New Approaches Of Human Resource Management Business Essay

New Approaches Of Human Resource Management Business Essay Human resource Management is the backbone of organisations growth in this changing business world. Organisations are having are a large budget and a separate development for HRM due to the internationalisation and globalisation phenomen. The importance of HR in the UK has increased during the past years, which has led organisations to review their policy on handling human resource which in some case is the core competence of the organisation. The term HRM and HR have largely replaced the term personnel management in managing people in the organization. Historical development of HRM. HRM has developed over time from mere administrative role to modern role of strategic development. Strategic HRM has gained both credibility and popularity over the past decade, employee are considered as part of the overall strategy Personnel Management Human Resource Mgt. Nature of relations Focus individualistic Contractual basis Focus unitarist -vision and mission -Employees as partners in the org. Relation of power and Mgt. Centralized Top management full authority Decentralized -Power shared between top, middle and lower mgt. -TQM approach -Bottom up approach Leadership and Mgt Role Transactional Task oriented focus on procedures punishment for non compliance Transformational people oriented -focus on shared vision. Corporate culture and vision, trust and flexibility. Pay policies and Job design Based on skills and knowledge -ability to perform the job as per contract -Division of labor no value added -Job design functional based Designed to encourage continuous job performance and improvement -linked to value added -Job design teamwork and cyclical based. -Job Rotation Tesco which operates in a fiercely competitive sector has been successful by using a human resource led business strategy. Although the analysis above show more coordination between employees and employers, the fact is the working environment is more competitive for both parties. On one hand theres organisation like Tesco who is investing a huge budget for the HRM whereby the cost will be recovered through there sales that is being paid by the general public. On the otherhand employees which are with less job security dont have much choice other than to show there commitment and as well having transferable skills with the changing employment market. Human resource practitioner. HR people are the strategic database of organizations. Source (www.bized.co.uk) HR Practitioners acts as the bridge of communication flow between Mangement and employees. Sometimes heavily involved in the operational role, handling grievances and discipline while new demands are made from them. It is quite difficult to measure the effectiveness of the HR as it is so complex. The HR Practitioners should be able to: Add Value demonstrate their impact on the business Recruitment and retention Aware of labor market, recruitment source and key talent retention. Succession planning- Clear workforce development plan Turnover, change to business (technological or legal) Motivation and Engagement Demonstrate that people make a difference (Employee motivation and engagement). Employer of choice To engage the best talent and keep these people engaged. Source ( Mr Vedula Notes ) Line managers in HR practices. Line managers are responsible for group of employee normally in the lower layers of management hierarchy and these employee do not themselves have any managerial or supervisory responsibility. Line Managers Responsibility People management Managing operational costs Providing technical expertise Work allocation and Rota Monitoring and checking quality Dealing with customers/clients Measuring operational performance -performance appraisal Line managers Role In organization like Tesco they a play a vital role in terms of implementing and enacting HR policies and practices. The checkout line managers would be in better position to convince their staff for any overtime or bank holiday shift. As employees feels more positive about the relationship with their line managers. So they are more likely to have higher levels of job satisfaction, commitment and loyalty associated with better performance and discretionary behaviors. Line managers also help in structuring people actual experience of doing a job. They play a crucial role in acting upon the advice or guidance from HR ( Implentation of new legislation selling alcohol to under ages customers). Line managers control the work flow by directing and guiding the work of others. They also have to report to HR about any changes about the number of employees they need or any leavers to fill the gap for. So they always have to work in collaboration with HR. A well managed line managers are more likely to go on to lead high performing teams, therefore the support of senior management and action on the continuous development of line managers are critical. Recruitment and Selection. Recruitment is the process of Attracting, viewing and selecting competent people for a job at an organization. Source (www.1000ventures.com) HR planning and stages involved in the process. Human Resource Planning is the process of analyzing an organizations likely future needs for people in terms of numbers, skills and locations. They uses the right recruitment and training techniques to satisfy these needs. It ensures the firm has right number of people, in the right place, with the right skills at the right time. Tesco need for recruitment arises when there is new outlet opening in the UK and international expansion. There is also leavers , resigners or those who retires to be replaced. Any change in strategy, process and technology might rise to the need of more staff. In Tesco the latest one was the introduction of IT sales assistant in the shop and the self service checkout. Tesco uses a workforce planning table to establish the likely demand for new staff which are quarterly reviewed. Tesco can adjust staffing levels and Recruit accordingly to meet its strategic objectives, for example, to open new stores and maintain customer service standards. A Job description sets out Job title Job holders responsibility To whom the job holder is responsible Asimple description of roles and responsibilities. A Person specification sets out the skills, characteristics and attributes that a person needs to do a particular job. These two tools combine to make the basis for job advertisement. They help job applicants and post-holders to know what is expected of them. They should: Information to attract suitable people Checking device to select applicants with the right skills for interview Targets and standards for job performance. Process for recruitment in two organizations. Tesco internal recruitment The process looks at its internal Talent Plan, internal mgt development programme and options which lists current employees looking for a move, either at the same level or on promotion. In case none of them match their requirement Tesco advertises the post internally on its intranet for two weeks. Tesco external recruitment Tesco advertises vacancies via their website or through vacancy boards in stores. Applications are made online for managerial positions. The chosen applicants have an interview followed by attendance at an assessment centre for the final stage of the selection process. People interested in store-based jobs with Tesco can approach stores with their CV or register though Jobcentre Plus. The store prepares awaiting list of people applying in this way and calls them in as jobs become available. . Tesco will seek the most cost-effective way of attracting the right applicants. It is expensive to advertise on television