Strategic Management Study Guide Essay Example

Strategic Management Study Guide Essay STRATEGIC MANAGEMENT TEST 2 (Chapters 3, 4, and 6): STUDY GUIDE †¢Know definitions and be able to recognize examples of concepts †¢Test will be multiple choice, 45-50 items †¢Bring scantron sheet and #2 pencil Additional free student study resources available including an interactive quiz from the publisher at: http://highered. mcgraw-hill. com/sites/0078029317/student_view0/chapter1/chapter_quiz. html Chapter 3: Assessing the Internal Environment †¢What is value chain analysis? How is it useful for understanding competitive advantages? Strategic analysis of an organization that uses value-creating activities. It is useful for understanding the building blocks of competitive advantages. †¢In the value chain, what are the 5 primary activities? Which 4 activities are support activities? Primary- inbound logistics, operations, outbound logistics, marketing and sales, and service. Support- general admininistration, human resource management, technology development, and procurement. †¢Relating to primary activities, what specific activities are associated with inbound logistics? Operations? Outbound logistics? Marketing and sales? Service? Inbound logistics- receiving, storing, and distributing inputs of a product. Operations- all activities associated with transforming inputs into the final product form. Outbound logistics- collecting, storing, and distributing the product or service to buyers. Marketing and sales- activities associated with purchases of products and services by end users and the inducements used to get them to make purchases. Service- actions associated with providing service to enhance or maintain the value of the product. †¢What is a Just-in-time inventory system? were designed to achieve efficient inbound logistics. Parts and deliveries arrive only hours before they are needed. †¢Relating to support activities, what specific activities are associated with procurement? Technology development? HR management? General administration? Procurement- purchasing inputs used in the firm’s value chain, including raw materials, supplies, and other consumable item s as well as assets such as machinery, laboratory equipment, office equipment, and buildings. Technology development- development of new knowledge that is applied to the firm’s operations. We will write a custom essay sample on Strategic Management Study Guide specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Strategic Management Study Guide specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Strategic Management Study Guide specifically for you FOR ONLY $16.38 $13.9/page Hire Writer HR management- activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel. General administration- general management, planning, finance, accounting, legal and government affairs, quality management, and information systems: activities that support the entire value chain and not individual activities. †¢How has Walgreen’s used information systems to be a sources of competitive advantage? Introduction of a computer based prescription management system- automates telephone refills, store to store prescription transfers, and drug reordering. Also provides information on drug interactions and frees up pharmacists from administrative tasks to devote more time to patient counseling. †¢What are the two levels of interrelationships among value-chain activities? 1. Interrelationships among activities within the firm 2. Interrelationships among activities within the firm and other stakeholders. †¢What is resource-based view of the firm? Perceptions that firms’ competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute. What are the 3 types of firm resources? Tangible, Intangible, and Organizational Capabilities. †¢What are the 4 kinds of tangible resources? Financial, physical, technological, and organizational. †¢What are the 3 kinds of intangible resources, Human, Innovation and Creativity, and Reputation. †¢What examples of organizational capabilities? Ex. Outstanding customer service. Excellent product developm ent capabilities, innovativeness of products and services. Ability to hire, motivate, and retain human capital. What are the four criteria that a firm’s resources must possess to maintain a sustainable advantage? 1. Resource must be valuable in the sense that it exploits opportunities and/or neutralizes threats in the firm’s environment. 2. It must be rare among the firm’s current and potential competitors. 3. It must be difficult to imitate. 4. Must have no strategically equivalent substitutes. †¢How can the following four resource characteristics help sustain a competitive advantage based on inimitability: physical uniqueness, path dependency, causal ambiguity, and social complexity? 1. Inherently difficult to copy. 2. Resources are scarce because they were acquired through a unique series of events. 3. Costly to imitate because competitor cannot determine what the resource is and/or how it can be re-created. 4. Costly to imitate because the social engineering required is beyond the capability of competitors, including interpersonal relations among managers, organizational culture, and reputation with suppliers and customers. †¢Substitutability can take which two forms? 1. Substitute a similar resource that enables it to develop and implement the same strategy. . Very different firm resources can become strategic substitutes. †¢ See exhibit 3. 