Googles Strategy in 2010 Essay Example for Free

Googles Strategy in 2010 Essay What is Google’s business model? The answer is complex because it makes up of lots of different factors. The top 10 principles of Google’s corporate philosophy is what keeps them doing what they do best. (Gamble, 2010, pg. C-175). 1.Focus on the user and all else will follow. 2.It’s best to do one thing really, really well. 3.Fast is better than slow. 4.Democracy on the web works. 5.You don’t need to be at your desk to need an answer. 6.You can make money without doing evil. 7.There’s always more information out there. 8.The need for information crosses all borders. 9.You can be serious without a suit. 10.Great just isn’t good enough. Their mission statement is to organize the world’s information and make it universally accessible and useful. (www.google.com). These 10 principles have helped them achieve their goal within their mission statement. Google has kept it simple but efficient. These 10 principles have guided them from the beginning and it has work. They don’t need to fix something that is not broken. Examine the financial reports in the case to determine the company’s profitability, liquidity, leverage and activity ratios. Based on these ratios what is your assessment of the company’s performance? Justify your answer? Profitability ratios are measures of performance that indicate what the firm is earning on its sales or assets or equity. There are the operating profit margin, net profit margin, return on total assets, return on equity, and basic earning power ratios. (Mayo, 2007). Operating profit margin = Earnings before interest and taxes/Sales 8,381,189/23,650,563 = 35.4% Net profit margin = Earnings after interest and taxes/Sales 6,520,448/23,650,563 = 27.5% Return on total assets = Earnings after interest and taxes/Total assets 6,520,448/40,496,778 = 16.1% Return on equity = Earnings after interest and taxes/Equity 6,520,448/36,004,224 = 18.1% Basic earning power = earnings before interest and taxes/Total assets 8,381,189/40,496,778 = 20.6% Leverage ratios measure the firm’s use of debt financing. There are two ratios; debt/net worth ratio and debt ratio. (Mayo, 2007). Debt/net worth ratio = Debt/Equity 4,492,554/36,004,224 = 12.4% Debt ratio = Debt/Total assets 4,492,554/40,496,778 = 11.0% Activity ratios measure how rapidly the firm is turning its assets into cash. The two activity ratios are inventory turnover and receivables turnover. Google does not have any inventory so there is no inventory turnover. (Mayo, 2007). Receivables turnover = Annual sales/Accounts receivable 23,650,563/3,178,471 = 7.4% Liquidity ratios measure the ease of which assets may be converted into cash without loss. There are two liquidity ratios; quick and current ratio. (Mayo, 2007). Quick ratio = Current assets – Inventory/Current liabilities 29,166,958-0/2,747,467 = 10.6% Current ratio = Current assets/current liabilities 29,166,958/2,747,467 = 10.6% Since Google does not have any inventory, the quick ratio and current ratio is the same. This shows that Google does have more assets than current liabilities. Overall, Google is doing extremely well all over the board. Their debt ratio is low sitting at 11 percent. They paid their bills on time because their receivables turnover is sitting at 7 percent. Investors know that Google is a good company to buy stock into. Perform a SWOT analysis of Google. Strengths Number one search engine with established name Simple interface-user friendly Their interface has 88 different languages-Global usage Localized search results Infrastructure Weakness Contextual ads targeted by click fraud Can’t expand to offline products Opportunities Acquisitions of other business Increase online advertising Alliances/partnerships with other companies Launched their own operating system Google TV Threats Facebook Click fraud Yahoo, Microsoft, and Amazon Slow economy Describe Google’s value chain. What is the source of the company’s competitive advantage? Since Google does not have any â€Å"raw† materials to process into finished goods like a traditional company, their value chain is different. Ben Morrow (2009) their value chain is more nuanced. Google gathers all the web users it can (the raw material) by enticing them to use its stellar search product with highly relevant results delivered promptly. Then, through assorted â€Å"signs† (text advertisements) it directs these same web users in the form of traffic to its advertising partners who transform the traffic into â€Å"conversions† or sales on their sites (finished good). Their added value is that they know where to direct the users to their sites that they needed to go. The source of Google’s competitive advantage is learning by doing as stated by Hal R. Varian, Google’s chief economist (Lohr, 2008). Basically, they arelearning from their competitors. For example, with Microsoft antitrust problems, they are now making antitrust training is mandatory for Google managers (Lohr, 2008). Some of Google’s competitive advantages are their value, rarity, imitability, and substitutability. Value because it is part of their value chain. Rarity because their user interface is so simple and user friendly. Also, it is hard for competitors to imitate because of the large infrastructure requirements to serve the relevant pages quickly. Google has servers all over the world all synced up and all running on a very large quantity of RAM, fast computer memory. (Morrow, 2009). References Lohr, S. (July, 7, 2008). The New York Times. Google, Zen Master of the Market. Retrieved on April 11, 2012 from http://www.nytimes.com/2008/07/07/technology/07google.html?pagewanted=1_r=1. Mayo, H. (2007). Basic Finance: An Introduction to Financial Institutions, Investments Management: 9 Edition. Thomson: United States. Morrow, B. (Feb. 22. 2009). Internal Analysis of Google Inc. Retrieved on April 11, 2012 from http://www.benmorrow.info/research/internal-analysis-of-google-inc/. Thomson A., Peteraf, M., Gamble, J., Strickland, A.J. ( 2012). Crafting Executing Strategy. McGraw-Hill.

