the information correctly. As long as there are some sophisticated investors who can â€Å"see through† the company's accounting changes, the stock price will reflect this due to the possibility of arbitrage by these investors. 3. The accounting studies that examine the stock market reaction to accounting changes conclude that the market is not fooled by the account ing decisions of firms. However, the evidence presented in these studies is not conclusive.Also, these studies do not examine whether the stock market recognizes the recurring effects of accounting changes. Without additional research, it is difficult to make conclusive statements on this issue. 4. Even if capital markets see through the effects of accounting changes, managers may believe otherwise in making accounting decisions. This is likely to happen if there are no significant penalties associated with such behavior. Even if investors fully recognize the impact of Harnischfeger's accounting decisions, there are other reasons for the company's managers to make these decisions.As Exhibit 2 in the case indicates, the top management of the company is awarded significant bonuses based on the company's reported profits. This provides an incentive for the managers to boost profits through accounting changes. However, if the compensation committee of the company's board of directors re cognizes this possibility, the committee could adjust the reported profits before awarding management bonuses. The instructor should challenge the students by asking: If investors can see through these changes from public information, why can't the board do it, especially when it has access to additional information in the firm?The third possible motive that is mentioned by the students is the desire of Harnischfeger's management to avoid the violation of debt covenant restrictions. Since the company recently experienced the painful consequences of violating these restrictions, it is plausible that the management changed the accounting policies to avoid future violations of the debt restrictions. If debt covenants are specified in terms of accounting numbers, managers have an incentive to choose accounting policies to minimize the violation of the covenants.However, if lenders recognize this possibility, lending agreements would be modified to avoid this possibility as long as the c ost of such a modification is not significant. The fourth possibility is that the accounting decisions are motivated by a desire to convince the company's customers, suppliers, dealers, and employees that Harnischfeger is again back on track and is viable. Given the nature of the company's products, a lack of confidence in the company's viability is likely to impair the company's ability to sell its products.In fact, the company was negotiating long-term contracts in 1984 with the governments of Turkey and China. It is quite possible that the company's return to profitability might have helped the management in this respect. Similarly, the company's ability to attract and retain talented employees might have been helped by the image that the company was back on track. During my visit to the company, Harnischfeger's management pointed out one additional factor in the company's accounting decisions: the role of internal management considerations.The company used the same set of accoun ting rules for external reporting and for internal management accounting. The company's product pricing was based on fully allocated product costs, and therefore its accelerated depreciation policies apparently caused its products to be overpriced relative to competition. In addition, the higher depreciation charges led to increased capital reinvestment demands from its divisions for maintaining and replacing the company's fixed assets.The company's management mentioned three principal reasons for its accounting decisions: (1) a belief that the external users of accounting data did not adjust for Harnischfeger's conservative financial reporting when comparing the company's performance with other companies in the industry, (2) the unpleasant experience with its debt covenant restrictions, and (3) the interaction between management accounting and external reporting. These reasons are discussed in greater detail in my paper, â€Å"The Anatomy of an Accounting Change. â€Å"Underlying all the accounting changes was a reporting philosophy outlined by the then chief financial officer and the current president of the company: In accounting there is no such thing as absolute truth. The same underlying reality can be accounted for using a range of assumptions. The earlier philosophy of this company was to choose the conservative alternative whenever there was a choice. Now we have decided to change this. We would like to tell the world that we are alive and well. We wish to tell the truth but do not want to be overly conservative in doing so.When the outside world compares our financial performance with that of other companies, they may or may not take the time and effort to untangle the effects of the differences in financial policies that various companies follow. My own belief is that people adjust for the obvious things like one-time gains and losses but have difficulty in adjusting for ongoing differences. In any case, these adjustments impose a cost on the user . If people adjust for the differences in accounting policies when they compare us with other companies, then it should not matter whether we follow conservative or liberal policies.But suppose they do not adjust. Then clearly we are better off following the more liberal policies than conservative policies. I am not sure whether people make the adjustments or not, but either way we wish to present an optimistic version of the picture and let people figure out what to do with the numbers. As a company you have to put the best foot forward if you want to raise capital, convince customers that you are a viable company, and attract talented people to work for the company. I feel that the financial reporting should help rather than hinder the implementation of our operating trategy. In my opinion, the changed accounting format highlights the effectiveness of our strategy better than the old policies do. The instructor can sum up the class discussion on question (2) by mentioning the view s of the management described above. Discussion of Question 3 After completing the analysis of Harnischfeger's accounting policy changes, the class should be asked to assess the company's future. At this point, I go back to my original question to the class, namely, â€Å"Is it worthwhile to invest in the company's stock in early 1985?    I call on a student who considers the company's stock a good investment and ask him or her to explain why. Harnischfeger's turnaround strategy consists of four elements: (1) changes in top management, (2) cost reductions to lower the company's break-even point, (3) reorientation of the company's business, and (4) restructuring the company's finances to facilitate the implementation of the reorientation strategy. The changes in the top management seem to be good. The new chief executive officer (CEO) has considerable experience in Harnischfeger's industry.The new CEO demonstrated his credibility with the financial community by successfully negoti ating with the company's lenders to restructure the company's debt. The new management has taken several steps in the right direction. The company's cost-reduction programs seem to be paying off. These programs were helpful in reducing the company's losses in 1984. The financial management of the company also seems to be sound. The cost-reduction programs and the pension restructuring have improved the company's cash flow.The total cash-flow analysis, shown in Exhibit 1, indicates that the company has been able to generate positive cash flow from its operations in 1984. The company raised substantial new capital through a public offering of debentures and common stock and used the proceeds to pay off all of the company's restructured debt. Finally, the company's business strategy seems to be sound. The management recognized the potential to exploit the company's strength in the material handling equipment business.Through its Harnischfeger Engineers subsidiary, the company planned t o expand in this area and concentrate on the high margin â€Å"systems† business. This strategy is likely to help the company to move away from the mining and construction equipment business, which is a low-growth and cyclical industry, to a higher-growth and more stable business. Students who are optimistic about the company's future cite the above factors as the reasons for their support for the company and its management.They argue that these factors indicate that the company's new management has the right ideas and knows how to turn the company around. These students suggest that the management's accounting decisions were part of its attempt to implement the company's strategy and are therefore constructive. The instructor should wrap up the case discussion by reviewing the company's motives for its accounting decisions. The instructor should point out that understanding these motives is essential for an analyst who is interested in assessing the company's current perform ance and its future potential.The instructor may end the class by taking a second vote on the investment potential of the company's stock and sharing with the class the subsequent events described below. SUBSEQUENT DEVELOPMENTS The following events describe the developments subsequent to the time of the case. As can be seen, Harnischfeger seems to have succeeded in implementing its strategy effectively. Also, the company continued to liberalize its financial reporting policies. 1985 1. The company changed its accounting for duration patterns and tooling. Previously, the cost of the patterns and tooling was expensed in the year of acquisition.Under the new method, these costs are capitalized and amortized over their estimated useful lives. 2. Harnischfeger reported a net profit of $0. 74 per share for fiscal 1985. The accounting change described above contributed $0. 24 per share to the reported profits. 