Foundational Accounting Principles and Terminology Essay Example for Free

Foundational Accounting Principles and Terminology Essay We all know how important the accounting aspect of any business/organization is. It is basically the most important way to manage finances. Without proper accounting for all expenses and finances, a company and/or organization will definitely have a hard time being financially stable. In this paper we will discuss some foundational accounting principles and terminology that are basic but quite essential to the accounting practice. Now let’s discuss some accounting terms beginning with Generally Accepted Accounting Principles. Generally Accepted Accounting Principles (GAAP) is a codification of how CPA firms and corporations prepare and present their business income and expense, assets and liabilities on their financial statements. GAAP is not a single accounting rule, but rather the aggregate of many rules on how to account for various transactions. GAAP are more like accounting standards (Wikipedia, 2009). Next we have Contra-Asset Accounts, which is defined as an account which offsets another account. A contra-asset account has a credit balance and offsets the debit balance of the corresponding asset. A contra-liability account has a debit balance and offsets the credit balance of the corresponding liability (InvestorWords, 2009). Let us move on to Historical Cost, which is a measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when acquired by the company. The historical-cost method is used for assets in the U. S. under generally accepted accounting principles (Investopedia, 2009). Okay, now there is the Accrual Basis vs. Cash Bonus Accounting. This is the difference between the two. In Accrual basis accounting, income is reported in the fiscal period it is earned, regardless of when it is received, and expenses are deducted in the fiscal period they are incurred, whether they are paid or not. Basically, you record both revenues and expenses when they occur. In cash basis accounting, revenues are recorded when cash is actually received and expenses are recorded when they are actually paid (Ward, 2009). Last but not least, there is the Accounting Standards Codification. Accounting Standards Codification (ASC) is a major restructuring of accounting and reporting standards designed to simplify user access to all authoritative U. S. generally accepted accounting principles (GAAP) by providing the authoritative literature in a topically organized structure. ASC disassembled and reassembled thousands of nongovernmental accounting pronouncements (including those of FASB, the Emerging Issues Task Force [EITF], and the AICPA) to organize them under approximately 90 topics. The ASC are those that oversee that all accounting and reporting standards are adhered to (Wikipedia, 2009). It is now time to move on to discuss and describe three sets of financial statements that are part of financial statements of companies /organizations. The three sets of financial statements we will be describing are The Balance Sheet, The Income Statement and The Statement of Cash Flows. The balance sheet also known as the â€Å"Statement of financial position† reveals a company’s assets, liabilities and equity (net worth). The balance sheet is divided into two parts that must equal each other, or balance each other out. The formula of the balance sheet is: Assets= Liabilities + Shareholder’s Equity. What this formula means is that assets, or the means used to operate the company, are balanced by a company’s obligations along with equity investment brought into the company and its retained earnings (Investopedia, 2009). Next we have the income statement, which measures a company’s financial performance over a specific accounting period. The financial performance is assessed by giving a summary of how the business incurs its revenues and expenses. It also shows the net profit or loss incurred over a specific accounting period, which is typically over fiscal quarter or year (Investopedia, 2009). Moving on to the last one, which is the cash flow statement. The cash flow statement allows investors to understand how a company’s operations are running, where its money is coming from, and how it is being spent. The cash flow statement is also a mandatory part of a company’s financial report, and has been so since 1987 (Investopedia, 2009). Now I will describe which is more useful, Net Income or Cash from Operating Activities? I believe that Cash from Operating Activities is more useful to companies because they can generate cash in several different ways. Three different ways to be exact, they are cash flows from operating activities, from investing activities, and financing activities. Cash from Operating Activities, in my opinion is the most useful because it paints the best picture of how well a company’s business operations are producing cash. After looking over the annual financial reports for Samsung, RTL Group and Lockheed Martin, I make the prediction that each company will continue to improve its net income as well as see a significant spike in their cash flow. As far as relevant information in regards to conglomerates, such as the IDOLS segment of the Fremantle Media North America, I was not totally sure how to get this information but I eventually continued to read the investor portion on the RTL Group website where I found out more information. All in all, I learned some new definitions when it comes to accounting and decision making. I thought this assignment was intense due to a lot of reading and research, but I believe I got through it well. I look forward to learning more about how accounting and decision making come together. References http://www.investopedia.com/articles/04/033104.asp http://www.investopedia.com/articles/04/031004.asp http://www.investopedia.com/terms/i/incomestatement.asp http://www.investorwords.com/5476/contra_account.html http://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles

Speech And Language Therapy For Children

