The Civil War is, beyond doubt, the most critical and pivotal event of Essay

The Civil War is, beyond doubt, the most critical and pivotal event of the 19th century if not all of American History. Explain - Essay Example They include equality, immigration benefits especially in the North, replacement of slavery with racial favoritism and development of the South after ceasing to be a â€Å"King Cotton† region (Ennis 19). The latter aspect was due to the abolition of slavery, which many plantation masters utilized in tilling and harvesting their cotton (Ennis 15). American civil war besides its occurrence dating many years ago, its impacts characterizes the present state of Americans’ lives. The agitation for the abolition of slavery especially by the Abraham Lincoln and the Northerners yielded to the present equality (Ennis 17). This emanated from the then core argument that accelerated the abolition of slavery, which stated, â€Å"No man had more rights than the other despite the color of an individual’s skin†. The acceptance of abolition of slavery/servitude was not easy especially among the Southerners who solely relied on slaves in their cotton plantations besides in d oing other hard domestic chores (Ennis 18). Therefore, Southerners having no other alternative, they yielded to the Northerners’ pressure, which led to the emancipation of the enslaved blacks. Emancipation offered the then oppressed blacks and other marginalized races a chance to agitate for their civil rights and dignity, which led to the present equality (Mccurry 60). ... This is because compared to the Southern region; there were acceptance and free interactions of diverse races in the north (Ennis 20). In addition, the end of slavery implied an increased competition for jobs in the south especially from the freed blacks where the non-American whites were not willing to experience. Therefore, they ended up relocating to the North where they inhabited diverse regions to form homogeneous cultures besides intermarrying with other races (Mccurry 60). For example, Milwaukee and Cincinnati cities, mostly inhabited by Germans to the present despite diverse and numerous interactions with other races. Mass migration of diverse races to the North also yielded to the reborn of the present United States, which comprises of diverse races that form one homogenous entity. This has given birth to a new generation almost having similar trends especially in the mode of dressing and music (Hip Hop). The banning of servitude severely affected the southerners’ eco nomy, which solely relied on agriculture (Ennis 17). Therefore, they had no option but to invest in other sectors to rebuild their economy, which prompted them to focus on establishing industries besides improving the states’ infrastructures. This is evident from the southern regions’ current state where the countries have turned their focus to industrializing diverse ventures, for instance, dairy farming (Ennis 20). The trend from then to date has not changed where the southern region has kept on improving its infrastructures. This is because of the worldwide perception concerning the essence of intensive industrialization, which leads to a

Analysis and Comparison of Iranian and American Management; the Cultural Dimensions and Values Essay Example for Free

Analysis and Comparison of Iranian and American Management; the Cultural Dimensions and Values Essay This report is aimed to represent a brief description of the Iranian management values today and compare the results with a developed country like Unites State. First it will give a description of some of the characteristics of Iran management and culture, then it is tried to categorize these characteristic base on Hofstedes Dimensions (1980) (power distance, avoiding uncertainty, masculinity/femininity, individualism/collectivism) and Flower’s dimensions, Flower 1975, (tribalistic, egocentric, conformist, manipulative, sociocentric, existential). In the next step will be presenting of relative information about United State and at the end the comparison between the results. Most parts of this report is focused on Iran management. IRAN The name ‘‘Iran’’ was used as early as the third century BC by a ruler who described his empire as Iran-shahr and himself as the ‘‘King of Kings’’. The country is highly diverse from every point of view, especially in topography and climate. The population of Iran is estimated at some 70 million, 12 million of which live in the capital Tehran and its suburbs. The official language of Iran is Persian (Farsi) which is an Indo-European language derived from Sanskrit. The country has one of the world’s most diverse ethnic groups ever assembled in one country: Persian (56 per cent), Turk (Azari) (24 per cent), Gilaki (8 per cent), Kurd (8 per cent), Lur, Baluch, Arab and Turkaman. The religious groups are Shiite Muslim, Sunni Muslim, Zoroastrian, Jewish, Christian and Bahaii. At the present, Iran is an Islamic republic, ruled according to a constitution providing for executive, legislative and judicial branches. The political system comprises both elected and un-elected institutions. Iran’s economy is a mixture of central planning, state ownership of oil, large enterprises, village agriculture, small-scale private trading and service ventures. All large industries and the majority of medium-scale enterprises are run by the public institutions particularly the foundations which were set up during the revolution. These entities own some 20 per cent of the country’s assets, and contribute 10 per cent of GDP (Khajehpour, 2000), however, they are generally mismanaged. Management in Iran Iranian management today is interesting firstly because the country is slowly opening up to the West after two decades of ignorance on the part of Westerners as to sides of life in Iran other than the political and religious aspects. Up till quite recently, the political discourse was dominated by the belligerent official language and images of mobs demonstrating in the streets against â€Å"the devils in the West†. Now after twenty years of austere clerical regime, the reform movement is gradually gaining momentum, especially among young people who have not known life before the Revolution. Secondly Iranian management is interesting because most people confound Iranians with Arabs, believing that what they learn about Arab countries is also valid for Iran, and this obviously is a misunderstanding. We begin our discussion with bringing some insights into Iranian society and its culture. Based on Hofstede’s findings (1980) Iran is classified in near Eastern cluster including Turkey and Greece. A more recent research found that Iran is part of the South Asian cultural cluster consisting of such countries as India, Thailand and Malaysia (Javidan and Dastmalchian, 2003). For a newcomer these findings may seem very different from the image of Iran as a predominant Islamic/Middle-Eastern country which is often confused with its neighbours. The point is that as a country situated in the Middle East, Iran has many commonalities with its neighbour Muslim countries; however, due to its unique historical, linguistic and racial identities it has a different and unique culture. Collectivism A very fundamental issue in every society is the priority given to interests of individuals versus those of collectivity. Hofstede (1980) views an individualistic society as one in which beliefs and behaviours are determined by the individual; whereas in a collectivistic society the attitudes are determined by loyalty towards one’s group. The manifestations of collectivism and social networking are very common in Iranian management. Personal connections and informal channels seem more practical, whereas formal systems, official institutions and procedures are considered less efficient and even bothering. As a direct result, Iranian society tends to perate rather on the basis of personal relationships among people, than on the basis of impersonal and mechanised institutions. The use of informal channels may imply bending rules and taking advantages to which one is not formally entitled. The popular Persian term for this practice and other forms of nepotism and favouritism is Partibazi, which is a common practice in Iranian organizations. For instance, it would not be unusual for Iranian managers to hire a relative or acquaintance for a job vacancy, even though they could easily employ a more competent but unknown worker. Collectivism has also a significant influence on the communication. An outcome of collectivism is the implicit and high-context communication in Iranian culture. Iranians from an early age learn to be careful about what they say and are advised to use an indirect language for expressing their intentions (Javidan and Dastmalchian, 2003). Persian language and literature are full of nuances and metaphors which should be interpreted in their context and cannot be taken at face value. A particular and very common form of indirect language in Iranian culture is Taarof which can be translated literally as politeness, but has a much more profound significance. In fact, Taarof implies a wide range of complicated and highly polite expressions/behaviours, which should not be interpreted literally. This kind of context-bound communication is very common in Iranian organizations in both written and oral forms. Power distance This orientation concerns the extent to which the less powerful members of a society expect and accept that power is distributed unequally. This orientation concerns the extent to which the less powerful members of a society expect and accept that power is distributed unequally. Results from Yeganeh and Zhan(2007) about ‘‘hierarchy’’ reflect the high degree of hierarchical distance among Iranian managers. Hofstede (1980) considers these characteristic as power distance in his research. The antecedents of this high hierarchical distance are deeply rooted in many aspects of Iranian mythology, history, politics, religion and family structure. Manifestations of high degree of hierarchical distance are various and numerous in Iranian management. A very clear example is the over-centralization of the capital Tehran. Despite the diversity and largeness of country, all administrative bodies and decision-makings are concentrated in the capital and other provinces should obey the resolutions. Other examples include top-down management, authoritarian decision-making (Javidan and Dastmalchian, 2003) and hierarchical structure of reward systems. For instance, there is considerable gap between compensation packages intended for people working at the top of organization and those working at entry levels. Managers consider it normal that people at higher levels have more privileges than those at lower levels. An outcome of hierarchical distance, combined with effects of collectivism and family-orientation is the dominance of paternalism in Iranian organizations, which is encouraged also by Islamic virtues. Schramm-Nielsen and Faradonbeh (2002) reported that Iranian employees expected superiors to help them in a variety of issues such as financial problems, wedding expenses, purchasing of new homes, illness in the family, education of children and even marital disputes. Past-orientation Results from Yeganeh and Zhan (2007) indicate Iranian managers tend to be past- rather than future-oriented. The orientation toward past may be crystallized in honouring indigenous managerial styles and their underlying foundations. After the revolution of 1979, there was much emphasis on substitution of modern/western management by traditional/Islamic work-related principles. Therefore, Iranian executives were urged to realign their managerial styles and practices to religious, social and political values of revolutionary ideology. Not surprisingly, most of these managerial styles were not based on rationality and progress, but on old-fashioned and obsolete views which were not efficient and practical. The past orientation can be manifested also in terms of neglecting plans or setting short-time horizon and also relative high uncertainty avoidance. High uncertainty avoidance means that members of the society feel uncomfortable with uncertainty and ambiguity and thus support beliefs that promise certainty and conformity. Activity orientation (being versus doing) According to Yeganeh and Zhan(2007) , ‘‘Activity Orientation’’ corresponds to masculinity dimension as described by Hofstede (1980). It is argued that in a ‘‘Doing’’ culture, people tend to view work activities as core to their existence, and they attach much importance to achievement and hard work. In contrast, in ‘‘Being’’ cultures peace of mind is cherished and emphasis is placed on immediate and unplanned actions. In reality, it is possible to witness demonstration of both ‘‘Being’’ and ‘‘Doing’’ orientations in Iranian society. For instance, a good deal of Persian literature is devoted to peace of mind, pleasure and frugality. Moreover, affected by Islamic culture, Iranians tend to view the world as an ephemeral step which does not worth hard work and which should be considered as a transitional phase toward eternal life and salvation. While these manifestations correspond to ‘‘Being’’ orientation, Iranians are known also for ‘‘Masculine’’ qualities such as individual achiever (Javidan and Dastmalchian, 2003), militant, hard-working and efficient. Bargaining Whereas doing business always means trying to negotiate the best deal in terms of price and related conditions anywhere in the world, this does not normally in the Western world extend to everyday little purchases. The bargaining represents a tradition that goes back thousands of years. According to this tradition the choice of dealer or business relation is an important one. The tradition is also that you bargain with your usual suppliers. The Western custom of shopping around for the best price and the best conditions is not well accepted. The obvious reason is that it breaks with the golden rule of trust. It takes time to build up a relationship based on trust, and so you need to have a long-term strategy and a lot of patience. Uncertainty avoidance High uncertainty avoidance means that members of a society feel uncomfortable with uncertainty and ambiguity and thus support beliefs that promise certainty and conformity (Daft 2003). According to Ali and Amirshahi (2002) results, the primary values of Iranian Managers are conformist. Flower’s dimensions Based on a research by Alishahi (2002) which was conducted through istributing twenty-two hundred questionnaires to a random sample of Iranian managers, the primary values of Iranian managers are conformist, sociocentric. Indeed, the outer-directed values (conformist, sociocentric, and tribalistic) are relatively dominant. This result may have its roots in the political and cultural reality. Since the Islamic revolution, Islamic values have been propagated. The emphasis has been on achievement and human dignity and on societal causes, rather than on personal material gains, in alleviating internal problems. Both dimensions reinforce conformity and sociocentric attitudes without discounting the existential outlook and personal growth. The Islamic regime constantly reminds the public about the outside threat and the need to sacrifice personal gains for the sake of society. In addition, the core philosophy of the regime is that the poor and unfortunate segments of the society must have access to political and economic opportunities. It should be mentioned too that the current Islamic regime condones both conformity and sociocentric outlooks. In an era of transition, managers may seek to avoid uncertainty by going along with the public pronouncements of the regime. Nevertheless, certain values differ across some variables, such as size of organization, ownership, managerial position, and father’s occupation. For example, manipulative managers were found in larger organizations and in the private sector. A typical manipulative manager relies on building a network of friends and supporters, and on careful political manoeuvres. Large corporations in Iran were public or had been nationalized after the revolution. Both have experienced profound restructuring in terms of power distribution and economic partnership. Perhaps this situation created opportunities for a new allegiance to seize power and gain influence. Sociocentric value is found among lower-level managers and those with peasant, working class, and clergy origins. Those with working and lower class origins, therefore, may have developed an awareness of the enormous social differences, and may nurture the feeling of belonging to â€Å"social classes† that have little or nothing in common with upper social classes. Perhaps this in turn creates a commitment to humanistic and community causes and strengthens the desire for a just society. United State management American culture is characterized by high individualism with loosely knit social frameworks. In individualistic societies, people are supposed to take care of themselves and their immediate families. Since individualism is high in the United States, work and accomplishments are viewed as person-centred. Thus, issues of individual meritocracy and perceptions of fairness are likely to be more pronounced among American employees. Materialism, according to Abdu K. (2004), conveys the idea that being affluent, prosperous and rich should be encouraged and suggests that a certain product or service will make the user well off. However, the simplistic approach, like in the USA, conveys the â€Å"just enough idea,† which emphasizes ego needs and self-actualization, rather than just material comfort. Pluralism refers to the degree to which national culture fosters simultaneous coexistence of different ethnic groups with strong identities. In a low pluralism culture, minority groups are completely absorbed by the dominant culture. The minority groups either completely replace their identities with those of the dominant culture, or retain weaker cultural linkages with the dominant cultural group. High pluralism on the other hand characterizes simultaneous coexistence of diverse ethnic groups with strong identities. Both Iranian and American culture is non-pluralistic or ethnocentric. Ethnocentrism means that people have a tendency to regard their own culture as superior and to downgrade other cultures. In both countries cultural differences are unified into a coherent, universal work culture. Diverse groups are absorbed into the mainstream work culture to create uniform work norms, beliefs and values. In such a non-pluralistic culture, minority communities have weak identities and legitimacy. Thus, the in-group–out-group ideology may not be as prominent in non-pluralistic cultures as in pluralistic culture. Rather than compete with minority cultures, the dominant culture aims at absorbing the minority cultures. Ethnocentrism within a country makes it difficult for foreign firms to operate. Based on a research by Alishahi (2002), prevailing dominant values in the U. S. are, (egocentric, manipulative, and existential; 60% inner-directed). United state is characterized by low power distance a relatively high tolerance for uncertainty and emphasizes shared power and authority, with team members working on a variety of problems without formal guidelines, rules, and structure. Many workers in Iran expect organizations to be hierarchy.