Free Essays - The Glass Menagerie :: Glass Menagerie essays

How is one to distinguish between a good and a bad mother? What characteristics sets apart a good mother from a bad one? Amanda's actions in The Glass Menagerie by Tennessee Williams were made clear from the beginning. First, she was an extremely domineering person. Especially when it came to her children, constantly putting them down and making them feel as if they were inferior and couldn't do anything right. Secondly, she would make her childrens' decisions for them, allowing them to decide little regarding their own future. Finally, by placing a large part of her responsibilities on Tom demonstrates to the reader that Amanda is irresponsible. Despite any views people may have on it being difficult to differentiate the actions of a bad mother from those of a good mother, it was made obvious that Amanda was a selfish mother, putting her needs ahead of her children's. Amanda ultimately cared for herself more than her children Domineering is one of Amanda's strongest characteristics. She notices her children's weaknesses rather than their strong points, demonstrating this quality. She would constantly downplay her children about what they had become. "Sounds to me like a fairly responsible job you would be in if you just had more get-up." (Act 1, Scene V, pg. 54.) Amanda could never show any recognition for what her children had achieved. After Laura had dropped out of business school, Amanda was very pessimistic about her future, and was sure she would become an "old maid." Amanda did not even think of the possibility that Laura could be successful on her own, she failed to recognize that maybe both Laura and Tom would be happy and successful if they were only given the change to chose what they wanted to do for themselves, rather than their mother always making their decisions for them. It would definitely be difficult, and likely hopeless if someone was not doing something by choice, but was always coerced into doing it. Amanda would be constantly upset by how her children would not stick to something and be happy and successful with it. It was unfortunate that she did not realize that if she would just let her children make their own choices, they would most likely attain happiness. After making Laura go to business college, which she didn't want to do, she of course made it seem as if it was all Laura's fault. "Fifty dollars' tuition, all of our plans-my hopes

Accounting Data in Productivity Measurement and Strategic Decision-Making

Table of content: Page number Executive Summary—————————————————- 2 Introduction —————————————————– 3 What is Cost Accounting? ——————————————- 5 Importance of data collection —————————————- 6 Accounting data for productivity measurement —————– 7 Accounting data for decision making ——————————- 9 Identifying profitable segment’s using accounting————— 11 Managerial Accounting changes———â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€œ 13 Conclusion —————————————————————- 14 Reference —————————————————————- 15 Executive summary:The report titled ‘Accounting Data in Productivity Measurement and Strategic Decision-Making’ provides an analysis and evaluation of how accounting data is used by companies to promote their profitability and to improve their productivity. Most of the data and information has been collected from online journals. The journals collected were written by renowned professors and researchers from established universities. The journals dealt with not only the importance of data collection for promoting profitable segmen ts but also on the recent change in accounting practices around the world with primary focus on developing countries.Results of the report suggest that data mining is an essential activity for firms who are committed to advance their productivity. The findings also suggest that such information allows for firms to obey their budgets. The report finds that more and more firms have recognized the importance of data collection for their organization and are finding new ways to promote efficient accounting practices. The report also investigates certain limitations of the journals used. The journals are often much generalized rather than using information about a certain organization.Moreover the data provided in the journals ranges over long periods of time through many different firms in many nations. Thus the findings may not be applicable for all firms. Introduction What is managerial accounting? Managerial accounting  is concerned with the provisions and use of  accounting info rmation to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. In contrast to  financial accountancy  information, management accounting information is: * primarily forward-looking, instead of historical model based with a degree of abstraction to support decision making generically, instead of case based * designed and intended for use by managers within the organization, instead of being intended for use by shareholders, creditors, and public regulators * usually confidential and used by management, instead of publicly reported * Computed by reference to the needs of managers, often using  management information systems, instead of by reference to general financial accounting standards.According to the  Institute of Management Accountants  (IMA)-Management accounting is a profession that involves partnering in management decision making, dev ising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy.Managerial accounting as practice extends to the following three areas: * Strategic management—advancing the role of the management accountant as a strategic partner in the organization. * Performance management—developing the practice of business decision-making and managing the performance of the organization. * Risk management—contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.The Institute of Certified Managerial Accountants (ICMA), states  Ã¢â‚¬Å"A managerial accountant applies his or her professional knowledge and skill in the preparation and presentation of financial and other decision oriented information in such a way as to assist management in the formu lation of policies and in the planning and control of the operation of the undertaking†. Managerial accountants therefore are seen as the value-creators amongst the accountants.They are much more interested in forward looking and taking decisions that will affect the future of the organization, than in the historical recording and compliance aspects of the profession. Managerial accounting knowledge and experience can therefore be obtained from varied fields and functions within an organization, such as information management, treasury, efficiency auditing, marketing, valuation, pricing, logistics, etc. (Managerial Accounting,2011, para:1-2) Importance of Managerial accounting for firms in generalManagerial accountants record financial information for their companies that is used by the organization’s management team to aid in the decision-making process. Managerial accountants develop budgets, perform asset and cost management, and create important reports used by the management team. Managers depend greatly on the information provided by managerial accountants to develop effective business strategies. Small business owners make most of the decisions within their company.The information presented