Finance Analysis Between Horby And Games Workshop Essay Example Pdf - Free Essay Example

Sample details Pages: 13 Words: 3996 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The purpose of this report is to compare the market performance of two companies belonging to the same industry on the basis of which provide investment advice to Stephan Curry. The companies are namely Games Workshop PLC and Hornby PLC. Both companies belong to the House, Leisure and Personal Goods industry. Don’t waste time! Our writers will create an original "Finance Analysis Between Horby And Games Workshop Essay Example Pdf" essay for you Create order Stephen does not have much exposure to the games retailing sector and needs help in making up his mind as to which company to invest in. In this report the following topics will be discussed:- An analysis of the House, Leisure and Personal Goods industry to assess how the industry as a whole is performing in the market. A comparative financial analysis of both the companies in order figure out which of the two companies is a better candidate for future investment. An understanding of the clients attitude to risk and the reasons for advising him to invest in mentioned company. Profitability Ratios Return on Capital Employed (ROCE) ROCE is calculated to find out the performance of a company in terms of capital employed to profit earned or generated during the specified periods. It is calculated on the basis of PBIT and Capital Employed. Where, PBIT is the operating profit that is, the profit before paying interest and tax and Capital Employed is the amount invested in the business and it express the relation between total fixed assets, current assets and the current liabilities. Calculation of ROCE is very relevant in assessing the funds employed in order to know the efficiency in utilizing it. Return on Capital Employed (ROCE) While benchmarking with time, Games workshop has shown excellent growth and returns on Capital employed. While comparing it with Hornby PLC it can be seen that while Hornby PLC is giving good returns they are in a downward trend, while Games workshop though it gave bad returns in 2008 has improved and has been consistent in its growth of returns. Now lets benchmark with expectati on of how good the return should be. The minimum acceptable reward to the investor for risk is 10% which is double that of how much they would get if they invest in fixed deposits in a bank. Hornby PLC has for all three years given return above the minimum acceptable rate. Games workshop in 2008 has been disappointing but they have done a fairly better job in the next two years while compared to Hornby PLC. Net Profit Margin Net profit margin or operating profit margin conveys the relationship between operating profit and sales revenue. Both, operating profit and sales revenue are output from business transactions and therefore, this ratio highlight the performance of the company in relation to cost incurred in operating the business and selling goods. Higher the net profit margin greater the profitability to the company. Net Profit Margin When benchmarking both companies with time we can see that they have been on more or less equal footing. Though on an average Hornby PLC has a better NPM than Games workshop we must note that while performance of Hornby is declining that of Games workshop is increasing every year. This means that according to horizontal analysis Games workshop has a better probability of doing well the next year than Hornby PLC. Free Cash Flows Cash which remains even after the company reinvests it into the business is called Free Cash Flows. The higher the free cash flow the more secure the company is against economic distress. Free Cash Flows The above chart shows the amount of free cash flow the companies had between the years 2008 and 2010. Games Workshop over the last 3 years has had increased amounts of free cash flows indicating reliability in consistency. It also means that high enough cash flow to reinvest in its business in 2011 and distributes among the securities holders in case the business does not do well. Hornby on the other hand shows both a negative cash flow and increased cash flows in the years 2009 and 2010 respectively. Free Cash Flow Margin Now if we can assess the free cash flow margin we will be able to determine the amount of sales that can be turned into excess cash by a company. The stronger the Free Cash Flow Margin the stronger its competitive advantage. Free Cash Flow Margin Games Workshop has stronger cash flow margins suggesting that it has an economic competitive advantage when compared to Hornby PLC. As we can see clearly in the above chart the Hornby cash flow margins have been much lower than those of Games workshop. It also shows a negative cash flow margin in the year 2009 when the global meltdown happened showing that it is not very stable and is susceptible to market failure. Return on Assets (ROA) When net profit is calculated as a percentage of the assets of the company we get the value earned for every pound spent on the assets. To calculate how efficient a company really is how it effectively it uses its assets is very important. If the company is not able to get all returns on its assets then it shows that the company is not doing very well. Return on Assets (ROA) Again according benchmarking with time Games workshop shows better results by increasing the ROA percentage per year. Hornby PLC is not able to convert all the assets into profits. It shows a big drop in return in the year 2008-2009 and does not get better in the next year either. After calculating several variables in order to determine the profitability of the company Games Workshop is proving to be a more profitable company than Hornby PLC. Liquidity Ratios Liquidity ratio measures the performance of a company by covering the aspects of operating cost and the efficiency of utilizing capital available for fixed assets. This ratio focuses on how well the company is keeping short term assets to cover short term liability. Current Ratio Current asset ratio measures the liquidity by linking work-in-progress to stock and debtors to cash, comparing that to current liabilities. The value 2:1 is considered as satisfactory level of performance that is, company should able to cover current liabilities incurred with its current assets. In-other words, current assets should be more than the current liabilities. Current Ratio Here both companies are not maintaining satisfactory level of liquidity in the last two years even though the current assets have shown an increasing trend. Among two companies, Hornby is showing a low level of liquidity because of the increase in borrowings and allocation of funds to provisions and also increase in derivative financial instruments affected the current ratio in the year 2009. On the other hand, the main cause for increasing trend of liquidity of Games Workshop is because they reduced their borrowings and allocated provision to minimum level. Hence Games Workshop is comparatively better performing. Acid Test Ratio Acid test ratio also measures the liquidity position of a company on the basis of current assets to current liabilities but it does not take stock or inventory into account of current assets. The reason for excluding stock from current assets is that, often it will take time to convert sales into cash. That is, sometimes goods which are sold on credit will take much time to convert it into cash. The ratio 2:1 is also considered as a good level of liquidity both in the computation of current ratio and acid or liquid ratio. A 1:1 ratio is also considered as a satisfactory level of liquidity, since the stock is excluded from the current asset which implies that the firm has immediate cash to settle its current liability. Acid Test Ratio Both the companies have maintained a marginal level of liquidity in 2010 with current assets of 1.38 (Hornby) and 1.48 (Games Workshop) to current liability of 1 and also in 2009, Games Workshop continued a marginal level of 1.14. In the year 200 9, Hornby has shown an insufficient liquidity (0.72) when compared to Games Workshop (0.90). The reason for the increase in ratio for both the companies in the year 2010 was due to the increase in cash and cash equivalents. Further, in the same year trade receivables also increased. Since liquidity ratio is calculated by deducting stock from current assets, it reflect the current assets in the sense that companies which maintain high stock will have low current assets to current liability and therefore the liquidity will be minimum to cover the current liability. Here, it can be seen that Hornby have maintained high level of stock through out last three years. Where as Games Workshop continued to keep same levels of stock, which reflected in the liquidity and therefore be considered for making investment. To maintain high liquidity both the companies have to reduce their current liabilities and should focus on the liquid assets. Efficiency Ratios Efficiency ratios review the management of a companys resources. The efficiency ratios that have been reviewed for the analysis are Stock turnover or Inventory turnover ratio, Trade receivable ratio or Debtor collection period. Stock turnover or Inventory turnover ratio Ratio indicates the number of times the stock or inventories are replaced. It is measured as Cost of sales divided by the number of stock. The ratio indicates the number times the inventory has to be turned over. The stock turnover ratio when further divided by 365 days provides the number of days it took, for a particular stock to be sold. The bar graph below indicates the inventory turnover period for 3 years for Games workshop and Hornby. Any business will always prefer to have the shortest inventory turnover period since holding inventories involves cost. For an investor it is important to know whether the company is wasting money with too many inventories and if too less, then probably loosing its customers to other competitors. Therefore it is a key management ratio to be reviewed. Inventory Turnover Period In the year 2010 Games Workshop had a marginal increase in turnover period, at approximately 120 days, where as 2008 and 2009 remained more or less the same. Horn by had considerable decrease in 2010 to approximately 137 days as compared to other two years especially in the year 2008 where though cost of sales was low stock was high. For games workshop the year 2010 proved beneficial because cost of sales was considerably low as compared to other two years. Games Workshop seems better prepared when it comes to inventory turnover period because its stock has minimum variations over the past 3 years and made efforts to reduce its cost of sales. Trade receivable ratio or Debtor collection period This ratio provides information on how long does the customer take to pay back for goods taken on credit. The debtors or trade receivables is usually divided by credit sales however that information is unavailable on the financial statements of both companies, therefore it is being divided by revenue from sales and then multiplied by 365. Debtor collection gives an investor an insight of how many days in year does companys customer take to repay. Debtor collection is important to an investor because provides details on whether the funds are being tied up because the customer is taking longer period to pay. Debtor Collection Period The bar chart above indicates that Games Workshop has the lowest Debtor collection period where as Hornby, comparatively has the highest. Both companies have marginal increments for all three years. However, though Games Workshop has less debtors, it has considerably high revenue from sales as compared to Hornby. On the other Hornbys debt are a few hundreds more than Games Workshops Debt but has lower Revenue from sales. Thus Games Workshop proves to be the one with better cash inflow. Gearing Interest Cover Ratio It is the companies ability to repay unpaid portion of debt to outsiders. Interest cover ratio explains that the operating profit should be higher to cover interest payable. Decrease in operating profit means, company have repayment problem to its lenders and shareholders. Interest cover ratio below 1.5 or 1 is a sign that the company is not producing sufficient profit to payoff its debts or interest. Interest Cover ratio Hornby for past three years has had acceptable cover. However, it has been following a downward trend. Hornby saw 2008 as better year in terms of interest ratio cover. It had the highest PBIT and the least interest. As of 2010 it has had the least PBIT and high Interest payable. Games Workshop has had tremendous improvement in 2010 in terms of profits and least tax paid. PBIT for Games Workshop was twice more than what it had been in the year 2009. Investment Ratios:- Earnings per Share The portion of the company profits allocated to each outstanding share of common stock. EPS is considered a very important variable in determining a shares price. It is also required to calculate the price earnings ratio which helps in determining the