Making Cross Functional Decisions

Making Cross Functional Decisions INTRODUCTION Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of specifying the firms objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firms objectives. Strategic management also integrates the activities of the various functional sectors of a business, such as marketing, sales, production to achieve organizational goals. It is generally the highest level of managerial activity, usually imitated by the board of directors and executive team. Strategic management hopes to provide overall direction to the company has ties to the field of organization studies. Strategic planning is a management tool, period. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. Strategic management also allocates the right amount of resources to the different parts of your business so that those assigned to particular goals have what they need to meet their objectives. This ranges from providing your workers with the right supplies to enacting systems by which employees receive the necessary training, all work processes are tested, and all information and data generated is documented. To effectively manage your business strategically, every inch of your company must have its needs met in these ways. Furthermore, one must know that two businesses cannot be same and there should be some basic differences between them. Because of this, the goals and the plans of action are different for each business. Plus, the strategies for long term and short term development should be different and these need to be applied separately. QUESTION 1: Explain how someone can be a manager but not a leader, a leader but not a manager, and both a manager and a leader. A manager is a person with a job of overseeing one or more employees or department to ensure these employees or departments do their job or assigned duties as required. A manager helps others to get more done by motivating the employees, providing directions , making sure the employees working together towards a common goal, and providing feedback. A new manager may be responsible for a small team or a small project. Usually a senior manager will watch over his or her work. The manager will have to learn the strengths and weaknesses of the team members, instruct a work to the team members, guiding team members to reach goals, provide the tools needed by the team and motivate them to do their task. Usually , a new manager has limited responsibility for money issues and little chances to approve or make an expenditures. They have to review and approve timesheets for their employees and may have the chances to approve expense accounts. The term of manager is not the same for leader since the two terms are not the same. A manager must ensure the appropriate delivery of human resources and funding to meet the routine daily productivity objectives. The manager is known as detailed oriented. Mangers don not see the overall picture and are less interested regarding the long-term corporate goals and mission. They are worried about details; as a result, they do not make them a good leader. Some managers may have certain leadership qualities but they remain too focused on their daily operations and are unable to provide direction and vision to the organization. A manager plans, organizes, leads, and controls whereas a leader influence others through communication, motivation, discipline, direction and dynamics Typically, the goals are set for a beginning manager by someone higher ranking in an organization. Here , the manager have to develop a plan to achieve the goal set. They have to provide feedbacks to their employees as they work with those plans. To be a manager , developing skills at all level is important . At a beginning level , examples of two area where a manager need to focus their skill development are the ability to manage their meetings and developing their own planning tools such as to do a list. A leader is different from manager. A leader is a person who has vision, a drive and a commitment to achieve that vision, and the skills to make it happen. A leader see a problem that needs to be fixed or a goal that needs to be achieved. A leader is also a person who guides others towards a common goal, showing the employees by example and creating an environment in which other team members feel active and involved in any process or task. A leader is a good listener. Leaders have to keep their mind open to others ideas. They can come up with new ways to accomplish the goal set. It is the leaders job to make sure that everyone in the group is being heard. Leaders have to listen to the team members ideas and listen their criticism for improvements. Leaders have to be focus all the time. They have to keep on remind themselves and the team members of the goals and mission. Staying on track and keep the team members on track ,the team will stay motivated and more productive. As leader of the group, it is important that you schedule time to meet with your team to establish and check-in about the goals you hope to achieve. Leaders also have to be organized. Leaders are responsible in a lot of things and might be very busy sometimes. A leader can set the tone for the team. A leader who is organized helps motivate team members to be organized as well. As a leader, youre responsible for a lot and youre probably going to be very busy at times. However, you still need to find time to talk with your team. A good way to do this is to set frequent group meetings, so that no question or concern goes too long without attention. Leaders also have to be decisive. Although an important part of being a leader involves listening to the people surrounding, they have to remember that they are not always going to be able to reach a compromise. When this happens, dont be afraid to make the final decision, even if some team members disagree with the plans. Confident is the most important characteristics of a leader, leaders have to believe themselves and the success of the team members. Show others that you are dedicated, intelligent, and proud of what you are doing. A manager basically directs resources to complete predetermined goals or projects. For example, a manager may engage in hiring, training, and scheduling employees in order to accomplish work in the most efficient and cost effective manner possible. A manager is considered a failure if they are not able to complete the project or goals with efficiency. . On the other hand, a leader within a company develops individuals in order to complete predetermined goals and projects. A leader develops relationships with their employees by building communication, exampling images of success, and by showing loyalty. As an example of a manager, A company CEO directs Wong, one of the companies up and coming managers, to hire enough new employees to provide the company with a customer service department. Wong undertakes his project with enthusiasm. He hires only those employees who can work the assigned hours, will accept the modest pay, and have experience working in customer service. He trains his new employees to perform the job to his expectations and assigns the employees to their new positions. Wong measures his success in terms of efficiency, calls handled per hour, and cost effectiveness, for example did he meet his budget?. However, Wong did not anticipate that of the employees he hired, only a handful would remain working six months later. Moreover, as an example of a leader, Ahmed obtains the same assignment as Wong. Ahmed hires employees that he believes he can develop a working relationship with, versus just those employees who will worked the assigned hours and take the modest pay. Ahmeds goal is to hire a diverse group of employees, some of who do not have any customer service experience, who he feels he can develop a personal connection. A large part of Ahmeds training involves team building, telling successful stories, and listening to each employees own desires for what constitutes a fulfilling job. Ahmed still assigns his employees their job duties and schedules at the end of training, and he also measures success in terms of efficient and cost effectiveness, but he also measures success in terms of low employee turnover, employee morale, and employee development. Ahmed feels proud when one of his employees obtains an advance level position a year or two after being hired. The skills to be a leader or a manager are not exclusive in nature. A leader who only displays leadership skills will be ineffective when it comes to checking time cards, completing employee reviews, and scheduling employee vacation time; things that employers require their managers to do on timely bases. Similarly, a manager who spends all his/her time completing paperwork and reading reports; only creates more problems for him or her because they lack a developing relationship with their employees. Many companies, one person may play the role of both leader and manager. In others, these roles are carried out by different people. And in many cases, the roles overlap and leaders need to manage and managers need to lead. However, it is critical that both roles are performed effectively for a company to succeed, especially a company with employees. Without a vision for the future, a company has no direction and no goals for which to strive. Good leaders are made not born. If you have the desire and willpower, you can become an effective leader. Good leaders develop through a never ending process of self-study, education, training, and experience. As a manager who would like to become a better leader to inspire yourÂÂ  employees into higher levels of teamwork, there are certain things you must be, know, and, do. These do not come naturally, but are acquired through continual work and study. Good leaders are continually working and studying to improve their leadership skills. Le aders and managers also have much different conceptions of work itself. Leaders develop new approaches to long-standing problems. Leaders work in high-risk positions because of a strong aversion to mundane work. Conversely, managers view work as an enabling process. Managers tolerate practical, mundane work because of a strong survival instinct that makes them risk-averse. They are good at reaching compromises and mediating conflicts between opposing perspectives, but lack the influence to avoid future conflicts. QUESTION 2: Identify two very different organizations that compete on a cost leadership strategy and explain how they do this, i.e. find out what they do that enables them to keep their prices low. The cost leadership strategic is to gain a competitive advantage. Make it into a simple word, cost leadership is reduce the cost to fight with their competitor in same industry. The organization who need to earn more profit, must reduce the cost to ensure they are not waste any resource. The cost who has reduce more, the company will gain more profit and easy to survive in the market share. Anakku Anakku as famous is selling the baby product. The company is celebrated 38th anniversary in Malaysia in 2011. Therefore, the company has their advantage to survive in this market. Anakku produce the baby products get it the mission is built on a strong, solid foundation of premium quality, safety and reliability. The product have been sell by Anakku are fashion-wear for babies and toddlers, feeding equipment, toiletries, diapers, accessories, strollers, playpens and more. Baby Kiko Creating style glamour, fun comfort for the little ones. Is the brand name of Baby Kiko. Baby Kiko is a brand extention from KIKO. Baby Kiko is establishing in Malaysia for over 20 years. Baby Kiko is one of the most widely recognized baby brand in Malaysia, known for quality, trendy style, and marketing creativity. The product that have been sell are toddler clothing, feeding accessories to weaning products, baby cleansing to baby skincare products. Cost Leadership Strategic Both companies have completed their cost leadership strategic, therefore, both company can survive in the market taking a long period time. Each of them has the plan to reduce the cost and increase their profit. Not even thought, both companies also using the Michael Portal 5 force to operate the companies. And they no using too much of advertising to promote their product, so that, the cost will follow decrease. Next, most of the products like cloth or accessories are make by them. The pattern and the design had been created, so, the companies will produce it with their own manufactory. Follow by this, both companies will try to reduce the damage of the product. They will make sure the product is good. The after-sales service is one of the parts they can do, and get the feedback from the customers, and get to improve better to the customers need. Within the Michael Portal 5 forces, First of all, the bargaining power of supplier. For the Baby Kiko Company, all the product are make by own, so that, the raw material of they used is direct from the manufactory, so the price of the product can easy to under control. An opposite, about the Anakku Company, some if the products like car seat or toys are manufacture from the supplies. Mostly, the Anakku Company will control by the supplier. But, for the Anakku Company, the main product for sell is clothing and the accessories like bottles, teethers, feeding accessories and etc. If the supplies increase the price, so they will change the supplier to get the raw material and try to product good product for their customers. Next, the bargaining power of customer or buyer is one of the forces that both companies used. The price had been set and the customers no have too much or no have power to argue to reduce the price. The entire product had been fix price, unless the company does the promotion like discount, so the customer will get the lower price of the product. Both companies have provided onsite service and after-sale service. And some of the product will give about 1 week to 1 year of warranty depend on the product. The threats of the entry of new competitor will also influence the cost. If got new competitor join into this industry, the company will spend more money to do promotion as like discount or adverting to attract people. This kind of money will increase the cost, so the profit will been decrease. Otherwise, both company had been survive in Malaysia taking a long period time, they have their own popularity in this country. For the Anakku Company, they mostly are produce the safety and useful product. The product no easy to damage and some of the product have the warranty to attract the customer to buy it. This is the advantage for them and no need scare about the new competitor to try to attack them. Besides that, the Baby Kiko Company more is based on the creative and innovative product to attract customers. The design and the fashion are new and look nicely. Based on the customers, they will take feedback and get the new the information to produce the product. Those are the advantage of the both companies; the new competitor does not have too much power and cost to survive. Other than that, the intensity of competitor rivalry it may also influence the cost. Take a basic word, who can get the lower cost, who will win in the market. Therefore, the company must have the power and the capacity to run the business. For Anakku Company, they have many branches in the Malaysia. It will easy to target market and the customers. Anakku Company as a wholesaler otherwise as a retailer. They retail the product directly to the customer, so that, the cost will not be too high to be taken. The technology of Anakku Company use is high-tech machine. According the above statement, the Anakku Company does not have too much of advertising. Running the business around 30 years, the popularity has the value on their customers. For Baby Kiko, they usually are wholesale to the stores that are really preferred to sales. Some hypermarket like Partson or The Store, we can see Baby Kiko product. Wholesale to other store, it can deduct the cost of employee and no need searching the place to run over the business. The customers who are prefer to sell the product, they will delivery it. It may reduce the cost with it. Not even that, Baby Kiko Company also though the internet to promote the product. One of the major website is Facebook to promote. It is free of charge and also can attract more people to know the new product. Other than that, the labour force it may influence the cost available. Anakku Company is more focus on the retail sale, so that, the employee will taking more and more, so the cost relative will increase. From the manufactory to the store, they are too many employees to work. But, the Baby Kiko no taking too much of employee, because they have using the technology like machine or wholesale to other seller. The cost taking is the transportation fee. At last, which companies keep the lower cost; it may easy and expand the business. Besides that, properly using the raw material and do not simply waste too much. Because the waste will direct influence the cost. Have a good plan of cost leadership, the company more easy to survive in the market share.