7 – what are the implications for competitiveness based on differing characteristics of a resource or capability? The less valuable, less rare, easier to imitate, more substitutes, the less competitive advantage. †¢What are the four factors that help explain the extent to which employees will be able to o btain a proportionally high level of a firm’s profits? 1. Employee bargaining power. 2. Employee replacement costs. 3. Employee exit costs. 4. Manager Bargaining Power. What are the two approaches to use when evaluating a firm’s performance? Financial ration analysis and taking a broad stakeholder view. †¢What is financial ratio analysis? How can historical comparisons, industry norm comparisons, and competitor comparisons each serve as useful reference points? 1. Technique for measuring the performance of a firm according to its balance sheet, income statement, and market valuation. 2. Provides a means of evaluating trends. 3. Assesses relative performance. 4. Gain valuable insights into a firm’s financial and competitive position. What is the balanced scorecard? Why is it useful? a method of evaluating a firm’s performance using performance measures from the customers, internal innovation, and learning, and financial perspectives. Provides managers with a fast, but comprehensive review of the business (operations measures that drive the future financial performance). †¢What are the four key perspectives of the balanced scorecard? 1. Customer perspective- measures of firm performance that indicate how well firms are satisfying customer’s expectations. 2. Internal business perspective- measures of firm performance that indicate how well firms internal processes, decisions, and actions are contributing to customer satisfaction. 3. Innovation and learning perspective- measures of a firm performance that indicate how well firms are changing their product and service offerings to adapt to changes in the internal and external environments. 4. Financial perspective- measure of firm’s financial performance that indicate how well strategy, implementation and execution are contributing bottom-line improvement. †¢What are the limitations of the balanced scorecard? Lack of a clear strategy, limited or ineffective executive sponsorship, too much emphasis on financial measures rather than nonfinancial measures, poor data on actual performance, inappropriate links of scorecard measures to compensation, inconsistent or inappropriate terminology. Chapter 4: Recognizing a Firm’s Intellectual Assets: Moving Beyond a Firm’s Tangible Resources †¢What is the knowledge economy? An economy where wealth is created through the effective management of knowledge workers instead of by the efficient control of physical and financial assets. How has the emphasis shifted between intangible and tangible resources as a result of changes in the competitive environment? Shifted from tangible resources such as land, equipment, and money. Efforts were more directed toward the efficient allocation of labor and capital. Now intellectual and information processes create most of the value for firms in large service industries. †¢What is the market va lue of a firm? What is the book value of a firm? What does the difference between the two values represent? In what types of firms does this difference tend to be the greatest? Market value- the value of a share of its common stock times the number of shares outstanding. Book value- is primarily a measure of the value of its tangible resources: total assets- total liabilities. The difference between the two represents the firm’s intellectual capital ( a measure of the firm’s intangible assets). In firms where knowledge and the management of knowledge workers are relatively important contributors to developing products and services and physical resources are less critical, the ratio of market to book value tends to be much higher. †¢What is intellectual capital and how can it be increased? Intellectual capital= market value of firm-book value of the firm. To increase: attract and leverage human capital effectively through mechanisms that create products and services of value over time. †¢What is human capital? Social capital? Explicit knowledge? Tacit knowledge? Human capital- the individual capabilities, knowledge, skills, and experience of a company’s employees and managers. Social capital- the network of friendships between talented people both inside and outside the organization. Explicit knowledge- knowledge that is codified, documented, easily reproduced, and widely distributed. Tacit knowledge- knowledge that is in the minds of employees and is based on their experiences and backgrounds. †¢How is new knowledge created? Through the continual interaction of explicit and tacit knowledge. †¢How has employee loyalty to the company changed relative to loyalty to the profession? Knowledge workers place professional development and personal enrichment above company loyalty. †¢What is a first critical step in the process of of building intellectual capital? What are the other processes organizations use to build human capital? Hiring talented individuals, developing them to fulfill their full potential to maximize their joint contributions. Retain the best and brightest. †¢Why do many companies use employee referrals for new hires? Incentive bonuses paid to the referrers are cheaper than what they would have to pay headhunters to find candidates, plus the current employees would find good candidates because they are putting their reputation on the line for them. †¢What strategies are used to develop human capital? Encouraging widespread involvement, Transferring knowledge, monitoring progress and development, and evaluating human capital. How as the importance of evaluating human capital changed in recent years? Collaboration and interdependence are vital to organizational success. Individuals must work collectively. Traditional past systems evaluate performance from a single perspective. †¢What is 360 degree feedback? Superiors, direct reports, colleagues, and even external and internal cus tomers rate a person’s performance. †¢What are the 6 benefits of diversity in a firm’s workforce? 