Evaluation Of A Project Management Audit Essay - 950 Words

What should be done to ensure appropriate closure of this project and why? There will be several areas of â€Å"clean-up† to address before announcing the project success and closure. First, before the closure of the project, it is better conduct an interim project audit to analysis the result. A project management audit is an examination designed to determine the true status of work performed on a project and its conformance with the project statement of work, including schedule and budget constraints. It is an independent, structured assessment of the state of affairs conducted by a competent examiner. It provides insight into the work needed to meet project objectives and the adequacy of the schedule and budget to do so. In addition, it can illuminate mistakes that can cause project failure and thus can trigger timely corrective action. Secondly, the project team to create outstanding list from the project, such as what can be done to ease the worries from small business near the old bridge. The project team also needs to work with finance and legal teams to ensure that all project-related contract commitments are finalized and closed and should complete a final accounting of the project budget. The project lasts for three years and many different parties have been involved in this project and it has been funded by local, federal and the two states. Therefore, a final project cost analysis report should be done and agreed by project sponsors. The project manager shouldShow MoreRelatedThe Function and Purpose of Audits and Evaluation Programs796 Words   |  3 Pagesand purpose of audits and evaluation programs are to ensure that periodic, formal review occurs such that program implementation and budget can be informed. 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An internal audit is a process that offers a systematic approach to evaluate and improve a company’s risk management, controls, and processes. â€Å"The services provided by internal auditors include (1) financial audits of financial reports and accounting control systems, (2) compliance audits that ensure conformity with company polices, plans, and procedures and with laws and regulations, (3) operational audits that evaluate

