Interpersonal relationships communication concepts and terms related Research Paper

Interpersonal relationships communication concepts and terms related to the movie 40 year old virgin - Research Paper Example According to Judy Pearson, self-disclosure is â€Å"the process of making intentional revelations about oneself that others would be unlikely to know.† Andy is a very private person: he tells the few friends he has from work very little about himself. Although he is forty years old, he has spent very little time cultivating meaningful friendships. Because of his lack of interpersonal relationships, he has not developed a greater understanding of himself. Pearson claims that self-disclosure increases directly as intimacy increases. Another hindrance in his personal growth is the fact that he is a virgin. Because his intimacy with another human being has not reached the point of sexual intercourse, his personal growth has also been hindered. The first stage of Andy and Trish’s new relationship is called relational development. There are five aspects to this development: initiating, experimenting, intensifying, integrating, and bonding. In the first stage of their relational development, Andy realizes he is attracted to Trish. Physical attraction is usually an important part of the initiating stage. The second stage of their relationship is the experimentation stage. This occurs during their date. They hit it off by finding many things they have in common with each other. In the third stage, the intensifying stage, Andy and Trish attempt to have sex and are interrupted by Trish’s teenage daughter. In a humorous misunderstanding on their first date, Andy reluctantly agrees to wait until their twentieth date to have sex with Trish. The intensifying stage of their relationship is the longest of the movie. They get to know each other much better while still not solidifying their relationship. The fourth stage o f integration occurs after Andy and Trish’s misunderstanding. Trish catches an inebriated Andy in bed with another woman, but he is able to explain that it was a misunderstanding. In the final stage of

Sample SWOT analysis Essay Example for Free

Sample SWOT analysis Essay SWOT analysis shows strengths, weaknesses, opportunities and threats. This sample SWOT analysis for David Jones can provide a competitive advantage. Strengths Real Estate is A Strength of David Jones(Has over 200 retail stores in France and Luxembourg)- David Jones Unique Products David Jones Brand Name David Jones(since 1838 ) Domestic Market Store locations as Low risk and high value locations Weaknesses -competitive market (Mayer .Woolworths. Coles Group .Wesfarmers) -investments in research and development Limited global penetration Opportunities -income level is at a constant increase -venture capital -new products and services -new acquisitions -growing demand Threats -global economy -tax changes -unexpected problems -growing competition and lower profitability SWOT Analysis Strength 1.Strong domestic presence in Australian market in fashion, electricity and food products 2. Variety of products offered 3.Store locations as Low risk and high value locations 4. Has over 200 retail stores in France and Luxembourg Weakness 1. Due to many options available, brand switching is high and low brand loyalty 2. Limited global penetration Opportunity 1. Entering into pharmaceutical business 2. Leveraging on brand name David Jones to enter into other product line extension Threats 1.Increasing domestic competition as new brands coming constantly 2. High brand switching by customers means limited brand loyalty

Pharmacist Role In Developing Countries Health And Social Care Essay

Pharmacist Role In Developing Countries Health And Social Care Essay Introduction: Since last decades despite tremendous advancements in medical technology, the global health status needs to be revamped. The commitment of the majority of World Health Organization (WHO) member countries to the Declaration of Alma-Ata in 1978 advocates the concept of health for all. Unfortunately the fundamental doctrine of the declaration is failed to be reaffirmed by some of the developing countries.1 The developing nations harbor 80% of the worlds population and it been estimated that 2.7 billion people living in this part of the world thrive on less than US$2 a day.2,3,4 This, in turn, contributed to lack of access to efficient healthcare services among these populations. Moreover, in most of these developing countries, the deliveries of effective healthcare services are compromised due to incompetent and non-qualified healthcare providers. Apart from the need to understand the pathophysiology of disease and their treatment modalities, healthcare providers necessitate to comprehend the local environment or/and culture in order to achieve the desired therapeutic outcomes. Therefore, the reorientation and reconstruction of healthcare professionals education and training to generate socially motivated healthcare providers is the need of time. Pharmacist role in developing countries: In the beginning of the 6th century BC, humans started a several-centuries-process of compiling pharmacological knowledge that contributed towards public health.5 The scope of pharmacy practice encompasses areas of compounding and dispensing medications, services related to patient care including clinical services, reviewing medications for safety and efficacy, and providing drug information. Generally, the existing medical education system produces professionals which have a tendency towards clinical practice or either specialization. Preference is more towards treatment rather than prophylaxis. Moreover, professional training emphasized on subject-centered curriculum linked with high technology and therefore, trainees come in contact with patients usually at the end of the training. As a result, the role of pharmacists in healthcare system is generally bleak, but perhaps more so in developing and transitional economies. Still in some places pharmacists are increasingly assuming their role as health care workers. Their services include more patient-oriented, administrative and public health functions. This successful transition in pharmacy practice is the result of the implementation of educational programs aimed at making them responsive to the needs of the majority of the population6. In the context of developing countries, pharmacy profession only captured the imagination of only a small segment of the population as a vibrant healthcare profession. For instance, although HIV/AIDS is rampantly prevalent in many developing countries in Asia, Africa and South America, still pharmacist in these countries is underutilized as healthcare workforce in prophylactic campaigns. Furthermore, issues of public health dimensions that need collective action via intensive efforts of pharmacists and other healthcare team members are nearly non-existent in developing countries. This might be due to the fact that both public and other healthcare practitioners perceived that pharmacists are not well positioned to take such an active role in public health initiatives that are generally considered to be the domains of doctors and nurses preferably7. Lately, with the tremendous evolution of pharmacy practice in developed nations such as the UK, Australia and US, it thus becomes evident that pharmacists can contribute more towards Health for All agenda. Furthermore, there has been a great move by health policy makers and educators in developing skills and attitudes which are necessary to meet the healthcare needs of the majority of the people. This change has also influenced many developing countries to follow the trend. Therefore, within the last two decades extensive transitions had been observed in pharmacy curricula globally, mainly with the incorporation of social and behavioral sciences at many pharmacy schools Although a complete discussion linking social sciences with pharmacy is not possible in a single document, we try to provide a brief historical background on social pharmacy and pharmacy practice as well as the importance of social sciences in health. In the current document the authors discuss few case studies from developed countries which establish the relevant link of social and behavioral sciences to pharmacy curricula and, therefore, the importance of social sciences in pharmacy curriculum can thus be ascertained. The authors will also enumerate the achievements of the Universiti Sains Malaysia in incorporating social pharmacy subjects in undergraduate pharmacy education. Recent history of social sciences and pharmacy education: Since the early 1980s, efforts were undertaken to find out which areas of pharmacy practice can greatly contribute in pharmacy training. Among many recommendations, an independent committee of inquiry established under the aegis of the Nuffield Foundation advocated that social and behavioral science should be incorporated into the pharmacy undergraduate curriculum. Defined as the scientific study of human behavior, behavioral science is often associated with disciplines which deal with people and society including psychology, sociology and anthropology. Sociology studies an individuals actions as a social phenomenon, whereas behavior is explained and shaped by the society in which we evolve; reason for which, sociologists prefer to use the term social action in place of behavior. Behavioral science also includes social psychology and interpersonal communication. According to Morrall,8 the discipline of sociology demystifies the nature of health and illness, determines the social causes of disease and death, exposes power-factors and ethical dilemmas in the production of health care, and either directly or indirectly helps to create a discerning practitioner capable of more focused and competent decision making. Such a sociologically informed approach to health care is basically needed by all health workers including pharmacists. Due to this importance, institutions such as the schools of pharmacy and the Royal Pharmaceutical Society of Great Britain suggested that aspects of sociology should be incorporated into the pharmacy undergr aduate curriculum for adequately preparing pharmacy students for their future practice. In a related opinion, the Royal Pharmaceutical Societys Education Committee advocated that all schools of pharmacy in their undergraduate programs should include teaching on the social science aspects of pharmacy.9 Why sociology for pharmacists? : Inadequacies and disparities in health care systems are still a major threat to global public health. In response to this, the last decades had witnessed an increasing number of changes in the activities of pharmacists. In primary care activities compounding and formulation of medicines are not practiced anymore. As technological progresses have made the dispensing of medicines a more routine task, how much time pharmacists spend on this activity is questioned. In addition, the number of highly effective proprietary medicines available for sale from a pharmacy, which were previously only available on prescription, has increased and thus expected to increase still further. As such, it is predicted that in near future pharmacists will be able to prescribe medicines as supplementary prescribers in developing countries. These facts have led pharmacists to re-evaluate their roles, and to promote themselves as health professionals as they must consider them selves as experts in medicines capable to take the lead of patients health status and the outcomes of different therapeutic regimen. In secondary care, clinical and ward pharmacy have become important concepts, with pharmacists increasingly being integrated into the health care teams alongside acquiring specializations i.e. in drug information, oncology, paediatrics and