and radio, and in some magazines, but sometimes this is necessary to ensure the right type of people get to learn about the vacancies. IKEA Recruitment Process Ikea developed global recruitment process, offering higher quality at lower cost by using modern technology. Ikea arrange open days for its future workers where they can chat with existing employees. Ikea recruitment strategy focuses on variety and ethics rather than pervious experience which has keep their turnover very low. Innergy (Agency) helps Ikea managing their recruitment process. BrassRing had been chosen by Ikea as its Global e recruitment platform and was implemented by ARINSO International. The recruitment process was highly manual and non consistent before. This project would allow Ikea to restructure its recruitment processes. Interview technique and selection methods. Interview technique is designed to predict future job performance on the basis of applicants oral responses to oral inquiries. Advantages Highlight communication skills , verbal and social skills Can assess knowledge Compatibility between the applicant and the employees Applicant asked question might help for selection decision .( Pay , Perk or Future studies) Flexible to gather more info. Disadvantages subjective evaluations are made decisions made on the first impression interviewers form stereotypes concerning the characteristics required for success on the job not as reliable as test Interviewers may be biased to candidate they like Interviewers may use multiple, leading ,embarrassing and provocative questions Interviewers may talk more than listening Interview technique has low reliability and low viability. Selection methods Psychometric Testing- good record and liability. Ability Test Focus on mental abilities and physical testing Inventories Self report questionnaires interests, aptitudes and preferences E-assessment Testing anytime and anywhere Loss of control over administration of test Assessment centers Provide fuller picture combining a range of technique Selection practices and procedures in two organisations. Selection involves choosing the most suitable people from those that apply for a vacancy, whilst keeping to employment laws and regulations. Screening candidates is vital within the selection process ens8uring the best candidate fit the gap. Line managers for the job often take part in the interview to make sure that the candidate fits the job requirements. Tesco selection external management stages IKEA recruits people based on fact they will be suitable on the culture. As stated above the selection process is mostly carried out by agency but within IKEA there are development methods which include training, coaching and performance management. As such creating a source of internal recruitment as Tesco has, but the process of external recruitment is carried out by the agencies mostly Procedures for monitoring and rewarding the employee. Employers have always monitored their staff in one way or another because they have always needed to be able to check the quality and quantity of their employees work. Helping to identify the need for training, refresher courses or appraisal. Job evaluation and factors determining pay.. A method of determining on a systematic basis the relative importance of a number of different jobs used when: Determining pay and grading structures Ensuring a fair and equal pay system Ranking. Jobs are compared to each other based on the overall worth of the job to the organization. Advantages Simple. Very effective for few jobs Disadvantages Difficult to administer -jobs increases. Rank judgments are subjective. Process to be repeated for each new job to be filled. Classification Jobs are classified into an existing grade/category structure or hierarchy Advantages Simple. The grade/category structure exists independent of the jobs. Classification easier than the Ranking Method. Disadvantages Classification judgments are subjective. The standard used for comparison biases Some jobs may appear to fit within more than one grade/category Factor Comparison A set of compensable factors are identified as determining the worth of jobs: Skill Responsibilities Effort Working Conditions Advantages The value of job- monetary terms. Applied to a wide range of jobs. Applied to newly created jobs. Disadvantages Judgments are subjective. The standard used for determining the pay for each factor may have build in biases The point method Each factor is then divided into levels or degrees which are then assigned points. The points for each factor are summed to form a total point score for the job. Jobs are then grouped by total point score and assigned to wage/salary grades Advantages The value of job monetary terms. Applied to a wide range of jobs. Applied to newly created jobs. Disadvantages Judgments are subjective. The standard used for determining the pay for each factor may have built-in biases Reward system. Rewards can be categorized in the above matrix. As well as competitive salaries at all levels, in every area of the business, Tesco also offer a whole package of other ways to help you make more of your money, safeguard your future and look after your health. Motivational theory and reward. National Business Awards, the company just chosen as Employer of the Year was Tesco. In their citation the judges said that Tesco was voted Employer of the Year because its solutions were seen to be more holistic, Tesco have invested  £12m this year alone in training schemes Tescos Employee Reward Program has some similarity to Taylors theory. Its financial reward packages are a motivating factor. At Tesco the Mayo theory is seen to be operating throughout the company. Communication is an extremely important factor in motivating employees. In 1959 Frederick Herzberg developed the Two-Factor theory of motivation Abraham Maslow argued that humans are motivated by five essential needs Tesco promote new and more open lines of communication between managers and staff Directors and senior managers spend a week on the shop floor listening to ideas and suggestions from customers and staff; A talent spotting scheme to fast-track shop-floor workers up the promotional ladder A better understanding of individual employee circumstances. The result of all these initiatives is that Tesco is continuing to show record sales growth and profits .Employees highly trained are demonstrating commitment to the organisation and feels valued within the overall strategy. This if felt by customer with a higher level of service which gives organisation added value and prestige. Organizations approaches to monitoring performance. Tescos purpose is to serve its customers. Tescos organizational structure has the customer at the top. Tesco needs people with the right skills at each level of this structure. There are six work levels within the organization. Each level requires particular skills and behaviors. Work level 1 frontline jobs ability to work accurately and with enthusiasm and to interact well with others. Work level 2 Team leaders the ability to manage resources, to set targets, to manage and motivate others. Work level 3 running an operating unit management skills, including planning, target setting and reporting. Work level 4 supporting operating units and recommending strategic change. Business knowledge, analytical skills and to make decisions, and the ability to lead others. Work level 5 responsible for the performance of Tesco as a whole. ability to lead and direct others, and to make major decisions. Work level 6 creating the purpose, values and goals for Tesco plc. a good overview of retailing, and the ability to build a vision for the future and lead the whole organization. Rights and procedure on exit from an organisation. Evaluation