Supply Chain Managment Innovation Policies - Business Creation

Question: Discuss about the Supply Chain Managment for Innovation Policies, Business Creation. Answer: Introduction Product development and supply chain is one of the most crucial management issues of a majority of business enterprises in various parts of the world. It not only requires knowledge and technical expertise to manage but also experience and proper management skills. Thus, the fact that I have high level of expertise in supply chain management does not necessarily mean that I may not have any problems in the restructuring of some aspects about Porsche. On that regard, the core purpose of this paper is to provide a discussion platform for analyzing some of the issues that are likely to come up in the course of my establishment and readjustment into the culture of the organization (Stadtler, 2002). 1. There are various underlying challenges that are likely to be encountered in the designing of a concurrent product and supply chain in regards to the key characteristics of the development chain at Porsche. To begin with, creation of a global procurement network that can respond to the procurement needs of the company is likely to be a challenge. More importantly, coming up with a reliable supply chain has always been regarded as one of the most difficult undertakings of most production and supply ventures. Consequently, Porsche will have to find a supplier that will be able to provide the required level of experience and expertise that is likely to make the company to remain at par in its production and supply links which is not an easy task to undertake (Miller, 2002). Another notable challenge that is likely to be encountered in the designing of a concurrent product and supply chain for the company is the underlying difficulties that are substantially involved in the designing and production of quality goods that are likely to satisfy the needs of the consumers. It should be noted that quality is primary tool that consumers would always use in the valuation of the goods and products that are supplied by the producers. Thus, to maintain its sustainability and underlying concurrent product and supply chain management Porsche has a great challenge to fulfill in ensuring that the goods that are produced are of high quality. Also, the fact that the company has decided to change its management means that it will also have the underlying challenge of ensuring that its product and supply chain are improved and concurrent (Stadtler, 2002). Another challenge that may be encountered in the designing of a product and supply chain is the underlying challenge that may be involved in the designing of cost effective production and supply channels. The current world has been subjected to tremendous increase in competition in various aspects of business. Thus, the only way of ensuring that business activities remain competitive and sustainable is by ensuring that production measures that are substantially employed are likely to boost the profit margins of the companies. More importantly, the core objective of any business firm is to make profit. Porsche will have to create a sustainable and concurrent production and supply chain. Thus, creating a cost effective way of production will be a major challenge that the company will have to face in the course of its transition (Morana, 2012). Far from that, Porsche is also likely to find difficulties in trying to adopt the most recent technology that is likely to create a concurrent and more reliable production and supply chain. It should be noted that the current world has been subjected to various technological changes lately and businesses have not been left behind. Companies and organizations are now using technological innovations to boost the effectiveness of their business activities and more so to ensure that they stay competitive in the various business ventures. Thus, the fact that Porsche will also have to undergo the transition means that the designing of effective technological innovation that is likely to boost the concurrence of the production and supply chain of the company means that it will be a difficult task to accomplish (Miller, 2002). 2. Porsche will achieve effective management of logistic costs by ensuring that a number of measures are in place. For instance, the company should ensure that its performance management is up to date. Performance management can be described as the capabilities of the company to identify its abilities, mobilize its workforce, and seizing opportunities. From my individual experience, performance management is clearly shown by how effectively a firm can come up with techniques that are likely to improve the performance scores of their workers. Moreover, the extent by which a given company can align its objectives with that of the employees for the betterment of their productivities is also an essential element of performance management. Furthermore, the underlying ability of organizations to mobilize its employees and resources for the betterment of its productivity has always been an essential element of performance management in HRM. Thus, if the company is to achieve effective manag ement of its logistic costs, performance management will be the best measure that can be employed to foresee the achievement of the objective (Rainey, 2012). The company can also boost the efficiency of managing its logistic costs by ensuring that employees are motivated through reward systems. Other than talent and performance managements, reward managements also a key rationale that is usually used by the HRM to boost their outcome to further levels. Consequently, awards and prizes are typically designed to nurture and encourage specific behaviors amongst the employees for them to meet the needs and objectives of the company. As far as talents are critical for the efficient performance of enterprises, reward systems are usually employed to attract the best talents into the enterprise. From my research studies, I learned that many organizations tend to use an array of rewards like; base pay, bonus, and equity ownership benefits at different levels of the organization to encourage the employees to do their best in their undertakings (Bakan Yildiz, 2010). Far from that, the company will also achieve responsiveness in its supply chain by cultivating good and healthy relationship amongst the employees. Improving the relationship between different employees at particular organizations has evolved into a fair practice that is usually employed by the HRM of companies. As far as the productivity of firms is concerned, enhancing the relationship between different employees is the best technique for fostering collaboration and teamwork at the organizational levels (Morana, 2012). Thankfully, the HRM systems of various organizations tend to enhance and necessitate effective communication amongst their employees as a way of boosting the relationship that exists between them. From my research studies, I learned that since the employees are engines that are designed to propel their companies, there are no better ways of working towards high production in