Mentor Interview Essay

Rural Education Access Program as a Financial Administrator to give me wisdom and experience to transform my success. Most of the time when a child Is released by parents to go study at a tertiary level they are given advice on how they should conduct themselves in order to be successful in their studies and also in the workplace, this is when the experience of the elders or the ones that have gone through the Journey takes place.Ocean Robbins wrote, â€Å"l want to awaken the passion and creativity of youth , combine it with the wisdom, experience and insight of elders, and transform our world. † In order to succeed or be competent In academics you need to have certain skills that you will utilize and he mentioned a few which Is to have listening skill, Group-working skill and Communication skill where these skills help during lectures and amongst fellow students. Nicholas stated, â€Å"And most of all It Is to have resilience so that what ever comes in your way you do not g ive up but keep on pushing until one achieves that goal†.One other skills that I think has mad my school life better is planning whatever task I am about to do, and to make sure that I follow it. Throughout the interview Nicholas mentions that the Job he does entails most of the above mentioned skills as he works in a finance department of an organization where he has to communicate with deferent departments regarding payments and other financial tasks to the organization like communicating with creditors and stakeholders.This also requires one to be able to work as a team. Clearly has mentioned In one of her books that â€Å"communication Is always purposeful and that the purpose in business communication is to inform, to persuade and to create goodwill† (Eileen et al. , 1999,p. 8). Without communication I do not think we as people e would be able to share knowledge amongst each other.For Nicholas, participation at school really played a bigger role In his success and as part of his memories about school, mentioning that he attended a self-development camp at EDUCE,meeting with mentors and coaches, making sure that he works hard memory he says he will never forget was graduating with 10 Pioneers as it was quite an achievement because they all have gone through some challenges. I can truly relate to this because I have seen how effective it is to take part in development programmed where I get to learn more about my strengths and weaknesses as well s leadership skills.One other aspect he still has about school is the battle of finding a way to balance work life and academics. Nicholas writes, â€Å"l had to work as no one was working at home, and also having a lot of work but limited time†. Which makes me realize that if he can do it through those battles, nothing could stop me from making my own dreams come true. According to Nicholas, the importance of time management is being able to meet due dates on assignments by so you are also reduc ing stress and pressure. He said this also reflects on the quality of work be it in the workplace or assignments at University on how well did one do.Victor Hugo wrote, â€Å"He who every morning plans the transactions of that day and follows that plan carries a thread that will guide him through the labyrinth of the most busy life†. This is true because by not being mindful of my time I realize that there's no enough time to modify or rectify my ideas and Just end up aiming to pass or get the task done and not do exceptionally well instead. He says he still applies time management even in his work life and believes that he wouldn't be able to produce quality work without managing his time well.According to L. Callisthenic (Blobs: March 12, 2012) â€Å"Life is such a wonderful, beautiful thing ND it's made out of time. That's why wasting time is essentially wasting life. I mean, time management is about so much more than organizing papers. It's about making the most of your life†. Through his talk I have come to realize that managing my time well somehow has created self-discipline for my work, because this serves as guidance to what happens tomorrow and in order to prove my discipline for that plan I have to fulfill it.He feels that time management does not go alone in the workplace, you have to be able to balance all your skills and that requires a skill also. He mentioned them eying it is team-working skills, communication skills, leadership skills, networking skills and a skill to handle work individually. He feels that the fact that you have gotten a qualification does not guarantee that you will get work, that is why these skills are important so that you can be competent amongst other employees but most of all to do your work very well.I think if I could put these skills to life in general and master them in my life, I can be able to apply them easily in the workplace. It is very easy to apply these skills in the workplace if you are deter mined and know hat you want to achieve, what is nice is that I work with different individuals who your position in an organization, says Nicholas. Leadership has been ranked as the 12th essential skill in the workplace out of 16 skills ( Employment skills for the 21st century workplace,2012).Dealing with different individuals has opened a lot of doors for me in terms of knowing myself and how to work with others even here at school. I still apply these skills at work in order to work well, and to have a better relationship with my manager and colleagues. But learn to always accept that you may not get hem all correct, but as long as you are doing what is working for your work. I think it is essential that one knows what skills they are very good a so they can enhance them, and rise at the top in terms of competency.Before this interview I thought I knew everything that one needs in order to succeed academically and also at work, which is to â€Å"study', not realizing that is not all I need. But I have found out there is still a lot to learn from mentors. This interview has served as the first step to learning from those that have knowledge. The most interesting thing I have learnt also is to have control over your future, and strive to earn more from others. Overall, I trust that all this information will assist me in transforming and making my dreams come true, both at school and at work.