3. The company raised $147 million by issuing preferred stock. 1986 1. Mr. Goess el was appointed as the chairman and CEO of the company, and Mr. Grade was appointed as the president and chief operating officer (COO). Previously, Mr. Goessel was the president and COO, and Mr. Grade was the CFO. 2.Harnischfeger acquired Beloit Corporation, a producer of papermaking machinery and systems, for $175 million in cash. Later in the year, stock equivalent to a 20% equity interest in Beloit was sold to Mitsubishi Heavy Industries, Ltd. , for $60 million in cash. 3. The company acquired Syscon Corporation, a firm based in Washington, DC for $92 million in cash. Syscon developed advanced computer systems for military markets. 4. Harnischfeger announced a plan to sell the company's Construction Equipment Division for approximately $17 million in cash and $55 million in debentures. . The company reported that Harnischfeger Engineers received a major order for the design of an automated car assembly plant. 6. Harnischfeger reported a net loss of $1. 14 per share for fiscal 19 86. This consisted of a profit of $2. 15 per share from continuing operations, a loss of $4. 45 per share from discontinued operations (Construction Equipment Division), and a gain of $1. 16 per share from the adoption of the new pension accounting rules. 1987 1. Harnischfeger received a takeover offer from Columbia Ventures, Inc. , for $19 per share in cash.The company considered the offer inadequate and rejected it. Exhibit 1 Total Cash-Flow Analysis ($ in thousands) |                                                                                                          |1984                         |1982                         |1981                         | |                                                                                                          |                               |                               |                               | |Working capital from operations                                                          | $ 2,961                   | $ 1,763                   | $ (55,902)             | |(Increase)/decrease n accounts receivable                                           |(23,908)                   |(5,327)                   |42,293                      | |(Increase)/decrease in inventories                                                       |9,282                      |56,904                      |26,124                      | |(Increase)/decrease in refundable income taxes and related interest    |                               |                               |                               | |                                                                                                          |11,289                      |(2,584)                   |(6,268)                   | |(Increase)/decrease in other current assets                                        |259                         |10,008                      |(439)                      | |Increase/(decrease) in accounts payable                                              |16,488                      |(1,757)                   |(3,302)                   | |Increase (decrease) in employee compensation and benefits payable       |                               |                               | |                                                                                                          |698                         |(15,564)                   |(3,702)                   | |Increase/(decrease) in accrued plant closing costs                               |(3,888)                   |(14,148)                   |20,496                      | |Increase (decrease) in other current liabilities                                  |    (3,181)                |    (15,927)                |    (3,030)                | |Cash from operating cycle                                                                   | $ 10,000                | $ 13,368                | $ 16,270                | |Minus plant and equipment additions                                                    |    (5,546)                |    (1,871)                |    (10,819)                | |Cash before dividends, investments, and    external financing                |                               |                               |                               | |                                                                                                          |$ 4,454                   |$ 11,497                   |$ 5,451                   | |Minus cash dividends                                                                   à ‚         |    0                         |    0                         |    (2,369)                | |Cash before investments and external financing                                     | $ 4,454                   | $ 11,497                | $ 3,082                   | |Minus advances to unconsolidated companies                                           |(2,882)                   |0                            |0                            | |Plus other                                                                                           |    269                      |    1,531                   |    848                      | |Cash before external financing                                                             | $ 1,841                   | $ 13,128                | $ 3,930                   | |                                                                                                          |                               |                               |                               | |External Financing:                                                                            |                               |                               |                               | |                                                                                                          |                               |                               |                               | |Proceeds from senior notes and subordinated                                        |                               |                               |                               | |Debentures                                                                                           |$ 120,530                |$ 0                         |$ 0                         | |Conversion of export and factored receivable sales to debt                   |                               |                               |                               | | 0                            |23,919                      |0                            | |Restructured debt                                                                               |0                            |158,058                   |0                            | |Debt replaced, including conversion of    receivable sales of 23,919       |                               |                               |                               | |                                                                                                          |0                            |(158,058)                |0                            | |Repayments of debt                                                                               |(161,500)                |(760)                      |(9,409)                   | |Increase (repayment) of short-term bank notes payable                         |2,107                      |(3,982)                   |(2,016)                   | |Other increases in debt                                                                      |1,474                      |0                            |25,698                      | |Issuance of common stock                                                                      |21,310                      |0                            |449                         | |Issua nce of common stock warrants                                                       |6,663                      |0                            |0                            | |Salaried pension assets reversion                                                       |    39,307                   |    0                         |    0                         | |Cash from external financing                                                                | $ 29,891                | $ 19,177                | $ 14,722                | |Net increase (decrease) in cash    and temporary investments                   |                               |                               |                               | |                                                                                                          |$ 31,732                   |$ 32,205                   |$ 18,652                   | 2. What is the effect of the depreciation accounting method change on the reported income in 1984? How will this change affect profits in future years? It increased the net income to $11 million for 1984 or $. 93 per common and common equivalent share. The straight-line method will allow the assets to continue to depreciate in the same amount for the life of the asset.This change will increase profit in future years even thought the depreciation expense in strait-line will be higher that would’ve been with accelerated method. 3. What is the effect of the depreciation lives change? How will this change affect future reported profits? As a result of going t o strait-line the company also has changed its estimated depreciation lives on certain U. S. plants, machinery and equipment and residual values on certain machinery and equipment, which increased net income for 1984 by $3. 2 million or $. 27 per share. No income tax effect was applied to this change. This change should report higher profits in the coming years. $3. 2 million or $. 27 per share. No income tax effect was applied to this change. This change should report higher profits in the coming years. 