enterprises other than through enhancing the good relationship between the employees. Thus, i f Porsche will have to a chive a workable and efficient responsiveness in its supply chain, ensuring that the employees are in good relations will be a major breakthrough for laying a foundation on that (Stadtler, 2002). Finally, the success of Porsche will rely on how its underlying culture will be cultivated to suit the accomplishment of its goals. The HRM systems of different firms tend to align the best strategies and organizational cultures that are usually aimed at improving their performance scores at various management levels. From my research studies, I learned that the best way of nurturing the management of companies is through the incorporation of competent and resilience leaders in running the affairs of organizations. In addition to that, the company should also ensure that its knowledge management measures are essentially effective. Consequently, firms that have useful techniques for retrieving information from the internet and other relevant platforms have high chances of performing competitively (Cantamessa Montagna, 2015). Therefore, other than using the knowledge that has been acquired to train its employees, the HRM systems of companies also tends to support the employees in attending constructive events and meetings that are likely to boost their knowledge. At the end of the day, the company should also determine whether it is effective in its production and supply measures or not. Perhaps, there are no better ways of measuring the performance scores of companies other through measuring their levels of excellence. That, way it becomes much easier for the HRM to understand where and what to improve on their fundamental practices to propel their organizations towards success. Most importantly, a majority of companies have been considering a push to enhance cost effectiveness of the best technique for promoting excellence in their respective organizations. At the same time, there are critical decisions that are primarily significant in foreseeing companies toward success. Hence, if Porsche is to attain the required efficiency that is required to succeed in supply chain management, it should ensure that the above mentioned interventions are adopted and followed to the latter (Kurke, 2010). 3. The postponement concept as well as repositioning of the push-pull boundary will substantially assist in developing an Assemble-To-Order (ATO) by providing a platform for making production strategies that are likely to constructive to the company. It should be noted that the idea behind ATO is to ensure that production of goods are usually done once the customers have communicated their needs to the company. Thus, repositioning concept will be an instrumental mechanism that will be employed to ensure that the goods that are produced by the company are profitable. It is also worth to note that ATO is usually a major tool that the company may employ to ensure that the goods that are produced are expensive and at the same time they are ordered before being supplied to the consumers. Perhaps, organizational excellence has grown into a core parameter that is usually used to rate different organizations at the global platform. As far as the HRM systems tend to focus on employees, they a lso improve their administration effectiveness to increase their decision-making skills and improving their outcome. Thus, it is extremely worth to consider HR functional excellence at the global level to act as the parameter for fro determining the most suitable strategy that should be employed in the operational ability of companies. ATO is a globally proven measure that can be employed to reduce the amount of risks that are likely to be encountered in production processes of companies by providing the underlying companies with platforms for positioning themselves and ensuring that they are able to produce goods that have been ordered (apolu, 2011). 4. Inventory management and risk pooling may be employed to explain ATO in the sense that it elaborates techniques that may be employed to ensure that risk is managed accordingly. Perhaps, the scope in the growth of risk management issues should have been predictable if not for some of the obstacles that are preventing professionals to define the extent of risks. For instance, the numbers of both man-made as well as natural disasters that are being recorded in various parts of the world are substantially increasing and unpredictable. Thus, the fact that ATO is a production strategy that usually waits for the call of the customers before the production of goods have been made means that is a great way for ensuring that the amount of risks that are likely to be encountered after goods have been produced have been minimized. It should be noted that not all the goods that are usually produced by companies are subjects to purchase by the consumers. Thus, ATO provides a different dimension for ensuring that the amount of risk that is involved in the business is minimized (Morana, 2012). Conclusion In conclusion, it is evident that the issue of product development and general supply chain management is a very sensitive issue. Therefore, human resource managers including the top management officials should always be careful in the delegation of duties that are related to product development and supply chain management to ensure smooth running of their companies and organizations. Besides that, they should also cultivate a culture that can easily accommodate the inclusion of flexibility measures in case of changes. More importantly, people should be advised to always create sustainable supply links as well as efficient techniques of production as a way of ensuring that they remain competitive and productive in the various underlying activities that are likely to be involved in their business activities (Miller, 2002). Bibliography Bakan, I. Bulent ,Y. Innovation Strategies and Innovation Problems in Small and Medium-Sized Enterprises: An Empirical Study.Innovation Policies, Business Creation and Economic Development(2010): 177-211. Web. Cantamessa, M. Francesca, M. Innovation in Business and Society.Management of Innovation and Product Development(2015): 1-15. Web. apolu, G. The Meaning of Innovation and Entrepreneurship in Developing Countries. Innovation Policies, Business Creation and Economic Development(2011): 85-91. Web. Kurke, L., B. The Phenomenology of Creativity, Innovation, and Entrepreneurship.Innovation Policies, Business Creation and Economic Development(2010): 95-111. Web. Miller, T. Production Planning And Scheduling.Hierarchical Operations and Supply Chain Planning(2002): 55-93. Web. Morana, J. Sustainable Supply Chain Management Balanced Scorecard.Morana/Sustainable Supply Chain Management Sustainable Supply Chain Management(2013): 139-65. Web. Rainey, D., L. Sustainable Business Development: Overview and Guiding Principles.Sustainable Business Development Inventing the Future through Strategy, Innovation, and Leadership(2012): 13-71. Web. Stadtler, H. Production Planning and Scheduling.Supply Chain Management and Advanced Planning(2002): 177-93. Web.