Speech And Language Therapy For Children The Speech and Language Therapy profession is arguably one of the most important in Irish healthcare today. Its combat against the prevalence of communication disorders in this country especially for young children up to five years of age, in their crucial development stage, is fundamental in enabling those that could not otherwise manage it themselves, participate normally in society. But the last decade has seen a steady rise in such cases accessing public speech and language therapy services and the resources are currently not meeting existing and future demand. In fact quite the opposite is happening; public resources managed by the HSE are in decline as cuts to HSE budgets have been a constant since the beginning of the recession. Waiting lists for the public services are at an all-time-high and demand for private services have risen as a consequence but overall, children with speech and language needs are in a state of neglect and these needs will become more complex and problematic the longer they wait. Introduction. There are a lot of problems in our health system today that are apparently being addressed by the concept of reform. But somewhere within this system in reform there is an immerging issue of pretty dire proportions. Communication in human beings is a fundamental and natural skill that shapes the very world we live in. To not be in possession of such a seemingly basic skill would to essentially, be left out of society. Hard to imagine, yet thousands of children in the country each year present with communication difficulties. Speech and Language Therapy addresses these difficulties and with great success however such difficulties left untreatedà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ What is Speech and Language Therapy? Classified as a healthcare profession Speech and Language Therapy aims to assess, diagnose and manage those who have difficulties with their communication skills. Speech and Language Therapy enables those with such difficulties to achieve their full potential to communicate and therefore integrate properly into society. Children with speech and language issues are among a very common group that are at a risk of developmental, learning, behavioural and social difficulties. Between 50-90% of children aged three with communication deficiencies will continue to have difficulties throughout their childhood. (HSE.ie Speech and Language Therapy. 2013). Image www.arcspeech.ieSpeech and Language skills are vital to a childs development which happens through communication. Language forms the very basis of communication for which reading, writing, speaking and listening are all part of. The ability to communicate is crucial for children to communicate with their peers. Children with delayed language development entering their first year in school are at risk of not being able to access the school curriculum. (ARC Speech Language Therapy Clinic 2013). The key to a more successful outcome for communication disorders is early intervention. When Would a Child Need Speech and Language Therapy? Guidelines. There are general guidelines for parents who may suspect that their child might be in need of or may benefit from speech and language therapy. For example, if the child has difficulties understanding instructions compared to other children, is late in development of talking, has a hoarse voice, has a stammer or stutter, finds playing with peers challenging or is not interested in interacting with others or is 3 and there is difficulty understanding their speech. (Irish Association of Speech Language Therapists. 2013). Typical stages of speech and language development for parents to understand at what stage their child should be at are outlined in the table below. Figure : Typical Stages 6 to 9 months 9 to 12 months 12 to 15 months 15 to 18 months 18 to 24 months 2 to 3 years 3 to 4 years 4 to 5 years Babble a long string of syllables aloud Point and imitate. Say yes and no and shake head accordingly Understand and respond to simple instructions. Be able to say 6 to 20 words and understand even more. Have a range of up to 50 phrases. Ask for food and drink. Understood 50 to 75% of the time. 3 to 4 words together in a sentence. Understand opposites. Ask Why questions. Understood 80% of time. 6 word sentences. Recognise some words in books/signs. More complex sentences with few errors. (Catriona Lysaght Speech and Language Therapist. 2013). My Child is Not Following the Typical Stages. All children develop at different rates and a parent knows their child best (Catriona Lysaght 2013) but a parent whose child does not seem to follow or fit the typical development stages, should have reasonable cause for concern and talk to their G.P. who can form their own opinion and refer to a Speech and Language Therapist if necessary. Assessment. The very first step to the Speech and Language process is always the initial assessment in which to gauge the childs speech and language skills in relation to the typical stages of speech and language development. The assessment is child age and ability specific and the parent normally will have completed a questionnaire to give the therapist a good understanding of the childs skills. General Assessments. Some of the general things that the therapist assesses during the initial assessment may include: Figure : Assessments Speech Sounds The sounds that the child uses to make words and how the child uses those words themselves as part of their language. Oro-motor/Motor Speech The childs ability to move the mouth muscles for both speech and non-speech tasks. Receptive Language Skills The childs understanding of language used by others around them. Expressive Language Skills How the child uses words to expresses themselves. Fluency/Stuttering/Stammering The therapist examines the characteristics of the childs stammering. Feeding, Eating, Drinking and Swallowing (FEDS) Only for children with difficulty in the area, the therapist observes the childs eating to assess things like chewing skills, drooling and ability to feed independently. (Irish Association of Speech Language Therapists. 2013). Image www.spectrumhealth.ie Feedback. Once the initial assessment has been completed the therapist will give the parent verbal feedback on their findings and discuss the results of the assessment. A plan for moving forward to best suit the needs of the child is also discussed along with whether or not the need for a block of speech and language therapy is required. (Irish Association of Speech Language Therapists. 2013). Potential Issues. Speech and language issues for a child could also indicate other potential issues for that child that otherwise could not be determined at an earlier stage of their development. While most children who attend speech and language therapy benefit greatly from the intervention, for some parents it can mean the realisation on an underlying issue such as Autism or Attention Deficit Hyperactivity Disorder (ADHD). Early Intervention. Prompt assessment and early intervention is critical if the long-term implications of a speech and language impairment is to be successfully reduced. (HSE.ie Health Service Executive Website Speech and Language Therapy. 