future growth of the company. Earnings per Share From the above chart we can see that the EPS in 2008 was the lowest. This could be because the net income of the company was very low at that time. By the increasing the net income and reducing the variable costs in between the company has increased its earnings per share. The EPS for Hornby was highest when its net income was high. In the following years they were not able to maintain the net income as their costs increased. This led to the fall of the EPS. This shows that Hornby is not able perform as well as Games Workshop. Price Earnings Ratio: The price earnings ratio shows the current investor demand for a company share. By finding the reciprocal of this ratio we will know the earnings yield, which is nothing but the estimate of the expected return gained by holding the stock. Price Earnings Ratio The PE ratio is the markets estimate of future earnings potential. The higher the PE ratio of a company the more its future earnings is estimated to be. One of the reasons that a companys earnings may be expected to grow is if it has a good amount of free cash flows that it can reinvest back in the business for growth purposes. We have seen under profitability ratios when calculating free cash flow for both the companies that Games Workshop had higher amount of free cash flow than Hornby PLC. Therefore Games workshop is expected to have better growth prospects for the coming year even with a high dividend pay-out. Industry Analysis Hornby PLC is a patent granted to Frank Hornby and soon after he got the patent he put that into production and it is Under the Name Mechanics Made Easy which help and formed the Meccano Ltd in the year 1907 and then the Factory is moved to New and larger Premises and came into the lead of Classic toys of all time. Games workshop Plc Belongs to British games production and retailing company, this company is listed in London Stock Exchange and the symbol of this is GAW.L, This Company is founded in the year 1975 by John Peake. This is one of the worlds largest and very successful tabletop fantasy and battle games manufacturer. This Company is more into helping the mighty armies on the battle field. Games Workshop Public Limited Company and Hornby Public Limited Company are part of the House, Leisure and Personal goods industry. They are engaged in designing, manufacturing and whole selling and also distribution of games, miniature figures and recreational products in United Ki ngdom and few other parts of the world like America, Europe Continental and Asia Pacific. This particular field of recreational products or Miniature Figures manufacturing and distrusting industry is growing better every year there are many brands that are into this Industry from different parts of the world and they come around 446 in number, The United states market revenue in this field is around $57 billion, Customers who are buying this type of products are growing day by day and its now a new era of Hobbies, though it is an expensive one there are few brands who are making the products for cheaper price and growing the revenue for this market and the value for the share market, The Games workshop Individually had a very good gross margin by the means of one man stores and they also promoted metal figures and started avoiding plastic for making the products, Analysts had estimated the pre-tax Profit for the year 2010 may is around 9 Million Pounds, as of the year 2009 sales thi s company made a profit of 7.5 Million Pounds on the sales of 125.7 Million pounds. In the year 2008 the company profit is not good as expected because of the less effort putting by the employers back on easy way of success. Hornby plc is also good in this market and as of the announced on 31st of march 2010 the sales of horn by plc had a very good improvement and that lead it to increased share values and the company is very much happy with the analysis expected as this brand is famous for the toy train making and they are also improving the product sales by making the products featuring Michael Schumacher and this states the new way of the sales promotion and profit maximization which will also create a very good interested for the investors to invest in Hornsby Plc. In the year 2009 the companys sales grew to 5% i.e.: 61.6 Million Pounds and the sales were up for 20% in the year 2008. Basing on the yearend financial statement the miniatures industry is showing its growth every ye ar and the investors are also showing there interests to invest money into this type of new markets This particular products come under household and consumer goods industry and in this includes all the electronics applications used in house and other general goods as of the year 2009 the consumer electronics industry performed very well and the annual gain in more than 130% among the 23 applications and the expected growth for the year 2010 is about 15% and the sell volume crossed 9.0 billion and this market is growing in rural areas also. This industry has an emerging market and the growth is rapidly increasing and moving towards a strong economic growth. In United States the EMES (emerging market economies) had a very good result and the growth rate is 66.0% in 2000 and 2009 and reaching the figure 7.5 trillion by 2010. China is one of the best progressive countries in terms of this market and it had driven the US profits to it and that made the US market Sluggish. This Indust ry is not restricted to one country alone but bridges the gamming gap between nations. Since this a growing market it would be an industry which can be invested in. Conclusion and Recommendation The following conclusions were drawn after calculating all the ratios. Hornby PLC Hornby PLC has not performed up to the expectations of the company or the industry. The company did not have good probability in the year 2009. A negative cash flow and free cash flow margin and also lower returns on Capital employed and total assets show that the company is not able to generate the sales it intends on generating. In terms of efficiency Hornby yet again has performed poorly. Apart from having a higher turnover period we also see that takes a longer time to receive it payments showing less cash in hand for the company. Hornby is not maintaining adequate level of liquidity position since its current liabilities are showing increased borrowings and high allocation for provisions. Increased level of stock positioning caused Hornbys a decrease in current assets thereby affecting its performance. Coming to investment, though the company did well in years 2008 and 2010 its drastic dip in 2009 is a cause for concern. Its shows that the company is not stable and is more sus ceptible to a further dip in its performance. Games Workshop Games workshop started the year 2008 very poorly but fast improved its performance in 2009 and 2010. It has increases its free cash flows and has very good cash flow margins in comparison to Hornby PLC and its previous years. It also has been showing to have good return both on Capital Employed and total assets indicating that the company is indeed a profitable one. Games Workshop has reduced its cost of sales resulting in shorter turnover period. The debtor collection period for Games workshop is lower compared to Hornby since it generated high revenue in sales and has maintained a consistency in sales generation. Games Workshop has increased sales, profit and reduces its costs therefore it proves to be more efficient and profitable than Hornby. Games workshop has maintained current liabilities like borrowings and provisions at a minimum level so that its liquidity position is higher than Hornbys. Moreover, Games workshop has kept its stock level more or less the same throughout a ll three years. When we come to investment Games Workshop shows an opposite trend than that of Hornby. GW did very badly in the year 2008 but increased its performance for the next two years with high profits and higher revenue. The company has had an upward trend showing that it is more stable when compared to Hornby. Games workshop also has higher PE ratios which indicate higher future earnings for the company. Overall Games Workshop has better performance, efficiency, liquidity, gearing and better investment prospects than Hornby PLC. Therefore on behalf of Bresil Investments we would recommend Stephen Curry to invest in Games Workshop Plc for higher returns. Appendix Profitability Ratios Return on Capital Employed (ROCE) = PBIT (profit before interest and tax) *100 Capital employed Hornby YEAR PBIT CAPITAL EMPLOYED ROCE (%) 2010 6004 47456 12.65 2009 6899 39036 17.67 2008 9386 31849 29.47 Games Workshop Year PBIT CAPITAL EMPLOYED ROCE (%) 2010 16120 57327 57327 57327 27.99 2009 7458 52209 17.27 2008 1059 46567 5.48 Net Profit Margin (NPM) = Operating Profit *100 Sales Revenue Hornby YEAR OPERATING PROFIT SALES REVENUE NET PROFIT MARGIN (%) 2010 6004 64736 9.27 2009 6899 61569 11.20 2008 9386 55692 17 Games Workshop YEAR OPERATING PROFIT SALES REVENUE NET PROFIT MARGIN (%) 2010 16045 126511 12.68 2009 9014 125706 7.17 2008 2552 110345 2.31 Free Cash Flows = Cash Flows from Operating Activities Capital Expenditure Hornby YEAR Cash Flows fr om Operating activities Capital Expenditure Free Cash Flows 2010 11934 3825 8109 2009 8005 13256 -5251 2008 7253 3414 3839 Games Workshop YEAR Cash Flows from Operating activities Capital Expenditure Free Cash Flows 2010 26568 7974 18594 2009 18119 8960 9159 2008 10685 9019 1666 Free Cash Flow Margin = [Free Cash Flow] * 100 Sales Hornby YEAR Free Cash Flow Sales Free Cash Flow Margins (%) 2010 8109 64736 12.53 2009 -5251 61569 -8.53 2008 3839 55692 6.89 Games Workshop YEAR Free Cash Flow Sales Free Cash Flow Margins (%) 2010 18594 126511 14.7 2009 9159 125706 7.29 2008 1666 110345 1.51 Return on Assets = [Operating Profit] * 100 Total Assets Hornby YEAR Operating Profit Total Assets ROA (%) 2010 6004 64290 9.34 2009 6899 57941 11.91 2008 9386 44493 21.1 Games Workshop YEAR Operating Profit Total Assets ROA (%) 2010 16045 75752 21.18 2009 8933 70132 12.74 2008 2552 67489 3.78 Liquidity Ratios Current Ratio= Current Assets Current Liability Hornby YEAR CURRENT ASSETS CURRENT LIABILITY CURRENT RATIO (in factor) 2010 35487 16834 2.10 2009 28038 18905 1.48 2008 23681 12644 1.87 Games workshop YEAR CURRENT ASSETS CURRENT LIABILITY CURRENT RATIO (in factor) 2010 37571 18425 2.03 2009 31234 17923 1.74 2008 29320 20920 1.40 Acid Test Ratio= Current Assets Inventory Current Liability Hornby YEAR CURRENT ASSETS INVENTORY CURRENT LIABITITY ACID TEST RATIO (in factor) 2010 35487 12273 16834 1.38 2009 28038 14368 18905 .72 2008 23681 11890 12644 .93 Games Workshop Year CURRENT ASSETS INVENTORY CURRENT LIABILITY ACID TEST RATIO (in factor) 2010 37571 10138 18425 1.48 2009 31234 10678 17923 1.14 2008 29320 10392 20920 0.90 Efficiency Ratios Stock Turnover Ratio= Cost of Goods Sold or Cost of Sales Stock or Inventory Hornby YEAR COST OF SALES STOCK STOCK TURN OVER RATIO (in times) 2010 32636 12273 2.66 2009 32168 14368 2.24 2008 26297 11890 2.21 Games Workshop YEAR COST OF SALES STOCK STOCK TURNOVER RATIO (in times) 2010 30683 10138 3.02 2009 35919 10678 3.36 2008 33731 10392 3.24 Stock Conversion Period= 365 days Stock Turnover Ratio Hornby YEAR NO. OF DAYS STOCK TURNOVER RATIO STOCK CONVERSION PERIOD (in days) 2010 365 2.66 137.21 2009 365 2.24 162.94 2008 365 2.21 165.15 Games Workshop YEAR NO. OF DAYS STOCK TURNOVER RATIO Stock Conversion Period (in days) 2010 365 3.02 120.86 2009 365 3.36 108.63 2008 365 3.24 112.65 Trade Receivable Collection Period= Debtors* 365 Revenue from Sales Hornby YEA R DEBTORS REVENUE FROM SALES NO. OF DAYS TRADE REC. COLL.Period (in days) 2010 13291 64736 365 74.93 2009 13119 61569 365 77.77 2008 10699 55692 365 70.12 Games Workshop YEAR DEBTORS REVENUE FROM SALES NO. OF DAYS TRADE REC. COLL.PERIOD (in days) 2010 10043 126511 365 28.97 2009 9959 125706 365 28.91 2008 9870 110345 365 32.64 Gearing Ratios Interest Cover Ratio = PBIT or Operating Profit Interest Payable or Finance Cost Hornby Year PBIT Interest Payable Interest Cover Ratio 2010 6004 809 7.42 2009 6899 805 8.57 2008 9386 374 25.09 Games Workshop Year PBIT Interest Payable Interest Cover Ratio 2010 16045 315 50.93 2009 8933 1258 7.10 2008 2552 1681 1.51 Investment Ratios Earnings per Share = Earnings Available to Ordinary Shareholders Number of Ordinary Shares in issue Hornby YEAR Earnings available to ordinary shareholders Number of Ordinary Shares in issue Earnings per Share 2010 3685 37772 9.76 2009 4212 37724 11.17 2008 6077 37637 16.15 Games Workshop YEAR Earnings available to ordinary shareholders Number of Ordinary Shares in issue Earnings per Share 2010 15080 31131 48.4 2009 5469 31129 17.6 2008 -740 31123 -2.4 Price Earnings Ratio = Market Price per Share Earnings per Share Hornby Year MARKET PRICE PER SHARE EARNINGS PER SHARE (Pence) PRICE EARNINGS RATIO 2010 126 9.76 12.91 2009 68 11.17 6.08 2008 189 16.15 11.70 Games Workshop Year MARKET PRICE PER SHARE EARNINGS PER SHARE (Pence) PRICE EARNINGS RATIO 2010 346 48.4 7.15 2009 209 17.6 11.88 2008 174 -2.4 N/A