Symbollism In Goodman Brown Essay Research Paper free essay sample

Symbollism In Goodman Brown Essay, Research Paper The Symbolism in Nathan Hawthorne # 8217 ; s # 8220 ; Young Goodman Brown # 8221 ; begins before the narrative starts. The first mark of symbolism is in the rubric of the narrative. The word # 8220 ; immature # 8221 ; is used in stating that Mr. Brown is immature in his matrimony and in his adulthood. The following word # 8220 ; Goodman # 8221 ; was a term used in Hawthorne # 8217 ; s twenty-four hours as a adult male under a gentleman. This fits Mr. Brown because he is no 1 special, merely to his friends and household. Symbolism is strewn throughout the narrative in what seems like every word. In the beginning of the narrative, the phrase # 8220 ; Faith, as the married woman was so competently named # 8221 ; shows that the word # 8220 ; Faith # 8221 ; is non merely his married woman # 8217 ; s name, instead it is besides the # 8220 ; Faith # 8221 ; one must hold to believe in faith. Mr. Brown # 8217 ; s religion is tested in this narrative to find wether or non he is good or evil. We will write a custom essay sample on Symbollism In Goodman Brown Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Second, when he is go forthing and his married woman is imploring that he remain. This is atrocious near the state of affairs subsequently in the narrative where his female parents shade is seeking to keep him back. Yet, Mr. Brown tells his married woman that # 8220 ; My journey, as thoust call it, Forth and back once more must be done # 8216 ; twixt now and sunrise. # 8221 ; Taking a journey as she calls it like his male parent and his gramps had when they were immature. Once once more, subsequently in the narrative when his female parent tells him to remain back, the shade of his male parent is the 1 who tells him to travel on. When Mr. Brown enters the wood he says that # 8220 ; There may be a diabolic Indian behind every tree # 8221 ; ( which will be discussed subsequently ) and # 8220 ; What if the Satan himself should be at my really elbow. # 8221 ; These both symbolize what is to come. The first is the meeting with the Satan. When he meets the Satan, He is told that he is tardily. As if they were supposed to run into. This could be related to people holding at that place certain clip to run into # 8220 ; Death # 8221 ; as it were. Mr. Brown does non oppugn at that place meeting, instead he says that # 8220 ; Faith # 8221 ; held him back. Faith is used once more as a symbol. The first being that his married woman Faith held him back. The other being that religion in God held him back from traveling to the Devil. As Mr. Brown goes deeper in Thursday vitamin E forest with the Devil, he notices his staff which resembles a snake. This is evidently a literary fable to the narrative of Adam and Eve in the Bible in which a snake, the most crafty and keen of all animate beings, convinces Eve to eat from the tree of cognition. This seems like a symbol where subsequently on in the narrative, When Mr. Brown is deeper in the wood, he learns things about the people in the town that he neer knew, nor did he desire to cognize. As Mr. Brown goes further into the wood with the Devil, the Devil begins to utilize people that Mr. Brown knows to interrupt him. First by stating that he was with his male parent while firing enchantresss in earlier old ages, besides by demoing him Goody Close in the wood picking up the staff that the Devil throws down at her pess without any statement. Sing this breaks him but he still is strong. Finally he hears the voices of Deacon Gookin and the curate. They are speaking about traveling to a meeting deep within the wood. Mr. Brown knows nil of any church convention in the wood particularly where Indian # 8217 ; s may besides be. This is a mention to the earlier statement that a diabolic Indian could be behind any tree and now they is to be a meeting with them. Mr. Brown eventually ends his walk in the wood when he finds a assemblage of all the towns people deep within the wood. He is pulled into it by one of the people at that place and is brought up to be baptized by the Satan along with his married woman Faith. Here once more the word religion is used both in him loosening his married woman to the Satan and him losing his religion in God to the Satan. Finally when he is about to shout for his married woman to state no to the Devil he realizes he is against a cold stone and the subdivisions that were on fire trickle dew on him. He is diffident if he was woolgathering or if this incident really happened. He returns to the small town and continues to populate a # 8220 ; austere, a sad, a darkly meditative, a distrusting, if non despairing man. # 8221 ; Wether what happened was a dream or was existent doesn # 8217 ; t intend anything because either manner he doesn # 8217 ; t inquiry it that much screening that it would hold effected him the same both ways.

National Education Day Essay Example

National Education Day Essay Example National Education Day Essay National Education Day Essay A brief biography is given here Abul Kalam Azad Date of birth: 11 November 1888 Place of birth: Mecca, Ottoman Empire (now in Saudi Arabia) Date of death: 22 February 1958 Place of death: Delhi, India Movement: Indian independence movement Major organizations: Indian National Congress Maulana Abul Kalam Muhiyuddin Ahmed (11 November 1888 – 22 February 1958) was a Muslim scholar and a senior political leader of the Indian independence movement. He was one of the most prominent Muslim leaders to support Hindu-Muslim unity, opposing the partition of India on communal lines. Following India’s independence, he became the first Minister of Education in the Indian government. He is commonly remembered as Maulana Azad; he had adopted Azad (Free) as his pen name. As a young man, Azad composed poetry in Urdu as well as treatises on religion and philosophy. He rose to prominence through his work as a journalist, publishing works critical of the British Raj and espousing the causes of Indian nationalism. Azad became a leader of the Khilafat Movement during which he came into close contact with Indian leader Mahatma Gandhi. Azad became an enthusiastic supporter of Gandhi’s ideas of non-violent civil disobedience, and worked actively to organize the Non-cooperation movement in protest of the 1919 Rowlatt Acts. Azad committed himself to Gandhi’s ideals, including promoting Swadeshi (Indigenous) products and the cause of Swaraj (Self-rule) for India. He would become the youngest person to serve as the President of the Indian National Congress in 1923. As India’s Education Minister, Azad oversaw the establishment of a national education system with free primary education and modern institutions of higher education. He is also credited with the foundation of the University Grants Commission, an important institution to supervise and advance the higher education in the nation. Azad mastered several languages, including Urdu, Persian, Bengali, Arabic, and Hindi. He was also trained in the subjects of mathematics, philosophy, world history and science by reputed tutors hired by his family. An avid and determined student, Azad succeeded in completing the traditional course of study at the young age of sixteen, nine years ahead of his contemporaries. As Indias Education Minister, Azad oversaw the establishment of a national