2013). The earlier a child is assessed and diagnosed for treatment, the earlier that treatment can begin and the more successful the treatment will be. Children have a window up to the age of five of prime time for brain development and ideally any therapy treatment should be during this time. The older the child, the least effective the therapy is so early intervention is key. Image www.speechlanguagetherapyni.com Services: Public vs. Private. Public speech and language therapy services are free in Ireland but there are private alternatives for a family who wish to have their child seen to much more quickly than they could be seen to by the public service. Private services can also offer more regular, specialist services with more flexible hours and the associated costs are mostly covered by many of the health insurance companies but the outlay can be expensive overall. Parents who simply cannot afford to have their child seen privately have little alternative but to join the public waiting list. Speech and Language Therapy Demand in Ireland. It is estimated that over 5% of children will experience a Speech and Language delay which means that up to 6,000 children each year will have a specific speech or language impairment by the time they reach the school-going age. (Cluas.ie | Speech and Language Therapy| Language Development. 2013). With the increase on birth rates in Ireland today, this figure is likely to increase. The demand for speech and language therapy in Ireland has been steadily rising over the last decade as figure 3 shows: Figure : People Accessing Primary Speech and Language Therapy in Ireland (Department of Health, 2012) Speech and Language Resources in Ireland. Public resources for Speech and Language Therapy have drastically reduced since the beginning of the recession where recruitment bans across the Health Service have impacted heavily on the patient-to-therapist ratio that have seen waiting lists grow longer and longer up to 2 years in some areas (Irish Examiner 2013). Desperate parents have been flocking to their local TDs as a last resort and a number of them have pleaded on their constituents behalf in the Dail for a lifting of the ban specifically for Speech and Language Therapists e.g. (Patrick Nulty 2013). Therapists themselves are feeling the stresses and strains of the system where the long waiting lists are the main source of frustration (HSE.ie Speech and Language Therapist 2013). They are only too aware of the ticking clock that is the development window of each child on the list. All of this in contrast to the promises made by the Minister for Health in 2011 for radical reform across the health sector (James Reilly 2011). Conclusion. With the rising demand for speech and language therapy coupled with reductions in public services, the very foundation of speech and language development; early intervention has become a contradiction in terms. Paradoxically, the relatively small savings currently being made with recruitment embargos in the health service are very likely to be overshadowed by the future costs that will be associated with developing the children whose needs are not currently being met. This might make some economic sense to those who maintain that the funds simply are not there now to meet current demands but on a human level, its simply unjust to expect children to delay their own learning development for the sake of economics. Recommendations. Resources for speech and language therapy need to be restored to appropriate levels to handle current demand with priority given to the areas in most need; with the longest waiting lists and lower patient-to-therapist ratios. Similarly reforms within the health service, especially in this field are desperately required and long overdue. The Government and HSE must deliver on their reforms promised in 2011 to reduce waiting lists across the health system (James Reilly 2011).

Strategic Management at Zhujiang Iron and Steel Company

Strategic Management at Zhujiang Iron and Steel Company 1.0 Introduction This material critically analyses the process of strategic management in the areas of nature of competition, the strategy, the strategy process, method of entrepreneurship and resources ofZhujiang Iron Steel Company (ZISCo). The analysis has been done by using some major theories such as gap analysis, balance score card, triple loop learning of ZISCo. Zhujiang Iron and Steel Company (ZISCo) is a Chinese state owned enterprise established in 1997. ZISCo is a steel manufacturer who produces wide range of steel sheets and plates that are used as inputs of various other products. In early 2003, ZISCo faced many problems in the key areas of production, procurement marketing and this has resulted in poor financial performance. In the past ZISCo implemented niche marketing strategy from 2003onwards, ZISCo planned to implement value creation strategy undertook many functional reforms with active participation from all its employees improved its financial performance during 2004 2006. However, in 2007 also ZISCo encountered various challenges, predominantly in the areas of cultural change, knowledge management, and development of organisational competence and learning capability Thus, this material initially analyses the current business strategies of ZISCo to understand the nature of their operations. Subsequently, conducts a PESTEL analysis, Porters five forces and value chain analysis to understand the environment of ZISCo, drivers of profit in the industry at present and the future. In addition, gap and balance score card analysis also has been done to understand the gaps that are existing in the context of ZISCo and to evaluate its performance. Strategic options can be considered to address the gaps that have been identified by the organisation. Therefore, the report will provide an exposure to the strategic options available used by ZISCo and whether they have effectively implemented the strategies. This has been done by analysis of 7S framework triple loop learning alone with an action plan. Finally, the report will suggest the recommendations where its applicable by providing justifications. The analysis of this report was done with the assistance of the case information provided and through industry related information from academic books, journals, websites and other publicly available secondary data sources. 2.0 Process of strategic management followed at ZISCo Businesses vary in the processes they use to formulate and direct their strategic management activities. The model enhances the development of strategy formulation skills by guiding the analyst systematic and comprehensive study of each business situation 2.1 Strategic factors and capabilities 2. 1.0 External environment From the PESTEL analysis Michael Porters five forces analysis it is clear that ZISCo is functioning in a very complex volatile environment which will impact all the strategies adapted by the organisation. Hence, a good understanding of ZISCos external environment will facilitate the organisation to exploit opportunities and avoid threats From the steel industry analysis we can conclude there are many well established key players in the Chinese market the industry has high potential to attract new players in future. Thus, the PESTEL variables in macro environment have major impact on the performance of ZISCo. 