1. Cost argument- firms with more effective management in diversity will have a cost advantage over those that are not. 2. Resource acquisition argument- firms with excellent reputations as prospective employers for minorities will have an advantage in the competition for top talent. 3. Marketing argument- for multinational firms this will be useful. 4. Creativity argument- less emphasis on conformity to norms of the past and diversity of perspectives will improve the level of creativity. 5. Problem solving argument- people with different perspectives have a better shot at solving complex problems than those who all think alike. 6. Organizational flexibility argument- greater flexibility leads means better reactions to environmental changes. What is network analysis? Closure relationships? Bridging relationships? Analysis of the pattern of social interactions among individuals. †¢How can effective social networks be advantageous to an individual’s career? Private information now available. Access to diverse skill sets. Power. †¢What is groupthink? tendency in an organization for individ uals not to question shared beliefts. †¢What are intellectual property rights? What actions can be taken to manage intellectual property? Intangible property owned by a firm in the forms of patents, copyrights, trademarks, or trade secrets. What are dynamic capabilities? The ability to sense and seize new opportunities, generates new knowledge, and reconfigure existing assets and capabilities. Chapter 6: Corporate-Level Strategy: Creating Value Through Diversification †¢What is corporate-level strategy? What two related issues does it address? a strategy that focuses on gaining long-term revenue, profits, and market value through managing operations in multiple businesses. Acquisitions and mergers. †¢How is related diversification different than unrelated diversification? What are the potential benefits of each? Related diversification- a firm entering a different business in which it can benefit from leveraging core competencies, sharing activities, or building market power. Unrelated diversification- a firm entering a different business that has little horizontal interaction with other businesses of a firm. †¢Be familiar with the classifications of Exhibit 6. 2 3M was using exorbitant rebates to retailers, which pushed them into a â€Å"monopolistic position† and courts ordered 3M to pay 68. 5 million dollars to another tape company. †¢In related diversification, what is meant by economies of scope? Cost savings from leveraging core competencies, sharing activities, or building market power. †¢What is a core competency? What are the three criteria for assessing if a core competency creates value? Firm’s strategic resources that reflect the collective learning in the organization. 1. Must enhance competitive advantage by creating superior customer value. 2. Different businesses in the corporation must be similar in at least one important way related to the core competence. 3. Must be difficult for competitors to imitate or find substitutes for. †¢What are sharing activities? What are the two payoffs associated with sharing activities. -Having activities of two or more businesses value chains done by one of the businesses. -1. Cost savings -2. Revenue enhancement †¢In related diversification, what is market power? Firm’s ability to profit through restricting or controlling supply to a market or coordinating with other firms to reduce investment. †¢What is pooled negotiating power? the improvement in bargaining position relative to customers and suppliers. †¢What is vertical integration, in its associated risks and benefits? an xpansion or extension of the firm by integrating preceding or successive production processes (occurs when a firm becomes its own supplier or distributer). Pros- secure supply of raw materials or distribution channels. Protection and control over assests and services required to produce and deliver. Access to new business opportunities and new forms of technology. Eliminating the need to deal with a wide variet y of suppliers and distributors. Cons- costs and expenses associated with increased overhead and capital expenditures. Loss of flexibility resulting from large investments. Problems associated with unbalanced capacities along the value chain. Additional administrative costs associated with managing a more complex set of activities. †¢What 5 issues should be considered in making vertical integration decisions? 1. Is the company satisfied with the quality of the value that its present suppliers and distributors are providing? 2. Are there activities in the industry value chain presently being outsourced or performed independently by others that are a viable source of future profits? 3. Is there a high level of stability in the demand for the organization’s products? . Does the company have the necessary competencies to execute the vertical integration strategies? 