Does Herzbergs Motivator And Hygiene Factor Theory Apply Tourism Essay

Does Herzbergs Motivator And Hygiene Factor Theory Apply Tourism Essay Motivation is a driving force that gives an individual the zeal to undertake a task. Taiwan has experienced success in managing its technological and other traditional sectors due to the motivation that it gives to employees. Managers are aware that the control system of running business is non-motivating to the employees (Fulton, Maddock, 1998). They believe in giving individual responsibility for them to utilize their ability. According to Herzberg, work achievements, recognition, responsibility, and growth are motivating factors to employees. The theory is not limited to any form of culture and does not consider any. The theory of Herzberg is much applicable in Taiwan since they believe in giving individuals responsiveness (Silverstein, 2007). Taiwan believe in giving individuals the chance make use of their knowledge to explore their capability and ability. Employees have the chance to advance and grow in Herzberg hygiene theory. According to Herzberg, if the hygiene factor is t aken into consideration it could help in eliminating peoples dissatisfactions. Herzberg believes that employees get responsibility based on their level of ability, which is the same principle that managers in Taiwan use. They give employees responsibility based on an employees level of skill and knowledge (Pophal, 2002). Herzbergs theory is based on the satisfying factors, which is the motivation, and the dissatisfaction factor that is the hygiene. According to Herzberg, the hygiene factor help in dealing with dissatisfactions on the side of employees or the employers. The theory states that various factors may cause dissatisfaction to the employees, which eventually may lead to poor performance. Herzberg believes that the hygiene factors that cause dissatisfaction are strict work supervision and tight company policies (Herzberg, Frederick Herzberg (Author) à ¢Ã¢â€š ¬Ã‚ º Visit Amazons Frederick Herzberg Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Mausner, Snyderman, 1993). Most of the employees are unable to perform well under such conditions. They feel suppressed and unmotivated to use their skills. Managers in Taiwan are aware of the facts that employees need space to use their skills without strict supervision and need to be trusted to make decision on behalf of the company. Just like Herzberg states, that company policy may be dissatisfying, Taiwanese give their employees the chance and the stake in policymaking (Silverstein, 2007). Herzberg hygiene theory poses challenging tasks to employees as a way of increasing their capability in utilizing their knowledge, which is a tactic used by managers in Taiwan. The managers believe in employees full ability utilization therefore, they give them challenging tasks so that they can use their knowledge and learn more. Additionally, Herzberg believes that appreciation is an employee motivation that helps in utilizing his ideas and skill fully. Taiwan is a soaring country as rated for it high performance. Employees in Taiwan are highly rewarded for their job improvement and excellent work performance. They get bonuses as incentives in work places, which are powerful motivators (HerzbergFrederick Herzberg (Author) à ¢Ã¢â€š ¬Ã‚ º Visit Amazons Frederick Herzberg Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central , Mausner Snyderman, 1993). To some extent, the hygiene factor is rough to employees that are not able to utilize their full ability. This is because Herzberg suggests that employees who are unable to utilize their skills to the fullest should be replaced. In Taiwan, most of the employees are aware of replacement facts for failure of skill and knowledge utilization therefore, go extra miles in whatever tasks they take. On the other side, Herzberg hygiene factor recommend promotion to employees for their well performance as a way of motivation. This factor is similar to that of Taiwanese because promotion is based on the performance of an individual employee. The fact that they get promotion for their improvement and performance, employees in Taiwan are so eager to learn and acquire knowledge and skills. It is a fact that most of the employees learn through the e-learning program at their work places. To them promotion is a motivating factor that make them be always at their best. Employees in Taiwan compete among themselves to produce good results and give the best services since they know there are rewards. Personal growth and achievement according to Herzberg is important and employees in Taiwan work towards that for the short-term and long-term rewards (HerzbergFrederick Herzberg (Author) à ¢Ã¢â€š ¬Ã‚ º Visit Amazons Frederick Herzberg Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central , Mausner, Snyderman, 1993). Motivation is an important aspect of work performance and result satisfaction for the organization. Therefore, it is worth studying and putting into considerations. Managers and employers should learn the behaviors of their employees and understand the motivating factor of each. According to Herzberg, motivated employees have the energy and will to be productive which, eventually help in organizational survival (Pophal, 2002). Taiwan managers are keen on the role that their employees perform so that they can motivate them. Managers understand that motivated employees perform well. The managers are aware of the fact that an increased income makes money a lesser motivator. This means that work that interest them is more of a motivator (Bruce, Formisano, Anne Bruce (Author) à ¢Ã¢â€š ¬Ã‚ º Visit Amazons Anne Bruce Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Pepitone, 1998). Motivation helps in eliminating tension in the work place. Managers and employees are well able to communicate and make decisions together with a clear focus. Additionally, motivation encourages employees to learn more and acquire knowledge and skill. These employees are able to stand any challenges that arise thus being competitive. Taiwan has a cross cultural in its work environment which is a very important issue of consideration because of the adjustments. This means that globally the managers should study what motivate employees across different cultures. On the other side, managers learn the best econometric models that can impart cross-cultural environments and bring satisfactions to the employees (Bruce, Formisano Anne Bruce (Author) à ¢Ã¢â€š ¬Ã‚ º Visit Amazons Anne Bruce Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Pepitone, 1998). The motivating factor in on culture is different from another. Once companies study the motivating factors, they are able to adopt open system of management that gives employees greater autonomy. Herzberg motivation-hygiene factors are considered over other motivation theories because it pinpoints the dissatisfying needs. The lower categories of Maslows hierarchy of needs are similar to Herzberg hygiene factor. The difference is that the hygiene factors lead to dissatisfaction for their non-fulfillment. Two companies were tested from Taiwan and outside. Shih and Chinerawat developed an econometric model to test the two-factor theory of Herzberg. There was sufficient satisfaction from the model, which also reviewed that, the application of hygiene factor different cross cultures (Chinerawat, 2009). Herzberg hygiene factor was reviewed to impact considerable satisfaction in the cross-cultural work setting in the companies of test. Finally, the question of what would be the impact of the hygiene factor on the Taiwan industries is crucial. This is because different cultures have different motivating factors. Employees from Taiwan and those working in Taiwan but different cultures act differently. Herzberg hygiene factor caters for all cultures because it deals with the issue of work satisfaction. These help managers to understand different cultures and appreciate them with the aim of improving the competitiveness of different employees (Chinerawat, 2009). In conclusion, Herzberg states that hygiene factor is not directly proportional to work. That is because if bad working conditions lead to unsatisfied workers. Managers ought to understand that every individual employee is unique and is motivated differently. Taiwanese managers have learnt that money is not always a motivating factor and have sought other factors. This has led to their enormous success in the electronic fields compared to other countries. The managers have borrowed a leaf of Herzberg Hygiene factor to know what motivates and satisfy their employees. Taiwanese understand that a self-fulfilling factor increase productivity and improves performance (Chinerawat, 2009).