radiopharmacy. The contribution of social science to pharmacy practice: Pharmacy services in developing countries could make a greater contribution to health care. Steps to ensure that pharmacy education provides students with the knowledge and skills to contribute to public health priorities of their local populations are increasingly seen as an important goal of pharmacy education. Clearly, in developing their professional skills in social and clinical pharmacy, students need to appreciate that patients will have their own beliefs, views, and perspectives about their health and use of medicines which might be important determinants of the success of any health promotion activities. These activities include development effective counseling and communication skills, enhancing medication compliance, improving the understanding of ones disease, encouraging patients to seek professional care, assisting patients in making informed decision, and enhancing pharmacy professionalism and leadership qualitie s. Global Case Studies Developed Countries In 1975, the study commission on pharmacy identified the need to incorporate the behavioral and social sciences in pharmacy alongside clinical practice. In the same year, the Council on Pharmaceutical Education included pharmacy administration, social and behavioral sciences in their indicative curriculum. As per 2004, the American Association of College of pharmacy10 incorporates many social and behavioral topics as required outcomes of pharmacy programs in the USA. In UK, the Nuffield Committee of inquiry into pharmacy decided behavioral sciences to be incorporated into undergraduate pharmacy curriculum in 1986. To date, social pharmacy is now taught in all schools of pharmacy and forms part of the Royal Pharmaceutical Society ¢s indicative curriculum. A number of Northern and Eastern European countries introduced social pharmacy into their curricula in the mid-1970 ¢s11. In Sweden, courses were taught since 1957, dealing with social pharmacy and low/regulations in pharmacy which in 1970 transformed to social pharmacy. In Denmark, the first social pharmacy course was introduced in 1972-73 and by 1980 the course appeared in the course catalogue as social pharmacy with social science. In 1992, a chair in social pharmacy was established at Royal Danish School of Pharmacy. In Belgium, the concept of communication skills was introduced into the pharmacy fourth year students. A variety of methods that are used to assess pharmacy practice students , including a 6-month pharmacy internship, in which students are assessed by a preceptors report; a week-long workshop on communication and pharmacotherapy; a multiple choice exam on pharmacotherapy; and an open book oral exam. In the academic year 2000-01, the strongest correlations were between internship and oral exam performance. This trend continued in 2001-02, in addition to multiple choice exam correlating with both oral and internship performance. Developing Countries In the scenario of developing countries the contribution of pharmacy education in Malaysia is worth mentioning. The Universiti Sains Malaysia (USM) is the first public university to offer a Bachelors degree in Pharmacy in Malaysia since 1972. To date, it has produced more than 2,000 pharmacy graduates which serve as local pharmacy workforce. The School of Pharmaceutical Sciences has a multi-disciplinary pharmacy curriculum designed to provide holistic training to  prepare students for life-long learning, and to equip them with broad scientific knowledge and essential skills. The integrated pharmacy program consists of basic science and pharmaceutical science subjects in the first two years of study, and progresses towards patient care and clinical pharmacy. In the third and fourth years, the students professional skills are linked to an advanced clinical and pharmacy practice. Hence the curriculum inculcates a high standard of pharmacy training in practical knowledge and profession al skills. The 4-year program covers 6 disciplines of study, namely Pharmaceutical Chemistry, Physiology, Pharmaceutical Technology, Pharmacology, Clinical Pharmacy and Social and Administrative Pharmacy. Social and Administrative Pharmacy subjects were first incorporated in the curriculum in 1992-93 academic sessions and has been designed to prepare students for responsible leadership positions in academia, industry or public service.12 Hence this course equips the students for careers in governmental agencies, pharmaceutical firms, community pharmacies, universities, professional bodies and health insurance companies, all of which have a direct and indirect impact on the social fabric of the country. Students learn to give optimum services to the patients, as well as to make them aware about the prevention and cure of diseases. The Discipline of Social and Administrative Pharmacy (DSAP) at USM is committed to promote research in drug use problems in developing countries.13 At present more than fifty postgraduate students from more than ten developing countries are being guided by the faculty members in carrying out drug-related research in their countries as well as in Malaysia. The priority areas of research of DSAP are multidisciplinary and include pharmacoeconomics, pharmacoepidemiology/ pharmacovigilance, socio-behavioral aspects of health and pharmacy, pharmaceutical care, outcomes research, quality of life assessment, decision analysis, and pharmaceutical management and marketing. Additional domains of research include pharmaceutical public policy, pharmaceutical education, pharmacoinformatics and pharmaceutical anthropology. Another striking example is the case of Ghana, where pharmacists are often the most easily accessible health professionals to give consultation on health problems14. The incorporation of a landmark health promotional module in pharmacy course in Kumasi, Ghana comprises of both classroom activity as well as outdoor field work. This field work component enables the student to prepare health promotional materials by visiting and observing their local population and thus identify and explore their local compromised resources. This module thus serves to prepare Challenges for social pharmacy: A good example of how social pharmacy faces challenges can be gained from the recent review by Puspitasari et al 15 , which focused on counseling given to patients who purchase prescription medicines from community pharmacies. Their data showed that the nature of researchers relationships with the profession, measures to improve community pharmacy practices, the importance of learning from other disciplines, and the need to internationalize our discipline challenge social pharmacy research works. In addressing the role of a pharmacy, some authors16, 17 have previously suggested that pharmacists should have an increasing role in patient care and that patient counseling is one of the cornerstones of this new role. The very wide variation in counseling rates found by Puspitasari and the colleagues (8 to 80% of patients received verbal counseling) suggests that this new role is carried out more in some settings than others. Social pharmacy research had pla yed and still continues to play an important role in documenting this practice variation. Based on these reports, one of the major challenges is how to improve the practice of those settings and practitioners who are currently lagging behind. Clearly, researchers dealing with social pharmacy and pharmacy practice tread a delicate line. In order to accomplish the research findings of social pharmacy into practice the relationship of the social pharmacist with the practitioners must be close and positive enough that practitioners must listen to and involve themselves in the implementation of findings in the hope of improvements in pharmacy practice. In addition, researchers need to be independent enough so that they can identify the need for improvement, and advocate in the interest of public health. Non-pharmacists social pharmacy researchers face an additional set of challenges and pressures which mainly include their own recognition within social pharmacy.18 As pointed out by Puspitasari et al,15 studies on improvements in community pharmacy practice are urgently needed. Previous studies highlighted that motivated, innovative pharmacists can provide effective secondary services, which are undoubtedly important; 19, 20 however, interventional research studies in order to assess or improve the performance of the present pharmacist or pharmacy assistants are the need of time. Substantial information on how to improve present pharmacy practice exists in other professions also, and this can be instrumental in bringing changes in social pharmacy. For instance, the Cochrane Effective Practice and Organization of Care Review Group have a long-term experience in dealing with practice improvement.21,22 Overall, the major outcome of these works is the passive dissemination of information, i.e. written materials and lectures are not effective in changing practice. However, reminders and interactive educational meetings are effective strategies as they promote discussion and educational outreach. Multifaceted interventions tend to be more effective than single ones. Reviews of evidence on specific issues, such as interventions aimed at improving the use of antimicrobials have produced similar findings.23 Strategies for improving practice are a key concern in most health professions such as pharmacy, medicine, nursing, but are dealt with separately in each profession. Although differences may exist between professions and countries, practice researchers in each discipline can learn considerably by interacting with each other. Social pharmacy research is done in few developed countries: USA, UK, the Netherlands, Finland, Australia, and Canada. According to Ryan et al,11 social pharmacy is taught in seventeen countries those above plus four more Scandinavian countries, more European countries, New Zealand, and very few countries in the developing world. Thus the dissemination of social pharmacy research still remains a major challenge, especially in developing countries where there are documented problems in the purchase, distribution, and use of medicines. To overcome these problems, one possibility would be to establish strategic alliances with countries already working in these areas or with organizations such as the World Health Organization and Management Sciences for Health (www.msh.org) that have expertise, experience, and commitment to improve access to and use of medicines in developing countries. Conclusion: Social pharmacy program can be approached globally through various course types and formats. These courses make the students expose and explore societal concerns and health inequalities in their respective resource-deficient settings. Practical application of some components makes the student aware of the impact of sociodemographic on health and illness and inculcates sound understanding of the culture as well as social and moral obligations towards society in general and individual in particular. With regard to Universiti Sains Malaysia, constructive discussion to incorporate social-behavioral concepts and principles into other courses throughout the pharmacy curriculum can make the future prospects bright for social pharmacy. Students should be taught social pharmacy concepts and principles in every subject as pharmacoeconomics, pharmacoepidemiology, socio-behavioral aspects of health and ethical issues could and should be discussed during lectures and prior to clinical rotations. This shift in pharmacy practice from a product- to an information- and patient-based orientation affects patient knowledge, and increases liability and health care costs, which continue to place pharmacists in a position of great responsibility.

