Anlysis of the Russian real estate market Essay

Anlysis of the Russian land advertise - Essay Example Land items can run from loft spaces to private manor spaces in the class of private items and office spaces, shopping center spaces to completely created mechanical homes in the classification of business and business land items. The sizes and areas of such land items make for an unmistakable evaluating design and the ideas of interest and gracefully apply to every classification of such items and help decide the costs. Truth be told control of the market ,while apparently incomprehensible because of substantial ventures included is additionally not doubtful in certain degrees where enormous land houses can control and a decide a specific land item. The general picture in the land showcase is to a great extent docile to the condition of the economy; be that as it may; in some global examples the land division has either somewhat or totally gave a false representation of the condition of the economy. In the US itself, for instance, the home loan advertise saw a droop which was disprop ortionate with the general strength of the economy; truth be told, the pony is by all accounts driven by the truck as in the home loans markets took steps to carry down with it the general US economy. This underscores the significance of the land advertise for the economy all in all while additionally clarifying the advantageous connection between the two. This paper would concentrate on the examination of the Russian land markets. The center significance would be appended to the Moscow land showcases as Moscow happens to be the most significant city space in the whole Russia. System The methodological apparatus would basically include a careful and inside and out writing investigation looking for contentions and realities that assist us with deciding the condition of the land showcases in Russia at an a most recent date. In additon, any place required, the paper would likewise attempt to incorporate significant optional information and figures in order to help the contentions filtered out in the writing audit. The paper would close with remarks on the common condition of the Russian land advertises in nutshell. The paper is composed so as to control an imminent outside financial specialist. The writing audit would be sent to accumulate contentions to prove above exploration goals and to set up contentions in the examination. This examination technique was a nitty gritty, illustrative investigation of the contentions introduced in the accessible exploration proof. The examination technique basically involved lead of escalated cross examination of distributed narrative materials with the express point of tending to the above expressed issues which this paper manages, giving an investigate of existing hypothesis and positions. Standard pursuit approaches were utilized to recover the example of distributed and unpublished examinations for this top to bottom writing audit. Fitting on-line diaries were likewise looked. References in lists of sources of distinguished investigations were inspected to reveal extra references. Recovery utilizing the lineage strategy was utilized as it is a most productive approach.The generally speaking perspective on the writing survey based exp loration technique would be a view normally taken in phenomenology. Phenomenology is a science which centers around depicting specific wonders as lived understanding. The

Introduction to Management AGL Energy and Lendlease Group

Question: Talk about the Introduction to Managementfor AGL Energy and Lendlease Group. Answer: Presentation The report thoroughly analyzes between two organizations comparable to its vision or statement of purpose, its worth, Corporate Social Responsibility and Stakeholder Sustainability. The examination is made in the middle of AGL Energy (ASX: AGL) and Lendlease Group. It gives profound complexity in the worth component and portrays the methodology where the organization do its commitment. The report features the need of making a differentiation in approaches followed by both the organizations. It is critical to break down the adjustments as far as vision and statement of purpose. Each association has its own particular manner of sorting out business exercises. The crucial vision articulation of the organizations are adjusted according to their objectives. It is basic to characterize how far the organizations can habituate themselves as indicated by their statement of purpose. The report looks into between the two organizations and gives perusers a view through SMART investigation (Crowt her and Aras, 2008; Benn, Dunphy and Griffiths, 2014). Organization Overview Lendlease Company The organization was established in Sydney in 1958 by Dutch worker and trailblazer Dick Dusseldorp. It was framed out as a dream to produce an organization that joins the authority of financing, speculation. Lendlease has given work to estimated 12,000 representatives universally. They permit imaginative and incorporated answers for their customers by making esteem chain (About us. 2017). AGL Company The Australian Gas Limited is one of Australia's driving coordinated vitality organizations. It is the biggest ASX recorded proprietor, administrator and engineer of sustainable power source in the nation. The organization produces power from the force station by using warm, common and wind power. It began working in the year 1837 and made a case in 2014 that it has more than 3.8 million business clients. They have made a bigger interest in the flexibly of gas and power (Who We Are. 2017). Vision of Leaselend in Comparison with AGL Energy The vision of the organization is to intently work with customers and financial specialists In Australian, Asia, USA and Europe to make an exceptional spot for them. Their procedure is to make a solid inheritance by moving existences of individuals around the world. They are giving adequacy by conveying security and creative arrangements by giving long haul supportability (Belz and Peattie, 2009). While, AGL have four focal guarantees that help them in making successful private and business clients: They are progressively centered around conveying quality assistance The essential center is to offer some incentive for cash They comprehend the requirements of the clients and attempt to satisfy them by coordinating guideline They are similarly feasible to meet the questions of the clients AGL is capably taking endeavors to lessen the impacts of ozone depleting substances. They are guaranteeing that the material utilized by them isn't making any damage the earth. The earth is given unmistakable fascination by guaranteeing execution of activities. The motivation behind the organization is to set exclusive expectations and making responsibility. They are resolved to accomplish fantastic objective by overseeing execution. They are submitted towards coordinating the working portfolio. They permit their clients (Bell and Morse, 2008) Systems of Leaselend in correlation with AGL Energy The reason for Lendlease is to turn into a main universal property and foundation bunch in the market. Their procedure is to exploit solid position and a changing business sector situation by developing more current systems. The key structure is called as Focus and Grow that guarantees effective key system. The organization is following rules that depend on guaranteeing wellbeing, supportability, assorted variety incorporation and Customer center. These standards structure to be the fundamental belief of the association. Unmistakably, AGL is submitted by offering basic types of assistance to the network. It distinguishes the significance of the network by giving them a more secure arrangement. They have submitted themselves by improving the manner in which they work, they have focused for offering important help to the defenseless clients (Our Commitments.2017). They are anyway trying to give. They comprehend the estimation of decent variety at work and ensure that it bolsters the association intrigue (How We Source Energy. 2017). Manageability and CSR of Leaselend in correlation with AGL Energy For the organization manageability is in regards to puts in for individuals in request to address future issues. The legislature and networks arranged all around are looking for trust in accomplices who has improved the urban regions in a compelling way. Leaselend is offering significance to social, financial and ecological portfolio. Maintainability is viewed as their focal piece of business methodology. The reason for existing is to make practical qualities to deal with the hazard and making esteems for clients (Nidumolu, Prahalad, and Rangaswami, 2009). They have made a powerful worldwide condition by molding the future through fast urbanization and offering an explanation to climatic change and imbalances. The maintainable goals ensured by the organization dwell in the core of the workers. They comprehend the significant of condition in meeting the objectives past desire. This is a significant practice in doing the business target. So as to turn into a main model for the remainde r of the organizations Lendlease is directing manageability announcing. This encourages them to gauge and report the presentation so as to improve ventures and to make a benchmark for the networks (SUSTAINABILITY. 2017). Differentiating, Sustainability at AGL implies the duty towards the enthusiasm of partners. Notwithstanding the financial exhibition the organization is taking successful measures to meet the social obligations. The association needs to make compelling strides so as to meet the objectives. The maintainability is one of the significant ideas that must be authorized in the association. Natural supportability is given significance by checking the successful rules so as to improve the general efficiency (Sustainability. 2017). Keen Analysis (Contrast examination) Explicit Leaselend has made a solid heritage by moving existences of individuals around the world. They are giving viability by conveying wellbeing and imaginative arrangements by giving long haul supportability. Then again AGL is capably taking endeavors to diminish the impacts of ozone depleting substances. They are guaranteeing that the material utilized by them isn't making any mischief the earth According to the examination both the organizations are working for giving proficient answers for the clients however as far as condition possibility it is seen that AGL is giving more significance to the natural manageability. Quantifiable The measure of work done by the organization regarding supportability is giving adequacy by conveying wellbeing and inventive arrangements by giving long haul manageability. The Only quantifiable apparatus at Leaselend is that the clients are profoundly happy with their exhibition. Then again AGL has a commitment towards the administration authority. It is estimated in the details of proficient outcome gave through the manageability announcing. Attainable They have inevitably accomplished the objective by meeting the desire for the clients. They comprehend the significant of condition in meeting the objectives past desire. This is a significant practice in doing the business target. Leaselend has accomplished recognized objective and kept on being the main decision in the vitality age. Then again AGL has focused on itself to diminish the ozone harming substances outflow. This has helped the organization to guarantee a respectable name in the entire world. Reasonable The objectives set by Leaselend are reasonable in nature. They are increasingly devoted in making just those objectives that can be accomplished in a simple way. The vision of the organization is to intently work with customers and financial specialists In Australian, Asia, USA and Europe to make a one of a kind spot for them. These objectives are sensible in nature and furnish representatives with quantifiable destinations. Then again AGL has submitted itself towards accomplishing four vital guarantees. Anyway they are more into the way toward displaying the present structure with respect to emanation of ozone depleting substances. Opportune The reason for Leaselend is to achieve supportable goals by estimating and detailing the presentation so as to improve ventures and to make a benchmark for the organization. Opportune targets are set down before the association. Workers need to stick to the objectives so as to meet the objectives. It is anyway fundamental to meet the ideal focuses by meeting the outcomes inside the grant time. Then again AGL has chosen to lessen the discharge of ozone harming substances inside the pre-imperative cutoff points. They have made a progressive portfolio by decarburization of our age portfolio by 2050. End To finish up it is fundamental to comprehend the significance of clinging to the strategic vision explanation. The motivation behind both the organization is to give maintainable answers for the issues. The report joins all the basics with respect to the maintainability revealing and its significance. It makes an important correlation in the middle of both the organizations so as to comprehend the distinction in approach. Both the association has its own specific manner of arranging business exercises. The crucial vision articulation of the organizations are adjusted according to their objectives. The report helps in producing distinction in the methodology of both the organizations on the parameter of SMART Analysis. This will help in understanding the best possible circumstance. References About us. 2017. On the web. Accessible at: https://www.lendlease.com/au/organization/about-us/Accessed Ringer, S. also, Morse, S., 2008.Sus