Nothing Impossible

Management Introduction Review of Management Articles Article assigned ANALYSING the thinking of F. W. Taylor using cognitive mapping Introduction Scientific management is one of the three major branches within the classical approach to management. Although the concept was suggested approximately a century ago, it still makes a significantly important role in 21st century management with new conditions and a considerable number of challenges. Frederick Winslow Taylor who was regarded as the father of scientific management suggested his concepts in 1911.Scientific management is defined as a theory that emphasises careful selection and training of workers, and supervisory support (Taylor, 1911). Taylor (1911) believed that precise procedures that were developed after careful study of an individual at work should replace the tradition on decision-making. The purpose of this essay is to review three articles that analyses the Taylorism and present how Taylorism is applied in current mana gement sphere. Analysis of Assigned Article Cossette, P. 2002. Analysing the thinking of F.W. Taylor using cognitive mapping. Management Decision, 40 (2): 168-182 The author of this article used the cognitive map and the Decision Explorer to present and analyse the thinking of F. W. Taylor to produce a more in-depth and detailed knowledge and understanding of his ideas. Cossette (2002) demonstrated that the two key variables in Taylor’s scientific management were â€Å"Maintenance of a rapid pace†¦Loafing or soldiering† and â€Å"Harmonious relations between employers and men aware of their mutual interests†.As Taylor’s scientific management related to efficiency, the first concept that the author highlighted had completely reflected the Taylorism. Cossette (2002) concluded that â€Å"the maintenance of a rapid pace† was the most important concept for Taylor, since it was also by far the most important â€Å"consequence† of the cognitiv e map. Taylor’s scientific management was always considered as the division of labour pushed to its logical extreme, with a consequent de-skilling of the worker and dehumanisation of the workplace (Kanigel, 1999).However, the author showed another aspect of Taylor’s idea which was related to harmony. In cognitive map, the concept of â€Å"Harmonious relations between employers and men aware of their mutual interests† had the second largest number of direct links and the third centrality score compared to other concepts (Cossette, 2002). In addition, Cossette (2002) stated that â€Å"the prior conditions required to improve production and the results of this improvement for both employees and employers, are the two main dimensions that Taylor appears to use as a basis for his conception of the organization of work. Although a small number of concepts from Taylorism were less relevant, they suggested that Taylor’s thinking was not significantly complicated . This article helped us have a better understanding of the ideas of F. W. Taylor, demonstrated the relative importance of the concepts suggested by Taylor and revealed another side of Taylorism. Analysis of Article 1 Wrege, C. D. & Hodgetts, R. M. 2000. Frederick W. Taylor’s 1899 pig iron observations: Examining fact, fiction and lessons for the new millennium.Academy of Management Journal, 43 (6): 1283-1291 However, the authors of this article were in dispute with Taylor in a particular circumstance. Wrege & Hodgetts (2000) stated that Taylor simplified the observation by presenting only some of the information and, he omitted many significant facts. The insight thinking of the authors was that contemporary organisation should apply new tools and techniques to achieve their objectives, and managers should increasingly concentrate on data collection and analysis and fight the tendency to accept anecdotes and hearsay as accurate (Wrege & Hodgetts, 2000).The authors studied an d analysed the case called pig iron observation, which came from Taylor’s scientific management principle, and concluded that although Taylor had made a great contribution to management history, he did neglect some significant real facts in this case such as failure to take the cost of damaging gondolas into account.In addition, the authors suggested five points that we could learn from this observation, which are â€Å"anecdotal data are often erroneous, primary sources must be consulted, all data have inconsistencies, replication is hallmark of good science and digital archiving is now critical† (Wrege & Hodgetts, 2000). Moreover, the authors had concluded some suggestions that are valuable for the managers in new millennium. Wrege & Hodgetts (2000) demonstrated that researchers’ being more systematic and sophisticated was important in their approach to chieving their goals, and that â€Å"benchmarking† was going to be a critical activity in the 21st ce ntury. This article revealed the limitation of Taylor’s scientific management, and the authors of this article recommended a considerable number of approaches and methods to help today’s managers reach their objectives successfully and efficiently. Analysis of Article 2 Boyns, T. 2001. Hans and Charles Renold: entrepreneurs in the introduction of scientific management techniques in Britain.Management Decision, 39 (9): 719-728 The author of this article used the case study of Hans Renold Ltd to extend Taylor’s scientific management theory, and explained how it was applied in this enterprise during the first and second decades of the twentieth century. The core ideals of the author were to confirm the contribution that Hans and Charles Renold made to introduce and develop scientific management in Britain, and distinguish the different methodology between Hans and Charles. It has been accepted that Hans Renold Ltd has been the first company to introduce Taylor†™s scientific management in Britain (Boyns, 2001).Hans Renold â€Å"probably was the first British industrialist to appreciate the work of F. W. Taylor and adapt it to British management practice† (Urwick, 1956). He started to change the organisational structure and introduced a new functional organisation supported by a system of committees in 1908 (Boyns, 2001). Although there were some problems arising such as little resistance from the bulk of the workforce, scientific management principles were eventual successfully adopted at Hans Renold Ltd eventually (Boyns, 2001).The author of this article introduced the first application of Taylor’s scientific management in Britain and emphasized the fundamental position of scientific management in management history as it has already been applied for a century and it still plays a significantly important role in increasing the efficiency in the organisations in the 21st century. Application to Current Management Practice A round the Twentieth Century, Taylor’s scientific management theory had been widely used in the manufacturing and services industries.In the 21st century, scientific management does play an important role, and it is applied in several modern organizations. McDonalds is the world’s most famous brands, which is leading in the globally branded quick service restaurant applied the scientific management successfully in their business operations. Initially, Taylor (1911) stated that wage systems without incentive result in low productivity if no matter how much is produced the employee will gain the same pay. McDonalds stimulates employees in many effective ways.Regardless of the base pay, McDonalds develops competitive wage and promotion programs, hard work, motivation and results are recorded and rewarded at McDonalds (McDonalds, 2006). In addition, McDonalds also establishes great incentive programs in which employees have an access to gift and free food (McDonalds, 2006). McDonalds also offers an incentive pay system and provide the opportunity to earn competitive total compensation for employees when they successfully achieve the goals (McDonalds, 2006).Moreover, Long-term incentives are ensured to employees who are qualified to both reward and long-term creation at McDonalds (McDonalds 2006). Secondly, one of the most important principles of Scientific Management is scientifical training. Taylor (1911) suggested that each company should train the workers scientifically rather than passively leave them to train themselves. McDonalds has a strong belief in training, and training becomes a tradition at McDonalds, because they know its value to the bottom line of their business.Everyone in the business should attend a significantly important training, whether part, full time, hourly paid staff or salaried managers undergoing their compulsory restaurant training (McDonalds 2006). When a new employee joins McDonalds and starts his first working day, he will accept training at once. McDonalds even set up a Hamburger University, and the purpose of this action is to provide all McDonalds Corporation and Franchisees employees with training exclusively in various aspects of the business (McDonalds 2006). Those training systems make their staff more efficient and professional.Finally, Taylor (1911) taught that the only one method of work that maximized efficiency was to develop a standard method of performing each job efficiently by companies. McDonalds builds up a series of detailed and strict working standards, which guarantee that every product from any chain restaurant has high quality (McDonalds 2006). Moreover, McDonalds staff is specialized in different production procedure (McDonalds 2006). McDonalds has developed a standard method of performing each job and the employees can perform efficiently. ConclusionIn conclusion, the authors of the above three articles explained the Taylorism precisely and explicitly. The core thinking o f Taylor’s scientific management was efficiency particularly was speed, and it is widely applied in most modern organizations such as McDonalds to help increase the productivity. Although Taylor’s scientific management has some limitation as sometimes managers could overlook to collect important data by relying on it excessively, it still made an important contribution to the business world in the 21st century.Taylor laid the foundation of management, and with the application of scientific management, production efficiency has improved. Much of core of Scientific Management remains with us today, only been modified, updated and given a human face (Freeman, 1996). Term Paper on Functions of Management Eritrea Education Sector Development Program – Program Management Unit ESDP-PMU Management Functions 1. Introduction: Management is defined as the process of getting activities completed efficiently and effectively with and through other people . It encompasses an a rray of functions with which it accomplishes different tasks done successfully.These functions include planning, staffing, organizing, directing, and controlling. The Eritrea Education Sector Development Program – Program Management Unit, abbreviated as ESDP-PMU, is an institution destined to accomplish education sector program objectives that have to be viewed in terms of the government policy to boost the education sector in all aspects. Through the educational sector intervention, ESDP-PMU works to ensure increase in access, improve quality, boost capacities in all levels of the sector, and ensure equity in delivery education services.This paper explores the management functions in the ESDP, highlights strengths and weaknesses in view of the theoretical aspect of management function. Finally, it highlights some few salient points that are worth mentioning and by way of recommendations it tries to shed lights on issues that need improvement. 2. Overview of the management fu nctions: Henry Fayol defines management as a science of forecasting, planning, organizing, commanding, coordinating, and controlling. The most commonly cited management functions are planning, staffing, organizing, directing, and controlling.Planning refers to the base of the other management functions. It is the management of the organizations’ future in an uncertain environment . Plans can be strategic, tactical, and operational. They can also be long-term or short-term. Plan should be built on specific, attainable, and challenging objectives. In the materials for the management course of SMAP it is mentioned that planning is important in that it offsets uncertainty and change, focuses attention on objectives, helps in coordination, gains economy of operation, helps in control, and increases organizational effectiveness.In that sense it divides plans to standing and single-use plans. Organizing refers to the organization of resources in an organization. Such organization ca n be charted on an organizational chart . Through this function management tries to determine the inside directorial configuration, establish and maintain relationships, and also assign required resources of the organization. Staffing functions follows the organizing function of management. Staffing refers to the filling and keeping filled positions on positions created by the preceding organizing function .Thus, staffing encompasses tasks such as recruitment, selection, training and retraining of employees. Directing refers to the control and supervision of the actions of the staff, thus, enables them to achieve the company’s goals and also accomplishing their personal or career goals which can be powered motivation, communication, department dynamics, and department leadership . Controlling refers to activities related to setting performance standards based on the objectives of the organization, measuring and reporting actual performance, comparing the two, and taking corre ctive or preventive action as necessary.As management is a creative problem solving , the coordination of the various functions mentioned above contribute to an efficient and effective accomplishment of tasks. The section below review the management functions in the ESDP-PMU. 3. Review of the management functions in the ESDP-PMU: The ESDP-PMU is destined to accomplish education related projects. These projects are financed through the proceeds coming from International organizations such as the World Bank, African Development Bank, European Union, as well as other UN bodies such as UNICEF and UNFPA.Each financier or development partner requires the need to follow ones procedures. The other dimension of the matter that needs attention is that each financier or development partner is set up to achieve each project objectives. Thus, there are kind of awkwardness in reaching a harmonized program objectives. Planning function in the PMU The PMU believes that proper planning is a prerequi site to success. It is concerned with the future impact of today’s decisions. In the PMU there is a section that deals with planning issues.It prepares tactical and operational planning in view of the project objectives. The planning that is made part of the Financing Agreements with the respective development partner can be taken as a strategic one. The Planning Section of the PMU prepares an Annual Work Plan and Budget (AWPB). On the basis of which, the procurement section derives its procurement plan, and the finance section derives its financial and disbursement plan. Therefore, we can see the following relationship in the planning function of the PMU. Graph 1.Planning function relationship From the foregoing planning relations graph, we can observe that all the activities envisaged to be done in a year or a year and half through the plans of the respective sections. Overall, all these plans reflect the scenarios â€Å"where we are now? †, â€Å"where do we want t o be? †, and â€Å"how do we get there? †. It is good also to note that the submission of plans and seeking approvals is mandatory. This procedure is deemed appropriate and practically does positively affect the projects. Organizing function in the PMUTo the PMU organizing function refers to establishing the internal organizational structure of the business. The focus is on division, coordination, and control of tasks and the flow of information within the organization. It is through this function that the manager distributes responsibility and authority to employees. The organizational structure of the PMU is shown below. It takes into consideration the objectives and tactics already identified in the planning stage. The structure decides the division of labor, delegation of authority, departmentation, span of control nd coordination issues. When we come to the division of labor, the PMU is divided into 5 sections, viz. , Planning, Monitoring, and Evaluation (PM&E), Pr ocurement, Finance, Engineering, and Administration sections. And all the employees are recruited in such a way that they are fully occupied. In regards to the delegation of authority, as reflected in the organizational structure, the authority is exercised as per the stipulated structure. The sections coordinate their work so as to achieve the objectives. This means that no section can stand alone.Staffing function in the PMU Staffing encompasses the tasks of recruiting, hiring, training, lay-off, and compensation of employees. The PMU recruits its staff with due regards to the management and labor needs. In so doing, it prepares job description, builds a pool of applicants, review the applications and select those to be interviewed, do the interview, check references, and select the best suited candidate and hire him. The PMU provides training to its staff in view of the timely job related developments and requirements.For instance, the staffs are made to be actively involved in t he endeavors to upgrade themselves. Similarly, the PMU lays off its staff in view of staff’s reflections of incapacities in doing the tasks or showing other behaviors that are believed against the norms of the organization. It is the right of the employees to receive the needed compensation related with the job they undertook during their stay in the PMU. Directing function in the PMU Directing is influencing people's behavior through motivation, communication, group dynamics, leadership and discipline.The purpose of directing is to channel the behavior of all personnel to accomplish the organization's mission and objectives while simultaneously helping them accomplish their own career objectives. Highly motivated people perform better than unmotivated people. Motivation covers up ability and skill deficiencies in employees. The PMU gives motivation top priority. Employees are motivated through the material, financial, as well as work environment privileges. This is very impo rtant aspect that expedites the realizations of the objectives.Besides, the communication issues are very important as part of the directing function of management in the PMU. The staffs are careful enough in their communicative efforts such as with the financiers, partners, suppliers etc. The staffs are appraised for what they do, and disciplinary measures are taken for incidents of misbehaviors. Controlling function of the PMU Controlling in the PMU is done in view of the performance standards (indicators) set in each financing agreement back before the start of the implementation of projects.The Planning, Monitoring, and Evaluation Section of the PMU take care of such tasks as monitoring activities and evaluating against standards. The Planning, Monitoring, and Evaluation Section undertake routine or surprise checks of activities. At the mid term and final term of projects, they also conduct evaluations. In so doing, the section seeks preventive and corrective measures such as th e incorporation of new mechanisms of implementations. The controlling function is done in all aspects of the program, such as controlling assets owned by the office, control on the staff in terms of their work hours. . General Observations in the PMU The PMU is known for its staff that is aware of the virtues out of team working, learning by doing, and complementarities. These attributes are very important for the management function to achieve effectiveness and efficiency in the tasks that are destined to accomplish. Most of the staff members are young professionals that they can learn easily from experiences of others, and that they possess the merit to catch up things through continuous reading. The team work in the PMU has assisted the effective accomplishments of activities as scheduled.Synergism is common place, and supporting one another is highly worked upon. 5. Recommendations From the foregoing we can understand that the PMU fully undertaking management functions. In order to cement the positive sides of what is going on in the PMU, I recommend the following points: †¢ that the various projects need to be harmonized †¢ that the staffing function be done in view of the experiences already nurtured. This means the job description in trying to hire staff has to be used in such a way that team work is given greater weight. that more training need to be provided to the staff †¢ that the young professionals be retained as a team in order to pursue the implementation of similar projects in other sectors such as agriculture, etc 6. Conclusion Efficiency and effectiveness are key words related to the realization of plans. The realization of this is the task of management. Management does these through the coordination of its functions. These functions are planning, organizing, staffing, directing, and controlling.The PMU is reputed for pursuing a management style that assists in the realizations of set objectives effectively and efficiently. Al l management functions are employed in the PMU, and thus the fruits of these concerted efforts are tangibly realized. 7. Works cited Website http://choo. fis. utoronto. ca/fis/courses/lis1230/lis1230sharma/plan1. htm http://www. ag. ohio-state. edu/~mgtexcel/Function. html http://www. ag. ohio-state. edu/~mgtexcel/Staffing. html http://www. buzzle. com/articles/management-concepts-the-four-functions-of-management. tml http://choo. fis. utoronto. ca/fis/courses/lis1230/lis1230sharma/history4. htm Kiflemariam Abraham, Reading on Principles of Management. March 2007 Management Term Paper * * Help Desk Operations for the Operating Forces Wilfredo Santiago Park University Author Note This is an insider view on how to streamline and improve the services provided by MCTSSA (Marine Corps Tactical Systems Support Activity) Help Desk to the Operating Forces. Abstract MCTSSA Help Desk was established over 10 years ago to provide technical support to the operating forces.Today the Help Desk is referred to as OFTSSC (Operating Forces Tactical Systems Support Center) with a specific mission stated as: to provide continuous, distributed technical support, troubleshooting, and problem resolution for Command, Control, Communications, Computers and Intelligence (C4I) systems, in order to optimize those systems as force multipliers in assisting Marines to win battles. While the OFTSSC focuses on the needs of the Marine Corps, it offers technical assistance to all C4I system users across the entire Department of Defense (DoD), U. S. Government and all U.S. Foreign National Allies. The OFTSSC provides its customers with remote technical assistance by facilitating online access to supported system documentation, system software and offering live interaction with system subject matter experts (SMEs), via phone, online chat, and email. If a solution to a customer problem is not immediately available, OFTSSC personnel will actively work to obtain a solution by elevating customer issue s to MCTSSA support engineers, system vendors, Marine Corps Systems Command program managers or other commercial or DoD customer support agencies.Help Desk Operations for the Operating Forces The OFTSSC from the start operated in an ad-hoc manner maintaining its mission capability with a support staff composed of contractors and civilian government analysts and a limited number of uniformed personnel. This odd mix of employees with identical goals as a mission end state has presented a management challenge that has hampered efficiency and responsiveness in providing the services as defined in the stated mission. This paper will address three persistent problems that exist within OFTSSC.First, the lack of a verifiable control measure to gauge analyst productivity and quantified work output. Staffing is also a source of issues that continue to impact OFTSSC’s ability to maintain its credibility as a reliable source of SME (Subject Matter Experts) and it has a continuing difficu lty at retaining well trained employees to stick around. In fulfilling its function as a help-desk/support center for the operating forces, employees routinely receive calls from customers describing problems they encounter when employing tactical systems whether in garrison or on deployment.These calls are inducted into a database repository, Remedy. Here the adequacy of Remedy in providing as an output control comes into question. Although Remedy is widely used in the help desk community it is a system that requires a lot of labor intensive modifications to get take advantage of its capabilities as a help desk database tool. Currently, Remedy is employed as an out of the box software with limited modifications. Remedy can be modified as an output control tool that will enable management to effectively monitor employee productivity and efficiency.By design Remedy not only archives problems customers refer for solutions it also is a repository of all solutions created by analysts wh ich is then made available for future use or reference as a knowledge based article (KBA). As calls are received from customers analysts input all data related to problems being referred for assistance into Remedy. The information will include system type and nature of the problem and complete customer information. All these information is populated onto a standard template. The analyst then proceeds to research the KBA archives by using a key word search related to the problem.If a solution match is found this is provided to the customer and the problem is marked resolved and archived. The utility of the Remedy database is not fully exploited as any type of record created is only available only thru accessed. With all these information available within a central repository it should be made available for for all analysts at a glance providing a snapshot of the problem, the status, whether pending, resolved or in progress. This should be displayed on a large monitor for all to see. With this information on display all analysts will have current status of all problems available at a glance.At a minimum this should display two weeks worth of activity. This display will serve as visible output control measure to gauge analyst activity and productivity. This quantifiable and measurable display of work output can be used as an objective measure of performance and used as a basis for compensation rewards. For the analyst this will also serve as a current constant visible reminder of work that is pending, in progress or completed. Today the mix of employee analysts within OFTSSC has a variety of skill sets whose qualifications for the jobs are based on their past work experience with a particular system.This has been a detriment to OFTSSC’s ability to provide reliable analysts consistently without periodic unavailability due to SME absence. This is a cause for concern because of its impact on the service reputation that is expected by the customers – av ailability among others. To fill this requirement gap it is imperative that the depth of analyst skill sets be enhanced. There are thirty analysts currently employed supporting over forty varying systems which include a variety of tactical radios. The systems are grouped into Command and Control (C2) or Tactical Applications (TacApps) with tactical radios included into TacApps.This grouping is done for purposes of limited management and tasking deconfliction. Personnel tasking however blurs the lines of personnel assignments as analysts are often randomly assigned to provide assistance on systems that he or she is not officially assigned. The practice has in many situations caused unexpected disruptions in service quality. Because too often analysts assigned to tasks do not possess the subject matter expertise to provide support requested. To mitigate this situation a training program that will involved cross training all analysts need to be instituted within OFTSSC.Staffing has to be reviewed and a reorganization of the analyst teams will have to be done in a manner that permits a well defined tasking of all analysts based on skill sets and grouping them based on previous assignments. Within each grouping a program of OJT (On the Job Training) will be initiated by pairing each analyst together and each one go thru a training program designed to increase their depth of skill and familiarity with systems other than those they are qualified on as an expert. During the training period ample opportunity will be dedicated to having the trainer and trainee to conduct business as a team.This process will be akin to a mentoring process that facilitates the transfer of knowledge and skill that will improve the services provided to customers. Reorganization and staffing once completed will result in a reliable and available analyst well trained on the system supported. The improved skill sets will require to be maintained if the quality of service is to be credible, thi s can be achieved with a programmed sustainment training that should include in-service training and follow-on continuing education to keep current with the dynamic nature of technology.Summary The operation of a support center such as OFTSSC is unique in that its main customer is the operating thus the focus of its services are the uniformed personnel who maybe in harm’s way, because of this it is critical that the quality and accuracy of service and information provide require a level of expertise that is above the norm. Analysts are assumed to be the experts on the systems they support therefore it is imperative that their training and quality of service measure up to the standards.If the service provided is to have any value or credibility the provider must have the requisite knowledge and training to be consistent with the required standards. At the onset staffing should focus on critical skill sets that are vital to the operational demands of the customers and they shou ld sustain the currency of those skills. In order to maintain and improve the depth of knowledge and skill sets training is essential and once established sustainment will be required.Hiring standard is another area that will have to be visited to ensure that standards are maintained and qualified personnel are selected. This will preclude the impact of substandard services to the customer. References -3 points for not utilizing MG352 text to support term paper. 1. Operations Chief: OFTSSC Standard Operating Procedures, 2010 2. The Information Technology Infrastructure Library (ITIL) version 3, 2011 3. http://www. bmc. com/solutions/itsm/it-service-management. tml -3 points for improper citing of reference; below is how article from the Internet should be cited Author (2012, May 15). Name of Article, Date retrieved from the internet & http://www. link. com 4. http://www. marines. mil/unit/marcorsyscom/mctssa/Pages/OFTSSC. aspx -3 points for improper citing of reference; below is how article from the Internet should be cited Author (2012, May 15). Name of Article, Date retrieved from the internet & http://www. link. com

Diplomatic Role of Residual US Forces in Iraq Essay

Diplomatic Role of Residual US Forces in Iraq - Essay Example he revenue end up being used in making the situation better rather than being utilized in development projects like improving the infrastructure hence pulling the countries development downwards. The political situation in Iraq has affected the gulf cooperation council (GCC) countries for instance Kuwait, Oman, Saudi Arabia, Qatar, UEA and Bahrain. The situation in Iraq has however been improved to some extent through the intervention of various groups that are all aimed at restoring peace in the country. This is nonetheless a justification that the country is in a good position currently and even in the future as the condition of the people in Iraq is faced with a lot of uncertainty due to the external forces that come in the name of assisting but in the long run end up not helping considerably as they have their hidden agenda. This has in a way contributed to an increased poverty level of the people. This paper looks into the diplomatic role of residual US forces in Iraq. Iraq is a country that has faced a lot of political instability especially after the war led by the US in the year 2003. The war was mainly aimed at destroying the society of Iraq through insecurity and lack of peace making the United States and other interested parties to easily gain access to the resources in the country especially the rich oil reserves. Since then, the political situation in the country has not been good which led to the signing of an agreement between the country and the US where the latter was to offer assistance in regard to restoring peace in Iraq through provision of security in the country by laying down particular strategies aimed at bringing the Iraqi people together and preventing any foreign or external attacks. The decision was made based on the United States’ capabilities in terms of equipment and military forces which could be of substantial help to the country. The agreement was also in favor of the United States as it could now have some acc ess to the oil

