Evaluating an empirical evaluation of accounting income numbers - Free Essay Example

Sample details Pages: 10 Words: 2862 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Accounting theorists have tested the usefulness of accounting practice which had been agreed with certain analytic model which consist only a few assertions. In each case, they are using a completely analytical approach which has generally been restricted to the extent of comparing the existing practices with the more preferable .One of the major shortcomings of  this method which is completely analytical approach is that it ignores  the extent to which it can predict or explain the observed behavior.   Completely analytical approach has led theorists to claim that  income  numbers cannot be defined substantively,  they lack meaning and are therefore of doubtful utility.   The argument about income numbers argued that accountants should also consider new situations and problems such as price level changes and taxation charges instead of just concentrating on a few problem areas. However, as accounting lacks an all embracing theoretical framework dissimilarities in practice occurred. So, net income becomes incomparable which have no other substantive meaning at all. Hence empirical testing becomes important and compulsory to emphasize that a lack of substantive meaning does not generally imply a lack of utility. Don’t waste time! Our writers will create an original "Evaluating an empirical evaluation of accounting income numbers" essay for you Create order An empirical test tests the agreement as to what real world outcome represents an appropriate test of usefulness. Since accounting income numbers are of special interest to the investors, security prices have been used as the predictive criterion of the investment decision. If an observed revision of stock prices is related with the release of income report then it can be concluded that the information reflected in income numbers is useful. We can also say that the purpose empirical test is to test the relationship between stock price and income numbers. The content and timing if the existing annual net income will be evaluated as the lack of either one of them will vitiate the usefulness of income numbers. Empirical Test The reason to select the behavior of security prices to be the operational test of usefulness is based on the recent developments in Capital Theory. The Capital theory supports the proposition that if the information from income numbers is useful in forming stock prices, capital markets are efficient and unbiased. It means that the market will adjust the stock prices rapidly to the information from income numbers and will not give any chance for abnormal gain. The authors relate the income numbers and security prices based on this theory and they are focusing on the information of a particular firm, not all firms. They construct 2 alternative models which are income regression model and naÃÆ'ƒÂ ¯ve model to show what capital market expects the income to be. Then, they also look into the markets reaction when the expectations been identifying as wrong by using stock return model. Conditional Expectation of Income Changes There is a study shows that about half of the variability in a firms earning per share (EPS) is associated with economy wide effects. So, it indicates that at least part of the change in a firms income can be predicted in the following year. If a firms income is related to other firms income in particular way and there is knowledge about those other firms present income, it can result in the conditional expectation for the firms present income. From this, it shows the difference between the actual change in income and its conditional expectation will be the new information from a firms present income numbers.* However, the difference may come from the policy effects. Seem these 2 effects are felt at the same time, thus their relationship must be estimated jointly. The authors use Ordinary Least Squares (OLS) in estimating the actual change in income. The equation is as below: ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ij,t-r = 1jt + 2jtÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Mj,t-r + j,t-r ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦(1) a1jt, a2jt : Coefficients from the linear regression ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ij,t-r : Change in income of firm j ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Mj,t-r : Change in income of all firms in the market (other than firm j) j,t-r : Forecast error / unexpected income change r =1,2,ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦,t-1 : Data up to end of previous year In income regression model, the expected change in income for firm j can be predicted by the average income change for the market. ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  j,t = 1jt + 2jtÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Mj,t ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦(2) From equation 1 2, it is obviously showing that the difference is j,t. It is called as forecast error or unexpected income change where is actually the difference between actual income (ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ij,t ) and expected income (ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  j,t). This forecast error is what we assume to be the new information from a firms present income numbers.* The Markets Reaction Similar as the above, there is also a study states that up to 40% of the variability in stocks monthly rate of return is associated with the market wide effect. The effect of market wide information on monthly rate of return can be estimated by its predicted value of the monthly price relatives of firm js stock on a market index of returns. [PRjm 1] = ÃÆ'†¹Ãƒ ¢Ã¢â€š ¬Ã‚  b1jm + ÃÆ'†¹Ãƒ ¢Ã¢â€š ¬Ã‚  b2jm[Lm 1] + ÃÆ'†¹Ãƒ ¢Ã¢â€š ¬Ã‚  vjm ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦(3) b1j, b2j : Parameters from the linear regression PRjm : Monthly price relative for firm j and month j L : Fishers Combination Investment Performance Index [Lm 1] : Market monthly rate of return Vjm : Stock return residual In this stock return model, the residual, vjm is the difference between realized return and expected return. As the market has been adjust rapid and efficiently to new information, the residual must represents the impact of information, on return of firm js stock. Economtric Issues In income regression model, there is an assumption that the Mj (market index of income) and uj (forecast error) are uncorrelated. This assumption is supported by its alternative model which is naÃÆ'ƒÂ ¯ve model. However, this assumption is violated by the stock return model. Correlation of Mj and uj can be in 2 forms which are inclusion of firm j in Mj or the presence of industry effects. In income regression model, it is obviously shown in the equation 1 that the firm j is not including in Mj. It is estimated that the industry effect just account for at most 10% of the variability in a firms income. Thus, this model belief is that the bias in the estimates is not significant. For naÃÆ'ƒÂ ¯ve model, it is predicted that the present year income will be the same as for last and the uj is just the change in income from prior year. In stock return model, there are 2 violations that Mj. is correlated with residual (vj). The first violation is that return on firm j is included in the Mj. although it is just a small portion. The second violation is that vj is nonzero for certain months around the report dates. It is belief that the bias will have little effect on the result although it is low. Summary The rate of return over a period of a particular firm would reflect only the presence of market-wide information which pertains to all firms in the case where unlikely absence of useful/significant information about the firm over that period. We can identify the effect of individual firms information pertaining by abstracting from market effects. Segregate the unexpected and expected elements of income change. If the income forecast error is negative (actually change in income is less than its conditional expectation) Bad news-predict that if there is some association between accounting income number and stock prices Release of the income number would result in the return on that firms securities being less than would otherwise have been expected. Such a result () would be evidenced by negative behavior in the stock return residuals () around the annual report announcement date. And vice versa for the case of positive forecast error. Data There are 3 classes of data will be used in the empirical test in both regression model and naÃÆ'ƒÂ ¯ve model. They are the contents of income reports (income numbers), the annual report announcement date and the stock price. Income Numbers The income numbers for 1946 through 1966 were obtained from the Standard and Poors Compustat tapes which is a database of financial, statistical and market information on active and inactive companies throughout the world. First, we need to obtain the distributions if the square coefficients of correlation between the changes in the incomes of the individual frims as well as the changes in the markets income index. When estimating the association between the income for a firm and the market, the income of the particular firm should be excluded from the market. In this article, we cannot refer to the existence of autocorrelation in the disturbances when the level of net income and EPS were regressed at a proper index as what was examined in the forerunner article. It is because the method to analyze the stock markets reaction to income numbers in this article presuppose that the income forecast error cannit be predicted at minimum 12 months prior to the announcement date. When the err or is auto-correlated as stated above ( forerunner article) , this presupposition is inappropriate. Annual report Announcement Dates There are 3 kinds of annual report announcements in the Wall Street Journal which are forecast of the income report, preliminary reports and the complete annual report. The Forecast of the income report usually is done shortly after the year end which believed to be inprecise. Therefore, the preliminary report is often become a condensed preview of the annual report. Besides, as the numbers for net income is usually same for both preliminary reports and the complete annual report, the date of the annual report become generally available was assumes to be the date when the preliminary report is published on The Wall Street Journal. Stock price Here, we refer stock price as movement of security prices around the announcement date. Stock price were obtained from the tapes constructed by the Centre for Research in Security Prices. In this article, monthly closing prices on the New York Stock Exchange, adjusted for dividends and capital changes for the period January 1946 to June 1966 were used. Inclusion Criteria However, Firm included in the study must meet the following criteria: Firms earning data must be available on the compustat tapes for each of the years 1946 to 1966 Firms Fiscal year ending at December 31 on The Wall Street Journal. Firms price data on the CRSP tapes must be at least 100 months. Wall Street Journal announcement dates available. The 4 selection criteria may reduce the generality of result as firms selected do not young firms.failed firm, those who do not report on 31 Dec, those which are not presented on Compustat , CRSP tapes and the Wall Street Journal. Results Abnormal Performance Index (API) is a way to study how accounting income numbers are being related to stock returns. It measures the effects of the information at the time it is being disclosed and also the anticipation in the period up to the announcement of annual reports. Define month 0 as the month of the announcement of annual report, API tracks the return over and above the equilibrium rate (excess return) that would be generated from investing one dollar in a company at the end of the month of 12 months prior to the month of annual report announcement and hold to the end of some arbitrary holding period. These excess profits are the result of information arriving which in turn affect returns. From Figure 1, according to 3 variables, the top half is having positive forecast error. This means actual income is more than expected income. For the bottom half, it shows negative forecast error which means actual income is less than expected income. Then, the line divide the two halves consists of all firms and years in total samples. Thus, it is approximately to 1. Positive forecast error can consider as good news for company. Meanwhile, negative forecast error can consider as bad news for company. This is because if the forecast error is positive, it means there is much information is being anticipated and the actual signal at 0 did not contain significant information. The converse situation happens to negative forecast error. They are much information not being anticipated and the actual signal at 0 did contain significant information. Thus, API did affects on the stock returns. Specific Result Signs of the income forecast errors There is some difference between the two regression model variables. From the research conducted, we know that the signs of the income forecast errors for variable (2) will directly influence the signs of the income forecast errors for the variable (1). If variable (2) is positive, most probably variable (1) is positive as well. But if there is a difference among the result for both variables, then we will take into consideration the signs of the income forecast errors for variable (2). While there is few choices between variable (2) and variable (1), variable (3) (the naÃÆ'ƒÂ ¯ve model) is best to show the portfolio of company with negative forecast errors. The naÃÆ'ƒÂ ¯ve model will show the same forecast error as regression model if the change in market income is zero and there is no drift in the income. Bias in the drift downward in the API computed There is a computational bias in the drift downward shown in the sample. But the bias will not affect the interpreting the values of API. This explains why the changes in the bottom panel are tend to be greater to the changes in the top panel; why top panel tend to turn down after month 0 and why the bottom panel tend to persist beyond month of the announcement of report. Definition of income Additional definition of income: Operating income Net income before the nonrecurring items Although the meaning might be slightly different, the result will be quite close even different amount is using to calculate the forecast errors Relationship between sign of the income forecast error and stock return residual The relationship will ne persisted as long as 2 months before the month of announcement of annual report. There are three explanations to explain the relationship: The markets index of income was no known until few firms had announced their income numbers There will be random error in the announcement date The preliminary report are not perceived by the market as final The value of annual net income relative to other sources of information The result shows that accounting income numbers is useful as it related to stock prices. Although annual accounting report is just only one of the many sources of information that available for investors to make their investment decision, this section is also vital in providing some insight into the timeliness of the reports. The first conclusion is about 75 percent of the value of annual net income appears to be offsetting. This means that the 25 percent left is persists, about half of it can be associated with the information consists in the reported income reports. The second conclusion is accounting income numbers capture about half of the net effect of all information available throughout the 12 months preceding their release. Many other bits of information are usually released in the same month as reported income 85 to 90 percent of the net effect of information about annual income is already reflected in security prices by the month of its announcement The period of the annual report is already one-and-one-half months into history. Results are systematically biased against findings in favor of accounting reports due to: The assumption that stock prices are from transactions which have taken place simultaneously at the end of the month The assumption that there are no errors in data The discrete nature of stock prices quotations The presumed validity of the errors in forecast model The regression estimates of the income forecast errors being random variables, which implies that some misclassifications of the true earnings forecast errors are inevitable. Conclusion This paper had made seminal contributions in the accounting research. In fact, this paper was the first regulated effort to study the information content of the accounting income numbers. Thus, it had led to paradigm shift in the models that were earlier analyzed by the accounting theorists The article can be concluded that the information reflected in income numbers is useful because an observed revision of stock prices is related with the release of income report. Besides, this study brings some other issues which can be furthered tested. For example, media by which the market able to anticipate their income need to be identified and the problem faced by the accountants to assess the cost of preparing annual income reports for the more timely interim report. Besides, the relationship between the magnitude of the unexpected income change and the associated stock price adjustment could also be further tested so that it can provide a different way to measure the value of information on income changes. Despite from the bias which mentioned in the data part, one of the most serious limitations remains the assumption of the unidirectional relationship between income and stock prices. It would be credulous to think that only income causes changes in stock prices and not vice versa. Evidence shows that stock prices and income are endogenous in nature thus if the system of simultaneous equations is used to replace simple regression technique, it is believed to be more relevant.