2.1.1 Internal environment Analysis of internal environment is a crucial phase to an organisation as it helps to identify the strength and weakness of the organisation. This would mean internal analysis will determine the required skills resources of ZISCo to cope up with competitors capabilities thus measures ZISCos effectiveness to gain competitive advantage According to the value chain analysis the main competitive advantage of ZISCo is technology leadership and implementation of value creation strategy in the steel and iron industry in china. However, through this analysis it is clear focus on quality was very low this is mainly due to the fact that quality department people were ignoring their responsibilities management did not place more care in this department as it does for marketing. 2.1.2Analysis of SWOT From the SWOT analysis key strength of ZISCo is that they have gained competitive advantage over technology leadership as they are the first company to introduce CSP technology in steel iron industry. In addition the other most important strength is their value creation strategy; ZISCo is the first company to implement value creation strategy and one stop shop services to their customers. Thus this will provide a first mover advantage to ZISCo as Chinese market moving toward planned economy to market economy. However, the primary weaknesses of ZISCo are poor quality products are being produced, has liability to pay bank loan interest of US$ 40million annually, and lower bargaining power in purchasing raw materials as a result of signing a contract with a supplier. The quality issues identified would erode companys goodwill among major most important customers; even company may lose its profitable customers for lack of focus in quality issues. Further the non current liability seems to be a huge amount, if proper care is not taken to settle the debt the whole company would go into liquidation. In addition company also faces problems with supplier; ZISCo will directly get affected if supplier does not provide raw materials on time in intended quality. Rapidly changing environment has influenced the performance of the organisation by creating opportunities and threats. The key Opportunities of ZISCo are Chinese economy is transforming towards market economy by creating an advantage for all the organisations in Chinese market and unsatisfied higher demand for container used steel sheets is a big opportunity for ZISCO. The unfavourable key factors that affect ZISCo performance and barrier to growth are slow moving organisational culture (slow change from production orientation to value orientation) , competitors imitating CSP technology and marketing practice very quickly. Further high raw material and electrical cost, the government restriction in steel industry such as limiting the number of employees been recruited and fixed price ranges are also threats for ZISCo 2.2 Strategies adapted by ZISCo Organisation can formulate strategies in three different levels known as corporate level, business level and functional level (Viljoen, J. and Dann, 2003, pg 235). As GISCo is the parent of ZISCo, they have adapted several comprehensive business strategies for their organisation. The business strategy of ZISCo is â€Å"value creation for both customers and company†. In order to follow this business strategy Zhujiang has adapted following strategies. Such as: Changing their niche marketing strategy to mass marketing strategy Pre-emptive strategy Differentiation strategy Cost reduction strategy New product development strategy Informal communication strategy Outsourcing strategy Adapting a new business model strategy 2.3 The performance of ZISCo The rapidly changing external environment has created some significant challenges for management of ZISCo. In order to analyse the overall performance balance score card approach has been used A general conclusion that the overall performance of ZISCO is at satisfactory level can be drawn from the balance score card analysis .However if we take each perspective in to consideration ZISCo has achieved maximum performance in financial and innovation learning perspectives whereas customer perspective and internal business perspectives are at moderate level. Therefore, ZISCo should concern on accelerating order cycling process to make improvements in internal business perspective performance. In addition they should also create possible steps to retain attract more customers by means of customer satisfaction. 2.4 Analysis of External, Internal and Stakeholders inconsistency To be successful, an organisations strategy must be consistent with the requirement of its current and expected future environment (external consistency), its capabilities must be consistent with the business strategy being pursued (internal consistency), and its performance from the existing business strategy must be acceptable to its key stake holders (Hubbard R.B, 2008, pg.167). Hence, an analysis has been done to identify the internal, external and stakeholder consistency of ZISCo According to the analysis of internal consistency of ZISCo it is evident that they have failed to adapt systems those match with their business strategies. This has ultimately created an internal inconsistency within the ZISCo. In addition, ZISCo also has external inconsistency as a result of government regulation on steel industry and changing market in china. 2.5 Gaps in Strategy formulation Gap analysis of ZISCo has been done on the basis of current business strategies of the organisation. Therefore environmental business strategy, organizational performance and business strategy gaps have been identified for ZISCo (Refer appendix diagram8). By analyzing these gaps it can be identified that ZISCo is trying to position its self uniquely in the market. 