Summary Essay Example | Topics and Well Written Essays - 500 words - 38

Synopsis - Essay Example In spite of the fact that none of the kids figured out how to wind up chivalrously and just followed their older folks, the two of them endure the war and saw its end. Thusly their activities can't be alluded as something unimportant. The story starts in a flashback note where the occasions of Bloody Sunday (1965) were remembered. The two young ladies remember their encounters in the three months of their lives in 1965. These occasions and encounters are introduced as meetings reasonable for papers. The book doesn't concentrate on a point by point rendition of what occurred during the time nor does it underscore upon the everyday experience of the young ladies yet the records depend on oral history style. Around forty meetings were directed by Frank Sikora, columnist, and the setting was for the most part local in nature remembering the front rooms and kitchens for the George Washington Carver Homes led over a range of 1975 to 1979. The conversation has been introduced as the questio ner makes reference to as indicated by what he gained from them, their discourse and sentiments during their experience. Selma saw that her memory resembled keeping in touch with her own story and for Rachel it resembled holding a discussion with the Blessed Virgin Mary. They didn't know previously joining the thing was not formal †â€Å"You didnt enroll. You simply were, or you werent† (Webb, Nelson and Sikora, 3). Be that as it may, in the wake of watching the group for at some point, Selma joined the development eagerly. The thought behind grilling two youngsters, who encountered the time as kids while there were a few referred to characters too, is that Sikora needed to draw out those obscure appearances that confronted the comparable experience of brutal, capture and torment as the older folks. The two young ladies could thusly speak to different kids structure different towns also who experienced comparative experience yet whose names have not been formally

Comparing Prince Hal and Henrys Models of Statescraft :: essays research papers

Looking at Prince Hal and Henry's Models of Statescraft To look at the distinction between King Henry and Prince Hal's style of statecraft, first we need to comprehend the fundamental way of thinking of each. The King belives that to viably lead the nation one needs to show others how its done. As per the King's way of thinking the best man is the person who carries on with an unadulterated life furthermore, earns regard and respect from all men. To the King's perspective Hotspur is more fit to be a King than Prince Hal, an examination the King makes a few times. In Act I, scene I King Henry makes his first examination of Hotspur to his child saying that Lord Northumberland's child, Hotspur, was "A child who is the topic of respect's tounge..." while Prince Hal was recolored by "...riot furthermore, dishonor...." In actuality the King ventures to such an extreme as to wish that Hotspur was his his child and not Prince Henry. Later in Act III, scene ii King Henry tells the Ruler that Hal helps him to remember the way King Richard acted before Henry took the seat and that Hotspur helps the King to remember himself. This is the King's not really inconspicuous way oftelling Hal that the King doesn't think he is fit to suceed him to the seat. Ruler Hal then again has an alternate thought of statecraft. He communicates his thoughts in his discourse in Act I, scene ii when he says "If all the year were playing occasions, To game would be as monotonous as to work; But when they sometimes come, they wish'd-for come,...My transformation glitt'ring o'er my flaw, Shall show more goodly and draw in a greater number of eyes than that which hath no foil to set it off." He is stating that he might be acting like a typical hoodlum now yet when he performs take up his responsibilities as beneficiary to the seat and start to act like a ruler he will sparkle more according to men since his activities presently will give a differentiate by which they can pass judgment on him. It is imperative to take note of that Hal doesn't plan to spend a mind-blowing remainder acting as such. He plans to leave this life behind and assume the job of beneficiary evident to the seat of England. In Act III, scene ii when the King defies Hal about his wrongdoings Hal is speedy to concur with the King. He concedes that he has not put on a show of a sovereign and lowered by the judgment of the King swears a pledge to reclaim

Data-driven versus Data-informed Whats Best for You

Data-driven versus Data-informed â€" Whats Best for You Data is a powerful tool for companies, as it provides information for businesses to work with. However, many companies do not make the best out of the available data, because they dont use it the right way.Data collection and analysis have changed rapidly over the past decades. Technology is advancing quickly and supercomputers can now take in huge amounts of data and draw conclusions within seconds. Yet, experts argue that truly efficient use of data still requires humans to think instead of simply relying on machines. © Shutterstock | everything possibleThis guide will look at the difference between being data-driven and being data-informed. Should you fully rely on data or better use it as one factor that guides your decisions? We’ll explore the advantages and the limitations of these two approaches and discuss which one is better to support your organization’s decision-making process.WHY DATA MATTERS?Before we take a more detailed look at data and the best practices for using it, we should first understand why we are using data at all. Does collecting huge amounts of data matter and in which way does it matter?Raw data provides businesses with information, which can be processed in different manners. The main goal is to use these information to make decisions. Therefore, data collection is part of your daily business â€" every company gathers and uses some sort of data.Analysis of raw data can provide many insights into your business. While a single piece of information in isolation might n ot contain much information, entire sets of data can provide ground for decision-making. If your business operates in the retail sector, for example, daily sales data can provide trends and pattern. You can find out which are the busiest sales days or which items sell the most.This information can be used to improve your business operations. You are able to hire more staff for the busier days and therefore boost sales further. You can optimize your sales pipeline by finding out which products sell the best. Hence, data can make your business run smoother and more efficiently, and save costs.In 2010, researchers at the University of Texas found that businesses, which improved their data quality and usability generated larger financial returns. According to the study, enhancing data usability by only 10% can increase annual sales per employee by more than 14%.The rise of big data â€" why is it important?Big data’ has been one of the buzzwords over the last years. The term refers to data sets, which are extremely large and complex. Due to their size and complexity, these data sets can only be analyzed with computerized systems.Big data has revolutionized the importance of data, as businesses can now use more data and draw more conclusions. Big data is especially useful in analyzing human behavior and interactions.To understand more about the importance of big data, watch the following TedTalk video with Kenneth Cukier: DIFFERENT WAYS TO USE DATA â€" DATA-DRIVEN VS. DATA-INFORMEDCompanies use data in different ways. While some corporations are data-driven, others are data-informed. Read on, and understand the difference.Data-driven â€" data leads the decision-making processIn its essence, data-driven means that data leads the decision-making process. The data thus plays an crucial role in the company, as decision-makers rely mostly on the data.Organizations, which are data-driven implement the use of data throughout the entire organization. Data analysis and use is not only the job of IT or data specialists, but all departments of the organization use and analyze data.Jim Giles, the author of the Economist Intelligent Unit Report called ‘Fostering a Data-Driven Culture’, said in an interview that data-driven businesses are “placing data at the heart of almost all important decisions”. “They [the companies] are tolerant of questioning â€" even dissent â€" about business decisions being made, as long as the questioning is based on data and their analysis,” Giles continued.The importance of data becomes increasingly evident when companies grow in size. Data-driven companies, such as the British supermarket chain Tesco or its American counterpart Walmart, achieved business successes with this method.Data-informed â€" putting the data in contextOn the contrary, data-informed organizations don’t rely on data in all of their decision-making. The companies use a more agile and responsive way of treating data. Therefore, data sets are seen in their specific context. Data is used to create a hypothesis, which remains to be proven.Today’s start-ups and organizations often view themselves as being data-informed instead of data-driven. However, the definitions are not set in stone and sometimes its not that clear to tell if an organization as a whole is data-driven or data-informed.THE BENEFITS AND RISKS OF BEING DATA-DRIVENThe benefits â€" less human bias, less time-consumingStudies have highlighted that a data-driven culture can improve the financial performance of an organization. The Economist Intelligence Unit’s survey in 2012 showed that top performing companies often use a data-driven approach.Furthermore, since data-driven cultures allow data to lead the way, the decision-making is less influenced by the human element. The data is used as it is, without much further analysis. Data are considered as concrete facts. That removes the human bias that may come with data analysis.MIT Center for Digital Busines s studied data-driven decision management and found organizations using this approach had 4% higher productivity rates, together with 6% higher profits.Moreover, as companies spend less time analyzing their data, there is more time to deal with other operational aspects of running a business. Since gathering data and allowing it to come to its own conclusions won’t require much effort on your part, the focus can be directed to the day-to-day operations.The risks â€" huge amounts of data needed, gathered data can be wrong or biasedA data-driven approach requires the organization to collect vast amounts of data to ensure decisions are as effective and accurate as possible. Otherwise, outliers will bias the decision-making process. This can be an obstacle for many companies, especially for younger organizations, that might not have the capabilities or the resources to collect huge amounts of data.On the other hand, the more data you collect the harder it is to process it. The organiz ation might end up in a situation where it has a wealth of data, but is unable to use it to generate answers.Finally, relying on data can increase the chances of making the wrong decisions. Data itself can contain a bias. For example, the way how data is gathered can lead to a bias, which could distort the ultimate decision.THE BENEFITS AND RISKS OF BEING DATA-INFORMEDThe data-informed approach to data has increased in significance in the past few years, with many experts claiming it to be the best way to handle large data sets.The benefits â€" company puts data in its context to consider the whole pictureData-informed organizations understand the limitations of data. Since the collected data is only a snapshot of the reality, decision-making shouldn’t rely solely on this data. Therefore, instead of simple focusing on the data, you have to test and question it in order to draw conclusions.You could compare the approach to other automated structures. For example, flying an airplane in today’s world is highly automated. But the importance of the pilot is still evident in many situations. The pilot can override the decisions and take control of the process.Hence, a data-informed approach adds more assessment and revision to the use of data. This opens up more ways to use it. Since you are constantly measuring and analyzing different data sets, you are enhancing the collection and the use of data continuously.Finally, data-informed decision-making understands that data is not always the   perfect information package it seems to be. As explained above, data can contain a huge bias, depending on how it was gathered. For example, the way how an interviewer asks questions in a questionnaire can have a direct impact on the results. Therefore, the data-informed approach doesnt treat data as the ultimate truth.The risk â€" outcome of data analysis depends on the analystWhilst there are many benefits to the data-informed approach, it isn’t a risk-free way to make de cisions. Perhaps the main reason some experts argue against a data-informed approach is the added human element. A data-informed approach essentially argues against fully trusting the data. However, adding human interpretation can also add a bias, moving away from the actual evidence.For example, if an analyst has a certain outcome he hopes to prove with his data analysis, he might twist and turn the data until it shows what he wants to see.THE BOTTOM LINE â€" CONCLUSIONWith the above in mind, should organizations look into adopting a data-driven or data-informed approach? Much of it depends on what type of data is available and the goals you are trying to achieve with the use of data.Dave Martin distinguishes between the two approaches by saying data-driven is the lazy approach and data-informed is a more testable approach. In essence, being data-informed allows you to interpret the data and to understand the limitations of data, while data-driven organizations just use the data as it is. In the end, whether or not you operate data-driven or data-informed depends on your resources, your goals, and the data you actually have.