Injustice In 1984 By Dr. Martin Luther King Jr. - 1013 Words

Picture a dim room where a woman lies in the darkest corner struggling for freedom from an injustice, the injustice that is poisoning the world around her. Throughout history, and even in today’s society, any type of injustice has hindered the ability for justice to thrive. If one is to think about it if there is corruption in any one place by any one person than there is an influence to promote the continuation of this corruption. As long as this continues then these places cannot achieve fairness. Dr. Martin Luther King Jr. addresses this sentiment when he says, â€Å"Injustice anywhere is a threat to justice everywhere.† Injustice, as stated by Martin Luther King, is constantly threatening, contaminating, and oppressing the accounts of†¦show more content†¦The author specifically talks about how a Mexican immigrant named George does not know how to speak, read, or write English. George is required to forfeit a substantial amount of his pay, every week, to th e person who brought him to the states. Due to the fact that he does not earn much money, George is forced to live under poor living condition (Ehrenreich). Because George is an immigrant, he is forced to work in this job and live under these conditions. George is starting from nothing, which from the start puts him at the bottom of the social spectrum. Therefore he needs to continue to attain more wealth to go to school, receive an education, and have better opportunities for jobs that pay better. Because George does not have the same opportunities as other Americans from the beginning, it creates obstacles and social injustice. As long as people are not able to have the same opportunities as the wealthy which establishes a social spectrum, and people living in fear of their government than justice remains threatened. 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Australia2 Essay Example For Students

Australia2 Essay Australia has changed hands a lot throughout its history. From being inhabited by the aborigines, which had been there for around forty thousand years, until the British claimed it. However the British were not the first to come across this continent, they were just the first countries to see it as useful. The Dutch were seeking new land and trade in the East Indies, and found that sailing along the coasts of Africa and India too much longer than if the went due east and the cut up. However, the Dutch Vessel, Duyfken, first sighted the coast of modern day Australia in 1606 when it did not turn north in time. In 1642-43 Able Tasman was looking for new land south of Batavia, and shifted course to avoid bad weather. In doing so, he ran into the stormy west coast of Tasmania which he named VanDiemens Land. He also sailed eastward after that and discovered New Zealand. All of these discoveries revealed only desolate deserts and hostile natives. It wasnt until 1770 when James Cook discovered the long avoided east coast that it was seen as a possible resource. The British soon lost their American colony, where they had sent some of their prisoners, and now began to consider Botany Bay, Cooks first landfall, as the next penal colony (Brander, 18). The First Fleet left sail from Portsmouth, England in May 1787 heading for Australia under the command of Authur Phillip (httpozramp). Phillip and his crew landed on January 26, 1788, which is now celebrated as Australia Day (Australia). There were prisoners that were also aboard the ship that landed in Australia. Huddled in the bowels of the ships were 772 terrified convicts- 568 men, 191 women, and 13 children (Brander, 15). Many of the crimes that they were charged with crimes that would be thought of as trivial by todays standards (Australia). They landed in Botany Bay, and approximately forty people had perished during the journey (httpfirst). Many of them were sentenced to stay there for 7 years, but some were sentenced to remain there for life (httpfirst). After a while Phillip realized that this area wasnt as well suited as he thought it was, and he had spotted another inlet a little farther down the coast. He left early the next day with some crewmembers to scout out that ba y, to see if it was any better. The reason for the urgency were two French ships that had been sighted, the La Boussale and LAstrolabe, which were commanded by Jean Francois De La Perouse. Phillip was anxious to beat the French, to have traveled all this was and to be beaten the last by the French in taking possesion of the land would have been disastrous (httpwarra). The port that he found was said to be the finest port in the world and was impressed. He decided that they would stay here instead of the original landing area. Later Phillip realized that no matter where they were the land wasnt easily cultivated. By June 1790 when the second fleet arrived at Port Jackson, the people of the first fleet were facing starvation. They were beginning to feel abandoned by Britain and the sight of the second fleet brought relief (httpwarra). However, after the doors of the ship opened, the people on the shore were amazed at the condition of the people on the ship. Some of the people, now exp osed to fresh air, fainted, died on deck, or died on the ship on their way to shore (httpwarra). The first fleet had navy supervision, but private traders did the second fleet. They were offered 17 10S 6D for each convict by the government, whether they reached Australia alive or not (httpwarra). It was so bad that Phillip wrote an official report on the condition of the prisoners when they reached the colony. After his letter the ship owners were paid in full when the prisoners had reached Australia safely. Once this was implemented surgeons were on board the ships and the prisoners were encouraged to use their free time to exercise and get some fresh air (httpwarra). Once the convicts reached Australia their fate was almost in their own hands (httpwarra). If they had a skill the might be paid for their work, but if not then they merely worked for their lodgings and some food. This was how most of the prisoners lived out their lives as long as they kept themselves clean. If they co mmitted a crime while there, they were sent to a secondary punishment site, either Port Arthur or Norfolk Island. These places were known as hell to almost everyone due to the severe punishment they received there (httpwarra). .ue6fa25e6d25e58f4967f942708487678 , .ue6fa25e6d25e58f4967f942708487678 .postImageUrl , .ue6fa25e6d25e58f4967f942708487678 .centered-text-area { min-height: 80px; position: relative; } .ue6fa25e6d25e58f4967f942708487678 , .ue6fa25e6d25e58f4967f942708487678:hover , .ue6fa25e6d25e58f4967f942708487678:visited , .ue6fa25e6d25e58f4967f942708487678:active { border:0!important; } .ue6fa25e6d25e58f4967f942708487678 .clearfix:after { content: ""; display: table; clear: both; } .ue6fa25e6d25e58f4967f942708487678 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue6fa25e6d25e58f4967f942708487678:active , .ue6fa25e6d25e58f4967f942708487678:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue6fa25e6d25e58f4967f942708487678 .centered-text-area { width: 100%; position: relative ; } .ue6fa25e6d25e58f4967f942708487678 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue6fa25e6d25e58f4967f942708487678 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue6fa25e6d25e58f4967f942708487678 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue6fa25e6d25e58f4967f942708487678:hover .ctaButton { background-color: #34495E!important; } .ue6fa25e6d25e58f4967f942708487678 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue6fa25e6d25e58f4967f942708487678 .ue6fa25e6d25e58f4967f942708487678-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue6fa25e6d25e58f4967f942708487678:after { content: ""; display: block; clear: both; } READ: Churchill’s Eulogy for Neville Chamberlain EssayIn 1793 some of the first free settlers came there and many convicts were sent to work for them. Some did chores around the house, while others were left to do hard labor that included almost everything. These prisoners were called Assigned Convicts (httpwarra). When the prisoners finished their term they came to be known as expires and could do anything except return to England. The only ones that could do that were the free settlers or those convicts that had received pardons. By 1810 the population of Australia had risen to almost twelve thousand and land grants were attracting more and more settlers (httpopening). The new colony became more and more crowded until on May 11TH 1813 George Blaxland, William Lawson and William Wentworth set off from Penrith with convict labor, horses and dogs (httpopening). A few weeks later they came back with the news that they had found land that was as good as any they had ever seen. George Evans confirmed this later, due to the skeptical report. The exploration continued and in 1829 Britain laid claim to the entire continent (Dolce, 11). Australia has been through a lot from the aborigines until the present day. The major change from on to the other was when Britain took it over. At first it was used merely as a penal colony, but was then used simply as a colony, until it gained its independence. Bibliography:Australia. World Search, 2000. Brander, Bruce, et al. Australia. Washington, DC: The National Geographic Society, 1968. Dolce, Laura. Major World Nations: Australia. Philadelphia, PA: Chelsea House Publishers, 1999. http://www.geocities.com/Athens/Rhodes/3567/first.htm. AustraliaAmerica Online. Online. Internet. 18 Nov. 2000. http://www.geocities.com/Athens/Rhodes/3567/opening.htm AustraliaAmerica Online. Online. Internet. 18 Nov. 2000. http://www.geocities.com/Athens/Rhodes/3567/warra.htm AustraliaAmerica Online. Online. Internet. 18 Nov. 2000. http://www.ozramp.net.au/senani/peoplehi.htm AustraliaAmerica Online. Online. Internet. 18 Nov. 2000.