education system with free primary education and modern institutions of higher education. He is also credited with the foundation of the University Grants Commission (UGC), an important institution to supervise and advance higher education in the nation. The Ministry of Human Resource Development, had on September 11, 2008 announced, The Ministry has decided to commemorate the birthday of this great son of India by recalling his contribution to the cause of education in India. November 11 every year, from 2008 onwards, will be celebrated as the National Education Day, without declaring it a holiday. Maulana Abul Kalam Azad served as the Minister of Education in Pandit Jawaharlal Nehrus cabinet from 1947 to 1958. He died of a stroke on February 22, 1958. Maulana Azad had been appointed Indias first Minister for Education and served in the Constituent Assembly to draft Indias constitution. Azads persuasion was instrumental in obtaining the approval of Muslim representatives to end the communal electorates, and was a forceful advocate of enshrining the principle of secularism, religious freedom and equality for all Indians. He supported provisions for Muslim citizens to make avail of Muslim personal law in courts. [ As Indias first Minister of Education, he emphasized on educating the rural poor and girls. As Chairman of the Central Advisory Board of Education, he gave thrust to adult illiteracy, universal primary education, free and compulsory for all children up to the age of 14, girl’s education, and diversification of secondary education and vocational training. [17] Addressing the conference on All India Education on January 16, 1948, Maulana Azad emphasized,[17] â€Å"We must not for a moment forget, it is a birth right of every individual to receive at least the basic education without which he cannot fully discharge his duties as a citizen. He oversaw the setting up of the Central Institute of Education,Delhi which later became the Department of Education of the University of Delhi as â€Å"a research centre for solving new educational problems of the country†. [18] Under his leadership, the Ministry of Education established the first Indian Institute of Technology in 1951 and the University Grants Commission in 1953. ,[19][20] He also laid emphasis on the develo pment of the Indian Institute of Science, Bangalore and the Faculty of Technology of the Delhi University.

OLS estimation Assignment Example | Topics and Well Written Essays - 2500 words

OLS estimation - Assignment Example The respective means of these variables are 82.38, 80.77 and 44.66 and significant variability among the values taken by these variables is observed, implying a possibility that variations in attendance can potentially cause variations in marks. Other variables that can potentially affect performances in the course have to be accounted for to ensure a proper evaluation and so, â€Å"ability†, â€Å"age†, â€Å"hrss†, i,e., study hours are also explored. All these variables reflect strong variability and thus are all potential candidates as controls. (For details, see table 1 in appendix). Apart from simply looking at individual descriptive statistics, in order to obtain some idea about the interrelationships and potential causations, a table of scatter plots are also explored where â€Å"smarks† is the plotted as the y variable while â€Å"ability†, â€Å"age†, â€Å"hrss†, â€Å"alevelsa† â€Å"attl† as well as squared f orms of ability and attl as the x variables. From the plots (figure 2 in appendix), we find that both ability and its square seem to be positively correlated with marks. The variables â€Å"age† and â€Å"alevelsa† seem to have no associative patterns with marks. For attendance, our primary variable of interest, we find that there is evidence of clustering of values greater than the mean marks at the higher values of attl implying that higher lecture attendance rate is associated with better performances on average on the course. Further, it seems that there is some clustering at higher values of the squared lecture attendance rates. No correlation seems to be present between smarks and hrss from the last graph in the table. The interrelationships between these variables are important for regression specifications, since high correlations among independent variables may lead to multicollinearity. So, a scatterplot matrix is presented as figure 2 in the appendix. Theref ore, the summary statistics and the scatter plots, show that there is a strong possibility that class attendance influences performance along with other factors such as ability. Further, since some evidence of possible positive correlation between class performance as measured by â€Å"smarks† and the squares of â€Å"ability† and attendance, represented by â€Å"attl† were observed, the possibility of nonlinear dependence cannot be ignored. 2. Basic OLS estimation a) From the simple regression of smarks on an intercept and the variable â€Å"attl†, we find that attendance has a significant positive impact on performance1. The coefficient on attendance is close to 0.15 and has a t-stat value of 4.33>1.96, which is the 5% critical value for the t distribution under the null hypothesis that the coefficient is insignificant, i.e., is not statistically significantly different from zero. Additionally the intercept takes a value of 52.91 implying that the condi tional mean of â€Å"smarks† is 52.91 for students who have a zero attendance rate for lectures. This value is significant at the 5% level as well (t-stat value 19.06>1.96). However, the adjusted R-squared value is only 0.06 implying that only 6% of the variation of performance can be explained in terms of variations in lecture attendance rates. Therefore, the model fit is poor. b) Inclusion of ability and hours studied (hrss) leads to the impact of attendance rate falling to approximately 0.13 from 0.15, but the

Government grants for alternative energy research Proposal - 1

Government grants for alternative energy - Research Proposal Example Because of this, it is important for the United States to find alternative means of energy that are sustainable, and that create less dependence on foreign oil and other fossil fuels. President Obama has instituted a variety of measures that will cut down on the carbon emissions that influence climate change (Obama, 2010). Many people suggest that without an alternative method of fuel, the nation as we know it will change. Al Gore has presented information about how global warming is influencing the world as it is known today, and suggests that something must be done in order to slow the process down. Shown in these descriptions are the facts that there are many issues that must be addressed when looking at the world and how it currently uses fuel. If sustainable energies can be discovered and used, the world would be able to sustain itself better in the long run. Specific Claim Alternative fuels can promote a healthier environment and can create a more sustainable world. With the he lp of government grants to sponsor climate research, many more researchers can have the opportunity to identify those fuels that could help the environment. The discovery of these grants will be an opportunity to understand who is eligible to help in this endeavor and the amount of money that is being presented. Justification of The Claim Since President Obama took office, sustainable fuels have been a concern.