of exit procedures and compare to best practice. When skills are relatively scarce, recruitment is costly and it takes several weeks to fill a gap the level of turnover is likely to be problematic for the org. The operation of an Exit Procedure is extremely important as it helps the company To identify and correct hidden organizational and management problems It enables the organisation to comply with its legal duty to monitor the reasons why people is leaving It helps to ensure the return of Company property It enables a proper handover of work and administrative matters to take place to examine the reasons why people are leaving to identify whether any improvements in employment practice could be made UW-EXTENSION ADMINISTRATIVE POLICY UW-EXTENSION EXIT POLICY AND PROCEDURES Resignation: If an employee decides to leave employment with Extension, the employee is responsible for providing adequate written notice The employee will receive written confirmation of the resignation from the hiring Exit Questionnaire: All separating employees shall complete an Exit Questionnaire,available from the supervisor or divisional personnel representative, and bring thecompleted questionnaire to the exit interview Exit Interviews: Prior to the last day worked, an exiting employee will have an exit interview. theemployee and supervisor are encouraged to discuss any matters of interest.Information collected during the Exit Interview Process shall be confidential and will notbe used in any way to reflect upon the exiting employee Exit interview data shall be compiled, summarized, and reported to the ExecutiveCommittee on a quarterly basis Other Out-Processing Procedures Matters to be reviewed or collected at this time are: Keys and key cards. Computer access authorization codes. Telephone cards or ID cards. Corporate credit cards. Forwarding address. Identification cards/badges. Return Employee Handbook. Arrange last paycheck and vacation pay.* Insurance conversion and benefits continuation rights.* Tesco exit procedures is not so complex as UW as the nature of the workforce they have is different. They have staffs on temporary contract, part timers and on flexible hours. They do conduct a view point every six months to monitor the workforce concern and appreciation and there is a clause of intended stay with Tesco. Their every little helps slogan is part of the ethos and culture in Tesco. In the SBUS exit interviews are commonly performed in person with the departing employee. More often talking with the departing employee to more completely explore and understand his or her views during the exit interview. Criteria for redundancy selection The selection criteria used by the employer must be carefully and exactly defined so that they can be fairly and consistently applied to each employee. The criteria must also be agreed by the employees representatives Redundancy selection criteria. It must be objective, non-discriminatory and applied consistently. A pool of employees, all or some of whom will eventually be made redundant. Selection criteria for redundancy may be: Skills, qualifications and aptitude these can help keep a balanced workforce. Standard of work performance with this method, you need to provide supporting objective evidence, for example from the business appraisal system. Adaptability it may be important for your business that employees accept different types of work as needs change. Attendance/disciplinary record you must apply this method consistently, and be sure your records are accurate and that you understand the reasons for absences. Length of service -last in, first out, The following criteria are considered unfair and can give rise to claims under Unfair Dismissal or the relevant discrimination laws: trade union reasons carrying out duties relating to redundancy, as an elected representative of the employees maternity grounds sex, race or disability grounds Conclusion. Tesco has been very successful over the past years by a fully intergrated HR department and as such demonstrated a model implementation of HR. The big picture of Tesco strategy is discussed with all employees thus clarifying their role and importance in the organization. The HR department in Tesco is proactive which has allowed the organization to focus on Human resource with such practices with training issues. They perform their task with the Tesco Steering Wheel Strategy and practicing a total quality approach throughout the organization.

The Management Accountant Is The Most Important And Challenging Profession Accounting Essay

The Management Accountant Is The Most Important And Challenging Profession Accounting Essay The Management Accountant, is the most important and challenging profession in the world economy today, in terms of resource allocation, and controlling measuring business performance. Its role has become more important now, than at any other time in our lifetime. The role of the Management Accountant in particular, has become more important, not only in the corporate level, but also at the national level, and even more importantly, at the international level. Management Accountants are closely involved in supporting, planning, controlling, directing, communicating coordinating the decision-making activities of organizations in the private sector, as well as the public sector. Managers of an organization are considered to be the Customers of the Management Accountant, so far as management accounting information is concerned, and Management Accountants should be continuously aware of the need to satisfy their requirements. Some believe advisory services and information services to be the two main work areas of Management Accountants. Advisory services include the tendering of opinions, assisting the making of evaluations or the formation of expectations, and the development of norms or objectives. Information services include the provision of historical information, and future-oriented information. It has also been identified that Compliance, Control and Competitive support, are the three factors which influence management accounting work. Over time, the relative emphasis on these three factors has changed. Previously, a great deal of management accounting work was driven by the need for Compliance and Control. But now, the emphasis on Compliance and Control is declining, while the emphasis on Competitive support is increasing. The greater need for Competitive support has risen due to increased competition, greater customer focus, globalization, and the importance of quality. At the same time, organizations have responded to the changing competitive environment with flatter organizational structures, which are more flexible, responsive customer-focused. The increased emphasis on Competitive support now requires management accountants to have strong Analytical and Communication skills. Furthermore, they must now actively support the line process managers, and be directly involved in the decision processes. They must also consider long-term as well as short-term planning horizons. They must develop management accounting systems capable of providing information which supports both strategic operational decisions. Importantly, management accountants must become directly involved in the formulation, and the implementation of organizational strategies. It has been established that the role of the management accountant in an organization is to support the information needs of management. The type, size, structure and form of ownership of the organization will influence the management role, and thus, determine the complexity of the management accountants role. Such differences in size do not change the basic role of the management accountant, nor the basic work which he or she does. However, the