Literacy, Power, and Privilege Essay Example

Literacy, Power, and Privilege Paper Literacy, Power, and Privilege Name: Course: Instructor: We will write a custom essay sample on Literacy, Power, and Privilege specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Literacy, Power, and Privilege specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Literacy, Power, and Privilege specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Date: Literacy and the Distribution of Power and Privilege Literacy is defined as the ability to make and communicate sense from and by the use of various social context symbols. A literate individual has the ability to derive and convey meaning within different levels of developmental ability (World Conference on Education for All, 1990). Moreover, a literate individual is able to apply knowledge acquired in order to achieve the desired purpose or set objectives that need the application of language skills whether spoken or written. It is very easy for any literate individual to mediate between societal needs by significantly and easily changing meaning from one language to a different language using basic knowledge bases. Literacy according to studies is dynamic; it evolves and tends to reflect continual changes within the society inclusive of power and privileges. Privilege refers to granting special advantage, right or benefit to a particular person or a group of people. Power is the ability to act or accomplish a goal or set objectives . Literacy is linked to power and privilege distribution becauaes it is through literacy that a person is able to acquire power and privilege in a society. In most cases, literate individuals are placed in great positions for making sound decisions, improving the quality of living standards, working in dignity, establishing full personal potentials and contributing in societal progression (Samant, 1996). Therefore, the society tends to distribute its powers and privileges to people with such qualities because they are able to lead and guide the society to further growth and development. Literacy helps a person to acquire a full understanding of life and be in a position to solve daily life problems in a society (Pratto, Penelope, 2001). Therefore, it is hard to gain power and privilege without being literate. For instance, the President Barrack Obama was able to gain power and the accorded privileges because of his ability to write, read and apply intrinsic knowledge and skills to the world and the society as required. Additionally, he has the ability to solve issues like war problems facing his people and improve the living standards of communities present in America to the best of his level by eliminating poverty. In India, literacy is associated with power and privilege by virtue of birth into a membership instituted within a biological group setting. This therefore indicates that the relation between literacy, power and privilege together with the outcomes of not having either continue to be a source of concern to those lacking the same. Effects of Race, Class and Gender on Power According to research, race, class and gender tend to shape power very largely. Race, class and gender are interpreted as interlocking categories of experiences that affect all areas of power hence they are responsible for structuring the experiences of those in power in the society. They have an overlapping and cumulative effect on their impacts regarding various life experiences noted by people in power. Race, class and gender may accord negative effects on individuals targeting power due to discrimination instances on the person’s race, gender or societal position /class. A good example where such perceptions may be noted in recruitment or hiring instances (Dugan, 2004). For instance, it was hard for African Americans to get employment opportunities in higher sectors because of skin color in terms of race. Moreover, men are favored more than women are in terms of employment especially in technical occupations whereas people with high social or financial status tend to have higher privileges than poor people have. Therefore, a person in power is supposed to ensure that such issues are eliminated in order to improve the general livelihood within the society, ensure equality among all genders and promote unity between different cultures despite differences noted in race or religious backgrounds. Minorities, Poor People, Women and Equal Distribution of Power and Privileges Inequality is an outcome of two factors namely political imbalance and prejudice directed on a person. The aforementioned groups of people have not received an equal distribution of power and privilege because of the escalating discrimination and prejudice rates present in most communities. This has thus led to structural differences in the access, treatment, and gross social, political, and economical inequities (Dallmayer, 2002). For instance, the minorities are discriminated on basis of issues such as race thus being denied the chance to have power over others. Women are denied the opportunity to hold power in various institutions because they are perceived as weak individuals whose only need is to take care of children and their husbands. The poor are discriminated against because they are not able to acquire superior education in for the elimination of illiteracy. References Dallmayer, R. (2002). Globalization and Inequality: A Plea for Global Justice. International Studies Review, 4(2), 137-156. Dugan, M. (2004). Power inequalities. Colorado: Conflict Research Consortium. Retrieved from http://www.beyondintractability.org/essay/development_conflict_theory/ Pratto, F., Penelope, E. (2001). Gender, Ethnicity, and Power. Journal of Social Issues 57(4), 763-780. Samant, U. (1996). Literacy and social change: from women’s perspective. Proceedings of the 1996 world conference on literacy. Retrieved from http://literacy.org/sites/literacy.org/files/publications/samant_womens_lit_in_india_96.pdf World Conference on Education for All (WCEFA). (1990). World Declaration on Education for All and Framework for Action to Meet Basic Learning Needs. New York, NY: UNICEF/UNESCO.

China-Japan relations and the views of news organizagions essays

China-Japan relations and the views of news organizagions essays Recently, Anti-Japanese protest has peaked in China due to Japans approval of high school history textbooks that contain significant revision and whitewash of its brutal actions towards China and Korea during WWII. At the same time Japan is trying to win a permanent seat on an expanded United Nations Security Council. China, being a member of the permanent United Nations Security Council, exercises veto against Japans effort. Two news organizations; New York Times and Washington Post, Blogsforbush.com and Chamsarang.com, an anti-war community in Korea have slightly different approaches to the issue. First, I will briefly summarize the history that had led the tension between the three nations in order to give some insight on the origin of anti-Japan movement, then discuss the different approaches that media has on Japans current action on the approval of inadequate textbooks, and Chinas objection and standpoint on Japans effort to win the Security Council. Both China and Korea long accused Japan for not apologizing for brutally invading its neighbor countries and the tension between the countries that still exists today. The Nanjing massacre was perhaps the best remembered and most infamous event in the Japanese invasion of China that killed nearly 300,000 citizens and soldiers. In addition to the huge number of deaths, over the course of weeks following the fall of Nanjing, Japanese troops engaged in an orgy of rape, murder, theft, and arson. Historians estimates that tens of thousands of women from as young as 7 to the elderly were raped. Rapes were often performed in public during the day and often in front of spouses or family members. The rape was systemized in a process where soldiers would search door to door for young girls. Many women were taken captive to be gang raped and some were kept to be raped again. It was common for a woman to be killed immediately after being raped usually by mutilati...

Business Studies Coursework

Business Studies Coursework Business Studies Coursework Business Studies Coursework Business studies coursework writing should start with the effective introduction presenting the reader to the topic, lead to well-developed and logically presented main points, and end with the relevant conclusion. Business studies coursework writing is not easy because in addition to following the academic standards of coursework writing, you must relate your writing to the real life examples. Sometimes, business studies coursework is to be presented in the form of the case study. Sometimes, you have a specific case to read and then provide answers to the questions on the case. Sometimes, you are required to conduct the research on the particular business issue and present your business studies coursework in the form of the report. There are many possible formats to follow, but the rules for successful business studies coursework writing are the same. If you need professional help with writing your business studies coursework, you may rely on our custom writing service and get a cus tom written coursework! Step 1: Choose the Business Studies Coursework Topic Do not think that having a general topic is enough to write a good coursework. The truth is that good business studies coursework are focused and narrow enough to exhibit your deep understanding of the issue. For example, if your teacher asks you write a business studies coursework about ethics at workplace, you should not try to cover all possible aspects of the topic. It would be much more effective to choose one aspect of workplace ethics (discrimination against female workers and the reaction of management to it, for example) to develop your writing. Of course, you need to ask your teacher about the specifics beforehand. It can be the case that you must cover the general topic of business ethics. Step 2: Include Evidence in your Business Studies Coursework It is of primary importance to support the ideas made in business studies coursework with factual reliable information. Rely on statistics, official reports, governmental publications, Harvard business case studies, etc. Here is the example of data to include in your coursework: It is estimated by Otto T. Mallery that government outlays in America have grown to about $900,000,000 a year, of which one-third or $300,000,000 might be set aside annually in accumulating a reserve for increased expenditures during periods of partial business collapse. The periods for reserve he concludes, are on the average about four years thus supplying a possible total of $1,200,000,000 public reserve fund to plump into the deepening trough of cyclical depression. Of this very tidy sum Mr. Mallery thinks two-thirds or $800,000,000 would normally be expended in wages. This, added to the non-reserve-year pay-roll of $600,000,000 offers a possible expenditure during one year when the effects of industrial depression become ominous-of $1,400,000,000 for direct employment. This would be of enormous benefit in avoiding acute distress. Step 3: Proofread your Business Studies Coursework This step appears to be evident but yet it is often ignored by the students. It is normal to make mistakes and mistype the words. However, it is unacceptable to submit business studies coursework without proofreading: It takes a lot of time and efforts to write a good business studies coursework while many students are not able to afford their time to coursework writing as there many other tasks to accomplish. We offer you an effective and working solution: custom coursework writing help! Our coursework writers are qualified to help you with writing and they will definitely follow all requirements. We deliver only custom coursework written from scratch and 100% original! If you need help with religious coursework writing or looking for paper editing help, our writers are always online to assist you with all types of assignments! Interesting posts: Political Science Thesis Parts of a Thesis Master Thesis Get Dissertation Help Dissertation Subjects

Design market research report Essay Example | Topics and Well Written Essays - 1000 words

Design market research report - Essay Example In his early projects he used recycled bottles. He has sought to instill his products with a magic and romance that usually transcend their functions. He makes computer generated floral drawings and also develops designs for mass production. He has a work collection of glassware for Dartington crystal and also develops new products e.g. eyewear (Jennifer 2006). He has created a collection of products in different areas i.e. tableware, party and decoration items, consumables and lighting. He has also collaborated with Target which is a large retail store in the making of different products. He has made store decorations for one thousand five hundred stores, graphics for all catalogues and has also collaborated with directors of arts in television commercials. They sell their products in Target. He prefers this Target in comparison to others because it has a larger potential and scale. It is estimated that over one hundred million people shopping in Target usually come across his products especially during the Christmas festivities (Jennifer 2006). His project the Wednesday light which is used by Habitat has also enlarged his market. This is because working with Habitat has made the lights to be produced in large quantities. The production in mass quantities has also enabled him to keep the prices down. He employs modern techniques in his designs. ... He uses technology as a way of creating new methods and also to make new expressions. He likes the use of sensual material surfaces. It's the new industrial processes that make him be in a position to look at the quality again. He uses the computer to draw then sends the materials directly to the production machines to make the products. He has more preference on the process of manufacturing. Currently he has designed a new version of Wednesday night which is made of nickel plated brass instead of the former stainless steel. It is of a larger size which in turn means that a large variety of flower designs would fit. The modern version also has less punk because it is packed in a flat pack. He has also developed romantic aesthetics which depict nature. These aesthetics have vibrant colors. He makes doll chairs and other chairs which are usually covered with organdies and mouse lines and are prepared using s variation of colors and textures. He makes designs with colors which are usually inspired by nature. Marrimeko Company Marrimeko is a finish company that was established in 1951. The company is involved in the manufacturing, designing, and also markets high quality clothing, bags, and other accessories. The company designs products of vivid colors and which have large scale patterns. This has made it to increase its popularity and also increase its market level. They have bold patterns and unique styles which cut across generations. The company usually works in a different way as compared to other companies. It has processes that are not so linear and coherent. Issues are usually heavily discussed and a lot of thinking is done before any decision is made in this company. Marrimeko has a high level market. Their sales had a 50% rise within the last two years.