Finals Week, from my perspective

Finals Week, from my perspective Its over. Dear god, that was rough. Seriously. Freshman year I thought MIT was tough, and it was. But thats all it was, it was tough. It required some extra work, some time management, and it was different than I was used to. I complained about drinking from the fire hose since thats what everybody else was doing. Im doing it! I thought, Im doing MIT! Its hard but totally doable! I could actually be ok in this place! I was wrong. Well, not about doing ok, because MIT hasnt completely broken me yet, but this last semester was when I realized that MIT actually was hard. Were talking miserable hard. It was a test of will, to be sure. For example, on my first test of the year I got two standard deviations below average (7/20). Thats bad. Thats solid F territory. My second test wasnt much better (9/20) but was within a point of average. Third test? 10/30, 1.5 standard deviations below. Third test? 9.5/20, half a standard deviation below. I didnt actually score average on a test until late November, my very last test of the semester. Its one thing to say that MIT is hard and that bad test scores will happen, but having to actually try to recover from bad test scores and working at it all semester actually wears on you. Really wears on you. Ask anybody who knows me, I came out of the summer all happy from working at Hasbro and building toys all summer and within a two weeks I was run ragged. Add compounded failed tests and you had a pretty rough semester. My demon was 2.005, Thermal Fluids. That class is the most information intensive class Ive ever seen in my life. Seriously, you cant imagine the amount of material they expect you to absorb, and not just that but also the extent to which they expect you to be able to use and manipulate it. Its one of the (if not the) most failed class in Course 2 (Mechanical Engineering). After my first test I was pretty screwed, its hard to recover from two standard deviations below average. After that moment it was just a constant struggle for life. That struggle for life culminated on Wednesday last week with a 3 hour, Katy bar the door, hold me tightly sweet Jesus, weep for me, *sob* final that could be equated to being repeatedly paddled in the face. Honestly, nobody walked out of that exam feeling good. I dont think anybody actually solved any of the questions on the last page. Honestly, it was bad. Its not like I wasnt prepared, I worked my butt of studying for that final. I locked myself away for entire days to study, but there was just SO MUCH to study. Oh, wait, quick sidetrack. On the first day of finals (Monday) I was heading to a lecture hall early to study all day and lo and behold, a hack! I didnt have my camera (I was going to study, no distractions) so the pictures here arent actually ones I took, but check it out! Barrel of Monkeys hanging from the Lobby 7 skylight! Complete with barrel Apparently I was one of the lucky few who saw it because by 8 oclock AM it had been taken down. This is one of my favorite pictures (as sad as it may be) of the monkeys. Its very foreboding. Anywho, 2.005. I walked out of the final at 4:30 PM on Wednesday and went straight back to the dorm for a nap. I slept until 8 oclock and then packed up to study for my next final. You see, I had one more final and I hadnt even begun studying for it yet. I was so focused on 2.005 that I neglected almost everything else. The plan was to study from 9 PM all the way to 9 AM, which is when my next final (2.003) started. I threw up a quick blog entry at the start of the study marathon, and then set to work. I was actually very productive. 12 hours is a surprisingly useful chunk of time. NEVER do it, its miserable, but I did learn a lot! The only issue was that at about 6:30 or 7:00 in the morning I was absolutely exhausted. Were talking tired. It was really miserable there towards the end, but I kept studying, and then it was time for my last final. I took it and felt quite good about it (not 100% definitely class average). After that I was done. Done. Done with the hardest class of my life (unless I had to retake it, a very likely situation) and done with 2.003. I didnt quite know what to do, so my body just gave up, caved in, and I fell asleep. I woke up later, watched Flash Gordon, and then passed out on the couch. My body had simply given up, I had expended every ounce of everything (something that you will do if you go here). Today some grades were published. I got As in Digital Poetry and Advanced Toy Design. I got a B- in my HASS class, Forms of Western Narrative, which Im totally cool with because I actually enjoyed the class. It was a lot of reading and a lot of writing, but it was good, I learned a lot. Then they published the 2.005 scores. I got a B. I freaked out. Honestly, getting B in that class was just about as exciting/unexpected as getting into MIT (I know what it feels like, Im allowed to compare the two). I didnt fail, and not only didnt I fail but I also got a B! Oh my god! I did better in 2.005 than I did in my HASS class! That B has made the last, oh, 16 hours Ive been spending in this airport TOTALLY worth it. So now Im waiting. My flight leaves at 6:00 AM (Ive already been on two canceled flights, Im hoping this one doesnt get canceled. If it does then I may be stuck in Boston for Christmas because the airport Im trying to fly into is about to get buried in the worst snow since 2003. Heres hoping I make it back. So thats it, I survived. Im still waiting for my 2.003 grade, but Im not nearly as scared of that class. Next semester Ill do it all over again and the year after that and the year after that. So, if youll excuse me, Im going to try to get a quick nap in before my flight. Ciao!

Personality Traits Within The Workplace - 1342 Words

Five-factor trait theory As a professional many struggle with attempting to control the dominance of his/her personality trait, in fear that it may be damaging to one s current position. Personally, there has been several instances when an employee was ridiculed because he/she expressed personality traits within the workplace, opposite of what the employer personally desired. Within this paper, one will discuss how the connection of an individual personality trait can be beneficial, as well a productive level of on the job training, for entry level employees, and transitioning from one position to another. Personality Personality has been viewed by many as a way for an individual to express his/her inner most beliefs and values embedded as early as infancy. Psychologists strive to understand how personality develops as well as how it influences the way we think and behave; this area of psychology seeks to understand personality and how it varies among individuals as well as how people are similar in terms of personality (Cherry, 2016, p. 1). In order to gain a proper understanding one s own personality, the individual must first be able to identify and accepts each active traits exercised throughout his/her life. Though the acceptance of personality traits can de demanding , causing many do become intimidated or distracted professionally. It is understood that all employees should collaborate his/her personality traitsShow MoreRelatedThe Big Five Personality Constructs1654 Words   |  7 PagesPersonality theories, or models, are metaphors for describing something which is intrinsically indescrib able, the human personality. 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Religion and Economics in Robinson Crusoe and Protestant...