4.The depreciation accounting changes assume that Harnischfeger’s plant and machinery will last longer and will lose their value more slowly. Given the business conditions Harnischfeger was facing in its primary industries in 1984, are these economic assumptions justified? Not necessarily, they can not fully predict the outcome of these changes but history shows them that as long as their plant machinery are more up to date production will perform at a better rate which shoul d lead to valuable resources needed to conduct good business. 5. In Note 7, Harnischfeger describes the effect of LIFO inventory liquidation on its reported profits in 1984.Describe what is meant by LIFO liquidation and how liquidation affects a company’s income statement and balance sheet. By LIFO liquidation means when a company’s accounting sells its oldest inventory since the current sales are higher then current purchases then the liquidation will occur, meaning that older inventory will be sold. The effect of the LIFO liquidation on the company’s income statement is an increase in net income by $2. 4 million or $. 20 in fiscal year 1984. There is no income tax effect. On the balance sheet there is a decrease of inventory, due to liquidation. 4. The depreciation accounting changes assume that Harnischfeger’s plant and machinery will last longer and will lose their value more slowly.Given the business conditions Harnischfeger was facing in its primary industries in 1984, are these economic assumptions justified? They cannot fully predict the outcome of these changes but history shows; however, we know they were experiencing a drop in sales this would also mean that they were giving less use to their machinery, and that would cause less wear and tear to the machinery justifying and increase on the useful life of the asset. 5. In Note 7, Harnischfeger describes the effect of LIFO inventory liquidation on its reported profits in 1984. Describe what is meant by LIFO liquidation and how liquidation affects a company’s income statement and balance sheet.The liquidation means selling of older inventory since the current sales are higher then current purchases then the liquidation will occur and as result any inventory not sold in previous periods must be liquidated. The company will benefit by an increase in net income by $2. 4 million or $. 20 in fiscal year 1984. Meaning that the net loss of previous year 1983 was reduced by a pproximately 15. 6 million. The balance sheet would have decrease of inventory from 12. 6 mil in 1983 to 5. 5 mil in 1984. 6. Note 8, states Harnischfeger’s allowance for doubtful accounts. Compute the ratio of the allowance to gross receivables (receivables before the allowance) in 1983 and 1984.What would the allowance have been if the company maintained the ratio at the 1983 level? How much did the pre-tax income increase as a result of the changed ratio in 1984? The company's provision for doubtful accounts receivables as a percentage of total receivables was 8. 4% in 1984. The corresponding percentage in 1983 was 11. 3%. If the company maintained the same percentage provision in the two years, the bad debt expense in 1984 would have been $1. 5 million more than the reported expense. 7. Note 9, page 216, states that Harnischfeger decreased R&D expense in 1984 relative to the previous two years. Do you think this change was motivated by business considerations or accountin g considerations?How did this change affect the company’s reported profits in 1984? Also R&D expense in 1984 decreased by $7. 0 million over the previous year. Most of this reduction was a result of the company's agreement with Kobe Steel, Ltd. Under this agreement, Kobe agreed to reimburse Harnischfeger up to $17. 0 million dollars of R;D expense over a period of three years plus the company was reduced in its size so there was no need to that big expenditures on R;D. 8. Note 11, describes a number of changes in Harnischfeger’s pension plans in 1984. Describe these changes as clearly as you can. What are the economic consequences of these changes to Harnischfeger and its workers?The reduction in benefits and wedges were significant from 1982 to 1984. In 1984 the pension expenses accounted for 1. 9 million, 1983 for 6. 5 million and 1982 for 12. 2 million The change in the return on investment assumption is for all US plans. The economic consequence is that there will be less expenditure made by these pension owners during the lifetime of their pension. The company established a new plan, which goal was an improvement in the minimum pension benefit. This constituted in a restructure of the Salaried Employees’ Retirement Plan. From one side that decision could help the company to rebuild the trust of customers and suppliers for continuing in business.From the other side, the workers would suffer a significant economic lost and could lose the motivation to work for the company. But there is a possibility that a positive view could emerge because they could appreciate the company’s efforts to keep them working there, and then cooperate to take the company to the next level. 9. How did the pension plan changes affect Harnischfeger’s financial statements in 1984? Are these changes likely to affect future profits? The effect of the changes in the investment return assumption rates for all U. S. plans, together with the 1984 restruc turing of the U. S. Salaried Employees' Plan, was to reduce pension expense by approximately $4. 0 million in 1984 and $2. million in 1983, and the actuarial present value of accumulated plan benefits by approximately $60. 0 million in 1984. This may have an effect on future profits. The pension plan changes affected positively the statements in 1984. Less assets were available for benefits; therefore, more income was reflected in the financial statements, which contributed to the cash to pay debt obligations. Furthermore, if reducing the debt, company could recover the banks and shareholder’s trust. 10. Summarize all the accounting changes Harnischfeger made in 1984, and their effects on pre-tax profits and cash flows in 1984. 1. Change in the recognition of some types of sales. This resulted in a change in sales calculation.Harnischfeger incorporated products purchased from Kobe Steel, which were re-sold by the company, into its net sales. This increased aggregate sales and cost of sales by $28 million. The effect of the change in sales calculation was an increase in both aggregate sales and cost of sales by $28 million. Also, profit margin dropped from 1. 55% to 1. 44%, which represented a 7. 1% change in profit margin. 2. Change in the fiscal year for some foreign subsidiaries. By changing the fiscal year of foreign subsidiaries (ending period of September 30 instead of July 31), the effect was the lengthening of the 1984 reporting period for the subsidiaries from 12 months to 14 months.This increased sales by $5. 4 million. 3. Change in the depreciation methods on assets. The depreciation policy for financial reporting purposes was changed to a straight-line method from a principally accelerated method. The effect of the change in depreciation method (straight-line method) was a net income of $11 million realized in 1984. Overall, depreciation charges resulted in an increase of $3. 2 million in net income in 1984. 4. Change in the use LIFO liquidat ion in inventory valuation. The effect of LIFO inventory liquidation was an increase in 1984 net income by $2. 4 million, as gains. 5. Change in the allowance for doubtful accounts.The company adjusted its allowance for doubtful accounts to 6. 7% of sales for 1984 from 10% of sales in 1983. The effect of the change in the allowance for doubtful accounts was that it resulted in $2. 9 million in operating income for 1984. 6. Change in the R&D expenses. Harnischfeger significantly reduced its R&D expenses to $5. 1 million in 1984, from 412. 1 million in 1983. The effect of the change in R&D expenses was an increase in operating profit by $9. 1 million. 7. Change in employee pension plans. The effect of the change in pension plans was a reduction in pension expenses by $14 million and increase in net income by $3. 9 million, and a positive cash flow. 11.Accounting statements are used by investors, lenders, customers, employees, and governments in dealing with Harnischfeger. Among these groups, who is most likely to â€Å"see through† the above accounting changes, and who is least likely to do so? The least likely to â€Å"see through† the accounting changes are just normal people who don’t know accounting concepts because some methods of reporting can overstate or understate the numbers without a sustainable change so investors, lenders, and governments should be the ones to most likely â€Å"see through† the change and based on what they see they make a decisions. Employees in accounting, finance, and upper management should be able to â€Å"see through† the changes. 12.Are the accounting changes likely to help or to hinder Harnischfeger’s ability to implement its business plan? Be as specific as possible. Even thought the changes indicate an optimistic move, it does not guarantee that the company is going to be able to implement its business plan. The changes made strongly justify company’s boost in the periods an alyzed. From my point of view, company reflects a positive result on management through its financial reports. Basically the mission to satisfy shareholders and business related entities such as banks and suppliers was accomplished by showing the ability to overcome financial problems through management based on the financial statements.However, the accounting practice can be a matter of numbers’ convenience and it can be altered just to show easy actions. 13. Overall, what is your assessment of Harnischfeger’s future as of 1984? The company is taking a risk by expecting that the one-time boost in income and cash in 1984 will enable the company to successfully expand internationally and grow in new high tech areas and become profitable once again. They wanted to make their financial statements look pretty so that investors would buy their stocks and suppliers would continue giving credit for being able to produce product and sell. They need to stop playing with account ing methods and hiding the true story otherwise they will be in danger to not survive in a long run.