Employee Attitudes and Job Satisfaction Free Essays

Assignment on: Employee Attitudes and Job Satisfaction Done by: T. K. Cedric Wan Wing Kai(081461) Cohort: BSc (Hons) Human Resource Management 09 Part Time Table of Contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. We will write a custom essay sample on Employee Attitudes and Job Satisfaction or any similar topic only for you Order Now . 3 Employee Attitude†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 * Features of Attitudes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Attitudes, Opinions and Beliefs†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 Factors in Attitude formation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 Methods of Attitude change†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Values and attitudes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Values and Behavior†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Attitude of employees towards the organization†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Job Satisfaction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 Job Design†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 Models of Job Satisfaction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 * Affect Theory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 * Dispositional Theoryâ⠂¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 * Two-Factor Theory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 Measuring Job Satisfaction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 Superior-Subordinate Communication†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 Relation ships and Practical implications†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 Employee Attitudes in Relation to Job Satisfaction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 â€Å"Job satisfaction is an attitude, but researches should clearly distinguish between cognitive evaluation which are emotions, beliefs and behaviors†, Weiss(2002) Introduction: The way one is satisfied with one’s job depends on many factors. Both internal and external factors affect the attitudes of employees which lead to satisfaction or dissatisfaction in one’s job. What makes e mployees happy? Are they more productive when happy or less productive when happy? What are the causes of employee attitudes? What is the impact of positive and negative job satisfaction on the employees? How to influence employee attitudes? All those questions are going to be answered in this study of Attitudes and Job Satisfaction. People have their own beliefs, norms and views. Due to this, employees will not always behave in the same way as they are not the same, even though they may be performing the same job at a same given level. Job satisfaction is referred to how much an employee is satisfied and happy with his or her job. The happier people are with their job, the more satisfied they are said to be. Employee Attitude: As it has been briefly stated in the introduction, employees have attitudes or point of views about different aspects of their jobs, their career and the organization in which they work. Allport defines attitude as follows: â€Å"Attitude is a mental and neural state of readiness organized through experience, exerting a directive or dynamic influence upon the individual’s response to all objects and situations with which it is related† Features of attitude: Attitudes affect an individual’s behavior making him ready to respond either favorably or unfavorably to things in his environment. * Attitudes are acquired through a learning process over a period of time. It is a never-ending process that starts from childhood throughout the life of a person. * Attitudes cannot be seen with the naked eyes because they are psychological phenomenon which cannot be observed directl y. They can be examined by observing the behavior of an individual. * Attitudes are pervasive and every individual has some kind of attitude towards objects in his surroundings. In fact, attitudes are forced in the socialization process and may relate to anything in his environment. Attitude, Opinion and Belief: An opinion is in general one’s judgmental expression of a particular set of facts, an evaluation of the circumstances presented to him. Thurstone defines opinion as ‘a response to a specifically limited stimulus, but the response is certainly influenced by the predisposition with, with the individual is operating, that is, the attitude structure’. A difference can also be made between attitude and belief. A belief is an enduring organization of perceptions and cognitions about some aspects of individual world whereas belief is a hypothesis concerning the nature of objects, more particularly, concerning one’s judgement of the probability regarding the nature. In this sense, belief is the cognitive component of attitude which reflects the manner in which an object is perceived. The difference between attitude, opinion and belief exists on conceptual basis. Most researchers believe that these three terms are so closely tied that it is difficult to separate them except on a limited conceptual basis. Many psychologists however think that attitudes are more important to human behavior than are the related aspects. For instance, more efforts have been put into analyzing attitudes rather than others. It is obvious to say that attitudes are an important concern because of their main position in the process of changing work perquisites in efforts. Attitude itself do not influence behavior but these acts with other factors in the individual influencing behavior, such as personality, perception, motivation and others. Further, attitudes are also affected by the individual dimension as well as the objects, persons and ideas. Attitudes have been through as serving four functions and there by influencing the behavior. These are: 1. Instrumental – Attitude are a way to reach a desired objective or to avoid an unwanted one. Instrumental attitude are aroused by the activation of a need or cues that are associated with the attitude object and arouse favorable or unfavorable feelings. 2. Ego-Defensive – The ego-defensive functions of attitude focus on the importance of psychological thought. Attitude may be acquired by facing threats in the external world or becoming aware of his own unacceptable impulses. . The value – Orientation function takes into account attitudes that are held because they express a person’s self-image, or by cues that engage the person’s values and make them salient to him. 4. Knowledge – The knowledge function of attitude is based on a person’s need to maintain a stable, organized and meaningful structure of the world. 5. Attitude that gi ves a standard against which someone evaluates the facets of his world and use it as the knowledge function too. These functions of attitudes affect the individual’s way of interpreting the information coming to him. Since they affect work requirements and work responses, information about the way people feel about their jobs can be very useful in way people will behave about their job. Thus, these types of attitudes can create areas of enquiry for making the employee and the organization more compatible. Factors in Attitude Formation The attitudes are learned. Generally, an individual learn things from his surroundings, that is, the environment in which they interact, even though there are different approaches to learning those. Thus, for an attitude to be formed, all the factors from which people learn must be taken into consideration. Such factors may be examined in terms of groups starting from the family itself as a group, an individual moves in a close group, then to larger groups, and finally to the society as a whole. Being part of these groups, the individual’s psychology which makes up his personality particularly, is also responsible for behavior and attitudes. Methods of Attitude Change There are various ways through which a positively attitude change can be brought. Cohen has suggested four methods for attitude change: 1. Communication of additional information 2. Approval or disapproval of a particular attitude 3. Group influence 4. Inducing engagement in discrepant behavior. In any way, all these methods involve getting to know discrepancies among the elements making up the individual’s attitudes. From an organizational point of view, a Manager can take the following actions making attitudes of members of the organization to change. * Group action * Persuasion through leadership * Persuasion through communication and * Influence of total situation These actions involve analysis of different aspects affecting a particular action. Values and Attitudes Some researchers view values as being made of large groups of related attitudes. For instance, Fishbein and Ajzen have included two components in attitudes-informational and emotional. Thus, they have taken values as a part of attitudes. However, there are some differences between values and attitudes. Attitudes are specific and related to distinct objects which are people or ideas. Values are more general than attitudes. Statement of values that people have generally is often perceived as good or bad. Values are beliefs about which attitudes we should have or not. Values and Behavior The behavior of people is inclined by the values which they embrace, particularly in terms of those stimuli which have some value orientation in the organizational context, understanding the influence of individual value system on the behavior of individuals in the following ways: * Values influence the way an individual perceives problems he or she faces and also the decision he or she makes to tackle those problems. * Values influences the way in which someone looks at other people and groups of people, that is, interpersonal relationship. Values are the base of interpersonal relationship interactions. People judge organizational success as well as its achievement of the basis of their value system. Thus, for some people, organizational success may be in the form of high- profit earning irrespective of the means adopted whereas, this may be a harsh thing for others. * Individuals determine whether behaviors that they adopt are either ethical or unethical whether towards themselves or others * Values determine the extent to which employees accept organizational pressures and goals. If these do not correspond to the values held by them, they oppose the organizational pressures and objectives, and even quit their job. Attitudes of Employees towards the Organization Attitudes and values are not the same but they are interrelated. It can be seen by examining the three components of attitudes which are cognition, affect and behavior. The belief that ‘discrimination is wrong’ is a value statement. * Cognitive Component of an Attitude – It sets the phase for the more important part of an attitude and is reflected in the statements of evaluation concerning objects, people or events. The behavioral component of an attitude refers to an intentional way to act in a certain manner towards someone or something. In an Organization, attitudes are crucial, because they affect job behavior. If for instance, employees believe that their superiors and other people at managerial levels are all doing a conspiracy to make them work harder for the same wage, then, it is important to try to comprehend how those attitudes that reflect their beliefs were formed and how those can be changed. Job Satisfaction Job satisfaction has been defined as ‘a pleasurable emotional state resulting from the appraisal of one’s job’. Job satisfaction describes how happy an employee is with his or her job. People are said to be more satisfied the happier they are with their job. Job satisfaction is not the same as motivation, although it is clearly linked, that is, someone will be more motivated to work if he or she likes the job being practiced by the latter. Job Design Job design tries to improve job satisfaction along with performance. The methods used include job rotation, job enlargement and job enrichment. Other influences on satisfaction include the management style and culture, employee involvement, empowerment and autonomous work position. Job satisfaction is a very important attribute which is frequently measured by organizations. Rating scales are mostly used to measure the level of job satisfaction. Employees are brought to report their reactions to their jobs. The questions are relative to the rate of pay, work responsibilities, variety of tasks, promotional opportunities, the work itself and co-workers. Models of Job Satisfaction Affect Theory Edwin A. Locke’s Range of Affect Theory (1976) is arguably the most famous job satisfaction model. The main principle of this theory is that satisfaction is determined by a discrepancy between what one wants in a job and what one has in a job. Further, the theory states that how much one values a given facet of work (e. g. the degree of autonomy in a position) moderates how satisfied/dissatisfied one becomes when expectations are or aren’t met. When a person likes a specific facet of a job, his satisfaction is more greatly impacted both positively (when expectations are met) and negatively (when expectations are not met), compared to one who doesn’t value that facet. For example, if a certain Employee A prefers autonomy in the workspace and another Employee B does not care about autonomy, then Employee A would be more satisfied in a position that allows a high degree of autonomy and less satisfied with little or no autonomy as compared to Employee B. This theory also states that too much of a particular facet will produce stronger feelings of dissatisfaction the more a worker values that facet. Dispositional Theory Another well-known job satisfaction theory is the Dispositional Theory. It is a theory that suggests that people have innate dispositions that cause them to have tendencies toward a certain level of satisfaction, regardless of one’s job. This approach became a considerable explanation of job satisfaction in light of evidence that job satisfaction tends to be stable over time and across careers and jobs. Two-Factor Theory (Motivator-Hygiene Theory) Frederick Hertzberg’s Two factor theory, also known as motivator hygiene theory, attempts to explain satisfaction in the workplace. This theory states that satisfaction and dissatisfaction are driven by different factors hich are motivation and hygiene factors respectively. An employee’s motivation to work is continually related to job satisfaction of a subordinate. Motivation can be seen as an inner force that drives individuals to reach personal and organizational goals. Motivating factors are those aspects of the job that make people want to perform, and provide people with satisfaction, for example achievement in work, recognition, promotion opportunities. These motivating factors are considered to be intrinsic to the job or the work carried out. Hygiene factors include aspects of the working environment such as pay, company policies, supervisory practices, and other working conditions While Hertzberg’s model has stimulated much research, researchers have not been able to reliably empirically prove the model, with Hackman Oldham suggesting that Hertzberg’s original formulation of the model may have been a methodological artifact. Moreover, the theory does not consider individual differences, conversely predicting all employees will react in an identical manner to change in motivating/hygiene factors. Finally, the model has been criticized in that it does not specify how motivating and hygiene factors are to be measured. Measuring Job Satisfaction There are many methods for measuring job satisfaction. By far, the most common method for collecting data regarding job satisfaction is the Likert Scale named after Rensis Likert. A Likert Scale is a psychometric scale commonly used in questionnaires, and is the most widely used scale in survey research, such that the term is often used interchangeably with rating scale even though the two are not synonyms. When responding to a Likert questionnaire, participators specify their level of agreement to a statement. Other less common methods used for measuring job satisfaction include: yes/no question, True/False questions, point systems, checklists and forced choice answers. This data is typically collected using an Enterprise Feedback Management system. The Job Descriptive Index(JDI), created by Smith, Kendall Hulin(1969), is a specific questionnaire of job satisfaction that has been widely used. It measures one’s satisfaction in five ways: pay, promotions and promotion opportunities, coworkers, supervision and the work itself. Superior-Subordinate Communication Superior-subordinate communication influences greatly job satisfaction in the workplace. The way in which a subordinate perceives a supervisor’s behavior can positively or negatively influence job satisfaction. Communication behavior such as facial expression, eye contact, vocal expression and body movement is crucial to the superior-subordinate relationship. Non verbal messages can play a central role in interpersonal interactions with respect to impression formation, deception, attraction, social influence and satisfaction. Individuals who dislike and think negatively about their supervisors are less willing to communicate or be motivated to work whereas individuals who like and think positively about their supervisor are most likely to communicate and be satisfied with their job and work environment. The relationship a subordinate holds with their supervisor is a very important aspect in the workplace. Relationships and practical implications Job satisfaction can be an important indicator of how employees feel about their jobs and a predictor of work behaviors such as organizational citizenship, absenteeism and turnover. Further, job satisfaction can partially mediate the relationship of personality variables and deviant work behaviors. One common research finding is that job satisfaction is correlated with life satisfaction. This correlation is reciprocal, meaning people who are satisfied with life tend to be satisfied with their job and people who are satisfied with their job ten to be satisfied in life. However, some research has found that job satisfaction is not significantly related to life satisfaction when other variables such as non-work satisfaction and core self-evaluations are taken into account. Employee attitude in relation to Job Satisfaction Employees in a work place will not have the same attitudes and level of job satisfaction. Because of various factors such as age, race, sex, religion, values, beliefs, and many other factors, employees will react very differently from one another within a work place. People perceive things differently and will eventually not feel the same in a job, even though conditions such as wage, environment and management are the same. Some employees may be more satisfied than others. References http://www. wikipedia. org http://www. scribd. com Essentials of Organisational Behavior by Stephen Robbins, Timothy Judge http://books. google. com How to cite Employee Attitudes and Job Satisfaction, Essay examples