Subprime Housing Loans Case Study Example | Topics and Well Written Essays - 1000 words

Subprime Housing Loans - Case Study Example The data sources will come from six sets of data. The aim of the data is to construct a set of borrower characteristics, loan characteristics, property characteristics, lender characteristics and macroeconomic variables. The first data series is the Home Mortgage Disclosure Act (HMDA) data from 2000 to 2007. The aim is to obtain individual loan level data (such as whether a loan is being accepted or rejected, loan amount, income, race and gender of the borrower, etc). The HMDA data is also used to derive measures of lender characteristics, the Herfindahl-Hirschmann Index of the Census tract and whether the lender is a bank. The second data set is the Department of Housing and Urban Development's (HUD) list of lenders that specialize in the subprime market to code each loan as being subprime or not. The thirda data set is the U.S. Census data to derive Census tract level demographic, property and borrower characteristics. The Census data is matched to HMDA by state, county and Census tract number. The fourth data set is from a major credit bureau for tract median FICO score (MEDFICO) and debt-to-income ratio (DTI), which are widely accepted borrower risk variables used by mortgage bankers and brokers in their lending decision. The credit bureau data is also matched to HMDA data by state, county and Census tract number. ... The first data series is the Home Mortgage Disclosure Act (HMDA) data from 2000 to 2007. The aim is to obtain individual loan level data (such as whether a loan is being accepted or rejected, loan amount, income, race and gender of the borrower, etc). The HMDA data is also used to derive measures of lender characteristics, the Herfindahl-Hirschmann Index of the Census tract and whether the lender is a bank. The second data set is the Department of Housing and Urban Development's (HUD) list of lenders that specialize in the subprime market to code each loan as being subprime or not. The thirda data set is the U.S. Census data to derive Census tract level demographic, property and borrower characteristics. The Census data is matched to HMDA by state, county and Census tract number. The fourth data set is from a major credit bureau for tract median FICO score (MEDFICO) and debt-to-income ratio (DTI), which are widely accepted borrower risk variables used by mortgage bankers and brokers in their lending decision. The credit bureau data is also matched to HMDA data by state, county and Census tract number. Fifth, I match the House Price Index (HPI) data from the Office Federal Housing Enterprise Oversight (OFHEO) to HMDA data by year and Metropolitan Statistical Area (MSA). This data is used to construct neighborhood house price appreciation rate, which is used to calculate the loan-to-value ratio (LTV). The sixth data set is the macroeconomic data from the Federal Reserve Bank of San Francisco to control for macroeconomic risk.The methodology to be used is the single equation Probit regression.

Art and gender Assignment Example | Topics and Well Written Essays - 250 words

Art and gender - Assignment Example Men are depicted to be more aggressive and adventurous than women. Conversely, women are portrayed as more affectionate and nurturing (Bar-on et al, 2001). They are also ‘sex objects’; they are shown wearing skimpy clothing most of the times and tend to be pursued sexually more often than men. The message also emphasizes the physical appearance of the women, depicting them as passive and seekers for men attention. These views are consistent with Kalof research findings (Bar-on 191-194). Notably these are not the only images of gender roles young men and women are exposed to while enjoying the visual entertainments. Music video No More Drama by Mary J. Blige tries to depict women in a more empowering manner. The gender stereotypes images shown does not necessarily affect different views by both male and women. Kalof study involved young, educated white college students; thus this result does not apply to other racial groups, social classes or people with less education. In addition Kalof (378-385) study focused to prove if sexual images on videos affected people based on their gender. However, in her article she refers to the participants as women or men, which are terms used to describe one’s biological sex rather than male and female. In light of this indistinctness one’s biological sex can probably be the link to one’s sexual attitudes and not the

System Analysis and Design Essay Example | Topics and Well Written Essays - 1500 words

System Analysis and Design - Essay Example Due to the dificulties that the company has experienced, the manager has decided to hire a team that will implement an enterprise information system that will improve the comapanys revenue by autotamtic all the business processes.The new system primarily targets the processing of prescriptions since the process is still paperwork. This report gives details of the analysis and preliminary findings of the existing system. It covers the analysis of different business operations which requires automation. All the activities and task mentioned in the case study are captured in the report. These include prescription processing and generation of reports. The details of how the daily processing of the order is given. The report tries to identify and analyze the business problems that SC Company faces. Fundamental causes of these business problems are deliberated on. The report also gives a blueprint of each and every aspect of the business that requires to be automated. The analysis of whether the problems identified in the system can be solved throught the implementation of new information system (Yang 2010). The report will also gives details of the intial finding and recommend other relevant sources where the information about the system can be found. The preliminary finding covers all the sections that need to be automated. The finding involves analyzing how the current business processes are carried out. The company has issues with customer-delivery billing system. The system has become cumbersome to manage because the work load is becoming too much and complex. The medicare and nursing home reimbursement procedures and care providers contracts. The people who used the system have been forced to pay for the cost incurred due to inefficient system. There is also an issue with the billing software. The company which used to carry out routine maintenance has closed the business and hence the maintenance is done by the company’s employees, who lack

The role of the entrepreneurial personality in developing a fashion Dissertation

The role of the entrepreneurial personality in developing a fashion brand - Dissertation Example 3.6 Problem solving 4.3.7 Self-efficacy 4.3.8 Locus and control 4.3.9 High need for achievement 4.4 Burberry’s financial performance 4.5 Summary 5.0 Conclusions 5.1 Chapter introduction 5.2 Research objectives 5.3 Implications of research 5.4 Implications for practice 5.5 Revisiting the limitations 5.6 Directions for future research 5.7 Chapter summary Abstract This paper represents a case study that focuses on a specific fashion brand in defining the characteristics that form an important part of the entrepreneurial personality. ... It focuses on the research questions by providing information on the characteristics of the entrepreneurial personality; the type of personality to be utilised in developing a successful fashion brand; the type of personality that entrepreneurs associate with successful fashion brands possess; and whether financial performance corresponds with entrepreneurial personality. This successful fashion brand has received a number of accolades over the years and is responsible for a number of innovations in the fashion industry. The attributes that have been used by various researchers and that have proven to be common among them have been used as a basis for expounding the distinctive characteristics of the company. These characteristics are some of the things that have contributed to the brands distinctive capabilities. List of tables 1.0 Introduction According to Chell (2008) the term entrepreneur has been in the literature from as early as the 19th century with different economists inclu ding: Say (1821); Amasa Walker (1799 – 1875); Marshall (1920); Ludwig von Mises (1881 – 1972); Schumpeter (1933); T.W. Schultz (1902 – 1998); Shackle (1979); Kerzner (1982); and Mark C. Casson (1982) – all of whom have given their perspectives on the characteristics of entrepreneurs. There have been differences but Chell (2008) indicates that they have all recognised and inferred several psychological and behavioural characteristics of entrepreneurs that set them apart from other people who own businesses. These characteristics include ‘foresight, a keen awareness of possibilities, a creative imagination, confidence in their decision,’†¦ ‘and an agent of

Electrical Aplication Essay Example | Topics and Well Written Essays - 1000 words - 1

Electrical Aplication - Essay Example In a typical VCM plant these are initially reacted together to form an important process intermediate, ethylene dichloride (EDC). 2.) an EDC cracking unit, in which EDC is thermally decomposed into VCM and hydrogen chloride. The hydrogen chloride is recycled as feedstock to a further stage, the oxychlorination unit, while unconverted EDC is separated and recycled. The VCM is purified for use in PVC production. 3.) an oxychlorination unit, in which recycled hydrogen chloride is reacted with further ethylene feedstock in the presence of copper chloride catalyst and oxygen. This produces further quantities of EDC, while excess hydrogen is oxidised to form water. VCM is polymerised in large scale batch reactors in the presence of water, initiators (catalysts) and other additives. The suspended droplets of liquid monomer are progressively converted to solid or porous PVC particles, depending on grade. Unreacted VCM is stripped from the polymer, and water is separated by centrifuging. The polymer is then dried, typically in fluidised bed drying equipment. Suspension PVC is used for virtually all extrusion, injection moulding and film making processes. Individual grades are characterised by their melt flow properties and their suitability for rigid (unplasticised) or flexible (plasticised) applications. The polymerisation stage involves an emulsion of very fine droplets of VCM in water, and the process forms a stable emulsion, or latex, of polymer in water. After the removal of unreacted monomer, the water is removed by evaporation in spray drying equipment. PVC compounds are prepared by blending PVC resin with additives to give the required properties in the fabricated finished product. The additives, which include plasticisers, stabilisers, lubricants, fillers, impact modifiers and pigments, will make the PVC either flexible or rigid. In the calendering process, the PVC mixture is initially melted in the gap between two

PUBLIC RELATIONS PLAN Essay Example | Topics and Well Written Essays - 3250 words

PUBLIC RELATIONS PLAN - Essay Example Though we have already come a long way in such a short time, to the point that we are already at the top of our league, we believe that this is still not yet the end of the road. As long as we are rising up, we are gaining more time to live and grow. There is so much to do and still many roads to take. There are still a lot of orders to deliver and cakes to invent. Moreover, our world is growing large, leaving us with a lot of areas to explore. Our expansion program which concerns growing weed killer resistant wheat crop in Derbyshire is a type of road that is put forth to us, and it is up to us whether or not to take it. It is entirely a different league compared to what we have been doing these past six years. During those times, our world is only limited in the kitchen, accepting orders and baking different kinds of fresh and delicious cakes. We never ventured outside our comfort zone until this point. Thus, there are a series of things that we need to consider in order to make sure we are making the right move. Major Issues Involved In this bold move of the company, there are a lot of areas that should be tackled. Covering these issues is important especially since this an expansion program is a novel venture for our company. Some of the major issues are the following: 1. The location where the wheat shall be grown. 2. The land where the wheat shall be planted. 3. The reaction of the Derbyshire locals regarding weed killer-resistant wheat.