Global Geopolitics of the Middle East Essay Example | Topics and Well Written Essays - 250 words

Global Geopolitics of the Middle East - Essay Example It is speculated that this US indifference is entrenched in the inexorable commitment with the state of Israel. This is why the ideology behind planning attacks against the US leading to 9/11 incident is reportedly related to violent disagreement of the masterminds with the US foreign policy which apparently primarily favors Israel. Similarly, majority of the Arabs in the Middle East opinion that the Israeli-Palestinian conflict has never been evaluated and approached by the US with objectivity. There is widespread animosity for the US foreign policies and the Iraq war has only intensified the Arab anger for the America. To cap the chaotic political mess, extremely harsh ideas related to the Jews prevail in the Middle East. But, this speculation of US indifference is criticized on grounds that it is actually the flawed perceptions held by the Arabs against the US policies in the context of Zionism and Israelis which work to foster anti-Americanism and threat US’s national secu rity. This is why the mainstream Middle Eastern ideology that the US politics is based on nepotism has little to do with

Rejected Shepherd Essay Example for Free

Rejected Shepherd Essay Introduction The nation of Israel has been waiting for their Messiah for millennia. Prophesied since the days of Adam, promised to Abraham, Isaac, and Jacob, anticipated by Moses, and lauded by David, the Jewish nation expected Messiah to come in power and glory and to usher in a nearutopian kingdom in which Israel would be an autonomous state. Such a one-sided interpretation of prophecy has caused Israel to miss the suffering Savior of Isaiah 53 and to wander in a spiritual haze for thousands of years. The failure of the Jews to recognize and accept their Messiah was not, however, surprising to God. The last six chapters of the prophecy of Zechariah center on the advent of the Jewish Messiah. Within those chapters, God chronicled many of the events leading up to both the first and second comings of Christ including His rejection by the nation of Israel as a whole. This paper will focus on the details concerning the first coming of Christ and the historical fulfillment of events as foretold by Zechariah. One thing the Israelites did expect to occur with the coming of Messiah was judgment to fall on those nations that persecuted the Jews. The militant Zealots of the first century AD were always watching and ready to fall in behind a king, sword in hand. Many of the other Jews, while maybe not as openly aggressive toward foreign control, eagerly awaited the freedom that would come with the kingdom of Messiah. Chapter nine of the prophecy of Zechariah begins with a declaration that would have sparked the emotion of any Jew that was still recovering from his or her time in Babylonian captivity. Judgment was coming on the nations. Holland 2 CHAPTER TWO. The First Coming of Messiah Judgment of the Nations When looking at prophecies concerning the coming of Christ, it is important to understand that both comings may or may not be in view and that the events described in the prophecy may relate to both comings. This writer would like to focus on those prophecies of Zechariah that have fulfilled historically at the first coming of Christ. Zechariah 9:1-7 describes certain strongholds of the nations surrounding Israel. The first to face the judgment of God are Hadrach and Damascus. There is no clear reference in Scripture or history at to the location of Hadrach, but in his comments on Zechariah 9:1 from his study Bible, MacArthur indicates this might be â€Å"a reference to the dual Medo-Persian kingdom. † Damascus, however, is clearly identified as the capital of Syria, the nation that led the northern kingdom of Israel into captivity. With the judgment on these cities, the Lord included the city of Hamath and the Phoenician cities of Tyre and Sidon. Tyre is mentioned in verses two and three as being â€Å"very skillful† and as having â€Å"heaped up silver like dust, and gold like the dirt of the streets. † The abundant wealth of the city and a parallel prophecy of judgment are recorded in the following from Ezekiel 28:4-7: [B]y your wisdom and your understanding you have made wealth for yourself, and have gathered gold and silver into your treasuries; by your great wisdom in your trade you have increased your wealth, and your heart has become proud in your wealth—therefore thus says the Lord GOD: Because you make your heart like the heart of a god, therefore, behold, I will bring foreigners upon you, the Holland 3 most ruthless of the nations; and they shall draw their swords against the beauty of your wisdom and defile your splendor. Such wealth and wisdom did not spare these cities when the face of God turned toward them in judgment as Tyre was, indeed, stripped of its prosperity just as Zechariah prophesied in 9:4. Verses five and six show the progression of judgment southward through the land of the Philistines. Four of the five major Philistine cites were included in the path of destruction; only Gath was excluded. These cities were said to look on the destruction of Tyre and Sidon in fear and hopelessness (9:5). Afterward, their land was occupied with foreigners, and, according to Expositor’s Bible Commentary , they were stripped of their â€Å"repulsive† idolatrous practices (9:67). The first seven verses of chapter nine chronicle the destruction of the enemies of Israel during the phenomenal conquest of Alexander the Great. The young leader conquered the Syrians bringing an end to the Medo-Persian Empire. After this Alexander went to the Mediterranean coast and carried his conquest south. In his invasion of Palestine, he executed the judgment of God throughout the land. The famous siege of Tyre is testimony to the influence of God behind this pagan ruler. The island city of Tyre seemed impregnable, but using debris from the mainland city, which had been sacked by Nebuchadnezzar some years earlier, Alexander built a causeway and marched his army across the channel and right up to the city walls. Using siege weapons, he broke through the defenses and decimated the city selling tens of thousands into slavery (â€Å"Siege†). From there Alexander marched south and conquered the cities of the Philistines â€Å"killing their national pride† but leaving alive a remnant (MacArthur). Holland 4 With the swift and effective conquest of Alexander, many would find it odd that Jerusalem and Judea was spared. Bible students, however, have a very clear answer for this: God had already said His people would be spared. This leads the discussion into Zechariah 9:8 and the promised preservation of the Jewish nation. Preservation of Israel Great problems arise in the continuity of prophetic Scripture if Israel ever ceases to be a nation. In the midst of calamitous activity around the Jewish nation, Zechariah provided yet another hope for the sons of Jacob. According to verse eight of chapter nine, the mighty hand of God was defending His chosen people. Alexander, according to Jewish tradition, visited Jerusalem after receiving a vision in a dream of the high priest of the Jews. When he arrived at the city and saw the priest as he was in the dream, the young general bowed and knew he would completely conquer Persia (â€Å"Zechariah†). God had certainly spared His people during the conquest of Alexander, but verse eight also indicates the nation of Israel would never be overrun by an invading army. Even a cursory look at history reveals such an event did happen again in 70 AD. That year the Roman general, Titus, sacked Jerusalem, dispersed the Jewish nation, and razed the temple to the ground. The prophecy in verse eight must, therefore, refer to the second coming of Messiah (MacArthur). During the time of the Tribulation, Revelation 7:4 recounts 144,000 Jews will be sealed to live in spite of the intense persecution by Antichrist. Following that period, the Jewish nation will never again be overrun by oppressors. Coming of Messiah Zechariah 9:9-17 seem to be a reference to both comings of Messiah. In verse nine He is referred to as a king â€Å"humbled and riding on a donkey. † This entire verse was directly stated to Holland 5 have been fulfilled in Matthew 21:1-5 and John 12:12-15 when the God of creation rode into Jerusalem on a young donkey to shouts of praise. A glorious picture of Messiah is presented in Zechariah 9:9. He was â€Å"righteous, having salvation, gentle† and rode and animal of peace, not a warhorse. If any of the Jews present at the triumphal entry of Jesus into Jerusalem was familiar with this verse, it is no wonder they lauded Him as king. The puzzling thing is: of those who envisioned Zechariah 9:9 when they saw Jesus enter Jerusalem, how many remembered the later prophecies of Zechariah 11. Since this paper focuses on the words of Zechariah concerning the first coming of Messiah and since 9:10 through 10:12 speak primarily of the second advent and the future establishment of the millennial theocracy, the reader will be directed to the beginning of Zechariah chapter eleven to conclude this look at the fulfilled prophecies of Messiah contained in this book. Rejection of Messiah Chapter eleven opens â€Å"in stark contrast to† the previous chapters (MacArthur). The prophecies of chapters nine and ten that speak of the second coming of Messiah present Him as a glorious king who showers peace and blessing on the people of Israel. Chapter eleven, however, begins with a lament over the destruction of the land of Palestine (1-3). The interpretation of these first three verses is debatable, but they most likely speak of â€Å"the destruction of Jerusalem in A. D. 70 and the subsequent devastation of the whole land, which resulted in the dissolution of the Jewish state† (MacArthur). Such destruction caused those whose lives and livelihoods were firmly planted in the land to wail (Zech. 11:1-3). Isaiah 53:3 recounts the mournful cry of the rejected Servant, Messiah. Likewise, Zechariah 11 states the reason behind the lamentable destruction of verses 1-3: the Shepherd had been rejected by His flock. God gave Zechariah a message he was to role-play in verses 4-6, Holland 6 which the prophet enacted in verses 7-14. The symbolism of these latter verses is important in relating to the actual events of the rejection of Jesus. Zechariah recorded that he went through the process of caring for a flock of sheep. MacArthur relates this literal event to both the feeding of the Word of God by Zechariah and the then-future work of the Shepherd-Messiah. The prophet had two staves, Favor and Union, which were used to tend the flock. The name of each had significance relating to the covenantal relationship between God and the nation of Israel. The first half of Zechariah 11:8 is greatly debated. The rejection of the three shepherds in this verse, according to MacArthur, seems to relate to the removal of the offices of â€Å"priests, elders, and scribes of Israel. . . . God ended the traditional offices of the mediators and in [their] place brought a new priesthood of believers. † The under-shepherds of Israel failed in their duties and actually led the flock to reject the true Shepherd. Because of their rejection, the Shepherd turned His back on the flock and let them devour themselves, which they quite literally did during the siege of Jerusalem in 70 AD (MacArthur). The breaking of the staves in verses ten and fourteen indicate the broken covenant of that generation [although the eternal covenant of God with the Jewish nation is still in tact]. Upon breaking the covenant between Shepherd and sheep, a call was made of payment for services rendered, to which the sheep [literally, the owners of the flock] respond by giving Zechariah the insignificant amount [in value] of 30 pieces of silver, which was hardly worth the time invested with the flock. Zechariah was then instructed to â€Å"throw it to the potter† (Zech. 11:13). This, again, was directly and literally fulfilled in Matthew 27:3-10 when Judas betrayed Jesus for the price of a slave and later threw the money at the priests who, in turn, used it to buy the worthless field in which Judas was eventually buried. Holland 7 CHAPTER THREE Conclusion The prophecies of Zechariah concerning the first coming of Messiah are not without great amounts of irony. The people eagerly awaited the entrance of Messiah, according to the prophecies, but failed to see they would reject Him. [The irony of the 30 pieces of silver being used to purchase the burial field of Judas is another.] The foolish decisions of the Jewish nation have caused them to become largely apathetic toward God and to wonder if Messiah will ever come. They expected a military deliverer and were sent a suffering Servant, whom they wholly rejected. One has to wonder the magnitude of the mourning of Israel when Messiah does come on a white charger to receive His rightful throne (Zech. 12:10). Judgment once came on the nations that had oppressed Israel, and judgment will come again. Israel was once preserved from destruction by the mighty hand of God; Israel will be preserved again. Messiah once entered Jerusalem hailed as a king, and He will enter again prepared to take what is His. The Jews once rejected their Savior. When He comes again, this will not be repeated. Holland 8 Works Cited MacArthur, John Jr. The MacArthur Study Bible. Electronic Ed. Nashville: Word Pub. , 1997. Siege of Tyre. Wikipedia, The Free Encyclopedia . 10 Apr 2007, 23:21 UTC. Wikimedia Foundation, Inc. 20 Apr 2007 . The Holy Bible: English Standard Version. Wheaton: Crossway, 2001. â€Å"Zechariah. † The Expositor’s Bible Commentary: New Testament . CD-ROM. Grand Rapids: Zondervan, 1998.