Psychoanalytic Approaches to Personality :: Psychoanalysis Psychology Freud essays

The area of psychology with perhaps the most controversial history, due to it’s complete lacking of empirical evidence, psychoanalysis, has it’s origins in the teachings of Sigmund Freud. Psychoanalysis is a form of therapy developed by Freud in the early 1900’s, involving intense examinations into one’s childhood, thought to be the origins of most psychopathology which surfaced during adulthood. Ideas about the subconscious, which saw the human mind as being in continuous internal conflict with itself, and theories that all actions are symbolic, for â€Å"there are no accidents†, were also major themes of the psychoanalytic approach. Successful therapy was a long-term and costly process, which most people during that time, with the exception of the wealthy, could not afford. Sigmund Freud’s main contribution to this new field of studying personality was in the area of the understanding the unconscious, an aspect of the mind to which, he claimed, we did not have ready access to, but was the source of our actions and behavior. Freud believed the human mind was divided into three parts: the id, ego, and super-ego. The id is man’s (generic meaning, referring to both sexes) instinctual, primitive, and hedonistic urges for pure pleasure, which the id was bent on experiencing, without regard to any consequences. The super-ego is man’s senses of morality, first brought on by experiences with authoritative figures and parents, which basically hold ideas of what is right and wrong, and is almost a direct paradox to the id. The ego, which can be seen as the mediator between the id and the super-ego, takes into account the activities of the external world, and attempts to invoke some balance among all three parts of the mind, with failure resulting in neurosis of some kind. Freud’s â€Å"Lecture III† provides, what I believe to be another important theory in understanding personality from this perspective, stemming from his notion of parapraxes, or unintentional acts that are actually unconsciously intentional. Such is the case with the familiar â€Å"Freudian slip†, where something is said which is actually a distortion or paradox of what is actually meant. This goes along with what are called symbolic acts, which are actions we take that, although we insist they have no meaning, or were accidental in nature, are actually intentional. For example, the act of forgetting is, according to Freud, a kind of intentional defense mechanism, that we unconsciously use to repress memories, or put things out of our minds. Although much of Freud’s work has been highly criticized by many of his detractors, there are certain aspects of his theories which I find quite important to the study of

Smu Solved Assignments

MB0044 – Production & Operations Management Assignment set – 1 1. What are the components of systems productivity? Explain how CAD and CIM help in improving productivity. Production management encompasses all activities which go into conversion of a sate of inputs into outputs which are useful to meet human needs. It involves the identification of the perquisite materials, knowledge of the processes, and installation of equipments necessary to convert or transform the materials to products. System productivity is generally expressed as the ratio of outputs to inputs.Productivity can be calculated for a single operation, a functional unit, a department division or a plant. It is a measure of the efficiency of the system and looks at the economies achieved during the processes. Every process will have number of contributors-people machines, facilitating goods, ancillary equipments, technology, etc. Which help in achieving maximum productivity – each element attempt ing to enhance the contribution of other elements? Enhancement of productivity is achieved by either reducing the inputs for the same output or increasing the output by using the same input. Opportunities exist at all stages of the workflow.The entire system of introduce measures for increasing productivity. However in actual manufacturing situations, the inefficiencies will have cascading effect in hampering productivity. Communication, effective review processes and innovative methods will ensure optimization of resources. Capital productivity: Capital deployed in plant, machinery, buildings and the distribution system as well as working capital are components of the oust of manufacture and need to be productive. Demand fluctuations, uncertainties of production owing to breakdowns and inventories being crated drag the productivity down.Therefore, strategies are needed to maximize the utilization of the funds allotted towards capital. Adapting to new technologies, outsourcing and b alancing of the workstations to reduce the proportion of idle times on equipments are the focus of this section. Computers in design and manufacturing applications make it possible to remove much of the tedium and manual labor involved. For example, the many design specifications, blueprints, material lists, and other documents needed to build complex machines can require thousands of highly technical and accurate drawings and charts.If the engineers decide structural components need to be changed, all of these plans and drawings must be changed. Prior to CAD/CAM, human designers and draftspersons had to change them manually, a time consuming and error-prone process. When a CAD system is used, the computer can automatically evaluate and change all corresponding documents instantly. In addition, by using interactive graphics workstations, designers, engineers, and architects can create models or drawings, increase or decrease sizes, rotate or change them at will, and see results inst antly on screen.CAD is particularly valuable in space programs, where many unknown design variables are involved. Previously, engineers depended upon trial-and-error testing and modification, a time consuming and possibly life-threatening process. However, when aided by computer simulation and testing, a great deal of time, money, and possibly lives can be saved. Besides its use in the military, CAD is also used in civil aeronautics, automotive, and data processing industries. CAM, commonly utilized in conjunction with CAD, uses computers to communicate instructions to automated machinery.CAM techniques are especially suited for manufacturing plants, where tasks are repetitive, tedious, or dangerous for human workers. Computer integrated manufacturing (CIM), a term popularized by Joseph Harrington in 1975, is also known as Autofacturing. CIM is a programmable manufacturing method designed to link CAD, CAM, industrial robotics, and machine manufacturing using unattended processing wo rkstations. CIM offers uninterrupted operation from raw materials to finished product, with the added benefits of quality assurance and automated assembly. 2. What do you understand by ‘industry best practice’?Briefly explain different types of Benchmarking. Industry best practice: Each industry would have developed over years or decades. Materials would have changed, processes would have changed. As all products or services are meant to serve needs of the customers, they undergo continuous changes – both in shapes and features. Because of research that is conducted, materials and methods go on improve incessarily. The companies that were at the force innovate to stay in business as new entrants would be adopting the latest techniques that the pioneers had taken decades to establish.So the practices adopted by various firms in any industry would end up adopting almost similar methods of getting an output required. Such practices would get refined to great extent giving rise what we call industry best practices. These tend to get stabilized or changed owning to the development of new equipments which are designed and manufacturers of those with an eye on growing markets which demand higher quality and reduced prices. Competition benefits those who can use all these to their advantage. Industry best practices open up the field for benchmarking by companies which need to improve their performance.Bench Marking: It is a method of measuring a company’s processes, methods, procedures and in a way all functions in great detail. Benchmarking is used to understand how these got into the system and what circumstances brought them about. It is a learning process with a few to find out whether some of the reasons have changed and bring in new processes for improvement.. The metrics that could be used are – number of pieces per hour, cost per unit, number of breakdowns per week, customer alienation during a week, return on investment, numb er of returns from customers in a month, inventory turnover, and many others.As can be seen the figures as found above determine the efficiency of the organisation. To keep focused, many organizations, especially the large ones, select a few processes for purposes of benchmarking. This helps in ensuring constant and deep attention to those aspects which are to be dealt with. The following are the types of benchmarking firms consider. Types of benchmarking: †¢ Process benchmarking – the initiating firm focuses its observation and investigation of business processes with a goal of identifying and observing the best practices from one or more benchmark firms.Activity analysis will be required where the objective is to benchmark cost and efficiency; increasingly applied to back-office processes where outsourcing may be a consideration. †¢ Financial benchmarking – performing a financial analysis and comparing the results in an effort to assess your overall competi tiveness and productivity. †¢ Benchmarking from an investor perspective- extending the benchmarking universe to also compare to peer companies that can be considered alternative investment opportunities from the perspective of an investor. Performance benchmarking – allows the initiator firm to assess their competitive position by comparing products and services with those of target firms. †¢ Product benchmarking – the process of designing new products or upgrades to current ones. This process can sometimes involve reverse engineering which is taking apart competitors products to find strengths and weaknesses. †¢ Strategic benchmarking – involves observing how others compete. This type is usually not industry specific, meaning it is best to look at other industries. Functional benchmarking – a company will focus its benchmarking on a single function to improve the operation of that particular function. Complex functions such as Human Resour ces, Finance and Accounting and Information and Communication Technology are unlikely to be directly comparable in cost and efficiency terms and may need to be disaggregated into processes to make valid comparison. †¢ Best-in-class benchmarking – involves studying the leading competitor or the company that best carries out a specific function. Operational benchmarking – embraces everything from staffing and productivity to office flow and analysis of procedures performed. 