Capital structure Corporate finance

Question: Describe about the Capital structure for Corporate finance? Answer: Different Sources of Finance In the given scenario a business will be established. The principle task is to forecast the required amount for investment. Therefore, it is important to identify the different sources funds for financing the business activities. A corporation will be established for manufacturing and retailing high quality doors and windows for commercial purpose. The business plan indicates that total 500,000 will be required for supporting the business activities. This amount is basically start up cost and it need to be sourced from external as well as internal sources of fund. In order to acquire the capital, the corporation can utilize the internal sources of finance such as personal savings and family contribution. On the other hand, the external sources of fund for starting this business will be bank loan, bond and lease financing (Berk and DeMarzo, 2007). In the following table, the different sources of finance have been mentioned along with the proportion. Sources Amount Percentage of Total Fund External Sources Bank Loan 300,000.00 60.00% Fixed debentures 50,000.00 10.00% Lease 75,000.00 15.00% Internal Sources Personal Savings 35,000.00 7.00% Family Contribution 40,000.00 8.00% Total 500,000.00 100% From the above table, it has been found that the external sources will be the major source of fund for starting the business. The internal sources of fund are only 15% of the total capital. Implication of Different Sources of Finance In this scenario, five different sources of finance have been chosen. This section will focus on discussing the legal and financial implication of each sources of finance External Sources: Bank Loan: Bank loan is thee principle source of finance for starting up the business. 60% of the total fund has been lent by the bank. This amount will be majorly spent for building infrastructure and acquiring fixed assets. In this case, the loan must be repaid to the bank at a certain interest rate. It will be counted as the long term liability of the company. The company will start repaying once it starts generating profit. It is expected that the company will repay the principal and interest within 5 years by making quarterly payments. Failing to pay the loan amount will be subject to the decision of the bank and legal steps can be taken by the bank in case of significant delay in repayments. Fixed Debentures: Debentures will be issued by the organization for raising debt capital which will contribute in acquiring 10% of the required fund. Debenture owner will be considered as the long term creditors of the corporation. The company has to pay a fixed rate of interest per annum regardless of the profit or loss of the company. The debenture holder must be paid the entire amount within the predetermined tenure. Any violation from the payment terms will lead the company to face legal consequences. Lease: Fixed asset of the company will bought by the leasing company o behalf of the company and it will be provided to the company. In this case, the ownership of the asset will remain with the leasing company. Throughout the leasing period, the company needs to pay rent. Finance lease has been chosen by the company (Artikis, 2007). Internal Sources: Personal Savings: Personal savings is employed funding the start up costs of the new business. This is personal savings which will not be directly paid back to the investor or the business owner. The business owner will get certain portion of the profit once the company starts gaining. Family Contribution: Family members of the owner have contributed for supporting the business activities. The business must pay back the amount within the promised tenure. However, no interest will be charged by the family members in this case (Berk and DeMarzo, 2007). Evaluation of Appropriate Sources of Finance This section will focus on discussing the advantages as well as disadvantages of each source of finance chosen for starting up the business. Bank Loan: Advantages Large amount has been arranged from this source. Long period has been allowed for repaying the loan. As the company is seeking a long term investment, bank loan is appropriate for this project. The bank does not interfere in how the money is spent within the organization. Tax benefit can be availed. Disadvantages: Collateral is required for getting loan. The amount needs to be repaid within the pre-determined tenure. The company needs to bear the cost of interest. High amount of loan will affect the gearing ratio of the company (Brealey, Myers and Marcus, 2004). Fixed Debentures: Advantages: The ownership of the company is not diluted by issue of debenture. The debenture interest is considered as expenditure and tax benefit can be availed. If the company has surplus fund, the debenture can be redeemed. Disadvantages: The amount needs to be paid to the debenture holder regardless of the financial position of the company. The interest amount needed to be paid within the agreed date. Lease: Advantages: The company needs not to pay the huge amount for purchasing the assets. The lease amount paid to the leasing company is pre-determined and it is fixed over the time. Inflation has no impact on the lease rent. Disadvantages: In case of lease, the ownership of asset remains with the lessor. The lease contract cannot be terminated according to the will of the lessee. Personal Savings: Advantages: Formal paperwork and procedure is not required. The money needs not be paid back to the owner. The company needs not to pay interest. Disadvantages: Large amount of fund is not available. The owner is losing opportunity cost. Family Contribution: Advantages: The amount can be received easily. The company needs not to bear the cost of interest. The lenders will be lenient in terms of paying back the amount (Harrison and Horngren, 2001). Disadvantages: The opportunity cost will be lost. The amount will be small. Identification and Analysis of Cost of Finance The cost of finance in case of the discussed scenario will be explained in this section. In case of bank loan, the cost of finance will be the rate of interest. The company has chosen to opt fixed debenture. Hence, the cost of debenture will be fixed rate of interest that needs to be paid to the debenture holders. In case of lease rent, the cost of finance can be calculated with the aid of lease rent, lease tenure and the asset value. Thus, the cost of external sources can be calculated. The cost of internal sources will be difficult to calculate. The cost investing capital of the owners and the cost of amount contributed by the family members can be referred the opportunity cost. In this case, opportunity cost can be considered as same as the risk free rate of interest or the interest rate of the government bonds. In order to calculate the overall cost of capital of the company, Weighted Average Cost of Capital (WACC) can be estimated. It means the cost of capital for each source of capital will be multiplied with the weight or the proportion (Madura and Madura, 2008). Importance of Financial Planning Financial planning is considered to be very important for the success of an organization. Financial planning is associated with pre-designing financial activities of the company on the basis of the present market situation along with the organizational goals. Financial planning helps in forecasting the financial activities of the company depending on the current economic factors and organizational goals. Therefore, budget is developed which ensures effective allocation of resources. All the activities are carried out by keeping parity with the budget. The financial planning of an organization helps in indicating the desired level of sales, profit and growth of the company. The other departments such as production, marketing etc act accordingly for meeting the financial objectives. Additionally, financial planning ensures that appropriate sources of fund have been chosen by the company. Investment planning is another important activity that helps in ensuring success of the organizatio n. Required Information for Decision Making For making rational decision, the management requires some significant and authentic information. First of all, the factors of macro environment must be accessed. For example the economic condition, demand, level of rivalry in the market must be analyzed by the organization for making right decision. Additionally, the information relating to the particular project such as forecasted cash flow, discount rate or cost of capital must be known by the management for making an informed decision which will be favorable for the organization (Smart, Megginson and Gitman, 2004). Impact of Different Source of Finance on Financial Statement Different sources of finance have distinct implication on the financial statement. In case of bank loan, debenture, the company will be including the interest amount as items of expenditure. Therefore, tax benefit will be obtained in these cases. However, the two internal sources of finance will not have any influence on the financial statement of the company. Preparation of Cash Budget for Hollywood Conservatories Ltd: Particulars June July August September Opening Balance 130,000.00 29,000.00 100,000.00 103,000.00 Sales 150,000.00 156,000.00 135,000.00 Cash Purchase 55,000.00 46,000.00 86,000.00 74,000.00 Credit Purchase - - 28,000.00 36,000.00 Rent 15,000.00 - - 15,000.00 Other Expenses 22,000.00 24,000.00 30,000.00 38,000.00 Repayment of loan 9,000.00 9,000.00 9,000.00 - Total Expense 101,000.00 79,000.00 153,000.00 163,000.00 Cash in hand 29,000.00 100,000.00 103,000.00 75,000.00 From the above, table the cash position of Hollywood Conservation Ltd can be estimated for four months. It has been found that the company will be able to maintain significant amount of surplus cash over the four months. Cash is necessary for