by managerial accountants affects the owner’s ability to make sound business decisions. The two primary functions of managerial accounting in a firm are planning and controlling. Both of these help managers accomplish decision making. Managerial accountants have a dual reporting relationship. As a strategic partner and provider of decision based financial and operational information, managerial accountants are responsible for managing the business team and at the same time having to report relationships and responsibilities to the corporation's finance organization.The activities managerial accountants provide inclusive of forecasting and planning, performing variance analysis, reviewing and monitoring costs inherent in the business are ones that have dual accountability to both finance and the business team. Examples of tasks where accountability may be more meaningful to the business management team vs. the corporate finance department are the development of new product costing,  operations research, business driver metrics, sales management score carding, and client profitability analysis.Conversely, the preparation of certain financial reports, reconciliations of the financial data to source systems, risk and regulatory reporting will be more useful to the corporate finance team as they are charged with aggregating certain financial information from all segments of the corporation. In corporations that derive much of their profits from the information economy, such as banks, publishing houses, telecommunications companies and defense contractors, IT costs are a significant source of uncontrollable spending, which in size is often the greatest corporate cost after total compensation costs and property related costs.A fu nction of management accounting in such organizations is to work closely with the IT department to provide  IT cost transparency. Managerial accountants help drive the success of the business while strict financial accounting is more of a compliance and historical endeavor. The goal of managerial accounting in a firm is to provide information for internal decision making, primarily for planning and control purposes. The types of decisions made by managers rely substantially on accounting information.Because financial accounting information does not provide enough detail for internal decisions, it must be broken into more detail of the individual products or services provided by a company. Not only do managers need to know the cost of a product or service, they need the costs broken into smaller components so they are able to perform what-if analyses and forecasts for the future. Some types of decisions that managers often make include pricing products, dropping a product or produc t line, buying new equipment to replace old, evaluating the performance of managers or divisions of a company, or making rather than buying a part or product.What is Cost Accounting? Cost accounting  is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action (Wikipedia, March 23, 2013, Revised Standard Version). It helps to find out the detailed information to the manager to control operation based on cost efficiency and capability. Managers made decisions for their own firm. So they need to manage the cost regarding productivity and strategic decision making. Cost accounting helps managers to control and manage resources.Strategic decisions based on cost reduction and rising costs are based on cost accounting. Basically the information is designed for managers as they take all the decisions for the organization. Important strategic decision making are made depending on the costs that the company can manage to pay for. Thus cost account ing is an important tool for the managers for productivity management and strategic decision making. Importance of data mining: Data mining is primarily used today by companies with a strong consumer focus.The application of data mining is ever-increasing in today’s business as in enables business to pull out hidden information from huge amount of data for better understanding of the consumers (Chopoorian et al. , 2001). The information is analyzed based on different perspective and summarize into useful data that can be used to increase revenue or cut costs. Although data mining is a relatively new term, but large companies are using it to find co-relation among huge amount of data in large database. The importance’s of data mining for modern business are given below: Data mining is used in restoration of hidden data which helps to extract the valuable information and construct practical analysis for decision making. * Data mining gives financial institutions informat ion about loan and credit reporting (â€Å"Zentut†, â€Å"n. d. †). * It also helps banks detect fraudulent credit card transactions to protect credit card’s owner (â€Å"Zentut†, â€Å"n. d. †). * It is being used ever more for understanding and forecasting consumer buying actions, buying tendency, customer profile and industry analysis (â€Å"Articlebase†, July 18, 2009). Data mining can be used as decision making tools in market research, industry research and competitor analysis which made it more beneficiary for the business industry. * It can manipulate large database swiftly and effectively accomplishes entire data analysis process. * Data mining helps government agency by excavating and scrutinizing records of financial transaction to build molds that can identify money laundering or criminal activities (â€Å"Wordpress†, December 5, 2006). * It can be used in every sector like science, business and others and it is cost effec tive.Limitation: Data mining has uncountable benefits and importance in today’s modern business but it has some limitations. Most of them are based on technological advancement, which is considered as the foremost advantage of data mining. Additional limitations are discussed below: * Security concern: One of the major limitations of data mining is the security issue. Most of the businesses accumulate their customers’ social security number, payroll etc. Hackers can easily go across their accounts and steal such sensitive data of the customers (â€Å"Zentut†, â€Å"n. . †). Thus customers do not feel safe to share information through data mining. To avoid the unwanted security concern, companies ought to take several crucial precautions so that the customers can trust them with no trouble. * Privacy concern: The misuse of internet has threatened the privacy concern among its users. People are afraid to share any of their personal information as it can be collected and used in unethical ways. Customers’ do not prefer to buy goods online in apprehension of getting any information revealed (â€Å"IT Law WIKI†, â€Å"n. . †). As business has to collect many of the information, they must take care about the privacy policy so that the information cannot easily disclose. * Inaccurate information: Unethical businesses or people might use information that is given in data mining for some other purposes or can inequity against some other people. Moreover the information or the assessment published in data mining is not absolutely accurate if the data has been entered wrong. Thus people cannot reliance completely on data mining. Possible benefits:Data mining is useful for modern business today as particular user will be looking for a pattern not for complete data in