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Question: Discuss about the Speaker Notes of Innovation and Sustainable Business. Answer: Introduction: Business sustainability refers the model of business and the decision of manager regarding financial, social and environmental concern. Sustainable companies focuses on financial value of company, take care of their actions and their impacts on market, put efforts to make positive change in the organization and try to feel comfortable to their employees. They make plan for long terms and forge for effective relationship with employees. Innovating for sustainability defines the required change in the organization intentionally so that organization can grow further efficiently while making changes in the organization environmental and social value is being considered. Business model is a process which enhances the revenues of the company. It is a kind of representation which reflects the details of financing. It is being taken in use by all size of companies because it just the way to show the current situation and provide information regarding possible changes. Business model as a system is very effective. It contains two elements in it that is design theme and design elements. Both are performing their role to improve the business. Design theme refers the complementary or efficiencies while in the context of design elements, the mode of treating the business, structure and content are involved. It gives permission to the manager to make changes in business model as per the requirements of the business. Static business model is a time invariant model. It gives preference to the need of the customers by using resources of firm appropriately. It is the model which focuses on monetary and non-monetary both terms while making strategy. The system of calculation of static view is equilibrium. It is the approach which allows business to make decision quickly regarding changing in business model. It is very understandable approach. Various business models contains in it. The major focus of dynamic view of business model is to earn profit for the short term basis. The strength of dynamic view of business model is highly adaptable which defines that participants make rapid changes even in the condition of low latency. The building block of business model contains 9 elements. Customers are being targeted by this model and divided as per their requirements. Distribution channel is the way of communication. Value proposition refers the complete perspective of services and products of the firm. Customer relationship refers the connection of various segments. Key activities contain managing the customers, maintenance, collection and selling. Key resources defines the trust and repudiation, talent of entrepreneurial and logistic and management skill. Partner network refers the agreement with other companies. Cost structure is the monetary term of business and it includes upfront investment, labor cost and salary of the franchise. The revenue stream reflects the more revenue by using the various revenue flows. It is important for the business to reconfigure the value chain on time to time. Changes should be made on the need of the customers. Market boundaries have been blurred if changes in value chain does not make as per requirement. The diagram of value network is different for every industry. Value creation through business model makes the business perfect. It focuses on the customer relationship because customers are the centre of thinking for the business. Value creation is categorized into two terms that is specific and fundamental. Value of customers should be done in an appropriate manner. It is very helpful for a specific model. It is important for the business to start the business by considering the customers empathy. Along with value creation, value appropriation is important because it is the medium to bring the advantage in the company. Conclusion: The article of Itami and Nishino refers the categorization of business model that is profit model and business system. Profit model consider as the assumption of earning more profit in certain time. Business system targets the customer and takes care of their need by providing good services and products. It gives preference to the dynamic approach. To make sustainability in the business it encourages business to produce products at the level of inter-house as well and refers a well maintain business system. This article elaborates the business model in effeceint manner. Google and Toyota two main example based on this business model has been elaborated by this model which give proper understanding towards both kind of part profit model and business system. The process of innovation through business model is very challenging task. It is the form of transformational but it can be threaten for the firm if the use of innovation process ineffectively. The quality of innovation process is that generates new values and ideas for the customers. It finds the more opportunities for growth.