Employment Laws and Regulation Essay -- Business Law

Introduction The American employment laws are designed to foster human dignity and in the process provide employees with various tangible benefits. It is therefore expected for employees to be on the forefront in supporting and adhering to them. Likewise if an organization applies effectively these laws, it can benefit massively from dynamic, healthy, motivated, and productive employees. It therefore goes without saying that managers, just like employees, should promote these laws and thus ensures the organization conforms to them. Generally these laws govern the workplace actions of employers and employees. It ensures a fruitful and legally conducive environment and relationship exists between these two parties, and within employees themselves. Violating them cannot only put the organization effectiveness on jeopardy or defying employee employment at risk, but also it can lead to serious legal repercussion (Yamada, 2008). Re-emphasizing on specific employment related laws is of paramount importance considering Pomodoro Ltd recently subsumed Thompson snack. Such restructuring might affect directly employment positions of various employees. As such, keen interest should be paid on laws relating to wage and salaries, and unemployment compensation. In addition, the organization is composed of both international and local employees. It is therefore natural that the workforce would be largely diversified. Ensuring that laws encouraging diversity are adhered to and consequently eliminating any chance of discrimination and harassment should be a priority. Wage and Salary Fair Labor standards Acts (FLSA) is among the regulations that protect the compensation rights of the employees. This regulation covers non-expert employees by... ...1994). The Worker Adjustment and Retraining Notification Act: Effect on Notice Provision. Industrial and Labor Relation Review, 47 (4), 650-662. Guerin, L., & DelPo, A. (2007). Create your own Employee Handbook: Legal Practical Guide (3rd ed.). Berkeley, CA: Nolo. HG Legal Directories.org. (2012). Employment Discrimination Law. Retrieved from http://www.hg.org/employment-discrimination-law.html. Mashaw, J. L. (1996). Unemployment Compensation: Continuity, Change, and the Prospects for Reform, University of Michigan Journal of law Reforms, 29, 1-24. Ross, S. C. (2011). How on Earth Can You Possibly â€Å"File† An Oral Complaint?: An analysis of the Boundaries  § 215 (A) (3) of the Fail Labor Standard Act. St John Law Review, 84, 1543-1567. Yamada, D. C. (2008). Human Dignity and American Employment Law. University of Richmond Law Review, 43, 523-569.