3. List out the various automated systems for transfer of materials in the production plant. What do you understand by Line Balancing? Explain with an example. About the automated flow lines we can say it is a machine which is linked by a transfer system which moves the parts by using handling machines which are also automated, we have an automated flow line. Human intervention ma is needed to verify that the operations ate taking place according to standards.When these can be achieved with the h elp of automation and the processes are conducted with self regulation, we will have automated flow lines established. In fixed automation or hard automation, where one component is manufactured using services operations and machines it is possible to achieve this condition. We assume that product life cycles are sufficiently stable to interest heavily on the automate flow lines to achieve reduces cast per unit. Product layouts ate designed so that the assembly tasks are performed in the sequence they are designed at each station continuously.The finished item came out at the end of the line. In automated assembly lines the moving pallets move the materials from station to station and moving arms pick up parts, place them at specified place and system them by perusing, riveting, & crewing or even welding. Sensors will keep track of their activities and move the assembles to the next stage. The machines are arranged in a sequence to perform operations according to the technical requi rements. The tools are loaded, movements are effected, speeds controlled automatically without the need for worker’s involvement.The flexibility leads to better utilization of the equipments. It reduces the numbers of systems and rids in reduction of investment as well as a space needed to install them. One of the major cancers of modern manufacturing systems is to be able to respond to market demands which have uncertainties. Prototyping is a process by which a new product is developed in small number so as to determine the suitability of the materials, study the various methods of manufactured, type of machinery required and develop techniques to over come problems that my be encountered when full scale manufacture is undertaken.Prototypes do meet the specification of the component that enters a product and performance can be measured on these. It helps in con be reforming the design and any shortcomings can be rectified at low cost. Flexibility has three dimensions in the manufacturing field. They are variety, volume and time. There demands will have to be satisfied. In that sense they become constraints which restrict the maximization of productivity. Every business will have to meet the market demands of its various products in variety volumes of different time.Flexibility is also needed to be able to develop new products or make improvements in the products fast enough to cater to shifting marker needs. Manufacturing systems have flexibility built into them to enable organization meet global demand. You have understood how the latest trends in manufacturing when implemented help firms to stay a head in business. 4. Explain the different types of Quality Control Tools with examples? How do Crosby’s absolutes of quality differ from Deming’s principles?Quality Control (QC) is a system of routine technical activities, to measure and control the quality of the inventory as it is being developed. The QC system is designed to: Provide routi ne and consistent checks to ensure data integrity, correctness, and completeness; Identify and address errors and omissions; Document and archive inventory material and record all QC activities. The following seven are considered basic tools for achieving quality. Flow Chart Check sheet Histogram Pareto Analysis Scatter Diagram Control Chart Cause and Effect Diagram Flow Chart It is a visual representation of process showing the various steps.It helps in locating the points at which a problem exists or an improvement is possible. Detailed data can be collected, analyzed and methods for correction can be developed. A sample is shown below lists out the various steps or activities in a particular job. It classifies them as a procedure or a decision. Each decision point generates alternatives. Criteria and Consequences that go with decision are amenable to evaluation for purposes of assessing quality. The flow chart helps in pin-pointing the exact at which errors have crept in. A simpl e chart is shown below. Check SheetThese are used to record the number of defects, types of defects, locations at which they are occurring, times at which they are occurring, workmen by whom they are occurring. It keeps a record of the frequencies of occurrence with reference to possible defect causing parameter. It helps to implement a corrective procedure at the point where the frequencies are more, so that the benefit of correct will be maximum. A sample sheet is shown below. Histogram Histograms are graphical representations of distribution of data. They are generally used to record huge volumes of data about a process.They reveal whether the pattern of distribution – whether there is a single peak, or many peak and also the extent of variation around the peak value. This helps in identifying whether the problem is serious. When used in conjunction with comparable parameters, the visual patterns help us to identify the problem which should be attended to. Pareto Analysis This is a tool for classifying problem areas according to the degree of importance and attending to the most important. Pareto principle, also called 80-20 rule, states that 80 percent of the problems that we encounter arise out of 20 percent of items.If we find that, in a day, we have 184 assemblies have given problems and there are 11 possible causes, it is observed that 80 per cent of them i. e. 147 of them have been caused by just 2 or 3 of them. It will be easy to focus on these 2 or three and reduce the number of defects to a great extent. When the cause of these defects have been attended, we will observe that some other defect Scatter Diagram These are used when we have two variables and want to know the degree of relationship between them. We can determine if there is cause and effect relationship between and its extent over a range of values.Sometimes, we can observe that there is no relationship, in which we can change one parameter being sure that it has no effect on the other parameter. Control Charts These are used to verify whether a process is under control. Variables when they remain within a range will render the product maintain the specifications. This is the quality of conformance. The range of permitted deviations is determined by design parameters. Samples are taken and the mean and range of the variable of each sample (subgroup) is recorded. The mean of the means of the samples gives the control lines. Assuming normal distribution, we expect 99. 7 per cent of all values to lie within the UCL when we take 3 standard deviations – Upper Control Limit – and LCL – Lower Control Limit. The graphical representation of data helps in changing settings to bring back the process closer to the target. Cause and Effect Diagram This is a diagram in which all possible causes are classified on quality characteristics which lead to a defect. These are arranged in such a way that different branches — the causes are – le ading the stem in the direction of the discovery of the problem. When each of them is investigated thoroughly we will be able to pinpoint some factors which cause the problem.We will also observe that a few of them will have cumulative effect or even a cascading effect. Deming Wheel Deming’s approach is summarized in his 14 points. Constancy of purpose for continuous improvement Adopt the TQM philosophy for economic purposes Do not depend on inspection to deliver quality Do not award any business based on price alone Improve the system of production and service constantly Conduct meaningful training on the job Adopt modern methods of supervision and leadership Remove fear from the minds of everyone connected with the organisation Remove barriers between departments and peopleDo not exhort, repeat slogans and put up posters. Do not set up numerical quotas and work standards Give pride of workmanship to the workmen Education and training to be given vigorously State and exhibit top management’s commitment for quality and productivity Using the above principles, Deming gave a four step approach to ensure a purposeful journey of TQM. The slope is shown to indicate that if efforts are let up the program will roll back Plan – means that a problem is identified, processes are determined and relevant theories are checked out. Do – means that the plan is implemented on a trial basis.All inputs are correctly measured and recorded. Check/Study/Analyze – means that the trials taken according to the plan are in accordance with the expected results. Act – When all the above steps are satisfactory regular production is started so that quality outcomes are assured Crosby’s Absolutes of Quality Like Deming, he also lays emphasis on top management commitment and responsibility for designing the system so that defects are not inevitable. He urged that there be no restriction on spending for achieving quality. In the long run, main taining quality is more economical rather than compromising on its achievement.His absolutes can be listed as under. Quality is conformance to requirements – not ‘goodness’. Prevention, not appraisal, is the path to quality. Quality is measured as the price paid for non-conformance and as indexes. Quality originates in all factions – not quality department. There are no quality problems people, design, process create problems. Crosby also has given 14 points similar to those of Deming. His approach emphasizes on measurement of quality, increasing awareness, corrective action, error cause removal and continuously reinforcing the system, so that advantages derived are not lost over time.He desires that the quality management regimen should improve the overall health of the organization and prescribed a vaccine. The ingredients are: Integrity – honesty and commitment to produce everything right first time, every time. Communication – Flow of inf ormation between departments, suppliers, customers – helps in identifying opportunities. Systems and operations – These should bring in a quality environment – so that nobody is comfortable with anything less than the best. 5. Define project cycle, project management, and scope of project. List the various project management knowledge areas?What are the reasons for failure of a project? Project Cycle – A project cycle basically consists of the various activities of operations, resources and the limitations imposed on them. Definition of â€Å"Project Management† It is the practice of controlling the use of resources, such as cost, time, manpower, hardware and software involved in a project, that start with a problem statement and end with delivery of a complete product. Project management involves understanding its scope and various processes in the project cycle. Project Management DefinitionAs per PMBOK (Project Management — Body of Knowle dge, defined by PMI – Project Management Institute) : â€Å"Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. As per DIN 69901 (German Organization for Standardization): â€Å"Project management is the complete set of tasks, techniques, tools applied during project execution† Scope – It refers to the various parameters that affect the project in its planning, formulation and executions, Like:- The range of one's perceptions, thoughts, or actions.Breadth or opportunity to function. See Synonyms at room. The area covered by a given activity or subject. See Synonyms at range. The length or sweep of a mooring cable. Informal A viewing instrument such as a periscope, microscope, or telescope. Before knowing the reasons of failure we have to know about project. Project is a set of activities which are networked in order and aimed towards achieving goal of a project. Now, the reasons ar e project failure: Incidence of Project failure Projects being initiated of random at all levels Project objective not in line with business objectiveProject management not observed Project manager with no prior experience in the related project Non- dedicated team Lack of complete support from clients Factors contributing to project success not emphasized: Project objective in alignment with business objective Working within the framework of project management methodology Effective scoping planning, estimation, execution, controls and reviews, project bottlenecks Communication and managing expectations effectively with clients, team merits and stake holders Prior expectance of PM in a similar projectOverview of information and communication Technologies (ICT) project: Involve information and communication technologies such as the word wide web, e-mail, fiber-optics satellites. ii) Enable societies to produce, access, adapt and apply information in greater amount, more rapidly and a t reduce casts. iii) Offer enormous opportunities for enhancing business and economic viability. iv) Common problems encountered during projects. v) No prioritization of project activity from an organizational position. vi) One or more of the stages in the project mishandled. vii) Less qualified non-dedicated manpower. iii) Absence of smooth flow of communication between the involved parties. These basic reasons lead a project to failures. In the project failures business management and project management is directly involved. From the management point of view it is basic things to care above topics to success of a project. Project is the core business of a company. 