size of the organization may change the degree of formality or sophistication with which the function is carried out, or the level of resources devoted to management accounting. But, the management accounting function remains essentially the same. Relevant Cost and Irrelevant Cost for Decision-making Relevance is one of the key characteristics of good management accounting information. This means that management accounting information produced for each manager must relate to the decisions which he/she will have to make. Relevant costs are the costs that meet this requirement of good management accounting information. The Chartered Institute of Management Accounting defines relevant costs as: The costs appropriate to a specific management decision This definition could be restated as the amount by which costs increase and benefits decrease as a direct result of a specific management decision. Relevant benefits are the amounts by which costs decrease and benefits increase as a direct result of a specific management decision. Before the management of an enterprise can make an informed decision on any matter, they need to incorporate all of the relevant costs which apply to the specific decision at hand in their decision making process. To include any non-relevant costs or to exclude any relevant costs will result in management basing their decision on misleading information and ultimately to poor decisions being taken. Relevant costs and benefits only deal with the quantitative aspects of decisions. The qualitative aspects of decisions are of equal importance to the quantitative and no decision should be made in practice without full consideration being given to both aspects. Identifying relevant and irrelevant costs: The identification of relevant and non-relevant costs in various decision-making situations is based primarily on common sense and the knowledge of the decision maker of the area in which the decision is being made. Armed with these two tools you should be able to sift through all the information that is available in respect of any decision and extract those costs (and benefits) which are appropriate to the decision at hand. In identifying relevant costs for various decisions, it may find that some costs not included in the normal accounting records of an enterprise are relevant and some costs included in such records are non-relevant. It is important that there is a substantial difference between recorded accounting costs and relevant costs for decision making, and while the latter may be recorded in the former this is not always the case. Accounting records are used to record the incidence of actual costs and revenues as they arise. Decisions, on the other hand, are based only on the relevant costs and benefits appropriate to each decision while the decision is being made. This point is particularly appropriate when you come to examine opportunity costs and sunk costs that are dealt with below. In practice, you may also find that the information presented in respect of a decision does not include all the relevant costs appropriate to the decision but the identification of this omission is very difficult unless you are familiar with the area in which the decision is being made. Exercise The more common types of costs which you will meet when evaluating different decisions are incremental, non-incremental and spare capacity costs. Are these likely to be relevant or non-relevant? Suggested Solution Incremental costs: An incremental cost can be defined as a cost which is specifically incurred by following a course of action and which is avoidable if such action is not taken. Incremental costs are, by definition, relevant costs because they are directly affected by the decision (i.e. they will be incurred if the decision goes ahead and they will not be incurred if the decision is scrapped). For example, if an enterprise is deciding whether or not to accept a special order for its product, the extra variable costs (i.e. number of units in special order x variable cost per unit) which would be incurred in filling the order are an incremental cost because they would not be incurred if the special order were to be rejected. Non-incremental costs: These are costs which will not be affected by the decision at hand. Non-incremental costs are non-relevant costs because they are not related to the decision at hand (i.e. non-incremental costs stay the same no matter what decision is taken). An example of non-incremental costs would be fixed costs which by their very nature should not be affected by decisions (at least in the short term). If, however, a decision gives rise to a specific increase in fixed costs then the increase in fixed costs would be an incremental and, hence, relevant cost. For example, in a decision on whether to extend the factory floor area of an enterprise, the extra rent to be incurred would be a relevant cost for that decision. Spare capacity costs: Because of the recent advancements in manufacturing technology most enterprises have greatly increased their efficiency and as a result are often operating at below full capacity. Operating with spare capacity can have a significant impact on the relevant costs for any short-term production decision the management of such an enterprise might have to make. If spare capacity exists in an enterprise, some costs which are generally considered incremental may in fact be non-incremental and thus, non-relevant, in the short term. For example, if an enterprise is operating at less than full capacity then its work force is probably underutilized. If it is the policy of the enterprise to maintain the level of its work force in the short term, until activity increases, then the labour cost of this work force would be a non-relevant cost for a decision on whether to accept or reject a once-off special order. The labour cost is non-relevant because the wages will have to be paid whether the order is accepted or not. If the special order involved and element of overtime then the cost of such overtime would of course be a relevant cost (as it is an incremental cost) for the decision. Two further types of costs that have to be considered are opportunity costs and sunk costs. Opportunity costs: An opportunity cost is a level of profit or benefit foregone by the pursuit of a particular course of action. In other words, it is the value of an option, which cannot be taken as a result of following a different option. For example, if an enterprise has a quantity of raw material in stock which cost $7 per kg and it plans to use this material in the filling of a special order then you would normally incorporate $7 per kg as part of your cost calculations for filling the order. If, however, this quantity of material could be resold without further processing for $8 per kg, then the opportunity cost of using this material in the special order is $8 per kg; by filling the order you forego the $8 per kg which was available for a straight sale of the material. Opportunity costs are, therefore, the real economic costs of taking one course of action as opposed to another. In the above decision-making situation it is the opportunity cost which is the relevant cost and, hence, the cost which should be incorporated into your cost-versus-benefit analysis. It is because the loss of the $8 per kg is directly related to the filling of the order and the opportunity cost is greater than the book cost. Opportunity costs are relevant costs for a decision only when they exceed the costs of the same item in the option to the decision under consideration. You may find the idea of opportunity costs difficult to grasp at first because they are notional costs, which may never be included in the books and records of an enterprise. They