Kingfisher Case Study

EISSN 2277-4955 THE KING WITHOUT FISHES†¦!!! [CASE ON CRISIS OF KINGFISHER AIRLINES] Prof. Bhavik M. Panchasara Marwadi Education Foundation’s Group of Institutions, RajKot, [email  protected] com ABSTRACT Indian Aviation Industry is one of the fastest growing markets in the world. But nowadays it is in the news due to different reason. And that is the failure of one of the leading aviation player – Kingfisher Airlines. The airline has been facing financial issues for many years. Till December 2011; Kingfisher Airlines had the second largest share in India's domestic air travel market.However due to the severe financial crisis faced by the airline, it has the fifth largest market share currently. Even the company have no funds to pay the salaries to the employees and is facing several other issues like fuel dues; aircraft lease rental dues, service tax dues and bank arrears. This case outlines the financial turmoil of the Kingfisher in detail. Keywords: Aviation industry, Kingfisher Airlines, financial turmoil, financial issues, crisis and debt restructuring INTRODUCTION: Kingfisher Airlines is an airline group based in India.Its head office is The Qube in Andheri (East), Mumbai; and Registered Office in UB City, Bangalore. Kingfisher Airlines was established in 2003. It is owned by the Bengaluru based United Breweries Group. Kingfisher Airlines, through its parent company United Breweries Group, has a 50% stake in low-cost carrier Kingfisher Red. The airline started commercial operations in 9 May 2005 with a fleet of four new Airbus A320-200s operating a flight from Mumbai to Delhi. It started its international operations on 3 September 2008 by connecting Bengaluru with London.The airline has been facing financial issues for many years. Till December 2011; Kingfisher Airlines had the second largest share in India's domestic air travel market. However due to the severe financial crisis faced by the airline, it has the fifth largest market s hare currently, only above Go Air. Kingfisher Airlines is one of the only seven airlines awarded 5star rating by Skytrax along with Cathay Pacific, Qatar Airways, Asiana Airlines, Malaysia Airlines, Singapore Airlines, and Hainan Airlines. Kingfisher operates 250 daily flights with regional and long-haul international services.In May 2009, Kingfisher Airlines carried more than 1 million passengers, giving it the highest market share among airlines in India. Kingfisher also owns the Skytrax award for India's best airline of the year 2011. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 84 EISSN 2277-4955 STARTING OF THE CRISES: Ever since the airline commenced operations in 2005, the company is reporting the losses. But the situation became more horrible after acquiring the Air Deccan in 2007. After acquiring the Air Deccan, the company suffered a loss of over Rs. 1,000 crore for three executive years. By early 2012, the airline accumulated the losses of over Rs. ,000 crore with half of it s fleet grounded and several members of its staff going on strike. Following table 1 highlights losses of the company since inception: Table 1: Net Reported Losses and debts since inception (Rs. In Crores) Year Loss Secured Loans Unsecured Loans Mar-11 -1027. 4 5,184. 53 1,872. 55 Mar-10 -1646. 22 4,842. 43 3,080. 17 Mar-09 -1608. 83 2,622. 52 3,043. 04 Mar-08 -188. 14 592. 38 342. 00 Jun-07 -419. 58 716. 71 200. 00 Jun-06 -340. 55 448. 16 3. 50 Mar-05 -16. 79 159. 42 125. 06 DEBT RESTRUCTURING: In the situation of loss and tough financial condition, the company went for more loans.Table 1 shows the portion of secured and unsecured loans taken by the company. Due to heavy burden of debt and interest, in November 2010, the company adopted the way of debt restructuring and under that total 18 leading lenders, those have landed total Rs. 8,000 crores, agreed to cut interest rates and convert part of loans to equity. As per the contract, lenders have converted Rs. 650 crores debt into p reference shares which will be converted into equity when the company lists the on the Luxembourg Stock Exchange by selling global depositary receipts (GDR).Shares will be converted into ordinary equity at the price at which the GDRs are sold to investors. Besides the 1,400 crore debt which will be 800 crore converted into preference shares, another CRISIS TILL CONTINUE: Debt restructuring also couldn’t change the game. By restructuring, company had reduced the interest charges by Rs. 500 crores every year, but due to the high leverage condition and increase in cost, the company started to face the liquidity problem. The company had no funds in hand and it created the following payment problems.DELAYED SALARY: Kingfisher Airline has staff strength of 6,000 and spends 58 crore on salaries a month. According 173. 66 to the first quarter financial results, it has increased from crore under the employees cost head, which has 163. 40 crore during the same quarter last year. Kingfi sher Airlines delayed salaries of its employees in August 2011, and for four months in succession from October 2011 to January 2012. Kingfisher also defaulted on paying the Tax Deducted at Source from the employee income to the tax department. debt has been converted into redeemable shares for 12 years.Due to debt restructuring, the company able to down the average interest rate to 11% and to save Rs. 500 crores every year in interest cost. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 85 EISSN 2277-4955 FUEL DUES: In the past several years, Kingfisher airlines had trouble paying their fuel bills. Due non-payment, several Kingfisher's vendors had filed winding up petition with the High Court. As on Nov 2011, winding up petition of seven creditors was pending before the Bangalore High Court. In the past Lufthansa Technik & Bharat Petroleum Corporation Limited (BPCL) had also filed winding up petition against Kingfisher Airlines.Here are some cases: ? ? HPCL: In Jul 2011, Hindustan Petrol eum Corporation Limited (HPCL) stopped the fuel (ATF) supplies for about two hours to Kingfisher airlines owing to the non-payment of dues. Situation was later resolved. ? BPCL: Bharat Petroleum Corporation in 2009 had filed a case against Kingfisher airlines for non-payment of dues. High court in an order said that the entire amount 245 crore had to be paid by Nov 2010 and the airline paid it in instalments. AIRCRAFT LEASE RENTAL DUES: Since 2008, it has been reported that Kingfisher Airlines has been unable to pay the aircraft lease rentals on time.Due to that, the Kingfisher Airlines has grounded 15 out of 66 aircraft in its fleet as it was unable to meet the maintenance and overhaul expenses. Here are the some major issues with: ? GECAS: In Nov 2008, GE Commercial Aviation Services threatened to repossess 04 leased planes in lieu of default. Kingfisher Airlines initially BAUDDHIK On 9 December 2011, S. K. Goel, chairman, Central Board of Excise and Customs (CBEC) announced that CBEC is considering legal action against Kingfisher for not paying service tax. As on 10th Jan 2012, Kingfisher Airlines has service tax arrears of 70 crore.The Ministry of Finance has given a concession to Kingfisher and instructed them to pay the dues by 31st Mar 2012. In Jan 2012, SERVICE TAX: Kingfisher received a notice from the Airports Authority of India on February 2012 regarding accumulated dues of 255. 06 crore. The airline was operating on a cash and carry basis for the last six months, with daily payments amounting to 0. 8 crore. AAI REPORTS: DVB: In Jul 2010, DVB Aviation Finance Asia Ltd (a lessor from Singapore), sued Kingfisher Airlines for lease rental default.Case was filed in a UK court on Jul 16, 2010 after Kingfisher did not pay for three month lease rental for A320 aircraft it leased from DVB. denied that it missed the payments. GECAS had filed a complaint with DGCA saying Kingfisher had defaulted on rentals for four A320 aircraft, and sought repossession of th e planes. In Jan 2009, The Karnataka High Court rejected petition by Kingfisher Airlines to restrain GECAS from taking any step to deregister and repossess the 04 aircraft in dispute. As a result, Kingfisher had to return the A320 aircraft to GECAS. VOLUME 3, NO. -1, JAN-APRIL-2012 87EISSN 2277-4955 Kingfisher paid 20 crore towards its dues for operational by February 20. With this, Kingfisher's market share clearly dropped to 11. 3%. The cancellation of the flights was accompanied by a BANK ARREARS: Kingfisher Airlines had not paid some bankers (Lenders) as per the Debt Recast Package (DRP) with lending banks. Till the end of Dec 2011, the arrears were estimated to be 260 crore to 280 crore. Lenders hence had told Kingfisher Airlines to clear its dues before they can release any more money sought by the Airline. Ravi Nedungadi, chief financial officer of UB Group however said that the arrears were 180 crore.State Bank of India (SBI) on 5th Jan 2012 declared Kingfisher Airlines a NP A. SBI is largest creditor and the leader of the consortium of banks in the DRP (Debt Recast Package) and has an exposure of NPA by following banks: State Bank of India Bank of Baroda Punjab National Bank IDBI Central bank of India Bank of India Corporation Bank THE CRISIS CONTINUE: During late February, 2012, Kingfisher Airlines started to sink into a fresh crisis. Several flights were cancelled and aircraft were grounded. The airline shut down most international short-haul operations and also temporarily closed bookings.Out of the 64 aircraft, only 22 were known to be 1,457. 78 crore. Thus, by Feb 2012, Kingfisher has been declared 13. 5% drop in the stocks of the company on 20 February 2012. The CEO of the airlines, Sanjay Agarwal was summoned by the Directorate General of Civil Aviation to explain the disruptions of the operations. The State Bank of India, which is the lead lender to Kingfisher airlines said that they would not consider giving any more loans to Kingfisher unless and until it comes up with a new equity by itself. Political activists also claimed that bailing or helping a private airline would lead to problems within the Government.By February 27, Kingfisher operated only above 150 out of its 400 flights and only 28 aircraft were functional. Reuters reported that if Kingfisher were to shutdown, it would be the biggest failure in the History of Indian Aviation. It was announced that the direct flights to the smaller airports of Jaipur, Thiruvananthapuram, Nagpur and also to Hyderabad's Rajiv Gandhi International Airport were all shut down and only one/two-stop flights from its main hubs of Delhi and Mumbai would operate. In response to a situation as bad as bankruptcy, Vijay Mallya announced that he had organized funds to pay all the employees' overdue salaries.With bank accounts frozen and huge debts due, it is unknown so as from where he arranged the money. But he apologized to his workers and said that he would pay them immediately. By thi s time, kingfisher had accumulated losses of 444 crore during the third quarter of the fiscal year 2011-12. December 2011 and part of the arrears. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 88 EISSN 2277-4955 FROZEN BANK ACCOUNTS: On March 3, 2012, The Central Board of Excise & Customs of India froze many more Kingfisher accounts as it was unable to pay all the dues as per schedule. Kingfisher was meant to pay 1 crore per working day.Aviation minister Ajit Singh warned the airline about the temporary suspension of the license until the crisis was sorted out. He announced that the rest of the airline's fleet would be grounded and all flights cancelled until the crisis came to an end. This would be only one step from permanently closing the airline. IATA SUSPENSION: On March 7, 2012 IATA suspended ticket sales of Kingfisher airlines citing non-payment of dues as the primary reason, and they said that sales services will only be restored once Kingfisher settles ICH (IATA Clearing House) account.IATA also immediately directed all travel agents to stop booking tickets for Kingfisher. This would affect Kingfisher's business by around 30%. Kingfisher claimed that frozen bank accounts was the main cause of being unable to pay the IATA, and the airline started making alternate arrangements for the sale of tickets. Soon it became difficult for the airline to follow the much smaller schedule that it earlier released as even more pilots began to go on strike. UNCERTAINTY AHEAD: After analysing the entire scenario, there are strong possibilities of more difficult situation in the last month of fiscal year 2011-12.The company is in dilemma of finding help, but from where? 2. TEACHING NOTES 1. The purpose of the case is to make the students aware about the situation of financial crisis in any organisation. The issues involved in the case are about the financial turmoil and its effects on the business and market share of the company. 3. 4. 2. 1. Is the Problem of Kingfisher Ai rlines Industry Specific or Company Specific? What is the Impact of High Level of Debt on the operating performance of company? Should Government bailout Kingfisher Airlines? According to you, what are the possible ways for the company to overcome this situation?QUESTION FOR DISCUSSION: Government has refused for bailing and all the lenders and bankers have no more trust. The employees are also not able to tolerate the salary crisis and the slipping market share leads the more difficulties. Promoter Vijay Malya has to decide the way ahead. Whether is it possible to save the company? There are very few alternatives. As per the previous news, Etihad Airways was interested in investing in Kingfisher by providing equity in exchange for a stake in the airline. Also involved in the talks was the International Airlines Group, owner of British flag carrier British Airways and Spanish flag carrier Iberia.But the question is the permission by Government. So at present there is very tough situ ation for Vijay Malya and for the company. Will new fiscal year bring any solution for the company? Let’s wait and watch. BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 89 EISSN 2277-4955 3. The case would be first given for individual reading for 15 min and then for 15 min the case can be discussed in groups of 4-5 students. 4. The case can be taught along with the concepts like ways to overcome the crisis and surviving strategies required to save the organisation keeping in mind the possible different options available. 5.The students can come prepared with topics of prevailing crisis in Indian aviation industry and REFERENCES: 6. other factors related to the aviation industry in detail. Cross reference can be made taking into account the strategies used by the local, market of the falling organisation. national and international players to capture the slipping http://www. flykingfisher. com/mediacenter/press-releases/kingfisher-airlinesannouncement. aspx http://in. finance. yah oo. com/news/kingfisherairlines-q3-loss-widens-033419822. html http://timesofindia. indiatimes. com/india/Kingfi sher†¦ /12258986. cms http://articles. economictimes. ndiatimes. com/2 011-12-08/news/30490358_1_pilots-industrialaction-kingfisher airlines http://profit. ndtv. com/News/Article/aai-warnskingfisher-airlines-to-settle-dues-297284 http://articles. economictimes. indiatimes. com/2 010-09-26/news/27585421_1_cash-and-carrymode-bpcl-s chairman-kingfisher-airlines http://timesofindia. indiatimes. com/business/indiabusiness/Kingfisher-may-have-to-weather-pilotstorm-next/articleshow/12214372. cms Annexure 1: Market share of Kingfisher Airlines as on January 2012 in the domestic Aviation Airline/Company Jet Airways (Including Jet Lite) Indigo Air India Spice Jet Kingfisher Go Air Share 28. 8% 20. 8% 17. 1% 16. 3% 11. 3% 5. 8% Source: http://in. finance. yahoo. com/news/kingfisher-airlines-q3-loss-widens-033419822. html BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 90 EISSN 2277-4 955 Annexure 2: Price Movement and Performance Charts of Kingfisher Airlines Annexure 3: Index Comparison and Ownership Pattern of Kingfisher Airlines Source:http://www. bseindia. com/bseplus/StockReach/AdvanceStockReach. aspx? scripcode=532747 Annexure 4: Comparative Balance Sheet of Kingfisher Airlines [Rs. In crores] Sources Of Funds Total Share Capital Equity Share Capital Share Appl.Money Pref. Share Capital Reserves Net worth Mar '11 1,050. 88 497. 78 2. 95 553. 10 -4,005. 02 -2,951. 19 Mar '10 362. 91 265. 91 7. 48 97. 00 -4,268. 84 -3,898. 45 Mar '09 362. 91 265. 91 8. 11 97. 00 -2,496. 36 -2,125. 34 Mar '08 135. 80 135. 80 10. 09 0. 00 52. 99 198. 88 Jun '07 135. 47 135. 47 0. 00 0. 00 249. 23 384. 70 Jun '06 98. 18 98. 18 0. 00 0. 00 125. 95 224. 13 Mar’05 16. 20 16. 20 0. 00 0. 00 -2. 54 13. 66 BAUDDHIK VOLUME 3, NO. -1, JAN-APRIL-2012 85 EISSN 2277-4955 Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum.Dep. Net Block Capital WIP Investments Inventories Sundry Debtors Cash & Bank Bal. Total CA Loans & Adv. FDs CA, Loans & Adv. Current Liabilities Provisions Total CL & Prov. Net Current Assets Misc. Expenses Total Assets 2,254. 26 682. 37 1,571. 89 673. 35 0. 05 187. 65 440. 53 88. 18 716. 36 5,380. 19 164. 18 6,260. 73 4,463. 86 62. 11 4,525. 97 1,734. 76 125. 84 4,105. 89 2,048. 14 493. 62 1,554. 52 980. 61 0. 05 164. 88 322. 49 50. 91 538. 28 4,604. 31 155. 56 5,298. 15 3,908. 03 46. 77 3,954. 80 1,343. 35 145. 64 4,024. 17 1,891. 80 316. 29 1,575. 51 1,630. 95 0. 05 147. 5 229. 84 49. 41 426. 50 3,640. 42 122. 45 4,189. 37 3,814. 63 45. 55 3,860. 18 329. 19 4. 51 3,540. 21 322. 33 43. 55 278. 78 346. 25 0. 00 48. 64 27. 16 5. 84 81. 64 832. 49 274. 29 1,188. 42 687. 31 9. 52 696. 83 491. 59 16. 64 1,133. 26 340. 77 33. 74 307. 03 357. 62 0. 41 61. 62 35. 24 422. 05 518. 91 149. 77 395. 00 1,063. 68 449. 15 6. 94 456. 09 607. 59 28. 75 1,301. 40 247. 33 16. 40 230. 93 286. 53 0. 41 57. 2 6 13. 06 181. 17 251. 49 232. 03 75. 31 558. 83 434. 05 5. 93 439. 98 118. 85 39. 08 675. 80 55. 25 4. 52 50. 73 153. 09 0. 45 36. 40 8. 27 47. 08 91. 75 47. 8 35. 85 174. 88 108. 77 1. 07 109. 84 65. 04 28. 83 298. 14 5,184. 53 1,872. 55 7,057. 08 4,105. 89 4,842. 43 3,080. 17 7,922. 60 4,024. 15 2,622. 52 3,043. 04 5,665. 56 3,540. 22 592. 38 342. 00 934. 38 1,133. 26 716. 71 200. 00 916. 71 1,301. 41 448. 16 3. 50 451. 66 657. 79 159. 42 125. 06 284. 48 298. 14 Source:http://www. moneycontrol. com/financials/kingfisherairlines/balancesheet/KA02#KA02 Annexure 5: Comparative P A/c of Kingfisher Airlines [Rs. In crores] Income Net Sales Other Income Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manu.Exp. Sell. & Admn Exp. 56. 69 2,274. 03 680. 54 1,192. 80 997. 34 40. 89 1,802. 99 689. 38 1,108. 82 996. 85 51. 19 2,602. 62 825. 42 1,112. 85 1,062. 74 43. 79 889. 30 244. 96 408. 21 180. 39 45. 94 979. 50 247. 72 617. 56 146. 78 36. 73 625. 45 163. 04 42 5. 48 114. 38 5. 77 92. 98 31. 76 104. 78 29. 13 Mar '11 6,233. 38 81. 58 6,314. 96 Mar '10 5,067. 92 -333. 30 4,734. 62 Mar '09 5,269. 17 598. 90 5,868. 07 Mar '08 1,456. 28 113. 62 1,569. 90 Jun '07 1,800. 21 342. 10 2,142. 31 Jun’06 1285. 42 59. 64 1345. 06 Mar’05 305. 55 14. 73 320. 28 BAUDDHIK VOLUME 3, NO. 1, JAN-APRIL-2012 86 EISSN 2277-4955 Misc. Exp. Total Expenses PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items Tax Reported Net Profit Shares in issue (lakhs) EPS (Rs) Equity Dividend (%) Book Value (Rs) Per share data (annualised) 4,977. 79 -20. 64 0. 00 -70. 46 2,659. 09 -61. 95 0. 00 -150. 54 2,659. 09 -60. 50 0. 00 -83. 88 1,357. 99 -13. 85 0. 00 13. 90 1,354. 70 -30. 97 0. 00 28. 40 981. 82 -34. 69 0. 00 22. 83 31. 06 -54. 05 0. 00 43. 96 87. 94 5,289. 34 1,025. 62 2,340. 32 -1,314. 70 203. 02 38. 01 -1,555. 73 72. 99 -455. 35