Men vs Women at the Pool Essay -- Argumentative Persuasive Argument

Men vs Women at the Pool It was a Friday afternoon and the sun was shining off of her freckled nose. She was in a rage because her male counterpart had made plans to go the pool with the rest of his male friends. â€Å"Why can’t I go?† She asked in a whiney voice. â€Å" Because this is man time. Besides, you said you had things to do today.† He replied in a deep voice, as he scratched at his five o’clock shadow. It was funny how she would always have her â€Å"Girls Night Out† and he wouldn’t say a word about it. He actually liked the peace and quiet it afforded him. But if the tables were to ever turn as they did on that beautiful day, she could not understand for the life of her where this sudden urge to be separated came from. They both knew what was going to be going on at the pool that day. Groups of men sitting around their coolers talking about the girl with the big butt or helping their friends strategize on how to get the girl in the string bikini to come closer or at least bend over. That is what men do. The ones that are taken help...

Chapter 16-17

Week Three E16-17 Req. 1 Fido Grooming| Income Statement| Month of April| Wages| 3,900. 00| Grooming Supplies Expense| 1,625. 00| Building Rent Expense| 1,300. 00| Utilities| 325. 00| Depreciation on Equipment| 130. 00| Total Operating Expense| 7,280. 00| | | Income for April| 16,300. 00| Net Operating Income = Income – Operating ExpenseNOI= 16,300. 00 – 7280. 00NOI = 9,020. 00| | Req. 2 Unit Cost Per Service = Total Service Cost/Total Number of Services Provided UCPS = 7,280. 00 / 650 UCPS = 11. 20 Unit cost to groom one dog = $11. 20 P 16-25A Req. 1 Fido Treats|Schedule of Cost of Goods Manufactured| Year Ended December 31, 2012| Beginning Work in Process Inventory| | 13,400. 00| | Direct Materials Used:| | | | Beginning Direct Materials Inventory| -| -| | Purchases of Direct Materials (Including Freight In)| 33,000. 00| -| | Available for Use| 33,000. 00| | | Ending Direct Materials Inventory| 2,000. 00| | | Direct Materials Used| | 31,000. 00| | Direct Labor| | 22,0 00. 00| | Manufacturing Overhead:| | | | Indirect Materials| 1,700. 00| | | Indirect Labor| 800. 00| | | Depreciation – Plant and Equipment| -| | |Plant Utilities, Insurance, and Property Taxes| 1,600. 00| | | Total Manufacturing Overhead| | 4,100. 00| | Total Manufacturing Costs Incurred During the Year| | | 57,100. 00| Total Manufacturing Costs to Account For| | | 70,500. 00| Ending Work in Process Inventory| | | (2,000. 00)| Costs of Goods Manufactured| | | 68,500. 00| Req. 2 Fido Treats| Income Statement| Year Ended December 31, 2012| Sales Revenue| | 109,000. 00| Less: Sales Returns and Allowances| -| | Less: Sales Discounts| -| | | | -| Net Sales Revenue| | 109,000. 00|Cost of Goods Sold:| | | Beginning Finished Goods Inventory| -| | Cost of Goods Manufactured| 68,500. 00| | Cost of Goods Available for Sale| 68,500. 00| | Ending Finished Goods Inventory| 5,300. 00| | Cost of Goods Sold| | 82,600. 00| Gross Profit| | 26,400. 00| Operating Expense| | | Wage Expense| 5,000 . 00| | Rent Expense| 13,000. 00| | Hotline Expense| 1,400. 00| | Total Operating Expense| | 19,400. 00| Operating Income| | 7,000. 00| Net Income| | 7,000. 00| P 17-26A Req. 1 Job Cost Record| JOB NO. 423CUSTOMER NAME: Lu Technology, Co.JOB DESCRIPTION: 5,900 DVDs| DATE PROMISED 4-5| DATE STARTED 4-2| DATE COMPLETED 4-3| DATE| DIRECT MATERIALS| DIRECT LABOR| MANUFACTURING OVERHEAD ALLOCATED| | REQUISITION NO. | AMOUNT| LABOR TIME RECORD NO. | AMOUNT| DATE| RATE| AMOUNT| 4| 2| 64| 341. 00| 10| 140. 00| 4-3| 125%| Of Direct Labor Cost| 500. 00| 4| 2| 64| 675. 00| | | | | | | 4| 3| 74| 126. 00| 20| 260. 00| Overall Cost Summary| | | | | | | | | | | | | | Direct materials| 1,142. 00| | | | | | | Direct labor| 400. 00| | | | | | | Manufacturing overhead allocated| 500. 00| Totals| | 1,142. 0| | 400. 00| Total Job Cost| 2,042. 00| | Cost per DVD| 0. 35| Req. 2 Journal Entry| DATE| ACCOUNTS AND EXPLANATIONS| POST. REF. | DEBIT| CREDIT| Apr| 2| Materials Inventory: Requisition 63 Polycarbo nate Plastic| | 341. 00| | | | Accounts Payable| | | 341. 00| | | | | | | | 2| Materials Inventory: Requisition 64: Acrylic Plastic| | 675. 00| | | | Accounts Payable| | | 675. 00| | | | | | | | 3| Materials Inventory: Requisition 74: Refined Aluminum| | 126. 00| | | | Accounts Payable| | | 126. 00| | | | | | | | | Materials Inventory: Movie File| | 2,950. 00| | | Accounts Payable| | | 2,950. 00| | | | | | | Req. 3 Journal Entry| DATE| ACCOUNTS AND EXPLANATIONS| POST. REF. | DEBIT| CREDIT| Apr| 3| Finished Goods Inventory| | 5,900. 00| | | | Work In Process Inventory| | | 5,900. 00| | | | | | | | 3| Accounts Receivable| | 7,670. 00| | | | Sales Revenue| | | 7,670. 00| | | | | | | | 3| Cost of Goods Sold| | 5,900. 00| | | | Finished Goods Inventory| | | 5,900. 00| | | | | | | | | | | | | | | | | | | P 17A-11A Req. 1 Compute the number of equivalent units and the cost per equivalent unit in the Assembly Department for November. Amy Electronics| * Equivalent Units – Assembly De partment| * Month Ended November 30| * | * | * | * Step 2: Equivalent Units| * Whole Units| * Direct Materials| * Conversion Costs| * | * | * | * | * | * | * | * | * | * | * | * | * | * | * | * | Req. 1 Amy Electronics| Cost per Equivalent Unit – Assembly Department| Month Ended November 30| | * | * | | * | * | * | | * | * | * | | * | * | * | | * | * | * | | * | * | * | | * * Req. 2Assign total costs in the Assembly Department to (a) units completed and transferred to Programming during November and (b) units still in process at November 30. * Amy Electronics| * Assignment of Cost – Assembly Department| * Month Ended November 30| * | * | | | * | | | | * | * | * | * | * | * | Req. 3 Prepare a T-account for Work in process inventory—Assembly to show its activity during November, including the November 30 balance. Work in process inventory- Assembly| * | * | * | * | * | * | * | * | * | * | * | * | * | * | * | * |