6. Explain the various phases in project management life cycle. Explain the necessity and objectives of SCM. This is the initial phase of any project. In this phase information is collected from the customer pertaining to the project and the requirements are analyzed.The entire project has to be planned and it should be done in a strategic manner. The project manager conducts the analysis of the problem and submits a detailed report to the top project justification, details on what the problem is a method of solving the problem, list of the objectives to be achieved, project budget and the success rate of completing the project. The report must also contain information and the project feasibility, and the risks involved in the project. Project management life cycle is the integrated part of management. It is attach with project responsibility or failure of a project.The important tasks of this phase are as follows: Specification Requirements Analysis (SRA): It has to be conducted to determine the essential requirements of a project in order to achieve the target. Feasibility study: To analyze whether the project is technically, economically and practically feasible to be undertaken. Trade off analysis: To understand and examine the various alternatives which could be considered. Estimation: To esti mate the project cost, effort requires for the project and functionality of various process in the project. System design: Choose a general design that can fusil the requirements.Project evolution: Evaluate the project in terms of expected profit, cost and risks involved marketing phase. A project proposal is prepared by a group of people including the project manager. This proposal has to contain the strategies adopted to market the product to the customers. Design phase: This phase involves the study of inputs and outputs of the various project stages. Execution phase: In this phase the project manager and the teams members work on the project objectives as per the plan. At every stage during the execution reports are prepared. Control: Inspecting, Testing and Delivery phase during this phase.The project team works under the guidance of the project manager. The project manager has to ensure that the team working under his, implements the project designs accurately, the project man ager has to ensure ways of managing the customer, perform quality control work. Closure and post completion analysis phase upon satisfactory completion and delivery of the intended product or service the staff performance has to be evaluated. Document the lessons from the project. Prepare the reports on project feedback analysis followed by the project execution report. The phase which involve in the above are:The preparation stage involves the preparation and approval of project outline, project plan and project budget. The next stage involves selecting and briefing the project team about the proposals followed by discussions on the roles and responsibility of the project member and the organization. The project management life cycle: A Life cycle of a project consists of the following: Understanding the scope of the project Establishing objectives of the project Formulating and planning various activities Project execution and Monitor and control the project resources. Risk Manage ment:-Risk is defined in ISO 31000 as the effect of uncertainty on objectives (whether positive or negative). Risk management can therefore be considered the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary.Several risk management standards have been developed including the Project Management Institute, the National Institute of Science and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actua rial assessments, or public health and safety. The strategies to manage risk include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk even though the confidence in estimates and decisions increase. Necessity and objectives of SCM:- SCM is the abbreviation of supply chain Management. It is considered by many express worldwide as the ultimate solution towards efficient enterprise management. SCM is required by and enterprise as a tow to enhance management effectiveness with a following organizational objective: Reduction of inventory:-Enactment in functional effectiveness of existing systems like ERP, Accounting.Software and Documentation like financial reports statements ISO 9000 Documents etc. Enhancement of participation level and empowerm ent level:- Effective integration of multiple systems like ERP, communication systems, documentation system and secure, Design R systems etc. Better utilization of resources- men, material, equipment and money. Optimization of money flow cycle within the organization as well as to and from external agencies. Enhancement of value of products, operations and services and consequently, enhancements of profitability.Enhancement of satisfaction level of customer and clients, supporting institutions, statutory control agencies, supporting institutions, statutory control agencies, suppliers and vendors, employees and executives . Enhancement of flexibility in the organization to help in easy implementation of schemes involving modernization, expansion and divestment, merges and acquisitions Enhancement of coverage and accuracy of management information systems. With the objectives of SCM its implementation are required.Implementation is in the form of various functional blocks of an organi zation interpenetrated through which a smooth flow of the product development is possible. A relatively new SCM option involves web based software with a browser interface. Several electronic marketplaces for buying and selling goods and materials. Steps involved in the implementation of SCM:- There is many steps which involved in SCM implementation are- Business Process, sales and marketing.Logistics, costing, demand planning, trade- off analysis, environmental requirement, process stability, integrated supply, supplier management, product design, suppliers, customers, material specifications, etc. Some important aspect of SCM- The level of competition existing in the market and the impact of competitive forces on the product development. Designing and working on a strategic logic for better growth through value invention. Working out new value curve in the product development along with necessary break point. Using it to analyze markets and the economies in product design.Time, cu stomer, quality of product and the concept of survival of fittest. Steps of SCM principals: Group customer by need: Effective SCM groups, customer by tie tinct service meets those particular segment. Customize the logistics networks: In designing their logistics network, companies need to focus on the service requirement and profit potential of the customer segments identified. Listen to signals of market demand and plan accordingly- sales and operations planners must monitor the entire supply chain to detect early warning signals of changing customer demand and needs.Differentiate the product closer to the customer: companies today no longer can afford to stock pile inventory to compensate for possible forecasting errors, instead, they need to postpone product differentiation in the manufacturing. Process closer to actual customer demand. Strategically manage the source of supply: by working closely with their key suppliers to reduce the overall casts of owning materials and servic es; SCM maximizes profit margins both for themselves, and their supplies.Develop a supply chain wide technology strategy: as one of the cornerstones of successful SCM information technology must be able to support multiple levels of decision making. Adopt channel spanning performance measures- Excellent supply performance measurement systems do more than just monitor internal functions. They apply performance criteria that embrace bathe service and financial metrics, including as such as each accounts true profitability. MB0045 – Financial Management Assignment set – 1 Q. 1 Write the short notes on 1. Financial management 2. Financial planning 3. Capital structure 4. Cost of capital 5. Trading on equity.Ans: 1. Financial Management Financial Management is Planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization. The management of the finances of a business / organization in order to achieve financial objectives. Financia l Management is the efficient and effective planning and controlling of financial resources so as to maximize profitability and ensuring liquidity for an individual(called personal finance), government(called public finance) and for profit and non-profit organization/firm (called corporate or managerial finance). Generally, it involves balancing risks and profitability.The decision function of financial management can be divided into the following 3 major areas: INVESTMENT DECISION 1. Determine the total amount of assets needed by a firm hence closely tied to the allocation of funds 2. Two type of investment decisions namely: †¢ Capital Investment decisions re: large sums, non routine, longer term, critical to the business like purchase of plant and machinery or factory †¢ Working Capital Investment decisions re: more routine in nature, short term but are also very critical decisions like how much and how long to invest in inventories or receivables   FINANCING DECISION . After deciding on the amount and type of assets to buy, the financial manager needs to decide on HOW TO FINANCE these assets with the sources of fund 2. Financing decisions for example: †¢ Whether to use external borrowings/debts or share capital or retained earnings †¢ Whether to borrow short, medium or long term †¢ What sort of mix – all borrowings or part debts part share capital or 100% share capital †¢ The needs to determine how much dividend to pay out as this will directly affects the financial decision.Financial Planning Financial Planning is an exercise aimed to ensure availability of right amount of money at the right time to meet the individual’s financial goals Concept of Financial Planning Financial Goals refer to the dreams of the investor articulated in financial terms. Each dream implies a purpose, and a schedule of funds requirements for realising the purpose Asset Allocation refers to the distribution of the investor’s wea lth between different asset classes (gold, property, equity, debt etc. Portfolio Re-balancing is the process of changing the investor’s asset allocation Risk Tolerance / Risk Preference refers to the appetite of the investor for investment risk viz. risk of loss Financial Plan Is a road map, a blue print that lists the investors’ financial goals and outlines a strategy for realising them Quality of the Financial Plan is a function of how much information the prospect shares, which in turn depends on comfort that the planner inspires Capital Structure Capital structure of a firm is a reflection of the overall investment and financing strategy of the firm.Capital structure can be of various kinds as described below: – Horizontal capital structure: the firm has zero debt component in the structure mix. Expansion of the firm takes through equity or retained earnings only. – Vertical capital structure: the base of the structure is formed by a small amount of e quity share capital. This base serves as the foundation on which the super structure of preference share capital and debt is built. – Pyramid shaped capital structure: this has a large proportion consisting of equity capita; and retained earnings. Inverted pyramid shaped capital structure: this has a small component of equity capital, reasonable level of retained earnings but an ever-increasing component of debt. SIGNIFICANCE OF CAPITAL STRUCTURE: – Reflects the firm’s strategy – Indicator of the risk profile of the firm – Acts as a tax management tool – Helps to brighten the image of the firm. FACTORS INFLUENCING CAPITAL STRUCTURE: – Corporate strategy – Nature of the industry – Current and past capital structure Cost of Capital Cost of capital is the rate of return the firm requires from investment in order to increase the value of the firm in the market place.In economic sense, it is the cost of raising funds required to finance the proposed