Meanings of Tool

Meanings of Tool Meanings of Tool Meanings of Tool By Maeve Maddox A reader wants to know who’s right about the use of the word tool: My brother vehemently asserts that a tractor counts as a tool, since it is an invention that helps someone do something. However, the rest of [my friends and family] maintain that since it is mechanical as opposed to manual, it does not fit the general connotation of a tool. Please help in settling this discussion once and for all. Like many common English words, tool is used with both literal and figurative meanings. Take the word hammer, for example. At the most basic level of meaning, a hammer is an implement for pounding nails or breaking something up. But pianos contain hammers that strike strings without breaking them, to produce sound. King Edward I of England (1239-1307) is known as â€Å"the Hammer of the Scots† because of his military incursions into Scotland, when he did his best â€Å"to hammer† the inhabitants into submission. So is it with tool. The noun tool has been with us since King Alfred’s day, when he used it in his translation of Boethius to refer to one of the necessities of life: â€Å"a tool [to practice] some craft.† Tool derives from an Old Germanic verb that meant â€Å"to prepare† or â€Å"to make.† In his dictionary of 1755, Dr. Johnson (1709-1784) defined tool as â€Å"any instrument of manual operation.† The OED expands on this basic definition: tool noun: a mechanical implement for working upon something, as by cutting, striking, rubbing, or other process, in any manual art or industry; usually, one held in and operated directly by the hand (or fixed in position, as in a lathe), but also including certain simple machines, as the lathe; sometimes extended to simple instruments of other kinds, [like a lens]. By extension, tool can refer to anything that helps a person carry out a job. For example, the tools I use to write these articles about language include a computer, the Google Ngram Viewer, and an assortment of reference books. Shakespeare plays on two meanings of tool in the opening scene of Romeo and Juliet. Sampson and Gregory, characters in the employ of the Capulets, make jokes laced with sexual innuendo. When two men employed by the Montagues enter, Gregory says, â€Å"Draw thy tool! here comes [sic] two of the house of the Montagues.† One meaning of tool common in Shakespeare’s day was â€Å"a weapon of war, especially a sword.† Another meaning for tool that the audience would have been aware of was â€Å"the male generative organ.† In reference to a person, a tool is â€Å"a person used by another for his own ends; one who is, or allows himself to be, made a mere instrument for some purpose†: Making a shocking statement of moral equivalence, Turness  stated  in 2006,  We have to ask ourselves, are we being the tool of terrorists or the tool of the government?    The idiom â€Å"tools of the trade† refers to anything that used in a particular occupation to achieve an intended goal: While the strategic goal of professional  campaigning  remains the same as it ever was- finding enough votes to win an election- the  tools of the trade  have undergone, and continue to undergo, a permanent technological revolution. The expression â€Å"to down tools† means, â€Å"to refuse to work, especially because you are not satisfied with your pay or working conditions,† as in this headline: Clinical interns threaten to down tools over allowances To get back to the question that prompted this post, the reader’s brother is not wrong to refer to a tractor as a tool in the context of something used to perform a task. Here, in an article about missionaries in Belize, the word tool is used with both meanings, â€Å"a handheld implement† and â€Å"a means of getting something done†: Fortunately, Paul  had  shipped his tractor, bush hog, plows, tools and other farming implements to Belize. The tractor has proved to be an invaluable tool, especially with rock removal. Note: Tool has other uses as a verb. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Addressing A Letter to Two PeopleOne Fell SwoopGrammar Review #1: Particles and Phrasal Verbs