Digital Fortress Review Essay Example

Digital Fortress Review Paper Essay on Digital Fortress I just handed over the session, namely, the subject of information security, when my hands got this book. The first 20 pages the author ochenvidno copied from some dvoishnika with cribs on the subject that I was going to take. About the fate of your anegdote very funny =) Perhaps, if this is not artless coincidence I would did not finish Because of the books merits -. like a pseudo-scientific literature. I call pseudo-book, which supposedly built on some scientific or historical fact, but by themselves are totally artistic. (Dumas loved to do in this genre, but it will not compare Dumas and Brown) We will write a custom essay sample on Digital Fortress Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Digital Fortress Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Digital Fortress Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer I like because it is somehow repelled by reality. We must pay tribute to Brown, so that What, and he knows how to make a start. But not fly. Maybe its a completely disorderly translation, or maybe careless writings. But it was read to me boring. Neither you paint, either you or less action, when turning the pages at lightning speed, so in your imagination for a moment is perfect to move heroes . then I probably dozed P . Between preparing for exams . as a sleep aid book that we should . Heroes flat. . Which is not saturated, no description is not outwardly, nor is characteristic Heres the positive traits are sympathetic hero. Here you otridtsatelnye its untrusted I do not like when the reader as to the rams.. I do not like when you do not leave a choice. Read the book, if you have the time, if you suffer from insomnia, or if you like to pop pseudo-scientific literature.

Finding My Passion essays

Finding My Passion essays Ive participated in many sports and extracurricular activities throughout my life; gymnastics, cheerleading, dancing, piano and French classes but somehow I've always ended up quitting all of them. Much of this has to do with my personality - I tend to be a bit lazy. I limit myself by maintaining an "average" life, even though I'm fully capable of reaching a great success. When it comes to personality, my mother is my complete opposite. She's a very dedicated person and expects a lot from herself. She always gives her best and is the type of person who never gives up. As her daughter, I've witnessed what happens when we live our lives with high personal expectations. And learning from her, simply by watching her live her life, may be what leads me to making decisions that lead to a happy and successful life. In early November of 2005, I was on a swim team and I had two very important dates coming up on the calendar: one of the most significant swim competitions of the year and my 16th birthday. The swim competition was an obsession for my mother. She couldnt believe I hadnt quit the swim team and she was so proud and happy for me. But this enthusiasm was putting a tremendous amount of pressure on me. As the day of the swim meet approached, my nerves seemed to increase with each passing second. Before I knew it, it was the day of the competition. My mother took me to school that morning and I hoped that somehow I could find the time to relax and clear my mind. I arrived to class before the other students and the room was empty. As soon as I sat at my desk, all my friends walked in singing happy birthday and carrying an enormous cake and gifts. I was so touched that I didn't even think about the swim competition for the rest of the day. But as soon as the last school bell rang, my nerves kicked into overdrive. I knew it was time to go home and begin getting ready to compete. While I was walking to my bus, my th...

New drug that significantly improved performance on a learning task in Essay

New drug that significantly improved performance on a learning task in human - Essay Example This electrical impulse is one unit of neural information. An electrical impulse flowing along the length of a neuron is called nerve impulse. Nerve impulses are unidirectional within a neuron – from the dendrite through the cell body and axon, to the axon terminals. In addition, neurons produce nerve impulses in an all-or-nothing way. For example, if the stimulus that a neuron receives is too weak to trigger a nerve impulse, nothing happens – the neuron does not initiate an impulse. However, if the stimulus is strong enough, the neuron does initiate an impulse. What happens when an impulse reaches the end of one neuron and move to another neuron? The junction between two neurons or between a neuron and a muscle is called a synapse. The two cells involved in a synapse do not physically touch each other instead they are separated by a small space. The cell that carries the impulse to the synapse is the synaptic cell and the cell that receives the impulse is the postsynaptic cell. When an impulse that is travelling along the postsynaptic cell reaches the end of the axon, it causes the cell to release molecules known as neurotransmitters. These molecules are released into the synapse and diffuse approximately 20 millionths of a millimetre to where they bind with receptors on the dendrites of the postsynaptic cell. When neurotransmitters bind to the receptors, the charge across the postsynaptic membrane changes and if the change is great enough, it triggers a nerve impulse, the nerve impulse then travels along the postsynaptic cell. Dopamine (DA) is a predominant catecholamine neurotransmitter in the mammalian brain where it controls a variety of functions including locomotor activity, cognition, emotion, positive reinforcement, etc. The chemical is naturally produced in the body (brain region). Dopamine, the neurotransmitter activates dopamine receptors. In addition,

Strategic Management Accounting System Essay Example | Topics and Well Written Essays - 2000 words

Strategic Management Accounting System - Essay Example It further explains the control procedures expected at the three levels of management control (strategic, tactical and operational) and provides a discussion of how control is exercised and information required at each management level, relates to Highline Co. Ltd. The traditional management accounting systems are of minimal use in the preparation of the strategic plans, monitoring of achievement process of predetermined objectives of the organization and performance evaluation of the employees. The failure of traditional accounting systems have triggered the process of research in order to find out the suitable methods which can eke the changing business techniques in order to achieve the organisational objectives in today's global business environment (Ittner & Larker, 1998). According to the evaluation of the manufacturing data in different companies it has been found that the manufacturing has been transformed. Labour cost is no more considered as the significant cost of manufacturing, it has been replaced by the overhead cost which has become a significant cost of manufacturing process. This change has reduced the usefulness of the traditional accounting techniques. By undertaking the examination of the material cost and labour cost data the validity and generality of these claims can be tested. Moreover, the extent to which manufacturing has changed over time and the nature of these changes can also be examined. This can help the management of the company in designing an effective and up to date management accounting system according to the current needs of the company. The changing products and management styles have reduced the usefulness of cost accounting and management control systems in the modern age of information technology which were previo usly used in many organizations. Decline in Direct Labour: The automation of the machinery assembling plant in the company has reduced the number of labour used in the production process. Labour cost constitutes a small portion of the manufacturing costs and the overhead costs have become the major constituent of the manufacturing cost. The changing trend has also raised the level of manufacturing overhead which represents 33% of the total manufacturing cost in the company. Due to the changing pattern of manufacturing process the traditional cost systems also tend to fail in the true valuation of cost. It has been noted that the management has taken inaccurate decisions and adopted strategies which have restrain the manufacturing process. In order to confirm the above assertions the management can gather data to analyze two important issues: 1. The production labour has declined as a percentage of total manufacturing costs. 2. The ratio of the total wage expenditures to production wages has been increased for all, most, or some manufacturing companies over time. (Boer and

Foreign Press vs. U.S. Press Essay Example | Topics and Well Written Essays - 750 words

Foreign Press vs. U.S. Press - Essay Example When people were still in shock the next bomb exploded creating wider chaos and fear everywhere. A lot of bodies were left in pieces with boots of police officers scattered all over the scene along with several severed hands. Thereafter ambulances began evacuating casualties of what remains of the dead bodies and injured people. The injured and victims were then taken to hospitals bloodied and bandaged they lay on the floor because of the beds that were already filled with patients. Chaotic scenes unfolded as the doctors and nurses tended to the patients and security officials who were also brought as more victims. Within an hour another bomb exploded taking the list to three bombs all in one day; the last bomb injured almost 8 more security officials. It was evident that this bomb along with other terrorist activities aimed at police officials only; however it was considered the worse since February. Comparison The news are reported by the USA press (Voice of America) and the Foreig n Press ( Khaleej times). Good comparisons of both are given below. Commonalities: There are various commonalities in facts and general information where both citations are mostly similar. Both reports clearly mention 27 people killing in northern city of Iraq. The area that was the blasted, that is, Kirkuk was even correctly identified. Other details that included, the bombs rushing the policemen out of their headquarters, three bombs all in one day, the location of bomb i.e. parking area near police station and the third bomb being planted on the road was even clearly pointed out by both press. The number figures mainly eight wounded security officers, second bomb occurring within minutes, the third within an hour were also some of the accurate approximates. Differences: The reports from US press (voice of America) had a very short note due to which places of disparities reduced naturally in the report. Still in some areas the problem was sighted this included mainly in the title. Whereeas th Foreign Press (Khaleej Times) mentioned two bombs killing 27 people the USA Press (Voice of America) mentioned series of bomb killing 27 people. At first side any addressee would comprehend the word â€Å"series† as more than two bombs, which could be a wrong view, thus the title could be said as an exaggerated one to draw attention. The second difference sighted were in the distance of Kirkuk from north of Baghdad. Where Foreign Press (Khaleej Times) mentioned 290 kilometers the USA Press (Voice of America) mentioned it as 250 kilometers. This was a factual data and such error must not have occurred. News # 2: At least 18 killed in Baghdad jail fight The article reported the killing in Baghdad prison flight. It all started when one of the Al-Qaeda leaders, Huthaifa al-Battawi, who was reported as the Emir of Baghdad and also the planned attacker at a Catholic Church, wrestled with one of the security guards in an attempt to flee off the prison with other of his inmates. In fighting between the security officers and the prisoners he got killed along with many others from security guards and prisoners either injured or killed. Commonalities: Both the USA Press (Voice of America) and the Foreign Press (Khaleej times) agreed on Huthaifa al-Battawi death, his wrestling for gun from a guard and him being the one who planned attack at Catholic Church back in October . Differences: There are various