are, however, relevant in certain decision-making situation and you must bear in mind the fact that they exist when assessing any such situations. Sunk costs: a sunk cost is a cost that has already been incurred and cannot be altered by any future decision. If sunk costs are not affected by a decision then they must be non-relevant costs for decision-making purposes. Common examples of sunk costs are market research costs and development expenditure incurred by enterprises in getting a product or service ready for sale. The final decision on whether to launch the product or service would regard these costs as sunk (i.e. irrecoverable) and thus, not incorporate them into the launch decision. Sunk costs are the opposite to opportunity costs in that they are not incorporated in the decision making process even though they have already been recorded in the books and records of the enterprise. Exercise (a) An enterprise is considering replacing its professional legal advisers with its own newly trained personnel. The relevant personnel are currently employed in the secretarial department of the enterprise and will receive no pay increase when taking up their new responsibilities. They will also be required to continue to perform their old duties. The current annual salary bill of these employees amounts to $100,000. Is the $100,000 a relevant cost in the decision on whether to replace the professional advisers? (b) An enterprise is considering the upgrading of its computer system. The upgrading would result in the annual maintenance contract fee charged by the suppliers rising from $30,000 to $40,000. Is the maintenance fee a relevant cost to the upgrading decision? Briefly explain your reasoning. (c) The relevant cost of X in the filling of the special order is nil. The cost of the 200 kg of X in stock is a sunk cost and thus non-relevant. This is so due to the fact that no amount of the purchase price appears to be recoverable through either a straight sale of the material or by incorporating X in the manufacture of a product (other than the special order) which could then be sold by the enterprise. Evaluating decisions involving relevant and non-relevant costs It is observed that two task is to be performing before making final decision: Evaluate the options in the decision on a monetary basis using cost versus benefit analysis. Take account of the qualitative factors associated with each option in the decision. The performance of the first task is dealt with in this section. Performance of the second task is influenced by experience and common sense. Nearly all decisions will ever make will involve some relevant and non-relevant costs. As stated earlier the hardest part of the evaluation process will be the identification of the relevant costs for the decision at hand. This identification is often required from a plethora of information that you will have to carefully sift through to ensure the completeness of your evaluation. Once the relevant costs are identified for each option you simply perform a cost versus benefit analysis for each option and select the one that results in the greatest gain or least cost to the enterprise. Dont forget that, in practice, qualitative factors can result in a different option being selected than that suggested by the quantitative evaluation. Exercise The local authority of a small town maintains a theatre and arts centre for the use of a local repertory company, other visiting groups and exhibitions. Management decisions are taken by a committee which meets regularly to review the accounts and plan the use of the facilities. The theatre employs a full-time staff and a number of artists at costs of $4,800 and $17,600 per month respectively. They mount a new production every month for 20 performances. Other monthly expenditure of the theatre is as follows: $ Costumes 2,800 Scenery 1,650 Heat and light 5,150 Apportionment of administration costs of local authority 8,000 Casual staff 1,760 Refreshments 1,180 On average the theatre is half full for the performances of the repertory company. The capacity and seat prices in the theatre are: 200 seats at $6 each 500 seats at $4 each 300 seats at $3 each In addition, the theatre sells refreshments during the performances for $3,880 per month. Programme sales cover their costs but advertising in the programme generates $3,360. The management committee has received proposals from a popular touring group to take over the theatre for one month (25 performances). The group is prepared to pay half of their ticket income for the booking. They expect to fill the theatre for 10 nights and achieve two-thirds full on the remaining 15 nights. The prices charged are 50 cents less than those normally applied in the theatre. The local authority will pay for heat and light costs and will still honour the contracts of all artists and pay full-time employees who will sell refreshments and programmes, etc. The committee does not expect any change in the level of refreshments or programme sales if they agree to this booking. Note: The committee includes allocated costs when making profit calculations. They assume occupancy applies equally across all seat prices. On financial grounds should the management committee agree to the approach from the touring group? Suggested Solution To make a decision on the use of the theatre for one month the committee would calculate the relevant cost or benefit of accepting the tour groups offer as opposed to continuing as is (i.e. with the repertory company). Relevant benefits Costs saved with touring group: $ Costumes 2,800 Scenery 1,650 Casual staff 1,760 Relevant benefits 6,210 Relevant costs Decrease in revenue with touring group: Revenue with repertory company 200 x $6 1,200 500 x $4 2,000 300 x $3 900 4,100 $4,100 x  ½ x 20 41,000 Revenue with touring company 200 x $5.5 1,100 500 x $3.5 1,750 300 x $2.5 750 3,600 ($3,600 x 10) + ($3,600 x 15 x 2/3) = 72,000 Half kept by touring company leaving, 36,000 Relevant costs (41,000 36,000) 5,000 Net relevant benefit (6,210 5,000) 1,210 Therefore, the committee should accept the touring companys offer as it results in a net benefit to the theatre of $1,210 for that month. Non-relevant costs were full time salaries, heat and light, apportionment of administration costs and refreshments. Re non-relevant benefits were refreshment sales and advertising revenue. All of the above were non-relevant because they were unaffected by the decision (i.e. they were the same whether the repertory or the touring company occupied the theatre for the month). The qualitative factors that might apply to this decision include: The desirability of offering a range of activities in the theatre and thus to cater for a wider audience fulfils an important social role. The opinions of the artists who are employed by the theatre should be consulted. They may welcome some months for rehearsal or personal development. But if this were regular, the more talented people who were in demand may seek opportunities elsewhere. A different number of performances may have implications for predicted cost levels and the accuracy of the theatre occupancy predictions should be confirmed. Exercise Lombard Ltd. has been offered a contract for which there is available production capacity. The contract is for 20,000 items, manufactured by an intricate assembly operation, to be produced and delivered in the next financial year at a price of $80 each. The specification is as follows: Assembly labour 4 hours Component X 4 units Component Y 3 units There would also be the need to hire equipment which would increase next years fixed overheads by $200,000. The assembly is a highly skilled operation and the work force is currently under-utilized. It is company policy to retain this work force on