Religion and Economics in Daniel Defoes Robinson Crusoe and Max Webers Protestant Ethic and the Spirit of Capitalism One of the most recognized and influential theories in sociology appears in Max Webers The Protestant Ethic and the Spirit of Capitalism, which links the development of capitalism to social and cultural factors, primarily religion, instead of economic factors alone. In his theory Weber concludes that the Protestant Ethic greatly influenced the development of capitalism in the seventeenth and eighteenth centuries. According to Gordon Marshall, Weber argues that the two most important factors of Protestantism contributing to capitalism were diligence in worldly callings or vocations and the notion of†¦show more content†¦Weber argues that this ethic helped foster developments in both the division of labor and capitalism. Until the emergence of the ethic and its faithful, says Weber, No genuine religion of salvation has overcome the tension between . . . religiosity and a rational economy. But Protestantism broke this tension by helping to organize and regularize work as one of Gods ways to test the individuals response to grace (Weber). Although this theory may not fully explain how two vastly different social systems--religion and economics--could be deeply interconnected, it does point to some fundamental links. Two especially important links involve the Protestant notions of calling and predestination. By the notion of calling Weber refers to the obligations imposed upon the individual by his position in the world (Weber). In other words, callings are the responsibilities and professions in our lives. But an important Protestant belief was that, being assigned by God, callings were not matters of individual choice alone. In the early eighteenth century it was thought that every persons employment was influenced by Gods call (Pauck 136); it was largely a matter of divine providence. According to one Puritan clergyman, God doth call every man and woman †¦to serve him in some peculiar employment in this world both for their own and the common good (qtd. in Tawney

Analysis of Edward Albee’s Whose Afraid of Virginia Woolf Free Essays

According to Edward Albee, Who’s Afraid of Virginia Woolf? aims to examine whether American society was able to â€Å"live up to the principles of the American Revolution† (qtd in Bottoms 16). In another interview, he noted that the play stands as a response to O’Neill’s The Iceman Cometh, a response that acknowledges that the denial of the self leads to fiction and prevents the acceptance of reality (qtd in Bottoms 46). In this sense, one might state that aforementioned play serves as a critique to the way of life led within American societies as it enables and tolerates the denial of reality through the creation of fictitious images of American culture. We will write a custom essay sample on Analysis of Edward Albee’s Whose Afraid of Virginia Woolf? or any similar topic only for you Order Now This is evident if one considers the similarities between the characters within the play. George and Martha stand as representations of the effects of the rapid shifts in the industrial, social, and historical climate within the United States to the individual. Nick and Honey, on the other hand represent the effects of these changes to the individuals whose existence started during this period. Within the play, George stands as the epitome of the individual whose commitment to life the self and to others has been deprecated by his career as an associate professor of history in New England. Martha, on the hand, stands as the embodiment of the angry, strong, and frustrated individual. The couple’s identities were emphasized by their counterparts Nick and Honey. Within the play, Nick represents the opportunistic superficial individual. Like George, who is also a professor, Nick is a new biologist instructor in the college. His wife, Honey, on the other hand is the daughter of a rich family who like Martha is plagued with hatred and terror which may be traced to her husband’s treatment. These feelings are veiled with a pretense of laughter. The characters, within the text, thereby portray distraught individuals who are continuously being destroyed by their pretenses and their failure to accept and realize their selves. Such a realization, however, was achieved by the protagonists (George and Martha) as they were able negotiate their identities as well as the recent failure of their marriage. Note for example that the initial part of the play portrays George and Martha as being engaged in verbal battle. Martha describes her husband as â€Å"A FLOP! A great†¦big†¦fat†¦FLOP† (Albee 84). The later part of the novel, however, shows an end to the verbal battle between the couple as the chasm between illusion and reality has finally been crossed. The question posed by George in the initial part of the play was answered. He states, â€Å"Truth and illusion. Who knows the difference? † (Albee 201). It seems, only those who can accept a life without illusions, one purely founded upon reality can know the difference and in effect can live a ‘real’ life. In the initial part of the essay, it was mentioned that Albee’s purpose for writing the play was to show the American society’s failure to live up to the ideals of the revolution. This failure lies in our failure to go beyond our pre-fabricated illusions. Our failure to face reality as is. How to cite Analysis of Edward Albee’s Whose Afraid of Virginia Woolf?, Papers

Ethical Issues in the Banking Sector-Free-Samples for Students

Question: Discuss about the Ethical Issues in the Banking Sector. Answer: Introduction The report analysis is based on the issues faced by the banking and financial services sector. The different issues that is faced by the banking sector are mainly the ethical issues related to the functions of the bank. The other issues are related to the focus of the sector on sustainability and the analysis of the stakeholders of the financial organizations. The factors of the banking sector that help the banks and other financial organizations to manage the ethics related to the business operations are discussed in detail. The ways by which the business ethics are managed in the banks and other financial institutions is discussed in the report (Cohn, Fehr and Marchal 2014). The ethical issues in the banking and financial industry affect both the banks and the consumers of the financial institutions as well. The perception of the public regarding the unethical ways of business operations performed in a bank is an important factor that affects the banking industry. The main objectiv es of the report are to analyse the ethical issues related to the banks and the financial institutions and thereby the ways by which these issues are handled are also discussed (Hartman et al. 2014). Discussion about the major challenges in the Banking Sector Ethical issues faced by the banking sector The banking and financial sector faces a lot of issues which are discussed further. The self-interest of the bankers is fulfilled at someone elses expense. The focus of the maximization of profits someone shifts from long-term to the short-term basis. The swaps in the banks falls into the category of short-term goals. The income that is generated for the organization in one quarter is given more importance as compared to the long term profits. The other major ethical issues in the banking industry is the way by which the banks charge high interest rates from their customers for the money lent by them (Itani and Inyang 2015). This type of practice becomes a burden on the customers of the bank and hence the main principle of the bank that is to protect the money of the customers is not followed. Another ethical issue that is related to the banks is the handling of the assets of the customers that are possessed by the banks. The irresponsible way of lending credits to the customers is a way of business that is not acceptable in moral ways. Some of the banks also invest their money on arms and ammunitions, which include the investments that are done on military industry (Klikauer 2015). However, some of this money is also used for destructive purposes and this is an ethical issue related to the financial industry. The banks or financial institutions which invest in the businesses which do not have any type of planning regarding social responsibilities is another ethical issue in this sector. The companies which cause damage to the society and the environment at large can create an ethical issue regarding the operations of the bank. These are the major ethical issues that are faced by the banking industry and should be taken care by the financial institutions (Kolk 2016). Sustainability issues of the sector The sustainability issues related to the various banking and financial operations are discussed further. The liability of the lenders is related to the risks of the finances of the bank that they have to face while lending money to the customers. The loans granted by the bank and the credit given to the customers is the liability and the risk that they are facing. The ability of the borrowers to make an impact on the environment and cleaning up his or her surroundings also has an effect on the financial position of the person. The concerns regarding the external environment has increased in the last few years and this has led to many changes in the policies and the procedures of the financial institutions. The banks are now investing time and money on their environmental performance (Michaelson et al. 2014). The roles of the financial institutions regarding the environmental sustainability has become much more prominent in the recent times. Major stakeholders of the banking sector The stakeholders of the banks or the financial institutions are mainly those who make the decisions regarding the financial operations so that banks can make profits from these operations. The stakeholders can also be defined as someone who has a stake in the decisions and the operations of the banks. There are many types of stakeholders of the banks and other financial corporations which are discussed further. The owners of the organizations or the shareholders are the major stakeholders as they invest their own money in the business venture (Ogbari et al. 2016). The return they will get on their investment and the dividend received by the shareholders is important for the institution as well. The employees of the organization are also one of the major stakeholders. The performance of the employees in the banks and the financial institutions is directly related to the profits of the bank. The better performance of the employees ensures more profits for the business. This is main rea son for considering the employees as the major stakeholders in todays business environment. The unions of the employees of the banks are also one of the major stakeholders. The increase of salary of the employees and the ways to protect their jobs is dependent on the unions of the employees. The other stakeholders of the banks include the customers. The customers are the ones who have their money in the banks (Prez and Bosque 2015). They help in increasing the revenues and the profitability of the banks and this makes them the major stakeholders. The suppliers of the banks or the financial institutions can also be termed as the major stakeholders. The prices of the goods and services are dependent on the suppliers as well. The creditors of the banks from where they borrow money are one of the most important stakeholders of the organizations. The government of any particular country or state is also considered to be the stakeholders of the banks. The rates of lending money to the bor rowers and the interest rates are determined by the policies made by the government. This can therefore impact the profitability of the organizations as well (Prez and Rodrguez del Bosque 2014). Factors driving the business ethics of the banking sector The business ethics in the banking sector and the ethical behaviour of the banking professionals are affected by some factors as discussed further. The personal moral or ethical behaviour of the professionals affects the business ethics of the organization. The laws and regulations that are formulated by the government is another factor that impacts the business ethics in the financial sector. The ethical behaviour of the business organizations in the financial sector can be regulated by the policies made by the government. The policies and procedures and the other laws other than those made by the government also impact the ethical behaviour of the organization (Prasad, Kumar and Kapoor 2017). The ethical codes laid by the financial institutions itself is another factor that impacts their business ethics. The business ethics of the company impacts its reputation and goodwill in the market. The social pressure exerted from the external environment of the organization impacts the busi ness ethics of those institutions. The services provided by the financial corporations and their impact on the society at large has an impact on their business ethics. The ethics related to the industry in which the industry is operating is another factor that affect the business ethics of the banks and the financial institutions as well (Trevino and Nelson 2016). Ways by which managing ethics has helped the financial sector The management of business ethics in the banking sector helped the sector in many ways as discussed further. The basic rights of the employees need to be protected and the rules related to the safety and health of the employees should be followed. This helps in employee satisfaction in the sector. Products, services and the operations of the banking sector needs to be improvised in a continuous basis so that it helps the banks and other financial sectors to attract consumers. The information produced by the financial institutions should be accurate and the business records also need to be true so that the consumers are not mislead and this helps the banks to increase their credibility (Ward et al. 2015). The institution should be open to any type of competition and should not undertake wrong ways to counter the competition, this will help the banks to increase the trust vested on them by the customers. The procedures and policies of the organization needs to be updated on a regular b asis to align them with the government rules, so that the financial institutions can gain profits from the government policies. The personal data and records of the customers of the banks and the other financial institutions should be maintained properly and should not be used in wrong ways, this will help the banks to protect the privacy of their consumers. Conclusion The report can be concluded by saying that the ethical issues related to a business are important for the proper functioning of the organization and its profitability as well. The ethical principles laid by the organizations help in creating their image in the market and the ways by which they conduct business operations helps in attracting customers. The banking and the financial corporations also need to take care of the environmental sustainability issues of the industry so that they can conduct their operations in a profitable manner. It can therefore be said that the ethical behaviour of the financial institutions have an impact on their reputation and sustainability. References Cohn, A., Fehr, E. and Marchal, M.A., 2014. Business culture and dishonesty in the banking industry.Nature,516(7529), pp.86-89. Hartman, L. P., DesJardins, J. R., MacDonald, C. (2014).Business ethics: Decision making for personal integrity and social responsibility. New York: McGraw-Hill. Itani, O.S. and Inyang, A.E., 2015. The effects of empathy and listening of salespeople on relationship quality in the retail banking industry: The moderating role of felt stress.International Journal of Bank Marketing,33(6), pp.692-716. Klikauer, T., 2015. Public finance, the financial industry, ethics and efficiency.Journal of Economics and Public Finance,1(1), p.10. Kolk, A., 2016. The social responsibility of international business: From ethics and the environment to CSR and sustainable development.Journal of World Business,51(1), pp.23-34. Michaelson, C., Pratt, M.G., Grant, A.M. and Dunn, C.P., 2014. Meaningful work: Connecting business ethics and organization studies.Journal of Business Ethics,121(1), pp.77-90. Ogbari, M.E., Oke, A.O., Ibukunoluwa, A.A., Ajagbe, M.A. and Ologbo, A.C., 2016. Entrepreneurship and Business Ethics: Implications on Corporate Performance.International Journal of Economics and Financial Issues,6(3S). Prez, A. and Bosque, I.R., 2015. How customer support for corporate social responsibility influences the image of companies: Evidence from the banking industry.Corporate Social Responsibility and Environmental Management,22(3), pp.155-168. Prez, A. and Rodrguez del Bosque, I., 2014. Customer CSR expectations in the banking industry.International Journal of Bank Marketing,32(3), pp.223-244. Prasad, N., Kumar, V. and Kapoor, S., 2017. Business Ethics: A Decision Between Right or Wrong.Journal of Public Policy Environmental Management,1(1), pp.20-30. Trevino, L.K. and Nelson, K.A., 2016.Managing business ethics: Straight talk about how to do it right. John Wiley Sons. Ward, S., Killingsworth, S., Leigh, A., Meyer, A.S., Van der Heyden, L. and Weights, P., 2015. Ethics in Business.Business Compliance,4(3-4), pp.75-91.