the database, it is better to read wanted data than unwanted data. There are some other benefits. They are: * Data mining technique is required pattern will be drawn from database with in short time * Data mining software is easy to use and does not require complicated statistical acquaintance and data preprocessing (Chen and Sakaguchi, 2000) * Data mining tools are programmed in such ways, it automatically present data analysis with visual charts and table to assist understandingImportance of Accounting Data in Productivity Measurement: According to Kaydos (1991), â€Å"Productivity and subsequently performance measurement has become more important and has been regarded as a prerequisite for continuous improvement† (as cited in Phusavat & Photaranon, 2006). Accounting data is important for measuring productivity to provide a systematic and comprehensive explanation of changes in profitability. Productivity measurement is one of the criterions for performance analysis of a firm.According to Sink (1985), â€Å"Productivity is simply the relationship between the outputs (goods and services) generated from a system and the inputs pro vided to create those outputs† (as cited in Phusavat & Photaranon, 2006). It is very important that accounting data collected should be correct and reliable otherwise productivity measurement would be inaccurate which will lead to incorrect forecast of cost and profitability data. Both technical and managerial aspects should be recognized in order to ensure successful and sustainable productivity measurement.For this purpose, strong database management is essential in order to ensure timely provision of accounting data for productivity measurement. It is essential to timely collect production-related data and report performance information by the database management to ensure better performance-analysis. According to Harper (1984), â€Å"It is vital for an organization to become continuously more productive in order to sustain its growth† (as cited in Phusavat & Photaranon, 2006). The productivity measurement based on accounting data divides production inputs into five categories such as capital, labour, energy, materials, and services.Productivity also includes unit cost, price, factor proportion, cost proportion, product mix, and input allocation (Phusavat & Photaranon, 2006). Accounting data consisting of integration between productivity, financial performance (i. e. profitability) at the operational level, and features such as opportunity gain/loss is used for productivity and performance measurement. Management report on opportunity gain/loss is useful for future monitoring and evaluation. Accounting data such as concepts of the opportunity gain/loss and the dynamic/static ratios in both single and partial formats are essential for performance measurement.Accounting information such as value-added labor productivity and ROA are also included in measurement technique. More comprehensive analysis of entity by measurements requires more accounting data to be aggregated (Phusavat & Photaranon, 2006). Importance of Accounting in Strategic Decision making: Accounting is essential in managing business performance and the accountants helps to improve decision making by offering strategic and practical advice, by managing risk, and by supporting key decisions at all stages of the decision making process for enhanced productivity and profitability measurements.An accountant can help significantly in the areas of budgeting, investigating, interpreting and communicating results for use by both internal and external decision makers. For example, at the problem recognition stage, they may be the first to detect an opportunity or approaching threat. At the ideas stage, they can help to provide creative solutions (â€Å"Improving strategic decision making†, n. d. ). Profitability is consequence of adopting a market orientation and plays important role in decision making (as cited in Inglis & Clift, 2008).Market orientations is composed of three behavioral components, such as customer orientation, competitor orientation and inter functional coordination, and two decision criteria, long-term focus and profitability (Narver and Slater, 1990). Customer orientation component of a market orientation and profitability acts as decision criterion (Inglis and Clift, 2008). There is an identified requirement for accounting information about the costs involved in providing a range of customer product-attributes which help businesses to choose most profitable market segment.According to Gray and Hooley (2002), within the market-orientation, customer value, customer product-attribute needs and accounting information are interrelated conceptually from a managerial and economic perspective (Gray and Hooley, 2002). McNaughton et al. (2002) stated that accounting function develops a sense of those attributes of greatest value to customers and in this way they may provide link between customers, value and profitability (as cited in Inglis and Clift, 2008). According to Inglis and Clift (2008), creating value for customer thr ough product attributes requires accounting information very much for decision making.Function cost analysis and interrelated techniques of value analysis are integral to target costing (TC) which seeks to reduce the life-cycle costs of products while ensuring all customer requirements are met (Shillito and De Marle, 1992; Kato, 1993). According to Inglis and Clift (2008), the accounting function may interact with customers in managing payment procedures and terms for a richer understanding of how to differentiate its business in the market place and assist in creating value for the customer (Inglis and Clift, 2008).Importance of using ABC Method to avoid the problems faced by firms providing financial services According to Hussain and Gunasekaran (2001), activity based costing (ABC) has become highly essential to overcome shortcomings faced by traditional accounting method, in terms of validity, accuracy, completeness, consistency, understanding and relevance. It helps management t o make internal decisions and formulate plans to provide new services, improve existing services and measure performances in order to achieve overall competitive strategies and advantages of organizations.The approach further provides a more factual basis for decisions by identifying truly profitable and truly unprofitable products, eliminating unnecessary costs, identifying and distinguishing between true value-add activities and non-value add activities, and pricing products so as to achieve acceptable margins. It is a powerful tool in achieving competitive advantages and in providing operational and discretionary project cost data (Hussain and Gunasekaran, 2001).Activity based costing in service costs in bank demonstrated by Hussain and Kock (1994) showed unit time is a more complex calculation involving work measurement processes (as cited in Hussain and Gunasekaran, 2001). Once information obtained the bank can calculate the profitability of various segments, retain highly prof itable segments and transform unprofitable segments into profitable ones through actions on pricing, product features, operating improvements and technology introduction (as cited in Hussain and Gunasekaran, 2001).West and West (1997) demonstrated the need of activity-based costing implementation in