Recruitment and Diversity Enhances Customer

(Point 2) Organisation Benefits of attracting and retaining a diverse workforce: An increasing number of companies are realising the benefits of having a diverse workforce and as a result are incorporating equality and diversity objectives in their business strategies. Diversity is a widely-used concept which refers to visible and non–visible differences between individuals. There are six main strands of diversity: race, gender, disability, sexual orientation, age, and religion which are covered by UK legislation. Diversity also incorporates differences such as class, personality and working patterns What is meant by a diverse workforce?Social diversity: Demographic diversity such as age, race ethics and gender Value Diversity: Psychological difference in personality and attitudes Information Diversity: Benefits are: * Diversity in employment promotes cost-effective employment relations: Employers have more choice from a greater skills base, improved employee satisfaction, red uced internal disputes, greater workplace harmony, improved retention and more effective and fairer promotion of talent * Diversity enhances customer relations: matching internal employee diversity to population diversity can provide performance benefits, which enhance awareness of consumer needs Diversity enhances creativity, flexibility and innovation in organisations: the flexibility, creativity and ability to innovate are enhanced by the existence of dissimilar mind sets * Diversity promotes sustainable development and business advantage: e. g. external recruitment of diverse top-team talent to inject new ideas and challenge the organisational mind sets and ways of doing things that can hinder change and organisational progress. (point 3) Factors that affect an organisation approach to Recruitment and Selection FACTORS AFFECTING RECRUITMENT (point 4)Different recruitment and selection methods Recruitment and selection are usually considered as one process. However, I will make t he distinction here between the initial actions and considerations when planning staff recruitment and the process of selecting an individual from a pool of applicants. Recruitment needs to be carefully planned in order to attract the right type of applicant. Recruitment The key to effective recruitment is preparation: knowing the job and what is required of someone to perform it well. The costs of recruiting the wrong person can be significant.The cost of employing someone may be at least twice their salary when factors such as training, expenses and employer's contributions to their pension are added. INTERNAL| AGENCY| EXTERNAL| Cheaper and quicker to recruitFamiliarity with the business and operationsBusiness already aware of strengths and weaknesses of candidatesProvides opportunity for promotion – motivational| Wider nets of targeted candidate attractionSaving management time interviewing only a top candidateProcess streamlining| Outside people bring in new ideasLarger p ool of workers of which to find candidatesWider range of experience|Selection Psychometric tests These are particularly useful if you want to assess candidates for Managerial or Senior appointments or candidates for appointments where there is a special need for the post – such as strong relationship building skills. These types of test are especially good at assisting with assessing how candidates are likely to behave, for example, towards a manager, towards their peers, and towards their subordinates. They will often provide a profile which should be discussed with the candidate to check validity, as they are self-perception questionnaires.Candidates should also be given feedback on the profile. The profile should be a part of the assessment, contributing perhaps up to 10% towards the final decision. They should be used carefully as they need to be used in the right way by properly trained assessors. Interviews Interviews can take many forms and styles. A type of interviewi ng recommended is Criteria-Based Behavioural Interviewing. This type of interviewing is based around the criteria identified in the person specification – the essential and desirable criteria.It is therefore really important to prepare a good person specification right at the start of the recruitment process. It is also important to identify how each of the criteria will be assessed. Some items in the criteria e. g. a qualification, can be assessed by reference to the application form, these can be called the â€Å"hard or factual criteria† and can usually be assessed on the application form or c. v. Presentations Presentations can be used in a variety of ways depending on how they relate to the job description and the normal working practices expected of the post.In assessing presentations, it is important to have decided on the criteria against which each candidate will be marked. These could include criteria which will also be assessed at interview, but may take on a particular aspect – e. g. communications skills could be assessed in the interview but will be mainly looking at how the person communicates with the panel and gets their points across, as well as how they interact with the members of the panel. In a lecture style presentation, the candidates’ communications skills to a large group will be assessed, which is much more formal delivery. Recruitment and Diversity Enhances Customer (Point 2) Organisation Benefits of attracting and retaining a diverse workforce: An increasing number of companies are realising the benefits of having a diverse workforce and as a result are incorporating equality and diversity objectives in their business strategies. Diversity is a widely-used concept which refers to visible and non–visible differences between individuals. There are six main strands of diversity: race, gender, disability, sexual orientation, age, and religion which are covered by UK legislation. Diversity also incorporates differences such as class, personality and working patterns What is meant by a diverse workforce?Social diversity: Demographic diversity such as age, race ethics and gender Value Diversity: Psychological difference in personality and attitudes Information Diversity: Benefits are: * Diversity in employment promotes cost-effective employment relations: Employers have more choice from a greater skills base, improved employee satisfaction, red uced internal disputes, greater workplace harmony, improved retention and more effective and fairer promotion of talent * Diversity enhances customer relations: matching internal employee diversity to population diversity can provide performance benefits, which enhance awareness of consumer needs Diversity enhances creativity, flexibility and innovation in organisations: the flexibility, creativity and ability to innovate are enhanced by the existence of dissimilar mind sets * Diversity promotes sustainable development and business advantage: e. g. external recruitment of diverse top-team talent to inject new ideas and challenge the organisational mind sets and ways of doing things that can hinder change and organisational progress. (point 3) Factors that affect an organisation approach to Recruitment and Selection FACTORS AFFECTING RECRUITMENT (point 4)Different recruitment and selection methods Recruitment and selection are usually considered as one process. However, I will make t he distinction here between the initial actions and considerations when planning staff recruitment and the process of selecting an individual from a pool of applicants. Recruitment needs to be carefully planned in order to attract the right type of applicant. Recruitment The key to effective recruitment is preparation: knowing the job and what is required of someone to perform it well. The costs of recruiting the wrong person can be significant.The cost of employing someone may be at least twice their salary when factors such as training, expenses and employer's contributions to their pension are added. INTERNAL| AGENCY| EXTERNAL| Cheaper and quicker to recruitFamiliarity with the business and operationsBusiness already aware of strengths and weaknesses of candidatesProvides opportunity for promotion – motivational| Wider nets of targeted candidate attractionSaving management time interviewing only a top candidateProcess streamlining| Outside people bring in new ideasLarger p ool of workers of which to find candidatesWider range of experience|Selection Psychometric tests These are particularly useful if you want to assess candidates for Managerial or Senior appointments or candidates for appointments where there is a special need for the post – such as strong relationship building skills. These types of test are especially good at assisting with assessing how candidates are likely to behave, for example, towards a manager, towards their peers, and towards their subordinates. They will often provide a profile which should be discussed with the candidate to check validity, as they are self-perception questionnaires.Candidates should also be given feedback on the profile. The profile should be a part of the assessment, contributing perhaps up to 10% towards the final decision. They should be used carefully as they need to be used in the right way by properly trained assessors. Interviews Interviews can take many forms and styles. A type of interviewi ng recommended is Criteria-Based Behavioural Interviewing. This type of interviewing is based around the criteria identified in the person specification – the essential and desirable criteria.It is therefore really important to prepare a good person specification right at the start of the recruitment process. It is also important to identify how each of the criteria will be assessed. Some items in the criteria e. g. a qualification, can be assessed by reference to the application form, these can be called the â€Å"hard or factual criteria† and can usually be assessed on the application form or c. v. Presentations Presentations can be used in a variety of ways depending on how they relate to the job description and the normal working practices expected of the post.In assessing presentations, it is important to have decided on the criteria against which each candidate will be marked. These could include criteria which will also be assessed at interview, but may take on a particular aspect – e. g. communications skills could be assessed in the interview but will be mainly looking at how the person communicates with the panel and gets their points across, as well as how they interact with the members of the panel. In a lecture style presentation, the candidates’ communications skills to a large group will be assessed, which is much more formal delivery.

This is a lab report on Aluminum Detection essays

This is a lab report on Aluminum Detection essays Objective: To detect the presence of aluminum by testing both a deodorant Materials and Methods/Procedures: A boiling water bath was prepared in a 600 ml beaker, and four test tubes were cleaned, dried, and labeled with a China marker. 0.25 g of Antiperspirant (Arid XX) was weighed with one sheet of clean weighing paper and placed in Tube #2, while 0.25 g of Deodorant (Speed Stick) was weighed with another sheet of weighing paper and placed in Tube #3. Tube #1 (the Positive control tube) had a pinch of aluminum salt placed in it, while nothing was placed in Tube #4. 4 ml of distilled water was added to each tube, followed by 1 ml of 6M hydrochloric acid. The contents of each tube were mixed thoroughly with a stirring rod, and the four tubes were placed in the boiling water bath for 5 minutes. The tubes were removed from the water, allowed to cool to room temperature and then had 2 drops of Aluminum reagent added to each tube, and color changes noted. Each tube then had 6M ammonium hydroxide added until a basic pH was reached. When the basic pH was reached, the tubes were Results: The color change noted after the addition of Aluminum reagent was peach in test tube #1, light-pink in test tube#2, pink in test tube #3 and peach in test tube #4. After the 6M ammonium hydroxide was added, the color change was pink for test tube #1, light purple for test tube #2, light pink for test tube #3, and very light orange for test tube #4. The Antiperspirant did contain aluminum because it had the gelatinous cherry- red precipitate, while the Deodorant did not contain aluminum since it did not have the gelatinous cherry-red precipitate. Test tubes #1 and #4 were necessary to observe what the presence of aluminum looked like in the experiment. The Antiperspirant was different because it had aluminum as an ...