Old Man And The Sea Essays (877 words) - Fisheries, Ichthyology

Old Man And The Sea After reading this novel, The Old Man and the Sea, by Ernest Hemingway, I was confused about something the old man kept repeating. During the course of the book, the old man, Santiago, refers to having gone out to far to catch the fish. To me, this sounds as though he is making excuses for himself as to why he could not bring the fish in. On the other hand, he may have realized that he should not have gone out so far because it was not worth it for everything he puts himself and the fish through. I reread over these parts and came to a conclusion about this problem. We know that Santiago sets out on the eighty-fifth day earlier than normal to get a head start on what he believes to be the day he will catch something. He does catch something and it just happens to be the biggest fish he has ever seen in his life. He does everything he can to hook the fish and once hooked; the fish carries him out to sea, moving further and further away from land. The man knows he is not prepared for what is to come but does not let this discourage him and keeps on trying. This tells me that Santiago is courageously devoted to his life of fishing After three days at sea, managing the marlin, and more importantly hunger, he brings the fish in and attaches it to the side of his boat. When the first of the sharks come, he does everything in order to defend himself, but as unprepared as he was, his actions are almost useless. This is when he first says to himself and the marlin beside him, I shouldn't have gone out so far, fish. Neither for you nor me. I'm sorry fish (110). The old man had considered the fish his friend and also a brother the entire time he had been trying to kill it. To me, this asserts a problem. The old man is a fisherman. His life is fishing. There should be no reason to feel sorry for the fish or for himself. Even though the fish he caught is being ripped to shreds by the sharks feeding on it, he caught it and that is what fishing is all about. When he finally finds his way home, with nothing left but the carcass of the marlin left next to him, he asks himself what beat him. His answer is Nothing. I went out to far (120) By telling himself that the only thing he did wrong was go out to far, he is making excuses for himself. He was unprepared for the hunger that would strike him and defenseless against the sharks that would attack his marlin. These were the things that beat him. If he had stopped and let the fish go because he was getting out to far from land, then it would have been the fish that had beat him. Anyway,you look at the situation; the old man was going to lose in the end. The quote above, I went out to far sounds like an admission of defeat but Nothing seems as though he is saying that nothing beat him. Despite the fact that he is defeated by the sharks that took away his prize fish, he has also, in a way, won. He has won the respect of the townspeople that see the carcass and realize what the man had before it was taken from him piece by piece. He has also gained knowledge of being more prepared. As he tells the boy in the end, We must get a good killing lance and always have it on board. You can make the blade from a spring leaf from an old Ford (125). If the man had not gone out so far, then he would have never experienced what he did. He would have come home empty handed and wondered for the rest of his life, if he would have been able to bring the marlin back home with him. And in a way, he did bring it home, by bringing the carcass. The old man's reason for saying that he went out to far is to make himself feel better. He feels bad for destroying the fish and getting nothing out of it

Split Brain essays

Split Brain essays Our brain weighs about three pounds and is divided into two similar looking, but different hemispheres, the right and the left. Both are connected to a large bundle of nerves, called corpus collosom. In some people with sever seizer disorders such as epilepsy, it was found that if this bundle of nerves were severed their seizers would stop or at least be under better control. From this surgical procedure, it was discovered that the two hemispheres had different methods of processing information, as well as controlling parts of the body. The left controls the right and the right controls the left. We rely on both hemispheres to process different information; we tend to naturally have one hemisphere that is more dominate than the other. While the brain is an organ that can be seen and held the mind is quite another matter. The mind remains unseen and physically immeasurable, yet appears to be part of us that controls everything. Roger Sperry pioneered this surgical procedure called commissurotomy. The commissurtomy surgically separates the hemispheres, making the transfer of information between them impossible. The patient is then left with two independently functioning hemispheres. Researchers found that when the brain was surgically separated, each hemisphere continued to have individual and private experiences, sensations, thoughts, and perceptions (wood and wood 64). Several experiments were done to test the perception in the split-brain patient for example; words flashed to the right field of vision of patients could be said and written with the right hand. In contrast, patients couldn't say or write words flashed to their left field of vision. Although standard experiments revealed that right hemisphere is nonverbal, it is far from incompetent. Even though the right hemisphere could not communicate to observers what stimuli it had been presented with, it did show some verbal comprehension. Although the patien ...