Battle of Loos in World War I

Battle of Loos in World War I The Battle of Loos was fought September 25-October 14, 1915, during World War I (1914-1918). Seeking to end trench warfare and resume a war of movement, British and French forces planned joint offensives in Artois and Champagne for late 1915. Attacking on September 25, the assault marked the first time that the British Army deployed poison gas in large quantities. Lasting nearly three weeks, the Battle of Loos saw the British make some gains but at an extremely high cost. When the fighting ended in mid-October, British losses were around twice those suffered by the Germans. Background Despite heavy fighting in the spring of 1915, the Western Front remained largely stagnant as Allied efforts in Artois failed and the German assault at the Second Battle of Ypres was turned back. Shifting his focus east, German Chief of Staff Erich von Falkenhayn issued orders for the construction of defenses in depth along the Western Front. This led to the creation of a three-mile deep system of trenches anchored by a front line and second line. As reinforcements arrived through the summer, the Allied commanders began planning for future action. Reorganizing as additional troops became available, the British soon took over the front as far south as the Somme. As troops were shifted, General Joseph Joffre, the overall French commander, sought to renew the offensive in Artois during the fall along with an assault in Champagne. For what would become known as the Third Battle of Artois, the French intended to strike around Souchez while the British were requested to attack Loos. Responsibility for the British assault fell to General Sir Douglas Haigs First Army. Though Joffre was eager for an assault in the Loos area, Haig felt the ground was unfavorable (Map). The British Plan Expressing these concerns and others regarding a lack of heavy guns and shells to Field Marshal Sir John French, commander of the British Expeditionary Force, Haig was effectively rebuffed as the politics of the alliance required that the assault proceed. Reluctantly moving forward, he intended to attack along a six division front in the gap between Loos and the La Bassee Canal. The initial assault was to be conducted by three regular divisions (1st, 2nd, 7th), two recently-raised New Army divisions (9th 15th Scottish), and a Territorial division (47th), as well as to be preceded by a four-day bombardment. Field Marshal Sir John French. Photograph Source: Public Domain Once a breach was opened in the German lines, the 21st and 24th Divisions (both New Army) and cavalry would be sent in to exploit the opening and attack the second line of German defenses. While Haig wanted these divisions released and available for immediate use, French declined stating they would not be needed until the second day of the battle. As part of the initial attack, Haig intended to release 5,100 cylinders of chlorine gas towards the German lines. On September 21, the British began a four-day preliminary bombardment of the assault zone. Battle of Loos Conflict: World War I (1914-1918)Dates: September 25-October 8, 1915Armies and Commanders:BritishField Marshal Sir John FrenchGeneral Sir Douglas Haig6 divisionsGermansCrown Prince RupprechtSixth ArmyCasualties:British: 59,247Germans: around 26,000 The Attack Begins Around 5:50 a.m. on September 25, the chlorine gas was released and forty minutes later the British infantry began advancing. Leaving their trenches, the British found that the gas had not been effective and large clouds lingered between the lines. Due to the poor quality of British gas masks and breathing difficulties, the attackers suffered 2,632 gas casualties (7 deaths) as they moved forward. Despite this early failure, the British were able to achieve success in the south and quickly captured the village of Loos before pressing on towards Lens. In other areas, the advance was slower as the weak preliminary bombardment had failed to clear the German barbed wire or seriously damage the defenders. As a result, losses mounted as German artillery and machine guns cut down the attackers. To the north of Loos, elements of the 7th and 9th Scottish succeeded in breaching the formidable Hohenzollern Redoubt. With his troops making progress, Haig requested that the 21st and 24th Divisions be released for immediate use. French granted this request and the two divisions began moving from their positions six miles behind the lines. Corpse Field of Loos Travel delays prevented the 21st and 24th from reaching the battlefield until that evening. Additional movement issues meant that they were not in position to assault the second line of German defenses until the afternoon of the September 26. In the meantime, the Germans raced reinforcements to the area, strengthening their defenses and mounting counterattacks against the British. Forming into ten assault columns, the 21st and 24th surprised the Germans when they began advancing without artillery cover on the afternoon of the 26th. Gas attack on the Hohenzollern Redoubt, October 1915. Public Domain Largely unaffected by the earlier fighting and bombardments, the German second line opened with a murderous mix of machine gun and rifle fire. Cut down in droves, the two new divisions lost over 50% of their strength in a matter of minutes. Aghast at the enemy losses, the Germans ceased fire and allowed the British survivors to retreat unmolested. Over the next several days, fighting continued with a focus on the area around the Hohenzollern Redoubt. By October 3, the Germans had re-taken much of the fortification. On October 8, the Germans launched a massive counterattack against the Loos position. This was largely defeated by determined British resistance. As a result, the counter-offensive was halted that evening. Seeking to consolidate the Hohenzollern Redoubt position, the British planned a major attack for October 13. Preceded by another gas attack, the effort largely failed to achieve its objectives. With this setback, major operations came to a halt though sporadic fighting continued in the area which saw the Germans reclaim the Hohenzollern Redoubt. Aftermath The Battle of Loos saw the British make minor gains in exchange for around 50,000 casualties. German losses are estimated at around 25,000. Though some ground had been gained, the fighting at Loos proved a failure as the British were unable to break through the German lines. French forces elsewhere in Artois and Champagne met a similar fate. The setback at Loos helped contribute to the downfall of French as commander of the BEF. An inability to work with the French and active politicking by his officers led to his removal and replacement with Haig in December 1915.

Benefits and dangers of ethical hacking

Benefits and dangers of ethical hacking Introduction According to Media Wiley (n. d), Ethical hacking can be defined as the practice of breaking into an organizations computer system without any malicious intent. Ethical hacking is intended to sturdy and analyzes the security of information systems as well as the possible remedies for such security threats.Advertising We will write a custom essay sample on Benefits and dangers of ethical hacking specifically for you for only $16.05 $11/page Learn More Ethical hacklers are individuals who are known to have strong programming, and computer networking skills. Before conducting a system security audit, the ethical hacker must plan himself and create a plan of action that will ensure the success of the ethical hacking test (Palmer, 2001). The following are some of the steps that are involved in an ethical hacking plan; Identifying all the networks that are going to be tested Developing a testing interval Developing the testing processes Creating a pla n, and sharing it with the relevant stakeholders Getting the plan approval In 1970, the United States government employed the services of experts who were known as â€Å"red teams† to hack into its computers, in order to determine the system vulnerabilities. Ever since the inception of the ethical hacking concept in 1970, the term has gained considerable usage in the past as well as in the current computer systems. For example, large companies such as IBM, maintains a team of highly qualified ethical hackers who maintain their systems. Ethical hacking to some extent has some benefits associated with it. Some scholars argue that, ethical hacking has some disadvantages and dangers (Fadia, 2003). This essay is going to critically evaluate the advantages and dangers associated with ethical hacking.Advertising Looking for essay on computer science? Let's see if we can help you! Get your first paper with 15% OFF Learn More Background information The sprout growth of internet has brought various good things such as collaborative computing, social networking, e- commerce, educational materials and products, e-mail services and advertising products among many. With the above spontaneous dynamics in the use of technology and the internet, there is an increased concern about the security of information (Khare, 2006). Many governments institutions, individuals, private companies, and organizations would love to be part, and parcel of this revolution, but they are afraid that their web servers might be hacked by malicious hackers. Malicious hackers break into an organization web server and corrupt an organization website. They might replace information on a company’s website with pornographic materials. Hackers might also read a company’s e-mails, steal user’s credit card details, or implant software that can read a company’s secrets and transmits them to the open internet (Elizabeth Kitchen, 2010). In order to g uarantee the security of organizations information on the internet, then, the organization needs to be aware of the available security threats hackers pose. One way of doing so, is by having a qualified and trusted ethical hacker perform a security and hacking test on the organizations data (Elizabeth Kitchen, 2010). Discussion As earlier stated, the security of an organizations data is very important, and organizations should try to enhance data security especially over the internet. One such way of guaranteeing internet and computer system security is by conducting an ethical hacking test. Even though ethical hacking has some advantages associated with it, it has some disadvantages and flaws associated with it. The advantages of ethical hacking The following are some of the advantages associated with the use of ethical hacking in an organization. It helps fight terrorism and national security breaches Leads to a computer system that prevents malicious hackers gaining access to a n organization data. Leads to adoption of preventive measures. It helps fight terrorism and national security breaches Ethical hacking has been known to help fight terrorism and national security breaches in a country. Ethical hackers will always hack into websites of various terrorist groups and obtain information regarding the activities of the group.Advertising We will write a custom essay sample on Benefits and dangers of ethical hacking specifically for you for only $16.05 $11/page Learn More Such hackers will obtain information regarding the activities the terrorist group is planning. Such information is paramount and important towards fighting terrorism activities. Various security measures are taken by the relevant stakeholders to ensure the terrorists do not go on with their plans (Elizabeth Kitchen, 2010). Also, ethical hacking helps fight against national security breaches. A national security breach may be an act like hacking into a countries police force computer system in order to gain information for malicious use. Ethical hacking eliminates the cases of national security breaches because it ensures that, an organizations computer system is more secure and robust and less prone to malicious hacking threats. After conducting an ethical hacking process, an organization is able to develop sound security measures that will prevent malicious hacking, hence, reducing cases of national security breaches (Elizabeth Kitchen, 2010). Leads to adoption of preventive measures One major aim of conducting ethical hacking is to determine the various loopholes and security lapses in an organization’s computer system. After conducting an ethical hacking test, relevant measures can be adopted that will ensure security of organization information (Farsole Kashikar Zunzunwala, 2010). For example, the recent hacking of the International Criminal Court email system by some hackers prompted the ICC to develop and adopt measures tha t guarantees maximum information security. Also, the hacking of the Kenya police force website prompted the government of Kenya to adopt relevant measures that guaranteed the security of the police force information.Advertising Looking for essay on computer science? Let's see if we can help you! Get your first paper with 15% OFF Learn More The government set up an internet crime response task force that was mandated with monitoring any hacking attempts to the Kenya police force website. Also, the government adopted a security measure where by users are supposed to create an account on the police force website in order to access vital information of the police force. Leads to a computer system that is secure Another aim of conducting ethical hacking is to identify the flaws that are in the current computer system. Data and results obtained from an ethical hacking exercise can be used to identify the loopholes and flaws in an organization computer system. Such flaws are then rectified and the end result is a robust and more secure system (Farsole Kashikar Zunzunwala, 2010) For example relevant software and hardware will be added to the computer system in order to boost the security level of the computer system. For example, a company might decide to install more firewalls in its computer system as well as adopt other security measures like using of user accounts. Also, some measures like user authentication in order to identify what users are assessing on the company website. Dangers of using ethical hacking There are some dangers and risks involved in ethical hacking. The following are some of the dangers which are associated with ethical hacking; The ethical hacker might use the information to do malicious acts Exposes a company financial and banking details Ethical hackers may place a malicious code, malware, or viruses in the computer system. The ethical might use the information to do malicious acts Ethical hacking is an exercise that entirely depends on the honesty and integrity of the ethical hacker. If the ethical hacker is trustworthy, then the security of data is guaranteed. On the other hand, if the ethical hacker is untrustworthy, then, an organization data is at risk. The ethical might use the information obtained from an ethical hacking exercise to damage the company or develop a similar system. This is detrimental to an organization since it threatens the organizations autonomy over its information. Not all ethical hackers are trustworthy; hence ethical hacking poses a great danger to the security of organization information (Palmer, 2001). Exposes financial and banking details of a company It is every organization aim to make profits and stay at the forefront in terms of competitive advantage. Hence some organizations are ready and willing to do anything at the expense of making and staying at the forefront in terms of competitive advantage. Ethical hacking exposes a company’s financial and banking details to people who are conducting the ethical hacking exercise (Elizabeth Kitchen, 2010). Some ethical hackers may sell this kind of information to other companies who are undertaking similar business. This puts the organization at the brink of collapse since the company success secretes are known. This secretes can be used against the company to com pletely destroy it, hence ethical hacking has a danger of exposing a company’s financial, banking and success secrets to potential competitors (Khare, 2006). Ethical hackers may add a malicious code into the computer system Some ethical hackers are untrustworthy and might at one point add a malicious code, virus or malware into an organizations computer system. Viruses and malware are programs which are designed to alter the normal operations o a program without the knowledge and consent of the user. Such viruses and malware will corrupt the normal operation of a program and might as well lead to low system performance. Also, malicious codes can corrupt the data and files making which might lead to data loss (Elizabeth Kitchen, 2010). Conclusion In conclusion, with the increasing internet usage and increased applications on internet, the security of data is quite important. In order to guarantee data security, an organization needs to understand how to counteract the threat posed by malicious hackers. One such way is to conduct an ethical hacking exercise which is aimed at identifying the loopholes within a computer system. Ethical hacking is purely based on the trust and honesty of the ethical hacker, hence, when entrusting the task of ethical hacking in the hands of an ethical hacker, it is of great importance that an organization should carefully select a trustworthy individual to conduct the exercise. The main focus and goal of ethical hacking should be geared towards improving system security and note unmasking a company’s secretes. Organizations should also be at the forefront in adopting new technologies that guarantees maximum information security. The adopted measures should be in-line with the new advances that are being experienced in the information and communications technology field. Organizations should not maintain the status quo but should instead be at the fore front in adopting continuous improvements in its processes. Referen ce List Elizabeth, R Kitchen, C. (2010). Ethical hacking; Understanding the benefits, Goals  and Disadvantages. Retrieved from   https://www.brighthub.com/internet/security-privacy/articles/77412.aspx Fadia, A. (2003). Unofficial guide to ethical hacking. S. l: Premier. Farsole, A Kashikar, A Zunzunwala, A. (2010). Ethical hacking. International journal  of computer applications, 1(10), 229-380. Khare, R. (2006). Network security and ethical hacking. Beckington: Luniver Press. Media Wiley (n. d). Introduction to Ethical Hacking. Retrieved from http://media.wiley.com/product_data/excerpt/4X/07645578/076455784X.pdf Palmer, C. (2001). Ethical hacking. IBM SYSTEMS JOURNAL, 20(3)