Managing financial resources and decisions JS and CO

Managing financial resources and decisions JS and CO JS and co is a medium sized retailer formed by two partners, James and Sainsbury, who are running it in the UK since 1869. The retailer specializes in quality food products but it sells other non-food products as well. This company got very good success in the market from the past three years. During this discussion we are going to discuss about this company sources of finance, finance as a source, financial decisions, and financial performance. The broad view of this company in our discussion: P1 (sources of Finance) P2 (Finance as a resource) P3 (Financial decisions) P4 (Financial performance) P1 (SOURCES OF FINANCE) IDENTIFY THE SOURCES OF FINANCE AVAILABLE TO THE BUSINESS When a company is growing rapidly, for example when contemplating investment in capital equipment, its current financial resources may be inadequate. Few growing companies are able to finance their expansion plans from cash flow alone. They will therefore need to consider raising finance from other external sources. In addition, managers who are looking to buy-in to a business or buy-out a business from its owners may not have the resources to acquire the company. They will need to raise finance to achieve their objectives. There are a number of potential sources of finance to meet the needs of a growing business Existing shareholders and directors funds Business angels Clearing banks (overdrafts, short or medium term loans) Factoring and invoice discounting Hire purchase and leasing Venture capital A key consideration in choosing the source of new business finance is to strike a balance between equity and debt to ensure the funding structure suits the business. The main differences between borrowed money (debt) and equity are that bankers request interest payments and capital repayments, and the borrowed money is usually secured on business assets or the personal assets of shareholders and/or directors. A bank also has the power to place a business into administration or bankruptcy if it defaults on debt interest or repayments or its prospects decline. ASSESSING THE IMPLICATIONS OF DIFFERENT SOURCES. Financial institutions that transcend national boundaries and engage in such activities as extensive inter bank contracts, over-the-counter derivatives contracts, quit, bond, and syndicated loan issuance, and trading activities globally has led to stronger interconnections, innovation, and growth. While tighter interdependencies can increase the efficiency of the global financial system by smoothing credit allocation and risk diversification, they have also increased the potential for cross-market and cross-border disruptions to spread swiftly. In addition, financial innovations have enabled risk transfers that were not fully recognized by financial regulators and institutions themselves, and have complicated the assessment of counterparty risk, risk management, and policy responses. Although linkages across institutions have traditionally focused on solvency concerns, the current crisis reminds us of the relevance of liquidity spillovers, specifically that (1) Interconnectedness means difficulties in rolling over liabilities may spill over to the financial system as a whole; and that (2) Rollover risk associated with short-term liabilities is present not only in the banking sector but, equally importantly, in the nonblank financial sector. Thus, it is essential to improve our understanding and monitoring of direct and indirect financial systemic linkages, including by strengthening techniques to assess systemic link-ages, and thereby contribute to making systemic-focused supervision feasible. Four complementary approaches to assess financial sector systemic linkages and focuses on this definition of systemic risk: 2 The network approach The co-risk model The distress dependence matrix The default intensity model CHOOSING THE APPROPRIATE SOURCE OF FINANCE FOR THE BUSINESS. There are a number of ways of raising finance for a business. The type of finance chosen depends on the nature of the business. Large organizations are able to use a wider variety of finance sources than are smaller ones. Savings are an obvious way of putting money into a business. A small business can also borrow from families and friends. In contrast, companies raise finance by issuing shares. Large companies often have thousands of different shareholders. To gain extra finance a business can take out a loan from a bank or other financial institution. A loan is a sum of money lent for a given period of time. Repayment is made with interest. The lender of money needs to know all the business opportunities and risks involved and will therefore want to see a detailed business plan. The lender may also want some form of security should the business run into financial difficulty, and may therefore prefer to provide a secured loan. Another way of raising short-term finance is through an overdraft facility with a bank. The borrower is given permission to take out more from their account than they have put in. The bank fixes a maximum limit for the overdraft. Interest is charged on the overdraft daily. Businesses may also qualify for grants. Government and private funds are sometimes made available to businesses that meet certain conditions. For example, grants and loans may be available to firms setting up in rural areas or where there is high unemployment. Out comes: By this module I understood the different long term and short term sources of finance with the implications of choice of one source over the other and any advantages and disadvantages of sources different sources of finance. P2 (FINANCE AS A RESOURCE) ASSESS AND COMPARE THE COSTS OF ABOVE MENTIONED SOURCES OF FINANCE. A company might raise new funds from the following sources: The capital markets: i) New share issues, for example, by companies acquiring a stock market listing for the first time ii) Rights issues  · Loan stock  · Retained earnings  · Bank borrowing  · Government sources  · Business expansion scheme funds  · Venture capital  · Franchising. Ordinary (equity) shares Ordinary shares are issued to the owners of a company. They have a nominal or face value, typically of $1 or 50 cents. The market value of a quoted companys shares bears no relationship to their nominal value, except that when ordinary shares are issued for cash, the issue price must be equal to or be more than the nominal value of the shares. Deferred ordinary shares Are a form of ordinary shares, which are entitled to a dividend only after a certain date or if profits rise above a certain amount. Voting rights might also