Economic Growth and Economic Development Original Essay Example for Free

Economic Growth and Economic Development Original Essay In contemporary times, certain economic registers are used frequently. Arguably two of these most used terms in economics, ‘economic growth’ and ‘economic development’ are terms that just about everyone is at least remotely familiar with, even if they have not studied economics at all. Sometimes it seems everyone knows what economic growth and economic development is. Politicians use these terms all the time, and so do teachers, managers and even preachers. Often, people’s use of these terms may not be quite accurate, but one has to admit that most of the time they are never too far from the mark. Insights into the aforementioned terms ‘economic growth’ and ‘economic development’ are given as follows†¦ Economic Growth Economic Growth is an increase in a countrys real level of national output which can be caused by an increase in the quality of resources by education etc, increase in the quantity of resources improvements in technology. Economic Growth can also be described as an increase in a countrys productive capacity, as measured by comparing gross national product (GNP) in a year with the GNP in the previous year. In other words, Economic Growth is an increase in the real level of output as measured by the annual percentage in real GDP (Gross Domestic Product). Increase in the capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth. In recent years, the idea of sustainable development has brought in additional factors such as environmentally sound processes that must be taken into account in growing an economy. Measurement of Economic Growth Economists usually measure economic growth in terms of gross domestic product (GDP) or related indicators, such as gross national product (GNP) or gross national income (GNI) which is derived from the GDP calculation. GDP is calculated from a countrys national accounts which report annual data on incomes, expenditure and investment for each sector of the economy. Using these data it is possible to estimate the total income earned in the country in any given year (GDP) or the total income earned by a countrys citizens (GNP or GNI). GNP is derived by adjusting GDP to include repatriated income that was earned abroad, and exclude expatriated income that was earned domestically by foreigners. In countries where inflows and outflows of this sort are significant, GNP may be a more appropriate indicator of a nations income than GDP. There are three different ways of measuring GDP †¢the income approach †¢the output approach †¢the expenditure approach The income approach, as the name suggests measures peoples incomes, the output approach measures the value of the goods and services used to generate these incomes, and the expenditure approach measures the expenditure on goods and services. In theory, each of these approaches should lead to the same result, so if the output of the economy increases, incomes and expenditures should increase by the same amount. How to boost Economic Growth in a country In order for a country to experience economic growth, certain things have to be done. In my own opinion, I believe that; As more people are employed, the amount of capital increases, education levels increase, the quality of capital changes, or the technology increases, the productive capacity of the economy increases. Therefore, the economy can increase its output giving consumers more disposable income, promoting an increase in consumption spending, and providing resources for business to use for further investment and government to use to provide public goods and services. Increased labor force participation increases output. Expanded, improved education creates more productive workers. Business and government spending on research and development enhance our abilities to produce and allow each worker to become more productive, increasing incomes for all. Finally, to achieve a higher level of GDP in the future, consumers need to limit consumption spending and increase savings today, permitting businesses to invest more in capital goods. If resources are invested into building an economy now, future generations will enjoy a higher level of economic growth; our businesses will produce more goods and consumers can purchase more goods. Expansion of output at rates faster than our population growth is what gives us the opportunity to enjoy higher standards of living. Economic development Economic development is a normative concept meaning that the definition is variable however; the definition given by Michael Todaro is ‘’an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.’’ Economic development can be defined as the advancement of a nation or society according to several economic factors. Economic development generally includes such trends as technological innovation, improvements in the standard of living and life expectancy, and increases in the amount of invested assets per capita At the core of the definition is the point that economic development is not just about dollars and cents but is about community well-being and creating communities that people want to live in. It is a constant challenge for small communities to hold onto their young people. There must be jobs and facilities that the next generation expects as a standard. Providing infrastructure on one hand and building social capital on the other will lead to community sustainability and resilience which eventually boils down to ‘’economic development’’ In a few words one can say that the scope of economic development includes the process and policies by which a nation improves the economic, political, and social well-being of its people. Measurement of Economic Development There are several criteria or principles to measure the economic development. Let us make a detailed study of these measurements for better understanding. 1. National Income: Some economists have taken increase in the real national income as the indicator of economic development because per-capita income depends upon the national income. National Income is related with the final goods and services produced in a country. According to this method the state of continuous increase in national income can be taken as economic development. This is majorly applicable to the poor and middle class countries. Short-run increase in national income cannot be taken as economic development. Likewise increase in the national income as a result of increase in price of goods and services cannot be defined as economic development. 2. Per Capita Income: Increase in per-capita income has been pointed out by some economists as a basis for measuring economic development; According to the classification given by the United Nations Organization in 1989, countries having per capita income less than 580 US dollars fall in the class of poor countries, countries having per capita income between 580 US dollars and 6,000 US dollars are in the middle class, and countries having per capita income more than 6,000 US dollars are in the class of rich countries. According to World Development Report 2009, per capita income of Nepal is 340 US dollars. Such indicator makes the comparative study of different countries easy. On the basis of per capita income the economic growth rate of any country can be found out. The increase in per capita income of any country shows the increase in economic growth rate of the country The UNO experts in their report on Measures of Economic Development of Underdeveloped Countries have also accepted this measurement of development. 3. Economic Welfare Index: Economists like Colin Clark Kindleberger, D. Bright Singh, and Hersick etc. have suggested economic welfare as the measure of economic development. The term economic welfare can be understood in two ways: (a) When there is equal distribution of national income among all the sections of the society. It raises economic welfare. (b) When the purchasing power of money goes up, even then there is an increase in the level of economic welfare. The purchasing power of money can go up when with the increase in national income there is also increase in the prices of goods. That means economic welfare can increase if price stability is ensured. Thus economic welfare can boost with equal distribution of income and price stability. Higher the level of economic welfare, higher will be the extent of economic development and vice-versa. 4. Measurement through Occupational Pattern: The distribution of working population in different occupations is also regarded as criteria for the measurement of economic development. According to Colin Clark there is deep relation between the occupational structure and economic development. He has divided the occupational structure in three sectors (a) Primary Sector: It includes agriculture, fisheries, forestry, mining etc. (b) Secondary Sector: It consists of manufacturing, trade, construction etc. (c) Tertiary Sector: It includes services, banking, transport, etc. In underdeveloped countries, majority of the working population is engaged in primary sector. On the contrary, in developed countries the majority of the working population works in tertiary sector. When a country makes economic progress, its working population begins to shift from primary sector to secondary and tertiary sectors. 5. Human Development Index (HDI): The modern economists were not satisfied with GNP, per capita or national income as the principal measures of economic progress. According to them, the issue is not only how much growth but what kind of growth and as a result, they formulated the Human Development Index (HDI). This indicator was for the first time developed by United Nations Development Program (UNDP) in the year 1990.There were a number of measures which were included in this index, However, to keep the HDI simple and manageable, the following main variables were included in it (a) Life expectancy was chosen as a measure of long life (b) Literacy as an index of knowledge and (c) Real GDP per person which represents Income for decent living. 6. Physical quality of life index (PQLI): This is non-income indicator of economic development because this uses physical quality of life as the indicator. This method of measuring economic development is based on the following three things. They are:– (a) Life expectancy (b) Infant mortality (c) Literacy. Countries having low life expectancy, low literacy rate and high infant mortality will have low index. If in any country PQLI is increasing then it indicates the increase in the physical quality of the life of people. Increase in per-capita income does not necessarily indicate the increase in the facilities like healthy food, health, situation, education, etc. Therefore PQLI method is taken to be better indicator than per-capita income method. In addition to these various indicators the following facts are also taken as the indicators of economic development. (a) Equality improvement.(b) Poverty alleviation(c) Quality of life (d) Capital formation(e) Fulfillment of basic needs.(f) Population growth rare (g) Increase in employment opportunities (h) Decrease in dependence on agriculture (i) Increase in entrepreneurship (j) Utilization of natural resources (k) Increase in export of finished goods. (l) Trade diversification (m) Extension of infrastructures DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT In general words, economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries. The raising of income levels is generally called economic growth in rich countries and in poor ones it is called economic development. But this view does not specify the underlying forces which raise the income levels in the two types of economies. The problems of underdeveloped countries are concerned with the development of unused resources, even though their uses are well known, while those of advanced countries are related to growth, most of their resources being already known and developed to a considerable extent. In fact, the terms development and growth have nothing to do with the type of economy. The distinction between the two relates to the nature and causes of change. These two terms may also be explained as the development is a discontinues and spontaneous change in the stationary state which forever alters and displaces the equilibrium state previously existing; while growth is a gradual and steady change in the long run which comes about by a gradual increase in the rate of savings and population. This view has been widely accepted and elaborated by the majority of economists. Economic Growth does not take into account the depletion of natural resources which might lead to pollution, congestion disease. Development however is concerned with sustainability which means meeting the needs of the present without compromising future needs. These environmental effects are becoming more of a problem for Governments now that the pressure has increased on them due to Global warming. According to another school of thought, economic growth means more output, while economic development employs both more output and changes in the technical and institutional arrangements by which it is produced and distributed. Growth may well involve not only more output derived from greater amounts of inputs but also greater efficiency, either, and increase in output per unit of input. Development goes beyond this two employ changes in the composition of output and in the allocation of inputs by sectors. According to some classical economists the growth is an expansion of the system in one or more dimensions without a change in its structure, and development is an innovative process leading the structural transformation of social system. Thus economic growth is related to a quantitative sustained increase in the countrys per capita output or income accompanied by expansion in its labor force, consumption, capital, and volume of trade. On the other hand, economic development is a wider term. It is related to qualitative change in economic wants, goods, incentives, and institutions. It describes the underlying determinants of growth such as technological and structural change. Development embraces both growth and decline. An economy can grow but it may not develop because poverty, unemployment and inequalities may continue to persist due to the absence of technological and structural changes. But it is difficult to imagine development without economic growth in the absence of an increase in output per capita, particularly when population is growing rapidly. Despite these apparent differences, some economists use these terms as synonyms.

Compare And Contast Of Festival Between Bangladesh Tourism Essay

Compare And Contast Of Festival Between Bangladesh Tourism Essay Festival is an event that generally staged by a local community. There is a lot of festival in the world. There are many different festivals and also there are many similar festivals in the world. All of the country has different festival and they observe in different ways. There are many kinds of festival in the world. Historical festival, Social festival. Arts festival, New Year festival, cultural festival, film festival. Music festival. Food festival, folk festival etc. 2. Etymology of festivals: the word festival comes from English word fest, French word festivals, Latin word festivals. After 1580 it was recoded as noun. Before it was used as adjective. In this time it the word feste come form Middle English, from middle French, from Latin. 3. Countries of choice: to compare and contest of festival I have chosen two countries. Among these countries there are many festival observed every year. From these I have chosen two festivals to compare and contest. 5.1 Caribana festival in Canada: Caribana festivals come from Caribbean culture and history which is held in the summer across the city of Toronto, Ontario in Canada. Every year hundreds of thousand visitors from around the world the world come to the Torontos lakeshore. It is the largest festival in the North America. It takes place about three weeks. In this time there held a different kind of event take place. Music festive, folk festive, and many others takes place there in the festival. 5.2 History of caribana festival of Canada: caribana was annually observed from 1967 in Toronto. It is a gift from West Indian community of canards. In the before years the main festival events organised by a nonprofits organisation of Toronto which name was Caribbean cultural committee (CCC). It was establish by the Caribbean organiser living in Canada. In 2006 this origination fall in financial crisis so they fail to arrange this festival at the end Toronto government give financial aid to run this festival from this it named Toronto Caribbean carnival (caribana) festival. 5.3 Events of caribana festival of Canada: the festival start with a massive parade. It took place in the first weekend of August. In this time a dancer called mas player along with live caribana music start from big speakers from 18 wheeler trucks. Calypso Tents Music Series is one of the most attractive events. Story telling is favourite event of this function. Art exhibition held in Royal Ontario museum on July 23 August 15th. Hundred of works shone there. Mainly African-Canadian artists work. Scotia bank Caribana Gala takes place in liberty Grand on July 23rd. an event of arts and festival. King and queen show is another important event of the caribana festival. It held on July 29th in the Lamport Stadium. Another thrilling event is Pan Alive. In this event musical event are shown held on July 30t h. caribana food festival is an exciting new event takes place in the Ontario place on August 1st . There is another programme held in the Ontatia place which is De Scotia bank cariban a Lime where you can take food, watch dance and enjoy live music at the same time. 6.1 Poyela Boishak festival of Bangladesh: poyela boishak is the first day of Bangla calendar. This calendar is followed by the Bangladesh, Assam, west Bangla, and Tripura. This festival is celebrated 14 April of every year. Main festival held in Dhaka the capital city of Bangladesh. About one million people attend this programme. In this day all stage of people attend this festival. In this day Dhaka become festival looks. All roads become colourful. People were colourful dresses in these days. Various types of placates, banners, festoon and many kind of colourful toron are displayed. Government declare holiday in this day. In this day different cultural programme are arranged. A lot of processions are getting out in this day. In this day a lot of fair arranged across the country. 6.2 History of poyela boishak: Hindu Vedic solar calendar is nearly to the Bangla calendar. The Bangla year commences in mid-April of the Gregorian year. At time of moghals period calendar are count for harvest with hijri year. But farmer cannot count this time. Thats why Emperor Akbar ordered to reform the calendar. After this order the famous astronomer Fatehullah Shirazi reformed the Bangla New Year based on Hijri Hindu solar calendars. This New Year (fasli san) thats mean agricultural year first introduce in the 10/11 march on 1584. In this time landlords are arranged different kinds of fair to celebrate this day. In this day Bangali traders open new account book called halkhata in this day traders finish all due with his customers and give them especial sweet. . 6.3 Celebration of poyela boishak: This day are celebrating two ways in the country. One in rural area and another is cities area. In rural area people were new cloths and they keep their home net and clean. In the cities people celebrate this day difference way from rural area. In the cities people observed this day by elaborate programme, Especially in Dhaka. Various kinds of agricultural products, cosmetics, toys, traditional food are sold in the boshakhi fair. This fair provides entertainment, by staging jatra (traditional plays), jari gan, sari gan, murshidi song, bual, arfoti song. Many stage dramas are shone in this day especially Yusuf-Zulekha Radhe- kisno. Events, kite flying in the Dhaka, in the village games are bullfights, flying pigeons, boat racing. In the cities people get up in the morning and ware especial cloths, young women were white saris with read edge, ful(flowers) of their head and, Man were Panjabi(shirt) and lungi (long skirt). In the morning Cities people eat pant-bath (rich with water) with fried hilsha fish. A lot of people gather under the banyan tree at Ramna Park. In this place famous song à  Ã‚ ¦Ã‚ Ãƒ  Ã‚ ¦Ã‚ ¸Ãƒ  Ã¢â‚¬ ¹, à  Ã‚ ¦Ã‚ ¹Ãƒ  Ã¢â‚¬ ¡ à  Ã‚ ¦Ã‚ ¬Ãƒ  Ã‹â€ Ãƒ  Ã‚ ¦Ã‚ ¶Ãƒ  Ã‚ ¦Ã‚ ¾Ãƒ  Ã‚ ¦-, à  Ã‚ ¦Ã‚ Ãƒ  Ã‚ ¦Ã‚ ¸Ãƒ  Ã¢â‚¬ ¹ à  Ã‚ ¦Ã‚ Ãƒ  Ã‚ ¦Ã‚ ¸Ãƒ  Ã¢â‚¬ ¹ (come, o boishakh, come, come) sing to welcoming New Year. Social cultural organization take out procession and parade around the town, university of Dhaka also take out another procession into the campus, news paper give out especial addition, radio, television broadcast live this function. . 7. Significance: now I will describe about the significance of these festival. 7.1 Significance of caribana festival of Canada: caribana is great festival for the Canada, by this festival Toronto get especial definition because a lot of people around the world come to attend this festival thats why it become familiar to all over the world. This festival is held not only Toronto but also Ontario, province, caribana, festival are also celebrate in the America. Immigrants from Trinidad and Tobago introduced this caribana festival. Now it is the third biggest Caribbean festival in the world. 7.2 Significance of poyela boishak: poyela boishak is now recognized as multicultural because many people around the world attend this programme. In this day all Bengali around the world together celebrated this programme thats why it become famous in the subcontinent, in the subcontinent about 30 core people speak in Bengali so poyela boishak is always a model festival for these huge amount of people. 8. Conclusion: festival is always important for every country, It familiar one countries culture and tradition to the worlds. In the festival people get recreation, there are different types of festival in Canada and Bangladesh. And there is also difference celebrating ways but both countries enjoy this festival with great festive look.

Fan Violence Essay examples -- essays research papers fc

Sports fans must have certain rules and regulations against them in order to maintain violence outbreaks during games. For the past decade, fan violence has gotten more and more out of control. There should be certain limits for fans so that violence can be prevented during games. The route of fan behavior comes from many different things, all of which can escalate into very serious situations during games. That’s when it can get very dangerous for the fans and even for the players. There are lots of different examples of fan violence in sports. For instance, a Kansas City Royal’s fan attacked an umpire named Las Diaz (â€Å"Fan†). On April 30, 1993, a tennis fan named Gunter Parche, who was a fan of another player; stabbed Monica Seles. He was a fan of another tennis player (â€Å"Fan†). Cleveland Brown fans threw thousands of beer bottles, cups and debris onto the field after a penalty call was taken back from the Browns (â€Å"Fans throw†). Players, coaches, and referees had to sprint out of the football stadium. On January 25, 1995, Manchester United striker Eric Cantona, assaulted a fan during a game against Crystal Palace after a fan said a racial slur toward him (â€Å"Fan†). On August 29, 2004 an Irish priest, Neil Horan, burst out of the crowd to race the leader of a 5000 meter race in the 2004 Summer Olympics (â€Å"Fan†). On September 13, 2004, Texas Ranger pitcher Frank Francisco threw a chair at a fan during a game after the fan spoke inappropriate language to him (â€Å"Fan†). On November 19, 2004, a brawl broke out between the fans of the Detroit Pistons and the players (â€Å"Fan†). There are many different causes of misbehavior from fans. Of course not all fans do it, but there are many that do. Alcohol is usually the root to the fans menacing behavior during sports games. William Ligue Jr., who was fan at one of the games, admitted he drank before beating someone up (â€Å"Alcohol†). The fans were described as uncontrollable beasts. Winning is supposed to cause you to drink for celebration (â€Å"Alcohol†). And then losing is supposed to cause you to cry in your alcohol (â€Å"Alcohol†). The alcohol industry markets hugely on risk-taking fans (â€Å"Alcohol†). Maybe that is why fans are causing such problems at games. Fans are more inclined to be binge drinkers rather than non-fans. Studies found 53% of sports fans binge-drink 5 or more drinks in a short period of time as opposed to 41% of mal... ...es.† http://www.usatoday.com/sports/columnist/oconnor/2003-04-17-ian.x-htm 17 2003. 03 Feb. 2005 5.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Home fans Behaving Badly.† http://www.collegeathleticsclips.com/archives/000169.html 28 2004. 03 Feb. 2005 6.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Fans Rally Around Pacers.† http://www.washingtonpost.com/wp-dyn/articles/A8746-2004Nov23.html 24 Nov 2004-03 Feb. 2005 7.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Fifteen Students Taken To Jail After Boilermakers’ loss.† http://www.landmark-project.com/citation_machine/index.php/mode=form&list=nonprint&cm-9. 26 Mar. 2000. 11 Feb. 2005 8.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Replay Riot.† http://sportsillustrated.cnn.com/football/news/2001/12/16/jaguars_browns_ap/. 17 Dec. 2001. 11 Feb 2005 9.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Fans throw bottles after call against Saints.† http://www.usatoday.com/sports/nfl/saints/2001-12-17-fans.htm 18 Dec. 2001 11 Feb. 2005 10.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Fan violence.† http://en.wikipedia.org/wiki/violence_in_sports 17 Feb. 2005 11.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Fans subject to conduct code.† http://sports.espn.go.com/nba/news/story?id=1993569 17 Feb 2005. 22 Feb 2005