Holistic approach to long term conditions Essay

Holistic approach to long term conditions - Essay Example The systematic approach in treatment involves addressing the root of the problems and consequent effects. While some health problems are short-term, others are long-term and require continuous medical care to alleviate the effects. In many cases, long-term conditions like stroke require continuous rehabilitation through medication and different forms of therapy. Prior to developing a comprehensive treatment and care plan for patients with terminal ailments, it is imperative to understand the different progression stages of a given disease (Alexander and Runciman, 2006, p. 65). This paper seeks to provide insight into the treatment and care approach that a healthcare professional or caregiver can use for stroke patients. For an all inclusive examination, the manuscript evaluates specific stages of a stroke patient’s journey, including diagnosis, living for today, transition and end of life. These phases are examined not only within the context of their distinctive features, but also on the basis of care measures taken by healthcare professionals and caregivers at each stage. The principal focus, however, is on the living for today phase of stroke management. A holistic approach to caring for stroke patients during this phase, allows healthcare professionals to accord patients, as well as, their families an opportunity to uphold their life quality. Long-term patients usually go through four principal stages of life, that is, diagnosis, sustained living, transition or progression phase and finally the end of life (Donnan and Davis, 2008, p. 78). Even though these stages are not entirely distinct, they all present a vital opportunity for professionals in the medical field and caregivers, to ease the pain and suffering of patients, while making their life as comfortable as possible. These phases and their constituent features are outlined and described briefly in the subsequent sections. The

Incentive Plan Research Paper Example | Topics and Well Written Essays - 500 words

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United States History - Great Depression Essay Example | Topics and Well Written Essays - 6750 words

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Answer question Essay Example | Topics and Well Written Essays - 250 words - 5

Answer question - Essay Example One key aspect of Christian struggle or Jihad is, show love to others and practice non-violence. Jesus said â€Å"Love your neighbor† and what’s more â€Å"love your enemies† as seen in Luke 6:27. Also Matthew 5:9 says blessed is the peacemaker. Therefore, Christians should struggle in fighting for peace and unity, even if one has to embrace sworn enemies. Similarly, the Quran demands that Muslims struggle against use of violence but make peace and speak well of others even if they are non-Muslims (Quran 17:53-54 and Quran 2:256). Another major element of Jihad in Christianity struggle is to ensure they do not pay back evil for evil as written in Romans 12:17. In a similar way Quran 4:9 asks Muslims to refrain from fighting back. Moreover, Christians should strive to eliminate evil in the society and from humanity. Many instances in the Bible such as in Exodus 22: 18-20, Exodus 32: 27-28 and Numbers 31:1-18 allows punishment of evildoers in the very harsh way Just like Jihad in Islam that aims at clearing evil in the society. Many other elements of jihad or struggle such as defending of faith, strive to keep doing good, to struggle for the later kingdom and life after death among other things as found in Quran are evident in the Bible. From above perspectives, jihad is an all religions phenomenon of struggling in battle against selfishness, godlessness and injustice. In essence, Muslims and Christians share a similar â€Å"Jihad†. That of love for humanity, searches for knowledge, non-violence and perfection of the souls (Considine

INTRODUCTION TO QUANTITATIVE MANAGEMENT Lab Report

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Critical Evaluation of an Entrepreneurial Australian Business Essay - 1

Critical Evaluation of an Entrepreneurial Australian Business - Essay Example The company operates in the technology industry which requires innovation at all times so as to remain competitive in the market. The business rather was developed due to the exhaustive manual records hence there was a need for cheaper storage materials for the small businesses. This led to the rise of depot management systems by the company to alleviate the problem and make the businesses more efficient (CAGAN, 2010).However, the industry is characterized by competitive markets where there are free entry and exit. Thus as time goes by the market is concentrated in the provision of the goods and services. The firm plans to increase its management systems so as to upsurge its customer base as to raise more capital that can be used for expansions. The current server that is used by the company is quite small and cannot accommodate the rising demand for the service in data management by different institutions and individuals. The company thus plans to invest in more server space at rela tively affordable cost. The organization also plans to diversify in its activities to surge revenue base which are just the few growth strategies to be implemented.The customer base has since increased since small business who can’t afford the large and expensive management and documentation system ends up in the Betz facility services .this has since increased the market size of the company commanding a substantial share of the market. As a result, sales are greatly improved raising more revenue for the company.

Answer question Essay Example | Topics and Well Written Essays - 250 words - 5

Answer question - Essay Example One key aspect of Christian struggle or Jihad is, show love to others and practice non-violence. Jesus said â€Å"Love your neighbor† and what’s more â€Å"love your enemies† as seen in Luke 6:27. Also Matthew 5:9 says blessed is the peacemaker. Therefore, Christians should struggle in fighting for peace and unity, even if one has to embrace sworn enemies. Similarly, the Quran demands that Muslims struggle against use of violence but make peace and speak well of others even if they are non-Muslims (Quran 17:53-54 and Quran 2:256). Another major element of Jihad in Christianity struggle is to ensure they do not pay back evil for evil as written in Romans 12:17. In a similar way Quran 4:9 asks Muslims to refrain from fighting back. Moreover, Christians should strive to eliminate evil in the society and from humanity. Many instances in the Bible such as in Exodus 22: 18-20, Exodus 32: 27-28 and Numbers 31:1-18 allows punishment of evildoers in the very harsh way Just like Jihad in Islam that aims at clearing evil in the society. Many other elements of jihad or struggle such as defending of faith, strive to keep doing good, to struggle for the later kingdom and life after death among other things as found in Quran are evident in the Bible. From above perspectives, jihad is an all religions phenomenon of struggling in battle against selfishness, godlessness and injustice. In essence, Muslims and Christians share a similar â€Å"Jihad†. That of love for humanity, searches for knowledge, non-violence and perfection of the souls (Considine

Critical Evaluation of an Entrepreneurial Australian Business Essay - 1

Critical Evaluation of an Entrepreneurial Australian Business - Essay Example The company operates in the technology industry which requires innovation at all times so as to remain competitive in the market. The business rather was developed due to the exhaustive manual records hence there was a need for cheaper storage materials for the small businesses. This led to the rise of depot management systems by the company to alleviate the problem and make the businesses more efficient (CAGAN, 2010).However, the industry is characterized by competitive markets where there are free entry and exit. Thus as time goes by the market is concentrated in the provision of the goods and services. The firm plans to increase its management systems so as to upsurge its customer base as to raise more capital that can be used for expansions. The current server that is used by the company is quite small and cannot accommodate the rising demand for the service in data management by different institutions and individuals. The company thus plans to invest in more server space at rela tively affordable cost. The organization also plans to diversify in its activities to surge revenue base which are just the few growth strategies to be implemented.The customer base has since increased since small business who can’t afford the large and expensive management and documentation system ends up in the Betz facility services .this has since increased the market size of the company commanding a substantial share of the market. As a result, sales are greatly improved raising more revenue for the company.

Disagreement case study Essay Example for Free

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Fundamental concepts of the IASB framework