project, the borrowing rate of the firm. Thus under economic terms, the cost of capital may be defined as the weighted average cost of each type of capital. There are three basic aspects about the concept of cost 1. It is not a cost as such: The cost of capital of a firm is the rate of return which it requires on the projects. That is why; it is a ‘hurdle’ rate. 2. It is the minimum rate of return: A firm’s cost of capital represents the minimum rate of return which is required to maintain at least the market value of equity shares. . It consists of three components. A firm’s cost of capital includes three components a. Return at Zero Risk Level: It relates to the expected rate of return when a project involves no financial or business risks. b. Business Risk Premium: Business risk relates to the variability in operating profit (earnings before interest and taxes) by virtue of changes in sales. Business risk premium is determined b y the capital budgeting decisions for investment proposals. c. Financial Risk Premium: Financial risk relates to the pattern of capital structure (i. e. debt-equity mix) of the firm, In general, a firm which has higher debt content in its capital structure should have more risk than a firm which has comparatively low debt content. This is because the former should have a greater operating profit with a view to covering the periodic interest payment and repayment of principal at the time of maturity than the latter. Trading on Equity When a co. uses fixed interest bearing capital along with owned capital in raising finance, is said â€Å"Trading on Equity†. (Owned Capital = Equity Share Capital + Free Reserves )Trading on equity represents an arrangement under which a company uses funds carrying fixed interest or dividend in such a way as to increase the rate of return on equity shares. It is possible to raise the rate of dividend on equity capital only when the rate of intere st on fixed – interest – bearing – security is less than the rate of return earned in business. †¢Two other terms: †¢Trading on Thick Equity :-  When borrowed capital is less than owned capital †¢Trading on Thin Equity :-  When borrowed capital is more than owned capital, it is called Trading on thin Equity.Q. 2 a. Write the features of interim divined and also write the factors (08 Marks) Influencing divined policy? b. What is reorder level? Ans: a) Usually, board of directors of  company  declares  dividend  in annual general meeting after finding the real net profit position. If boards of directors give dividend for current year before closing of that year, then it is called interim dividend. This dividend is declared between two annual general meetings. Before declaring interim dividend, board of directors should estimate the net profit which will be in future.They should also estimate the amount of  reserves  which will deduct from net profit in  profit and loss appropriation account. If they think that it is sufficient for operating of business after declaring such dividend. They can issue but after completing the year, if profits are less than estimates, then they have to pay the amount of declared dividend. For this, they will have to take loan. Therefore, it is the duty of directors to deliberate with financial consultant before taking this decision.Accounting treatment of interim dividend in final accounts of company:- # First Case  : Interim dividend is shown both in profit and loss appropriation account and balance sheet , if it is outside the  trial balance  in given question. ( a) It will go to debit side of profit and loss appropriation account (b) It will also go to current liabilities head in liabilities side. # Second Case:  Interim dividend is shown only in profit and loss appropriation account, if it is shown in trial balance. ( a) It will go only to debit side of profit and loss appropriation account.If in final declaration is given outside of trial balance and this will be proposed dividend and interim dividend in trial balance will be deducted for writing proposed dividend in profit and loss appropriation account and balance sheet of company, because if we will not deducted interim dividend, then it will be double   deducted from net profit that is wrong and error shows when we will   match balance sheets assets with liabilities. Factors affecting dividend policy. The dividend decision is difficult decision because of conflicting objectives and also because of lack of specific decision-making techniques.It is not easy to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders. The factors affecting dividend policy are grouped into two broad categories. 1. Ownership considerations 2. Firm-oriented considerations Ownership considerations:  Where ownership is concentrated in few people, there are no problems in identifying ownership interests. However, if ownership is decentralized on a wide spectrum, the identification of their interests becomes difficult. Various groups of shareholders may have different desires and objectives.Investors gravitate to those companies which combine the mix of growth and desired dividends. Firm-oriented considerations:  Ownership interests alone may not determine the dividend policy. A firm’s needs are also an important consideration, which include the following: †¢ Contractual and legal restrictions †¢ Liquidity, credit-standing and working capital †¢ Needs of funds for immediate or future expansion †¢ Availability of external capital. †¢ Risk of losing control of organization †¢ Relative cost of external funds †¢ Business cycles †¢ Post dividend policies and stockholder relationships.The following factors affect the shaping of a dividend policy: Nature of Business:  Companies with unstable earnings adopt dividend policies which are different from those which have steady earnings. Composition of Shareholding:  In the case of a closely held company, the personal objectives of the directors and of a majority of shareholders may govern the decision. To the contrary, widely held companies may take a dividend decision with a greater sense of responsibility by adopting a more formal and scientific approach. Investment Opportunities:  Many companies retain earnings to facilitate planned expansion.Companies with low credit ratings may feel that they may not be able to sell their securities for raising necessary finance they would need for future expansion. So, they may adopt a policy for retaining larger portion of earnings. Similarly, is a company has lucrative opportunities for investing its funds and can earn a rate which is higher than its cost of capital, it may adopt a conservative dividend policy. Liquidity:  This is an important factor. There are companies, which are profitable but cannot generate sufficient cash, since profits are to be reinvested in fixed assets and working capital to boost sales.Restrictions by Financial Institutions:  Sometimes financial institutions which grant long-term loans to a company put a clause restricting dividend payment till the loan or a substantial part of it is repaid. Inflation:  In period of inflation, funds generated from depreciation may not be adequate to replace worn out equipment. Under inflationary situation, the firm has to depend upon retained earnings as a source of funds to make up for the shortfall. Consequently, the dividend pay out ratio will tend to be low. Other factors:  Age of the company has some effect on the dividend decision.The demand for capital expenditure, money supply, etc. , undergo great oscillations during the different stages of a business cycle. As a result, dividend policies may fluctuate from time to time. Ans b) Reorder Level This is that level of materials at which a new order for supply of materials is to be placed. In other words, at this level a purchase requisition is made out. This level is fixed somewhere between maximum and minimum levels. Order points are based on usage during time necessary to requisition order, and receive materials, plus an allowance for protection against stock out.The  order point  is reached when inventory on hand and quantities due in are equal to the lead time usage quantity plus the safety   stock quantity. Formula of Re-order Level or Ordering Point: The following two formulas are used for the calculation of  reorder level or point. Ordering point or re-order level = Maximum daily or weekly or monthly usage ? Lead time The above formula is used when usage and lead time are known with certainty; therefore, no safety stock is provided. When safety stock is provided then the following formula will be applicable: Ordering point or re-order level = Maximum daily or weekly or monthly usage ?Lead time + Safety stock Q. 3 Sales Rs. 400, 000 less returns Rs 10, 000, Cost of Goods Sold Rs 300,000, Administration and selling expenses Rs. 20, 000, Interest on loans Rs. 5000, Income tax Rs. 10000, preference dividend Rs. 15,000, Equity Share Capital Rs. 100, 000 @Rs. 10 per share. Find EPS. Sales Rs. 400, 000 less returns Rs 10, 000, Cost of Goods Sold Rs 300,000, Administration and selling expenses Rs. 20, 000, Interest on loans Rs. 5000, Income tax Rs. 10000, preference dividend Rs. 15,000, Equity Share Capital Rs. 100, 000 @Rs. 10 per share. Find EPS. Sales | | |400,000 | | |Less Returns | |10,000 |390,000 | | | | | | | |Less | | | | | |COGS | | |30,000 | | |S | | |20,000 | | |Int on Loan | | |5,000 | | |IT | | |10,000 |325,000 | |Div | | |15,000 | | |ESC | | |100,000 |@ 10/- | |NPAT – Pref Share Div | | | | |No of Shares | | | | | | | | | | |NPAT | | |55,000 | | |less Pref Share Div | |15,000 |40,000 | | | | | | | |EPS | | |40,000 |=Rs. 4/- | | | | |10,000 | | Q. 4 What are the techniques of evaluation of investment? Three steps are involved in the evaluation of an investment: †¢Estimation of cash flows †¢Estimation of the required rate of return (the opportunity cost of capital)   †¢Application of a decision rule for making the choice. The first two steps, discussed in the subsequent chapters, are assumed as given. Thus, our discussion in this chapter is confined to the third step. speifically, we focus on the merits and demerits of various decision rules. Investment decision ruleThe investment decision rules may be referred to as capital budgeting techniques, or investment criteria. A sound appraisal technique should be used to measure the economic worth of an investment project. The essential property of a sound technique is that it should maximize the shareholders’ wealth. The following other characteristics should also be possessed by a sound investment evaluation criterion. †¢ It should consider all cash flows to determine the true pro fitability of the project. †¢ It should provide for an objective and unambiguous way of separating good projects form bad projects. †¢ It should help ranking of projects according to their true profitability. It should recognize the fact that bigger cash flows true profitability. †¢ It should recognize the fact that bigger cash flows are preferable to smaller once and early cash flows are preferable to later ones. †¢ It should help top choose among mutually exclusive projects that project which maximizes the shareholders’ wealth. †¢ It should be a criterion which is applicable to any conceivable investment project independent of other. These conditions will be clarified as we discuss the features of various investment criteria in the following pages. Evaluation criteria A number of investments criteria (or capital budgeting techniques) are in use in proactive. They may be grouped in the following two categories: 1.Discounted cash flow (DCF) criteria à ¢â‚¬ ¢ Net present value (NPV) †¢ Internal rate of return (IIR) †¢ Profitability index (PI) 2. Non-discounted cash flow criteria †¢ Payback period (PB) †¢ Discounted payback period †¢ Accounting rate of return (ARR). Discounted payback is a variation of the payback method. It involves discounted cash flows, but as we shall see later, it is not a true measure of investment profitability. We will show in the following pages that the net present value criterion is the most valid technique of maximizing the shareholders wealth. Problems associated with inadequate working capital Working capital may be regarded as the life blood of business.Working capital is of major importance to internal and external analysis because of its close relationship with the current day-to-day