5. Will the vertical integration initiative have potential negative impacts on the firm’s stakeholders? †¢What is the transaction cost perspective? A perspective that the choice of a transaction’s governance structure such as vertical integration or market transacti on, is influenced by transaction costs, including, search, negotiating, contracting, monitoring, and enforcement costs, associated with each choice. †¢What is unrelated diversification? What is a parenting advantage? A firm entering a different business that has little horizontal interaction with other businesses of a firm. Parenting advantage- the positive contributions of the corporate office to a new business as a result of expertise and support provided and not as a result of substantial changes in assets, capital structure, or management. †¢What is restructuring? What are the three types of restructuring? The intervention of the corporate office in a new business that substantially changes assets, capital structure and management. 1. Asset restructuring 2. Capital restructuring 3. Management restructuring What is portfolio management? Method of assessing the competitive position of a portfolio of businesses within a corporation, suggesting strategic alternatives for each business, and identifying priorities for the allocation of resources across the businesses. †¢What is the Boston Consulting Group’s (BCG) growth/share matrix? What are the 4 quadrants in the matrix? What are the suggested strategies associated with each of the quadrants? What are the limitations of the BCG matrix? Each of the firm’s strategic business units is plotted on a two-dimensional grid in which the axes are relevant market share and industry growth rate. 1. Stars-competing in high growth industries with high market shares, long term growth potential and should continue to receive substantial investment funding. 2. Question marks- competing in high growth industries with but have weak market share, resources should be invested to enhance their competitive positions. 3. Cash cows- have high market shares in low growth industries. Have limited long run potential, but represent a source of current cash flows to fund investments into starts and question marks. 4. Dogs- have weak market shares in low growth industries, weak positions and limited potential. Most recommend they become divested. Limitations of BCG matrix- 1. the only compare based on two dimensions. 2. View them as a stand-alone entity, ignoring common business practices and value creating activities that may hold promise for synergies across business units. 3. The process becomes largely mechanical, substituting an overly simplified graphical model for the important contributions of the CEO or other managers experience. †¢What are the three primary means by which a firm can diversify? 1. Through acquisitions or mergers 2. Pool the resources of other companies with their resource base, commonly known as a joint-venture or strategic alliance. 3. Diversify into new products, markets, and technologies through internal development. †¢What are the benefits and potential of mergers and acquisitions? 1. A means of obtaining valuable resources that can help an organization expand its product offerings and services 2. Can provide the opportunity for firms to attain the three bases of synergy—leveraging core competencies, sharing activities, and building market power. 3. Can lead to consolidation within an industry and can force other players to merge. Cons- competing firms can often imitate any advantages realized from the MA. there can be cultural issues that may doom the intended benefits from the endeavors. †¢What is a divestment? The exit of a business from a firm’s portfolio. †¢What is a strategic alliance? Joint venture? How do they differ? What are their potential advantages and downsides? Strategic alliance- a cooperative relationship between two or more firms. Joint venture- new entities formed within a strategic alliance in which two or more firms, the parents, contribute equity to form the new legal entity. A strategic alliance is a cooperative relationship. A joint venture is a special case of alliances where both firms contribute equity to form a new legal entity. Pros- Reducing manufacturing or other costs in the value chain. Developing and diffusing new technologies. Cons- many fail to meet expectations. Without proper partner, a firm should never consider it. Little attention is often given to nurturing the close working relationships and interpersonal connections that bring together the partnering organizations. †¢What is internal development? What are its potential downsides? -Entering a new business through investment in new facilities, often called corporate entrepreneurship and new venture development. -It may be time consuming, firms may forfeit the benefits of speed that growth through mergers and acquisitions can provide. †¢How can managerial motives erode value creation? They may often act in their own self-interests (CEOS). â€Å"growth for growth’s sake†, excessive egotism, and the creation of a wide variety of antitakeover tactics. †¢What is meant by growth for growth’s sake? Egotism? Manager’s actions to grow the size of their firms not to increase long-term profitability, but to sever managerial self-interest. -Manager’s actions to shape their firm’s strategies to serve their selfish interests rather than to maximize long-term shareholder value. †¢What are the antitakeover tactics of greenmail, the golden parachute, and poison pill? Greenmail- a payment by a firm to a hostile party for the firm’s stock at a premium, made when the firm’s management feels that the hostile party is about to make a tender offer. (sort of like a bribe)