Strategy in the International Enveronment Essay

Strategy in the International Enveronment - Essay Example The study will also look to prepare a business plan for the proposed business. Population of Lagos In order to properly recognise the demographic factors prevalent in Lagos the population of the area will be evaluated. Lagos is a small state in Nigeria. It is one of the highest populated areas in Nigeria which contributes about 5% of national estimate. The population of Lagos was 17 million in the year 2006. The growth rate of population is approximately 6, 00,000 per annum and the population density is about 4,193 ‘persons per square kilometre’. UN (United Nations) estimates that if this growth rate continues then by the year 2015 Lagos will turn out to be the ‘third largest mega city’ in the whole world after Tokyo, the capital of Japan and Mumbai in India. 85% population of Lagos is in metropolitan area and only 37% population is in ‘land area’ of Lagos. According to World Bank’s demographic analysis the growth rate of Lagos was 8% in the year 1996 and in Nigeria the growth rate was 36.8%. That means population of Lagos is increasing ten times quicker as compared to New York as well as Los Angeles (Lagos State Government, 2011). Statistics of People with High Disposable Income The real GDP growth rate of Nigeria was recorded at 7.4% in the year 2010 and annual gross income of people was approximately 130,095.4 USD. The annual disposable income of people of Nigeria was 115,976.9 USD in the year 2010 thus the purchasing power of people on that period was 356,475.9 USD. The following table shows that people’s purchasing power and disposable income has been increasing since the year 2007 (Euromonitor, 2011). Year GDP Measured at Purchasing Power (Million international $) Annual Disposable Income (Million USD) 2007 292,409.20 97,329.80 2008 310,743.60 113,613.30 2009 328,915.70 101,762.00 2010 356,475.90 115,976.90 2011 387,999.60 117,355.00 Source: (Euromonitor, 2011). According to report of 2006, less than ha lf of the households are employed. The average unemployed persons per household were less than 3. It reveals that there were more unemployed persons in the household than employed. From the perspective of household heads almost 92.6% was employed and 0.8% was unemployed. House heads earn more than their spouses and other members of household. The number of spouses and other household member in the income group between 10,000 ? to 30,000 ? is higher than household heads. In this income group, the proportion of household head was only 34.3% compared to proportion of spouse which was 61.7%, and other household member’s proportion was between 67.9 % - 80.9%. Proportion of household head whose income level was 90,000 ? and above was 8% and spouse’s proportion was only 2% (Lamata, 2005). Average household income of Household Member (in %) Average Monthly Income (in ?) Household Head (%) Spouse of Head (%) 10000 – 30000 34.3 61.5 30001 –

High Paid CEOs Essay Example | Topics and Well Written Essays - 1000 words

High Paid CEOs - Essay Example Most of the CEOs get their pay with many components. These may include monthly salary, bonuses, stock options, and others. Quite often, when we look at the data regarding the compensation of CEOs, that data includes in itself the expected value of stock options, which is usually much higher than the current value and is set up the board of directors anticipating the performance of the company (Kay & Putten, pp. 59- 61, 2007). In addition, many CEOs have a considerable amount of their compensation in form of stock options and that is not liquid neither does the CEO walks away any morning with his stock options. Therefore, the liquid cash or variable salary that the CEOs receive is often much less than what we see and hear through various sources (The Economist, 2010). Most critics of the CEO pay often forget that like any other employee of the company, the pay of the CEO is decided by looking at his job description, the sensitivity of his job, the authority, task significance and the risk associated with it. Quite understandably, the job of a CEO is tricky and a risky one because history has witnessed revolutions in companies due to great CEOs and destruction of many companies as well due to incompetent. Besides, if we look this issue from the lens of a free market economist then this issue would cease to exist. These high salaries of CEOs are something, which the free market has come upon through market mechanisms and market driven forces (Beauchamp, Bowie & Arnold, pp. 158-159, 2008).

Building Luxury Apartments In Colombo Construction Essay

Building Luxury Apartments In Colombo Construction Essay It is proposed to set up a BOI registered joint-venture company to build luxury apartments in Colombo. The entire project can be done in three phases while this proposal will primarily address Phase I. This involves the purchase of 83 perches of pre-identified land. The subsequent phases will involve the purchase of 85 perches and 100 perches of land respectively. (Survey Plan Appendix part D) The number of units to be constructed for Phase I will be 123 units in a 30-storey tower and will be aimed at the mainly local buyers in the middle to upper income brackets, as well as Sri Lankan expatriates. The preliminary works for Phase I will take about 12 months, including pre-sales of apartments and collection of deposits. The construction period is expected to be 30 months. Phase II will involve 177 units in a 35-storey tower and Phase III will involve 263 units in a 45-storey tower. Phase I of the project is based on an average construction cost of Rs9,030 per sq.ft while the average selling price is expected to be Rs25,800 per sq.ft. The construction will only commence upon reaching secured sales through deposits amounting to 50% of the construction cost by sales value. The capital required for Phase I is Rs650mn (Rs235 mn being in cash and Rs415 mn being land value) where the cash is sufficient to cover consultants fees, marketing expenses and CMC fees during the first 12 months, up to push-button. The project is expected to generate a profit of Rs777.8 mn for Phase I. If the same capital is retained in the company, Phase II can generate Rs1,850.3mn and Phase III of Rs3,325.8 mn. Background This proposal aims to capitalize on the buoyant market for affordable, yet luxury, condominiums within the Colombo city limits. In this regard, it is proposed to set up a joint-venture company for the purpose of raising equity capital to acquire land and develop a luxury condominium project. This project in to be located in the heart of downtown Colombo and is to be developed in three phases, with the land to be acquired already been identified. This proposal addresses the development of Phase I of this project, while the remaining Phases can be developed along similar lines. The project will be developed and promoted by experienced professionals with a proven track record in the property development market. Project Plan Pre-project Planning Approval of project Collect relevant market information and trends, analyze best fit for available land base / land that may become available in future, supervise the preparation of preliminary project evaluation document for presentation at Board of Management (BoM), get approval for sending out Architects brief, Guide the team in preparing architects brief; study and modify preliminary design provided by architect in line with market trends; make a presentation to BoM on the project in order to get the required approvals for commencement of pre-sales and necessary funding for this purpose MEASUREMENT CRITERIA Quantitative/Qualitative Total time taken from project conceptualization through project feasibility through project evaluation to presentation; Number of project presentations made to BoM; success rate of presentations Pre-Sales of Project and Approval to Commence Construction Supervise the preparation of legal documentation / collateral / show flat / advertising and promotional plans; Selection of Consultant / Project Manager Firm; Initiate work with the local consultants, including Project Manager towards obtaining building approvals in order to meet push button threshold and necessary statutory building approvals. MEASUREMENT CRITERIA -Quantitative/Qualitative Actual Sales against Target Project Construction Implementation On achieving required sales threshold, make presentation to BoM for approval of project construction phase, monitor project progress weekly, authorize project payments, variations, extensions of time, negotiate with contractors on modifications in order to ensure quality and timely completion of project within approved budget. MEASUREMENT CRITERIA -Quantitative/Qualitative Project as per Specifications; Cost Overrun; Time Overrun Sales and Collections Review achievement of sales targets; if required, initiate necessary actions to meet targets; monitor timely remittances of customers payment tranches in order to ensure planned revenue recognition. MEASUREMENT CRITERIA -Quantitative/Qualitative Actual Receipts against Target Project Closure Obtain necessary statutory approvals and execute all necessary legal documentation in time, full-fill customer expectations in order to deliver customer satisfaction, and enhance company reputation. MEASUREMENT CRITERIA -Quantitative/Qualitative Customer Feedback; Repeat Business from existing customers Construction Strategy Design Considerations The project will aim to maximize the plot coverage to ensure efficient use of the land. Given the site size, location, road frontage and road width, the maximum permitted plot coverage as per existing regulations of 50% will be utilized. The design will be based on a fixed mix of apartments (i.e. not a modular design) as this will bring in design efficiencies and cost savings. The design will be essentially a reinforced concrete structure with locally procured materials (such as granite, tiles etc) while more expensive imported fitments and fittings will be procured in keeping with the market positioning of the condominiums. The design will also involve cost savings through efficient ME design (such as split-type air conditioning as opposed to central air conditioning) as well as other means to contain costs. Careful attention will be paid to ensure smooth operational considerations from car parking arrangements to easy maintenance of the building. Efficient energy and water usage will also be important given the high cost of electricity while pipe-borne potable water is in short supply. Further, it is proposed to have the car parking above ground at podium level as this will avoid the need for expensive basement construction. Costing This project will be on a BOI duty free basis and will be subject to 15% VAT. The target overall construction cost for Phase I of this development is expected to be about Rs9,030 per sq.ft. (which excludes land costs, consultancy fees and contingencies). Timeline It is estimated that the finalization of designs will take 8 months while obtaining all the regulatory approvals will take an additional 4 months. Sales will run concurrently while waiting for regulatory approval. As such, it is estimated that push-button will be about 12 months from the inception of this project. It is estimated that it will take 30 months for completing construction of Phase I from the time of push-button. Risk Factors and Mitigating Measures Demand / Pricing Risk Supply and demand of luxury apartments in the market will determine pricing. The supply of apartments within Colombo city is growing, but is also constrained to some extent due to lack of availability of suitable tracts of land. Meanwhile, the demand for apartments continues to grow from the Sri Lankan middle and upper middle class as they migrate to the city to be closer to their work place due to increasing traffic congestion and poor infrastructure. Sri Lankan families also wish to be closer to childrens schools, hospitals and other services. Given that the infrastructure is failing to keep up with the growth in the urban population, demand for condominiums in the heart of the city will continue to grow. This should help to underpin prices. However, there is the risk that if the local economy slows down, it will adversely affect apartment sales. Further, a poor investment climate and falling tourism will curtail purchases from overseas buyers as well. In situations such as this, an over supply of apartments can lead to price cutting by developers to sell their inventory of apartments. To mitigate the risk from over supply and price cutting, this project has two mitigating measures. The first is to ensure that the pre-determined sales target has been secured before push-button. The second is to phase out the development into three, thereby limiting the risk to one phase at a time. Cost Risk Costs on a project such as this will be affected by domestic inflation and the exchange rate of the SL Rupee. As both of these factors cannot be directly controlled, it is proposed that this project be worked on a fixed-price contract for the construction. This will effectively pass on the risk of cost increases to the contractor. Further, as this development will be done in phases, it has the benefit of having a shorter timeframe for each phase and thus being able to limit the fixed price premium. Duration Risk The risk that the project construction gets delayed is very real. This could arise due to a number of reasons, including poor management/cash-flow by the contractor, unavailability of skilled labour, shortage of materials (such as bricks etc.) amongst others. To mitigate this risk that arises from any delay, only short-listed contractors with good reputations will be invited to tender for this project, preferably with their own directly employed labour. In addition, professional project managers will be hired to manage the project on behalf of the developer. Interest Rate Risk Interest rates have been rising and this will affect the ability of potential apartment buyers to finance a purchase through a mortgage. Although this risk cannot be directly avoided, as this project will be focusing on the affordable segment of the market, it should still enable customers to buy an apartment. Further, the payments will be staggered through the construction of the project. Indeed, this project has the advantage that as the land will be acquired through the equity infusion, the need for a large deposits/tranches from buyers at the start can be avoided as a further incentive to buy. Company Structure Capital Requirement It is proposed to raise equity capital to cover the cost of the land acquisition for Phase I, the cost of Consultancy , Marketing costs and CMC fees over the first 12 months of the project upto push-button. The required capital is thus Rs650 mn, of which Rs235 mn being in cash, the rest being value of the land. A breakdown of these costs is given below. Rs (mn) Consultancy Costs 62 Marketing Costs 33 Pre-Contract works 29 CMC Fees 111 235 Land cost 415 650 The project will not rely on long-term borrowings to raise capital. However, short-term cash shortfalls are to be met through bank overdrafts. Equity Structure It is proposed to set up a BOI registered joint-venture company for the purpose of this development. The required capital is to be raised through a private placement. The promoters of this project will be entitled to 2% of the equity. The final structure of the company will be as follows. Equity Investors 98.0% Promoters 2.0% 100.0% Key Assumptions Land cost of Rs5 mn per perch Exchange rate at start of development of Rs110 Phase I Phase II Phase III Land Extent (perches) 83 86 100 No. of Units 123 177 263 Parking Amenities levels 5 6 7 Apartment levels 25 30 38 Total No. of Storeys 30 36 45 Average Cost of construction Rs 9,030 psf Rs9,800 psf Rs10,635 psf Time for construction 30 months 36 months 45 months Aver. selling price (inc. VAT) Rs25,806 psf Rs27,703 psf Rs30,921 psf Period to sell out units 25 months 30 months 38 months