Dr. Maria Montessori, Founder of Montessori Schools

Maria Montessori (August 31, 1870–May 6, 1952) was a pioneering educator whose philosophy and approach remain fresh and modern one hundred years after her work began. In particular, her work resonates with parents who seek to stimulate children through creative activity and exploration in all its forms. Children educated in Montessori Schools know who they are as people. They are confident, at ease with themselves, and interact on a high social plane with peers and adults. Montessori students are naturally curious about their surroundings and eager to explore. Fast Facts: Maria Montessori Known For: Devising the Montessori Method and founding Montessori SchoolsBorn: Aug. 31, 1870 in Chiaravalle, ItalyDied: May 6, 1952 in Noordwijk, the NetherlandsPublished Works:  Montessori Method (1916) and The Absorbent Mind (1949)Honors:  Nobel Peace Prize nominations in 1949, 1950, and 1951 Early Adulthood An extraordinarily gifted person with the scholarly bent of a Madame Curie and the compassionate soul of a Mother Teresa, Dr.  Maria Montessori was ahead of her time. She became Italys first female doctor when she graduated in 1896. Initially, she took care of childrens bodies and their physical ailments and diseases. Then her natural intellectual curiosity led to an exploration of childrens minds and how they learn. She believed that environment was a major factor in child development. Professional Life Appointed Professor of Anthropology at the University of Rome in 1904, Montessori represented Italy at two international womens conferences: Berlin in 1896 and London in 1900. She amazed the world of education with her glass classroom at the Panama-Pacific International Exhibition in San Francisco in 1915, which allowed people to observe the classroom. In 1922 she was appointed Inspector of Schools in Italy. She lost that position when she refused to have her young charges take the fascist oath as the dictator Mussolini required. Travels to America Montessori visited the U.S. in 1913 and impressed Alexander Graham Bell who founded the Montessori Education Association in his Washington, D.C. home. Her American friends included Helen Keller and Thomas Edison.  She also conducted training sessions and addressed the NEA and the International Kindergarten Union. Training Her Followers Montessori was a teacher of teachers. She wrote and lectured unceasingly. She opened a research institute in Spain in 1917 and conducted training courses in London in 1919. She founded training centers in the Netherlands in 1938 and taught her methodology in India in 1939. She established centers in The Netherlands (1938) and England (1947). An ardent pacifist,  Montessori escaped harm during the turbulent 1920s and 1930s by advancing her educational mission in the face of hostilities. Educational Philosophy Montessori was profoundly influenced by Friedrich Froebel, the inventor of kindergarten, and by Johann Heinrich Pestalozzi, who believed  children learned through activity. She also drew inspiration from Itard, Seguin and Rousseau. She enhanced their approaches by adding her own belief that we must follow the child. One does not teach children, but rather creates a nurturing climate in which children can teach themselves through creative activity and exploration. Methodology Montessori wrote over a dozen books.The most well known are  Montessori Method and The Absorbent Mind. She taught that placing children in a stimulating environment will encourage learning. She saw the traditional teacher as a keeper of the environment who was there to facilitate the childrens self-conducted learning process.   Legacy The  Montessori Method  got its start with the opening of the original Casa Dei Bambini in the slum district of Rome known as San Lorenzo. Montessori took fifty deprived ghetto children and awakened them to lifes excitement and possibilities. Within months people came from near and far to see her in action and to learn her strategies. She founded the Association Montessori Internationale in 1929 so that her teachings and educational philosophy would flourish in perpetuity. Montessori Schools have spread throughout the world. What Montessori started as a scientific investigation has flourished as a monumental humanitarian and pedagogical endeavor.  After her death in 1952, two members of her  family continued her work. Her son directed the AMI until his death in 1982.  Her granddaughter has been active as Secretary-General of the AMI. Article edited by  Stacy Jagodowski.