services . . . for financial survival without which managers cannot make effective decisions involving long-term captivated contract profitability (as cited in Hussain and Gunasekaran, 2001). Harr (1990) reports activity-based accounting approach for budgeting and financial performance reduces the costs without losing either the timeliness or the quality of its services.In spite of the advantages, however, ABC costing does not solve all the problems involved in decision making as management might overlook basic analysis needed for customer adaptation, flexibility and economies of scope (Hussain and Gunasekaran, 2001). It is important to constantly focus upon customers' total perceived se rvice quality and to maintain relationships to profitable customers. ABCM can then be accepted as a real tool for management to make strategic decision, formulate plan and operate control (Hussain and Gunasekaran, 2001)Using Target costing to identify profitable segments and maintaining productivity: In the journal ‘Target Costing’ (1995) the authors have stated that ‘product innovation is one of the keys to a company’s survival and competitiveness’ (p. 1). Thus Management accounting and cost accounting play an important role as they help in the creation of new products which attracts customers while maintaining low costs and ensuring profitability. As the effects of globalisation becomes more apparent companies are forced to reconsider their accounting practices, more specifically there management accounting practices.This is where target costing comes in. Target costing has been defined in the book Managerial Accounting (2012) ‘the process of determining the maximum allowable cost for a new product and then developing a prototype that can be profitably made for that maximum target cost figure’ (p. 763). In other words a desired profit margin is deducted from the selling price and a new target cost is determined for the new product. Implementing Target Costing: The different departments of the firm run a cost analysis to develop a target cost for the new product.If the manufacturing cost for the new product is equal or below the target cost then the product can be introduced in the market. Finally the target cost is deducted from the selling price. Thus target costing not only helps find a profitable segment in the market but also makes sure that product is being produce in its most productive capacity. The target profit process has been summarised in Figure 1 (see appendix). The journal further states that the companies that benefit the most from Target costing (p. 6) are: 1. Firms involved in assembly production style. 2.Firms involved in product diversification thus need target costing to determine a profitable market segment. 3. Firms whose product life cycle is relatively short (less than 3 years). 4. Firms wanting to reducing costs during the planning, design and development stages of a product’s life cycle. Managerial Accounting Changes: Research shows that Managerial Accounting has under gone changes in the last decade. According to the journal ‘Managerial Accounting Change in South Africa’ (Waweru, Jan 2004) this is especially true for developing nations. The case study considers four retail firms in South Africa.This helped them to find out the exact changes in Management Accounting Practices and the reasoning behind such changes. The journal reports that the main reason for such transformations can mainly be attributed to three main reasons. They are: 1. Increased Globalisation-This has made sure there is increased competition between the countries of the world . Thus necessitating for changes to take place in the managerial accounting world. 2. Huge variations in Information Technology-Technological advancements in the last decade has revolutionized the way world does business.The introduction of supercomputers has made sure that decision making process is faster and also made information more freely available. 3. Recent economic recession-The recession which has gripped the world since 2007 has made businesses reassess their managerial practices. Thus the journal has found that in order to deal with such challenges the businesses have evolved and so has their accounting practice. In developed nations more and more firms are now involved in Target Costing, Activity Based Costing (ABC), Product Life-cycle costing and finally Quality Costing.It should again be mentioned that these changes has only been noticed in developing nations and not so much in developed nations around the world. However the paper cautions regarding such changes by st ating that no one accounting system is universally appropriate for all firms. But rather that it varies from company to company. Thus the factors a firm should consider are (Waweru, 2004): 1. Size and type of the firm 2. Foreign competition 3. Economic restrictions 4. Technological advancements 5. Political and Social ConsiderationsHence we can conclude from this journal that Management practices evolves slowly in developing countries where it is greatly aided by government reforms/deregulations and globalisations and technological improvements. Conclusion: Thus we can say that accounting data has a strong effect on productivity and strategic decision making for firms. Since the data’s collected, both time series and cross sectional data, provides an insight into what has increased output for firms over the years and all the possible actions firms can make to engage in efficient production. Data’s are also used to make important decision.Time series accounting data giv es a good understanding of the profitable segments of the firms and the different sectors the firm can further expand into. Hence we can conclude by saying that accounting data are extremely vital for management accounting practices. Reference: 1. So,S and Smith,M. (2003). Managerial Auditing Journal. The impact of presentation format and individual differences on the communication of information for management decision making. 18 (1), p1-3. 2. Farag,M and Elias,R. (2012). Public Accounting Firms' mix of service revenue and average productivity. Evidence using revenue per person. 7 (8), p1-5. 3. Phusavat,K and Photaranon,W. (2006). Productivity/Performance measurement. Case application at the government pharmacuetical organisation. 106 (9), p1-16. 4. Waweru,N and Hoque,Z. (2004). Management Accounting Change in South Africa. Case studies from retail services. 17 (5), p1-30. 5. Inglis,R and Clift,R. (2008). Market Oriented accounting:information for product level decision. Market ori ented accounting. 23 (3), pg1-15. 6. Liu,s and Chen,J. (2009). Using data mining to segment healthcare markets from patients’ preference perspectives. Using data mining to segment markets. 22 (2), p1-18. . Hussain,M and Gunasekaran,A. (2001). Activity-based cost management in financial services industry. Managing service quality. 11 (3), p1-11. 8. Gagne,M and Discenza,R. (1995). Target Costing. JOURNAL OF BUSINESS & INDUSTRIAL MARKETING. 10 (1), p1-7. 9. None. (2012). Management Accounting. Available: http://en. wikipedia. org/wiki/Management_accounting. Last accessed 12th April 2013. 10. None. (2009). Improving strategic decision making. Available: 10. http://businesscasestudies. co. uk/cima/improving-strategic-decision-making/introduction. html#axzz2QEPImiLQ . Last accessed 12th April 2013.