operations of a business. Every business needs funds for two purposes. * Long term   funds are required   to create production facilities through purchase of fixed assets such as plants, ma chineries, lands, buildings & etc * Short term funds are required for the purchase of raw materials, payment of wages, and other day-to-day expenses. . It is other wise known as revolving or circulating capital It is nothing but the difference between current assets and current liabilities. i. e. Working Capital = Current Asset – Current Liability. Businesses use capital for construction, renovation, furniture, software, equipment, or machinery.It is also commonly used to purchase inventory, or to make payroll. Capital is also used often by businesses to put a down payment down on a piece of commercial real estate. Working capital is essential for any business to succeed. It is becoming increasingly important to have access to more working capital when we need it. Q. 5 What are the problems associated with inadequate working capital? A business firm must maintain an adequate level of working capital in order to run its business smoothly. It is worthy to note that both excessi ve and inadequate working capital positions are harmful. Working capital is just like the heart of business. If it becomes weak, the business can hardly prosper and survive.No business can run successfully without an adequate amount of working capital. Danger of inadequate working capital When working capital is inadequate, a firm faces the following problems. Fixed Assets cannot efficiently and effectively be utilized on account of lack of sufficient working capital. Low liquidity position may lead to liquidation of firm. When a firm is unable to meets its debts at maturity, there is an unsound position. Credit worthiness of the firm may be damaged because of lack of liquidity. Thus it will lose its reputation. There by, a firm may not be able to get credit facilities. It may not be able to take advantages of cash discount. Disadvantages of Redundant or Excessive Working Capital 1.Excessive Working Capital means ideal funds which earn no profits for the business and hence the busin ess cannot earn a proper rate of return on its investments. 2. When there is a redundant working capital, it may lead to unnecessary purchasing and accumulation of inventories causing more chances of theft, waste and losses. 3. Excessive working capital implies excessive debtors and defective credit policy which may cause higher incidence of bad debts. 4. It may result into overall inefficiency in the organization. 5. When there is excessive working capital, relations with banks and other financial institutions may not be maintained. 6. Due to low rate of return on investments, the value of shares may also fall. 7.The redundant working capital gives rise to speculative transactions. Disadvantages or Dangers of Inadequate Working Capital 1. A concern which has inadequate working capital cannot pay its short-term liabilities in time. Thus, it will lose its reputation and shall not be able to get good credit facilities. 2. It cannot buy its requirements in bulk and cannot avail of disc ounts, etc. 3. It becomes difficult for the firm to exploit favourable market conditions and undertake profitable projects due to lack of working capital. 4. The firm cannot pay day-to-day expenses of its operations and its creates inefficiencies, increases costs and reduces the profits of the business. 5.It becomes impossible to utilize efficiently the fixed assets due to non-availability of liquid funds. 6. The rate of return on investments also falls with the shortage of working capital. Disadvantages or Dangers of Inadequate or Short Working Capital †¢ Can’t pay off its short-term liabilities in time. †¢ Economies of scale are not possible. †¢ Difficult for the firm to exploit favourable market situations †¢ Day-to-day liquidity worsens †¢ Improper utilization the fixed assets and ROA/ROI falls sharply Q. 6 What is leverage? Compare and Contrast between operating Leverage and financial leverage (10 Marks) ‘Leverage’ is the action of a lever or the mechanical advantage gained by it; it also means ‘effectiveness’ or ‘power’.The common interpretation of leverage is derived from the use or manipulation of a tool or device termed as lever, which provides a substantive clue to the meaning and nature of financial leverage. When an organization is planning to raise its capital requirements (funds), these may be raised either by issuing debentures and securing long term loan 0r by issuing share-capital. Normally, a company is raising fund from both sources. When funds are raised from debts, the Co. investors will pay interest, which is a definite liability of the company. Whether the company is earning profits or not, it has to pay interest on debts. But one benefit of raising funds from debt is that interest paid on debts is allowed as deduction for income tax. When funds are raised by issue of shares (equity) , the investor are paid dividend on their investment. Dividends are paid only when th e Company is having sufficient amount of profit. In case of loss, dividends are not paid. But dividend is not allowed as deduction while computing tax on the income of the Company. In this way both way of raising funds are having some advantages and disadvantages. A Company has to decide that what will be its mix of Debt and Equity, considering the liability, cost of funds and expected rate of return on investment of fund. A Company should take a proper decision about such mix, otherwise it will face many financial problems.For the purpose of determination of mix of debt and equity, leverages are calculated and analyzed. Concept of Financial Leverage Leverage may be defined as the employment of an asset or funds for which the firm pays a fixed cost or fixed return. The fixed cost or return may, therefore be thought of as the full annum of a lever. Financial leverage implies the use of funds carrying fixed commitment charge with the objective of increasing returns to equity sharehold ers. Financial leverage or leverage factor is defined, as the ratio of total value of debt to total assets or the total value of the firm. For example, a firm having a total value of Rs. ,00,000 and a total debt of Rs. 1,00,000 would have a leverage factor of 50 percent. There are difficult measures of leverage such as. i. The ratio of debt to total capital ii. The ratio of debt to equity iii. The ratio of net operating income (earning before interest and taxes) to fixed’ charges) The first two measures of leverage can be expressed either in book v8lue or market value the debt of equity ratio as a measure of financial leverage is more popular in practice. â€Å" Risk & Financial Leverage: Effects of financial Leverage:  The use of leverage results in two obvious effects: i. Increasing the shareholders earning under favorable economic conditions, and ii.Increasing the financial risk of the firm. Suppose there are two companies each having a Rs. 1,00,000 capital structure. O ne company has borrowed half of its investment while the other company has only equity capital: Both earn Rs. 2,00,000 profit. The ratio of interest on the borrowed capital is 10%and the rate of corporate tax 50%. Let us calculate the effect of financial leverage, both in the shareholders earnings and the Company’s financial risk in these two companies. (a) Effect of Leverage on Shareholders Earnings: |  |   |  |Company A |  |Company B | | | | |Rs. | |Rs. |  |Profit before Interest and Taxes | |2,00,000 | |2,00,000 | |  |Equity | |10,00,000 | |5,00,000 | |  |Debt | |—- | |5,00,000 | |  |Interest (10%) | |—- | |50,000 | |  |Profit after interest but before Tax | |2,00,000 | |1,50,000 | |  |Taxes @ 50% | |1,00,000 | |75,000 | Rate of return on Equity of Company A Rs. 1,00,000/Rs. 10,00,000 = 10% Rate of return on Equity of Company B Rs. 75,000/Rs. 5,00,000 = 15% The above illustration points to the favorable effect of the leverage factor on ear nings of shareholders. The concept of leverage is 5 if one can earn more on the borrowed money that it costs but detrimental to the man who fails to do so far there is such a thing as a negative leverage i. e. borrowing money at 10% to find that, it can earn 5%. The difference comes out of the shareholders equity so leverage can be a double-edged sword. b) Effect of Leverage on the financial risk of the company:  Financial risk broadly defined includes both the risk of possible insolvency and the changes in the earnings available to equity shareholders. How does the leverage factor leads to the risk possible insolvency is self-explanatory. As defined earlier the inclusion of more and more debt in capital structure leads to increased fixed commitment charges on the part of the firm as the firm continues to lever itself, the changes of cash insolvency leading’ to legal bankruptcy increase because the financial ‘charges incurred, by the firm exceed the expected earnings. Obviously this leads to fluctuations in earnings’ available to the equity shareholders. Relationship: Financial and Operating leverage:Relationship between financial and operating leverage:  In business terminology, leverage is used in two senses: Financial leverage & Operating Leverage Financial leverage:  The effect which the use of debt funds produces on returns is called financial leverage. Operating leverage:  Operating leverage refers to the use of fixed costs in the operation of the firm. A firm has a high degree of operating leverage if it employs a greater amount of fixed costs. The degree of operating leverage may be defined as the percentage change in profit resulting from a percentage change in sales. This can be expressed as: = Percent Change in Profit/Percent Change in SalesThe degree of financial leverage is defined as the percent change in earnings available to common shareholders that is associated with a given percentage change in EBIT. Thus, operatin g leverage affects EBIT while financial leverage affects earnings after interest and taxes the earnings available to equity shareholders. For this reason operating leverage is sometimes referred to as first stage leverage and financial leverage as second stage leverage. Therefore, if a firm uses a considerable amount of both operating leverage and financial leverage even small changes in the level of sales will produce wide fluctuations in earnings per share (EPS).The combined effect of both these types of leverages is after called total leverage which, is closely tied to the firm’s total risk. MB0046 -Marketing Management Assignment Set – 1 Q. 1 ]a. Explain the different micro-environmental forces with examples. Forces in the micro environment [pic] 1 The Company Remember, in the previous unit we discussed about marketing mix and marketing plan. Safe Express, a leader in the supply chain management solution wants to hold its number one position in the US $ 90 billion Indian logistics market. The company plans to expand its service areas in the coming months. To meet the targets of the marketing plan, other departments of safe express also expanding their horizon.The Company is coming out with logistics parks in different cities; plans to hold seven million square feet of warehousing capacity in the next three years and invest Rs 10 billion in three years to meet those targets. The above example shows that the company’s marketing plan should be supported by the other functional departments also. 2 Intermediaries Marketing intermediaries: These are firms which distribute and sell the goods of the company to the consumer. Marketing intermediaries play an important role in the distribution, selling and promoting the goods and services. Stocking and delivering, bulk breaking, and selling the goods and services to customer are some of the major functions carried out by the middlemen.Retailers, wholesalers, agents, brokers, jobbers and carry for ward agents are few of the intermediaries. Retailers are final link between the company and the customers. Their role in the marketing of product is increasing every day. 3 Publics These are microenvironment groups, which help a company to generate the financial resources, creating the image, examining the companies’ policy and developing the attitude towards the product. We can identify six types of publics 1. Financial publics influence the company’s ability to obtain funds. For example, Banks, investment houses and stockholders are the major financial publics. 2. Media publics carry news and features about the company e. g.Deccan Herald 3. Advertisement regulation agencies, telecom regulation agency( TRAI), and insurance regulation agency(IRDA) of the government 4. Citizen action groups: Formed by the consumer or environmental groups. For example, people for ethical treatment of animals (PETA) or Greenpeace. 5. General publics: a compa