full pay in anticipation of high demand, in a few years time, for a new product currently being developed. In the meantime, all non-productive time (about 150,000 hours per annum) is charged to fixed production overhead at a current rate of pay of $5 per hour. Component X is used in a number of other sub-assemblies produced by the company. It is readily available. A small stock is held and replenished regularly. Component Y was a special purchase in anticipation of an order which did not materialize. It is, therefore, surplus to requirements and the 100,000 units which are in stock may have to be sold at a loss. An estimate of alternative values for components X and Y provided by the material planning department are: X Y $ per unit $ per unit Book value 4 10 Replacement cost 5 11 Net realizable value 3 8 Overhead costs are applied on a labour hour basis. Variable overhead is $2 per hour worked. Provisionally, fixed overheads, before the contract was envisaged, were budgeted next year at $3,560,000 for productive direct labour hours of 1,040,000. There is sufficient time available to revise the budgeted overhead rate. Analyze the information in order to advise Lombard Ltd. on the desirability of the contract and briefly explain your reasoning. Suggested solution Advice on the contract will be based on the relevant costs or incremental costs incurred for the contract using the values provided in the question. $ per unit Labour: 4 hours x 0 0 Component X: 4 units x $5 20 Component Y: 3 units x $8 24 Variable overhead: 4 x $2 8 Relevant cost per unit 52 Total relevant cost = ($52 x 20,000) + $200,000 = $1,240,000 Revenue = $80 x 20,000 = $1,600,000 A surplus of revenue over costs of $360,000 is revealed so the contract would appear to be attractive. The recommendation is based on the following reasoning: Labour will be paid anyway as non-productive time so the incremental cost is zero. Component X will be replenished at the current replacement cost. Component Y is costed at its opportunity cost, that is, what could be obtained if sold at its disposable or realizable value. It is already in stock and has no alternative use. Variable overhead is incurred in relation to the direct labour hours worked. The only incremental fixed overhead is $200,000. The remainder is common and unavoidable in all situations. Advantages and disadvantages of Activity Base Costing Advantages of an Activity Based Costing System: à ¢Ã¢â€š ¬Ã‚ ¢The first and most important advantage is the accuracy in the process of costing with regards to the product line, the end-users of the product, the stock-keeping units employed by the management and the channel and category which streamline the flow of the product from the producer to the end user. à ¢Ã¢â€š ¬Ã‚ ¢This system better assists in the process of understanding the concept of overhead costs i.e. the allocation of common business resources as they are used by specific product lines and their relation to specific cost driver. à ¢Ã¢â€š ¬Ã‚ ¢The system is easy to understand and interpret is it is accessible, useable and practically implement able across all norms of business set-ups. à ¢Ã¢â€š ¬Ã‚ ¢This process uses unitary cost, or marginal cost as the computation base in contrast to the traditional cost accounting methods which employ total cost. à ¢Ã¢â€š ¬Ã‚ ¢The system works exceptionally well will quality improvement and up gradation programs e.g. Six Sigma à ¢Ã¢â€š ¬Ã‚ ¢This system is particularly helpful in identifying and ear-marking some of the matters business activities which are a burden or stress on the business i.e. wasteful or non value adding services. à ¢Ã¢â€š ¬Ã‚ ¢The system also works exceptionally with performance management systems which are employed by most human resource departments in contemporary businesses. à ¢Ã¢â€š ¬Ã‚ ¢This process allows companies to implement costing strategies across another diagonal of the firm as business processes, supply chains and value addition channels are ably and optimally analyzed in this process. à ¢Ã¢â€š ¬Ã‚ ¢This system mimics the actual business process as the appropriation of common pool resources takes place in the same way as common resources are used in the business. à ¢Ã¢â€š ¬Ã‚ ¢This system aids in the process of benchmarking which is an integral part of the quality control system. Disadvantages of an Activity Based Costing System: à ¢Ã¢â€š ¬Ã‚ ¢Data collection process for this system is very time consuming. à ¢Ã¢â€š ¬Ã‚ ¢The capital expenditure on the activity based system and its subsequent running costs can be a road block for firms. à ¢Ã¢â€š ¬Ã‚ ¢The system is very transparent which some managers would not approve of as they would like to keep some things out of the view of the owners of the company. Technical Limitations: The major technical limitation that will be faced is testing the hypothesis in the real world. Testing the hypothesis whether ABC is a more appropriate accounting solution is certainly possible on paper but its desirable effects in the real world cannot be properly gauged unless it is directly implemented by companies operating in the world today and the analysis is conducted in a kinetic time mechanism. This is a major stumbling block for most organizations who are remain transfixed to their current accounting mechanism and dont want to change over to this new system, which despite its obvious benefits, seems to come a great switching or even multi-homing cost.

The Wife of Baths Tale :: Canterbury Tales, Chaucer

The wife's life with her first three husbands (lines 193-451) The wife of bath begins this section by giving an account of her first three marriages. She treats her first three marriages as one marriage; talking about how she used the same techniques to control her husbands and does not refer to individual people but a combination of all her first three husbands which she refers to as her husband. The wife begins, with a shockingly cynical statement, by informing her audience that her first three husbands were good, because they were rich and old and easily controlled. "The thre were goode men, and riche, and olde." This is very degrading to her husbands; she did not care about them at all and is more then willing to stand up in front of a crowd and degrade them. "How pitously a-night I made hem swinke!" Her degradation of her husbands continues as she goes on to tell her audience how easily she controlled them by forcing them to give her their worldly possessions, "And sith they hadde me yeven al hir lond." The wife then goes on to tell about how she used to cheat on her husbands and get away with it if anyone told by convincing them that the person who told them was crazy by getting her friends to convince them she didn't. "And take witnesse of hir owene maide." The wife was also able to get her husbands to buy her new clothes and make up and any item she wanted by taking ad vantage of their kind nature. She would tell them that she was not respected like her neighbour was because she has not got so many nice things. "I sitte at hoom, I have no thrifty clooth." The wife is very proud of her achievements at controlling her husbands and goes into great detail about how she makes up stories about her husbands getting drunk and insulting her. "Thou comest hoom as dronken as a mous, and prechest on thy bench, with ivel preef!" she also says they insult marriage to women in general, saying you cant marry a poor woman "To wedde a povre womman, for costage" and you cant marry rich women "And if that she be riche, of heigh parage, thane seistow that it it a tormentrie to soffre hire pride and hire malencolie." The wife also says that her husbands use petty arguments against her "Thow seist that dropping houses, and eek smoke, and chiding wives maken men to flee.