undertaking the day to day activities of the organization. However, it must be considered that holding huge amount of cash does not have a positive implication of the company. In case of Hollywood Conservation Ltd, the cash balance is very high. It implies that the cash has not been properly utilized and the surplus cash is too high. Hence, the company must focus on utilizing the additional cash in some other activities for generating income (Smart, Megginson and Gitman, 2004). Price Calculation Price setting is considered to be one of the most important activities of an organization. The cost of product is given. First of all, the total profit will be calculated when 800 units are sold. From the following table, it has been found that total profit will be 27,600. Particulars Amount Variable cost per unit 65.00 Fixed cost per unit 50.00 Total cost per unit 115.00 Selling price per unit (Profit@ 30%) 149.50 Profit per unit 34.50 Profit for 800 units 27,600.00 It has been stated that the fixed cost can be completely recovered when the company manufactures 800 units. Further production will lead to additional fixed cost. Hence in case of production of units beyond 800 units, the selling price is calculated. It has been found that the selling price per unit is 214.50. Additionally, the profit for producing further 400 units has been calculated. It has been found profit in case of additional 400 units will be 19,800. Moreover, the total profit when 800 units and additional 400 units are sold has been estimated to be 47,400. Particulars Amount Variable cost per unit 65.00 Total fixed cost 40,000.00 fixed cost per unit 100.00 Total Cost per unit 165.00 Selling price per unit 214.50 Profit per unit 49.50 Profit for additional 400 units 19,800.00 Total profit 47,400.00 Identification of the Best Investment Proposal In the given scenario, the company has been considering three investment proposals. This section will focus on evaluation of the each project in order to make a rational investment decision. In this case, net present value and payback period are the two tools that has been used for assessing each project. Evaluation of Project A: Cash Flow Year Amount PVF PV Cumulative cash flow Outflow 0 - 60,000.00 1 - 60,000.00 - 60,000.00 Inflow 1 20,000.00 0.909091 18,181.82 - 40,000.00 Inflow 2 18,500.00 0.826446 15,289.26 - 21,500.00 Inflow 3 26,000.00 0.751315 19,534.18 4,500.00 Inflow 4 32,500.00 0.683013 22,197.94 37,000.00 Net Present Value 15,203.20 Payback Period (Years) 2.83 Evaluation of Project B: Cash Flow Year Amount PVF Cumulative cash flow Outflow 0 - 65,000.00 1 - 65,000.00 - 65,000.00 Inflow 1 24,750.00 0.909091 22,500.00 - 40,250.00 Inflow 2 24,750.00 0.826446 20,454.55 - 15,500.00 Inflow 3 24,750.00 0.751315 18,595.04 9,250.00 Inflow 4 24,750.00 0.683013 16,904.58 34,000.00 Net Present Value 13,454.17 Payback Period (Years) 2.63 Evaluation of Project C: Cash Flow Year Amount PVF Cumulative cash Flow Outflow 0 - 45,000.00 1 - 45,000.00 - 45,000.00 Inflow 1 20,000.00 0.909091 18,181.82 - 25,000.00 Inflow 2 15,000.00 0.826446 12,396.69 - 10,000.00 Inflow 3 12,500.00 0.751315 9,391.44 2,500.00 Inflow 4 25,000.00 0.683013 17,075.34 27,500.00 Net Present Value 12,045.28 Payback Period (Years) 2.80 From the above three tables, the net present value and payback period of each project have been calculated. Net present value refers to the total cash flow in terms of present value. The discounting rate has been considered as 10% in these projects. Higher amount of positive NPV value indicate greater financial feasibility of the project. In this case, it has been found that project A has the highest Net Present Value of 15,203.20. Hence, among these three projects, project A is considered to be most attractive (Ross, Westerfield and Jordan, 2004). Payback period is calculated for estimating the time period within which the initial investment can be recovered. It must be noted that the payback period do not consider the present value of cash flow. In case of these three projects project B has the minimum payback period, i.e. 2.63. Lower payback period indicates greater attractiveness of the project. However, the result of Net Present Value and payback Period indicate contradictory results. Project be A has the highest net present value which indicates best option for investment. On the other hand, the payback period of project A has been calculated to be highest among these three projects. Hence, project is A is the least attractive project in terms of payback period. However, in making final decision, NPV must be taken into consideration as it uses present value which is more rational. Hence, it can be concluded that project A must be chosen among these three projects (Madura and Madura, 2008). Explanation of Financial Statements Financial statements are analyzed for evaluating the financial performance of the organization. The major income statements include income statement, cash flow statement, balance sheet and statement of changes in equity. Income Statement: Income statement demonstrates how an organization has been managing the activities for generating profit. The major components of the income statement are sales, expenditure and net income of the firm. Balance Sheet Balance sheet is a comprehensive statement of the assets and liabilities of the firm. It reflects the position of the company in terms of its assets and obligations. Balance sheet is presented to the bank as a reliable basis (Harrison and Horngren, 2001). Cash Flow Statement Cash flow statement clearly indicates the cash generated as well as utilized by the company from operational activities, investment activities and financing activities. It helps in demonstrating the cash position of the company. Statement of Change in Equity Statement of changes in equity helps in estimating the equity of the owner in revaluating the assets along with the funds of the company such as reserve fund, welfare fund etc. Comparison Appropriate Format of Financial Statement The format of financial statements is different in case of different types of business such as sole proprietorship, corporation and partnership. In the following table, the formats of two major financial statement income statement and balance sheet have been compared. Type of Business Income Statement Balance Sheet Sole Proprietor The income statement is not complicated. The owner pays the income tax and it has not been shown in the income statement of the firm. The profit and loss of the firm has been reported without dividend. Balance sheet is considered to be the statement of the equity of the owner. In balance sheet equity refers to the equity of the owner. In the balance sheet drawings are not considered as the expenditure and these elements are not included in the income statement too. Partnership In this case, the income statement is complicated as there are several owners. Personal income tax is paid by the owners. Hence, it is not demonstrated in the income statement. The dividends are shared among the partners. Balance sheet is considered to be the equity of the owners. In the balance sheet, equity in the assets segment demotes the equity of the owners. In the balance sheet, interest on capital account, shares, profit, drawings etc are recorded. Corporation Income statement of corporation or public limited company is the most complicated one. Corporation is considered to be a legal entity and it has to pay tax on the business activities exhibited in the income statement. Profit or gain must be published by the corporation (Davies, Boczko and Chen, 2008). Balance sheet is considered to the statement of retained earnings. Equity refers to the equity of the shareholders. The change in the equity of the business must be recorded in the balance sheet. Ratio Analysis Distribution ('000) Retail ('000) Gross Profit 10,400.00 12,430.00 Revenue 40,870.00 26,540.00 Gross Profit Margin 25.45% 46.83% Net Profit 5,850.00 2,950.00 Revenue 40,870.00 26,540.00 Net Profit Margin 14.31% 11.12% Current Asset 2,510.00 5,070.00 Current Liabilities 1,950.00 2,950.00 Current Ratio 1.287179487 1.718644068 Current Asset 2,510.00 5,070.00 Inventories 2,420.00 2,370.00 Current Liabilities 1,950.00 2,950.00 Quick Ratio 0.05 0.92 Long term loans (Debt) 2,000.00 3,170.00 Capital (Equity) 3,000.00 5,500.00 Gearing Ratio 0.666666667 0.576363636 Gross profit margin is estimated to be higher in case of retail. On the other hand, net profit margin is estimated to be higher in case of distribution (Hansen and Mowen, 2005). Current ratio helps in depicting the capability of the company to meet the short term obligations by current assets. In both the cases, current ratio is higher than 1 and it has a positive implication. Quick ratio is estimated to be better in case of retail compared to distribution. Gearing ratio indicates the ratio between debt and equity. The debt to equity ratio is lower in case of retail which indicates that debt is lower and risk is lower (Coombs, Hobbs and Jenkins, 2005). References: Artikis, G. (2007).Capital structure. [Bradford, England]: Emerald. Berk, J. and DeMarzo, P. (2007).Corporate finance. Boston: Pearson Addison Wesley. Brealey, R., Myers, S. and Marcus, A. (2004).Fundamentals of corporate finance. Boston, Mass.: McGraw-Hill Irwin. Coombs, H., Hobbs, D. and Jenkins, D. (2005).Management accounting. London: SAGE Publications. Davies, T., Boczko, T. and Chen, J. (2008).Strategic corporate finance. London: McGraw-Hill Higher Education. Hansen, D. and Mowen, M. (2005).Management accounting. Mason, OH: Thomson/South-Western. Harrison, W. and Horngren, C. (2001).Financial accounting. Upper Saddle River, NJ: Prentice Hall. Madura, J. and Madura, J. (2008).International corporate finance. Australia: Thomson. Ross, S., Westerfield, R. and Jordan, B. (2004).Essentials of corporate finance. Boston, Mass.: McGraw-Hill/Irwin. Smart, S., Megginson, W. and Gitman, L. (2004).Corporate finance. Mason, Ohio: Thomson/South-Western.