Descriptive Essay About Hurricane - 863 Words

It was a dark skied November morning and I was watching the news and it said that there was a category five hurricane brewing on the ocean. I ignored the warning, I figured it would be nothing to worry about considering that it was nowhere near Miami Florida. So, I went about my day as usual and headed out of my apartment to get some breakfast along with a cup of warm coffee. It was a normal day in Miami, nice cars jamming the road and the loud noises of the city. Little did I know; this day would be everything but normal. After breakfast, I made my way back towards home. I saw my friend Cody in the car next to me. I shouted over the noise, Hey Cody, What s up? He mumbled something to his dog. Then he†¦show more content†¦I think I m going to stay here and set this one out. What! Dude are you crazy, there s no way, I mean it’s a category five, if that hits Miami! I guess I just wanted to say wish me luck and I ll see you after all of this is over. Well if you re not going to take my advice and leave then, good luck and I ll see you later. Be careful and I will see you when all of this is done. One hour later, the wind was terrible and the rain was gushing. The power was knocked out and the visibility was devastatingly low. I had made an awful decision about staying here. The winds were blowing even harder and I was skeptical; I had no idea if I would even make it out of this alive. I looked up and made a promise that I would never stay for a hurricane again. All of the sudden, the streets began to flood. All of the water was rising and rising. While in my apartment the flood was no problem but I would hate to be on low ground. You could feel the building getting pounded by the wind. The next day, when the storm had passed, it was calm but instead of cars bombarding the road there was lots and lots of water. Judging by what happened the power probably wouldn t be back on for days. I can t believe what had just taken place. It was three days before I heard from Cody. The power had finally came back on and he called me and told me thatShow MoreRelated Clash with the Hurricane- Personal Narrative Essay868 Words   |  4 Pagesthe Hurricane- Personal Narrative The sky darkened from the blue light sky, it turned suddenly to a dark black gloomy sky hovering with a mist cloud. I walked back into the car, seemingly it was going to pour down. Heavily, the wind blew. I turned to shut the windows, but, as I looked closer out of the window, huge clouds started fusing together which then created a huge immense hurricane. I couldRead MoreThe Pursuit Of Freedom And Justice There Was A Hurricane1459 Words   |  6 PagesIn the Pursuit of Freedom and Justice there was a Hurricane In times of national discontent and social injustice, music is one of the leading forms of rebellion and storytelling. In 1975, Bob Dylan contributed to this rebellious storytelling narrative by creating â€Å"Hurricane† a song about the wrongful imprisonment of middleweight fighter Rubin â€Å"Hurricane† Carter. There is a common idea that the issues we face do not have the same magnitude the issues our predecessors faced. By assuming this idea,Read MoreDescriptive Essay971 Words   |  4 PagesAssignment: Write a Descriptive Essay describing a storm you have witnessed. The storm I witnessed was Hurricane Sandy. When I first heard of the hurricane I thought it wouldnt be as bad as some people were prediciting, but as the storm approached I certainly changed my mind. As we sat in the house it became very real how bad the storm was going to be. It was scary to hear the wind howling; blowing the trees around, hearing branches falling and the windows rattling. Hurricane Sandy left a lotRead MoreHurricane Essay1485 Words   |  6 Pages26, 2009 Essay Assignment GE-253 Hurricanes Have you ever heard tropical storms pushing winds up to 200 mph and causing destruction everywhere? A true beast of nature we call a hurricane. These hurricanes can show up at any time to make a mess of things. To fully understand hurricanes we have to peer into the history, calculate the physics, plot the storm’s movements and actions, respect the power of such storms, and prepare ourselves if a storm is headed our way. A lot of hurricanes have happenedRead More Charles Dickens Essay2085 Words   |  9 Pagesfamily, a newspaper reporter. Here, he got his first taste of journalism and fell in love with it immediately. Drawn to the theatre, Charles Dickens almost pursued the career of an actor In 1833, he began sending short stories and descriptive essays to small magazines and newspapers. These writings attracted attention and were published in 1836 under the name, Sketches by Boz. At the same time, he was offered a small job of writing the text for a small comic strip, where he workedRead MoreInstructive Text Types11631 Words   |  47 PagesLongacre’s classification†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦.. 1.4 Werlich’s textual typology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.... 1.5 Biber’s text type†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Chapter 2.Text Forms†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.... 2.1 The descriptive text form†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.... 2.2 The narrative text form†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2.3 The expository text form†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦.. 2.4 The argumentative text form†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2.5 The instructive text form †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MorePostmodernism and the Simpsons10775 Words   |  44 PagesHugvà ­sindadeild Postmodernism and The Simpsons Intertextuality, Hyperreality and Critique of Metanarratives Ritgerà ° til B.A.-prà ³fs Bjà ¶rn Erlingur Flà ³ki Bjà ¶rnsson bjornfloki@gmail.com Kt. 110982-5779 Maà ­ 2006 Abstract This essay offers a postmodernist reading of the popular television program The Simpsons, with special regard to the postmodern theories of intertexuality, hyperreality, and metanarratives. Before delving into The Simpsons, some major theoretical aspects of postmodernism in aestheticRead MorePrincipal of Management.Ppt7538 Words   |  31 Pages24. To encourage a customer-responsive culture, organizations should formalize and enforce strict customer service policies. (False; moderate; p. 71) 25. Customer service employees tend to provide better customer service when they are very clear about their employee roles. (True; moderate; p. 71) 26. To increase customer responsiveness, organizations should hire employees who are outgoing and friendly. (True; moderate; p. 71) THE ENVIRONMENT 27. The part of the environment directly relatedRead MoreOrganizational Behaviour Analysis28615 Words   |  115 PagesORGANISATIONAL ANALYSIS: Notes and essays for the workshop to be held on 15th - 16th Novemeber 2007 at The Marriot Hotel Slough Berkshire SL3 8PT Dr. Lesley Prince, C.Psychol., AFBPsS University of Birmingham November 2007  © Dr. Lesley Prince 2007. Organisational Analysis: Notes and Essays Page i Page ii Please do not attempt to eat these notes. CONTENTS Introduction to the Workshop Topics And Themes The Nature and Scope of Organisation Theory Levels of Analysis The MetaphoricalRead MoreEnvironment: Energy Development and Environmental Problems11602 Words   |  47 Pagesperspective. These contradictory views are presented in full to facilitate discussion and to offer a more objective take on issues. The graduating GP student should be well aware that no view can ever be balanced in an essay with the polar opposite. The result is a thoroughly contradictory essay. * Instead, the student should adopt one point of view (the stand), while balancing his views by acknowledging some/partial truth in the alternative view. * The student may also choose to balance by saying