Gothic novel Essay

The novel ‘Jane Eyre’ by Charlotte Bronte has been categorised as both romantic and gothic by scholars and literary critics. The plot entails the exploration of a woman’s domestic trap, a common Victorian theme, with her subjection to patriarchal authority and her dangerous attempts to escape from such restrictions and the consequences. There is a mixture of mysterious events, moonlit natural environment, beautiful dream-like landscapes, enigmatic characters. Jane is represented as the heroine of the story, the virginal Christian female character. In opposition to her is the character of Bertha who is insane and is hidden in the attic of Thornfield Hall, representing Rochester’s torment and his terrible secret. It can be argued that the plot has many entwined characteristics of both genres and it is very difficult to think of it as of one kind. The essay will discuss the way in which the novel accords with the characteristics of a romantic novel and a Gothic novel and evaluates whether it may be possible to assign it with one of the two labels. Romantic novels emphasize imagination and feeling, they focus on nature’s ability to free humans from society’s judgments and limitations. English romance narrates exotic and unusual stories, they are concerned with chivalric deeds (as in the stories of King Arthur), recalling themes of romantic medieval literature. The latter results from a period in English history when society was in search for of order and the approach was that everything had to be explained rationally and scientifically, hence often being referred to as the Age of Reason. However, the romantics’ themes are in opposition to such a way of thinking and rebelled against such established norms and conventions. The characters in romantic novels place the self at the centre of his/her own existence, this is achieved by focusing on his/her thoughts rather than actions. The theme or romantic love as opposed to passionate love is explored too and the consequences the latter would bring. Another narrative style which emerged was the Gothic novel. The background setting has a dim and imposing mansion or castle, as a backdrop to the atmosphere of mystery and suspense, where the character’s fears are explored beneath the surface of the â€Å"enlightened† psyche. Other features of a gothic tale is the presence of omens, portents and visions. There is usually a suffering, tormented woman who needs to be rescued from a controlling and lustful guardian, and in the process displays an array of extreme sentiments and reactions, such as swooning, crying and sorrow. She is usually often commanded to marry someone she does not love or commit some moral or actual crime. Supernatural events may be used to explain coincidences and many scenes evoke terror through the depiction of physical and psychological violence. So I would like to examine how Jane Eyre would seem to be typical of the romantic novel that was so popular in Victorian England, while at the same time having, in my opinion, all the ingredients for a gothic novel. The plot recalls a fairy tale ‘†¦ when you came upon me last night I thought unaccountably of fairy tales’; as Bronte writes in chapter 13. However, Bronte skilfully uses it as a frame, to give a clear picture of her great feminine consciousness, expressed in Jane Eyre’s persona. This is conveyed through the use of a first-person narration, that depicts the world around her and the others in relation to her and her point of view. In the romantic novel the individual stands at the centre of romantic fiction relating facts and experiences. In the following passage, Jane demonstrates her fervid romantic imagination, as she explains to Adele that she and Mr Rochester are going to get married and utters ‘Here is a talisman will remove all difficulties;† (chapter 24) Jane metaphorically evokes the theme of natural forces which come to her aid when she is most in need for comfort. The passage continues with, a fairy that ‘†¦ held out a pretty gold ring†¦.. and I am yours, and you are mine; and we shall leave earth and make our heaven yonder'(chapter 24). The latter depicts the traditions of dream and oral tales which was much loved by the romantics. However, these are also elements which can be found in Gothic novels, where enchantment and fear are closely related. There is much about Jane and Rochester’s introspection, their belief in the supernatural, and conflicting emotions. Jane fights against the wicked spirits of Gateshead, Lowood, Thornfield, Manor Hall, and Marsh End at the end, these supernatural elements take the form of moral choices that force her into reflecting upon righteousness. For instance, the striking of the chestnut tree by lightening, under which Rochester had proposed to Jane (chapter 22), is a portent of their imminent separation and the dangers that lie ahead. It is a perfect Gothic symbol, as nature predicts human fate. Moreover, Bronte is able to convey and juxtapose different tones in the same passage, it can change from a playful and romantic tone to an enigmatic and harsh one. For instance, when Rochester is trying to convince Jane to dine with him and she refuses, his mood changes immediately . He is upset by her answer and asks Jane if she supposes whether he eats as ‘an ogre or a ghoul’ (chapter 24). Here, Gothic elements are used metaphorically to convey the degenerating tone of such a conversation. Recalling the Bluebeard tales themes, which underlines the novel. The supernatural elements conceal emotions and have been used to symbolise the child which resides in all of us and comes out in moments of loss of consciousness and fear, and at the same time heightening the readers awareness of the fragility of the heroine/hero. As when Jane describes the red room, with its noises and mirrors, where she was secluded as a punishment, everything in the room becomes fearful to her eyes. The mere colour ‘red’ conjures up images of blood and being locked in either literally or in a moral sense is an abhorrent idea to most (it recalls also the theme of trap) (chapter 2). Another important aspect of the novel is the exotic. Romantics, in their novels, often alluded to distant places. In the story, Rochester has a house in Spain, where he wishes to take Jane once married, considering it as a more relaxed country, colourful and sensual place. Before meeting Jane, Rochester had travelled around the world in search of a foreign wife (Chapter 27). Yet, Bronte condemns such behaviour and makes Rochester feel reckless with disappointment to the point he utters that ‘I tried dissipation – never debauchery: that I hated, and hate. That was my Messalina’s attribute’ (Chapter 27). Jane rejects such exoticism and is ‘not forming a very favourable opinion’ on him, he is perceived by her as ‘an unfeeling, loose-principled rake’. What Bronte is trying to emphasise is that if romantic love was to be perceived in such a superficial light – as being just for sexual pleasure – then it together with passion, would mean a loss of the self morally and ethically. Moreover, the idea of the character who travels towards unknown distant places, against wicked and unpredictable forces (these are represented by the several lovers he mentions, throughout his journey, and finally by Bertha, his insane wife segregated in the attic of Thornfield Hall). Thus, Gothic elements are used to create a sense of loss and psychological violence, just like what Mr. Rochester experienced throughout his journeys. Bronte demonstrates an attitude towards natural forces, which ‘gravely offered†¦ help’ to such a ‘reckless’ man. In fact, he was not able to fall in love with a ‘womankind’, but with a natural ‘slender creature’ who is personified by Jane (Chapter 27). Thus, the novel entails many elements which are characteristic of fairy tales. Jane is repeatedly described as looking like a spirit, a tiny phantom, â€Å"half fairy, half imp. â€Å". Such an association permits an author to use less words to express deeper ideas, by adding powerful images through an apt use of wondrous language. The imaginary is at the heart of both narrative genres, however under many aspects Gothicism emerges to create suspense and conveys the characters’ inner torments, such as â€Å"the striking of the chestnut tree’, ‘the red room’. These contrast with the romantic descriptions of the outdoor scenes, such as when Jane runs across the countryside, are nevertheless described in a vivid and detailed manner as if Jane Eyre were painting a realistic picture of the scene in all its shades. This imagery suggests her characters’ moral condition and state of mind, therefore the mood of the story is immediately conveyed. There are numerous symbolic references to weather and to the sky, in the form of storms, rain, clouds, and sun. At the very opening of the novel, Jane sets the scene by mentioning that â€Å"the cold winter wind† had brought with it â€Å"clouds so sombre, and a rain so penetrating. † There is a full moon on the night when Bertha attacks her brother, as there is on the night when Jane runs away from Thornfield. Nature is presented as the â€Å"mother† of all creatures, which connotes Jane’s romantic side and her fragility. The scenes that are a set for Rochester and Jane Eyre’s passion take place in natural surroundings. After their wedding is interrupted, â€Å"the woods which twelve hours since waved leafy and fragrant/now spread, waste, wild and white as pine-forests in wintry Norway. † Here, Bronte adds Gothic elements, which changes the mood to one of tormented state of mind, thus anticipating Jane’s future struggles. At the end, when reunited, Rochester tells Jane that â€Å"I am no better than the old lightening-struck chestnut-tree in Thornfield orchard. † The theme of nature seems to be treated in both a romantic as well as a gothic way, due to the atmosphere which at times evokes joyful and comforting images, while at other times horrific images and death. In chapter 35, the personification of the ‘wind’ effectively suggests the way in which the mood can be created by nature. Bronte uses it as the means by which she received the message from Mr Rochester, in fact she follows it throughout ‘the passage’ until she finds her way out of that situation. This manifestation of the voice perceived in her spirit and mind, and not externally, could be construed in a gothic light i. e. as a portent or a supernatural event. There is, however, a romantic and passionate image of the voice which contrasts with the Gothic setting. The passage ‘I am coming! †¦ hush’ (chapter 37) is extremely descriptive with many adjectives ‘dark’, ‘void’ and nouns such as ‘loneliness’ and ‘hush’. The combination of this with short sentences creates an immediacy, dramatic impact and mystic atmosphere, characteristic of Gothic novels. In conclusion, by writing from an individual point of view, by creating characters who are possessed of strong feelings, fiery passions and some extraordinary personalities, by using some elements of horror and mystery, Jane Eyre is able to recreate life in a fantastic romantic way. The vividness of her subjective narration, especially the heroine who is contrary to the Victorians’ expectations, the presentation of the economical, social background of the time give her works a never dying popularity. The eerie atmosphere with supernatural associations can recall the characteristics of Gothic novels and are used in some way to justify what is inexplicable (as the voice of Mr. Rochester calling her or striking of the chestnut tree). All in all, I consider gothic as a subgenre of the romantic novel, both require drama and high emotional intensity which are elements that can be definitely found in Jane Eyre, one cannot exclude the other, it would be a great mistake to try and categorize such a masterpiece under one genre.