IMPAIRMENT NEURAL DEVELOPMENTS AND SYMPTOMS OF AUTISM DISORDER Essay

Autism spectrum disorders are a common neural developmental brain condition (Cheng et al., 2010). It does not have unifying neurobiological or pathological etiology (Geschwind& Levitt, 2007) .It characterized by impaired social interaction and communication skills and restricted repetitive behavior (Johnson & Myers, 2007). Medical condition such as mental retardation, chromosomal anomalies and seizures are often appear with autism (Casanova, 2007). During first 3 years of childhood, these major symptoms are revealed (Casanova, 2007). Autism is one of three recognized condition and the other two know as Asperger’s syndrome (Levy, Mandell, & Schultz, 2009). There are also secondary symptoms that may not be shown in individual with autism disorder such as lower IQ performance and sensory sensitivity (Alexander et al., 2006). It occurs due to altered recognition and connection of brain nerve cell and their synapses (Levy et al., 2009). Other factor contribute to the occurrence of autism are genetics or environmental factors or both (Rodier, 2004). In 1960s, it was estimated to occur in five in every 10,000 child worldwide but this number is increased recently to be 72 in every 10,000 child since the 1990s due to the change in diagnostic practice and media attention (Newschaffer et al, 2007). The reason of increasing this disorder in recent year is still unknown (Comi, Zimmerman, Frye, Law, & Peeden, 1999). This essay will discuss the causes of Autism spectrum disorders, brain structure changes that involved in this condition and thus the major and secondary symptoms occurrence in relating to these structure impaired development in the brain. Autism appears between embryo development and the first 3 years of child development and c... ... Schendel, D., & Windham, G. C. (2007).The Epidemiology of Autism Spectrum Disorders. Annu. Rev. Public Health, 28, 21.1–21. Geschwind D. H., & Levitt, P. (2007), Autism spectrum disorders: developmental disconnection syndromes. Neurobiology 17,103–11. Johnson, C. P., & Myers, S. M. (2007). Identification and Evaluation of Children With Autism Spectrum Disorders. PEDIATRICS, 120, 1183-1215. Levy, S. E., Mandell, D. S., & Schultz, R. T. (2009). Autism. The Lancet, 374(9701), 1627 – 1638. Lam, K. S. L., & Aman, M. G. (2007). The Repetitive Behavior Scale-Revised: Independent Validation in Individuals with Autism Spectrum Disorders. Springer, 37, 855–866. Rodier, P. M. (2000). The Early Origins of Autism. Scientific American, 56-63. Rodier, P. M. (2004). Environmental Causes of Central Nervous System Maldevelopment. PEDIATRICS, 113, 1076-1083.

Public Relations and Strategic Marketing at BMW Essay -- Business Mark

Public Relations Opportunity Public Relations or PR for short can help launch a new products sells and promotions or destroy it before a company can move it from the shelf. New companies and consumers tend to mistake Public Relations as advertising when in fact they are polar opposites. When a company advertises they pay to promote the products on TV, radio, or some type of media support. Public Relations, however the company may reap the benefits of the PR but not have to pay for it. Public Relations is defined in the following ways: â€Å"A form of communication directed at gaining public understanding and acceptance† (Learnthat, 1998-2004). â€Å"A promotion intended to create goodwill for a person or institution† (Wordnet, 2010). With all this said a company that has a good Public Relations team or person has a good chance of its product reaching the targeted market. When conducting Public Relations the company needs to understand the consumer need and show how the product will meet their needs compared to its competitors, by doing this the PR must give selling points that show why the Jabber 7 is the car that will meet his or her needs. Base on the statistical data obtain through our market research, BMW has picked the most opportunistic time to launch the Jabber 7. With the United States gas, crunch people are looking for better way to help protect the environment and save money in the process. BMW going green will not only produce a better running car not depended on harmful pollutants but will also create new jobs for thousand American to build these cars. With BMW’s quality rating over the years consumer can expect a smoother riding vehicle that comes in the BMW 600 coupe style or the luxurious style of the BMW 545 providing up t... ...BMW dealers’ car lots. The second phase of the strategic marketing plan is promotion. The marketing team will use the four principle elements to promote the Jabber 7. Public relationship, word of mouth, advertising, and point of sale are the four elements the marketing team will use to promote the Jabber 7. The marketing team will celibately race car driver to promote the car at race tracks during race days. The celebrity will attract old and younger drivers to the Jabber 7. The company will also offer free test dives at the race track and BMW locations. Marketing team will have television commercial to promote the car during sports event like football games, and basketball games. The marketing team will offer interviews to some test drivers to receive information Jabber 7 driving performance. The interviews will be use for word of mouth promotion for the company. Public Relations and Strategic Marketing at BMW Essay -- Business Mark Public Relations Opportunity Public Relations or PR for short can help launch a new products sells and promotions or destroy it before a company can move it from the shelf. New companies and consumers tend to mistake Public Relations as advertising when in fact they are polar opposites. When a company advertises they pay to promote the products on TV, radio, or some type of media support. Public Relations, however the company may reap the benefits of the PR but not have to pay for it. Public Relations is defined in the following ways: â€Å"A form of communication directed at gaining public understanding and acceptance† (Learnthat, 1998-2004). â€Å"A promotion intended to create goodwill for a person or institution† (Wordnet, 2010). With all this said a company that has a good Public Relations team or person has a good chance of its product reaching the targeted market. When conducting Public Relations the company needs to understand the consumer need and show how the product will meet their needs compared to its competitors, by doing this the PR must give selling points that show why the Jabber 7 is the car that will meet his or her needs. Base on the statistical data obtain through our market research, BMW has picked the most opportunistic time to launch the Jabber 7. With the United States gas, crunch people are looking for better way to help protect the environment and save money in the process. BMW going green will not only produce a better running car not depended on harmful pollutants but will also create new jobs for thousand American to build these cars. With BMW’s quality rating over the years consumer can expect a smoother riding vehicle that comes in the BMW 600 coupe style or the luxurious style of the BMW 545 providing up t... ...BMW dealers’ car lots. The second phase of the strategic marketing plan is promotion. The marketing team will use the four principle elements to promote the Jabber 7. Public relationship, word of mouth, advertising, and point of sale are the four elements the marketing team will use to promote the Jabber 7. The marketing team will celibately race car driver to promote the car at race tracks during race days. The celebrity will attract old and younger drivers to the Jabber 7. The company will also offer free test dives at the race track and BMW locations. Marketing team will have television commercial to promote the car during sports event like football games, and basketball games. The marketing team will offer interviews to some test drivers to receive information Jabber 7 driving performance. The interviews will be use for word of mouth promotion for the company.