Should Gambling Be Legalized? :: Argumentative Persuasive Essays

Should Gambling Be Legalized?   Ã‚  Ã‚  Ã‚  Ã‚  Over the past twenty or so years, great wealth and improved economic and social conditions have been promised to the communities that have embraced legalized gambling. However, with twenty years of experience it is time to look back and analyze whether this is true or not.   Ã‚  Ã‚  Ã‚  Ã‚  It could easily be said that gambling is as American as apple pie. Gambling has shaped American history since its beginning. Lotteries were used by The First Continental Congress to help finance the Revolutionary war. Many of our founding fathers, such as Benjamin Franklin, Thomas Jefferson, and George Washington, have sponsored private lotteries. It has been said that "Our founding fathers were just numbers guys in wigs" At one time baseball would have seemed to be the American pastime. This is not so now. In recent years, the attendance at casinos has nearly doubled the attendance at all major league baseball games, with close to 130 million people visiting casinos every year.1   Ã‚  Ã‚  Ã‚  Ã‚  With so much money at stake, the average gambler does not stand a chance against this big business. The casinos go to every length to analyze what makes a gambler bet, stay longer, and loose as much money as possible.   Ã‚  Ã‚  Ã‚  Ã‚  Gamblers who come to casinos with the intention of winning money are habitually disappointed. As casino crime lord, Meyer Lansky's universal gambling truth states; "Gamblers never win, the house never loses"2 Slot Machines and most table games allow players to make bets where the probability of winning is relatively high. Frequent wins are characterized by low payouts. These frequent wins encourage further gambles with low payouts.   Ã‚  Ã‚  Ã‚  Ã‚  Frequent winning, low paying games are not the only way casinos get people to keep playing. Nothing less that psychological warfare is going on at casinos across the country. "The days of shaved dice, missing face cards and rigged roulette wheels are long gone. But the pursuit of profitability in the corporate era of gambling has turned the average casino into a financially hazardous place for betters"3 The casino's beliefs are all based on the fact that since the house has an advantage over the player, the longer the house can keep the player playing, the more money the house will make. The gambling industry spends millions each year to whether wider isles, fresher air, and back rests on the chairs at slot machines make a player stay longer.4 And why would the casino care if somebody is comfortable? Because if each better stays for just a few more minutes, it could mean millions for the casinos.   Ã‚  Ã‚  Ã‚  Ã‚  Casinos have false ceilings with rooms above them where some people