A Jungian Analysis of the Epic of Gilgamesh Essay -- Epic Gilgamesh es

A Jungian Analysis of the Epic of Gilgamesh   Ã‚  Ã‚  Ã‚   This paper will provide a unique, psychological perspective on a timeless story that is alive with mythological and religious splendor. I must state clearly that this is not the first time that Gilgamesh has been viewed in the light of the philosophy of Jung.   One of two Jung essays I happened upon while preparing my research was the Psychology of Religion. Although I initially felt that this source would provide little help with my paper, I was very mistaken. On the seventeenth page, I have discovered Jung directly referencing Gilgamesh himself. While researching, I consulted the many translations of Gilgamesh found on the web. It seemed that the more sources I sought, the greater the amount of differing opinions and convoluted versions I uncovered. In an effort to remain true to the epic, I will mainly be referring to the book, World Mythology, written by Donna Rosenberg with a few inclusions from Kovacs' translations. Although Rosenberg's version lacks the flair of the latter, it provides a simple doorway opening to a complicated, yet profound, tale of the first great epic that brings time, mortality, and the anguish of humanity into a world of personal destiny basically related to our own (Campbell, OM, p. 87-90). The essay is written with the understanding that the reader has prior knowledge of the main subject matter, Dr. Carl Jung's theories of the unconscious, and Joseph Campbell's idea that myths are synchronistically reproduced across time. Archaeologists and historians feel confident that Gilgamesh was originally written by the Sumerians and later adapted by the Babylonians who kept the identities of Sumer's original gods and goddesses. According to Mauree... .... (Stanford: Stanford University Press, 1989) Jackson, Danny P.,ed. The Epic of Gilgamesh. Wauconda, IL: Bolchazy-Carducci, 1992. Maier, John ed. Gilgamesh. A Reader. Wauconda, IL: Bolchazy-Carducci, 1997. Mason, Herbert. Gilgamesh. A Verse Narrative. Boston: Houghton Mifflin, 1970. Sandars, Nancy K. The Epic of Gilgamesh. Harmmondsworth, UK: Penguin Books, 1968, 1971. Temple, Robert, He Who Saw Everything: A Verse Version of the Epic of Gilgamesh. London: Rider, 1991 Thompson, R. Campbell. Gilgamesh: Text, Translation, and Notes. Oxford: Clarendon, 1930. Campbell, Joseph. The Masks of God: Creative Mythology. New York: Penguin Books, 1968, pp. 4-14, 78-79. Campbell, Joseph. The Masks of God: Occidental Mythology. New York: Penguin Books, 1964, pp. 9-10, 87-92.   Woolley, C. Leonard. THE SUMERIANS. New York: AMS PRESS, INC., 1970, p. 22.   

Justice Versus Empire in J.M. Coetzees Waiting for the Barbarians Essa

Justice Versus Empire in J.M. Coetzee's Waiting for the Barbarians Rhythm is the fundamental element of music; without its pulsing drive, a melody seems aimless, and harmony irrelevant. The beat of a drum awakens the primal within us, calling back ancestral memories and basic instincts. It can lead us to dance and to joy, but also, too often, to war. The war drums beat loudly in cycles throughout history. Many would argue they first became audible to our generation immediately following September 11 th, 2001, and grew deafening with the buildup to our invasion of Iraq. Few would deny that with America's massive global economic and military influence, we have become an empire. Many would argue that we have been an imperial power for some time now. Even so, it is only recently that that recognition has entered the popular consciousness, and so only recently could we begin interpreting artistic analyses and criticisms of imperialism as they relate to our own nation. J.M. Coetzee?s Waiting for the Barbarians paints a disturbing picture of what it means to be a citizen and a proponent of empire, one as applicable to modern America as it was to apartheid South Africa at the time it was written. Coetzee has created a story of Justice versus Empire that applies to us all not just as imperial citizens, but as human beings as well. The Magistrate is the novel?s intellectual and its narrator, so the reader identifies with his position best of all; he acts as a countervailing moral force to the all-consuming drive of Empire. He has a strong commitment to the idea of "decency", a concept we can roughly equate with basic human rights. He shudders at the mistreatment of Colonel Joll's first round of prisoners, and completely loses his... ...hem away from the United States mainland and their own homes and families. They have no rights, and journalistic reporting from the area is minimal if it occurs at all. There is frequent talk of what unspeakable acts may be going on there behind closed doors, and there has been no denial from the United States government. Coetzee?s ability to universalize a tale is disturbing in this modern light. Our leaders would do best to heed the lessons of literature; even now, our own population grows skeptical and is unwilling to accept mere nationalistic bluster as justification. Will Bush, Cheney, Rumsfeld, and Wolfowitz flee Washington under cover of night someday soon as the people pelt them with stones? It?s a comforting image for some, but even then, the damage may be irreparable. Works Cited: Coetzee, J.M. 1980 Waiting for the Barbarians Harmondsworth, Penguin.

How to Encourage More People to Donate Their Organs

1) Many of the people who receive organs have self-damaged their own organs such as by drug use or other irresponsible behaviors (eating patterns, sexual activity patterns, etc. ). There are measures taken by the medical community to ensure that they're not engaged in these behaviors while they're waiting for an organ but that doesn't change the history of the behaviors or how the damage was done. 2) Most of the people will have shortened lifespans anyway even if they receive the organ. ) Most of the people who receive organs will experience an array of complications which will reduce their quality of life and impose ongoing, often lifelong, financial costs. 4) The immediate and ongoing costs of transplanting organs is very high and that cost can often be spent better in other ways such as by improving health education and prevention, drug addiction treatment, neonatal care, nutrition, genetic research, artificial tissue research, etc. 5) Because of the high costs involved, organ tra nsplants are sometimes received via a black market in which you have the very rich benefiting and the very poor selling their organs. This discrepancy in access would, to some extent, remain even if everyone were an organ donor. 6) Some people are afraid that less than full efforts might be made to resuscitate them if they are a known organ donor. For example, they're involved in an accident and then after brief efforts are made to resuscitate them they are left to die and their organs harvested even though if someone had tried a little harder they'd be alive. Although this fear is basically unfounded at least in the majority of the developed world, it is not entirely an unreasonable fear and it would have some legitimacy in some parts of the world. ) Many people regard the body as sacred in such a way that we can never be morally obligated to part with any part of it or to receive any part of anothers. In fact some people strengthen this view from â€Å"not obligated† to â€Å"obligated to not†, and there are a range of views in between. This sense of the â€Å"sacredness† of the body need not manifest in any specifically religious way but simply as a visceral repugnance at the thought of disrupting ones ordinary bodily organization even after death. However it may manifest in religious ways as well and is why so many cultures have engaged in ritual entombment, mummification and embalming, and frown upon things like grave-robbing, cremation, etc. The intuition is, more or less, that when you violate the body, even in death, you show a disrespect both for the life of the person whose body it was and for life in general by making us all merely potential commodities for one another. This ties in with point 5. The converse of this comes at the beginning rather than the end of life and involves not the action of selling organs but of selling children and of conceiving children specifically for the purpose of harvesting their organs. These things actually do and have happened and, quite reasonably, they repulse many people. 8) The donater is usually unable to exercise any discretion as to who receives the organ or judge their merit to receive it. 9) The donater is usually totally unaware of the recipient and feels no obligation to them. This lack of felt obligation is, of course, reciprocated. 0) Although, just as with vaccination programs, the costs of donation could be lowered by making it mandatory, this is very unlikely to happen (see 7) and, if it did happen, would be very likely to be abused (see 5). Together these all provide formidable reasons to not donate. Although there may remain some cases to which some of the arguments don't equally apply, such as cornea transplants and skin grafts and transplants for the young and otherwise healthy and donations to those you know, the arguments against many forms of donation and many cases thereof are still weightier than you might think.