The history of the Christian Church

Introduction The history of the Christian Church was an eventful process that was characterized by several periods marked by particular events and personalities. This paper looks at some of those events and personalities that shaped the Church as we know it today. The paper is divided into two sections. The first section (A) is concerned with the definition of some of the important concepts in the life of the Church. Section B provides a summary of some of the important events in the Church history.Advertising We will write a custom essay sample on The history of the Christian Church specifically for you for only $16.05 $11/page Learn More Definition of Terms Germanic Tribes These were Indo-European ethnolinguistic people whose origin could be traced to the northern part of Europe, and who were distinguishable by their Germanic languages. The word Germanic was coined during the classical by Roman authors to refer to certain tribal groupings considered ph ysical and less intellectual than the Romans. Carolingian Renaissance This referred to the era of cultural movements during the late eighth century. It was the foremost medieval Renaissance that happened in the course of the rule of Carolingian rulers. It was marked with a rise in the amount of literature liturgical changes and architecture. Scholasticism This referred to a technique of analytical thinking and defending dogma that governed the teachings in universities around Europe during the medieval period. It focused on acquisition of knowledge by deduction in resolving contradictions. Saint Francis Saint Francis of Assisi was a priest of the Roman Catholic Church who created the Order of Friars Minor for men. He also set up the women’s group of the Order of Saint Clare. Beguines These were people belonging to a grouping that originated in the medieval period. It was started by a group of single women and widows who dedicated themselves to a life of prayer and good deeds after they lost their men in battles and during the crusades. Petrarch Often referred to as the father of Humanism, Francesco Petrarch was a poet and an Aretine intellectual who existed in Italy during the Renaissance period. He rediscovered the correspondences of Cicero’s, which were credited for triggering the Renaissance during the fourteenth-century.Advertising Looking for essay on religion theology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Marsilio Ficino Ficino was among the most prominent humanist academics during the early Renaissance in Italy. He was also an astrologer and was the first to translate the surviving works of Plato into Latin. Zwingli Huldrych Zwingli was one of the people who spearheaded reformation in his country, Switzerland. He was the only significant reformer whose movement did not metamorphose into a church. Anabaptists Anabaptists were a group of Christians who revolted against the system of baptis m during the sixteenth-century Radical Reformation in Europe. They advocated for re-baptism, and disputed the credibility of the baptism that was administered to infants. Avignon Papacy This term was used to refer to the period in the Roman Catholic Church when the papacy was centered in Avignon, in France. Martin Luther referred to this period as the ‘Babylonian captivity of the popes.’ Black Death This was one of the most disturbing pandemics that had ever been witnessed in human history. The plague was said to have been caused by the Yersinia bacteria and resulted in the deaths of over 100 million people. Erasmus Desiderius Erasmus was a Dutch Christian who was a scholarly authority in Europe. Though he advocated for and contributed to the protestant reformation, he took a strong stance against violence and criticized Martin Luther for his radical rhetoric.Advertising We will write a custom essay sample on The history of the Christian Church specifically for you for only $16.05 $11/page Learn More 1517 C.E This was the period that marked the beginning of protestant reforms in the history of the church when Martin Luther wrote his ’95 Theses.’ In the theses Luther attacked some practices in the Roman Catholic Church. In 1521, he was excommunicated from the Roman Catholic Church. Jesuits Also referred to as the Society of Jesus, it was a Christian grouping with an entirely male membership. The congregation was established by Ignatius Loyola upon his religious conversion after he was wounded in war. Spiritual Exercises These were a collection of Christian prayers, meditations, and mental practices designed by Ignatius Loyola. The exercises were distributed within one month, and were intended to bring the believer closer to Christ. Hernan Cortez Cortez was a Spanish explorer who headed a mission that instigated the collapse of the Aztec Empire. He was part of the initial group of Spanish colonizers who en tered the Americas. Lady of Guadalupe This was the title bestowed upon the Virgin Mary associated with a miracle in which she appeared to one of the natives of Mexico. Currently, there is a renowned image put up in the Basilica of Guadalupe. Old Believers This term was used in reference to a collection of Russians who rebelled against certain changes to the Orthodox liturgy. The reforms were forced on the Russian Orthodox Church by Nikon. 1492 C.E This was the period in church history that was characterized by a mass expulsion of Jews from Spain. Ferdinand and Isabella of Spain signed a document that saw the removal of all Jews from Spain on the reason that they were not willing to convert to Christianity.Advertising Looking for essay on religion theology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Summary Christian Asceticism Christianity has brought to fruition every part of the various forms of ascetic practices. Though the New Testament Gospels do not discuss asceticism, the theme highlighted therein about following in the footsteps of Christ provided a good starting point for ascetic practice within Christianity. The chapters on asceticism traced asceticism to the first letter that Paul wrote to the Corinthians. In this communication, Paul uses the analogy of an athlete that needs to prepare himself regularly to win a race. The chapter also depicted how self-denial, vigils and abstaining from food were practiced in early Christianity. The authors also discuss some of the early sects of Christianity such as the Encratites, in which asceticism was practiced. In the early church, ascetics lived within communities and played their roles. Celibacy along with martyrdom characterized the lives of the first ascetics. In the late third century, monasticism, which was an ascetic pr actice, came from Egypt. It was also thought that bits of monasticism came from Mesopotamia. It was adopted into Christianity and was practiced in the form of cenobitism. It got prominence after Christianity was declared the official religion of the Roman Empire (Hastings 48). The chapter indicated that particular traits of asceticism surfaced in early Methodism, Puritanism and the Oxford Movement despite the fact that ascetic practices were discarded by those who were spearheading the Protestant Reformation. Calvinism and Pietism also showed traits of asceticism. The protestant work ethics could be seen as a form of asceticism that required a rejection of pleasures obtained from material things even when legitimately obtained. The Christian Empire Constantine’s conversion to Christianity played a big role in transforming the Roman Empire into a Christian Empire. The chapter on the adoption of Christianity in the Roman Empire highlighted some of the challenges the implementat ion faced including resistance from the traditional Roman cultures. Christians also faced a hard task of transitioning from a relatively unknown religion to the mainstream religion practiced by the emperor. The chapter also highlighted some of the institutions that had to be created to meet the increased responsibilities while retaining the essence of the message carried in the Gospel. Constantine was made the Roman Emperor in 306. His conversion took place during a battle that involved his brother-in-law who was called Maxentius. He claimed to have had a vision in which God instructed him to imprint a holy sign, which he would carry into battle. From the chapter, it was not clear when Constantine developed a liking for Christianity. What was clear was the fact that his mother, Helena might have exposed him to Christianity during his youth. However, the emperor did not obtain baptism until towards the end of his life. Making Christianity the official religion of the Roman Empire was the biggest moment in the spread of Christianity and shaped the way Christianity under the Roman Catholic Church was practiced. Constantine became the patron of the early Christian Church, and under his leadership the church became more institutionalized. Constantine also instructed the supply of Bibles to Christians living in Constantinople. That action encouraged early publication of Bibles such as the Codex Sinaiticus. Reformation This chapter discusses the Protestant Reformation and the exodus from the Roman Catholic Church (Somervill 102). This chapter outlines the role played by Martin Luther and his ‘95 Theses’ in instigating the reform. It also looks at John Calvin and other influential figures during this period of church history such as Ulrich Zwingli and John Knox. Luther began his dissent of the Roman Catholic Church by condemning the corrupt practice of selling indulgences in exchange for absolution (Bainton 296). The debate later grew to involve other iss ues such as celibacy and the authority invested in the papacy. The Protestant Reformation began at a time when many groups of people were discontented with the leadership of the Roman Catholic Church. Most political leaders who supported the Reformation were unhappy with the amount of political power wielded by the papacy. Merchants also supported the Reformation since they did like the taxes imposed by the Roman Catholic Church. A major motivation throughout the progression of the Protestant Reformation was humanism. Erasmus was the most esteemed among the scholars that spearheaded the Protestant Reformation. He advocated for a restoration to the original Christian sources. Erasmus published his Treatise on Free Will in 1522. A reply by Martin Luther titled ‘On the Bondage of Free Will’ indicated how divergent their fundamentals regarding church reformation were. Though Luther, Zwingli, Melanchthon, Bullinger, Bucer, and Calvin founded their quest for reform on the pri nciples of the early church fathers, their radical views were characterized by their interpretation of the Bible. The Protestant Reformation resulted in cultural, political and social changes. Governmental structures that had been designed taking into consideration the Roman authority had to be realigned while groups who had hitherto been used to the Roman cultures and norms transitioned to new norms that resulted from the radical reforms. The Holy Russia Chapter The Christian faction that formed the Russian Orthodox Church was allegedly formed by Apostle Andrew while visiting Scythia and other Greek colonies (Garrard and Garrard 181). Legend has it that Andrew put up a cross at Kiev and predicted the growth a vast Christian city. It was in that spot that the Saint Andrews cathedral was built. The eastern parts of eastern Russia were under the control of the customs of the Roman Empire by the conclusion of the first millennium AD. The translation of the Bible into Slavonic that was done by Saint Methodius leveled the way for adoption of Christianity by the Slavs. The Eastern Orthodox Church parted ways with the Roman Catholic Church due to doctrinal differences and issues concerning the supremacy of the papacy. The Eastern Orthodox faithful accused their Roman Catholic counterparts of diverging from the teachings of the first seven ecumenical councils. The Russian Orthodox Church would also face its own division known as the Old Believer’s schism. Some members of the clergy and lay leaders of the church misunderstood the reforms that had been suggested by Patriarch Nikon and dissented from the mainstream church authority. Mysticism in the History of the Church Mystic practices of the Church generated increased yearning for God at a time when many church adherents were fed up with certain practices within the church leadership such as nepotism, corruption and selling of indulgences. Such Christians sought direct experience with God in order to avoid the doctrines they did not like in the Church. Mysticism was also in response to the intellectual workings of scholasticism where people’s doctrines were used in almost all aspects of worship. In response, mysticism sought to encourage a direct relationship with God through prayer and meditation. Known mystics in the history of the Church included Ignatius Loyola and Teresa of Avila (McColman 49). The void that was left during the Avignon Papacy and the Great religious Schism that happened during the last parts of the fourteenth century was an additional reason that encouraged mysticism in the early Church. While the pope was operating from France, some Christians felt that there was no actual leadership within the church. Due to this lack of direction, many Christians took to mysticism to communicate with God directly. The bubonic plague also played a major role in increasing mystic practices within the Church. The resultant uncertainty of life caused by the numerous deaths made people more spiritual and increased their hunger to improve their experience with God. The gender bias within the ranks of the Church also pushed some women faithful into mysticism. Christina of Markyate was one such Christian. She wanted to be a nun, but her parents disagreed with her decision and sent a man to take her virginity. She, however, managed to convince the man her parents had sent. She went to live as a nun under the guardianship of a monk called Roger. She became a nun in St. Albins and later became an important authority on England’s national issues. Catherine of Sienna, another female mystic, nursed people all through the bubonic plague. Therefore, she championed the notion of marriage to Christ. There were several similarities that existed between mysticism and the protestant Reformation. Like the protestant reformation that sought to do away with intermediaries in worship, mysticism sought direct relationship with deity. However, it was important to note th at mysticism was not in rebellion toward Church authority. Conclusion Christianity certainly has a rich history that involves the contributions of many influential figures. The state of Christianity is still undergoing metamorphosis and more changes can be expected in the future. Works Cited Bainton, Roland. Here I Stand: A Life of Martin Luther, Massachusetts: Hendrickson Publishers, 2009. Print. Garrard, John and Carol Garrard. Russian Orthodoxy Resurgent: Faith and Power in the New Russia, New Jersey: Princeton University Press, 2008. Print. Hastings, Adrian. A World History of Christianity, United Kingdom: Wm. B. Eerdmans Publishing, 2000. Print. McColman, Carl. The Big Book of Christian Mysticism: The Essential Guide to Contemplative Spirituality, Charlottesville, VA: Hampton Roads Publishing, 2010. Print. Somervill, Barbara. Martin Luther: Father of the Reformation, Minneapolis: Capstone, 2006. Print. This essay on The history of the Christian Church was written and submitted by user Josiah Miranda to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Board of Directors