Variable Cost and Net Operating Income

ASSIGNMENT P 6-16 , P6-17 PROBLEM 6-16 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income [LO1, LO2, LO3] Wiengot Antennas, Inc. , produces and sells a unique type of TV antenna. The company has just opened a new plant to manufacture the antenna, and the following cost and revenue data have been provided for the first month of the plant's operation in the form of a worksheet. Because the new antenna is unique in design, management is anxious to see how profitable it will be and has asked that an income statement be prepared for the month.Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. b. Prepare an income statement for the month. 2. Assume that the company uses variable costing. a. Determine the unit product cost. b. Prepare a contribution format income statement for the month. 3. Explain the reason for any difference in the ending inventory balances under the tw o costing methods and the impact of this difference on reported net operating income. PROBLEM 6-17 Variable and Absorption Costing Unit Product Costs and Income Statements [LO1, LO2] Nickelson Company manufactures and sells one product.The following information pertains to each of the company's first three years of operations: p. 262 During its first year of operations Nickelson produced 60,000 units and sold 60,000 units. During its second year of operations it produced 75,000 units and sold 50,000 units. In its third year, Nickelson produced 40,000 units and sold 65,000 units. The selling price of the company's product is $56 per unit. Required: 1. Compute the company's break-even point in units sold. 2. Assume the company uses variable costing: a.Compute the unit product cost for year 1, year 2, and year 3. b. Prepare an income statement for year 1, year 2, and year 3. 3. Assume the company uses absorption costing: a. Compute the unit product cost for year 1, year 2, and year 3. b. Prepare an income statement for year 1, year 2, and year 3. 4. Compare the net operating income figures that you computed in requirements 2 and 3 to the break-even point that you computed in requirement 1. Which net operating income figures seem counterintuitive? Why? LEARNING OBJECTIVES FOR ASSIGNMENT.LO1, LO2, LO3 OVERVIEW OF VARIABLE AND ABSOPTION COSTING As you begin to read about variable LEARNING OBJECTIVE 1 and absorption costing income Explain how variable costing differs from statements in the coming pages, absorption costing and compute unit focus your attention on three key product costs under each method. concepts. First, both income statement formats include product costs and period costs, although they define these cost classifications differently. Second, variable costing income statements are grounded in the contribution format.They categorize expenses based on cost behavior—variable costs are reported separately from fixed costs. Absorption costing income statements ignore variable and fixed cost distinctions. Third, as mentioned in the paragraph above, variable and absorption costing net operating income figures often differ from one another. The reason for these differences always relates to the fact the variable costing and absorption costing income statements account for fixed manufacturing overhead differently.Pay very close attention to the two different ways that variable costing and absorption costing account for fixed manufacturing overhead. Variable Costing Under variable costing, only those manufacturing costs that vary with output are treated as product costs. This would usually include direct materials, direct labor, and the variable portion of manufacturing overhead. Fixed manufacturing overhead is not treated as a product cost under this method. Rather, fixed manufacturing overhead is treated as a period cost and, like selling and administrative expenses, it is expensed in its entirety each period.Consequently, the cos t of a unit of product in inventory or in cost of goods sold under the variable costing method does not contain any fixed manufacturing overhead cost. Variable costing is sometimes referred to as direct costing or marginal costing. Absorption Costing As discussed in Chapter 3, absorption costing treats all manufacturing costs as product costs, regardless of whether they are variable or fixed. The cost of a unit of product under the absorption costing method consists of direct materials, direct labor, nd both variable and fixed manufacturing overhead.Thus, absorption costing allocates a portion of fixed manufacturing overhead cost to each unit of product, along with the variable manufacturing costs. Because absorption costing includes all manufacturing costs in product costs, it is frequently referred to as the full cost method. p. 231 EXHIBIT 6–1 Variable Costing versus Absorption Costing Selling and Administrative Expenses Selling and administrative expenses are never treate d as product costs, regardless of the costing method.Thus, under absorption and variable costing, variable and fixed selling and administrative expenses are always treated as period costs and are expensed as incurred. Summary of Differences The essential difference between variable costing and absorption costing, as illustrated in Exhibit 6-1, is how each method accounts for fixed manufacturing overhead costs—all other costs are treated the same under the two methods. In absorption costing, fixed manufacturing overhead costs are included as part of the costs of work in process inventories.When units are completed, these costs are transferred to finished goods and only when the units are sold do these costs flow through to the income statement as part of cost of goods sold. In variable costing, fixed manufacturing overhead costs are considered to be period costs—just like selling and administrative costs—and are taken immediately to the income statement as period expenses. Variable And Absorption Costing—An Example To illustrate the difference between variable costing and absorption costing, consider Weber Light Aircraft, a company that produces light recreational aircraft.Data concerning the company's operations appear below: As you review the data above, it is important to realize that for the months of January, February, and March, the selling price per aircraft, variable cost per aircraft, and total monthly fixed expenses never change. The only variables that change in this example are the number of units produced (January =1 unit produced; February = 2 units produced; March = 4 units produced) and the number of units sold (January = 1 unit sold; February = 1 unit sold; March = 5 units sold).We will first construct the company's variable costing income statements for January, February, and March. Then we will show how the company's net operating income would be determined for the same months using absorption costing. Variable Cos ting Contribution Format Income Statement To prepare the company's variable costing income statements for January, February, and March we begin by computing the unit product cost. Under variable costing, product costs consist solely of variable production costs.At Weber Light Aircraft, the variable production cost per unit is $25,000, determined as follows: LEARNING OBJECTIVE 2 Prepare income statements using both variable and absorption costing. Since each month's variable production cost is $25,000 per aircraft, the variable costing cost of goods sold for all three months can be easily computed as follows: p. 233 And the company's total selling and administrative expense would be derived as follows: Putting it all together, the variable costing income statements would appear as shown inExhibit 6-2.Notice, the contribution format has been used in these income statements. Also, the monthly fixed manufacturing overhead costs ($70,000)have been recorded as a period expense in the mont h incurred. EXHIBIT 6–2 Variable Costing Income Statements A simple method for understanding how Weber Light Aircraft computed its variable costing net operating income figures is to focus on the contribution margin per aircraft sold, which is computed as follows:The variable costing net operating income for each period can always be computed by multiplying the number of units sold by the contribution margin per unit and then subtracting total fixed costs. For Weber Light Aircraft these computations would appear as follows: Notice, January and February have the same net operating loss. This occurs because one aircraft was sold in each month and, as previously mentioned, the selling price per aircraft, variable cost per aircraft, and total monthly fixed expenses remain constant. . 234 Absorption Costing Income Statement As we begin the absorption costing portion of the example, remember that the only reason absorption costing income differs from variable costing is that the me thods account for fixed manufacturing overhead differently. Under absorption costing, fixed manufacturing overhead is included in product costs. In variable costing, fixed manufacturing overhead is not included in product costs and instead is treated as a period expense just like selling and administrative expenses.The first step in preparing Weber's absorption costing income statements for January, February, and March, is to determine the company's unit product costs for each month as follows1: Notice that in each month, Weber's fixed manufacturing overhead cost of $70,000 is divided by the number of units produced to determine the fixed manufacturing overhead cost per unit. Given these unit product costs, the company's absorption costing net operating income in each month would be determined as shown in Exhibit 6-3.The sales for all three months in Exhibit 6-3 are the same as the sales shown in the variable osting income statements. The January cost of goods sold consists of one u nit produced during January at a cost of $95,000 according to the absorption costing system. The February cost of goods sold consists of one unit produced during February at a cost of $60,000 according to the absorption costing system. The March cost of goods sold ($230,000) consists of one unit produced during February at an absorption cost of $60,000 plus four units produced in March with a total absorption cost of $170,000 (= 4 units produced Ãâ€" $42,500 per unit).The selling and administrative expenses equal the amounts reported in the variable costing income statements; however they are reported as one amount rather than being separated into variable and fixed components. EXHIBIT 6–3 Absorption Costing Income Statements p. 235 Note that even though sales were exactly the same in January and February and the cost structure did not change, net operating income was $35,000 higher in February than in January under absorption costing. This occurs because one aircraft produc ed in February is not sold until March.This aircraft has $35,000 of fixed manufacturing overhead attached to it that was incurred in February, but will not be recorded as part of cost of goods sold until March. Contrasting the variable costing and absorption costing income statements in Exhibits 62and 6-3, note that net operating income is the same in January under variable costing and absorption costing, but differs in the other two months. We will discuss this in some depth shortly. Also note that the format of the variable costing income statement differs from the absorption costing income statement.An absorption costing income statement categorizes costs by function—manufacturing versus selling and administrative. All of the manufacturing costs flow through the absorption costing cost of goods sold and all of the selling and administrative costs are listed separately as period expenses. In contrast, in the contribution approach, costs are categorized according to how they behave. All of the variable expenses are listed together and all of the fixed expenses are listed together.The variable expenses category includes manufacturing costs (i. e. , variable cost of goods sold) as well as selling and administrative expenses. The fixed expenses category also includes both manufacturing costs and selling and administrative expenses. Reconciliation of Variable Costing with Absorption Costing Income As noted earlier, variable costing and absorption costing net operating incomes may not be the same. In the case of Weber Light Aircraft, the net operating incomes are the same in January, but differ in the other two months.These differences occur because under absorption costing some fixed manufacturing overhead is capitalized in inventories (i. e. , included in product costs) rather than currently expensed on the income statement. If inventories increase during a period, under absorption costing some of the fixed manufacturing overhead of the current period wil l bedeferred in ending inventories. For example, in February two aircraft were produced and each carried with it $35,000 (= $70,000 à · 2 aircraft produced) in fixed manufacturing overhead.Since only one aircraft was sold, $35,000 of this fixed manufacturing overhead was on February's absorption costing income statement as part of cost of goods sold, but $35,000 would have been on the balance sheet as part of finished goods inventories. In contrast, under variable costing all of the $70,000 of fixed manufacturing overhead appeared on the February income statement as a period expense. Consequently, net operating income was higher under absorption costing than under variable costing by $35,000 in February. This was reversed in March when four units were produced, but five were sold.In March, under absorption costing $105,000 of fixed manufacturing overhead was included in cost of goods sold ($35,000 for the unit produced in February and sold in March plus $17,500 for each of the four units produced and sold in March), but only $70,000 was recognized as a period expense under variable costing. Hence, the net operating income in March was $35,000 lower under absorption costing than under variable costing.LEARNING OBJECTIVE 3 Reconcile variable costing and absorption costing net operating incomes and explain why the two amounts differ. p. 36 In general, when the units produced exceed unit sales and hence inventories increase, net operating income is higher under absorption costing than under variable costing. This occurs because some of the fixed manufacturing overhead of the period is deferred in inventories under absorption costing. In contrast, when unit sales exceed the units produced and hence inventories decrease, net operating income is lower under absorption costing than under variable costing. This occurs because some of the fixed manufacturing overhead of previous periods is released from inventories under absorption costing.When the units produced and u nit sales are equal, no change in inventories occurs and absorption costing and variable costing net operating incomes are the same. 2 Variable costing and absorption costing net operating incomes can be reconciled by determining how much fixed manufacturing overhead was deferred in, or released from, inventories during the period: The reconciliation would then be reported as shown in Exhibit 6-4: EXHIBIT 6–4 Reconciliation of Variable Costing and Absorption Costing Net Operating IncomesAgain note that the difference between variable costing net operating income and absorption costing net operating income is entirely due to the amount of fixed manufacturing overhead that is deferred in, or released from, inventories during the period under absorption costing. Changes in inventories affect absorption costing net operating income—they do not affect variable costing net operating income, providing that variable manufacturing costs per unit are stable. p. 237 EXHIBIT 6â₠¬â€œ5 Comparative Income Effects—Absorption and Variable CostingThe reasons for differences between variable and absorption costing net operating incomes are summarized in Exhibit 6-5. When the units produced equal the units sold, as in January for Weber Light Aircraft, absorption costing net operating income will equal variable costing net operating income. This occurs because when production equals sales, all of the fixed manufacturing overhead incurred in the current period flows through to the income statement under both methods.For companies that use Lean Production, the number of units produced tends to equal the number of units sold. This occurs because goods are produced in response to customer orders, thereby eliminating finished goods inventories and reducing work in process inventory to almost nothing. So, when a company uses Lean Production differences in variable costing and absorption costing net operating income will largely disappear. When the units produced e xceed the units sold, absorption costing net operating income will exceed variable costing net operating income.This occurs because inventories have increased; therefore, under absorption costing some of the fixed manufacturing overhead incurred in the current period is deferred in ending inventories on the balance sheet, whereas under variable costing all of the fixed manufacturing overhead incurred in the current period flows through to the income statement. In contrast, when the units produced are less than the units sold, absorption costing net operating income will be less than variable costing net operating income.This occurs because inventories have decreased; therefore, under absorption costing fixed manufacturing overhead that had been deferred in inventories during a prior period flows through to the current period's income statement together with all of the fixed manufacturing overhead incurred during the current period. Under variable costing, just the fixed manufacturin g overhead of the current period flows through to the income statement. Advantages Of Variable Costing And The Contribution Approach Variable costing, together with the contribution approach, offers appealing advantages for internal reports.This section discusses four of those advantages. Enabling CVP Analysis CVP analysis requires that we break costs down into their fixed and variable components. Because variable costing income statements categorize costs as fixed and variable, it is much easier to use this income statement format to perform CVP analysis than attempting to use the absorption costing format, which mixes together fixed and variable costs. Moreover, absorption costing net operating income may or may not agree with the results of CVP analysis.For example, let's suppose that you are interested in computing the sales that would be necessary to generate a target profit of $235,000 at Weber Light Aircraft. A CVP analysis based on the January variable costing income stateme nt from Exhibit 6-2would proceed as follows: Thus, a CVP analysis based on the January variable costing income statement predicts that the net operating income would be $235,000 when sales are $500,000. And indeed, the net operating income under variable costing is $235,000 when the sales are $500,000 in March.However, the net operating income under absorption costing is not $235,000 in March, even though the sales are $500,000. Why is this? The reason is that under absorption costing, net operating income can be distorted by changes in inventories. In March, inventories decreased, so some of the fixed manufacturing overhead that had been deferred in February's ending inventories was released to the March income statement, resulting in a net operating income that is $35,000 lower than the $235,000 predicted by CVP analysis.If inventories had increased in March, the opposite would have occurred—the absorption costing net operating income would have been higher than the $235,00 0 predicted by CVP analysis. p. 239 Explaining Changes in Net Operating Income The variable costing income statements in Exhibit 6-2 are clear and easy to understand. All other things the same, when sales go up, net operating income goes up. When sales go down, net operating income goes down. When sales are constant, net operating income is constant. The number of unit produced does not affect net operating income.Absorption costing income statements can be confusing and are easily misinterpreted. Look again at the absorption costing income statements in Exhibit 6-3; a manager might wonder why net operating income went up from January to February even though sales were exactly the same. Was it a result of lower selling costs, more efficient operations, or was it some other factor? In fact, it was simply because the number of units produced exceeded the number of units sold in February and so some of the fixed manufacturing overhead costs were deferred in inventories in that month.Th ese costs have not gone away—they will eventually flow through to the income statement in a later period when inventories go down. There is no way to tell this from the absorption costing income statements. To avoid mistakes when absorption costing is used, readers of financial statements should be alert to changes in inventory levels. Under absorption costing, if inventories increase, fixed manufacturing overhead costs are deferred in inventories, which in turn increases net operating income. If inventories decrease, fixed manufacturing overhead costs are released from inventories, which in turn decreases net perating income.Thus, when absorption costing is used, fluctuations in net operating income can be due to changes in inventories rather than to changes in sales. Supporting Decision Making The variable costing method correctly identifies the additional variable costs that will be incurred to make one more unit. It also emphasizes the impact of fixed costs on profits. Th e total amount of fixed manufacturing costs appears explicitly on the income statement, highlighting that the whole amount of fixed manufacturing costs must be covered for the company to be truly profitable.In the Weber Light Aircraft example, the variable costing income statements correctly report that the cost of producing another unit is $25,000 and they explicitly recognize that $70,000 of fixed manufactured overhead must be covered to earn a profit. Under absorption costing, fixed manufacturing overhead costs appear to be variable with respect to the number of units sold, but they are not. For example, in January, the absorption unit product cost at Weber Light Aircraft is $95,000, but the variable portion of this cost is only $25,000.The fixed overhead costs of $70,000 are commingled with variable production costs, thereby obscuring the impact of fixed overhead costs on profits. Because absorption unit product costs are stated on a per unit basis, managers may mistakenly belie ve that if another unit is produced, it will cost the company $95,000. But of course it would not. The cost of producing another unit would be only $25,000. Misinterpreting absorption unit product costs as variable can lead to many problems, including inappropriate pricing decisions and decisions to drop products that are in fact profitable. p. 240 Adapting to the Theory of ConstraintsThe Theory of Constraints (TOC), which was introduced in Chapter 1, suggests that the key to improving a company's profits is managing its constraints. For reasons that will be discussed in a later chapter, this requires careful identification of each product's variable costs. Consequently, companies involved in TOC use a form of variable costing. Variable costing income statements require one adjustment to support the TOC approach. Direct labor costs need to be removed from variable production costs and reported as part of the fixed manufacturing costs that are entirely expensed in the period incurred .The TOC treats direct labor costs as a fixed cost for three reasons. First, even though direct labor workers may be paid on an hourly basis, many companies have a commitment—sometimes enforced by labor contracts or by law—to guarantee workers a minimum number of paid hours. Second, direct labor is not usually the constraint;therefore, there is no reason to increase it. Hiring more direct labor workers would increase costs without increasing the output of saleable products and services. Third, TOC emphasizes continuous improvement to maintain competitiveness.Without committed and enthusiastic employees, sustained continuous improvement is virtually impossible. Because layoffs often have devastating effects on employee morale, managers involved in TOC are extremely reluctant to lay off employees. For these reasons, most managers in TOC companies regard direct labor as a committed-fixed cost rather than a variable cost. Hence, in the modified form of variable costing use d in TOC companies, direct labor is not usually classified as a product cost.