Internal Control Of A Group Company Accounting Essay

AbstractionToday, the argument of internal control is progressively of import to group companies. It is normally believed that a group is rather complex which would do a hard in pull offing hazards between different parts. The bankruptcy of Enron Corporation in 2001 is a milepost in the growing history of internal control. After that incident many establishments in the universe published their studies for teaching corporations ‘ internal control. This thesis introduces the thought of internal control, and the comparative back uping theories of building an internal control. Besides, explore the construction of a group company, and its concern of how to set up an inside internal control system. Finally, give a constructive decision of a group ‘s internal control by a instance survey of BP group.ContentEntire Wordss: 10221List of figuresFigure 1i?sThe COSO Cube Figure 2i?sDesign of balanced scored card Figure 3i?sBP ‘s system of internal control Figure 4i?sCurrent ratio of BP Group 1 Figure 5i?sCurrent ratio of BP Group 2 Figure 6i?sReturn on assets of BP Group ( 2007-2011 ) Figure 7: Daily Stock monetary value alteration of BP Group, compared with the FTSE all portion from 2008 to 2012Chapter 1 Introduction1.1 Aims of the surveyIn this twenty-four hours and age, the issue of internal control is progressively of import to group companies. It is normally believed that a group is so complicated which may doing a hard of pull offing the hazard occurs between the interior parts of a group. The bankruptcy of Enron Corporation in 2001 is a milepost in the development history of internal control. After that astonishing fiscal fraud instance, SEC ( Securities and Exchange Commission, U.S ) passed the Sarbanes-Oxley Act to modulate listed companies in order to accomplish a fiscal transparence. Among the act, subdivision 404 ( SOX 404 ) proposes the issue of ‘internal control ‘ , it requires each one-year study should incorporate an internal control study which shall foremost ‘state the duty of direction for set uping and keeping an equal interna l control construction and processs for fiscal coverage, and secondly contain an appraisal, as of the terminal of the most recent financial twelvemonth of the issuer, of the effectivity of the internal control construction and processs of the issuer for fiscal coverage ‘ ( Nadler and Kros, 2008:243 ) . Harmonizing to this SOX 404 act, different specific establishments in different states make out the elaborate guidelines for corporations. For illustration, in U.S. COSO ( Committee of Sponsoring Organizations of the Treadway Commission ) proposed guidelines in 1992 and 2004 for pull offing a house ‘s hazard and modulating their internal control system. In United Kingdom, FRC ( Financial Reporting Council ) makes out the Turnbull counsel as a administration codification of internal control. Those two are similar in contents.1.2 Administration of the thesisThis thesis is divided into seven chapters and organised as follows. Chapter 1 studies the backgrounds and aims of this survey. Chapter 2 is a literature reappraisal about the comparative surveies of internal control and group construction. Chapter 3 introduces the definition and how to implement an internal control by incorporating COSO and Turnbull counsel, which includes the intents, rules, and constituents of internal control activities. Chapter 4 is about a survey of back uping theories and their deductions for set uping an internal control system, which including bureau jobs, portfolio theories, institutional economic sciences, LLSV theories and Balanced scorecard. Chapter 5 emphasises the internal control in a ‘group ‘ company and the importance of scheme of a house by explicating the definition, features and an internal control frame for a group company. Chapter 6 is a instance survey of BP Group as the research methodological analysis, by look intoing and researching BP group`s internal control construction ; roll uping comparative fiscal informations to verify the effectivity of BP group`s internal control activities. Chapter 7 proposes a decision.Chapter 2 Literature ReviewBecause of the topic of this thesis is ‘internal control of a group company ‘ , therefore there are chiefly two sorts of articles are being collected. One is the documents about how to set up an internal control system, and the other is about the construction of a group company. Bower and Echlosser ‘s ‘internal control – its true nature ‘ in 1965 is normally believed as the earliest article in discoursing the internal control issue. This article debates the impression of internal control. He pointed out the intents of internal control are to do fiscal information system more dependable and to safeguard assets. In add-on, the true nature of internal control could be defined and saw by puting a fiscal information system. It is normally believed that a fiscal information system can run with small or no internal control. However, the fiscal information system can be reinforced by adding an internal control. Besides, adding internal control responsibilities could straight beef up the fiscal system. Such responsibilities can diminish the mistakes and fraud causation by people. ‘Internal control responsibilities are necessary because of the mental, moral, and physical failings built-in in people ‘ ( Bower and Echlosser, 1965:339 ) . Nevertheless, due to the early clip of this article, the writers did non discourse the application of internal control on corporations. Gauthier ( 2006:11 ) in his article of ‘Understanding internal control ‘ points out that the construct of internal control is non new. This article observes what each populace sector fiscal director and board member should cognize about internal control. Finish analyzing the indispensable grounds of fiscal studies which with a fraud ; the Treadway Commission believes that it is due to a deficiency of internal control system. Therefore, organisations supported the Treadway Commission to plan a Committee of Sponsoring Organizations ( COSO ) to modulate concern operations in endeavors. COSO defined five indispensable constituents to vouch a model of internal control inside a company is acceptable or comprehensive: a. control environment, b. hazard appraisal, c. control activities, d. communicating, and e. monitoring. However, there is no perfect model of internal control. Internal control ‘s nature is hazards ‘ variegation, instead than turning away. Spira and Page ( 2003 ) hold the position that the release of the Turnbull counsel is a program of the UK authorities, which intend to beef up corporations ‘ internal control. The counsel aligns internal control with hazard direction. Besides, this article discovers the alteration of building the argument about internal control and hazard direction with the UK company administration sphere by using a sociological position on hazard. In add-on, this article provides an of import support on the UK companies ‘ internal control frame. Soderquist ( 2000:375 ) points that ‘the current legal construct of the corporation is simple: a corporation is an unreal individual, and the inquiry for legislative assemblies, tribunals, and attorneies is whether this construct serves their demands. ‘ This article chiefly discusses different hypotheses in building corporations, provides utile information for researching the construction of corporations. Furthermore, this essay observes the bing legal construct, mensurating its utility and uncovering its bounds, thereby suggesting a sound corporation construct. Chandler ( 1992 ) examines concern companies ‘ operations and patterns from a historical position. He in add-on explores the value of the house from four economic theories, which are the neoclassical, the principal-agent, the dealing cost and the evolutionary ( Chandler, 1992:484 ) . Furthermore, explicating the beginning and growing of modern industrial corporations. This article besides provides a utile thought in explicating internal control in different types of group companies. Tsay ( 2010 ) deeply researches the Sarbanes-Oxley Act of 2002 ( SOX ) . He points that the subdivision 302 of the Sarbanes-Oxley Act requires direction of listed public companies should unwrap every alteration of their internal control systems. SOX subdivision 404 to boot requires that a direction has an duty on measuring the effectivity of its internal control systems and the rating study should be audited by a registered accounting house ( Tsay, 2010:53 ) . In January 2009 the Committee of Sponsoring Organisation of the Treadway Commission ( COSO ) published Guidance on Monitoring Internal Control Systems. The counsel runs a theoretical account to program and implement an internal control rating plan for the direction of a house. Besides, this article gives a cherished advice on uniting COSO counsel and corporations ‘ internal control system. More specifically, the paper solves the job of how to use COSO ‘s five constituents ( control environment, hazard appraisal, con trol activities, communicating, and monitoring ) with a corporation ‘s internal control system. Kiyak ( 2004:3 ) proposes ‘a theory-driven, testable, incorporate model that specifies the interrelatednesss between cardinal strategic concepts that define a planetary company: corporate planetary scheme, organisational construction, direction procedures, organisational civilization, corporate leading, and fiscal and market public presentation ‘ . The paper develops common definitions of the strategic concepts, and farther runs an empirical work by utilizing a web-based cross-sectional study in American transnational corporations. As the decision Kayak points that the procedure of corporate globalisation is a complicated interaction of multiple dimensions. ‘Skillful coordination and constellation of these cardinal facets are necessary to accomplish the coveted benefits of globalisation in transnational corporations ‘ ( ibid ) . This paper provides a utile advice on corporations ‘ globalisation from positions of planetary scheme, steadfast civilization a nd market.Chapter 3 What is internal control?3.1 IntroductionsIn this twenty-four hours and age the issue of endeavors ‘ internal control has become a hot argument during both academic and practical degree, because of the rapid developed direction theories and information engineering. Those new alterations demand enterprises to set up the modern corporation system which so includes an internal control system, for avoiding the happening of fiscal or non-financial catastrophes. A sound effectual internal control system could assist corporations heighten the quality of accounting information, protect the investors and understate the operation hazards. In this chapter, the definition of internal control would be discussed foremost, and so there are the grounds why a company need internal control. Finally, are the rules, intents and constituents of set uping an internal control system inside a corporation.3.2 Definition of internal controlThe earliest construct of ‘internal control ‘ occurred in 18th century, at that clip business communities used the simple mode which is to clear up comptrollers and tellers, for forestalling fraud and vouching the truth of histories. But with the increased graduated table of concern, the above simple method is going progressively uneffective in covering with complicated personal businesss inside company. More and more faculty members focus on researching for a better direction of houses. Consequently, in 1949, the American Institute of Certified Public Accountants issued a specific study entitled â€Å" Internal Control † specifying it as a â€Å" safeguarding of assets † , the â€Å" ensuring of the truth and dependability of accounting informations † , the â€Å" publicity of operational efficiency † and the â€Å" attachment to order direction policies † ( ABeam Consulting, 2009:2 ) . However, this definition was criticised by some faculty members for the range of duty of hearers was extended excessively far, for doing statements in favor of a narrower account of the construct of internal control. Bower and Echlosser ( 1965:338 ) pointed out that the last 2 of the above 4 facets of the definition of internal control, the â€Å" publicity of operational efficiency † and the â€Å" attachment to order direction policies † , have created many jobs of reading for hearers. In order to clear up the confusion, Statements on Auditing Procedure ( SAP ) No.33 and No.29 divide internal control into two parts, â€Å" accounting controls † and â€Å" administrative controls † . In add-on, SAP No.33 farther point ed out that the independent hearer is foremost concerned with accounting controls, the ground of which is that hearers bear straight on the dependability of the fiscal information. Accounting controls comprise the program of organisation and all methods and processs that are concerned chiefly with, and associate straight to, safeguarding of assets and the dependability of the fiscal records. They by and large include such controls as the system of mandate and blessing, separation of responsibilities concerted attempt with record maintaining and accounting studies from those disquieted with operations or assets detention, physical controls over assets, and internal auditing ( Bower and Echlosser, 1962:338 ) . Administrative controls comprise the program of organisation and all methods and processs that are concerned chiefly with operational efficiency and attachment to managerial policies and normally relate merely indirectly to the fiscal records. They by and large include such controls as statistical analyses, clip and gesture surveies, public presentation studies, employee preparation programmed, and quality controls ( ibid ) . However, Bower and Echlosser believed that the duality of the above two controls is merely overcast the arguments, non work out the job. The intent of internal control is to safeguard assets, and to guarantee the dependability of accounting information. However, ‘because of the mental, moral and physical failing inherent in people, it is necessary to set up a system of internal control in accounting study processs ‘ ( ibid:339 ) . By uniting their research Bower and Echlosser redefined the construct of internal control as follows: Internal control comprises the program of organisation and all of the co-ordinate methods adopted within a concern to safeguard its assets, look into the truth and dependability of the information produced by the fiscal information system ( ibid ) . Furthermore, Bower and Echlosser ( 1965: 340 ) believed that hearers should complete seven internal control responsibilities, they are: Supervision Clerical cogent evidence Admiting public presentation Transfering duty Protective step Reappraisal Confirmation and rating In 1992, the Committee of Sponsoring Organizations of the Treadway Commission ( COSO ) released a study named internal control — Integrated Framework which has been widely used in America and adapted by many other states. This study provided a cardinal counsel for set uping and implementing effectual internal control. In this papers, COSO defined internal control as follows: Internal control is a procedure, effected by an entity ‘s board of managers, direction and other forces, designed to supply resalable confidence sing the accomplishment of aims in the undermentioned classs: Effectiveness and efficiency of operations Dependability of fiscal coverage Conformity with applicable Torahs and ordinances ( COSO, 1992 ) . This model is important in the development of internal control, because it breaks out the tradition manner that AICPA dominates the comparative research, hence doing out a more specific and applicable model. By reasoning the COSO ‘s definition, it could be summarised into the undermentioned points: First, everyone inside the corporation is the participant, including managers, direction and employees. Furthermore, all the participant of internal control is contending for the three aims ( Effectiveness and efficiency of operations, Reliability of fiscal coverage, Conformity with applicable Torahs and ordinances ) . Finally, internal control is non a separate portion of a house ‘s matter, while it is a procedure, which running through the whole direction and disposal of corporations. In 1999, Turnbull Committee issued the Guidance for Directors on the Combined Code ( 1999 ) besides known as the â€Å" Turnbull Report † , which is a papers designed for the listed companies of London Stock Exchange. This publication defined internal control every bit good as COSO, from facets of accounting information dependability, internal control process, aims and rules. However, Turnbull study has the invention parts compared with the COSO 1992. It proposed that an endeavor ‘ internal control activities should be viewed as the necessary constituent of their civilization, because internal control system reflects the house ‘s operating environment. The study besides pointed that internal control as a important portion of hazard direction of an endeavor, would be helpful for carry throughing its strategic end. The constitution of internal control system would assist the endeavor to understate the fiscal loss, in order to forestall the strategic end from act upon ing by a possible bad fiscal public presentation. Furthermore, the study believed that internal control activities could advance working efficiency and result, safeguard assets and detect fraud seasonably. Additional, because of the continually developing hazard faced by a house, internal control system reduces, but can non extinguish the possibility of hapless opinion in decision-making ; human mistake ; control processes being intentionally circumvented by employees and others ; direction overriding controls ; and the happening of unforeseeable fortunes ( Financial Reporting Council, 2005 ) . A good system of internal control therefore provides sensible, but non absolute warrant of a house which will non be hindered in accomplishing its concern aims.3.3 Reasons why companies need internal controlInternal control system is an of import direction tool for safeguarding and protecting assets, particularly in the large, complicated corporation. By and large talking, a sensible applicat ion of internal control system could cut down losingss in bring forthing activities, and prevent the inside participants breach Torahs or ordinances. Besides, it helps to make an environment in which employees feel just. Following are some elaborate points of why companies need internal control. First of all, internal control keeps a high quality of a house ‘s internal and external accounting information. Under the internal control system, each accounting process runs carefully and cautiously, thereby taking a true, just and accurate accounting study, which makes inside managers and outside investors clear with the true operating circumstance of the house. Second, internal control plays a cardinal function of diminishing a house ‘s operating hazard. It is normally believed that a deficiency of supervising consequences in fiscal errors, which even threats the traveling concern of a house. The thought of internal control gives houses ‘ internal hearers the counsel ; provides them a series of judgement codifications in each procedure of concern, to better oversee comparative forces. Furthermore, a sound internal control system is a demand of a house ‘s accomplishment of long-run strategic end ( ibid ) . Long-time traveling concern of a house requires it has the ability of bearing tremendous operating force per unit areas. This force per unit area could be fiscal or non-finical. For illustration, a house should non merely concentrate on the external alteration of economic, policies and selling development, but besides notice the alteration of inside forces, the physique of enterprise civilization. Internal control system as a multifunction tool unifies the above demands. Finally, in order to maintain assets ‘ accurate and complete, internal control system provides efficient direction and supervising manners, to forestall the human mistakes or errors from harming the safety of assets. Additional, internal control could diminish the personal businesss of blowing resources because it includes the control of cost as its contents.3.4 Principles of internal controlThe rule of internal control means the guidelines or criterions of how to construct an internal control system. In the first topographic point, internal control activities must see their handiness ( Spira and Page, 2003 ) . It requires the house makes out sensible and suited control ordinances for implementing. The control ordinances should be written in the paperss as houses ‘ subjects. However, the ordinances should be neither excessively rigor nor excessively loose, because that would impact employers and employees ‘ ardor of executing plants. In add-on, planing an internal control system should to the full see the cost. The primary aim of internal control is to understate the possible hazard of losingss. If the internal control activities ‘ cost exceeds the control additions, it would go an unfavorable action. Therefore, corporations