differ from those attached to other ordinary shares. Ordinary shareholders put funds into their company: a) By paying for a new issue of shares b) through retained profits. New shares issues A company seeking to obtain additional equity funds may be: a) An unquoted company wishing to obtain a Stock Exchange quotation b) An unquoted company wishing to issue new shares, but without obtaining a Stock Exchange quotation c) A company which is already listed on the Stock Exchange wishing to issue additional new shares. EXPLAINING THE IMPORTANCE OF FINANCIAL PLANNING Financial planning it is a process which presents before an individual, organization or even a country, the current financial position and the adjustments in the spending pattern, in order to meet the goals. Importance of Financial Planning It is important to plan finances in order to reap long term benefits through the assets in hand. The investments that one makes are structured properly and managed by professionals through financial planning. Every decision regarding our finances can be monitored if a proper plan is devised in advance. The following points explain why financial planning is important. Cash Flow: Financial planning helps in increasing cash flow as well as monitoring the spending pattern. The cash flow is increased by undertaking measures such as tax planning, prudent spending and careful budgeting. Capital: A strong capital base can be built with the help of efficient financial planning. Thus, one can think about investments and thereby improve his financial position. Income: It is possible to manage income effectively through planning. Managing income helps in segregating it into tax payments, other monthly expenditures and savings. Family Security: Financial planning is necessary from the point of view of family security. The various policies available in the market serve the purpose of financially securing the family. Investment: A proper financial plan that considers the income and expenditure of a person helps in choosing the right investment policy. It enables the person to reach the set goals. DESCRIBE THE INFORMATION NEEDS OF DIFFERENT DECISION MAKERS. Commonly used indicators such as the gross national product (GNP) and measurements of individual resource or pollution flows do not provide adequate indications of sustainability. Methods for assessing interactions between different sectoral environmental, demographic, social and developmental parameters are not sufficiently developed or applied. Indicators of sustainable development need to be developed to provide solid bases for decision-making at all levels and to contribute to a self-regulating sustainability of integrated environment and development systems. (a) To achieve more cost-effective and relevant data collection and assessment by better identification of users, in both the public and private sectors, and of their information needs at the local, provincial, national and international levels; (b) To strengthen local, provincial, national and international capacity to collect and use multicultural information in decision-making processes and to enhance capacities to collect and analyze data and information for decision-making, particularly in developing countries; (c) To develop or strengthen local, provincial, national and international means of ensuring that planning for sustainable development in all sectors is based on timely, reliable and usable information; (d) To make relevant information accessible in the form and at the time required to facilitate its use. DESCRIBE THE IMPACT OF FINANCE ON THE FINANCIAL STATEMENTS. Financial statements (or financial reports) are formal records of the financial activities of a business, person, or other entity. All the relevant financial information of a business enterprise presented in a structured manner and in a form easy to understand, is called the financial statements. There are four basic financial statements: Balance sheet: also referred to as statement of financial position or condition, reports on a companys assets, liabilities, and Ownership equity at a given point in time. Income statement: also referred to as Profit and Loss statement (or a PL), reports on a companys income, expenses, and profits over a period of time. Profit Loss account provide information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state. Statement of retained earnings: explains the changes in a companys retained earnings over the reporting period. Statement of cash flows: reports on a companys cash flow activities, particularly its operating, investing and financing activities. For large corporations, these statements are often complex and may include an extensive set of notes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements. Outcome: By this module, I identify the costs of finance as a resource, how to make up a budget on the basis of given information and implication of failure to finance adequately. P3 (FINANCIAL DECISIONS) ANALYZE BUDGETS AND MAKE APPROPRIATE DECISIONS How much unbudgeted downside risk you should manage Worst-case scenario (given catastrophic losses) vs. regret The value (and cost) of compliance with regulations (for example, SOX) Real Options: The Value of Midcourse Corrections to Projects One of the fundamental insights of modern financial theory is that options have value. The phrase We are out of options is surely a sign of trouble. However, because corporations (and other organizations) make decisions in a dynamic environment, they usually have midcourse options that should be considered in project valuations: The Option to Abandon a project: Has value if return (or savings) turns out to be lower than expected The Option to Expand a project: Has value if return (or savings) turns out to be higher than expected The Option to Delay a project: Has value if the underlying variables are changing with a favorable trend The Option to Outsource a project: Has value if internal resources dont have required experience and expertise In practice, companies sometimes have other choices. They can delay the decision until later, when more information is available. Or, they can call in outside help, even after having deciding not to do so at the outset. Such investment timing options can dramatically affect a projects estimated mean NPV and risk. Projects that can easily be modified in these ways are more valuable than those that do not provide such flexibility. The more uncertain the outlook, the more valuable this flexibility becomes. CALCULATE UNIT COSTS AND MAKE PRICING DECISIONS USING RELEVANT INFORMATION. Defining Costs There are several types of costs to consider when conducting a breakeven analysis, so