2.6 Strategic options available to overcome gaps ZISCo was not able to achieve their novelty among competitors due to gaps recognized in formulation of strategy. Thus, there are several strategic options available for ZISCo such as market strategy, generic strategy direction strategy. In order to sustain and gain competitive advantage all 3 options are equally important for ZISCo 2.7 The effect of competitors and stakeholders Stake holders competitors have major role in the performance of ZISCo. The key stakeholders who are exerting more power on ZISCo are government: Government has restricted the number of employees recruited by ZISCo; thus have created a barrier for further business expansions also government is controlling the prices of the steel products thus ZISCo wont be able to use the cost based pricing strategies add their target profit margins. Secondly, the bargaining power of suppliers is also high in the context of ZISCo because ZISCo has entered in to contract with limited number of suppliers. Thus this enables ZISCo to solely depend on them gives high power to the supplier. The other most important stakeholders are employees. They also create an impact on the business strategy adapted by ZISCo by resisting for the required cultural change. As employees have product orientation values it would be very hard to change them towards customer orientations. This would have greater impact in developing overall strategy of ZISCo. ZISCo would have to invest more funds for a long time period in training development since cultural change cannot happen soon as company requires. Finally, like all other stake holder mentioned above Customers also exerts high power in ZISCo because there is an unsatisfied demand for steel products in Chinese industry many market players are there. If a customer is not satisfied with ZISCo, the chances of switching brand are high. Therefore to survive grow in the competitive environment as ZISCo planned it should provide value to its customers. Competitors ZISCo is operating in a very competitive environment in which competitors are adapting to their opponents strategies very quickly. In the case of ZISCo also they have tried to adapt to CSP technology and tried harder to copy ZISCos business model and marketing practices. Thus, there is a possibility competitors can attack ZISCo anytime by imitating their unique innovations soon after the patent rights expire. Thus, this compels ZISCo to continually invest huge amount of funds in research development and in marketing. In addition to the local players ZISCo also faces high international competition in Chinese steel industry due to unfulfilled steel demand in China low costs of labour. These foreign players might have advanced technologies than ZISCo attack ZISCo simply in terms of quality. Thus, it is necessary for ZISCo to carefully understand nature of pressures exerted by both domestic international players and develop the most suitable strategy. 2.8 Implementation of gap Strategic implementation is complex and time consuming but success of an organisation lies on this stage. However good the business or corporate strategy is, it is off little value unless implemented (Hubbard R.C, 2008, pg 349). Therefore, during this phase, strategy makers should consider the question of who implements that strategy, what must be done and how the strategy is implemented (Fletcher, 2001, p.2). Hence, 7S framework has been applied to ZISCo to identify gaps the issues that should be addressed during implementation phase 2.9 Paradigm of operation ZISCo has shifted their paradigm from the conventional wisdom about how things have always been done and must be done to that of emergent strategies From previous paradigm ZISCo achieved efficiency productivity but did not produce products in intended quality that will fit the purpose of customers. Therefore ZISCo has shifted the paradigm from production orientation to marketing orientation by providing more value to their customers. In order to operate in new paradigm ZISCo has changed their market from niche to mass market, changed their organisational structure from functional structure to matrix structure and improved their financial performance through cost reduction 2.10 Recipe issues Recipe can be defined as a set of believes assumptions held commonly throughout the organisation, taken for granted in that organisation, but discernible to the outside observer in the stories of organisation history and explanations of events (Strategic management guide 3, 2004, pg 3). There are several issues have been identified for ZISCo in current paradigm In formulating strategy ZISCo did not define its goals objectives clearly which is critical for any organisation as it guides the employees towards mission vision of the organisation. Therefore, unstated purpose or goal of ZISCo makes the organisation unable to analyse the long term strategic purpose. Even though, ZISCo increased their financial performance by increasing profits through new business strategy still they unable to over come their long term debt. Therefore, this imposes a huge hidden financial risk on ZISCo. Another issue in relation to ZISCo is that cultivating a market oriented culture within the organisation while adding value to the organisation as well. In the past economy of china organisation strategies focused mainly on the production orientation, the value for production orientation already rooted strongly in employees minds is hard to change. Finally, ZISCo is loosing competitive advantage of CSP technologies as a result of competitors are adapting to CSP technology over past 2-4 years. Therefore, loss of competitive advantage (technology leadership) is a critical recipe issue for ZISCo. 2.11 Recommendation justification for ZISCo From the above analysis, I would recommend the following recommendations; ZISCo should implement vision mission in more transparent manner to their employees as it will help the employees to understand the long term strategic direction of the organisation. Thus, ZISCo should develop objectives that are Specific, Measurable, Achievable, Realistic and within the Time limit. ZISCo can transform their organisation as a learning organisation by allowing more innovations, continuous improvement in new product development by investing more in new technology, empowering employees and providing freedom to experiment. ZISCo should adapt to a TQM (total quality management) approach to attend real-time quality issues and invest more in compliance costs (Refer appendix diagram 14) In order to add value for both organisation customers, ZISCo should focus on new management accounting concepts such as extended value chain analysis target costing. These concepts will add value to organisation by reducing costs will add value to customers by providing them the intended benefits or quality(Refer appendix diagram 15 ) The president should also consider changing his leadership style; He should act both as charismatic a transactional leader because the president had performed well in strategy formation but he didnt concentrate much on communicating monitoring the developed strategy. ZISCo can also diversify their product to such as refining metals such as steel alloys. This can be done by merging with a recycling company or starting them self. This might reduce the cost of raw materials and reduce suppliers bargaining power in purchasing raw materials. Further, ZISCo