Construction of a Research Questionnaire

Construction of a Research Questionnaire Construction of appropriate questionnaire items Section 2, Question 3 Describe what is involved in testing and validating a research questionnaire. (The answer to question 3 should be no fewer than 6 pages, including references) The following criteria will be used in assessing question 3: Construction of appropriate questionnaire items Sophistication of understanding of crucial design issues Plan for use of appropriate sampling method and sample Plan to address validity and reliability in a manner appropriate to methodology In order to construct an appropriate research questionnaire, it is imperative to first have a clear understanding of the scope of the research project. It would be most beneficial to solidify these research goals in written form, and then focus the direction of the study to address the research questions. After developing the research questions, the researcher would further read the related literature regarding the research topic, specifically searching for ideas and theories based on the analysis of the construct(s) to be measured. Constructs are essentially mathematical descriptions or theories of how our test behavior is either likely to change following or during certain situations (Kubiszyn & Borich, 2007, p. 311). It is important to know what the literature says about these construct(s) and the most accurate, concise ways to measure them. Constructs are psychological in nature and are not tangible, concrete variables because they cannot be observed directly (Gay Airasian, 2003 ). Hopkins (1998) explains that psychological constructs are unobservable, postulated variables that have evolved either informally or from psychological theory (p. 99). Hopkins also maintains that when developing the items to measure the construct(s), it is imperative to ask multiple items per construct to ensure they are being adequately measured. Another important aspect in developing items for a questionnaire is to find an appropriate scale for all the items to be measured (Gay Airasian, 2003). Again, this requires researching survey instruments similar to the one being developed for the current study and also determining what the literature says about how to best measure these constructs. The next step in designing the research questionnaire is to validate it-to ensure it is measuring what it is intended to measure. In this case, the researcher would first establish construct validity evidence, which is ensuring that the research questionnaire is measuring the ideas and theories related to the research project. An instrument has construct validity evidence if its relationship to other information corresponds well with some theory (Kubiszyn Borich, 2007, p. 309). Another reason to go through the validation process is to minimize factors that can weaken the validity of a research instrument, including unclear test directions, confusing and/or ambiguous test items, and vocabulary and sentence structures too difficult for test takers (Gay Airasian, 2003). After developing a rough draft of the questionnaire, including the items that measure the construct(s) for this study, the researcher should then gather a small focus group that is representative of the population to be studied (Johnson, 2007). The purpose of this focus group is to discuss the research topic, to gain additional perspectives about the study, and to consider new ideas about how to improve the research questionnaire so it is measuring the constructs accurately. This focus group provides the researcher with insight on what questions to revise and what questions should be added or deleted, if any. The focus group can also provide important information as to what type of language and vocabulary is appropriate for the group to be studied and how to best approach them (Krueger Casey, 2009). All of this groups feedback would be recorded and used to make changes, edits, and revisions to the research questionnaire. Another step in the validation process is to let a panel of experts (fellow researchers, professors, those who have expertise in the field of study) read and review the survey instrument, checking it for grammatical errors, wording issues, unclear items (loaded questions, biased questions), and offer their feedback. Also, their input regarding the validity of the items is vital. As with the other focus group, any feedback should be recorded and used to make changes, edits, and revisions to the research questionnaire (Johnson, 2007). The next step entails referring to the feedback received from the focus group and panel of experts. Any issues detected by the groups must be addressed so the research questionnaire can serve its purpose (Johnson, 2007). Next, the researcher should revise the questions and research questionnaire, considering all the input obtained and make any other changes that would improve the instrument. Any feedback obtained regarding the wording of items must be carefully considered, because the participants in the study must understand exactly what the questions are asking so they can respond accurately and honestly. It is also imperative to consider the feedback regarding the directions and wording of the research questionnaire. The directions of the questionnaire should be clear and concise, leaving nothing to personal interpretation (Suskie, 1996). The goal is that all participants should be able to read the directions and know precisely how to respond and complete the questionnaire. To bet ter ensure honesty of responses, it is imperative to state in the directions that answers are anonymous (if applicable), and if they mistakenly write any identifying marks on the questionnaire, those marks will be immediately erased. If that type of scenario is not possible in the design of the study, the researcher should still communicate the confidentiality of the information obtained in this study and how their personal answers and other information will not be shared with anyone. Whatever the case or research design, the idea is to have participants answer the questions honestly so the most accurate results are obtained. Assuring anonymity and/or confidentiality to participants is another way to help ensure that valid data are collected. The next phase entails pilot-testing the research questionnaire on a sample of people similar to the population on which the survey will ultimately be administered. This group should be comprised of approximately 20 people (Johnson, 2007), and the instrument should be administered under similar conditions as it will be during the actual study. The purpose of this pilot-test is two-fold; the first reason is to once again check the validity of the instrument by obtaining feedback from this group, and the second reason is to do a reliability analysis. Reliability is basically the degree to which a test consistently measure whatever it is measuring (Gay Airasian, 2003, p. 141). A reliability analysis is essential when developing a research questionnaire because a research instrument lacking reliability cannot measure any variable better than chance alone (Hopkins, 1998). Hopkins goes on to say that reliability is an essential prerequisite to validity because a research instrument must c onsistently yield reliable scores to have any confidence in validity. After administering the research questionnaire to this small group, a reliability analysis of the results must be done. The reliability analysis to be used is Cronbachs alpha (Hopkins, 1998), which allows an overall reliability coefficient to be calculated, as well as coefficients for each of the sub-constructs (if any). The overall instrument, as well as the sub-constructs, should yield alpha statistics greater than .70 (Johnson, 2007). This analysis would decide if the researcher needs to revise the items or proceed with administering the instrument to the target population. The researcher should also use the feedback obtained from this group to ensure that the questions are clear and present no ambiguity. Any other feedback obtained should be used to address any problems with the research questionnaire. Should there be any problems with particular items, then necessary changes would be made to ensure the item i s measuring what it is supposed to be measuring. However, should there be issues with an entire construct(s) that is yielding reliability and/or validity problems, then the instrument would have to be revised, reviewed again by the panel of experts, and retested on another small group. After the instrument goes through this process and has been corrected and refined with acceptable validity and reliability, it is time to begin planning to administer it to the target population. After the research questionnaire has established validity and reliability, the next step is to begin planning how to administer it to the participants of the study. To begin this process, it is imperative to define who the target population of the study is. Unfortunately, it is often impossible to gather data from everyone in a population due to feasibility and costs. Therefore, sampling must be used to collect data. According to Gay and Airasian (2003), Sampling is the process of selecting a number of participants for a study in such a way that they represent the larger group from which they were selected (p. 101). This larger group that the authors refer to is the population, and the population is the group to which the results will ideally generalize. However, out of any population, the researcher will have to determine those who are accessible or available. In most studies, the chosen population for study is usually a realistic choice and not always the target one (Gay Airasian, 2003). After choosing the population to be studied, it is important to define that population so the reader will know how to apply the findings to that population. The next step in the research study is to select a sample, and the quality of this sample will ultimately determine the integrity and generalizability of the results. Ultimately, the researcher should desire a sample that is representative of the defined population to be studied. Ideally, the researcher wants to minimize sampling error by using random sampling techniques. Random sampling techniques include simple random sampling, stratified sampling, cluster sampling, and systematic sampling (Gay Airasian, 2003). According to the authors, these sampling techniques operate just as they are named: simple random sampling is using a means to randomly select an adequate sample of participants from a population; stratified random sampling allows a researcher to sample subgroups in such a way that they are proportional in the same way they exist in the population; and cluster sampling randomly selects groups from a larger population (Gay Airasian, 2003). Systematic sampling is a form of s imple random sampling, where the researcher simply selects every tenth person, for example. These four random sampling techniques, or variations thereof, are the most widely used random sampling procedures. While random sampling allows for the best chance to obtained unbiased samples, sometimes it is not always possible. Therefore, the researcher resorts to nonrandom sampling techniques. These techniques include convenience sampling, purposive sampling, and quota sampling (Gay Airasian, 2003). Convenience sampling is simply sampling whoever happens to be available, while purposive sampling is where the researcher selects a sample based on knowledge of the group to be sampled (Gay Airasian, 2003). Lastly, quota sampling is a technique used in large-scale surveys when a population of interest is too large to define. With quota sampling, the researcher usually will have a specific number of participants to target with specific demographics (Gay Airasian, 2003). The sampling method ultimately chosen will depend upon the population determined to be studied. In an ideal scenario, random sampling would be employed, which improves the strength and generalizability of the results. However, should random sampling not be possible, the researcher would mostly likely resort to convenience sampling. Although not as powerful as random sampling, convenience sampling is used quite a bit and can be useful in educational research (Johnson, 2007). Of course, whatever sampling means is employed, it is imperative to have an adequate sample size. As a general rule, the larger the population size, the smaller the percentage of the population required to get a representative sample (Gay Airasian, 2003). The researcher would determine the size of the population being studied (if possible) and then determine an adequate sample size (Krejcie Morgan, 1970, p. 608). Ultimately, it is desirable to obtain as many participants as possible and not merely to achieve a m inimum (Gay Airasian, 2003). Lastly, after an adequate sample size for the study has been determined, the researcher should proceed with the administration of the research questionnaire until the desired sample size is obtained. The research questionnaire should be administered in similar conditions, and potential participants should know and understand that they are not obligated in any way to participate and that they will not be penalized for not participating (Suskie, 1996). Also, participants should know how to contact the research should they have questions about the research project, including the ultimate dissemination of the data and the results of the study. The researcher should exhaust all efforts to ensure participants understand what is being asked so they can make a clear judgment regarding their consent to participate in the study. Should any of the potential participants be under the age of 18, the researcher would need to obtain parental permission in order for th em to participate. Lastly, it is imperative that the researcher obtain approval from the Institutional Review Board (IRB) before the instrument is field-tested and administered to the participants. People who participate in the study should understand that the research project has been approved through the universitys IRB process. References Gay, L. R., Airasian, P. (2003). Educational research: Competencies for analysis and Applications (7th ed.). Upper Saddle River, NJ: Pearson Education, Inc. Hopkins, K. D. (1998). Educational and psychological measurement and evaluation (8th ed.). Boston: Allyn Bacon. Johnson, J. T. (2007). Instrument development and validation [Class handout]. Department of Educational Leadership Research, The University of Southern Mississippi. Krejcie, R. V., Morgan, D. W. (1970). Determining sample size for research activities. Educational and Psychological Measurement, 30, 607-610.k Krueger, R. A., Casey, M. A. (2009). Focus groups: A practical guide for applied research (4th ed.). Thousand Oaks, SA: Sage Publications, Inc. Kubiszyn, T., Borich, B. (2007). Educational testing and measurement: Classroom application and practice (8th ed.). Hoboken, NJ: John Wiley Sons. Suskie, L. A. (1996). Questionnaire survey research: What works (2nd ed.). Tallahassee, FL: Association for Institutional Research.