heres a refresher on the most relevant. Fixed costs: These are costs that are the same regardless of how many items you sell. All start-up costs, such as rent, insurance and computers, are considered fixed costs since you have to make these outlays before you sell your first item. Variable costs: These are recurring costs that you absorb with each unit you sell. Setting a Price This is critical to your breakeven analysis; you cant calculate likely revenues if you dont know what the unit price will be. Psychology of Pricing: Pricing can involve a complicated decision-making process on the part of the consumer, and there is plenty of research on the marketing and psychology of how consumers perceive price. Take the time to review articles on pricing strategy and the psychology of pricing before choosing how to price your product or service. Pricing Methods: There are several different schools of thought on how to treat price when conducting a breakeven analysis. It is a mix of quantitative and qualitative factors. The formula: Dont worry, its fairly simple. To conduct your breakeven analysis, take your fixed costs, divided by your price, minus your variable costs. As an equation, this is defined as: Breakeven Point = Fixed Costs/(Unit Selling Price Variable Costs) This calculation will let you know how many units of a product youll need to sell to break even. Above the breakeven point, every additional unit sold increases profit by the amount of the unit contribution margin, which is defined as the amount each unit contributes to covering fixed costs and increasing profits. As an equation, this is defined as: ASSESS THE VIABILITY OF A PROJECT USING INVESTMENT APPRAISAL TECHNIQUES. Learning Outcome Assessment Criteria 1. Understand the nature of accounting, accountability and stewardship within a business environment Understand the nature and purpose of book-keeping and accounting and the difference between them. Be able to: Explain the difference between book-keeping, financial accounting and management accounting. Identify different stakeholders and their interest in the financial position of the business. Explain how accounting can be used for planning, decision making and control. Be able to: Identify and describe the fundamental accounting concepts of going concern, accruals, consistency, prudence and true and fair. Identify the key elements of financial statements (income, expenses, assets, liabilities, capital) and describe their relationship using the accounting equation. 1. Understand the nature of accounting, accountability and stewardship within a business environment (continued) Identify the main financial statements and explain how they are compiled (Profit and Loss Account, Balance Sheet and Cash Flow Statement). Describe how financial accounts are regulated using accounting standards. 2. Understand how financial statements can be analysed and interpreted to judge the performance of a business Understand how financial statements can be analysed and interpreted using ratio analysis so that stakeholders can judge the performance of a business. Be able to: Identify likely users of ratio analysis and explain how they might use the information. Calculate and interpret profitability ratios (gross profit, net profit, ROCE, asset turnover). Calculate and interpret liquidity ratios (current ratio, acid test ratio, debtor days, creditor days, stock turnover days). Calculate and interpret investment ratios (gearing, interest cover, simple EPS) Use ratio analysis to make comparisons between one business over time, two businesses or to compare results to industry standards. Explain the benefits and limitations of ratio analysis. 3. Understand the importance of working capital maintenance (continued) Explain how creditors can be used as a source of finance and identify the costs of trade credit. Explain how the elements of working capital can be managed effectively to minimise borrowing and its associated costs. Understand how a cash flow forecast can be used to predict and manage future working capital requirements. Be able to: Distinguish between cash and profit. Identify and understand the implications of non-cash accounting adjustments such as depreciation and provision for bad debts. Prepare a simple cash flow forecast and identify periods of cash excess or cash shortage. 4. Identify and assess different sources of funding available for business Understand that there are a range of sources of finance available for businesses and those different types of finance are suitable for different purposes. 5. Understand and distinguish between costs based on their behaviour Understand that costs can be classified in different ways based on their behaviour. Outcome: By this module I able to understand the different investment appraisal techniques and nature of long-term decisions. P4 (FINANCIAL PERFORMANCE) EXPLAIN THE PURPOSE OF MAIN FINANCIAL STATEMENTS The three main financial statements are: The balance sheet-which reports a corporations assets, liabilities, and stockholders equity as of a point-in-time (e.g., as of midnight of December 31, 2009). The income statement-which reports a corporations revenues and expenses for a period of time, such as a year, quarter, month, 52 weeks, 13 weeks, etc. The statement of cash flows (or cash flow statement)-which provides information on the change in a corporations cash and cash equivalents during the same period of time as the income statement. The financial statements that are distributed outside of a company need to be prepared in accordance with generally accepted accounting principles (GAAP). For example, the cost principle generally requires that the balance sheet should report long-lived assets at cost minus accumulated depreciation. The matching principle requires that the cost of long-lived assets used in the business be allocated to various accounting periods in which they generate revenues or are used up. ANALYSES FINANCIAL STATEMENTS USING APPROPRIATE RATIONS AND COMPARISONS, BOTH INTERNAL AND EXTERNAL. 1. CURRENT RATIO OR WORKING CAPITAL RATIO: Current ratio may be defined as the relationship between current assets and current liabilities it is also known as working capital ratio. Current assets CURRENT RATIO = Current liabilities Year ended 2007-08 2006-07 2005-06 2004-05 2003-04 Current assets(in crores) 913.27 2333 1614 1171 913.27 Current liabilities(in crores) 1479 994 475 336 213 Ratio 0.62 2.347 3.397 3.485 4.132 Interpretation: A current ratio of 2:1 is usually considered as ideal. If it is less than 2, then it means the company is not enjoying the adequate liquidity. In past five years it shows a decline in the ratios. 