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Mars Global Explorer - Essay Example This research paper attempts to find out valid reasons and facts supporting the existing of life on Mars. There have been a host of significant discoveries in the past that have reflected on the idea of existence of life on Mars. Mariner IX (1971) orbited Mars and pointed out at the planet having an active weather system. He observed clouds, odd swirls of cloud that make a cyclone, and even frontal systems. It was assumed that the clouds were thin. But in 2004, Mars Global Surveyor took some high resolution images of the clouds thus enabling it to measure their thickness. To much surprise of the scientists, the thickness revealed that cloud’s inside some of the deep canyons was far more opaque and dense than could be imagined. They also contained triple the amount of water than was initially expected. There also exist evidences about the existence of a vast ocean surrounding the Northern Hemisphere of Mars. In 1999, Mars Global Explorer showed positive evidences of palcomagnetic Islands on Mars, with the bands being about 10 times wider than those found on earth (Garrison 94). A recent surprising announcement is made by Mars Global Explorer that there are chances that water still flows on this planet. Images of Martian cliff were sent back by it that showed streaks similar to the ones found on mountains on earth. It is expected that these rocks have melted ice under the surface that bursts out time and then (Kidger 124). This topic is of interest as one of the major missions of European Mars Express is to use specialized decameter radar – MARSIS – for searching for such underground water bodies. Hydrated minerals have already been discovered on the surface of Mars. The above facts clearly throw light on the better possibilities of existence of life on Mars in the nearby past. There are strong evidences supporting the fact that life still exists on Mars owing to its mild climatic conditions and presence of water on its