The World Of The Age Of Medi Entertainment And Relevancy

Living in the Age of Media: Entertainment and Relevancy The significant presence of electronic media has gradually become a crisis of society’s problems. Though it seems to go unnoticed by most, the obtainment of our information that we are receiving is a mere means of entertainment thanks to the universalization of media and television. Postman discusses the consequences of living in a technologically advanced age by discussing four aspects of society that are most affected: the news, religion, politics, and education. Society has shifted from words of reason and sensibility to the epitome of trivial media content. The general overview of television is not what gives a problematic impression on society, but it is the loss of purpose and truth within our programs that is transforming itself into a form of show business. Out of the four aspects of society, politics has had the most corrupted and negative effect towards society. Politicians are unable to express intellectual knowledge on important issues and instead of being treated as potential leaders, they are treated similarly to celebrities. For example, take the most recent election and varied political commercials that were broadcasted. The promotional margin of political figures is often taken as a means of self-interest, voting for the ‘most-likeable’ candidate. Gone are the days of understanding and voting for Republicans or Democratic parties. Politics are devalued into forms of imagery,

Logistics in Disneyland - 906 Words

I have chosen to take a look at the organization in the theme park Disneyland Paris. The question I asked myself is â€Å"What do you need to get a successful theme park like Disney World?† the main answer to that question is in my opinion with the following things: - Attractions - Restaurants - Souvenirs shop(s) - Restrooms - Signs Off course there are some other factors, like management etc., that you need in order to lead a successful theme park. But some of those are not really relevant to logistics. That is why I chose to concentrate on the above list of things. The attractions: The first thing I think of when I think of a theme park are the attractions, the question concerning logistics that immediately pops into my mind is: How†¦show more content†¦The restaurants: After the thrill from those roller-coasters and other attractions you would probably like something to eat. That is why restaurants are also very important in a theme park. But unlike those attractions food is perishable that means that as the owner of a theme park you cannot store food for one year and use that during that year, you need a constant supply in order to serve fresh food. Food needs to be carried to the theme park in special trucks, because some products cannot handle some circumstances they are in if they would be in a normal truck. This all means that the food should also be stored only a short time and has to be handled quickly. The different products that are needed in a theme park restaurant are collected and immediately carried to the theme park. The souvenir shops: You had such a nice day full of excitement and fun, which you really want to remember later. So you want to have a souvenir from the park. But to get all those souvenirs into the souvenir shop, you need logistics. The different products in the souvenir shop are not made in France. Most of them are probably made in China, where the goods are stored until they need to be flown out to France. When they get to France they are transported to Disneyland by truck. The restrooms: Off course if you walk in a theme park sooner or later you will need to go to the rest room and because theme parks can be veryShow MoreRelatedA Global Brand Of The Fedex Corporation ( Fedex )1469 Words   |  6 Pagesthat need in a better way. Fred Smith came up with an idea airline for packages and a hub-and-spoke system for moving the packages that seemed silly at the time. He persisted even when others discouraged him, and has completely revolutionized the logistics/transportation sector as a result. Corporate culture is very important factor. FedEx has a well-deserved reputation of treating its employees well and promoting them from within. 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To Speak Of Justice Is To Speak Of A Concept That Is As

To speak of justice is to speak of a concept that is as old as human history itself. The belief that humanity is a created being necessitates the acceptance of a moral Creator. That this Creator is moral in nature implies that all that is good and moral originates in this Creator. The affirmation that humanity’s creation is in the imago Dei correlates human beings and human existence to be a reflection of the Creator. To affirm human existence as an evolutionary by-product, on the other hand, nullifies the potential of justice, making it an amorally generated relativistic idea formulated, in and through, opinionated understandings of good, evil, right, and wrong within human relations and interaction. The world of the ancient Near East†¦show more content†¦And they abhorred evil and falsehood, lawlessness and disorder, injustice and oppression, sinfulness and perversity, cruelty and pitilessness.† They perceived justice to be â€Å"the order of creation† as it related to â€Å"creation activities† of Utu. For Sumerians, and known as Ã…  amaÃ… ¡ throughout other sectors of the ancient Mesopotamian world, Utu – the sun god of justice and righteousness – â€Å"shines brightest when the orphan and the widow are protected and when relations between the powerful and humble remain fair.† An ancient Sumerian hymn reads, in part: Utu, you are the god of justice, Utu, (you are) the shepherd, the father of the â€Å"dark headed† people. Utu, (you are) the principal judge of the land (of Sumer). Utu, to give judgement is in your power (right). Utu, to give decisions is in your power (right). Utu, justice is in your power (right). Utu, to lead in truthfulness and justice is in your power. . . . . . 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Past Consideration free essay sample

Consideration is also known as element of exchange. To be a contract, the transaction must be supported by consideration. According to general rule, s. 26 of CA state that an agreement made without consideration is void. We can define consideration as the price paid for benefit received or is an exchange of promises. It means that something with monetary value, voluntarily exchanged for an act, benefit, forbearance, interest, promise, right, or goods or services. For example, the promisee has to give something in return for the promise of the promisor in order to convert a bare promise made in his favour into a binding contract. According to Lord Dunedin in Dunlop v Selfridge (1915), consideration is â€Å"an act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable†. Thus, consideration may be viewed as a sort of bargain, or price which one party pays to buy the promise or act of the other. We will write a custom essay sample on Past Consideration or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page When the promisor promises to do or to abstain from doing something, the promisee must pay a price for it. There are three types of consideration and one of the considerations is the past consideration. 