An analysis of Baz Luhrmanns film versions treatment of William Shakespeares Romeo and Juliet Essays

An analysis of Baz Luhrmanns film versions treatment of William Shakespeares Romeo and Juliet Essays An analysis of Baz Luhrmanns film versions treatment of William Shakespeares Romeo and Juliet Paper An analysis of Baz Luhrmanns film versions treatment of William Shakespeares Romeo and Juliet Paper Essay Topic: Romeo and Juliet Act 3 Scene 1 is one of the climaxes of Romeo and Juliet, written by Shakespeare in the 16th Century. Romeo and Juliet is a tragic story and Act 3 Scene 1 highlights the problems faced by the characters during this play. In this scene Tybalt plans to kill Romeo but he is unwilling to fight. Mercutio includes himself in the quarrel resulting in his death. The tragic accident angers Romeo who then in response kills Tybalt. Shakespeares use of dramatic devices include the use of puns, irony and the setting of the scene on Veronas Streets. Baz Luhrmanns techniques in this scene to create tension are the use of sound, costume, camera angles and visual interpretation. During Act 3 Scene 1, Baz Luhrmanns Techniques make a big impact on the tension of the production. The location of Act 3 Scene 1 was originally on Veronas streets in Italy but Luhrmann changes the location the location to Verona Beach with some aspects of Mexico. This is a very useful and practical use of location because of the change of atmosphere synchronising with the characters moods. The use of the beach also includes contradiction which makes the angered action seem more powerful; a beach is a place where people go to have fun and enjoy themselves. But when the setting of the scene moves to behind the arch, you can see the poverty area of the town making the actions and the grudge between the two rich families unnecessary. There is a lot of tension at the beginning of the scene between Mercutio and Tybalt; the camera shots used to show this include close ups on their faces and spinning around them to show the audience the personal vies of the characters and the big picture. This means the audience has more knowledge about the actions and consequences than the characters. There is a good use of body language in this scene and that is shown by zooming onto parts of the body. For instance, when Romeo drops the gun after shooting Tybalt, you see a close up of the gun slip from his hands. This is used because silence and movement and create more tension than the words because of the close-up. Baz Luhrmann adds lines when Tybalt questions Romeo on why Romeo wont fight. In the script Mercutio say O calm, dishonourable, vile submission! Alla stoccata carries it away [Draws. ] Tybalt, you rat-catcher, will you walk? This line is broken into bits in the movie while Tybalt urges Romeo to fight. Baz Luhrmann has done this because it gives Mercutio more of a good reason to fight Tybalt on Romeos behalf. To show the genre of the scene before The Capulets show up Luhrmann uses pastiche. He uses pastiche from other Shakespeare productions on Posters e. g. shoot forth Thunder. There is also use of a cowboy themes from the western movies when they show Mercutio and Tybalt are preparing for a fight. Baz Luhrmanns use of characters in Act 3 Scene1 is chosen so every character can be disguised by their costumes, speech and race. In this scene Shakespeare builds up tension by setting the scene on Verona streets on a hot afternoon. Luhrmann continues this idea by setting it at midday. The Montagues look prepared for the heat with their loose Hawaiian shirts. The Capulets are wearing tight, black, formal clothes. Mercutios costume is a mixture of both houses because he is wearing a formal shirt but the buttons are un-done so he is comfortable for the weather. Luhrmann uses this technique so it is easier for the audience to understand the association of the heat and anger. The grudge between Montagues and Capulets goes back many years ago and Shakespeare hints it to being on religious grounds. Luhrmann expands on this idea. The Montagues are shown as a Central American family while on the other hand the Capulets are shown as Mexican. Once again Mercutio doesnt come into any of these two categories; he is shown as an African American which is the same as the Prince, his uncle. Mercutio is shown different to both Montague and Capulets because he is not on any side and doesnt let the grudge change any of his plans. Luhrmann has taken into mind religion being one of the causes of the grudge which might be possible because in Shakespeares life there was a lot of controversy about religion. Some speeches are said in different ways so there is more tension built up by them, for instance Benvolio says to Mercutio I pray thee, good Mercutio, lets retire but then says to himself The day is hot, the Capulets are aboard, and if we meet we shall not escape a brawl, for now these hot days is the mad blood stirring. Benvolio says this because he knows the consequence of everybodys moods and this makes the audience fear for Romeo. The type of music and language adaptation makes a difference to Act 3 Scene 1. During this scene the tempo and style of the music changes very often to stay up with the fast pace of the scene. When Shakespeare wrote Romeo and Juliet, he did not aim for making