Mapping Compensation

Wall-Mart has a lot of these things in common with Microsoft, although Wall-Mart tries to soften the low at times by cushioning their employment strategy with a discount card or special privileges. Most of the employees at Wall-Mart start at around $8. 80 an hour, but that is just the base pay. If an employee does well within the company, over time, Wall-Mart will steadily increase the employee's paycheck, depending on his or her performance of their duties that year. That is where the performance-based pay that is similar to Microsoft's strategy comes into play. If an employee does well, he or she will get a raise.If not, then the raise will not happen. A lot of people who try to work at places like Wall-Mart expect instant gratification for their accomplishments, but they will not receive it. An employee must work hard to earn the raise given to him or her at their time of the year. In Figure 2. 8 in the text, Microsoft and AS are compared and contrasted in a compensation map. On M icrosoft's side, there seems to be a very low focus on work/life balance, and the same can be said for Wall-Mart. If an employee accepts a shift at Wall- Mart, he or she had better show up, or risk being fired.Wall-Mart is very strict in this area and does not accept a lot of excuses as far as frequent â€Å"family emergencies† or problems. From personal experience, if there is a death in the immediate family, Wall-Mart will ask for a copy of the death certificate as proof that the employee is not lying. This is a bit disturbing and could be considered offensive to some. Another mapping point from Figure 2. 8 is that Microsoft puts heavy emphasis on hierarchy. Wall-Mart and Microsoft share this part of their strategy. Wall-Mart believes that the basic employees receive Asia pay, while the managers and those on salary receive higher pay.However, there is a â€Å"price† to being on salary versus being an hourly employee. As an hourly employee, the shift is worked within the hours specified, and the job is done. There are no established hours for salaried managers at Wall-Mart. Some have even worked 80 hour weeks in the busy season just to try to keep up with customer satisfaction. One thing that does differ between the two compensation strategies is that Microsoft puts a medium importance to sharing group success, while Wall-Marts strategy is more about the individual.There are really no â€Å"groups† per SE within Wall- Mart's hierarchy, just groups of employees who perform the same job. There is no focus on group success, or group incentives. There are the occasional pep talks in which the managers try to get their employees motivated, but really, the employees would rather be working than sitting in a meeting. It seems that Microsoft values group success, but it also values the individual as well, offering incentives for jobs performed. These companies seem very different from the outside, but when an inside look is taken, there are more molarities than can be seen from the outside.

How My Childhood Affected Who I Am Today Essay

Childhood is my most cherished and missed memory. Along with innocence, naivety, and stress-free enjoyment came safety, and the care of others around me. I believe the person I am today was shaped from living in the neighborhood I grew up in and the people I was surrounded by. During my youth I was lucky enough to live in the town of Webster, New York. From age four to seventeen I lived in a very safe neighborhood. My environment was my life. My adult neighbors were like second parents, babysitting my brother and I, taking all the kids to the beach, making meals and hosting sleepovers. The children were my best friends, and partners in crime. I spent my days taking long walks and bike rides with my next door friends and my younger brother, selling lemonade at the end of my driveway, swinging and singing on the infamous swingsets, playing classic games such as hopscotch, four square, and capture the flag. Eat, sleep, and play was our daily routine. We would circle the neighborhood streets day after day, stopping by other nieghbors houses, starting kickball games at the local elementary school, collecting cans to make money. When we were old enough our parents us allowed to walk 10 minutes down the road by ourselves, a great reward at the time, to the neighborhood grocery to buy a candy bar and a drink. Even though my mother taught me about safety and cautioned me about strangers, I believe that my childhood has made me a very friendly, trusting person. There was never a worry of crime in my neighborhood. We were able to grow as independent children without our parents having to keep a very close eye on us every second of the day. This freedom molded me into a very trusting person today. That can be viewed both positively and negatively. On the plus side, I am a very easy person to become friends with. I trust each and every one of my friends, and I know they can trust me. I am reliable, a result of being cared for as a child. I think that many children that are neglected during their youth become far less trusting and reliable further on in life. I see the innocence in each person I meet, allowing a personal relationship to create at the first hello. This has opened a wide array of friends for myself, which I feel extremely lucky to be blessed with. On the other hand, my naivety tends to come into play along with the trust. Although I’m not proud to say it, I can definitely say that I have been taken advantage of in several instances by those who were not worthy of my trust. This has happened at school and in the workplace. It is hard for me to judge whom I can trust, and I do not like to think negative thoughts about a person when considering them as a friend. This strong sense of trust could also put me into danger in the future, with strangers or while I am alone. All in all, I believe my circumstances as a child have helped form my identity today. I would not change who I am, and do not regret growing up where I did. I formed dependable relationships that I will have throughout life and memories that will never perish.