should use sagely when planing their internal control system. Furthermore, internal control of corporations should non cover every facet of activities. However, it should concentrate on the crucial processs which will deeply impact the house operating. For case, hearers might pay more attending on the opinion of house ‘s investing and funding activities because those personal businesss are normally company with hazards, while, for the low-risk day-to-day modus operandis, excessively much investing equals a waste of resources.3.5 Purpose and Components of internal controlThere are many readings about the intents of internal control. Among them, the COSO study gives the most widely recognised and sensible 1: aˆÂ ¦provide sensible confidence of accomplishing corporate mission, aims, ends and desired result while adhering to Torahs and ordinances ; let the company to accurately describe successes and results to the populace and interested 3rd parties. Serve as a common footing for directions, managers, regulators, faculty members and others to better understand endeavor hazard direction, its benefits and restrictions, and to efficaciously pass on about endeavor hazard direction ( COSO, 1992 ) . The constituents of internal control are normally including control environment, hazard appraisal, control activities, information & A ; communicating, and monitoring ( ibid ) . Those five parts explain what factors a sound internal control system should cover.Figure 1i?sThe COSO Cube( Beginning from: www.sox-online.com, 2012 )a†¦ . Control environment Control environment is the foundation of all the other constituents, it concludes the factors that would impact the house ‘s runing processs such as a house ‘s unity and ethical values, set of board of managers & A ; audit commission, direction ‘s doctrine and operating manners, organisational construction, assignment of authorization and duty and human resource policies and procedures ( ibid ) . A complete, sensible environment is the warrant and foundation of a sound control system, because it makes internal control system easy to be established. a†¦? . Risk Assessment Hazard means a sort of unexpected position of things, and hazards happen anytime and anyplace. A corporation may under the hazards from both internal and external in anytime ( Gauthier, 2006:13 ) . Therefore, a house needs to measure the possible hazards. More specifically, a house should place and analyze hazards which may happen in operating activities and fiscal studies. Designation is to recognize and fix adequate steps in progress for the possible hazards. For case, a house should measure the possible hazards of alterations in information about external competitions, macro-economic policies and the tendency of developing engineering. Furthermore, the internal policies, forces, and the operating construction. Analysing hazards means to measure the chance of hazards and how the hazards can impact the house, and how the house can understate the loss of inauspicious influence. a†¦? . Control activities Control activities are proposed to accomplish detailed control aims in order to understate the hazards. They are the peculiar processs, policies and patterns that are planned to safeguard concern aims. The control activities are wide-ranging, includes the undermentioned parts. a. Sufficient Segregation of Duties In a house, plants of mandate, recordkeeping, and detention should divide from each other to maintain the independency of section. For illustration, tellers and comptrollers ‘ plants should be separated clearly in order to forestall a fiscal pandemonium. B. Suitable Mandate of Dealingss and Activities Inside the corporation, there are two sorts of mandate: general and specific, the former is acceptable for everyday actions for which there are general policies to follow. However, for some specific minutess, peculiar mandate is required on a individual footing. c. Sufficient Documents and Records During the house ‘s operating, there would bring forth immense figure of fiscal or non-financial paperss and records. Internal control activities require consecutive paperss so lost points are noticed. Furthermore, it requires the economic informations are prepared as near to the covering clip as possible. Furthermore, the format of records requires well-designed instructions and proper infinites. Constitution of processs and policies Internal control activities need a set of processs to steer the patterns. In add-on, backup and recovery processs are besides necessary for the unexpected hazard. e. Independent Performance Checks Employers may bury or intentionally neglect to obey processs, or they may be careless unless person regulates and observes their everyday plants ( Gauthier, 2006:13 ) . Therefore, independent cheque is an indispensable process. a†¦? . Information and Communication Information and communicating support internal control by conveying orders from direction to employees in a signifier and a clip frame that allow them to carry on their control activities efficaciously ( COSO, 1992 ) . a†¦Ã‚ ¤.Monitoring Mentoring is a process to measure the quality of internal control sporadically through ongoing and specific appraisals. Monitoring could include both internal and external supervising of internal control by direction, employees, or outside parties. For many corporations, particularly big 1s, it is indispensable to construct an internal audit section for a better proctor.Chapter 4 Supporting theories and their deductions for set uping an internal control system4.1 IntroductionIn this chapter, some interesting theories would suggest to explicate how internal control is generated, and supply academic support for a corporation to set up its internal control system.4.2 Agency theoryThe root of bureau job is the separation of ownership and direction. After 19 century, companies began to spread out their selling because of a development of engineering. The traditional manner of household houses which uniting ownership and direction became progressively unfavorable for roll uping money for e nlargement ( mom ) . In order to work out this job, partnership, so corporations occurred. Stakeholders provide the necessary financess and a detached direction takes duty for pull offing the company. This separation could do full usage of stockholders ‘ capital and the direction ‘s cognition. However, there is a new job when dividing ownership and direction. First of wholly, the stockholders intend to make is to maximum their ain wealth, and derive the best return of the investing. However, the direction of a house prefers to see its ain benefits, such as the fillip, repute, working environment, vacations and so on. Therefore, it is non possible to extinguish the bureau job wholly. Furthermore, the stockholders as the investors in selling can utilize portfolio to understate their hazards, so they hope the direction invests the high return undertaking. However, the direction is hard to diversify their input. Therefore, comparing with stockholders, direction are risk-averse, and they normally give up those high hazard undertakings although which could increase the wealth of stockholders. Furthermore, information dissymmetry exists between stockholders and direction. Management take part the day-to-day operation of a houses, know the current fiscal and runing information, while the proprietors lack the professional cognition, and they do non straight take part the direction work, therefore can non do a just opinion of the work of direction. In add-on, because of an already mandate, the proprietor could non carry on a entire supervising. Thus the action of inauspicious choice and moral jeopardy would be done by direction. Through the brief sum-up of bureau job, a consequence is that it is necessary for a house to set up a sound internal control system, to organize the struggle of wealth between the ownership and direction. Although an internal control may increase the cost of operating, a company still needs it to forestall fund frauds and lower fiscal hazards. In add-on, through long-time internal control activities companies would happen equilibrium between bureau cost and value upper limit.4.3 Financial hazard and portfolio theories4.3.1 Definition of hazard‘Risk is a term frequently used to connote downside hazard, intending the uncertainness of a return and the potency for fiscal loss ‘ ( Verschoor, 2006 ) . The consequence of a hazard might be good, or non. Following are some characters of hazards. First, hazards are nonsubjective, every company can non wholly extinguish them. Additionally, hazards are besides unsure, they occur anyplace and anytime. Third, hazards are related to the return of undertakings. ( fm ) . It means when a topic bears a high hazard, it may derive a high return. That is why person feels like put on the lining.4.3.2 The type of hazardsa. hazard of macro environment This is a comprehensive hazard implicate the outside economic environment of houses ‘ mark state, such as the political hazard and societal economic hazard ( ibf ) . b. hazard of profession Because of the economic rhythm of a profession, corporations may confront the possible cycling recession which would convey the lessening of net incomes. For illustration, the market of general touristry would bear a slack season in winter. c. hazard of micro environment This hazard peculiarly occurs in the specific houses during their operating activities, because of the errors of employees, the failure in concern determination of direction and so on ( ibf ) .4.3.3 The step of hazardScholars tend to utilize math theoretical accounts to measure the hazard during the concern operating. By measuring the possibility of different state of affairss may happen, an expected return can be calculated by the undermentioned equation: Tocopherol ( R ) – expected return Rn – undertaking N ‘s return rates Pn – the possibility of undertaking N It is normally believed that a discrepancy ( VAR ) of the equation represents the hazard, therefore: ( frequency modulation ) Through this simple equation people could cipher the hazard easy, but this method is undependable because of the mistake in computation.4.3.4 Particular concern: the fiscal hazard of a house‘Financial hazard an umbrella term for multiple types of hazard associated with funding, including fiscal minutess that include company loans in hazard of default ‘ ( Investopedia, 2011 ) . Markowitz ( 1952 ) reported that ‘a scientific discipline has evolved around pull offing market and fiscal hazard under the general rubric of modern portfolio theory ‘ . He besides pointed that ‘in modern portfolio theory, the discrepancy of a portfolio is used as the definition of hazard ( ibid ) . There are chiefly three elaborate hazards as follows: Recognition hazard is most merely defined as the potency that a bank borrower or counterparty will neglect to run into its duties in conformity with in agreement footings ( Basel Committee, 1999 ) .A Investing hazard refers to the possible failure in the undertakings investing. It may destruct a whole corporation due to an inaccurate computation of the expected return of undertakings. Assetss impairment hazard refers to the loss of touchable or intangible assets due to unsure factors. For illustration, a replacing trade good possibly a strong challenge for the original manufacturers. Besides, new engineering and merchandise life rhythm would be a menace for entrepreneurs.4.3.5 Management of hazardThere are some manners for corporations to cover with the above hazards: Hedging, Reduction, insurance and acceptation. Hedging refers to avoiding hazards by utilizing compensatory actions, for case, do non publish securities in states that have terrible rising prices ; shut the subordinates in political relations unstable states ( ibf ) . Decrease agencies take actions to take down the hazard, for case, utilizing fudging contract to avoid foreign exchange hazard. Insurance is a manner to reassign the hazard by buying suited insurance merchandises. In this state of affairs, the hazard of a house will reassign to others. Acceptation refers to to the full accept the hazard of operating activities. It requires a house has a strong capital modesty. In general, a house seldom chooses to accept hazards.Institutional EconomicssInstitutional economic sciences accents larning, development, and restricted reason. It initial occurred on the twentieth century, and the representative economic experts are Thorstein Veblen, John R. Commons, and Wesley Mitchell ( Rutherford, 2008 ) . Hamilton ( 1987 ) pointed that ‘old institutionalism rejects the decrease of establishments to merely gustatory sensations, engineering, and nature. Tastes and outlooks of the hereafter, wonts and motives, are non merely determined by the nature of establishments, but besides limited and shaped by them ‘ . When people live and work in establishments on a regular footing, it shapes their universe positions. Basically says that traditional institutionalism focal point on the lawful foundations of an economic system and the evolutionary, used, and calculated procedure. The fluctuations of the establishments are surely a effect of the very inducements shaped by such establishments, and are hence endogenous ( ibid ) . Categorically, institutionalism is a traditional manner to response the current economic orthodoxy.4.5 LLSV theoryIn 1997, four celebrated jurisprudence and finance bookmans, La Porta, Lopez-de-Silanes, and Shleifer are from Harvard University, and Vishny is from the University of Chicago, issued the article ‘Legal Determinants of External Finance ‘ . LLSV ( 1997:1149 ) reported that states with poorer investor protections, measured by both the character of legal regulations and the quality of jurisprudence enforcement, have the smaller and narrower capital markets. In peculiar, Gallic civil jurisprudence states have both the weakest investor protections and least developed capital markets, particularly as compared to common jurisprudence states. LLSV ( ibid ) further discussed the relationship of jurisprudence and external finance, they pointed out that the legal environment has a immense consequence in the size of capital markets over states. LLSV ( 1998:1151 ) examines legal regulations covering the protection of corporate stockholders and creditors, the beginning of these regulations, and the quality of their execution in 49 states. The consequences display that common-law states normally have the strongest, and Gallic civil-law states the weakest, legal protections of investors, with German and Norse civil jurisprudence states located in the center. They besides notice that concentration of ownership of portions in the largest public companies is negatively related to investor protections, while consistent with the hypothesis that little, diversified stockholders are unlikely to be of import in states that fail to guard their rights.4.6 Balanced scorecardThe thought of Balanced Scorecard was proposed ab initio in 1992 by Kaplan & A ; Norton. They claimed that traditional fiscal accounting steps such as return-on-investment ratio and earnings-per-share rate might offer confusing signals for companies` uninterrupted bett erment and invention ( Kaplan and Norton, 1996 ) . ‘The traditional fiscal public presentation steps worked good in the industrial epoch, but they are out of measure with the accomplishments and competences companies are seeking to get the hang today ‘ ( Kaplan and Norton, 1992:71 ) . It means that the traditional financial accounting techniques focus on recording and gauging the past economic activities of corporations while it can non supply a wholly advice about companies ‘ current and future funding and puting events. Furthermore, in the current society of concern information, companies should take several factors such as clients, providers, employees, invention into consideration ( ibid ) . Therefore, balanced scorecard was offered from four chief positions to measure houses ‘ public presentation: the fiscal, client, internal concern procedure, invention and acquisition ( ibid ) . The purpose of balanced scored card is to take houses ‘ visions into actions ( Kaplan and Norton, 1996 ) .Figure 2i?sDesign of balanced scored cardBalanced mark card requires persons inside the group set up their ain scorecards, and on occasion look into the public presentation of scored cards. This result is related to their personal fillip. Mark cards are normally built based on four facets: fiscal, client, internal concern procedure, invention and acquisition. First, to recite non-financial informations, ‘What you step is what you get ‘ ( Kaplan and Norton, 1992:71 ) . It means to construe groups ‘ objects and thoughts into a series of aims, steps, ends and enterprises, which makes non-financial elements seeable and assessable ( Kaplan and Norton, 1996 ) .The above theories ‘ practical deductions for internal controlIn order to observe how internal control is generate, and why corporations should set up a sound internal control system for maintaining a good concern operation, the above portion introduces theories including bureau job, fiscal hazard and portfolio theory, Institutional Economics, LLSV theory and balanced scorecard. From a comprehensive position, following are some practical deductions of the theories for internal control. In the first topographic point, bureau job requires an internal control to protect the company owner`s benefits. In other words, bureau job is the root of internal control. Economists assume that resources can be divided into the undermentioned three: land, capital and engineering, and presume that what people pursue is to maximize their ain public-service corporation. With the uninterrupted development of productive forces, the graduated table of production of endeavors continuously expand, the proprietors of the company, though they have the economic resources such as land and capital, but non needfully hold the ability to pull off a concern ; However, directors occupy proficient resources, but no capital. In order to apportion resources expeditiously, the proprietors hire directors who have the ability to stand for them to take responsible for the operation of the endeavor. This action produces a separation of ownership and direction. But, the end of operators is non consistent wi th concern proprietors. The proprietor intend to maximize the value and make wealth for themselves, while the end of corporate directors are higher incomes, benefits and repute, which is consistent with the premise of economic adult male in the economic sciences, that is chase of their ain public-service corporation maximization. Furthermore, because of directors take responsible for day-to-day concern activities, they are able to make and hold on more concern fiscal information than the corporate proprietor, this is an information dissymmetry. Asymmetrical information can easy allow directors to do inauspicious choice and moral jeopardy, besides say that concern directors use private information to prosecute single public-service corporation maximization, the consequences of that may damage the endeavor ‘s value. Thus, bureau theories provide academic support for the reason of internal control. Besides, internal control as a powerful tool has utilised by the endeavor propriet ors for a better proctor. Second, fiscal hazard and portfolio theories propose to what widen internal control activities should accomplish. The bureau jobs lead to an happening of bureau cost, the being of bureau cost brings the hazard for proprietors. Thus the proprietors set up internal control system for modulating directors. Based on the comparative investing theory, in the same return rate, people prefer to take a undertaking with smaller hazard. Although there exists hazard of internal control costs, sing the world that investors normally can non to the full invest portfolios efficaciously to cut down a hazard, internal control hazard is still to be considered when judging an endeavor. Furthermore, institutional economic sciences makes internal control good organised. In order to cut down the bureau job caused by the hazard, proprietors would automatically supervise and control directors, inquire them to vouch and be responsible for the concern consequences. Some fiscal dirts show that the voluntary established internal control system does non run into the demands of the proprietors on the hazard control. Gradually, internal control system is developing to legal commissariats inside corporations. The institutionalisation of internal control is the consequence of concern enlargement. In bend, the institutionalisation of internal control strengthens the protection of the proprietor. Furthermore, LLSV theory of investor protection points out that when the capital market develops to a certain extent, the demand of protecting investors in capital markets in different states and different economic system is the same. The significance of set uping internal control is to protect investors efficaciously. Harmonizing to the theory of LLSV, mature capital markets require the mature internal control system, and internal control system criterions in developing capital