2. QUICK RATIO: Formula = Current Assets Inventory Prepaid Expenses Current Liabilities Interpretation: A quick ratio of 1 is considered ideal. In all the five years, it was above 1, where the funds can be properly employed. LEVERAGE RATIOS 1. DEBT EQUITY RATIO: Debt-equity ratio, also known as External-Internal ratio is calculated to measure the relative claims of outsiders and the owners (i.e., shareholders) against the firms assets. This ratio indicates the relationship between the external equities or the outsiders funds and the internal equities or the share holders funds. Interpretation: A DEBT EQUITY RATIO OS 2:1 IS IDEAL. IN 2004-06 THERE IS NO DEBT EQUITY RATIO. IN 2007 AN 2008 IT SHOWED A NEGLIGIBLE VALUE. 2. PROPRIETORY RATIO: It is the ratio between shareholders equity and Total Assets. Formula= Shareholders Equity Total Assets YEAR SHAREHOLDERS EQUITY TOTAL ASSETS RATIO 2004 125.34 1309 0.095 2005 140.71 1651 0.085 2006 285.15 2257 0.126 2007 291.80 3389 0.086 2008 298.65 3987 0.074 Interpretation: A higher the proprietary ratio the better it is In all the five years it is less than one. It shows weak financial position of the business. 3. INTEREST COVERAGE RATIO: It is the ratio between EBIT and Interest Formula = EBIT Interest YEAR EBIT INTEREST RATIO 2004 355 2005 410 2006 499 1 499 2007 693 6 115.5 2008 834 13 64.15 Interpretation: The higher interest coverage ratio the better it is. In 2004 there is no interest coverage ratio. In 2006, 2007 2008 it showed a heavy ration which indicates a greater safety of Out come: By this I understood the basis business and accounting terminology used and should be able to interpret the information collected from financial statements using ratio analysis and could draw conclusions from it. CONCLUSIONS By this module I understood the different long term and short term sources of finance with the implications of choice of one source over the other and any advantages and disadvantages of sources different sources of finance. By this module I identify the costs of finance as a resource, how to make up a budget on the basis of given information and implication of failure to finance adequately. By this module I able to understand the different investment appraisal techniques and nature of long-term decisions. By this I understood the basis business and accounting terminology used and should be able to interpret the information collected from financial statements using ratio analysis and could draw conclusions from it.

Poems from the Kokinshu: A Literary Analysis Essay

Poems from the Kokinshu is an anthology of poems from the Japanese medieval times (Lawall. ed, 2002). The anthology is divided into different poems depicting human emotions as they vary season after season, or as people move into an entirely new environment. The principal theme of the poems revolve around the concept of love—the progression of feelings, the â€Å"entire course of the love affair, early yearnings, passionate meetings, sadness and regret† (Rodd and Henkenius, 1996). As each season, starting from spring, progresses, the emotions entailed in each poem also changes and develops. One of the principal stylistic features in the anthology is simile, wherein the author compares his feelings to his observation of what is happening in his environment. An example of simile is expressed in Poem II, 73: â€Å"like the world hollow as a cicada’s cast-off shell– oh cherry blossoms– you too will fade away just as we catch sight of your beauty† In this particular poem, the author compares his object of affection to a decaying shell of the cicada as the day turns into night. Simile occurs in several poems just like the said example. Another striking stylistic feature presented in the poem is antithesis, wherein the author expresses his emotions in contrast to his environment. In several poems wherein the prevailing emotion is grief, the author contrasts his feelings to the beauty of his environment. Here is an example from Poems 7 and 8 from the Spring Poems of the Kokinshu: â€Å"so longingly have I awaited the fresh flowers of spring, that they have dyed my soul and I see snow as clustered blooms on branches though I bask in the comforting warmth of spring’s light how melancholy to think that my hair now wears a crown of winter snow† Aside from the aforementioned poems being examples of antithesis, parts of them also suggest allegory. The phrases â€Å"they have dyed my soul† and â€Å"to think that my hair now wears a crown of winter snow† mean that the character in the poem is old and has white hair. The antithesis comes as he describes the warmth of spring in contrast to the cold winter which his body and soul are experiencing, i. e. , his old age. Given that the anthology was written and compiled in the Japanese medieval times, the concepts or theme presented in The Kokinshu are parallel to other literary works done in different parts of the world, such as the Medieval Lyrics of the English Literature. Though a significant number of these lyrics talk about Christianity and religion, most works are also written in the concept of love with a pretext of nature. An example of a Medieval Lyric similar to the theme of a Kokinshu poem is Westron Wind (Western Wind): â€Å"Westron wind, when will thou blow? The small rain down can rain. Christ, if my love were in my arms, And I in my bed again. † As said earlier, the prevailing concept tackled in the anthology is love and its accompanying emotions that were given color and described in comparison/contrast to nature and its seasons. The concept of love, though internationally recognized throughout the centuries and millennium, is somewhat a secondary concept in the 21st century. In this day and age, with all the prevailing issues such as technology, globalization and others, the concept of love is deemed unimportant to be tackled, although, it is indeed, as cliche dictates, the universal language. As Mario Vargas Llosa said, literature is â€Å"one of the common denominators of human experience through which human beings may recognize themselves and converse with each other, no matter how different their professions, their life plans, their geographical and cultural locations, their personal circumstances. † Although the concept of love is not deemed as important as business or political concepts nowadays, it still is a ruling emotion that affects each person. Any person who has loved or wanted to love, or even despised love, can relate to the verses of the Kokinshu, including myself. References Lawall, S. N. (Ed. ) (2002). The Norton Anthology of World Literature. New York: WW Norton & Co, Inc. Rodd, L. R. , & Henkenius, M. C. (Eds. ) (1996). Kokinshu: A Collection of Poems Ancient