can sell the raw materials to outsiders gain competitive edge. ZISCo can implement Just in time (JIT) system rather than having buffer stocks for raw materials, work in progress finished goods. JIT system would help ZISCo to deliver goods on time will reduce inventory holding costs Further ZISCo should also focus more in managing its supply chain. It should reconsider the contract with suppliers because the present supplier seems to be not reliable enough poor in quality. Thus, management should consider signing contracts with few reliable suppliers (Refer appendix diagram 16 ) ZISCos communication system also should be developed because it seems there is communication gap between top people bottom people ZISCo. Even though, Middle managers are acting as effective communicators between two parties it is insufficient for an organisation that intends to create value. Organisation should extend their one stop shop services in many geographical areas. By doing this they can gain competitive advantage and increase customer satisfaction as it reduce the transportation cost and time of customers. Organisation also should concern on their employees by creating carrier opportunity and carrier development to provide a value to their employees by providing them future sustainability. 2.12 Action plan of ZISCo ACTION Measure Person Responsible TARGET (Period Ending) 2007 2008 2009 2010 2011 Focus on growth strategies Market share, competitiveness President and Middle Management 6% 7.5% 8.5% 10% 15% Improve the CRM strategies Contribution to total revenue and net profit President and middle Management 10% 18% 28% 42% 55% Improve the quality of the final output Quality control measures Department of product quality 15% 25% 40% 65% 90% Create Learning Culture, Continuous Improvement and a flexible organization Innovation efforts, ability to correct mistakes and progress, quick response President and the middle Management 2% 4.5% 7% 10% 15% New Product Development New products developed R D 1% 2.5% 5% 9% 12% 4.0 Conclusion This case analysis has focused on the strategic management process of Zhujiang in the areas of nature of competition, the strategy, the strategy process, method of entrepreneurship resources of Zhujiang Iron Steel Company (ZISCo). The analysis has investigated apparent effects of the issues of ZISCo determined the causes of these consequences by use of appropriate theories. Based on this analysis, justifiable recommendations have been developed, which would redirect the organisation to its required respective strategic objectives. The recommendations for the organisations have been logically presented within a 5 year timeline which enables to generate the favourable outcomes while keeping the environmental changes in focus. At present ZISCo is operating in a very competitive market the competitive advantage of technology leadership is more short time oriented. Thus, in order to sustain in the market a key core competitive advantage is required for ZISCo as company planned the value creating strategy would be the most suitable. Further, the quality levels of ZISCo are inadequate. This is furthering them from their objective of value creation. ZISCo is putting efforts to move from a paradigm of production efficiency to value orientations. However, it is a great challenge to ZISCo as there are many gaps at ZISCo. The analysis indicates though the strategic objectives are appropriate for the environment, implementation of strategy is ineffective. Thus in conclusion it is clear that only by formulating effective strategies an organisation could not achieve its strategic objectives, unless it has the systems, procedures and most importantly willingness to efficiently implement the formulated strategies. 5.0 References Fletcher J (2003) .Strategic management Study guide and plan Edith Cowan University Perth Australia Hill,C and Jones G (1995) Strategic management an integrated approach (3rd)Houghton Miffin, Boston, Toronto Hubbard, G. Rice, J. Beamish, P. [2008] Strategic management Thinking analysis action 3rd ed Pearson education Australia Miller A, (1998), Strategic Management, McGraw Hill, 3rd Edition. New York.Study Guide: Strategic Management Viljoen, J. Dann, S. 4th edition (2003). Strategic Management, Frenchs Forest, New South Wales: Pearson Education Pty Ltd.

Copious Imagery within the Tragedy Othello :: Othello essays

Copious Imagery within the Tragedy Othello  Ã‚        Ã‚   In the Bard of Avon’s tragic drama Othello there resides imagery of all types, sizes and shapes. Let us look at the playwright’s offering in this area.    In the essay â€Å"Wit and Witchcraft: an Approach to Othello† Robert B. Heilman discusses the significance of imagery within this play:    Reiterative language is particularly prone to acquire a continuity of its own and to become â€Å"an independent part of the plot† whose effect we can attempt to gauge. It may create â€Å"mood† or â€Å"atmosphere†: the pervasiveness of images of injury, pain, and torture in Othello has a very strong impact that is not wholly determined by who uses the images. But most of all the â€Å"system of imagery† introduces thoughts, ideas, themes – elements of the meaning that is the author’s final organization of all his materials. (333)    The vulgar imagery of the ancient dominate the opening of the play. Francis Ferguson in â€Å"Two Worldviews Echo Each Other† describes the types of imagery used by the antagonist when he â€Å"slips his mask aside† while awakening Brabantio:    Iago is letting loose the wicked passion inside him, as he does from time to time throughout the play, when he slips his mask aside. At such moments he always resorts to this imagery of money-bags, treachery, and animal lust and violence. So he expresses his own faithless, envious spirit, and, by the same token, his vision of the populous city of Venice – Iago’s â€Å"world,† as it has been called. . . .(132)    Standing outside the senator’s home late at night, Iago uses imagery within a lie to arouse the occupant: â€Å" Awake! what, ho, Brabantio! thieves! thieves! thieves! / Look to your house, your daughter and your bags!† When the senator appears at the window, the ancient continues with coarse imagery of animal lust: â€Å"Even now, now, very now, an old black ram / Is topping your white ewe,† and â€Å"you'll have your daughter covered with a Barbary horse; you'll have your nephews neigh to you; you'll have coursers for cousins and gennets for germans.† Brabantio, judging from Iago’s language, rightfully concludes that the latter is a â€Å"profane wretch† and a â€Å"villain.†    When Iago returns to the Moor, he resorts to violence in his description of the senator, saying that â€Å"nine or ten times / I had thought to have yerk'd him here under the ribs.