Defining Emotional Intelligence Free Essays

Earliest roots can be traced to Darwin’s work on importance of emotional expression for survival and second adaptation. In 1900s, traditional definitions of intelligence emphasized cognitive aspects (IQ) and then later on begun to recognize the importance of non-cognitive aspects from which the term â€Å"social intelligence† was coined. Similarly it was in 1940 even David Wechsler joined in the bandwagon and argued that all emotional intelligence models will not be complete unless all the non-intellective factors could be defined. We will write a custom essay sample on Defining Emotional Intelligence or any similar topic only for you Order Now But it was in the 1970s and 80s that Emotional Intelligence as a theory was fully developed by the works and writings of Howard Gardner, Peter Salovey and Jack Mayer, however, it was the works of Daniel Goleman who published â€Å" Why It Can Matter More Than IQ† in 1995 that made the term widely popularized. Defining Emotional Intelligence The EQ concept argues that IQ, or conventional intelligence, is too narrow; that there are wider areas of Emotional Intelligence that dictate and enable how successful we are. Success requires more than IQ (Intelligence Quotient), which has tended to be the traditional measure of intelligence, ignoring essential behavioural and character elements. We’ve all met people who are academically brilliant and yet are socially and inter-personally inept. And we know that despite possessing a high IQ rating, success does not automatically follow. Goleman defined EQ as being a different way of being smart. It includes knowing your feelings, and using them to make good decisions, managing your feelings well, motivating yourself with zeal and persistence , maintaining hope in the face of frustration, exhibiting empathy and compassion, ability to interact smoothly at the same time managing relationships effectively. And all of these emotional skills matter immensely in marriage, families, in our careers for health and contentment. Different approaches and models have been developed to fully explain what EQ. Substantial disagreements exist in relation to both the terminologies at the same time its operationalizations. The definitions are so varied and researchers have been re-evaluating, re-defining it based on their own unique way of understanding it. So for now we would be defining it based on three main models : 1 . Ability EI Model, Mixed Model and Trait EI model, however we will be focusing our understanding to the model that made the term popular, which is the Mixed Model by Goleman. Ability EI Model Salovey and Mayer’s conception of EI strives to define EI within the confines of the standard criteria for a new intelligence. Following their continuing research, their initial definition of EI was revised to â€Å"The ability to perceive emotion, integrate emotion to facilitate thought, understand emotions and to regulate emotions to promote personal growth.† The ability based model views emotions as useful sources of information that help one to make sense of and navigate the social environment.The model proposes that individuals vary in their ability to process information of an emotional nature and in their ability to relate emotional processing to a wider cognition. This ability is seen to manifest itself in certain adaptive behaviors. The model claims that EI includes four types of abilities: 1. Perceiving emotions – the ability to detect and decipher emotions in faces, pictures, voices, and cultural artifacts—including the ability to identify one’s own emotions. Perceiving emotions represents a basic aspect of emotional intelligence, as it makes all other processing of emotional information possible. 2. Using emotions – the ability to harness emotions to facilitate various cognitive activities, such as thinking and problem solving. The emotionally intelligent person can capitalize fully upon his or her changing moods in order to best fit the task at hand. 3. Understanding emotions – the ability to comprehend emotion language and to appreciate complicated relationships among emotions. For example, understanding emotions encompasses the ability to be sensitive to slight variations between emotions, and the ability to recognize and describe how emotions evolve over time. 4. Managing emotions – the ability to regulate emotions in bot h ourselves and in others. Therefore, the emotionally intelligent person can harness emotions, even negative ones, and manage them to achieve intended goals. The ability-based model has been criticized in the research for lacking face and predictive validity in the workplace. Trait EI Model Petrides and colleagues proposed a conceptual distinction between the ability based model and a trait based model of EI.Trait EI is â€Å"a constellation of emotional self-perceptions located at the lower levels of personality†. In lay terms, trait EI refers to an individual’s self-perceptions of their emotional abilities. This definition of EI encompasses behavioral dispositions and self perceived abilities and is measured by self report, as opposed to the ability based model which refers to actual abilities, which have proven highly resistant to scientific measurement. Trait EI should be investigated within a personality framework. An alternative label for the same construct is trait emotional self-efficacy. The trait EI model is general and subsumes the Goleman and Bar-On models discussed above. The conceptualization of EI as a personality trait leads to a construct that lies outside the taxonomy of human cognitive ability. This is an important distinction in as much as it bears directly on the operationalization of the construct and the theories and hypotheses that are formulated about it. Mixed Models of EI This is the model that was introduced by Daniel Goleman and focuses on EI as a wide array of competencies and skills that drive leadership performance. Goleman outlines four domains of EI based on two types of competencies: Personal Competency and Social Competency. Personal Competency 1. Self Awareness- the ability to recognize and understand over one’s emotions as they occur 2. Self Management- One’s ability to manage internal state, impulses, and emotional reactions to situations and people Social Competency 1. Social Awareness – One’s ability to understand emotions in people, this means understanding what others are thinking and how they are feeling from one’s own 2. Relationship Management – One’s ability to arrange interaction with others effectively How to cite Defining Emotional Intelligence, Essay examples

Strategic Information Management for Organizational Charts

Question: Discuss about theStrategic Information Management for Organizational Charts. Answer: Introduction The Current Organizational Structure In this type of small organization, the structure is certainly not written formalized in manuals, organizational charts, instructions, etc. But there is a certain formal level given by the guidelines established by who or those who exercise the driving, the custom, the mode of operation that for each activity is set as they develop and the distribution of decisions with high centralization. But here, there will also be informal relationships that are emerging as the organization evolves, its relationship with the environment and the internal relationships themselves(Barich, 2012). A look at one of the biggest companies in Australia that uses the accounting system to make good accounting is Westpac Banking Group. Some issues that are born informally if considered appropriate will be formalized through directives, almost always unwritten, of the owner. In turn, the workflow, information, In the first case, considering only the variables associated to the achievement of the goals and su bjected to a rigid control (Mechanical Model) and designed under "principles" such as Division of Labor, Control Unit, Scope of control, Centralization of decisions, Standardization Of roles and practices, etc(Clarke, 2012). Organizational Structure Problems Structure comes from "Struere" which means to build. It refers to construction as support or foundation of systems of all kinds in which I know part, elements, ideas or symbols interrelate. An organizational structure, considered as a whole, comprises both a formal structure and a real structure. In organizations, participants' actions and interactions gain some stability by establishing roles, norms and values. These phenomena underlie the idea of formalization and structure as a means of achieving prediction and rationality in organizational behavior(Galliers, Leidner, Leidner, Galliers, 2014). Structures can vary considerably depending on the decisions that management takes with respect to division of activities, tasks and departments and delegation of authority. Activities and tasks may be more or less specialized, relatively centralized or decentralized authority, jobs grouped by departments based on different circumstances and sizes. Every formal structure involves a structure of objectives and decisions, a structure of activities, a distribution of resources and a network of communications and is the result of the delegation of operations -departmentalization- and decision-decentralization(Khosrow-Pour, 2006). According to Simon: "The formal structure establishes sets of prescriptions and expectations regarding who are the members of the organization who are responsible for certain actions and decisions; Establishes a structure of sub-objectives or goals that will serve as the criterion of choice in the different areas or parts of the organization and establish discreet research responsibilities in the particular units of the organization to scrutinize specific parts of the environment as well as to inform about Of events that require attention in the direction of the appropriate decision points(Peters, 2004). Most Likely System Acquisition Method Commercial Software, Custom Software, or ERP The accounting work in an organization is, undoubtedly, fundamental for the order and the obtaining of information with a view to making the right decisions. Gone are the years in which it was necessary to manually fill hundreds of tables with income and expense data generated in all areas of the company; Today, there are many applications and programs that allow this task to be performed in an easier and safer way. Let us know the main characteristics of the accounting software that are most used in Australia. One of the most popular programs in Australia, ERP allows to process, integrate and keep updated all the accounting and fiscal information of the organization in a safe way. It is developed according to the specifications necessary for the application of electronic accounting in an easy way and complies with all the provisions in force in tax matters. It is especially useful for issuing reports, reports, summaries and graphs that facilitate the financial analysis of the compan y(Qu, Yang, 2012). It is compatible with spreadsheets, controls the income, expenses and budget of different entities in different currencies for an efficient management of resources, and issues, in a timely manner, the necessary tax returns such as VAT, ISR,etc.. This online administrative application has also become very popular in the country. It is one of the most suitable types of accounting software for small businesses and allows access to it from any place and device, since the information is in the cloud. It guarantees the security of the data since they are hosted on specialized Amazon servers and use advanced security systems. Sends payment reminders for invoices issued, sends monthly reports via email and allows you to export the information to Excel and other accounting programs. The software, being in the cloud, allows to maintain a constant update, being available in its most recent version every time it is entered into the system. It has a monthly payment plan acco rding to the required features and offers a free trial for the first month. System Sales Flow Chart The flow chart for sales is a complex and intricate process invoving receiving and paying of clients and suppliers. The payments is received by the the suppliers after ninety days within the delivery period by the accounts office. Company orders the products, the sales are delivered, the third stage invoincing is done and the last stage involves payment of suppliers. Identify any Control Problems in the System and what sorts of Fraud are Possible in this System? However, the mandatory questions are: what internal controls need to be improved or implemented? What are the controls that prevent fraud? The best answer is not a list of controls to implement, because all activities related to the Sarbanes-Oxley Act regulatory framework and equivalent regulations have taught us that a very complex system of operational level controls may exist, but without a Monitoring and proper management tone, those controls can be evaded. It is enough to know them in depth to find the weak point(Qu, Yang, 2012). However, recent surveys show that 8 out of 10 companies have experienced fraud in the last year, and 61% of frauds were detected through internal controls, but only 12% of respondents, despite having been fraudulent, took preventive measures. What are these measures ?, improve our internal controls Derived from the above, it is necessary to step back and see the organization as a whole, as well as finding ways to manage fraud risk with a vision that goes from the general to the particular. Experience has shown the effectiveness of measures aimed at fraud prevention and deterrence, which focus on a cultural change of employees in the organization. But, we are still talking about internal control measures, how is internal control defined? Generally accepted auditing standards and procedures define the internal control structure of an entity such as: ... it is the policies and procedures established to provide reasonable assurance of achieving the entity's specific objectives(Robson, 2009). In the market there is a wide variety of packages focused on accounting management. Brands strive to deliver multiple advantages and benefits to entrepreneurs. However, some have been better positioned and precisely defining their target audiences. Development and Adoption of the Accounting Software Packages Its software invites you to integrate all areas of the company, to achieve a more efficient and total management, without leaving aside, the growth of the business. Develop and adapt to the changing business models of the modern digital world with SAP financial and accounting management software. Gather financial and analytical processes, radically automated and in real time, to obtain strategic business information in the future throughout your business environment. SAP's innovative solutions help financial teams deliver valuable strategic business information and create a competitive edge for your company. The Current Market Size The banking and financial industry is widely growing in Australia and the current market size is very big. Westpac Banking Group is a leading company in use of accounting software for improvement of its accounting systems. Other banks are greatly following the trend of upgrading the systems of accounting. Quality means that the system meets the requirements of reliability and efficiency in the best possible way, and that it does not require maintenance or modifications once it is completed. Normally a good quality system has a high life cycle. On the other hand, if the life cycle of a system is short, it can be assumed that the quality of this system is poor. User specifications are all the requirements that the user defines before starting the development of the system, that is, the functions that he needs to perform. The system must meet all the specifications and expectations that the user has for the process to be considered successful. Identify the leaders in the market and what gives them the competitive advantage It is an economic unit of production but from the point of view of the economy of the company is an entity composed of human, technical and financial elements and factors that are combined to achieve objectives and located in one or several units or production center. They are hierarchical organizations with legal relationships, and whose dimension depends on endogenous (capital) and exogenous factors (economies of scale). Resources are the people who carry out the development process, the equipment and the money necessary for the development of the system(Tarantino, 2006). An adequate and competitive development should consume the minimum amount of resources without sacrificing quality nor the specifications of the users. Time refers to the duration of the entire development process, from its inception until it is in operation. The development of an Information System must meet the expectations of time that jointly set the system analyst and the user. This research will analyze the different competitive strategies that small companies can adopt to face competition and remain in the market, particularly those that are focused on the services sector. Identify the current gaps or challenges encountered by users or customers of accounting software/packages and make relevant suggestions or recommendations. If user specifications increase, development time can increase in the same way that more resources may be needed; this can lead to a decrease in the final quality of the software. If the user requests that additional functions be added to those defined at startup, it is assumed that it will be necessary to increase the allocated resources and the estimated time if it is desired to comply with the planned(Tarantino, 2006). In case there is no reconsideration of these variables, the quality of the system may be adversely affected. If the termination time of the software requires shortening it is necessary to increase the resources (hire more personnel) or to cut user specifications, because due to the time limitation it is not possible to comply with everything planned and this can decrease the final quality of the software. system. If it is desired to increase the quality of the system it may be necessary to increase the amount of resources allocated to the project and / or increase the time allocated to the project. If it is desired to have an end product that has an acceptable quality for a good operation, it should be analyzed whether the resources allocated to the project and whether its estimated development time are adequate to meet user specifications through a high quality system(Tarantino, 2006). References Barich, T. (2012).Quickbooks 2012 quicksteps. New York: McGraw-Hill. Clarke, S. (2012). Information Systems Strategic Management. Hoboken: Taylor and Francis. Galliers, R., Leidner, D., Leidner, D., Galliers, R. (2014).Strategic information management. London: Routledge, Taylor and Francis. Khosrow-Pour, M. (2006).Cases on strategic information systems. Hershey, PA: Idea Group Publishing. Pearlson, K., Saunders, C. (2013).Strategic management of information systems. Hoboken, NJ: Wiley. Pearlson, K., Saunders, C., Galletta, D. Managing and using information systems. Peters, L. (2004). Software project management. Kent, WA: Software Consultants International Ltd. Qu, X., Yang, Y. (2012).Information and Business Intelligence. Berlin, Heidelberg: Springer Berlin Heidelberg. Robson, W. (2009).Strategic management and information systems.Financial Times Management. Singh, V., Singh, M. (2010).Computer course (illustrated). New Delhi, India: Computech Publications Ltd. Tarantino, A. (2006). Manager's guide to compliance. Hoboken, N.J.: Wiley.