Historical Criticism of Mans Fate :: essays papers

Historical Criticism of Mans Fate Man’s Fate is a fictional story based on the 1927 Chinese revolution in Shanghai. The main characters, Ch’en, Kyo, May, Katov, and Old Gisors represent different facets of Malraux’s belief system and personality. The story opens where Ch’en is in the room of a sleeping man who he’s about to assassinate. The assassination of the businessman can be seen as the destruction of the capitalism Malraux saw as the cause of the â€Å"oppressed and exploited Chinese† (Greenlee 59). Malraux came from a broken home and had great empathy for the working class. As Ch’en is holding the dagger, he focuses on his victim’s foot because he is about to destroy a living thing. Ch’en is conflicted â€Å"†¦torn by anguish: he was sure of himself, yet at the moment he could feel nothing but bewilderment † (3). We can see Malraux’s own conflict here. In 1923, Malraux made a trip to Cambodia where he and his wife, Clara, â€Å"...were arrested by the Surete and charged with archaeological theft a moral failure that Malraux now at last recognized in himself† (Lebovics) Assassination and violence were a common occurrence in China during the revolutionary years. The peasants were abused by the wealthy citizens and landowners,...it was from among their relatives and protà ©gà ©s that those who oppressed and lived off the peasantry were recruited: the bailiffs and stewards who not only collected the rents and debts due to their masters, but also took a substantial cut for their own benefit; the tax-gatherers in whose registers the landlords’ holdings were on an authorized ‘special list’, allowing them to pay taxes in inverse proportion to their wealth, or not at all. (Chesneaux 81-82). Malraux wants his readers to understand the reasons behind the revolt. Time and again, Malraux draws vivid scenes of violence and deprivation. The meeting place to which Ch’en flees after the assassination is that of a poor European shopkeeper, Hemmelrich. â€Å"At last a squalid shop † (11). Kyo is the main character in the story; he is determined to do everything in his power to lead the Shanghai revolt. â€Å"Kyo was one of the organizers of the insurrection, the Central Committee had confidence in him.† (14). Kyo wanted to see fairness for the proletariats. Likewise, Malraux was involved in leftist politics.

Professional Associations Membership Essay

As individual members of ANNA and together as an organization, we intend to act consistently with our core beliefs that: Nephrology nurses have an opportunity and responsibility to enhance the quality of care delivered to people with kidney disease. ANNA as an organization has the responsibility to provide sound educational programs necessary to develop, maintain, and augment competence in practice, ANNA must support research to develop evidence- based practice, as well as to advance nursing science We benefit as an organization and as individuals when we embrace and nurture diversity in all of its dimensions. Registration fee is $75.00/annual membership (full member rn) Contact anna American nephrology nurses’ association East holly ave., box 56 Pitman, NJ 08071 888-600-2662 ann@ajj.com Join us for the 45th Anna National symposium in Orlando, Florida April 19-22 2015 Passionate Leadership: Soaring to New Heights will be presented by Donna Cardillo, MA, BS, RN,. Today’s nursing leaders are challenged like never before, and are also in a unique position to have greater impact on the future of nursing and of health care. This session will show you how to get primed, pumped-up, and supercharged for the coming decade in kidney disease. Workshops and conferences given by guest speakers; new evidence practice new studies that help patients live with kidney disease. References: American Nephrology Nurses Association www.annanurse.org/

One Flew over the Cukos Nest Essay Example

One Flew over the Cukos Nest Essay Example One Flew over the Cukos Nest Essay One Flew over the Cukos Nest Essay There are several interesting and complex characters throughout One Flew Over the Cuckoos Nest by Ken Kesey. Two of the most fascinating are the books main protagonist, Randle McMurphy, and antagonist, Nurse Ratched. Randle is definitely my favorite characters, while Nurse Ratched is my least favorite. Randle McMurphy, was sane man who was pretending to be insane in order to avoid being incarcerated in prison. He is my favorite character due to the way he matures throughout the book and stands up for what he believes in. At the onset of the story, he is a loud, boorish man who is convicted of battery, a seemingly hopeless cause. However, as the book progresses, he begins to change the lives of the patients in the insane asylum in which he resides by showing them how to take revenge on Nurse Ratched. He even gives one man enough courage to break out of the ward, which he was unrightfully imprisoned in, and start his life anew. This shows the heroism that Randall possessed despite being a convicted felon, and why he was my favorite character. Nurse Ratched, the head nurse of the ward and oppressor of the patients, was undoubtedly my least favorite character in the story. Throughout the book, she relentlessly tortured the patients mentally unless they did exactly what she said. When Randall arrived at the ward, he convinced the patients that she could be defeated, and instills new hope in the asylum. Nurse Ratched hears of this, and she eventually gives Randall a lobotomy, rendering him unable to speak, and effectively ending his ability to unite the patients. This shows that Nurse Ratched was clearly the most despicable character in the book which was why she was my least favorite character. In One Flew over the Cuckoos Nest, there were many complex characters that could be analyzed for their good qualities as well as their bad. However, Randall plainly sticks out for his selflessness towards the other patients, while Nurse Ratched is notable for her nearly inhumane cruelty toward those patients.