Fundamental concepts of the IASB framework The International Accounting Standard Board herein referred to as the IASB, sets forth standards that outlined in its Framework for the Preparation and Presentation of Financial Statements. The IASB framework applies to general-purpose financial statements. That is, the primary financial statements (income statement, balance sheet, etc.) and the accompanying notes but not additional financial or nonfinancial information, such as directors reports, management discussion and analysis, etc. The IASB framework because of its more limited scope, discusses objectives in the context of business entities only (IFRSs and US, 2007). The IASB framework starts with a broad focus, by discussing the objectives in terms of information useful to a wide range of users in making economic decisions. It lists a wide variety of present and potential users. The IASB framework narrows that focus to a particular group of users. Reasons given include pragmatic reasons (for example, a focus to avoid being vague or highly abstract) and that meeting the information needs of that particular group of users is likely to meet most of the needs of other users. The objectives of financial statements/reports have significant implications for other parts of the framework. For example, objectives affect the elements, in particular the definitions of liabilities and equity. If the objective of financial reporting is to provide information useful to shareholders in making economic decisions, this points toward defining equity narrowly (for example, common shareholders only). Shareholders are interested in the effect of transactions or events on the value of their shares (for example, dilution). In contrast, if the objective of financial reporting is to provide information to a range of users (for example, shareholders, lenders, suppliers, and various other users), this points toward a focus on reporting the effect of transactions or events on the entity, not on the financial position of one particular group of users. Fundamental Concepts Underlying Assumptions The IASB framework prominently features two underlying assumptions: the accrual basis and the going-concern basis. Accrual accounting and related concepts are reviewed extensively. In contrast, the going-concern basis is disclosed in a footnote only. Qualitative Characteristics The IASB framework discusses qualitative characteristics of financial information in terms of attributes that make the information provided useful to users in making economic decisions. The IASB framework discusses fundamental qualitative characteristics, qualitative characteristics and pervasive constraints, an outline of each follows this paragraph. The IASB framework also discusses constraints, such as cost-benefit considerations, and the trade-off between the various qualitative characteristics, such as relevance, and reliability. The IASB framework states that the exercise of prudence or conservatism does not allow the deliberate understatement of net assets and profits. The Boards have identified two characteristics that it has determined to be fundamental qualitative characteristics. Those are: relevance and faithful representation. The definitions are below: Relevant Financial Reporting information that has predictive value or confirmatory value. Faithful Representation Financial reporting complete and free from material error and neutral. The Boards have identified enhancing qualitative characteristics to be: comparability, verifiability, timelines, and understandability. The pervasive constraints identified by the Board: materiality and costs (Conceptual framework for, Chapter 2 2008). In the IASB framework the assets definition has a central role, in that all other element definitions are based upon the definition of assets. That asset primacy is not because information about assets is the most important financial information. Rather, it is because, for a set of definitions of elements of articulated financial statements to be internally consistent and avoid circularity, it has to start by defining one of the elements and base the rest of the definitions upon that definition. Capital and Capital Maintenance The concepts of capital and capital maintenance concern how an entity defines its capital (that is, its store of wealth) for the purposes of distinguishing between an entitys return on capital and its return of capital. The IASB conceptual framework briefly discusses two concepts of capital (and their associated capital maintenance concepts): financial and physical (or operating capability). It does not specify which of the two concepts should be adopted, other than to say that the selection of the appropriate concept of capital are based upon on the needs of users of financial statements. Pros and Cons of Principles Based-System The inherent characteristic of a principles-based framework is the potential of different interpretations for similar transactions. Proponents of worldwide adoption of IFRS work to ensure assure that similar transactions would obtain the same treatment by companies around the world, resulting in globally comparable financial statements. A principle-based system addresses a broad area of accounting that remains consistent with a clear Conceptual Framework. The major benefit of principles-based accounting is that the guidelines can be applied in a variety of situations/industries that avoids the need for managers to manipulate statements to fit a certain requirement (Toppe, Myring, 2009). In principles-based accounting the guidelines are set but not necessarily dictated for every situation, which is one of the major concerns pertaining to this type of accounting system. This situation implies second-guessing and creates uncertainty and requires extensive disclosures in the financial statements. A lack of precise guidelines could create inconsistencies in the application of standards across organizations. For example sometimes financial information can be inconsistent from one company to the next in the same industry thereby damaging the ability for comparability (Doupnik, Perera, 2009). In a principle-based accounting system, the areas of interpretation or discussion are clarified by the standards-setting board, and provide fewer exceptions than a rules-based system. However, IFRS include positions and guidance are considered as sets of rules instead of sets of principles. Stated below are some of the underlying concepts of IFRS that provide a flavor of impacts on the financial statements and therefore on the conduct of businesses. à ¢Ã¢â€š ¬Ã‚ ¢ Consolidation IFRS favors a control model whereas U.S. GAAP prefers a risks-and-rewards model. Some entities consolidated in accordance with FIN 46(R) may have to be shown separately under IFRS. à ¢Ã¢â€š ¬Ã‚ ¢ Statement of Income Under IFRS, extraordinary items are not segregated in the income statement, while, under US GAAP, they are shown below the net income. à ¢Ã¢â€š ¬Ã‚ ¢ Inventory Under IFRS, LIFO (a historical method of recording the value of inventory, a firm records the last units purchased as the first units sold) cannot be used whereas under U.S. GAAP, companies have the choice between LIFO and FIFO (is a common method for recording the value of inventory). à ¢Ã¢â€š ¬Ã‚ ¢ Earning-per-Share Under IFRS, the earning-per-share calculation does not average the individual interim period calculations, whereas under U.S. GAAP the computation averages the individual interim period incremental shares. à ¢Ã¢â€š ¬Ã‚ ¢ Development costs These costs are capitalized under IFRS if certain criteria are met. Under U.S. GAAP development costs are expensed. FASB The Financial Accounting Standard Board herein referred to as the FASB, sets forth standards that outlined in its collection of Concept Statements. The FASB framework applies to general-purpose external financial reporting. This includes not only the financial statements but also other financial and nonfinancial information. Examples include other financial and nonfinancial information contained in company annual reports, company prospectuses and service performance information in the annual reports of non-business entities (IFRSs and US, 2007). Objectives The FASB framework contains two statements on objectives-one relating to business entities (Concepts Statement 1) and another relating to non-business entities. Measurement Measurement is one of the most underdeveloped areas of the two frameworks. Both the IASB and FASB frameworks contain lists of measurement attributes used in practice. Those lists are broadly consistent, and are composed of historical cost, current cost, gross or net realizable (settlement) value, current market value and present value. Both frameworks indicate that the use of different measurement attributes will continue. However, neither provides guidance on how to choose between the different measurements attributes that exist. In other words, the framework lacks fully developed measurement concepts. Those measurement concepts would need to cover both initial measurement and subsequent measurement. Subsequent measurement includes revaluations, impairment and depreciation. The Boards also will need to consider whether the conceptual framework should include not just measurement concepts but also guidance on the techniques of measurement. For example, the FASB conceptual framework includes Concepts Statement 7, on the use of cash flow information and the present value measurement technique to estimate fair value for the purposes of initial recognition and fresh-start accounting. One cross-cutting measurement issue seems to be the unit of account-whether items are grouped at some level of aggregation rather than measured individually (Leuz, 2003). Display-Presentation and Disclosure The display section of the conceptual framework would cover concepts for determining both in which and how recognized information are presented in the primary financial statements and what information are disclosed in the notes or elsewhere in the financial reports. At present, neither framework explicitly sets out definitive concepts of display. Some discussion of presentation and disclosure in the frameworks (for example, both frameworks contain discussion of how information is reported to meet the objectives of financial reporting, by briefly describing the statements that comprise a full set of financial statements and the roles of notes and supplementary information). However, that commentary needs to be pulled together and developed further, to develop concepts of presentation and disclosure useful to the Boards in setting standards for presentation and disclosure (Benston, Bromwich, Wagenhofer, 2006). Fundamental Concepts Underlying Assumptions The accrual basis and the going-concern basis are not listed as underlying assumptions in the FASB framework. Qualitative Characteristics Both frameworks discuss qualitative characteristics of financial information in terms of attributes that make the information provided useful to users in making economic decisions. Both frameworks have similar qualitative characteristics, for example, understandability, relevance, reliability and comparability. Both discuss constraints, such as cost-benefit considerations, and the trade-off between the various qualitative characteristics, such as relevance and reliability. However, there are some differences between the two frameworks. For example, the FASB Concepts Statements set out the characteristics in a hierarchy, treating understandability as a user-specific quality separate from the others, relevance and reliability as the primary qualities and comparability as a secondary quality. In contrast, the IASB framework treats all four as primary qualitative characteristics. Some improvements could be made to the qualitative characteristics of both frameworks. For example, both include neutrality but also prudence or conservatism. Although both frameworks state that the exercise of prudence or conservatism does not allow the deliberate understatement of net assets and profits, some argue that any concept of prudence or conservatism is inconsistent with the concept of neutrality. Discussions with constituents of both Boards suggest that important qualitative characteristics common to both frameworks may be misunderstood. For example, some constituents seem to equate reliability with auditability or verifiability, overlooking the frameworks meaning of correspondence between the accounting information and the real-world economic conditions or events that it purports to represent. Misunderstandings and other difficulties with reliability seem to cut across several present and potential projects at one or both Boards, including revenue recognition, insurance contracts, and fair value measurement (IASB, 2006). Conceptual Framework Project Exposure Draft Some History The first steps taken were to update existing concepts to reflect changes in markets, practices and the economic environment that have occurred in recent years. It was concluded early in the joint project that major reconsideration to all areas of the IASB and FASB frameworks were not needed. They were largely similar. The focus was directed on improving and reaching a convergence between the existing frameworks of each. The convergence process began with a series of exposure drafts. The exposure drafts relating to the joint conceptual framework project are a product of a shared goal of the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB), herein referred to as the Boards. Their shared goal is to develop a common conceptual framework for financial reporting. The exposure drafts are open for public comment. All comments received by FASB are public information and have been posted on their website. The first discussion paper issued in July 2006 eventually became the first in a series of joint publications that ultimately became the first exposure draft. To date there has been many subsequent drafts published on not only the conceptual framework but also on subsequent issues such as Disclosures, Borrowing Costs, Discontinued Operations, Revenue Recognition, Consolidation, Fair Value Management, Liabilities and many others. As part of the IASBs due process, the Boards consult with practitioners by publishing discussion papers and Exposure Drafts on each of the proposed chapters of the common framework. The new framework is anticipated to be a single document rather than a series of Concept Statements as is the current FASB framework. The Current Exposure Draft- Conceptual Framework for Financial Reporting The latest conceptual framework exposure draft published in May 2008 and like its predecessor was open for public comment. It is anticipated that an additional exposure draft on the topic will follow incorporating inputs from various sources and changes needed after future exposure drafts are published on the various topics such as revenue recognition, liabilities, and disclosures among others. Differences between GAAP and IFRS The most common question one could expect to have regarding the new framework is what are the changes? The potential impact and resulting costs on businesses could be huge is there is a large shift away from the current FASB standards. A huge shift appears unlikely as the two are basing their shared framework largely upon the current FASB concept statements, athough there will be some differences. Some of those be addressed in the pages that follow. This list is not by any means an all-inclusive list of the difference, merely a highlight of some of the more notable difference. These differences are subject to change in the future with publication of new exposure drafts concerning the conceptual framework. An an excellent article published by Deloitte that can found at the following link: http://www.pwc.com/en_US/us/issues/ifrs-reporting/assets/ifrs_usgaapsep09.pdf. This article is a more comprehensive list of the differences between IFRS and GAAP that exceeds the scope of this resear ch paper (Conceptual framework for, para.BC1.3 2008), (Current situation and, 2010). Authoritative Status of the Framework Currently FASBs Concept Statements have the same authority as articles and textbook These are surpassed in authority by common accounting practices. The International Financial Reporting Standards (IFRS) requires entities preparing financial statements under its authority to consider the IASB Framework when there is no standard or interpretation that specifically applies to an event, transaction or similar issue. This would give more authority to the material sourced by the preparers of United States financial statements (Conceptual framework for 2008). General Purpose Financial Reporting The focus of the IASB Framework is on the preparation of financial statements. Currently FASB Statement of Concepts focuses on financial reporting. The disparity between the two becomes less when one considers that the primary focus of FASBs conceptual framework is on the financial statements (Conceptual framework for, para.BC1.3 2008). First-time Adoption Full retrospective application of IFRSs in force at the time of adoption. FASV has no specific standard for first-time adopters. The general practice of U.S. GAAP has been full retrospection application unless a specific standard states otherwise (IFRSs and US, 2007). Consolidation IFRS favors a control model whereas U.S. GAAP prefers a risks-and-rewards model. Some entities consolidated in accordance with FIN 46(R) may have to be shown separately under  IFRS (Forgeas, 2008). Statement of Income Under IFRS, extraordinary items are not segregated in the income statement, while, under US GAAP, they are shown below the net income (Forgeas, 2008). Inventory Under IFRS, LIFO (a historical method of recording the value of inventory, a firm records the last units purchased as the first units sold) cannot be used while under U.S. GAAP, companies have the choice between LIFO and FIFO (is a common method for recording the value of inventory) (Forgeas, 2008). Earning-per-Share Under IFRS, the earning-per-share calculation does not average the individual interim period calculations, whereas under U.S. GAAP the computation averages the individual interim period incremental shares (Forgeas, 2008). Development costs These costs are under IFRS if certain criteria are met, while they are expensed under U.S. GAAP (Forgeas, 2008). Similarities between IFRS and GAAP Below is a list of a few of the similarities between IFRS and GAAP. This list, as with the list of differences, is not an all-inclusive list but a selection of a few of the similarities. Entity Perspective The Boards are similar on the topic of users of financial statements. They both agree that the list of potential users is broad and includes investors, lenders, creditors, employees, suppliers, customers, governments and governmental agencies. They address the entity perspective as the corporation possessing a distinct separateness from its sources of capital providers (Conceptual framework for, para.BC1.11 2008). Primary User Group Again the topic of who the primary users of financial statements are is essentially the same of both Boards. IASB Framework, paragraph 10 says: As investors are providers of risk capital to the entity, the provision of financial statements that meet their needs will also meet most of the needs of other users that financial statements can satisfy. FASB Concepts Statement One focuses on the users of financial information being those whom use the information for investment and credit decisions (Conceptual framework for, para.BC1.3 2008).