Board of Directors Introduction The success or failure of any organization or company totally depends on its leadership. There are different levels of leadership in any organization and the board of directors plays a very important role in the running and management of any organization. Different organizations have different roles of the board of directors but generally there are basic foundation roles that apply to all the organizations.Advertising We will write a custom research paper sample on Board of Directors specifically for you for only $16.05 $11/page Learn More This paper discusses the different roles of the board of directors and how competence can be developed as well as the various differences between board of directors in the private sector and non-profitable organisation. Ideal relationship between the board of directors and the executive is also discussed. Board of directors The main role of the board of directors in any company or organization is to act as the eyes of the shareholders of the organization. A report by Brefi (2000) claimed that any given board of directors has a role: â€Å"to ensure the companys prosperity by collectively directing the companys affairs, whilst meeting the appropriate interests of its shareholders and stakeholders† (Brefi, 2000, p. 2). The board of directors is usually appointed by the shareholders who also have the powers to dismiss it mainly through a vote. The board of directors has different roles that vary from one organization to another. Oversee vision, mission and values of the organization It is the primary role of any board of directors to oversee that the Organization focuses at achieving its vision, mission, and values by continuous evaluation of the organization progress. They have the responsibility of determining values to be upheld and constantly review goals and objectives of the Organization. They are also supposed to set and follow up the implementation of policies in the Organiza tion. A report by Gray (n.d.) was claimed that: â€Å"Directors, no matter what their reason for being elected to a board, are responsible for making decisions and setting policy for the organization† (Gray 1). Carter McNamara (2011) defined the roles of the board of directors as â€Å"oversee the purpose, plans and policies of the overall organization, such as establishing those overall plans and policies, supervision of the CEO, ensuring compliance to rules and regulations† (McNamara, 2011, p. 1).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Set strategy and structure It is the role of the board of directors to constantly do the SWOT analysis of the Organization in terms strengths, weaknesses, opportunities and threats in the current and future situations to ensure the Organization retains its relevance in the society. It also sets strategies, and ways of achieving them. Most importantly they should the Organization has the necessary Organizational structure and the potential for carrying out the laid down strategies. A report by Score (2011) claimed that the board of directors has the role of â€Å"developing and approving strategic plans, including major commitments† (Score, 2011, p. 1). Delegation It is important to note that the board of directors cannot do or perform all the activities of their Organization alone and as such the board had an important role of delegating all the necessary authorities to other different levels of management beginning with the chief executive officer (CEO). McNamara claimed that it is the role of the board of directors to â€Å"Select and appoint a chief executive to whom responsibility for the administration of the organization is delegated, including: to review and evaluate his/her performance† (McNamara, 2011, p. 1). Accountability to shareholders The board of directors is the e yes and the voice of the shareholders and other stakeholders and as such it has the role of ensuring that the interests, views and expectations are represented in the Organization by effective communication between the management and the shareholders (Brefi, 2000). A report by McNamara also claims that the board of directors must be in a position to â€Å"provide for fiscal accountability, approve the budget, and formulate policies related to contracts from public or private resources† (McNamara, 2011, p. 1) Board competence For a board to be successful it must be competent. The members must be poses strong interpersonal skills, must be well versed about the various operations of the Organization, they must always be available when needed and must be people of honor and integrity.Advertising We will write a custom research paper sample on Board of Directors specifically for you for only $16.05 $11/page Learn More Loyalty to the Organization is a requ irement and the members must also poses diverse global knowledge in various fields such as law, finances which will enable the board to make good decisions. Competence in the board may be developed by proper recruitment of the right individuals to start with. Rigorous and continual training should be prioritized. It may also be advisable to keep on renewing the board from time to time to inject new ideas and dynamism. Martinelli (2011) raised concern that â€Å"nominating committee or board recruiting committee is poorly organized, board members in turn are not likely to have a good understanding of the organization and their role as board members†( Martinelli, 2011, p. 1). Relationship between the board and executive For any meaningful achievement of goals and objectives of any Organization the board of directors and the executive must work together in harmony as a team. Good relationship between the two is therefore imperative. The board of directors must have the will and commitment of understanding all the important details that concerns the Organization since they may be required to make tough, and wise decisions that the executive needs to drive the Organization to the expectations of the shareholders the directors represent. The executive expects the board members to adequately prepare and regularly attend meetings while board of directors expects service delivery and regular briefing in return. Both sides expect full and genuine participation from each other. Collective commitment to teamwork and improvement is also important (Kilmister, 2004). Differences between private sector and non-profit boards The basic roles of both private and non-profit organizations are similar to some extent but on a close analysis there are many differences between the two which generally arise from their purpose of existence. Private board members set the strategies and standards to be met and delegate the task of achievement to the executive unlike non-profit boar d members who are directly involved in raising funds for the organisation. Private sector board members are paid whereas non-profit board members are only reimbursed of their expenses. Private sector board members focus on maximising shareholders investments and have to account for returns unlike non-profit board members who focus on fundraising funds from relevant bodies and focussing their activities to charity affairs (McNamara, 2011, p. 1).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion The role of board members plays a key role in the success of any given Organization. The roles include representing the interests of the shareholders in the Organization, making and implementing vision, mission and core values of the Organization and setting and following up on strategies. Competence is a core requirement and the board members are supposed to be knowledgeable people of high integrity. The board members of nonprofit and private Organizations have differences due to the differences in the functions of the Organizations. The relationship between the executive and the board members is important in that it ensures cooperation and understanding of both parties for the benefit of the organization. References Brefi, G. (2000). The Board of Directors – Roles and Responsibilities. Brefigroup. Web. Gray, C. (n.d) Ethical Responsibilities of Boards of Directors of Non-Profit Organizations. Board Responsibilities. Web. Kilmister, N. (2004). Eight Basic Expectat ions a Chief Executive Has of His or Her Board. TCA. Web. Martinelli, F. (2011). Building an Effective Board of Directors. Create the Future. Web. McNamara, C. (2011). All about Boards of Directors (For-Profit and Nonprofit). Management help. Web. Score, K. (2011). Serving on a Nonprofit Board of Directors. ScoreKnox. Web.