1.2 Past Consideration Pass consideration is one type of the consideration. If one part voluntarily performs an act before the promise was made or the other party then makes a promise, the consideration for the promise is said to be in the past. For example, A finds and returns B’s digital camera and in gratitude, B promises to reward him with RM 200. B had made a promise here in return for A prior act which is return his digital camera. The return of the camera was an act in the past done independently of B’s promise and will be pass consideration. 2.0 Content 2.1 Past Consideration under Common Law There are two different views toward this past consideration. Under Common Law of England the general rule, the view of past consideration is that it is not a good consideration and is not recognized by English Law. It is insufficient to support a contract. The past consideration is valid if something is done in the business context and it was understood that both parties that it would be paid off. We can refer to the examples cases of 2.1 (a) Re McArdle (1951) and 2.1 (b) Roscorla V Thomas (1842). 2.1 (a) Re McArdle (1951) After the death of the mother, five children inherited the house. Some home improvements had been paid by one of the daughters in law. Later, the other four of the children signed a document that they promised to pay her the money for the work done, in consideration of carrying out improvements to the property. However, the others then refused to pay to her and the Court of Appeal held that the promise was unenforceable because all the work that had done before the promise made was just a past consideration. 2.1 (b) Roscorla V Thomas (1842) Roscorla purchased a horse from Thomas. After Roscorla had purchased the horse, Thomas then promised that the horse was in a good condition and it is not vicious. However, Roscorla then just realized the horse was actually vicious. At last, the decision is that the promise of Thomas was not binding because the promise was made after the sale had been completed and the buyer had given nothing in return for it. It was a past consideration, so the buyer could not rely on the prior sale to support the new promise. This is the two cases which can support that the past consideration is not a good consideration in the English Law. 2.1.1 Exceptions However, not all the past consideration is not a good consideration under the English Law, but still, there are also exceptions that past consideration is a good consideration under English Law the general rule. The circumstances of the exceptions is that at the promisor’s request to provide goods and services previously, then promise made after the provision of goods will be binding. We can refer to the case 2.1.1 (a) Lampleigh v Braithwait (1615). There is also another cases we can refer to it which are 2.1.1 (b) Pao On v Lau Yiu Long (1979). 2.1.1 (a) Lampleigh v Braithwait (1615) Braithwait killed someone and asked Lampleigh to obtain for him a royal pardon. Lampleigh did so and in exchange, Braithwait promised to pay him  £100 for his efforts. Braithwait never paid to Lampleigh and so broke this promise and Lampleigh sued him. The court held that Lampleigh succeeded in this action because it appears to be unspoken understanding that the service would be paid for and so was not past. 2.1.1 (b) Pao On v Lau Yiu Long (1979) Pao On agreed to sell shares to Fu Chip which was controlled by Long, in consideration for certain shares. To protect the share value, Pao On and Fu Chip agreed that Pao On would retain 60% of the acquired shares until April 1974. However, in April 1973, Pao On refused to proceed with the contract unless Long agreed to indemnify him against the value of the retained shares falling below a set level. Long agreed, but only to ensure public confidence in company. The sale proceeded an Pao On sought to enforce the indemnity. This cases was held that there was consideration. This case had present all three element which are the act done was done at the promisor’s request, the parties understood that the act would be remunerated in some way, and it would be legally enforceable if the promise had been given in advance of the act. 2.2 Past Consideration under Malaysian Contract Act On the view from Malaysian Law which is the Malaysian Contract Act, past consideration is a good consideration and is valid consideration. It is something which wholly performed before the promise was made. According to s. 2 (d) of CA, 1950, the words â€Å"has done or abstained from doing† had implied that an act prior to the promise is sufficient to constitute consideration even though it is clearly past provided it is done at the desire of the promisor. This is illustrated in the case of 2.2 (a) Kepong Prospecting Ltd Ors v Schmidt (1968). 2.2 (a) Kepong Prospecting Ltd Ors v Schmidt (1968) Schmidt is a consultant engineer who has assisted another in obtaining a prospecting permit for mining iron ore in state of Johore. He helped in the subsequent formation of Kepong Prospecting Ltd and was appointed as its Managing Director. After the company was formed, they entered into an agreement whereby the company undertook to pay 1% of the value of all ore sold from the mining land. This was being in consideration of the services rendered by the consulting engineer for and on behalf of the company prior to its formation, after incorporation and for future services. Thus, were the services rendered after the incorporation but before the agreement were sufficient consideration? The court held that is was clearly past consideration and it did constitute a valid consideration so that Schmidt was entitled to his claim on the amount. The services prior to the company’s information could not amount to consideration as they could not be rendered to a non-existent company, nor could the company bind itself to pay for services claimed to have been rendered before its incorporation. 2.2.1 An Agreement to Compensate for Something Voluntarily Done Based on s. 26 (b) of CA, 1950 there are two limbs to this exception. First, it is promise to compensate either wholly or in part the other person (promise). Another is the promisee has voluntarily done something for the promisor. Thus, the prior is that no matter the act has been performed by the promisee, the agreement must have been performed voluntarily. 2.2.2 An Agreement to Compensate Something which Promisor was Legally Compellable to Do According to s.26 (b) of CA 1950, the necessary ingredients are that the promisee has voluntarily done an act. Beside, the act is one which the promisor was legally compellable to do. It is also an agreement to compensate, wholly or in part the promise for the act. 2.2.3 A Promise to Pay a Statute-Barred Debt s. 26 (c) of CA 1950 states that a statute barred debt refers to a debt, which are not recoverable through legal action due to a lapse of time fixed by the law. The time limit is 6years from the time of cause if action arises. It was under the Limitation Act 1953. s. 26 (c) of CA 1950 creates an exception to this rule but subject to several conditions: 1. The debtor made a fresh promise to pay the statute barred debt 2. The promise is in writing and signed by the person to be charged or his authorized agent in his or her behalf 3.0 Conclusion In conclusion, we can know that there is difference between the past consideration under Common Law of England and Malaysian Contracts Act, 1950. Although there is different view of past consideration from two different laws, but there are still exceptions for both law. To decide whether the past consideration is a good or bad consideration, the most important still is to depend on the cases. Past consideration is sometime good to prevent fraud. 