it a movie so no music was ever intended. Baz Luhrmann added music to make the movie more modern and suitable for the 1996 audience. The Music enhances the mood and atmosphere by interpreting what is going to happen next. The genre of the Music is mostly is pop and would have been recognised by people easily. When the tension between Tybalt and Mercutio builds up so does the pace pf the music making your heart beat faster. When Romeo enters the scene there is calm music because he has just returned from his marriage and wants peace. There is a sudden change in music when Tybalt kicks Romeo through the arch and the violence starts to get worse. The music enhances the mood and atmosphere by interpreting what is going to happen next. Act 3 Scene 1 can get quiet confusing because it is fast paced so Luhrmann uses sound effects used to help distinguish the important action. These include the slicing of the glass into Mercutio and the echo of the gun dropping when Romeo shoots Tybalt. Baz Luhrmann does this so that the turning points of the scene are highlighted. Luhrmann also repeats important lines so the audience can completely understand them as shown when Romeo says Either thou or I must go with him. Baz Luhrmann has thought bout every aspect of his movie carefully and always kept Shakespeares script in mind and the audience of 1996 in mind. The audience would have enjoyed this movie very much and would have been able to think and understand Romeo and Juliet better than they would have if they read the script. Baz Luhrmann aimed the movie toward young adults. He did this very well as he used popular music, bright costumes for the Montagues so the audience sympathises for them. He has made Act 3 Scene 1 very fast moving and interesting but keeps the violence to a limit. Luhrmann has brought Shakespeares script into life by adding in his own ideas and sticking to crucial parts of the play which made it more interesting. I think that Baz Luhrmann has created a wonderful scene in this movie and helped me understand the scene much better. Overall, I think it was the best interpretation of Act 3 Scene 1 I have ever seen.

Computerized physician order entry Term Paper Example | Topics and Well Written Essays - 1500 words

Computerized physician order entry - Term Paper Example CPOE, permits order entry at point of entry or in offsite locations. The system also decreases transcription and handwriting errors. Further, CPOE allows for error checking of incorrect or duplicate tests or doses for patients. It streamlines healthcare institutions posting of charges and inventory (Hussein, Zaidise, & Linn, 2013).CPOE represents an operational tool that provides evidence based and real-time decision support for the physicians. Various stakeholders such as the Government, physicians, community, and employers need to have a coordinated plan for the evaluation and adoption of CPOE (Muzyk, 2013). This can help to increase the rate of adoption of the technology by hospitals. Therefore, this paper will discuss the computerized physical order entry as a system that is important in the running of the hospital. During the late eighties, hospitals started implementing CPOE. By 1999, various hospitals had computerized most of their medications (Cohn, 2011). Utilization of CPOE is in all orders of inpatient units like referrals, tests, patient care, and medications. Adoption of CPOE faced some barriers. Initially there was lack of involvement of clinicians in CPOE adoption, substandard reliability, and functionality of technology (Kudyba, 2010). There was lack of standardization of some of the medical terminologies. Most hospitals also faced inadequate long-term financial commitment in the implementation. Poor planning is also a barrier to the implementation of CPOE. At the same time, sociological barriers in the use of CPOE exist. Shifts in physical work practices persist due to the increased time that physicians take to enter orders. CPOE implementation impact in the resources, commitment, and efforts is great. Technical properties: The electronic process provides health workers with a chance to enter orders electronically. Physicians are in a good position to manage and control the results of ordered entries. Companies encourage adoption of

Cash Accounting versus Accrual Accounting Assignment

Cash Accounting versus Accrual Accounting - Assignment Example But in accrual method, transaction is recorded as and when they happen rather than paid or received. So in accrual method the sale or receipt of goods and services are recorded as and when it happens .At times it is not easy to finalize when the sale or buying occurred ,then the contractor confirm the date when he received the goods and services and the transaction is recorded in the books. The cash and accrual method gives the same outcome as one can instantly see the results. The results of these accounting methods will only show variations, if the transaction is on a credit basis. In case the transaction of sales and purchases are done on cash and recorded immediately in the account then, which ever method one use the ledger will reflect the same results. The businesses with sales less than $ 5 million a year can choose whatever accounting method they want for their business. However in both the methods, the result will be only a partial picture of the financial stand of you busin ess concern. Chapter 2) Theoretical View a) Cash accounting method In cash accounting the primary importance is on the inflow and outflow of