Oniomania: Psychology and Higher Income Levels Essay

This condition generally interferes with the functioning of an individual where an individual is faced with an overwhelming urge to shop. Signs include; someone being overly preoccupied with shopping (shop till you drop), excessive shopping of especially items that are not used, which eventually leads to debts, marital problems with the spouse, or even other family members such as parents. Other signs include; thinking excessively about money, feeling a rush of euphoria and anxiety when shopping, and ultimately lying about purchases made.(Krueger 1988) How it starts Oniomania has no direct cause, since there is no specific pattern to the way of life of the people who have been diagnosed with as being shopoholics. Some Psychologists speculate that this condition might generate from developmental neurobiological and cultural influences, thus early life influences such as sexual abuse might be some of the cause. It should also be noted that this condition is mostly common in the developed world, probably because of higher income levels thus more of the disposable income and a higher ease of access to credit facilities. Oniomania is also higher in women as compared to men, with a survey in the USA revealing that of those people that were diagnosed with the condition 80% were women.(Lawrence 1990) Advantages The biggest beneficiaries of shopopholism are the retailers who benefit with increased sales especially during the festive seasons. Shopoholics on the other hand benefit to some extent by having a wide variety of items that they bought to choose. They also feel elated in the experience of shopping and hide from the problems in their lives, and some even feel more gratified than even being in a relationship. It should be noted however that these benefits ultimately lead to bigger problems. Disadvantages Advantages include; financial loss, incurring huge debts, family breakdown, loss of friendships and poor work performance caused by loss of time. One can also revamp into theft and psychological trauma. How to stop it Compulsive spending may come with a host of other disorders, which include; alcoholism and eating disorder. It is important for someone who bears the symptoms to seek counseling. Works cited Roberts JA, Tanner JF Jr. Compulsive buying and sexual attitudes, intentions, and activity among adolescents: an extension of Roberts and Tanner (2000). Aboujaoude E, Gamel N, Koran LM. A 1-year naturalistic following of patients with compulsive shopping disorder. J Clin Psychiatry. 2003