market will bit by bit go rigorous as the mature market. Finally, balanced score card is a good practical manner of internal control. Balanced Scorecard ( BSC ) is a nucleus strategic direction and execution tool. It divides information into 4 dimensions, and makes it easy to be measured. The chief intent of BSC is to change over the endeavor scheme into elaborate actions, to foreground the comparable advantage. Inside the balanced scorecard, the factor of ‘financial ‘ and ‘internal procedure ‘ require endeavors set up sound internal control system, in order to vouch the accomplishment of endeavor scheme.Chapter 5 Internal control towards Group companiesIntroductionWith the progressively incorporate planetary economic system, the competition between states is really a competition between large companies and groups. In recent old ages, the group company has become an of import force and indisputably occupies a important place in the whole economic system, no affair in its size, efficiency or impact. However, after the lessons of Enron, Barings Bank and other serious incidents, it is concluded that: the success of internal control of a corporation is straight related to the company ‘s destiny. Corporations should rapidly set up a sensible system of internal control. The building of corporations ‘ internal control system should foremost guarantee the subordinate operating as a self-financing independent individuality. Second, prosecute the group ‘s overall involvements. However, the solution to the job of the effectivity of internal controls of the whole corporation is non simple, due to the many beds of direction inside the corporation, directors in the headquarter could merely through the indirect bid and control to restraint and proctor subordinates. The constitution of the group ‘s effectual internal control system is a cardinal to continuously better the overall value of a corporation and heighten the nucleus fight of the group. In this chapter, foremost introduce the definition and features of a group company. Additionally, the relevant survey provides a theoretical footing for farther researching the internal control manner. Then, in the last subdivision of this chapter we focus on a strategic way which uniting with characteristics of a corporation to transport out internal control`s relevant frame survey.Definition of group companySoderquist ( 2000 ) believes that a corporation is a configuration of relationships holding a varied and changing hierarchal construction. There is an ununderstandably big figure of relationships that can take topographic point in corporations, furthermore, many of these relationships will continuously change. A group is an gathering of parent and subordinate companies that function as a solo economic topic via a common beginning of control ( ibid ) . The impression of a group is frequently used in the revenue enhancement jurisprudence, accounting and house jurisprudence to clear up the rights and duties between companies. If a company involves in wholly different concerns, it is normally named a pudding stone.Features of group companyWhen it comes to group companies, people normally wonder what advanced a little and individual administration to go a multiple and complex group administration. Chandler ( 1992 ) points out that the thought of the group company is an account of alternate relationships between market and houses. In other words, the modern multiple endeavors ( groups ) will replace the traditional little companies when the direction and addendum inside a house could supply higher productiveness and net incomes, lower costs than the coordination of the outside market mechanism. Besides, it is a transmutation from the market behavior into corporations` internal buying behavior. For illustration, antecedently commercial activities are performed by several concern units, now through the restructuring or even amalgamation of corporations to make a trading internalization. Such internal dealing brings the undermentioned benefits for the expanded endeavor groups: First, minutess between inside units as a everyday work, which cut down the dealing costs. Second, for the production and selling ‘s integrating, information costs bead significantly. Finally, the coordination of integrating makes a steadfast to the full uses societal resources, hence heightening its efficiency. In this procedure, the types of parent and subordinate companies are the undermentioned three: First of wholly, concern enlargement. Corporations form a new subordinate driven by merchandise invention and industrial upgrading, to make a horizontal or perpendicular strategic integrating of subordinates. Second, capital driven. In order to accomplish the mark of strategic development, corporations use the methods of keeping, acquisition, amalgamation and equity engagement to command subordinates ( Soderquist, 2000 ) . Third, regional enlargement. The parent company develops specific regional markets, domestic markets or international markets based on the scheme demands of internal resources sharing, decrease of internal dealing costs and location advantage of market. All in all, no affair what sort of enlargement corporations are using, the indispensable features of a group company is that there is a parent-subsidiary based perpendicular organizational construction. In decision, the group does hold an independent legal position. More specifically, groups are consisted by a parent company with several subordinates, in other words, the group as the parent company includes a figure of subordinate companies. Subordinates are controlled by a parent company through keeping securities. Furthermore, equity and belongings rights are the nexus between a parent company and its subordinates. Furthermore, from the position of internal organizational relationships, on the one manus, the parent company and subordinates both have the independent legal position ; on the other manus, the parent company vertically controls low-level endeavors by busying equity or belongings rights.Fiscal Risks of a group companyDue to the big figure of subordinates, it is hard to to the full incorporate the resources inside a group. In add-on, the characteristics of fiscal hazards of a group are besides different from traditional endeavors and harder to work out. The first hazard of a group is possible debt default. Because of the so many direction beds inside parent company and subordinates, the hazard of debt default would be magnified ( Diana, 2005 ) . For case, each subordinate could be a guarantee topic, besides, could be a adoption organic structure. Some kinds of catastrophes such as inappropriate guarantee and big scale debt default would happen, doing a bad influence of the whole group ‘s repute. Even though, consequence in a prostration of a group. The 2nd 1 is a hazard of investing failure. Inside a group, the central offices can non acquire all the information of each subordinate, therefore it is hard to expeditiously supervise and measure each subordinate ‘s investing undertakings ( Buehler and Shetty, 1975 ) . Once a failure occurs, the loss of investing would be immense, to boot result in a big figure of non-performing assets and bad debts, thereby diminishing the net incomes of parent company. Furthermore, the benefit struggle between parent and subordinate company increases the fiscal hazard of a group. Harmonizing to the rational adult male theory, both parent and subordinate company are prosecuting their ain benefits maximal, therefore doing a batch of struggles in day-to-day concern operating. At the same clip, such many beds of direction consequence in a high direction cost and low efficiency. All of the above features increase the possibility of a group ‘s fiscal loss. Finally, a large group ‘s fiscal hazard would act upon the prosperity of regional economic system. More specifically, the parent company non merely impact the determination of subordinates but besides affect the steady of regional economic system. A prostration of a group would do a terrible societal and economic effect ; infinite failures of groups in the universe have confirmed this position.Specifications for a group ‘s internal controlIt is normally believed that an internal control system is designed for a peculiar administration. However, when speaking about a group company ‘s internal control system, things become complicated. It is stupid to utilize the same internal control contents between a group company and a common endeavor, because they are different in the facet of organizational construction, fiscal system and ability of bearing hazards. The nucleus of a group ‘s internal control is to use conjunct ends or schemes to aline and compress inside s ubordinates. Furthermore, strengthen the preparation of forces of internal control system, and finish the mechanism of incentive direction. Aiming to make a consensus of that the group is belong to the full participant includes investors, direction and employees. Because of the big figure of subordinates of a group, internal control for a group company may hold several particular characteristics and specific demands. First of all, unlike the little simple endeavor, in a group company internal control must cover the whole entity, which including both top-down and down-top control. For case, the parent company needs to supervise subordinates ‘ fiscal position, frailty versa ; subordinates should besides execute control activities towards the determination ordered by the parent company for avoiding an unsuitable order. Second, the control powers of different subordinates are non same ( Spira and Page, 2003 ) . For illustration, the types of subordinates include wholly-owned subordinates, joint stock company and keeping company. The parent company could merely execute a rigorous control to those close subordinates such as whole-owned houses, nevertheless, to those weak-linked companies, internal control activities are no demand and non poss ible to be perfect. Furthermore, unlike the common simple endeavor views the accounting and concern operation as the nucleus of internal control, a group tends to set ‘capital control activities ‘ as its cardinal procedure. In other words, the aim of a group ‘s internal control is to vouch a safe transmutation of hard currency flows from subordinates to the parent company. Therefore this kind of internal control is concentrating on the control of capital base on ballss in and out inside subordinates. Finally, manners of the parent company performs internal control in subordinates are assorted and different, because the control power is different. For case, for the wholly-owned subordinate, the parent company could straight delegate CEOs to take the direction, in add-on, scrutinizing and supervising the fiscal studies and budgets in order to command the capital flow. However, for the joint stock company or keeping company, the parent company could utilize their righ ts of vote in the general meeting of stockholders, to near an influence on the determination of targeted subordinate ‘s concern activities.Chapter 6 Research Methodology – a instance survey of BP groupAfter presenting the specifications for a group company, now a celebrated and typical group company is necessary to be analysed for back uping the points this thesis proposed. BP group as the sample of this instance survey is typical and constructive. In this chapter, we will present BP group ‘s internal control construction, and so carry on some informations analysis to verify the effectivity of BP ‘s internal control.6.1 BP group ‘s system of internal controlIn chapter 3 we have briefly introduced the COSO model and Turnbull study, they are celebrated instructions to endeavors for set uping an internal control system. However, when using those instructions into a group company, some revisions should be proposed. One of the most of import ‘revisions ‘ is to unclutter a long-run ‘strategic end ‘ of a group. The board of BP group takes duty for directing and oversing the whole company. The board has proposed a planetary end for BP group, which is to maximize long-run stockholder value through the allotment of its resources to activities in the oil, natural gas, petrochemicals and energy concerns ( BP PLC, 2010:32 ) . BP group keeps a wide system of internal control, which includes the general set of direction systems, procedures, organizational constructions, behaviors and criterions that are employed to carry on their concern and deliver returns for stockholders ( ibid ) . This internal control system is considered to run into the demands of internal control of the Corporate Governance Code in the UK and of COSO ( Committee of Sponsoring Organizations of the Treadway Commission ) in the US ( ibid ) . It solves hazards and how we can respond to them every bit good as the whole control environment. Core constituents of the system of internal control are: ‘the control environment ; the direction of hazard and operational public presentation ( including in relation to fiscal coverage ) ; and the direction of people and single public presentation ‘ ( ibid ) . The undermentioned image shows a comprehensive debut of BP group ‘s internal control system.Figure 3i?sBP ‘s system of internal control( Beginning from: BP.PLC Annual Report 2010:93 )The item contents of the control system are showed in the graph. Among the dynamic pie graph the hazard direction and operational public presentation should be viewed as a important portion. It includes concerns place, prioritize, manage, proctor and better the direction of hazards on a daily footing to fit them to cover with jeopardies and uncertainnesss ( BP PLC, 2011:123 ) . This enables the most of of import hazards can be identified. Mentioning to the facet of proctor, it is of import for BP to carry on a centrally control and proctor. BP`s centrally controlled procedure as a portion of internal control system, it consists of the undermentioned constituents: Accountabilities of forces of the group, to corroborate that there are reappraisal and mandate of proven militias engagements independent from the working concern and that there are effectual controls in the blessing procedure and verification that the proven militias estimations and the related fiscal influences are reported in clip ( ibid:90 ) . Capital allotment procedure, the proxy authorization is trained to prosecute in capital undertakings that are compatible with the bringing of the group ‘s concern program ( ibid ) . An official reappraisal procedure proposes to guarantee that both proficient and concern criterions are met old to the committedness of capital undertakings. Internal audit is to analyze whether the group ‘s internal control system is good designed and runing efficaciously to satisfactorily respond to put on the line that are of import to BP ( ibid ) .6.2 A confirmation of the effectivity of BP ‘s internal controlOn April 20th 2010 that was a catastrophe for BP group, due to the leak oil of Mexico gulf. This incident brought a black consequence of which BP had to pay 1000000s lbs to reconstruct the environment of Mexico gulf. However, from the chance of this thesis, it is a good opportunity to verify and analyze the effectivity of internal control system of the mark company after experienced such a hazard.6.2.1 Liquidity analysisThis portion aims to prove the ability of cashing of BP. Due to an incident of leak oil, BP must apportion immense figure of money to pay the Restoration work. Thus a information analysis towards BP ‘s liquidness could be a opinion for BP ‘s periodical internal control public presentation. Current ratios are viewed a swayer of a company ‘s liquidness. Following are graph of current ratio of BP Group.Figure 4i?sCurrent ratio of BP Group 1( Datas from: www.wikinvest.com, 2012 )Figure 5i?sCurrent ratio of BP Group 2( Datas from: www.wikinvest.com, 2012 )Form the image above, it is clear that in the 2nd one-fourth of 2010 the current ratio dropped evidently from 1.13 to 0.96, chiefly because of a immense hard currency outgo of environment Restoration work. While, from the 3rd one-fourth of 2010 the ratio had a steady addition from 1.01 to 1.25 ( till one-fourth 2 of 2011 ) . It is showed that BP group usage about 1 twelvemonth to increase their liquidness for the possible payment for the Restoration work. After the one-fourth 3 of 2011, the current ratio restored to the normal value ( around 1.15, above 1 ) as shows before the incident. To reason, from the chance of liquidness informations, BP ‘s internal control system was effectual and showed a speedy reacti on to the incident in seting their liquidness.6.2.2 Profitability and stock value analysisIn this portion, return on plus rate and stock monetary value would be used to analyze BP ‘s profitableness and stockholders ‘ assurance.Figure 6i?sReturn on assets of BP Group ( 2007-2011 )( Datas from: Thomson ONE Banker, 2012 )It is clear that in 2010 the return on assets was minus ( -1.22 ) due to a big figure of compensation payments decrease the return rate. However, merely 1 twelvemonth yesteryear in 2011 BP kept their return on assets rate to be 8.98 % . It is incredible for a company to hold such strong recovery ability but BP did it. It besides shows the hazard direction work of BP is first-class.Figure 7: Daily Stock monetary value alteration of BP Group, compared with the FTSE all portion from 2008 to 2012( Datas from: Thomson ONE Banker, 2012 )However, the stockholders seemed non to be that confident with BP. Harmonizing to the stock monetary value graph, it is easy to be concluded that before the Mexico incident, the stock public presentation of BP were ever better than the whole stock market, nevertheless, after the oil leak incident the stock performed worse than the FTSE all portions. Therefore, it shows that investors ‘ are non that confident with BP group. Due to stockholders ‘ subdued reaction to the stock, it shows that the internal control of BP has a job in communicating with public. Therefore, BP needs a more comprehensive sweetening in communicating with stockholders, investors and citizens.6.3 RestrictionsThere are chiefly two restrictions about this instance survey. First of wholly, the informations collected from the one-year study would non stand for the existent concern fortunes. It is normally believed that before a listed company releases its study they would use accounting houses to fancify their fiscal studies, thereby doing an mistake between written and true public presentation. Therefore, the analysis based on t his would non accomplish a complete carnival. In add-on, the stock market public presentation can non 100 % shows the true rating of a company. From the position of psychological science, investors have a ‘Herd behavior ‘ , which means people tend to carry on the same actions as most of market participants conduct. Take BP for an illustration, after the leak oil incident all the people plans to sell the stocks, therefore doing an unreasonable uninterrupted low monetary value of stock. Furthermore, a hapless public presentation of BP ‘s stocks is non merely due to the Mexico incident, but besides the planetary economic recession. Thus it would act upon the equity of the researching consequence.6.4 DecisionAlthough a sound internal control system has been established inside BP group, it is still hard to easy cover with the black incident. Furthermore, the protecting map of internal control it is still limited because hazard can non be wholly eliminated. However, the substance of internal control is a variegation of hazards, non turning away. Therefore, via the fiscal information analysis, the effectivity of BP group ‘s internal control is fundamentally satisfied.Chapter 7 DecisionThis thesis foremost reviews the construct of internal control, and so introduces relative back uping theories of internal control. In add-on, research the construction of a group company, and its issue of how to set up an inside internal control system. Furthermore, a instance survey of BP group is showed to intensify the points proposed in the former portion. After the instance survey of BP group, some valuable positions and inventions about how to hone a group ‘s internal control are concluded as the decision portion. In chapter 3 we have introduced the COSO model and Turnbull study, they are elaborate instructions to houses for set uping an internal control system. Here, we will discourse a group company ‘s internal control constituents by uniting the COSO and Turnbull instructions. When speaking about a groups ‘ internal control, we must foremost find the aims of internal control. COSO ( 1992 ) defined the aims of internal controls from three facets: economic system and efficiency of operations, dependability of fiscal and direction studies and conformity with Torahs and ordinances. Although the diverseness ends set by the COSO study can be more orientated to the internal control, but triggered a pandemonium of ends in coordination. COSO ( 2004 ) studies amended ‘reliability of fiscal and direction studies ‘ into ‘reliability of studies ‘ , this new definition of ‘reports ‘ screens endeavors ‘ all studies, including fiscal studies. In add-on, the COSO ( 2004 ) fr