Corporate Management Accounting Systems Are Inadequate For Todays Environment Accounting Essay Essay Example

Corporate Management Accounting Systems Are Inadequate For Todays Environment Accounting Essay Essay Example Corporate Management Accounting Systems Are Inadequate For Todays Environment Accounting Essay Essay Corporate Management Accounting Systems Are Inadequate For Todays Environment Accounting Essay Essay Corporations are now-a-days implementing distinguishable accounting system to keep its informations that helps organisation in specifying their immense informations in an effectual and efficient mode. In the big organisations accounting director can notavoid effectual accounting system beacuse it helps their corporation to do rational determinations, and can hold convenient entree. The ground that accounting systems are ineffective for today s environment because of the complexness of the immense information that is exemplifying each item. Corporation needs such direction accounting system that will carry through the demands of corporation with regard to the current environment. In fabricating industries natural stuff is purchased and transport in many of the parts. The continous transmutation rise this job because many of the states confronting job related to the external environemnt such as political, economical, technological, socialogical, and legal. In order to cover with this c omplex state of affairs the corporations must follow such acconting system that fulfill the demands of the organisation, and have easy entree of the system, which incur low cost. The large corporations are dependend on a alone extremely specialised which makes large difference for these organisations. Corporate direction accounting systems are unsubstantial for the current environment. In this epoch of progress or fast technological alteration, riotously planetary and domestic competition, and monstrous expension of information ongoing proficiency, direction accounting system is non accomodating appropraite information on order to put to death the control, merchandise costing and achievement appraisal undertakings of directors. The direction accounting system play an of import function it has the simple map in doing fiscal budget of each section and implement it in an efficient mode. These direction accounting systems are extremely expensive that is why corporation demand such system that incur low cost and carry through their demands. Most of the accoutning system charge on the monthly footing and corporation have limited entree in term of figure of uses.The corporation has to give preparation, initaiy the job will accour for few months, and corporation besides has to do certain that their employees will be feeling secure with this engineering. In order to manage this accounting system the corporations need specialized worker or single holding high potency in utilizing and managing the accounting package this is the ground organisation has to pass a batch on these direction accounting system. Now-a-day the cyber war is traveling on among different rivals the consequence is taking topographic point as hacking of the corporation informations, and the power failure occur in most of the states. The corporation should do certain that the consequence will be accurate and timely. Few jobs can be occur like unappropraite package or hardware which is non suporting the direction accounting system. The cardinal function of the direction accounting system is to do it simplier or quicker that can easy implemented in the organizaion to do its concern scheme. After implementing the easing acounting system the corporation has to pass on these tactics throughtout the corporation. The corporation is non holding appropraite control over the accounting system because they need specialised worker. It is really true that corporate direction accounting systems are unequal for today s environment. As we know this is the clip of rapid technological alteration, globalisation, active planetary and domestic competition, and really much spread outing information processing capablenesss, direction accounting systems are unable to supply timely information for procedure control, merchandise costing and public presentation assessment activities of directors. Accounting is non a coating in itself, other than a agency of accomplishing concern triumph. The function of accounting information inside an organisation foremost and first is to do easy development and execution of concern ploy. Under this vision, concern direction is a changeless procedure of a ) formulating schemes b ) Communicating these schemes all the manner through the organisation degree Celsius ) Budding and traveling out tactics to set into pattern the schemes and vitamin D ) increasing and implementing controls to look into the success of scheme in footings of accomplishing planned aims of the organisation. Accounting has a function to play in each one and every measure in the direction process described above. Internal Accounting system s focal point is narrowly on bring forthing monthly gaining narrative. And in malice of the extended resources giving to computing machine in monthly footing grosss composing, the development does non estimate the existent rise or drop off in economical value that has occurred during the period. Management accounting studies are of small helping in operation directors as they attempt to decrease cost and acquire better productiveness. Regularly, the studies cut down productiveness for the ground that they requires runing directors to waste clip trying to grok and explicate reported discrepancies so as to hold small to make with pecuniary and proficient world of their operations. By non given that seasonably and supplying information systematically and doing it effectual or by concentrating on part such as direct labor that are relatively undistinguished in today s production state of affairs, the direction accounting system non merely be up to snuff by giving appropraite informations to caput of the section but largely it disconcert its concentration from factors that are serious for doing productive alterations efficaciously. Management accounting system besides deteriorate to do available the accurate merchandise costs. Costss are dispersed to merchandises by naif and subj ective step, often direct labour based, that do non stand for the demand made by every industry on the house s supply, even if simplistic merchandise costing method are sufficient for fiscal coverage demands. The methods defer values for stock list and or cost of goods sold with the purpose of fulfilling external coverage and scrutinizing necessities. The methods analytically prejudice and falsify costs of single merchandises. The usual fiction costs systems consist for many of the organisation s normally show the manner to immense cross subsidies across merchandises. When such distorted information correspond to the lone available informations merchandise costs the danger exist for incorrect rapprochement of merchandise monetary value, and its merchandise beginning, merchandise mix, and reaction to rival merchandises. Tonss of houses give the feeling to be falling victim to the danger. As a concluding point directors seek understanding to the short-term circle on the monthly footing net income and loss statement. Management accounting system takes attention of many hard currency disbursement for as disbursals of the clip in which they are completed even though these spendings will profit prospect periods.

Leisure sailing clothing Essay Example | Topics and Well Written Essays - 2500 words

Leisure sailing clothing - Essay Example The Company under analysis belongs to the latter scenario rather than the former one. There are four factors that will be examined under the titles shown below as follows; There are both big and small political forces that affect the way a company runs. This is especially in regard to the leisure sailing industry. First of all, since the person considering opening up the business under study is a foreign investor, then government regulations concerning foreign investment in the UK should be considered. This is because there will be some tariffs that have to be paid by the investor. But there are relatively few regulations in this area of trade currently in the UK. (Assmus and Farley, 1984) The government passed a competition policy in the year 1998 to regulate players or investors within industries that may have undue advantage over others in their arena of operation. This is an advantage for the investor because he is protected from unfavourable competition. Besides this, the investor also has to consider the fact that the UK is a signatory of the Kyoto Protocol; therefore he must make sure that the Company complies with environmental regulations set up by the government. The investor has to consider the country... Economic factors There are many economic factors that will affect the new investment. These may either be related to national issues or may be caused by some international factors too. There are very many players in the leisure sailing clothing industry and some of them may not be seen directly. This is because most companies in the UK that offer leisure sailing clothes do this as only apportion of their product offering. It may therefore not be very easy to detect such Companies as competitors in the market. The investor must put this in mind because he can be able to adjust his marketing strategies depending on what some of these competitors do. (Assmus and Farley, 1984) Another important factor that the Company should incorporate into its operation is the fact that the UK economy is relatively stable. This means that consumers have strong purchasing power. The Company can therefore engage in mass supplies because there is a ready and able market in the UK. In addition, the economy has long term prospects of improving. This implies the Company also has an opportunity to expand into there areas that have previously not been dealt with. The investor has to remember that the United Kingdom is part of the European Union. There are a number of implications that this has on any business running in that area. The first is that there may be stiff competition from other countries that belong to the region since trade barriers have been lifted. Also the introduction of a common currency will also affect the strength of the pound if the Company will be located in Britain. The Company can deal with stiff competition from other members of the EU through incorporation of outsourcing and knowledge management. The Company

Personal Leadership Development Plan Essay Example | Topics and Well Written Essays - 1250 words - 3

Personal Leadership Development Plan - Essay Example As is basic for these groups, I might be working in moderately little, cross-utilitarian assemblies with others, on the whole working a little set of records. Inside that group, my particular obligations could extend from City Manager, City Planner, Government Manager, Non-Profit Manager, Executive Assistant, or Chief of Administration, all of which I have experience finishing now through my different employments, volunteers, internships, and grounds associations. Imperative authority aptitudes in aggregations of the sort incorporate high assignment introduction, capacity to oblige and team up both remotely with the customers and inside the group, and the ability to boost bunch effectiveness through fitting undertaking division. While the examination of my outcomes from the collection of overviews and evaluations will offer a more definite dissection of how my current qualities play into or challenge those obligations, I feel that I to a great extent have a solid premise in those mea surements with evident room to develop and enhance later on. In general, I observe that I am a legit and minding diligent employee who values productivity and close flawlessness. Not just do I accept that these are critical models throughout my life, I observe that I proclaim these characteristics to others, on occasion setting a bar excessively high for any other person to arrive at. While I value the general capacity to be both strongly meticulous and for the most part minded, I do periodically become involved with the particulars of an assignment, staggering to demand that everything is executed simply right. Humorous in view of the extent to which I get a kick out of the chance to arrange things, I get amazing delight and fervor from spontaneity, maybe due to its irregularity. All the more formally, I have wide arriving at abilities, running from different sorts of managerial