cash on everyday transaction of the business .As and when money moves in or out, recording is made in the ledger so that analysis can be made to the financial status of the business in a particular accounting period. According to Tatum (2003)â€Å"Part of the charm of a cash journal is that financial transactions entered as line items can be reviewed quickly when necessary, as well a providing a quick reference document when entering the transactions into other sections of the accounting books†. The author here emphasize that cash accounting is very reliable when it comes to the informative part of the business activities occurring on a daily basis. Cash is the blood life of a business concern, and cash accounting method allows the recording of the every movement of cash in the firm. The cash accounting method allows a small entrepreneur to understand the profitability of his firm without many complications. But this accounting method is useful mainly for small enterprises .The bigger firms use accrual accounting method where trillions of dollars are transacted at a time and sales and purchase of good and services are time consuming. The cash accounting system is quick and easy and help the owner of business on understanding cash reserves when dealing are mainly on cash basis. For example when one use a credit card to make a purchase, one does not have a reduction in the personal account until one pay for the credit card, this is considered cash accounting b)Accrual accounting If one consider accrual accounting , the revenues and expenses are recorded when they are incurred, regardless of money is moved in or out. As per Duchac (2006,pg.98) â€Å" Accrual accounting concepts are designed to reflect a company’s financial performance during a period and avoid misleading results that could arise from the timin g of cash receipts and

Chinese thrilling economy Essay Example for Free

Chinese thrilling economy Essay One of my Chinese class-fellow persuaded me to accept that China is emerging as a world super-power. He tried to convince by proving arguments that were based on misconceived notions. He also provides certain facts about Chinese thrilling economy, military might, its geo-strategic location. He further told me that China is capturing the world markets and heavy investments from world over are pouring in to bring an industrial revolution in the world. Although he mentioned these facts but I was unconvinced as he was unable to provide figures. The most disappointing thing was that he only mentioned soft power and did not realize that hard power too helps in achieving the status of super-power. If could have provided me the growing influence of China in the international socio-economic affairs, then it could be a convincing persuasion. Further, the cultural influence of china could be another valid argument but he did not mention all these. So his persuasion was an utter failure. I watched and analyzed John F. Kennedy Moon Speech in Rice Stadium in 1962. Kennedy uses his body language in a subtle way that augments the emotional effect of his speech. His body language is embellished and his movements are appropriate. He stresses his point of view on certain points by use of hands only and looks around to get the full attention of his audience. This speech is based on emotional appeal but some elements of logic are also manifested here and there. Although he provides the motives for the space program and historical land on moon but these logics are little convincing but he skillfully utilizes the emotional appeal. He sums the history of million years into a century and consider the â€Å"moon landing† the most important event of this century. He messages were very specific and he used illustrative language to show the importance this historical event. His speech is not direct but it does not create any confusion as audience is well aware of the purpose of speech already. URL: http://www. space-video. info/speech/19620912-jfk-rice. html

Cormac McCarthy The Crossing Essay -- Essays Papers

Cormac McCarthy The Crossing This story contains an almost equal balance of good and evil, though it also raises questions of what is truly good. It blurs the line between good and selfish or thoughtless. Characters’ actions sometimes appear impure, but in the long run, are good. In this story Billy is faced with a wide range of undeserved punishments, but shows good through all of them with his strong will and determination. He accepts the things that happen to him in a levelheaded manner, which works to keep the story from becoming a tragedy. The first instance of undeserved punishment is the death of Billy’s family. Not only was he unable to help them in any way, there was no good reason for it to happen. While Billy could lose all hope, become depressed, and angry at the world or at God for this injustice, he instead sets out to right the wrong. To begin his venture to right the wrong, Billy goes to get Boyd, who’s been staying at another home after his family’s death. Before they leave, Billy takes a shotgun, blanket, money, and other supplies from the house. Boyd comments, â€Å"Even a outlaw don’t rob them that’s took him in and befriended him.† In this instance it could be said that Billy’s actions are morally wrong. In this case however, the ends justify the means. Billy is committing a small wrong to serve the greater good, which reflects a higher prompting on Billy’s behalf. Billy’s patience is also tried when he learns of his heart murmur. He is attempti...