Alexander the Great.

Alexander the Great. ALEXANDER THE GREATAlexander the Great was seen as a genius and the greatest conqueror of the classical times. He played many parts and was able to distinguish between those in everyday life. There is a wide variety of components involved with this leader but will focus on his background, cultural contributions, social conflicts, and the claim that he is a genius.Alexander was born in 356 B.C.E., the son of Phillip II and Olympias of Macedon. He was crowned Prince when he was being tutored by Aristotle, who trained him in rhetoric and literature that stimulated his interest in science, medicine, and philosophy. Alexander was first married to Roxanne in 327 B.C.E. and second to Barsine in 324 B.C.E., he bore no children with either wife. After his father was assassinated in 336 B.C.E., he became the King of Macedon and later the King of Asia. Alexander also founded Alexandria, after completely defeating the Persians at the battle of Arbela in 331 B.C.E.Alexander Muir Public School, To ronto, 1902 [OHQ-P...slaves. Alexander's next attempt was to defeat Persia. He could never be the dominantforce in his area as long as the Persian ruler Darius was still living. After beating Persiathe second and final time in 332, Darius, who managed to survive, fled to the mountains.He died in the mountains when one of his own noblemen killed him. With Darius dead,Alexander was crowned King of Persia and became known as the king of all Asia.Babylon surrendered after Gaugamela, and the city of Susa with its enormous treasureswas soon conquered. Then, in midwinter, Alexander forced his way to Persepolis, thePersian capital. After plundering the royal treasuries and taking other rich booty, heburned the city during a drunken binge and thus completed the destruction of the ancientPersian Empire. His domain now extended along and beyond the southern shores of...