Love And Loss Essay -- English Literature

Love And Loss I chose to discuss love and loss as these were two strong emotions that have occured in my life. They are both very different but also similar in a way. The two poems I felt dealt with love and loss the best were 'The Thickness Of Ice' by Liz Loxley and 'Remember' by Christina Rossetti. I chose these poems as the thoughts reflected and the experiences included related very much to my own life and views. 'The Thickness of Ice' by Liz Loxley is a well structured, modern poem which refers to how strong love can be but how it can also be the cause to end a relationship. It shows how couples need more than love to keep them together. 'Ice' is a metaphor for a relationship. The persona uses this to show how it can be strong and can withstand pressure but can just as easily thaw, crack and eventually break. Also, the persona uses visual metaphors such as "thickness" (stanza two) and "thinness" of ice. One representing a possible long lasting relationship, and the other representing how easily it can fall apart. This poem portrays loss as in a couple going their separate ways. 'Remember' by Christina Rossetti is a pre-1900 sonnet which deals with life after the death of a loved one. It is a request from the poet on what to do and how to feel after her death. The persona is young, and the life expectancy of a young person in Victorian times was not very high compared to modern society. This suggests the persona may be dying which could be the reason she felt she should write her requests down for her partner. Rossetti led a religious lifestyle which is evident from many of her poems and sonnets. For example, in this particular sonnet, she applies euphenisms to sound less harsh. She ... ...s and experiences. I definitely learnt through my mistakes and will always have regrets. I felt the theme expressed the poet's points clearly. This poem was different to the sonnet as it focused on infatuation and a breakup whereas the sonnet focused on eternal love, even after the death of one of the partners. I enjoyed "Remember" as I felt it stated what I wish for my loved ones when I am gone. It was well written and Rossetti's thoughts were expressed beautifully. Love is considered eternal and memories will never fade, but life has to go on, whether you have discontinued a relationship or a partner has passed on. You shouldn't fall in love with someone you can live with, you should fall in love with someone you can't live without. And as the Italians say, "L'amore e un viaggio dentro noi" which translated means "Love is a journey inside ourselves".

Challenges Faced by Modern Managers of Organisations and Their Solutions

| |challenges faced by modern managers of organizations and their solutions | Lack of capital Lack of capital is often the most critical challenge that a successful manager or leader faces as its very success creates this and it quickly becomes a vicious circle. Without very diligent cash flow management and/or raising of more capital, including debt, the business often is constrained by capital as it grows. Often the profit in one operating cycle is insufficient to fund the extra working capital required for the next operating cycle. Many capable managers cannot overcome the obstacles in their businesses cash flow cycle and cannot understand why bankers and other lenders often cannot provide the financing as the manager often does not have the security to support the debt. The solution is often easier than most entrepreneurs realize. It often starts with a plan to see what your cash needs are and when your cash needs arise. Then one is in a position to manage it and focus on the cash management techniques most likely to be successful in his/her business. Lack of management skills Lack of management skills is a problem that is very difficult to deal with in most small and medium enterprises as the size of the senior management team is necessarily limited. These areas of weakness could be in finance, human resources, marketing or any area where the current management does not have the expertise, or the time to deal with the issues. It can be solved by determining the weak areas and then developing a plan for dealing with those challenges. Solutions can be as simple as assigning the responsibility to an existing manager with a requirement to watch for the obvious pitfalls, to hiring a person part-time or a consultant. †¢ Lack of focus †¢ Ignoring risks in their assessment of alternatives and opportunities †¢ Lack of a plan †¢ Failure to plan for issues absorbing the majority of your time Scope changes – Insufficient team skills – To quote a colleague, â€Å"Availability is not a skill. † †¢ Vision and goals are not well-defined Ineffective communication 1. Regular promotion – Regular promotion in a fixed interval keeping in view consumer taste and preference is a biggest problem. It not only needs an innovative mind and lot of advertisement money but has become a difficult task to cater the needs of so many different type of consumers like some are health con scious and needs low fat diet or low sodium diet while other prefers combo offers . Most of them also want that half plate and even quarter plate must be introduce in the menu . So when these promotional offer are launched only the expectations of few consumers are met. 2. Availability of substitute at cheaper price- Another problem is the availability of substitute fast food at cheaper price for instance A fast food shop in a Food court has to compete its competitor who may perhaps has a different food menu to offer but his rates are cheep and people my often switch to buy that cheaper product. For instance a steemed sweet corn corner outlet selles a cup of sweet corn say Rs 20 and it is near by a soup corner outlet and the cost of a soup is less than a cup of sweet corn sy Rs 10. There are chances that most of the people who may have come to have a sweet corn may change their food coice and have a soup in double quantity.