Romantic Literature - Free Essay Example

Sample details Pages: 3 Words: 778 Downloads: 8 Date added: 2019/05/08 Category Literature Essay Level High school Tags: Beowulf Essay Did you like this example? Throughout history the role of women in literature has changed significantly and rapidly. A great example of this can be seen through the difference between the Anglo Saxon time period and the Norman time period. In the Anglo Saxon time period the main genre of focus is Heroic poetry which centers on men and more often than not women are considered insubstantial especially when compared to the women we see in the Norman genre of romance. In Romantic literature women are portrayed as powerful, sexual figures who are the object of lust and whose desires come before that of the mans. The differences between Anglo-saxon and Norman literatures view on women is clear especially when looking at works from the time period such as Beowulf from the Anglo-saxon period and Lanval from the Norman time period. In both of these works the women mentioned in them are supernatural creatures yet are completely different in how they use their   powers. Don’t waste time! Our writers will create an original "Romantic Literature" essay for you Create order In Beowulf the supernatural female antagonist in the story is Grendels mother. Due to the fact that Beowulf is Heroic Poetry women are either docile or needed to be rid of, unfortunately Grendels mother falls into the latter. She is even described as related to a [as a] demon, as a fiend, as disgusting, immoral and savage. After Beowulf kills her son she becomes enraged and takes part in an epic battle with him. It is in this battle that we see her supernatural powers of strength and determination. This powers are considered There were many times throughout this fight that she almost overpowered him, but in the end she was defeated. This shows that Grendels mother possess supernatural powers that are tough and rugged especially when compared to those in Lanval. In Lanval the hero and the villian are both female. This is very important considering the fact that in Beowulf none of the women were named nevermind had such essential roles. The female that breaks the gender roles seen in Anglo Saxon literature such as Beowulf is the Mistress. She not only rescues the protagonist from death at the end of the story but also controls the terms of their relationship. This is something not seen before romantic literature. A common theme throughout romantic literature is womens desires so its not surprising that the mistress body and characteristics are described as supernaturally beautiful. He looks at her; he sees her beauty; Love pricks him, strikes in him the spark Now his heart blazes in the dark. (117-119, Marie de France, Lanval ). She is so beautiful that he falls in love with her at first glance, this is because she is a magical creature that is otherworldly and so is her beauty. The mistress also has the power to give Lanval an endless abundance of gold, so much so that he is able to share the wealth. This can be seen in Lines 135-142 She gives a present: Anything he may ever want Hell get, as far as his needs extend; Generously he may give and spend She will find the wherewithal. Lanval has found a noble hostel: The more he spends, in buying bold, The more hell have of silver and gold. (Lanval, Marie de France) This shows her supernatural abilities of giving gifts, including the gift of herself and an endless amount of riches. This is a girlish ability especially in the sense of her abnormal beauty. Her powers are very feminine which is a great contrast between the powers seen in Grendels mother. The Mistress from Lanval and Grendels mother from Beowulf are completely different in every sense of the word. The Mistress has striking beauty which intrigues men and grabs the affection of Lanval while Grendels mother is described to be a hideous grotesque monster. Their supernatural abilities are also fundamentally different, Grendels mother had brute strength and her supernatural abilities could be described a barberic, while The mistresses abilities are elegant and feminine. The way they use their abilities are also like night and day, The mistress uses her powers to lure men, give them what they want, and also save them. While Grendels mother uses her powers to defeat and try to kill men. The two female characters are completely different and come from completely different worlds. This is because when Beowulf was written when women were not consider significant or useful in any manner. While Lanval was written in a time that Romantic literature was popular making women and their needs the main role within that genre. So the two women not only have differences in appearances and supernatural abilities but also in the way their genres and cultures appreciated women.

The National Anthem Essay - 2212 Words

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Evaluation Of A Project Management Audit Essay - 950 Words

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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.