Choose an international organizationand critically evaluate it in IHR Essay

Choose an international organizationand critically evaluate it in IHR as requirement - Essay Example The company stocks are listed in London Stock Exchange and are a major constituent of FTSE 100 index. The company was responsible for UK’s first mobile call on 01 January 1985 and within 15 years it became the Europe’s largest telecom company (Vodafone, 2013a). The Vodafone analogue is the first mobile phone network to be launched in UK. Vodafone Group Plc has a strong presence in Europe, Middle East, Africa, Asia Pacific and United States through subsidiary networks, joint ventures and associated investment and undertakings (Vodafone, 2013b). The company offers fixed landline, cellular services, email and fixed network services. Apart from individual customers the company also provides telecom services and solutions to corporate clients. The various brands of Vodafone Group Plc are Vodafone Live, Vodafone Mobile Connect USB Modem and Vodafone Connect to friends, Vodafone Freedom Packs, Vodafone Home Amobee Solutions and Vodafone 710. The company also offers several int ernet plans tailor-made for the customers of specific countries. Apart from telecom services, the company services include the applications for mobile and communication technology in health care service sector. The Vodafone foundation provides charity, undertakes supports initiative and projects which utilize mobile technology to benefit the poor and has also worked with several charitable trusts for the betterment of society. Talent and Management Recruiting the right personnel for the right position is an integral task of the human resource manager. The task should be executed efficiently and then it would have a positive impact on the company. Talent management activities include the holistic approach to business planning and human resources, which improves the efficiency of the company and also the employee potential (Shepherd, n.d.). Talent management activities include the integration of different initiatives of the company. Firstly, it includes the organizational assessment a nd focuses on the vacant positions to be filled. This stage involves conducting interviews, psychometric testing which aligns to the competency model of the company. The potential candidate goes through a series of intensive and rigorous set of interviews. In this process the interaction level of the employer and the employee is smooth and there is an in depth analysis about the candidates potentiality. One of the major objectives of the organization would be to attract potential candidates for the suitable position through appropriate methods. Recruitment and Selection The efficiency of the organization depends upon the human resource and this is one of the prime reasons for selecting the right person for the right position. The systematic process of recruiting personnel from a qualified pool of candidates requires an effective human resource planning and determination of organizational needs (Shepherd, n.d.). The process of hiring candidates is a continuous process and is not conf ined to the formative stages of the organization. Recruitment & Selection in Vodafone The workforce at Vodafone Group Plc are recruited through two modes; internal and external sources. The internal sources of recruitment for Vodafone are as follows: Internal Sources a) Job Posting: One of the traditional methods to notify about the job vacancy is to notify through bulletin road but in contemporary management the notifications are sent through electronic mails and intranet