Writing Greek Letters on the Computer

Writing Greek Letters on the Computer If you write anything scientific or mathematical on the internet, you will quickly find the need for several special characters that are not readily available on your keyboard. ASCII characters for  HTML  allow you to include many characters that dont appear on an English keyboard, including the  Greek alphabet. To make the correct character appear on the page, start with an ampersand () and a pound sign (#), followed by a three-digit number, and ending with a semicolon (;). Creating Greek Letters This table contains  many Greek letters  but not all of them. It only contains uppercase and lowercase letters that are not available on a keyboard. For  example, you can type the capital alpha (A) in Greek  with a regular capital  Ã¢â‚¬â€¹A  because these letters look the same in Greek and English. You can also use the code #913 or Alpha. The results are the same. Not all symbols are supported by all browsers. Check before you publish. You may need to add the following bit of code in the head part of your HTML document: meta http-equivcontent-type contenttext/html; charsetutf-8 HTML Codes for Greek Letters Character Displayed HTML Code capital gamma Γ #915; or Gamma; capital delta Δ #916; or Delta; capital theta ÃŽËœ #920; or Theta; capital lambda Λ #923; or Lamda; capital xi Ξ #926; or Xi; capital pi ÃŽ   #928; or Pi; capital sigma ÃŽ £ #931; or Sigma; capital phi ÃŽ ¦ #934; or Phi; capital psi ÃŽ ¨ #936; or Psi; capital omega ÃŽ © #937; or Omega; small alpha ÃŽ ± #945; or alpha; small beta ÃŽ ² #946; or beta; small gamma ÃŽ ³ #947; or gamma; small delta ÃŽ ´ #948; or delta; small epsilon ÃŽ µ #949; or epsilon; small zeta ÃŽ ¶ #950; or zeta; small eta ÃŽ · #951; or zeta; small theta ÃŽ ¸ #952; or theta; small iota ÃŽ ¹ #953; or iota; small kappa ÃŽ º #954; or kappa; small lamda ÃŽ » #955; or lambda; small mu ÃŽ ¼ #956; or mu; small nu ÃŽ ½ #957; or nu; small xi ÃŽ ¾ #958; or xi; small pi Ï€ #960; or pi; small rho Ï  #961; or rho; small sigma ÏÆ' #963; or sigma; small tau Ï„ #964; or tau; small upsilon Ï… #965; or upsilon; small phi φ #966; or phi; small chi χ #967; or chi; small psi ψ #968; or psi; small omega ω #969; or omega; Alt Codes for Greek Letters You can also use Alt codes- also called quick codes,  quick keys, or keyboard shortcuts- to create Greek letters, as displayed in the  table below, which was adapted from the website  Useful Shortcuts. To create any of these Greek letters using the Alt codes, simply press the Alt key while simultaneously typing the listed number. For example, to create the Greek letter Alpha (ÃŽ ±), press the Alt key and type 224 using the keypad at the right side of your keyboard. (Do not use the numbers at the top of the keyboard located above the letter keys, as they will not work for creating Greek letters.) Character Displayed Alt Code Alpha ÃŽ ± Alt 225 Beta ÃŽ ² Alt 225 Gamma Γ Alt 226 Delta ÃŽ ´ Alt 235 Epsilon ÃŽ µ Alt 238 Theta ÃŽËœ Alt 233 Pi Ï€ Alt 227 Mu  µ Alt 230 Uppercase Sigma ÃŽ £ Alt 228 Lowercase Sigma ÏÆ' Alt 229 Tau Ï„ Alt 231 Uppercase Phi ÃŽ ¦ Alt 232 Lowercase Phi φ Alt 237 Omega ÃŽ © Alt 234 History of the Greek Alphabet The Greek alphabet went through several changes over the centuries. Before the fifth century B.C., there were two similar Greek alphabets, the Ionic and Chalcidian. The Chalcidian alphabet may have been the forerunner of the Etruscan alphabet and, later, the Latin alphabet. It is the Latin alphabet that forms the basis of most European alphabets. Meanwhile, Athens adopted the Ionic alphabet; as a result, it is still used in modern Greece. While the original Greek alphabet was written in all capitals, three different scripts were created to make it easier to write quickly. These include uncial, a system for connecting capital letters, as well as the more familiar cursive and minuscule. Minuscule is the basis for modern Greek handwriting. Why You Should Know the Greek Alphabet Even if you never plan to learn Greek, there are good reasons to familiarize yourself with the alphabet. Mathematics and science use Greek letters like pi (Ï€) to complement the numeric symbols. Sigma in its capital form (ÃŽ £) can stand for sum, while the uppercase letter delta (Δ) can mean  change. The Greek alphabet is also central to the study of theology. For example, the Greek used in the Bible- called  Koine (or common) Greek- is different than  modern Greek. Koine Greek was the language used by writers of the Old Testament Greek Septuagint  (the earliest existing Greek translation of the Old Testament) and the Greek New Testament, according to an article titled The Greek Alphabet published on the website  BibleScripture.net. So, many theologians need to study ancient Greek to get closer to the original biblical text. Having ways to quickly produce Greek letters using HTML or keyboard shortcuts makes this process much easier. Additionally, Greek letters are used to designate fraternities, sororities, and philanthropic organizations. Some books in English are also numbered using the letters of the Greek alphabet. Sometimes, both lowercase and capitals are employed for simplification. Thus, you may find that the books of the Iliad are written Α to ÃŽ © and those of the Odyssey, ÃŽ ± to ω.

Trends in Giving Research Paper Example | Topics and Well Written Essays - 250 words

Trends in Giving - Research Paper Example A second trend seen over the past decade is the increasing levels of contributions gathered by NGO’s (Non-Governmental Organizations). Funds have been pouring into these organizations because they have been billed as being able to address global issues such as famine or AIDS better than individual governments. A trend within this segment of giving is the increase of funds flowing from mega private funds such as the Soros Fund, the Bill and Melinda Gates Foundation and Ted Turner. Greater transparency in NGO’s have attracted these mega private donors because they can be more assured that their funds are going to the delineated cause. The problem of needing to steer the NGO towards the agenda of the mega private donor is a real risk, but one many NGO’s must take due to declining volunteerism and donations from other private sources (Greensmith, 2001) Another interesting gauge of trends in giving that is extremely current is the development of the PGI (Philanthropic Giving Index) at the University of Indiana. The PGI works on a similar concept as the Consumer Confidence Index. It attempts to measure the likelihood that potential donors will give to charity in the coming year. It gauges the public’s reaction to various fundraising techniques currently employed and surveys them as to how likely they would be to give if approached using these techniques. Currently, the PGI is at an all time low of 64.8. This is down 27% from the PGI that was recorded in December of 2007 (Raiton,

Refutation paper Essay Example | Topics and Well Written Essays - 1250 words

Refutation paper - Essay Example It was in 1868 when the text was first translated by John Chalmers, an Englishman, which eventually influenced Western culture. This short text is said to have two parts: The Tao Ching and the Te Ching (Lees, 2011). Because of the style of writing which is poetic in nature, there is a variety of interpretations which are even contradictory. According to Lees (2011), the sacred book is written in classical Chinese which is said to be difficult to understand thus making contradictory interpretations and translations. In Bebell and Fera’s research (2000), they cited that there are over 100 interpretations and adaptations of Lao Tzu’s text today. In the holistic analysis of the research conducted by Bebell and Fera in 2000, it revealed an overall similarity among different translation’s use of central concepts of Tao Te Ching though there are variance both minor and notable among them. The title can be translated literally to mean: Tao can be translated as â€Å"way †, or to mean â€Å"the Way†. ... Thus, it is very important to examine the topic extensively as it is very tricky and invites a lot of criticism. Support or Evidence: If the statements are contradictory, we have to re-evaluate and make sense of everything. To do this, we have to interpret the statements in a Taoist standpoint. There are statements implies that nothing at all can be said about the Tao. A Taoist will definitely declare that Taoist sage will only possess a limited and qualified truth value. Textual evidence that reveals hierarchy of values can be found in Chapter 38 which states that kindness is considered higher value to follow (Allinson, 1994). Allinson’s study (1994) stated that if statements appear to attribute amoral or immoral behaviour to Taoist sage, then the statements must be made from outside the Taoist standpoint. If there is an existence of hierarchy of value, the statements which appear to attribute farther from the Tao must be carefully examined to determine existence of other int erpretation. However, it can be said that there are only few statements that attribute to amoral or immoral behaviour. In short, interpretations must be found to be coherent to the greatest number of statements in the text. Examples of the contradictory statements are the first two in the Tao Te Ching. The first statement states that â€Å"The Tao that can be spoken about is not the constant Tao.† According to Allinson (1994), this statement appears to suggest that the Tao cannot be described. It should be noted that the Tao one is referring and its description are different such that the described Tao is really not the real Tao. The second statement in the Tao Te Ching is â€Å"The

Analysisn of Premier Food`s Code of Conduct and Business Ethics Essay

Analysisn of Premier Food`s Code of Conduct and Business Ethics - Essay Example These values are reflected not only in the company’s code of conduct, but in Premier Foods’ annual report to shareholders which emphasise corporate social responsibility as a key business success factor. Critical analysis of Premier Foods’ Code of Conduct Premier Foods has established its code of conduct, a document illustrating the expectations of both managers and employees to satisfy demands for ethical business behaviour. The code of conduct stipulates that manager should be leading by example as well as creating a decentralised environment in which employees are allowed to express their concerns openly (Premier Foods 2012). Premier Foods identifies one of its core values as trust (Premier Foods 2012), the foundation by which employees are willing to follow leadership guidance and example. According to Farrell and Knight (2003, p.541) â€Å"trust is embodied in the regulations, rules and policies by which leaders seek to get accepted by others†. The co de of conduct acts as both a reinforcement of expectations of ethical behaviour and also as a sanction by which to ensure compliance, backed by managerial role modelling of desired behaviours to gain employee commitment to achieving strategic goals. Premier Foods establishes an ethical climate by using the code of conduct to promote social justice. Under social justice theory in ethics, it is assumed that every individual in society or in the organisation maintains an inviolability of justice and human rights that cannot and should not be overridden by the broader organisational culture (Rawls 2005). The expectations of managers in promoting equality and rights in the workplace are reflected in the corporate code of conduct, emphasised under the company’s â€Å"treating people fairly† guidelines. Premier Foods ensures that fair treatment is imposed on the employee population with decisions made based on individual merit (Premier Foods 2012). The company also ensures eq ual opportunities for all employees through objective management systems. These aforementioned managerial responsibilities highlighted in the corporate code of conduct are designed around transformational leadership theory, one in which managers are interactive with employees, regularly impart mission and vision principles to gain commitment, and where managers utilise role modelling to promote ethics under social learning theory (Fairholm 2009; Schlosberg 2006). This is how trust is instilled into the organisation: the business does not simply promote its belief in social justice and equality, but injects a clear example of its ethical values into the philosophy of management utilised by leaders in the organisation. Premier Foods is able to maintain its tight and unified corporate culture by not deviating from management theory that promotes equality and shared decision-making. â€Å"Leaders who are ethical demonstrate a level of integrity that is important for stimulating a sense of leader trustworthiness† (Resick et al. 2006, p.348). Grieves (2010) iterates that change must be a negotiated order in order to gain employee commitment and loyalty. The conception of social justice and equality, as two components acting as the foundation of trust, are reinforced by establishing expectations for managerial behaviour under visionary or transformational