Emetic and anti-emetic drugs Essays

Emetic and anti-emetic drugs Essays Emetic and anti-emetic drugs Essay Emetic and anti-emetic drugs Essay The Necessity Worlds are basically animate beings, and in true Darwinian manner, endurance is cardinal. The procedure of vomit, or purging, can frequently be regarded as a defensive mechanism adopted by worlds and other animate beings. One illustration of this is utilizing vomit to change by reversal the potentially deathly error of eating a toxicant substance. If the organic structures natural defense mechanisms failed to recognize the danger of the foreign toxin in the blood watercourse, it may be indispensable to bring on vomit. Hence, a demand for emetic drugs arose, drugs which would excite the organic structure s natural defense mechanisms and promote emesis. However, non all emesis is a defensive physiological reaction, such as gesture illness, or the sickness associated with gestation, both of which cause no biological menace to the being of the homo. The utmost vomit suffered by chemotherapy patients is another strong cause for drugs to let control over the purging procedure, and so the n ecessity for anti-emetic drugs besides arose. The Emetic Response The act of vomit is in fact a reasonably complex one, necessitating the co-ordination of the bodily respiratory and abdominal musculuss, and the musculuss of the GI piece of land. Two subdivisions of the myelin map to modulate the event of vomit, the chemoreceptor trigger zone ( CTZ ) and the emesis Centre. The CTZ is located in the country postrema, on the floor of the 4th ventricle of the encephalon, and is sensitive to chemical stimuli nowadays in the plasma. Many drugs can be used to antagonize substances working on the CTZ, making the country of the encephalon via the blood watercourse. The blood-brain barrier around the CTZ is permeable, leting drugs to move straight on it. The purging Centre is, nevertheless, used to organize the existent event of vomit, modulating the motion of smooth and striated musculus. The CTZ transmits signals to the purging Centre when a stimuli Acts of the Apostless upon the CTZ, doing the activation of the emetic physiological reaction. Emetic Drugs As antecedently stated, sometimes vomit is a desirable procedure, such as in the event of get downing a toxic substance. It is besides, possibly [ a spot irishly ] , necessary to advance purging in the trial for anti-emetic drugs. The chief emetic drug that is used is Ipecacuanha, which contains two substance, emetine and cephaeline, which irritate the GI piece of land to do the patient to puke. However, migranes and dyspepsia are common side effects Gesture Illness Vomit can be induced without any influence from foreign substances within the organic structure. Motion illness is a premier illustration of this, and has no biological significance on the being of worlds. In the procedure of gesture illness, the maze in the vestibular setup of the ear is moved in a certain manner. This relays a signal to the floor of the 4th ventricle, but the mechanism of motion of the signal to the CTZ is yet unknown. It has been hypothesised that the cerebellum may perchance move as a 2nd relay Centre, but as the CTZ merely responds to chemicals in the plasma, the synaptic pulsations from the relay Centres could non move straight upon it. However, although the mechanism of gesture illness is non yet to the full known, many drugs for gesture illness have been designed, antagonizing the H1 and muscarinic receptors. H1-receptor adversaries Histamine H1 receptor adversaries can forestall vomit by viing with histamine on the H1-receptor sites. The precise mechanism of action is yet unknown, but it has been thought that the administered antihistamine competitively blocks the H1-receptors of the vestibular setup, cut downing sensitiveness, and can move straight on the intestine, which, in bend, relieves the emesis associated with gesture illness. Furthermore, first-generation H1-receptor adversary may besides barricade the chemoreceptor trigger zone, and act on the karyon of the lone piece of land ( brain-stem ) by traversing the blood-brain barrier, forestalling purging in the patient. However, this intervention is chiefly effectual if administered before the oncoming of vomit, though may pull off to assist command vomit once it has began. As can be seem from the chemical construction antonym, the general construction of H1-receptor adversaries can be portrayed merely. Many first-generation antihistamines cause sleepiness as a really common side consequence, due to the anticholinergic belongingss of the drug. However, this anticholinergic belongings can besides move as an anti-emetic, doing the first-generation antihistamine drugs more effectual. Muscarinic-receptor adversaries Muscarinic receptor adversaries.Good for bar of gesture illness. hyoscine ( Transderm-Scop ) Para4: ( working on tummy ) muscarinic receptor adversary Side effects, ways it works, jobs, constructions, point out where it acts, and how the construction makes it move in that manner. Explain how the drug interferes with the normal vomit procedure. Muscarinic-receptor adversaries ( Chapter 7 ) Hyoscine active against sickness and emesis caused by the stimulation of the maze ( ear ) , and against substances which act on the tummy straight, but non against things which act on the CTZ. ( same as H1 ) Hyoscine is best agent for bar of gesture illness, but less utile one time sickness occurs. Effect extremums after 1-2 hours after consumption, can besides be given transdermally ( via the tegument like a nicotine spot ) , and is normally put behind the ear. Unwanted side effects: sleepiness, dry oral cavity. ( other side effects can include blurring vision and keeping of urine, but do nt usually happen at the doses given for anti-emetic effects ) Reference List: Hawthorn, Jan. Understanding and Management of Nausea and Vomiting, Blackwell Science, 1st Edition, 1995 Rang and Dale Bartholow, Roberts. Ipecacuanha, A Practical Treatise on Materia Medica and Therapeutics, Appleton and Company, 1908

Issues Intestacy Shares under Sharia Law and California Probate Code Thesis

Issues Intestacy Shares under Sharia Law and California Probate Code - Thesis Example In addition, a Sharia trust has the added advantage of setting aside surplus wealth to meet contingencies of the future. The law and practice of Sharia tend to be prescriptive, and heirs under this regime obtain rights to aliquot shares in the estate of the individual from whom they have descended.2 With regard to the Sharia law, it is obligatory for a Muslim to follow the strict formulation that it prescribes, in the context of dividing property among the heirs. Moreover, this obligation is religious; and individuals cannot inherit or disinherit the members of their family, in accordance with their whims and fancies. This latter requirement is aimed at averting potential conflict in a family unit. The objective of the Qur’an is to severely restrict any act that could jeopardize a family unit. 3 At several places, the Qur’an provides clear cut instructions regarding the disposal of property. Thus, verse seven of the fourth chapter declares that men and women have a share in the property left by parents and near relatives. Such share hold good, irrespective of the extent of the property. This has the effect of providing them with a determinate share. An elaborate account of the laws related to inheritance shares is to be found at verses 11 and 12 of chapter four.4 Despite these exhortations, the Qur’an does not provide a comprehensive scheme for dealing with the distribution of inherited property and wealth. Further instructions, have to be gleaned from the Hadith or recorded sayings of the Prophet Muhammad. This makes it abundantly clear that a will that complies with the Qur’an and Hadith should be in place. In addition, these sources of inheritance law permit scholars to divide a structured and rule based mechanism of inheritance.5 It is incumbent upon Muslims to possess a written will, as per the tenets of the Sharia law. In fact, the Prophet Muhammad had declared in the collection

Effectively Communicating Corporate Social Responsibility Initiatives Essay

Effectively Communicating Corporate Social Responsibility Initiatives - Essay Example This paper shall seek to determine the means by which firms can effectively communicate their CSR campaigns with effective communication, encourage their consumers to participate in their socially responsible initiatives while maintaining or even improving their profitability and stability as a business. For its case study, it will examine communication strategies of Samsung Inc. Successful businesses have been known to harness the goodwill and share their good fortune with those who they deem need their help the most. This practice earns them respect, admiration and a good reputation among their stakeholders. It is also known as Corporate Social Responsibility (CSR). Hopkins (2007) defines CSR as a business practice of companies that aim to adopt socially and environmentally responsible behaviors as a way for their business to contribute to society in a socially relevant manner. Not to be known as purely profit-seeking entities, socially responsible organizations manifest awareness and accountability in the societal and environmental effects that their business may impact (Lantos, 2001). Hence, they embrace responsible business practices and strategies in promoting better living standards for their employees and their targeted beneficiaries while still maintaining their profitability as a business (Hopkins, 2007). In implementing CSR strategies, it is essential that companies are clear in communicating their objectives to the community so that they are not misconstrued in their intentions. It is common for people to raise suspicions in the sudden goodwill of corporations who are doing so well in terms of profit, that they may have hidden agendas to further promote their image and attract more business.