Interpret Research on Decomposition Analysis Paper

Interpret on Decomposition Analysis - Research Paper Example The relationship between return on assets and return on equity is that return of assets shows how profitable a company is before they consider giving advantage to investments, hence two thirds of the DuPont equation of measuring return of quality is comprised up of return on assets. (Peppers, 2005, pp 124) Net Income ROA = Value of assets Return on assets and return on help in calculating the rate of growth of a company. The value of return on assets helps in calculating the internal growth rate of a company. Internal growth rate is the maximum rate of growth that a company can achieve without getting help from external financing. It therefore tells how independent a company is. The value of the return on equity helps in determining the sustainable growth rate of a company; this is the maximum attainable income of a company with the inclusion of assets and investments. This gives the potential of the company with the exploitation of all avenues of income generation. Capital intensity is the current status of funds available in the company with the consideration of other factors in the company such as labor and other forms of production. Companies that use heavy machinery and have many laborers do work that is more effective; hence, an increase in the capital intensity increases the labor productivity. Companies that use so much initial investment always get lower return on assets than those, which use less initial investment funds; however, increased productivity makes the company have a greater growth rate. Quantitatively, capital intensity is the ratio of total value of capital equipment to the total potential output of the company. (Masterman, 2007, pp 47). The world’s leading car-manufacturing company, Toyota, use the JIT production method. The JIT production method involves, the processes of waste elimination participative culture of work, and, continuous improvement of quality of production hence by using this system, Toyota reduce the need for raw materials, this in many ways increase the returns on quality of the company because less money is used in the production expenses of the company. This also minimizes wastes hence more economical in that the company does not spend on ways of ways of waste disposal. The Kanban system is the control unit of the JIT it implements everything that happens in the system. This helps in making sure that there are no any early or late productions in the company. The efficient method of production that Toyota uses makes it the largest vehicle producing company in the world. Though there has been a falling trend in the sales of the vehicles, this is mainly due to external causes in the market, the sales mainly fell in the country, and the drop in production was by 11.7%. Outside Japan, the sales improved and went up by 6.2%. The policy of minimum wastage and efficient production ensures that the production and sales remain high. The return on quality remains high (Tracey, 2008, pp 54). Honda i s a Japan based motor p[production company. recently Honda made their all time biggest production quantity of all time. Hondas strategy of production and marketing is different from that of Toyota, while Toyota mainly majors in the production of motor vehicles, Honda, on the other side has a diversity of products from vehicles to motorbikes, they even produce robots, in fact, Honda produced the only human robot that can walk up and down a

Six Sigma versus Total Quality Management Essay

Six Sigma versus Total Quality Management - Essay Example During the past few decades, quality management has emerged as a major competitive edge in business and a source of long term profitability. Different techniques and concepts have evolved to improve product or service quality, including Zero Defects, Six Sigma, quality circles, TQM, Quality Management Systems (ISO 9001 and others) and continuous improvement. Essentially, it means setting up systems and processes that ensure product or service quality and that people are rewarded for doing the right thing, thus keeping their highest-quality performance strong and accurate. This paper attempts to compare, contrast and analyze two such techniques i.e. Six Sigma and Total Quality Management. What is Six Sigma? Bill Smith, a senior engineer and scientist at Motorola in the year 1986 introduced the concept of Six Sigma (Quinn, 2002). The main purpose was to standardize the way defects are counted. Six Sigma provided Motorola the key to addressing quality concerns throughout the organization, from manufacturing to support functions. The application of Six Sigma also contributed to Motorola winning the Malcolm Baldrige National Quality award in 1988 (Motorola University, 1994). Six Sigma not only improved Motorola’s products and processes, it also saved the company more than US $15 billion in the 10 years after it began the program (Microsoft Office System, Operation Agenda, N.D.).

Reflective summary Essay Example | Topics and Well Written Essays - 250 words

Reflective summary - Essay Example This is obviously important not only professionally, but practically (Zala 2007). When examining evidence, there might be only one opportunity to insure that every facet of the material is properly analysed in order to get accurate readings on a whole host of foreign bodies that might be present (Gonzalez 2013). With that in mind, I also now realise that I need to be more analytical in my observation skills as it is essential that I visualise what might have happened, or infer the significance of a particular piece of evidence, even it at first my eyes might not catch on. In performing that practical experiments, I did notice that I have difficult discerning the relevance of particular bits of evidence at first and that it took more discussion before I caught on as to what I was actually observing. Naturally, this will likely come with more practice and I look forward to competing many more practicals in order to become more skilled at being to observe every facet of the evidence tha t is placed under