Gandhis Salt March

Gandhi's Salt March On March 12, 1930, a group of Indian independence protesters began to march from Ahmedabad, India to the sea coast at Dandi some 390 kilometers (240 miles) away. They were led by Mohandas Gandhi, also known as the Mahatma, and intended to illegally produce their own salt from the seawater.  This was Gandhis Salt March, a peaceful salvo in the fight for Indian independence. Satyagraha, an Act of Peaceful Disobedience The Salt March was an act of peaceful civil disobedience or satyagraha, because, under the law of the British Raj in India, salt-making was banned. In accordance with the 1882 British Salt Act, the colonial government required all Indians to buy salt from the British and to pay a salt tax, rather than producing their own. Coming on the heels of the Indian National Congresss January 26, 1930, declaration of Indian independence, Gandhis 23-day-long Salt March inspired millions of Indians to join in his campaign of civil disobedience. Before he set out, Gandhi wrote a letter to the British Viceroy of India, Lord E.F.L. Wood, Earl of Halifax, in which he offered to halt the march in return for concessions including the abolition of the salt tax, reduction of land taxes, cuts to military spending, and higher tariffs on imported textiles. The Viceroy did not deign to answer Gandhis letter, however. Gandhi told his supporters, On bended knees, I asked for bread and I have received stone instead- and the march went on. On April 6, Gandhi and his followers reached Dandi and dried seawater to make salt. They then moved south down the coast, producing more salt and rallying supporters. Gandhi is Arrested On May 5, the British colonial authorities decided that they could no longer stand by while Gandhi flouted the law. They arrested him and severely beat many of the salt marchers. The beatings were televised around the world; hundreds of unarmed protesters stood still with their arms at their sides while British troops smashed batons down on their heads. These powerful images stoked international sympathy and support for the Indian independence cause. The Mahatmas choice of the salt tax as the first target of his non-violent satyagraha movement initially sparked surprise and even derision from the British, and also from his own allies such as Jawaharlal Nehru and Sardar Patel. However, Gandhi realized that a simple, key commodity like salt was the perfect symbol around which ordinary Indians could rally. He understood that the salt tax impacted every person in India directly, whether they were Hindu, Muslim or Sikh, and was more easily understood than complex questions of constitutional law or land tenure. Following the Salt Satyagraha, Gandhi spent nearly a year in prison. He was one of more than 80,000 Indians jailed in the aftermath of the protest; literally millions turned out to make their own salt. Inspired by the Salt March, people across India boycotted all kinds of British goods, including paper and textiles. Peasants refused to pay land taxes. The Government Attempts to Quell the Movement The colonial government imposed even harsher laws in an attempt to quell the movement. It outlawed the Indian National Congress, and imposed strict censorship on Indian media and even private correspondence, but to no avail. Individual British military officers and civil service employees anguished over how to respond to non-violent protest, proving the effectiveness of Gandhis strategy. Although India would not gain its independence from Britain for another 17 years, the Salt March raised international awareness of British injustices in India. Although not many Muslims joined Gandhis movement, it did unify many Hindu and Sikh Indians against British rule. It also made Mohandas Gandhi into a famous figure around the world, renowned for his wisdom and love of peace.

Case 5 Study Example | Topics and Well Written Essays - 500 words - 1

5 - Case Study Example The p-value can also be termed as the probability of obtaining the exact value for a model built around two hypotheses are neutral or null. The other one is the hypothesis under testing. In case the p-value is less than or equal to the threshold value previously set, one discards the neutral hypothesis and the test on the hypothesis is considered valid. The concept of p-value can be applied in several fields. In approach of Ronald Fisher, p-value is a key concept where uses it to measure the weight of the data alongside a specified hypothesis and as a standard to ignore data that does not have anything to do with any alternative hypothesis, which is instead a feature of the Neyman-Pearson approach. It should not be contracted with the significance level in the above approach defined by Neyman-Pearson approach. Essentially, the p-value does not in itself give support reasoning about the likelihoods of hypotheses, nor selecting among unlike hypotheses–it is just a measure of how possible the data have happened by coincident, supposing the null hypothesis is correct. Arithmetical hypothesis experiments making use of p-values are normally applied in many fields of science and social sciences, such as economics, criminal justice and criminology, psychology, biology, and sociology (Tai, Bee, and David 21). Regression is a degree of the relation among the average worth of one variable and conforming worth of the additional variables. In the other hand, coefficient is the numerical quality placed before and reproducing the variable in an algebraic. Regression can also be referred as the factor that measures some possessions. Regression scrutiny generates an equation to define the statistical interaction between one or more forecaster variables and the same reaction variable. The p-value for each term examines the null hypothesis that

Pros and Cons of Horizontal and Vertical Analysis Essay

Pros and Cons of Horizontal and Vertical Analysis - Essay Example The above table presents the horizontal analysis of Nike for the three quarters such as Q2, Q3 and Q4 ending November 2012, February 2013 and May 2013. In the horizontal analysis, each line item of income statement is divided by the total revenues figure in order to check the percentage of that line item with respect to sales. If cost of sales of Nike is considered, it can be observed that it has remained quite consistent in all the three quarters and remained around 56% of sales (Nike Inc., 2013). Accordingly, the gross profit margin of the company is around 44%. Nike incurs substantial expenditure over its demand creation activities such that this expenditure covers around 10% of sales every quarter. As far as operating overheads of the company are concerned, the company absorbs the expenditures at around 20% of sales level which remained consistent in previous three quarters. Similarly, selling and administrative expenses of the company are around 30% of the turnover of in each of the three quarters. Other incomes and interest incomes are nearly negligible such that they do not even constitute to 1% sales level. Income before taxes has been improved by 2% in third and fourth quarter as compared to second quarter. Income tax expenditure of the company is also improving, i.e. showing a very minute decline on quarter-level percentages. Net income of the company has increased to double figures especially in third and fourth quarter. Overall, from the horizontal analysis of income statement of Nike, it is quite evident that the company has performed well and maintained consistent percentages of sales in the last three quarters. Vertical Analysis – Balance Sheet    May-13    Feb-13    Nov-12 ASSETS    Current assets: $ in million % change $ in million % change $ in million Cash and equivalents 3,337 30.50% 2,557 11.61% 2,291 Short-term investments 2,628 76.97% 1,485 20.34% 1,234 Accounts receivable, net 3,117 -3.56% 3,232 1.38% 3,188 Inventories 3,4 34 3.15% 3,329 0.33% 3,318 Deferred income taxes 308 12.00% 275 -15.90% 327 Prepaid expenses and other current assets 802 -9.07% 882 20.33% 733 Assets of discontinued operations 0 -100.00% 29 -91.57% 344 Total current assets 13,626 15.58% 11,789 3.10% 11,435 Property, plant and equipment 5,500 2.42% 5,370 1.13% 5,310 Less accumulated depreciation -3,048 -1.99% -3,110 1.90% -3,052 Property, plant and equipment, net 2,452 8.50% 2,260 0.09% 2,258 Identifiable intangible assets, net 382 1.60% 376 0.53% 374 Goodwill 131 0.00% 131 0.00% 131 Deferred income taxes and other assets 993 -6.23% 1,059 8.84% 973 TOTAL ASSETS 17,584 12.61% 15,615 2.93% 15,171