External Auditors and their role in the Corporate Governance Framework

External Auditors and their role in the Corporate Governance Framework External Auditors check companys accounts and report to the company based on the accounts. Basically, the concern is how external auditors conduct these duties effectively. Legislations, such as The Companies Act 1965, have made great efforts to ensure external auditors conduct their duties and obligations effectively. The Code of Corporate Governance in 2001 and the amendment in 2007 have further enhanced the effectiveness of audit in the interests of stockholders and shareholders. In light of the recent scandals involving external auditors in the world, there is a growing concern for corporate governance globally as there is increased reliance by the stockholders and shareholders on external auditors. This study examines the role of external auditors in the corporate governance framework. The study then reviews the financial scandals involving auditors occurred in the world and investigate the role of external auditor in the collapse of the companies. Introduction Corporate governance is a central and dynamic aspect of business. It is very important for corporate success and social welfare. In the wake of Enron, HIH Insurance and other similar cases, countries around the world have reacted quickly by pre-examining similar events domestically. As a speedy response to these corporate failures, the USA issued the Sarbanes-Oxly Act in July 2002, and in UK, the Higgs Report and the Smith Report were published in January 2003 (Solomon, 2007). Nowadays corporate governance is a globally debated topic with many characteristics (Nobel, 1998). However, the concern is whether auditors play an important role in the framework of corporate governance. Corporate Governance Corporate governance is the relationship among various participants in determining the direction and performance of corporations. The main participants are the shareholders, the management and the board of directors. Corporate governance is the process whereby directors of a company are monitored and controlled. There are two areas considered to be fundamental to corporate governance, one is supervision and monitoring of management performance and the other is ensuring accountability of management to shareholders and other stakeholders (Marianne, 2009). Till now, probably the two most important basic elements of good corporate governance have been full disclosure and the presence of independent directors and auditors, who each has their own ways to confirm that the data provided by the corporation are true and fairly stated. The contents of full disclosure are listed out in regulatory demands and professional pronouncements, and companies are expected to fully comply. The independence of the outside director and external auditor means the directors and auditors will have to distance themselves considerably to assure shareholders that they have conducted their tasks (Bavly, 2004). Role of External Auditors in Corporate Governance External auditors play a key role in the corporate governance framework. They conduct one of the most important corporate governance checks that help to monitor managements activities. The audit of financial statement makes disclosures more reliable, thus increasing confidence in the companys transparency. The role of external auditors is to make sure that Board of Directors and the management are acting responsibly towards the shareholders investment interests. By keeping objectivity, the external auditors can add value to shareholders by ensuring that the companys internal controls are strong and effective. And by working with the audit committee and liaising with internal auditors, external auditors can help to facilitate a more effective oversight of the financial reporting process by the Board of Directors (Hassan, 2004). However, the audit expectations gap needs to be acknowledged, as the audit function can only do so much on the fraud. The external auditor can not be expected to find every fraud and error during an audit. In accordance with the Cadbury Report, it is important to know that the external auditors role is not to prepare the financial statements, nor to provide assurance that the data in the financial statements are correct, nor to guarantee that the company will continue as a going concern, but the external auditors have to state in the annual report that the financial statements show a true and fair view. The Cadbury Report highlighted that there was no doubt on whether there should be an audit but rather how the audit could be ensured to conduct effectively and objectively by the external auditors (Solomon, 2007). Auditor Independence External auditors are expected to be independent of the company and report on the company objectively. Actually, auditors can only play their role effectively if they are independent (Peel ODonnell, 1995). They have to conduct their tasks in the most independent and reliable manner to provide investing public with the level of assurance to make their decisions based on the financial statements. According to the Cadbury Report, auditor independence could be affected due to the close relationship between auditors and company managers and due to the auditors intention to develop a constructive relationship with their clients. There are a number of threats to auditor independence, one of which is to provide non-audit services since non-audit services are lucrative. Auditors can obtain the contracts for non-audit services only if they maintain a good relationship with the management. The Cadbury Report stressed that a balance is needed to be achieved in such way that external auditors will work with, not against, company management, but in doing so they need to serve shareholders. This is a difficult path. The easiest way to ensure this balance being attained is suggested to establish audit committees and develop effective accounting standards. The Cadbury Report recommended all companies to establish audit committees. Audit committees serve as representative of shareholder interests. They are not only responsible for monitoring financial reporting process to support good corporate governance, they are also considered to be able to ensure an appropriate relationship exists between the external auditor and the management whose financial statements are being audited (Hassan, 2004). The Smith Report issued in 2003 highlighted that the audit committee needs to be proactive and raise the concern with directors rather than brush them under the carpet. The Report also stressed that all members of audit committee should be independent non-executive directors. Companys annual reports should disclose detailed information on the role and responsibilities of their audit committee. Lessons from Financial Scandals 4.1 Collapse of Enron Enron, the energy trading company based on Texas is the first scandal shaking up the auditing profession. It has led to a crisis to the confidence on auditors and the reliability of financial reporting (Holm Laursen, 2007). The audit quality and the independence of external auditors were questioned. In this case, Enrons audit and accounting function were fraudulent. Arthur Andersen, the auditor of Enron, has been involved in Enrons fraudulent accounting and auditing. Failure of the audit function is one of the key factors contributing to the companys collapse. Enron created The Raptors, four special purpose entities (SPEs). SPEs are established in order that a company can form a joint venture with other interested parties to conduct a specific transaction. This transaction will not subject the other parties to the risks more generally associated with the companys operations. U.S Generally Accepted Accounting Principles (GAPP) allows companies to record the gains and losses of SPEs without reporting their assets and liabilities in certain instances. In this way, Enron avoided adding more than $1 billion debt to its balance sheet without consolidating certain SPEs (Jenkins, 2003). But the problems are, when the losses of these entities quickly rose into billions of dollars, these entities were brought into the core financial statements. It then became clear that Enron itself had great losses. The corporations stock price dropped sharply, and the company went into bankruptcy in December 2001 (Brown, 2005). Examples of Enrons devious accounting exist widely in the corporation. The company recorded profits, for example, from a joint venture with Blockbuster Video that was never materialized (The Economist, 7 February 2002). In 2002, Enron restated its accounts, which is actually a process that reduced reported profits by $600 million (The Economist, 6 December 2001). In fact, the process resulted in a cumulative profit decrease of $591 million and a rise in debt of $628 million for the financial statements from 1997 to 2000. The difference between the profit figures was mainly attributed to the earlier omission of three off-balance sheet entities. Such profit inflation enabled the company to raise its earnings per share (EPS). The company not only manipulated the accounting figures to inflate the earnings, but it also was found to remove substantial amounts of debt from its accounts by setting up a number of off-balance sheet entities. Such special purpose entities can be used to hide a companys liabilities from the balance sheet, in order to make the financial statements look much better than they really are (The Economist, 2 May 2002). It means substantial number of liabilities did not have to be disclosed on Enrons financial statements, because they were mainly attributed to another legal entity. All these issues raise the question, why did Enrons auditor allow this type of activity? This is because the conflicts of interest exist between the external auditor and the management. Conflicts of Interest Conflicts of interest are a frequent problem in the audit profession. Although independent appointment of external auditors by companys shareholders is regularly replaced by subjective appointment by the company management, the auditor is all too often appreciated to the companys senior management. Further, conflicts of interest arise from interactive functions of audit and consultancy. Arthur Andersen has been blamed to apply loose standards in their audits because of conflict of interest over the subatantial consulting fees collected from Enron. In 2000, Andersen collected $25 million for auditing Enrons books in addition to $27 million for consulting services. In 2001, Arthur Anderson earned US$55 million for provision of non-audit services (Brown, 2005). Although Arthur Andersen reported on the companys accounts, they did not report fraud to the shareholders. This is because the fraud was committed by the management. Kenneth Lay, the Chief Executive Officer (CEO) from Feb 1986 until Feb 2001, took home US$ 152 million although the company was facing a loss. If Andersen were to report, they probably will not be appointed in the following years or be engaged in non-audit services (Krishnan, L, 2009). Especially, close relationships are established over time between companies and their external auditors. It can again affect independent judgment and impact on the auditing function. In this case, there are regular exchanges of employees within Enron from Arthur Anderson. Such conflicts of interest affect the corporate governance function. Serious conflicts of interest have also arisen among members of Enrons internal audit committee, which causes the internal audit committee did not perform its functions of internal control and of checking the external auditing function. For example, Lord Wakeham, a member of the audit committee, was at the same time having a consulting contract with Enron (The Economist, 7February2002). This shows that people in responsible positions should have detected fraudulent activities if they were independent. Enrons board of directors was composed of a number of members who have been shown to be willing to conduct fraudulent activity. It is also because the non-executive directors were compromised by conflicts of interest. 4.2 Collapse of HIH Insurance In Australia, the collapse of HIH Insurance Ltd was observed as the beginning of the reflection into external auditors role. HIH is one of Australias biggest insurers, comprising several separate government-licensed insurance companies, including HIH Casualty General Insurance Ltd, FAI General Insurance Ltd, CIC Insurance Ltd and World Marine General Insurances Ltd. On 15 March 2001, HIH went into provisional liquidation with losses of A$ 800 million (Peursem, Zhou, Flood Buttimore, 2007). HIH is one of the largest corporate collapses in Australian history. Similar issues arise as in the Enron case. HIH is claimed to mislead investors by providing incorrect financial reports to the market and HIHs auditor, Arthur Andersen, may have played a part in its collapse. Andersen conducted the external audits for HIH from 1971 until its collapse in 2001. Their contribution to the failure of HIH is considered in the following sections: Audit Practices As part of audit process, auditors will conduct a risk assessment to determine the structure and plan of the audit. Andersen assessed the risk of HIH and deemed it a maximum risk client, however, the engagement team of Andersen had not prepared the risk management plan and therefore the senior management team at Anderson did not review and approve the plan (Peursem, Zhou, Flood Buttimore, 2007). At the end, the auditor simply drew the wrong conclusions. Andersen signed off HIHs annual report for the 30th June 2000 and stated that it was a going concern with net assets of $939 million. Nine months later, HIH collapsed with debts of $5.3 billion (Peursem, Zhou, Flood Buttimore, 2007). Andersen used HIH management reports and forecasts and did not obtain sufficient evidence to get the conclusions they did. The liquidator could not find the documentation on the reasons for considering HIH as a going concern. This implies that Anderson failed to produce sufficient working papers to prove that the audit actually is conducted. Auditor Independence Andersen had a close relationship with HIH. By the time of liquidation, three former Anderson partners who had conducted HIH financial audit work held positions on the HIH board of directors. This obvious lack of independence between the board of directors and the auditors indicated that the best interests of HIH may have not always be a priority. Andersons failure in producing adequate working papers or in obtaining adequate evidence to support their findings have serious concerns on the quality of the audit they did. A significant independence issue is also reflected in the form of Andersons payment to HIH Chairman, Geoffrey Cohen for consultancy fees. These fees totaled $190,887 in nine years and included the use of Andersons office and secretary. These fees were not disclosed to the remaining board members in the annual general meetings (Peursem, Zhou, Flood Buttimore, 2007). The close and complicated financial relationship between the auditors and HIH chairman raise further questions in this case. Finally, the threat to auditor independence is that Andersen provided both audit and non-audit services to HIH. It raises a question on how can an auditor provide an independent opinion on the financial statements when he may play a role in guiding the preparation of the statements? The Royal Commission in Australia, which investigates the collapse of HIH, has found that the largest corporate collapse in Australia was not due to fraud but the result of attempting to cover the cracks on the overpriced acquisition. Andersons role in it appeared to be substantial. Modern Approach to External Auditors Role in Corporate Governance External auditors now have to take a much stricter approach to their clients (Bourne, 1995). There is an increasing view to support that external auditors should take on a more proactive role (Baxt, 1970). The Companies Act has set the stipulation on appointment, eligibility, qualification, disqualification and removal of external auditors (Davies Prentice, 2003). The intention is to ensure that auditors are able to carry out audit in an impersonal, objective and professional way. It is also to ensure that auditors are independent of the company. The reason for such emphasis is to ensure the external auditors are not in a position of conflict of interests. When there is conflict of interest, disclosure must be made to shareholders and stakeholders. Alternatively, there should be prohibition to the provision of non-audit services to the company where they act as auditors. To ensure auditors are truly independent and not in a conflict of interest, auditors should be rotated every year. Thereafter there should be a gap of five years before the same auditors are appointed by the company. Conclusion External auditors have an essential role in corporate governance through their involvement and their examination of financial statements. The external auditors role in corporate governance is a fundamental complement to achieve the desired objective of corporate governance. Therefore, the duties and obligations of external auditors must be expanded for the rights and interests of shareholders and stakeholders. There must be a modern approach to the auditors role in the corporate governance framework.