Six Sigma versus Total Quality Management Essay

Six Sigma versus Total Quality Management - Essay Example During the past few decades, quality management has emerged as a major competitive edge in business and a source of long term profitability. Different techniques and concepts have evolved to improve product or service quality, including Zero Defects, Six Sigma, quality circles, TQM, Quality Management Systems (ISO 9001 and others) and continuous improvement. Essentially, it means setting up systems and processes that ensure product or service quality and that people are rewarded for doing the right thing, thus keeping their highest-quality performance strong and accurate. This paper attempts to compare, contrast and analyze two such techniques i.e. Six Sigma and Total Quality Management. What is Six Sigma? Bill Smith, a senior engineer and scientist at Motorola in the year 1986 introduced the concept of Six Sigma (Quinn, 2002). The main purpose was to standardize the way defects are counted. Six Sigma provided Motorola the key to addressing quality concerns throughout the organization, from manufacturing to support functions. The application of Six Sigma also contributed to Motorola winning the Malcolm Baldrige National Quality award in 1988 (Motorola University, 1994). Six Sigma not only improved Motorola’s products and processes, it also saved the company more than US $15 billion in the 10 years after it began the program (Microsoft Office System, Operation Agenda, N.D.).

Econ Essay Example | Topics and Well Written Essays - 250 words - 1

Econ - Essay Example The IMF was conceived in 1944 when representatives of 45 countries met at Bretton Woods, USA and agreed on the framework of IMF which came into formal existence in December 1945 (after World War II) with 29 members. The member countries agreed that the value of the US$ follow the gold prices and that the other member currencies be pegged to the US$ with some room allowed for corrections (but with the agreement of the IMF). This par value system was also known as the Bretton Woods system. In the 1960s, the US$ was seen as overvalued. As the US government started spending more especially due to the Vietnam War, the overvaluation of the US$ became even more of a burden for the US. Thus, in August 1971, then US President Richard Nixon announced that the US would temporarily suspend the US$ pegging to Gold. This led to a breakdown of the system and by March 1973, the major currencies were no longer pegged to the US$ and began to float against each other. Subsequently, the IMF has assumed the role of maintaining the stability and preventing crisis in the international monetary system.

Man Should Learn to Cook Essay Example for Free

Man Should Learn to Cook Essay It’s been proven time after time: cooking at home is vastly healthier than eating out, especially if â€Å"eating out† means grabbing fast food. At home, you can control the ingredients used and the cooking methods. There are no hidden ingredients in your kitchen. You’ll be leaner, more muscular, and healthier. And there’s nothing manly about a guy that’s weak and sickly. A Man Provides For Himself And Others Remember that bit about independence above? Well, along with being able to provide for himself, a man that can cook can provide for the most important people in his life – his family and friends. Providing food for others has long been a manly trait, from our hunter-gatherer days of bringing home the mastodon, through modern times when most of the renowned chefs in the world are males. The ability to put together a complete meal when your wife is sick or tired (or sick and tired, probably of your crap) is very manly. A Man Spends Time With His Family Want to be involved in your kids’ lives? Spend time with them. Want to find out about the new boy your daughter has been hanging out with or what your son is doing after school? Spend some time with them. No one could possibly argue that it’s unmanly to spend time with one’s wife and kids. I saw several commenters talk about how cooking or grilling allows them to spend quality time with their kids. So what about being able to provide them with a tasty dinner, while talking to them about their day at school or work? Better yet, spend time with them in the kitchen. You can teach them the necessary skills to be healthy and independent while also being a father. Imagine raising a son that isn’t afraid to turn on the oven, that is comfortable wielding a knife, chopping vegetables, and understands how to saute an onion. Imagine him being able to select and combine herbs and spices. Imagine him teaching these same traits to your grandkids. Be A Man: Learn To Cook So in the end, is it manly to cook? I think it’s unmanly not to be able to cook. I grew up in a household where my Step-dad could flat out throw down in the kitchen. The role of male cooking in the household wasn’t restricted o lighting a grill and slapping down a slab of beast. So what does it take to be a decent cook? It’s really quite simple. Can you read? If you can read, you can cook. All you have to be able to do is measure a few ingredients and follow some simple instructions. After a little while following someone else’s directions (ask for favorite recipes from your Mom, Grandma, and if you were lucky enough to have a dad that cooked, Dad), you’ll learn what flavors you like and figure out how to incorporate them into your own recipes. Deference to someone that knows more than you and experimentation, are yet two more manly traits that go with cooking. The real key to cooking is simply advanced preparation. The ability to think ahead, spend 45 minutes in the grocery store with a list, and pull together the necessary meats and vegetables for your week of cooking makes it easy to be sure Ramen and a can of tuna doesn’t become Tuesday night’s dinner. So sharpen your knives, stock the fridge, and get to cooking. Really, the worst thing that’s going to happen is that you’ll eat something that doesn’t taste very good a few times.