Middle Childhood Essay

Parents who are firm and less critical helped their children shape their unique self confidence from middle childhood to adulthood. If asked what was the best yeas in your life span you may consider those times when you were mischievous in your childhood days. It may even take you back to the adolescent days when you were in junior high and you thought that you had all friends and was in the best groups in school. These are just some of the areas that you may consider. In this paper we will review the time between middle childhood to adolescence touching on the effects of functional and dysfunctional family dynamics on development look at the positive and negative impact of peers and changes in peer relations from middle childhood to adolescence. Examine additional pressures faced in adolescence compared to middle childhood and discuss the development of moral values from middle childhood into adolescence. Functional and Dysfunction  In my evaluation of the effect of a functional and dysfunctional family dynamics and development it is recognized the effects family and chosen role models have is fundamental to individual development. Dysfunctional or psychologically unhealthy families inherit or develop negative roles or defense mechanisms where people are trapped in. These are demonstrated at times when under pressure or a crisis situation where our defense mechanisms become effective. At the same time functional or healthy families that foster positive development where trust, love and honest, open relationships thrive. Dysfunctional families produce insecurities and normal development may not happen and at times be stopped. Members of the family commonly one or more will have some problem that affects the rest of the family. Things like abuse, neglect, alcohol are some of the disorders. In most families there are some that are healthy people that compensate for the falling of the people around them and make their lives better or functional. Peer Relations The positive and negative impact of peers and changes in peer relations from middle childhood to adolescence has an influence on children. Attention has focused considerably on peer relationships and friendships from childhood and adolescence. Experiences with children’s peers are critical in the development of adaptive and adaptive behaviors throughout child hood and adolescence. Disturbances in peer relationships are common reasons for referrals to children’s mental health clinics (Achenbach & Edelbrock, 1981). Because of the developmental impact of the children, peer difficulties are assessed and addressed the more opportunity there is to set troubled children on the right track. The different tests approaches give different results on the children’s peer relations and sociability. In their early adolescence, children will be reluctance to be observed, especially in school room settings. Several researchers have relied on structured laboratory tasks for observing adolescents (e. g. Connolly & McNelles, 1995; Dishion, Andrews, & Crosby, 1995). In the end the final analysis will provided the fullest picture of children’s social well being and direction for understanding positive peer relations. Additional Pressures The additional pressures that are faced in adolescences compared to middle childhood are pretty similar. There are pressures that can influences teens as well as children’s dress, the music they listen to and their behavior. As teen the behaviors are things like drugs, cigarettes, and sex. A lot of satiations come from cliques of friends that are the same age. It can start in early childhood with kids getting other kids to do what they want to do. Then as they go though the preteen and teen years pressures intensify. Once in middle and high school adolescents deal with peer pressure regularly. It said this how they learn to get along with others of their own age group and become independent. Most adolescence gives in to peer pressure so they can be liked or fit in to certain groups. This is so they won’t be made fun of for not getting with the rest of the kids in the group. There are times that the kids get involved because they want do something different that everyone else may be doing. This is somewhat common with childhood children but at this age if they get bored with it they will walk away from those situations and do something diffent. Moral Values The development of moral values from middle childhood into adolescence can be a changellage. In the middle childhood stage the children are told that there are rules and they have to be followed and because of that the children follow the rules. When it comes to adolescences they explain that rules are to be followed this way everyone will play the game demonstration that as their moral development occurs and children began to know the greater of good. When we are young we follow the rules to avoid the consequences, but as older kids they want to know what is in it for me mentality, and then only do what is needed to be able to get something from it. Experts differ in their own opinion as to how moral compass is developed, but all agree that it’s an important rite as children grow, evolve and take their place as a member of society. Conclusion In conclusion we review the changes that occur during middle child hood and adolescence concerning family and peer relationships, and how they might influence future development. Parents have the ability to be warm and responsive and at the same time be firm and provide consistent supervision. Being accepted is one of the biggest elements in a parent-child relationship. Giving praise being involved and showing concern all play a part in a Childs self-esteem and social adjustment. Parents need to encourage their children by soliciting their opinion or self encouraging self expression. A child needs support and encouragement and parents need to understand that, as well as rules and expectations.