Adding Value In Supply Chain Management Commerce Essay

Adding Value In Supply Chain Management Commerce Essay This chapter reviews the relevant literature and starts with discussion on Adding Value in supply chain management with special focus on pharmaceutical industry and to understanding firms supply chain management and competitive advantages. With involved four major points those are Challenges, Collaboration and Planning High performance delivery, Integration Implementation. Following there is a discussion on theoretical framework on supply chain management, role of top management and overview of latest supply chain management systems. In the last this chapter conclude with summary. 2.1 Adding Value in supply chain management: First question arise that what is Value adding in supply chain? Base on literature review value adding is the difference between input cost and output value (Hines, 2004, p.224). Value added along supply chain takes the form of tangible goods added and intangible services supplied (Hines, 2004). Value added notify to any additional value created at a particular stage of service by key service factors including; tangible value added through material transformation, labour and captical goods and intangible value added through capital and building of collaborative relationships. Firms can add value in many ways, like improve supply method from current level to higher level which is also part of add value in supply chain. Value adding resources within a supply chain are the tangible (processes). Intangible capabilities of a firm (firm attributes, firm controlled information, knowledge and collaborative relationships) enhance efficiency and effectiveness (Cunningham, 1995). By reviewing literature, the value chain concept was developed and popularized in 1985 by Michael Porter in Competitive Advantage. Porter defined value as the amount buyers or customers are willing to pay for what a firm provides, and he visualized the value chain as the arrangement of nine basic values to customers. Porter linked up the value chains between firms to form what he mentioned a value system; now in present era of globalisation and collaboration the link between two firms creating value process called the value chain. As value chain name involves the interpedently processes that generate value of products and the resulting demand and funds flows that are created. According to the Martin Christopher value chain activities can be categorized into two types primary activities (Inbound logistics, operations, outbound logistics, marketing and sales and services) and support activities (Infrastructure, human resource management, technology development and procurement) (Christo pher, 2005). From the literature review, author suggests that first, we need to understand the physical resources that are required within a supply chain to create and deliver a finished service to a customer. Second, we must understand the exchange relationship between particular supply chain resources and the flow of revenue in the value chain. Third, we must also understand what it is about the ownership and control of particular supply chain resources that allows certain resources to command more of the flow of value than others. In understanding this, the process of analytically mapping the properties of power within supply and value chains can commence. To deliver a value, product category and availability is also play important role in supply chain management. By reviewing literature, author understand that alternative perspective of viewing supply chains as value chains identifies economic value as being added through coordinated management of the flow of physical goods and information at each stage of the chain (Davis Stewart, 2004). The theoretical basis for supply chains, Handfield and Nichol (2002, p8), define them as including all organisation and activities associated with the flow and transformation of goods from the materials stage, through to the end user, as well as the associated information flows Information sharing is identified as a key driver for improving supply chain performance and enhancing competitive advantage (Zhang, 2006). Additionally supply chains can be characterised as value system and are defined as a connected series of organisations, resources and knowledge streams involved in the creation and delivery of value to the end customer(Handfield Nichols, 2002, P11). 2.1.2 Companys supply chain management and competitive advantage: Definition of supply chain is the network of organizations that are involved, through upstream and downstream linkages, in the different processes and activities that produce value in the form of products and services delivered to the ultimate consumer (Christopher 1992). In other words, a supply chain consists of multiple firms, both upstream (i.e., supply) and downstream (i.e., distribution), and the ultimate consumer (John T. Mentzer, 2001). The philosophy behind supply-chain management has changed. Previously the central concept was to manage an inventory that acted as a buffer between a limited production capacity and variable customer demands. The scope of the task was interpreted as managing warehouses and transport operations. The current priority is to engineer the supply chain as a seamless whole, breaking down the barriers that have existed between purchasing, production, distribution and sales. These issues are particularly relevant to the pharmaceutical industry. Functions have traditionally operated independently and there has been a consequent sub optimization of the supply chain by fragmenting it along functional lines. In its new form, supply-chain management is a corporate-level task on which several strategic objectives depend, not least ensuring a satisfactory return on capital employed while ensuring the supply of goods and services to designated markets at the service levels demanded. To achieve this, even at a national level, using local facilities to supply local markets is a challenge, requiring close integration of the supply chain and subjugation of functional/ departmental objectives to the needs of the supply chain as a whole. To achieve it globally is much more difficult (Booth, 1996). 2.1.3 Contemporary approaches to achieve competitive advantage: One of the first ideas about theoretical framework for understanding firms performance is Porter (1980). He introduces a strategic and analytical approach to understanding competitive strategy, and said that Every firm competing in an industry has a competitive strategy, whether open or hidden (Porter, 1980). He proposes a framework for analysis industries and competitors and describes three generic strategies, cost leadership, differentiation and focus. He postulates that if a firm is able to do well in any of these strategic fields, It will gain competitive advantage. Porters concept is portraying in below figure. Competitive Advantage of a Firm Generic Competitive strategies Overall cost leadership Differentiation Focus Figure: 2-1: Strategies to achieve competitive advantage: source Porter (1980). -Cost Leadership is most important in competitive pharmaceutical distribution chain, efficient-scale facilities, pursuit of cost reductions, and cost minimization in all areas of the firm. This action can increase companys profit. -Differentiation of product like, different one medicine in different brand (Ports and Blister pack) or service differentiation including design and brand image, customer service, and distribution or dealer network. This action can help increase customer loyalty and ensure often purchase. -Focus on markets, buyers or product line (new line of medicine with its generics version) can help to achieve competitive advantage. The framework of Porter, in fig 2-1 shows, that the proficient strategies can provide competitive advantage. Porter (1980) also argues that competitive advantage comes from the many separate activities a firm achieve in designing, storage, marketing, delivering and creating owns products. Each of this processing contributes to a firms relative cost to position and creates a basis for differentiation. This is the Pharmaceutical logistic value chain, and a firm has to recollection its strategically relevant activities in order to understand the behaviour of costs and the existing and potential sources of differentiation. A company gains competitive advantage by performing these strategically important activities better than its competitors (Porter, 1985). The general value chain concept, and Sigmas existing concept is illustrated in figure 2-2. Supply chain advance Marketing Leadership Advance Primary Activities Profit Margin Support Activities Inbound Sigma House Picking and Customer Marketing Logistics (Warehouse) Assembling Service Tele-sales Procurement Human Resource Management Technology service Development Firm (Sigmas) Infrastructure and Platform Services Figure 2-2: The value chain and Theoretical Framework to achieve competitive Advantage (Adapted from Porter 1985). The definition of supply chain including all basic activities, therefore sales, marketing and customer service activities can be construed as part of the supply chain approach show in the above figure. In company, Tele-sales and marketing processes, such as demand management, order processing and customer relationship building management are included in the internal processes shown in the figure and in the supply chain literature review. However, sales and marketing activity, such as sales calls, advertising and some post delivery support processes are excluded from supply chain activity. This is consistent with the approach taken by the supply chain model it uses to measure supply chain activity (Supply chain council, 2007). There is various types of approaches to achieve competitive advantage, strategic approach, 2.1.4 The strategic Planning approach: In important of porter (1980) approaches, a strategic planning approach that is companys competitive advantage can be planned for this. This includes planning for differentiation in the delivering a value in supply chain, low cost leadership and focus. Strategy is always the product of a complex and unexpected interplay between basic information, personalities and aspiration according to Hamel (1998). What this implies is that one does not gain for obvious solution and strategies but should look at alternatives, challenge assumptions, and look at new ways of delivering superior customer value and firm performance. 2.1.5 Marketing strategy approach: The marketing capabilities approach introduces the concept of capabilities of a market driven organization and explores the links between capabilities and a firms performance and market success (Day, 1999). A firms competitive advantage comes from two sources: Assets or resources, which are acquired over time and distinct capabilities, which are the glue that holds these assets together. Examples are DHLs secure delivery across the globe and Walmarts logistic systems. Such capabilities provide competitive advantage and help organization to deliver a value to its every customer. Other Proponents of the marketing capability approach are cool and Derrick (1989), Aaker (1989), caves and Gale (1987). The concept of capabilities is not new and was proposed much earlier by penrose in 1959. However, this has been popularized as the concept of core competencies of the corporation that can lead to a firms success by Hamel and Prahalad in 1990. They actually propose some tests to measure the st rength and success of core competencies. An example of Federal expresses its packaging and delivery process. The product differentiation approach by Trout (2000), states that what matters is differentiation of product or service, that are too many choice in todays world, and only differentiation provides competitive advantage. In Pharmaceutical business there many manufacture produce a medicine under different choice, keeping all different sort of product and supplying on time will be better advantage over the competitive. 2.1.6 The Introduction of the supply chain approach: In the competitive market of the early decade, there has been a change in management action, resulting for searching strategies that provide superior value to customers. As a result in the supply chain approach to gaining competitive advantage has moved into the frontline of business strategies, especially in developed countries. This approach has its introduced from historical military campaigns (Britannica, 1999) and recently from porter of value chain, with its importance on inbound and outbound logistics, and production operation. In a discussion on marketing logistics thinking argue that logistics has major impact on customer satisfaction, success and costs. They recommend that a firm manage its entire supply chain and that such an approach will add value in existing supply chain within the organization and will help to gain competitive advantage over rival. 2.2 Supply chain Management and factors: 2.2.1 Definition of supply chain and management: It will be helpful to go through some basic definitions of supply chain and management: Supply chain is all inter linked resources and activities needed to create and deliver products and service to customers (Hakanson, 1999). Supply chain management goes advance and including managing supply and demand, resourcing, assembling and packing, distribution across the globe and delivery to the every customer (Supply chain council, 2009). A more on supply chain management is a network of relationships, with the goal to deliver superior value, the management of upper level and lower level relationships with suppliers and customers to deliver best value in services at effective cost to the supply chain as a whole (Christopher, 1998). This definition is a key part of this dissertation in terms of gaining competitive advantage or delivering best value to sigma pharmaceutical customers. 2.2.2 Key areas of Supply chain management system: References Literature Review 1. Christopher, M. (2005). Logistic and supply chain managment. London: FT prentice Hall. 2. Handfield, R. B. Nichols, E. L. (2002) Supply Chain Redesign: Transforming Supply Chains into Integrated Value systems, U.S.A: Prentice Hall. 3. Zhang, C. (2006). Secure Information sharing in Internet-based supply chain management systerms. Coumputer Information Systems , 18-24. 4.