Technology Essay -- essays research papers

Executive Overview There is a definite desire for better traffic data to give drivers more choice and control for avoiding traffic congestion. And what’s more, today there is no viable solution to alleviate the unnecessary aggravation and minimize the loss of valuable time & money. Interviewing a sample of commuter, taxi, and package delivery drivers identified a demand for timely and readily available traffic related congestion information. Package delivery, taxi/shuttle, rental car, and commuter drivers will benefit from a real-time system that provides accurate updated traffic condition information and offers alternative routing recommendations integrated with an existing in–vehicle navigation device. TAS © (Traffic Avoidance System) involves software that will integrate seamlessly with multiple hardware systems. It will be introduced to the time-sensitive package delivery companies that operate in the most traffic congested cities in the U.S. This device will benefit customers by saving them time and money. TAS will help these companies achieve competitive advantage by improving their services, reducing penalties, and improving customer retention. Business success and gaining competitive advantage are thus the compelling reason to buy, making TAS a highly desirable solution. II.  Ã‚  Ã‚  Ã‚  Ã‚  Problem Statement Most, if not all would agree that traffic congestion is a common problem in and around large, highly populated cities in the US today. Everyday in the US millions of people get into their vehicles and drive – some to get to and from work or school, others running errands, or traveling to close and far-away vacation destinations. Many are on the road all day and/or night because their jobs consist primarily of, or require extensive driving. People from different walks of life (who we have interviewed to-date ) share a common outrage from poor traffic conditions and a â€Å"helplessness† in their inability to avoid â€Å"being stuck† – most say they â€Å"hate traffic,† â€Å"wish they didn’t have to ever get on the road during rush hour,† â€Å"can’t wait until I start working from home to avoid the hours in traffic hell†¦Ã¢â‚¬  Rush hour / peak travel times, accidents, road construction, and detours are among the most common reasons for traffic problems, but regardless of the cause and impact, traffic jams always lead to frustra... ...traffic advisory system that provides accurate updated traffic conditions information and offers alternative routing recommendations at one’s vehicle, at every driver’s fingerprints in a proactive way. This system will be integrated with an existing in–vehicle navigation & information device. TAS is such a solution. To develop such a solution, our company has conducted a number of customer interviews as a crucial starting point for our (initial) market research and this paper will further explore the findings and study the market opportunity to launch TAS for success and alleviate many people’s traffic related frustrations, lost time & money. IV.  Ã‚  Ã‚  Ã‚  Ã‚  Market Analysis In analyzing the market opportunity we have focused on the classic model of estimating market size, deriving macro & micro segmentation and settling on selection criteria that would best match with trends suggested from customer feedback. XIII.  Ã‚  Ã‚  Ã‚  Ã‚  Conclusion Market research has demonstrated a need for TAS. The product will be piloted with a small package delivery/courier company to ensure feasibility and customer satisfaction.

Essay on The Awakening and A Dolls House -- comparison compare contra

Comparison of  The Awakening and A Doll's House        Ã‚   The Awakening, a novel by Kate Chopin, and A Doll's House, a play by Henrik Ibsen, are two works of literature that can be readily compared. Both works take place in the same time period, around the late 1800s. Both works feature a woman protagonist who is seeking a better understanding of herself. Both Edna and Nora, the main characters, display traits of feminism. Both Edna and Nora have an awakening in which she realizes that she has not been living up to her full potential. Awakening and growth is one of the main themes in both of the works. Throughout the works, each woman has a close female confidante who symbolizes the traditional role of women and society's views of that role.    Edna Pontellier is the 28-year-old protagonist in Kate Chopin's novel, The Awakening. The novel takes the reader through nine months of Edna Pontellier's life during which she is struggling between society's expectations of a woman's behavior and her own passions and desires. The story takes place on Grand Isle, an island near New Orleans, as well as in the city of New Orleans.    One summer Edna, her husband, Leonce, and their two children vacation on Grand Isle. During the vacation, Edna meets many people, one of whom is Adele Ratignolle, a woman who becomes her confidante. Adele embodies all the characteristics of nineteenth century society. She stays at home with her several children, is expecting another, and is a devoted wife. Another important person she meets is Robert Lebrun, the flirt of Grand Isle, who awakens Edna's sensual side. Edna and Robert fall in love. When Robert realizes his affections, he decides that he cannot stay in Grand Isle, so he goes to Mexico.... ...ndercurrents, female companions, and strong ideas about feminism. The works were written in the late 19th century when these topics were shocking and controversial to society.    Works Cited Chopin, Kate. The Awakening. The Norton Anthology of American Literature. Ed. Nina Baym et al. 2nd ed. Vol. 2. New York: W. W. Norton & Co., 1985. Clurman, Harold. 1977. Ibsen. New York: Macmillan. Ibsen, Henrik. A Doll House (1879). Trans. Rolf Fjelde. Rpt. in Michael Meyer, ed. The Bedford Introduction to Literature. 5th edition. Boston & New York: Bedford/St. Martin's Press, 1999. Martin, Wendy, ed. "Introduction." New Essays on The (Awakening. New York, NY: Cambridge UP, 1988. Rogers, Katharine M. Feminism in Europe. Chicago: University of Illinois Press, 1982. Templeton, Joan. "Is A Doll House a Feminist Text?" (1989). Rpt. In Meyer.