Literary Analysis Essay Example | Topics and Well Written Essays - 750 words - 8

Literary Analysis - Essay Example Spayde (1998) further adds that formal training is a vital necessity, however power and class simultaneously plays significant role in the sector of education. For instance, the graduates from world class universities like Stanford and Harvard would be offered the designations at workplace to prepare the work schedules for those who have acquired their degree from a not so famous, regional college. The eminent journalist and novelist, Earl Shorris (Spayde, 1998, p.67) realized the flaws of the modern educational system and took initiative for starting up an Ivy League adult education course which was meant for the â€Å"Asians, whites, blacks and Hispanics† (p.67). On the first day of his lecture, Shorris (Spayde, 1998, p.67) addressed his students and let them know that â€Å"humanities† is not just a subject to be studied by the Rich strata of the society. The term â€Å"Humanities† embraces the entire world and its people. The concept of humanities teaches the students how to live, how to think and how to enjoy life. The subject enriches the readers by providing them a new perspective towards life. Spayde (1998) further recognizes several misconceptions about the term â€Å"education†. He states that â€Å"training† at a local computer school is an option considered suitable for the poor Americans. However technical training inevitably tur ns out to be obsolete after a few years. Spayde (1998) argues that â€Å"education† is nothing but a dialogue which carries different meanings for different societies. The present concept of education is merely making the students suitable for fighting the â€Å"global competitiveness† but Spayde (1998) states that despite of possessing specialized skills, these contemporary graduates lack â€Å"intellectual breadth† (p.68) which can only be learnt by the practice of humanities. The professor of environmental studies of Oberlin College defines the recent trend of

Focus on the Learner Essay Example for Free

Focus on the Learner Essay Student Background Veronica is a 31 year old elementary level student. She is originally from Ecuador and is currently residing in Birmingham and has been for the past 3 months. She is University level educated, as a graduate in Dentistry, and a native speaker of Spanish and is also fluent in Italian. Veronica has worked as a dentist in her families practice; she has learned English at a basic level and is able to converse in English at an elementary level. Her motivation for studying English is to increase her level of English language so that she may work as a dentist in England. She has been encouraged by her sister to move to the United Kingdom as the rate of pay in her home country she could not earn enough money. She is very motivated to learn English as she will be able to provide a better life for herself financially and will also be able to better communicate and therefore socialise with her friends from different cultures. Linguistic and Skills: Strengths and Weaknesses 1. Listening It is difficult to grade listening skills without actually setting a listening task. For the purpose of this report I will analyse the understanding of questions set in the interview as well as class observation of the learner. Veronica seems to understand what is said and did not stall in answering the questions. She is able to understand most task set in class with the teacher’s explanation, without requiring further help. However when she doesn’t understand an exercise, she will not respond to the task set and will check with classmates in order to complete the task. 2. Speaking Strengths Veronica is able to present her message in a relatively clear manner. She is a fast speaker, often the case with Spanish native speakers. She uses simple short sentences mainly in the present tense. (Lines 10/14). Weaknesses Veronica has difficulty with pronunciation, often not using stresses. She pronounces the word noisy as nosy as seen in line 13-14. However when I repeated the word in the correct manner, she quickly adopted the correct pronunciation. She uses the past simple to explain future plans as seen in line 20 and line 25.This is a grammar error also noted in her writing and reading task. Veronica uses ‘is’ instead of it ‘it is’ and makes the error of using in instead of at (as seen in line 20) to state future plan of studying at University, she also made the error of putting the before the lexical verb university Grammar Tense Veronica struggles with the future tenses. She uses ‘is’ to explain future plans as seen in line 20. Vocabulary Veronica displays a relatively good level of vocabulary, illustrated by words such a professional, principle and University (lines8/20/21). However at times she struggles to find the words she wants to explain which results in her mumbling ’inaudible’. Pronunciation Veronica struggles with pronunciation. This may be seen in words such as noisy, seen in line 13-14, and principle, line 8/20 Reading Strengths Veronica was able to complete the reading task without any prompt, in other words independently. She was able to read for the specific information, and seemed to be familiar with have and haven’t. She showed particular strength in writing full sentences with correct capital letters as well as an ability to recognise the correct punctuation and contractions making only a few errors. Weaknesses Veronica has made a few errors in the reading exercise. This may be seen through her answering, ‘it is’ instead of ‘it has’, when asked whether an individual has internet on their mobile phone. This perhaps illustrate that she may struggle with grammar. Veronica has also made a few mistakes in writing the correct punctuation, often rewriting the wrong sentence instead of correcting it as well as failing to put a full stop at the end of the sentence, as well as not using enough commas. This illustrates that Veronica who is although familiar with capital letters, punctuation, and contractions needs more support in this area. Writing Strengths Veronica is able to present her message relatively well; she is able to spell most word correctly. She illustrates a variety of words, therefore can be seen to have a good vocabulary for a learner at elementary level. She presents her ideas in logical manner, she states for example that her life in England is interesting and is able explain in more detail why she has written this. Her handwriting is very legible. She is able to use correct punctuation such as full stops and comma’s as well as contractions. Weaknesses Veronica has made a few spelling mistakes, often when words are difficult to spell such as profession which even native speaker struggle with. However even more importantly Veronica has struggled to use the capital letters in the correct manner, for example she writes Favourite instead of favourite and uses full stops to frequently instead of commas. She also struggles with the difference between is, has are and often makes errors in word order. Some of these mistakes such as wrong use of capital letter could also seen in reading task. Rationale for choice of Language area I have chosen to focus on grammar, most specifically on future tenses and future plans. In order to help improve Veronica’s improve her language skills in the area of tenses, as this is an area which is problematic for Veronica. Rationale for chosen skills area I have chosen to focus on speaking as this is an area which Veronica displays difficulty in as illustrated through the recording and may be seen in the transcript.

Essay --

Who Am I? A look inside Holden, Seymour, and Salinger from three acclaimed works. After World War II J.D. Salinger joined the ranks of the exceptionally adept authors that came about after the heinous second world war. Salinger, fueled by his experiences from the war, addressed many concerns and issues, most of which are timeless. Due to many of his astounding pieces, and his fresh outlook on society, is considered a phenomenal, classic, American author. One that is responsible for many renowned, coming of age novels, as well as a number of agonizing critiques of the society that has been cultured. The Catcher in the Rye and, â€Å"A Perfect Day for Bananafish† are two of his most acclaimed works, both wrestling with the concept concerning the conservation of innocence, a main talking point of Salinger. This is visible through many similarities between the two works. In The Catcher in the Rye, â€Å"A Perfect Day for Bananafish,† and, J.D. Salinger: A Life the characters share common internal conflicts regarding the people that they have become, thi s central conflict aids in conveying Salingers overwhelming claim that when faced with great ordeals, any figurative wounds attained, affect a person in every aspect of life. In The Catcher in The Rye Holden wrestles with the concept of the person that he has turned into. The colossal amount of struggles he has faced, and the lacerations he has gained have remained by his side, altering his everyday, mundane actions. Holden remarks on the painful transition between childhood and adulthood when he is in the Natural History Museum, he says that the, â€Å"best thing, though, in that museum was that everything always stayed right where it was.... Nobody's be different. The only thing that would be ... ...today. Salinger gained many mental and physical wounds during his time in the army, both affected his views on innocence and affected him as a person. Both The Catcher in the Rye, â€Å"A Perfect Day for Bananafish†, and J.D. Salinger: A Life have similar views on innocence, however, the way in which the protagonists experienced their realization on the topic was utterly different. In The Catcher in the Rye and, â€Å"A Perfect Day for BananaFish† as well as J.D. Salinger: A Life, Holden, seymour, and Salinger both find themselves with similar internal conflicts regarding the people they have become, in relation to their innocence. The self exploration the three underwent was due to the accumulation of anguish and grief. both The Catcher in the Rye and, â€Å"A Perfect Day for Bananafish† share similar insights, because of Salingers similar themes and his experience in the war.