Killology Essay

Do violence in the media and interactive entertainment, such as video games and movies, influence children to have the will to kill? According to Lt. Col. Dave Grossman, an expert on the psychology of killing, both play a big role in child murders. There are several methods to this madness by which people can actually motivate themselves to take another human life, such as, operant conditioning, classical conditioning, brutalization, and role models. These practices are used in the military to train soldiers to kill, just as the media is doing to our children. Monday, December 1st, 1997 began like any other day for the students of Heath High School in Paducah, Kentucky. Student Michael Carneal rode to school with his sister, carrying with him, what he claimed to be, an art project. As his fellow classmates gathered that morning in the lobby of the school, holding a prayer group, he fired eight rounds from a . 22 caliber pistol. Out of those eight rounds he landed five head shots and three upper torso shots, killing three teenagers. Not only did he land all eight shots, but the shots were so precise that elite military and law enforcement agencies were stunned by his expertise. The fact that he had never fired a real gun in his life was something that disturbed authorities even more. Nowhere in the records of military or law enforcement history could the â€Å"equivalent† achievement be found. So what was it that made this young man so violent and deadly at such a young age? (â€Å"The shooting,† 2010, para. 1) It’s one of the methods used by the military to train their soldiers called operant conditioning, a powerful procedure of stimulus-response training techniques that attempt to influence behavior by manipulating reinforcers. They learn to fire at realistic figures that pop up in the field. The stimulus is the target, and the response is, shooting to kill. This procedure is repeated over and over, hundreds of times, until their natural response when someone pops up on the battlefield is to kill. Research has suggested that violent video games played a big role in the choice Michael made that day. He was trained through operant conditioning just as the soldiers are, except his was through violent video games. Following the shooting there was a $130-million law suit filed against the video game manufacturers in that case. This case is said to be working its way through the appeals system of the courts. (Metcalf, Stubblefield, & Ettinger, 2011, p. 152) Violent video games train our children to kill, glorify violence, desensitize them to suffering, and trivialize violence. Every time a child plays an interactive video game, he or she is learning the exact same conditioned reflex skills as a soldier or police officer in training. Kids are playing more and more violent video games that are rated for a mature audience. So, ask yourself this question; how do fourteen year old teenagers obtain video games that are rated â€Å"Mature? † Better yet, why are they allowed by their parents to play the evil, sadistic games? Parents should replace the violent video games with non-violent, stimulating, and educational games; those which enhance knowledge, creativity and imagination. The violent crime rate is at a phenomenally high level, not just in America, but worldwide. According to Interpol, the per capita assault rate increased nearly fivefold in Norway and Greece between the years of 1977 and 1993. In Mexico and Brazil, the numbers are skyrocketing, and in Japan juvenile crime went up by thirty percent in 1997 alone. (Metcalf, Stubblefield, & Ettinger, 2011, p. 150). The virus of violent crime is occurring worldwide, and the explanation for it has to be some new factor that is occurring in all of these countries. There are many factors involved in the action of violent crime, and we must never downplay any of them. There is only one new variable present in each of these nations, and it is that media violence is now being presented as a viable entertainment option for children. Metcalf et al. , 2011, p. 150) Another method used by the Japanese, in World War II, which we also see done with the media, is classical conditioning. This technique is best remembered as Pavlovian conditioning, associating a stimulus with a response according to a specific reinforcement schedule, such as violence linked to pleasure. As Pavlov did with the dog, by associating the bell with food and eventually the dog could not hear the bell without salivating, the media does with the children. How often do we watch the news and learn of something good that has happened in the world? They are always focusing on all of the violence that is going on in the world. Our children see this as well, and they learn to associate death with pleasure. To better understand the role that violence and the media inherit, in the entertainment complex, plays in the increase of murders among the young and impressionable. We must first look at the methods by which killers can be made. Though such a difficult subject cannot be completely explained by these factors alone, it is important to note the contribution each one makes. Throughout the course of human history, it is thought that healthy members of most species have a natural resistance to killing their own kind. However, when human beings are overwhelmed with anger and fear, thought processes become primitive. We slam head-on into that hardwired resistance against killing. One of the methods that shift this natural resistance is what is commonly known as brutalization. Quite similar to a military boot camp, brutalization is a forced shift in values. The subject is made to conform to a new set of rules, abandoning all sense of individuality. They are trained relentlessly in a total immersion environment and the end result is a person who not only embraces the violence and the discipline, but accepts them as normal and an essential survival skill in a new and increasingly brutal world. (Metcalf et al. , 2011, p. 151) A very similar thing is happening to our children through violence in the media. At eighteen months old, a child can begin to understand and mimic what they see on television, and up until the ages of six or seven they are physically, developmentally, and psychologically unable to distinguish the difference between fantasy and reality. When they see an instance of rape, murder or degradation on the television or in the media, to them it is real. Some of them welcome the violence and accept it as a normal and vital survival skill in a cruel, new world. In nations, regions and cities where television is a constant source of entertainment, there is an immediate eruption of playground violence, and within fifteen years, there is a doubling of the murder rate, but why fifteen years? That’s how long it takes for a desensitized toddler to reach their â€Å"prime crime† years. Metcalf et al. , 2011, p. 151) By the time the brutalized toddlers have reached their teenage years, they have developed role models. Today, violence in the media is providing our children with role models. When the images of young killers are broadcast on television, they become role models. The media has every right and responsibility to tell the story, but they have no right to glorify the killers by presenting their images on television. (Grossman, 2000, p. ) The ultimate achievement for our children is to get their picture on television, and with such vulnerable, young minds they are willing to do whatever it takes to achieve that. I say it is time for the world to stop televising such violence and let law enforcement deal with it. If they know who the killer is then why does it have to be broadcast for our children to see? I truly believe that the media is highly responsible for a lot of killings in this world, along with the violent video games, and I pray that one day there will be something done to stop it.