The Beneficial and Detrimental Effects of Phonology Essay

For years, phonology has been incorporated into language education. Young children are introduced to phonics as educators take them through visual flash cards, teaching them the sounds of the alphabet. Children learn to connect sounds into words, using what they learned from the alphabet to apply a system of sounds into a word. Controversy regarding this reading education method has additionally been popular. Although researchers have found negative effects in learning to read phonologically, teachers can still strategically incorporate it into the classroom as long as they are aware of its potential negative effects. According to Bentin S. (1991), phonological awareness is the ability to recognize the internal phonetic structure†¦show more content†¦This is partially because the English language is sometimes difficult to phonetically learn since some rules do not apply and it becomes confusing for the learner and difficult for the educator. Although semantics appear to be a beneficial method, there are many scholars who argue otherwise. Dewhurst, S. and Robinson, C. (2004) discuss some of the negative effects among children whose education focuses more on semantics than phonetics. The study was conducted on 5,8, and 11-year old children and children from each age group falsely recalled nonpresented items related to the study lists (782). Although the study varied depending on the age group, it was clear that the focus of semantics has caused children to have memory illusions as they read (782). Many scholars argue that phonetics is the most effective way to teach reading skills because it makes the individual a better reader in the long run. Once a child can phonetically read, they have the capability to pick any book up and sound out its contents. Children who learn semantically are unable to do this because they learn to memorize certain words as they go. A positive element to learning semantically, however, is the childs ability to read quickly. Once a child has established a memorization and recognition to words, they are able to read very quickly. Children who learn phonetically are often slower since they are sometimes required to stop and sound it out. HoweverShow MoreRelatedThe Lexical Decision Task Shows Evidence Towards Readiness1619 Words   |  7 Pagesothers, learn valuable survival and intellectual skills, or even retain that eating and drinking water is how humans stay alive. Memories can be both beneficial and detrimental to humans and animals alike. Most memories, like remembering that brick walls hurt to run into or that brushing one’s teeth twice a day will keep them white and healthy, are beneficial to our daily living. However, some memories, like walking through a smoking area outside of an event while trying to quit smoking, can lead us to