1.0 Issues There are two issues in this case. The first issue in this case is whether Lorraine has the right to cancel or repudiate the contract. Another issue is that whether Lorraine can claim or ask for the damages from the company. 2.0 Sources of Law In order to know whether the repudiation of contract and claiming damages from company can be succeed, we need to understand the legal principles or the legal position of Lorraine now. This is essential because the decision is held using these legal principles. 2.1 Terms of Contract There is no provision in the Contract Act 1950 dealing explicitly with the term of a contract. It does not have provision to clarify whether all the terms of contract must be express or whether they can be implied into a contract. Thus, the courts in Malaysia have adopted common law rules on these matters. The terms of a contract are its contents. The contents of a contract are known as terms or clauses. Generally, an agreement will consist of various terms and the rights and obligations of parties to a contract are determined by the terms of that contract. These terms of contract can be express or implied. 2.1.1 Implied Terms Implied terms are those terms which have not been discussed or mentioned by either party will nonetheless be included in the contract. The contract doesn’t make commercial sense without that term. However, the court will imply into the contract when they appears to be consistent with the intention of the parties. 2.1.2 Express Terms Express terms are those terms that have been specifically mentioned and agreed by both parties at the time the contract is made. For examples, concern price, quantity, quality, size, colour or delivery date. They can either agree wholly by oral or writing or may be found in a combination of them. 2.1.2.1 Conditions Terms and Warranties Terms Express terms and Implied Terms had been divided into two categories which are Conditions and Warranties. It does not draw any distinction between the two for the CA 1950, but still the Malaysian courts have drawn the distinction between them by following the common law. 2.1.2.1.1 Conditions Terms A condition is the major term which is indeed essential to the main purpose of the contract. If the promisor broke or breach of condition in any respect, it will entitle the injured party to repudiate the contract and claim damages. However slight it is, it gave the other party a right to be quit of his future obligations and to sue for damages. The injured party may also choose to go on with the contract, despite the breach, and recover damages instead. The example cases that we had are 2.1.2.1.1 (a) Poussard v Spiers (1876). 2.1.2.1.1 (a) Poussard v Spiers (1876) Madame Poussard was engaged to appear in an operetta which was to be produced at Spiers theatre and entered into a contract for three months. Unfortunately, the plaintiff fell ill and missed the opening night and three performances. The producers were forced to engage a substitute. A week later Poussard recovered and offered to take her place, but the defendants refused to take her back for the remaining performance and she sued him. The court held that Poussard was in breach of condition and Spiers were entitled to repudiate the contract. She missed the most important performance on the opening night. The obligation to perform from the first night was a condition of the contract. Thus, Spiers entitled to repudiate Poussard’s contract. 2.1.2.1.1.1 Rescission The contract is revoked and parties are returned to their original positions as if there was no contract between them. It revert the contract to the day it had not been signed as if the contract had not been made. Alternatively, the party suffering from a breach of condition may treat it as a breach of warranty and claim damages only. We can refer to the example cases 2.1.2.1.1.1 (a) Tham Cheow Toh v Associated Metal Smelters (1972). 2.1.2.1.1.1 (a) Tham Cheow Toh v Associated Metal Smelters (1972) The appellant agreed to sell a metal melting furnace to the respondents and undertook that the melting furnace shall have a temperature of higher than 2,600 °F. However, the specification was not satisfied which was not higher than the desire temperature, the respondents brought an action alleging breach of condition of the contract. The court held that the appellant’s failure to supply a furnace according to the specifications was a breach of condition of the contract. Thus, the respondent has the right to cancel the contract and also claim damages if any, or to treat it as a breach of warranty and claim damages only. 2.1.2.1.2 Warranties Terms Compare conditions, warranties is less essential than it. It does not go to the root of the contract and is collateral to the main purpose of the contract. If there is breach of warranty, the injured party not entitled to cancel the contract, but only have the right to claim for damages. 2.1.2.1.2 (a) Bettini v Gye (1876) Bettini, an opera singer was engaged by Gye to sing in a series of concerts. He also undertook to be in London at least six days to attend the rehearsal sessions. At last, due to temporary illness, he arrived three days late. He gave no advance notice and Gye therefore cancel the contract. It was held that the failure to attend the rehearsals by the plaintiff could only affect a small part of this period. It was not a very important term of the contract and is not conditions. The defendant could claim compensation for a breach of warranty but he could not terminate contract with Bettini. 3.0 The Law to the Fact Situation Refer to the cases, the oven that Lorraine bought did not reach the requisite temperature that she wants, which means does not satisfied her specifications. Before Lorraine purchasing the oven, she had already made know expressly to Warren that the oven should reach temperature at least 2,000 ºF. When Lorraine told Warren expressly, this action of Lorraine had proven that although there is not written in contract, but there is an oral form of agreement between them. (Ref 2.1.2). Besides, for an oven, the temperature is important and is the conditions for it. When Lorraine told Warren that the temperature should at least 2,000 ºF, the condition terms is appear here. (Ref 2.1.2.1.1). The temperature of an oven can’t amount as warranty term (Ref 2.1.2.1.2) because as mentioned just now, the temperature to an oven is essential, so that is the condition, not a warranty term. 4.0 Conclusion In conclusion, Lorraine has the right to repudiate the contract and also claim the damages from Warren because the condition terms is exist when Lorraine expressly made know to Warren about the requisite of the temperature. Lorraine can succeed in 2her action base on the Express Term and Conditions Term.