Comparing For Profit and Non for Profit Colleges Essay Example for Free

Comparing For Profit and Non for Profit Colleges Essay Colleges and university have slowly become one of the stepping stones into the working world today. People go to colleges for higher education with the intention of earning degrees in which they can use in their respective fields. Some example degrees that people pursue are Medical, Law, Business, Accounting, and Science Degrees. Through the years the idea of college was that it was optional and it was a door for better life and job. However in the modern times, it become a necessity. It all started when the colleges once single- gender institutions target specific students in their respective demographics. Today, the college market has now been divided into two major categories: Not-for-Profit Colleges and For-Profit colleges. Not-For-Profit Colleges are institutions that are interested in serving the students needs by providing necessary education to the student. The Not-For-Profit organization are tax exempt and have a board of trustees that makes decisions. For-Profit Colleges are run like a business in which their goal is to generate income for their owners and shareholders. There are no board of trustees at For-Profit College and the owner and shareholders control the decision on which is best for the institution. Although the objective for both Not-for-Profit Colleges and For-Profit College is to provide their students an education in which they can use for their future, both institution have great differences in which their organizations are run. Although the primary objective For-Profit colleges is to provide an education, they are merely a business in which their goal is to earn a profit. Like any business, the For-Profit Colleges can be setup as a sole proprietorship, partnership, or even a subsidiary of a larger company. The For-Profit College can also be setup as a corporation that have stocks traded on the stock markets. They will try to bring earnings and a return on investment for all their shareholders and investors. They can have great flexibility because at the end of the day, the goal for the For-Profit College is to make money and only that. The instructors that are hired at For-Profit Colleges usually have a very different approach to their teaching compared to Non-For-Profit Colleges. Usually they are merely there to carry out the lesson plans in which was designed by the institution. Majority of the lesson plan given to each student is standard which means the instructors do not have the liberty to create their own curriculum or lesson plans. This is also due to the purpose of the education given is to assist the student in getting specific jobs with specific job functions. The courses at the For-Profit college is to help the students get better jobs in the market while the courses at Not-For-Profit College intend to allow the student learn and grow within their respective fields. Students that enter For-Profit colleges already have a plan in terms of type of jobs they would like to pursue and they enroll in the necessary courses while some students at Not-For-Profit College have no idea which career that they would like to pursue. Not-For-Profit college help you learn and gain the knowledge in the field that youre interested in while For-Profit colleges prepare you for the specific job that you want to do. The admission process for For-Profit schools are not as selective as the one in Not-For-Profit College. There isnt much prior evaluation of the student since their main goal is to make a profit. They tend to be more flexible in terms of their requirements and appeal to students of all ages and races. Modern day classes can be taken online and at more convenient times such as nights and weekends to accommodate students that work full time. Online has also been the new trend because of the lower overhead costs for the For-Profit institution. For-Profit institutions tend to not have a campus like the Not-For-Profit colleges do. For-Profit colleges classes is usually at their own building or leased space. There isnt any services such as on-campus food or housing that is available to the students at For-Profit institutions. The college provides students with the education that they need for their desire jobs rather than a college experience that a Not-For-Profit college can provide. For Profit institutions conduct their accounting the same as any regular business would do. Their main goal is to make a profit just like all businesses would do. For-Profit institutions must comply with the Federal Accounting Standard Board. The tuitions are recorded as revenue while the expenses include leases, staff, and maintenance expenses. For-Profit colleges budget system must include tools to forecast budgets, manage variance and generate financial reports. The budget forecast is designed to estimate revenue and expenses to its income center, administrative cost structure, and its academic schedule. The income center budget includes enrollments, revenue, and expenses by academic period. Administrative expenses include administrative costs per student and personnel pay ranges. The budget should also include financial report to show if the institution is profitable. Statements such as cash flow statements, net income, and balance sheet should all be included. The budget must also be flexible enough in case that their projections arent accurate. They should be easily accessible so that managers can routinely check if their performance is above, below, or even on target. To determine if the institution is on track with its budget and strategic plans, they would measure their six categories in their budget to get a better picture of the institutions performance. They are new students, enrollment, cost performance, revenue, net income, and cash flow. This way they would also be able to measure the efficiency of their institution also. The goal for Not-For-Profit Colleges is to provide students with higher education and help them advance in a particular field. Not-For-Profit Colleges are traditional college such as community colleges, state universities, and liberal arts colleges. These institutions gain funding to provide their services from the government subsidy, tuition fees, and donations. All the income that are received is strictly used for institution purposes. Some examples are professors, staff, maintenance, utilities, or even computers that the school needs and student needs. All the money is given back to the institution in some way. The professors hired at a Not-For-Profit College design their own courses and create their own course curriculum and lesson plan. They can provide the education in their courses with their own individual styles and lesson plans. The professors are under the guidance of the Board of Trustees, which is composed of different representatives that make decisions for the college. Not-For-Profit colleges are mainly to provide education for the student who are enrolled in their institution. The classes are usually on a campus in which the student spends a majority of their time at. The board of Trustees focuses on improving their campus for the student. The Board of Trustees is constantly making decisions from an academic, campus, and efficiency perspective in order to provide the best possible service for their students. Not-For-Profit Colleges select their students through a vigorous and selective process. Students usually express interest in attending the college and then the college decides if the student would be a good fit for the college. After being accepted, the student would be able to earn a scholarship to help with the room and board that the college charges. Not-For-Profit Colleges are selective of the students since they strive to serve students who would fit the reputation of the institution. This selective process allow college to focus on the needs of the students that are a good match for the college. From an accounting perspective Not-For-Profit colleges follow the rules of Governmental Accounting Standards Board who is responsible for Generally Accepted Accounting Principles used by the United States. The Governmental Accounting Standards Board issues statements that deal with the accounting principles and financial reporting rules of government and other Not-For-Profit organizations. Like all Not-For-Profit organization, these college contribute without expecting commensurate returns. Their main purpose is to provide education to the students that enroll in their school. Most of their income for these colleges come from the tuitions and fees they receive from their student. Other income comes from donation and government subsidies. When a Not-For-Profit College receives tuition payments and fees in full from students the college is supposed to record it at a gross amount, as any revenue would be recorded. If a student meets certain criterion that allows them to attend a publicly funded not-for-profit institution, tuition may be waived in the form of a tuition waiver. Tuition Waivers are reported as a contra-revenue account reducing the revenue account. If the college has any debts, they are recorded just as businesses record them as the debts are recorded with institutional support expenses. Students may pay for college with scholarships which are essentially amounts contributed for the education of a selected individual. Scholarships are given for a range of reasons including high academic standing, membership in certain societies, or awards. However there are two main sources of scholarships which are an outside donor or the scholarship is awarded by the college itself. If the scholarship is from an outside donor the not-for-profit college simply collects the amount receivable from the donor. If the scholarship is awarded by the college itself the accountant reduces the college’s accounts receivable. This reduction in the accounts receivable is recorded as an expense to education and general student aid. Certain expenses of a not-for-profit college are unrestricted net assets classified as instruction expense, research expense, public service expense, academic support, student services, institutional support, operation and maintenance of plant and student aid. Not-For-Profit Colleges cannot operate on tuition fees alone as all the money is immediately put into the school. Fortunately as a Not-For-Profit organization these colleges may receive governmental subsidies as support revenue. There are two types of government subsidies classified as unrestricted and restricted. Unrestricted subsidies are intended for the college to use in general operations. The Board of Trustees also has the power to decide whether a subsidy is unrestricted. Restricted subsidies can be split into either temporarily or permanently. These subsidies often are given for a certain purpose such as an expansion or special project. The restrictions on these subsidies refer to the amount that can be spent and when it can be spent. Sometimes the government may also provide students with grants, which are similar to scholarships in the sense that they are provided to help students reach their financial needs for school. Government grants can both be state or federal and come from government programs such as Pell or the Federal Supplemental Education Opportunity Grant. Similar to scholarships the college may either distribute the cash to the proper students or receive the amount that is to be distributed. If the college decides to receive the grant then it is recorded as a liability in the â€Å"Grant Funds Held for Students† account. Not-For-Profit colleges usually also have an endowment fund which is used to help finance the operating expenses of the organization. Aside from the general endowment the institution may also have restricted endowments intended for specific purposes such as professorships, scholarships or fellowships. For cash received from permanent endowments it is recorded as a contribution and the income is restricted to student aid. Any income received due to an endowment is temporarily restricted and the cash is meant to be spent on student aid. The other services that a Not-For-Profit College provides are the Auxiliary Services. The Auxiliary Services are the services and amenities of the campus. Examples of such services are residence halls, food services and the college athletic teams. These services are classified under unrestricted revenues and expenses. The total of the accounts from the auxiliary services are reported on the Statement of Activities for the College and subsidiary records are also kept. The Statement of Activities for the Not-For-Profit College will usually list the Revenues combined with Total Net Assets Released from Restrictions for Operations to get the Total Revenues and Reclassifications. The next section is usually the Expenses section followed by any Net Change in Unrestricted Assets, Temporarily Restricted Assets and finally Permanently Restricted Net Assets. The Statement of Activities is then followed by a summary on the Change in Assets for the past year. Even though the main purpose of both For-Profit and Not-For-Profit is the same, the way that they function arent necessary the same. The accounting standards and rules that they follow both are very different. Also the rules that both colleges follow are extremely different. Both colleges have their strength and weaknesses in their way that they serve their students. The student should chose the type of college they want depending on what their needs are. If the student is looking to advance their education they should be looking for a traditional Not-For-Profit College. If they are trying to land a job that has technical skills which are required, then the For-Profit College is a better option.