Forecasting Essay

1. Tupperware only uses both qualitative and quantitative forecasting techniques, culminating in a final forecast that is the consensus of all participating managers. False (Global company profile: Tupperware Corporation, moderate) 2. The forecasting time horizon and the forecasting techniques used tend to vary over the life cycle of a product. True (What is forecasting? moderate) 3. Sales forecasts are an input to financial planning, while demand forecasts impact human resource decisions. True (Types of forecasts, moderate) 4. Forecasts of individual products tend to be more accurate than forecasts of product families. False (Seven steps in the forecasting system, moderate) 5. Most forecasting techniques assume that there is some underlying stability in the system. True (Seven steps in the forecasting system, moderate) 6. The sales force composite forecasting method relies on salespersons’ estimates of expected sales. True (Forecasting approaches, easy) 7. A time-series model uses a series of past data points to make the forecast. True (Forecasting approaches, moderate) 8. The quarterly â€Å"make meeting† of Lexus dealers is an example of a sales force composite forecast. True (Forecasting approaches, easy) 9. Cycles and random variations are both components of time series. True (Time-series forecasting, easy) 10. A naive forecast for September sales of a product would be equal to the sales in August. True (Time-series forecasting, easy) 11. One advantage of exponential smoothing is the limited amount of record keeping involved. True (Time-series forecasting, moderate) 12. The larger the number of periods in the simple moving average forecasting method, the greater the method’s responsiveness to changes in demand. False (Time-series forecasting, moderate) 13. Forecast including trend is an exponential smoothing technique that utilizes two smoothing constants: one for the average level of the forecast and one for its trend. True (Time-series forecasting, easy) 14. Mean Squared Error and Coefficient of Correlation are two measures of the overall error of a forecasting model. False (Time-series forecasting, easy) 15. In trend projection, the trend component is the slope of the regression equation. True (Time-series forecasting, easy) 16. In trend projection, a negative regression slope is mathematically impossible. False (Time-series forecasting, moderate) 17. Seasonal indexes adjust raw data for patterns that repeat at regular time intervals. True (Time-series forecasting, moderate) 18. If a quarterly seasonal index has been calculated at 1.55 for the October-December quarter, then raw data for that quarter must be multiplied by 1.55 so that the quarter can be fairly compared to other quarters. False (Time-series forecasting: Seasonal variation in data, moderate) 19. The best way to forecast a business cycle is by finding a leading variable. True (Time-series forecasting, moderate) 20. Linear-regression analysis is a straight-line mathematical model to describe the functional relationships between independent and dependent variables. True (Associative forecasting methods: Regression and correlation analysis, easy) 21. The larger the standard error of the estimate, the more accurate the forecasting model. False (Associative forecasting methods: Regression and correlation analysis, easy) 22. A trend projection equation with a slope of 0.78 means that there is a 0.78 unit rise in Y for every unit of time that passes. True (Time-series forecasting: Trend projections, moderate) 23. In a regression equation where Y is demand and X is advertising, a coefficient of determination (R2) of .70 means that 70% of the variance in advertising is explained by demand. False (Associative forecasting methods: Regression and correlation analysis, moderate) 24. Tracking limits should be within  ± 8 MADs for low-volume stock items. True (Monitoring and controlling forecasts, moderate) 25. If a forecast is consistently greater than (or less than) actual values, the forecast is said to be biased. True (Monitoring and controlling forecasts, moderate) 26. Focus forecasting tries a variety of computer models and selects the best one for a particular application. True (Monitoring and controlling forecasts, moderate) 27. Many service firms use point-of-sale computers to collect detailed records needed for accurate short-term forecasts. True (Forecasting in the service sector, moderate) MULTIPLE CHOICE 28. Tupperware’s use of forecasting a.involves only a few statistical tools b.concentrates on the low-level dealer, and is not aggregated at the company level c.relies on the fact that all of its products are in the maturity phase of the life cycle d.is a major source of its competitive edge over its rivals e.takes inputs from sales, marketing, and finance, but not from production d (Global company profile, moderate) 29. Which of the following statements regarding Tupperware’s forecasting is false? a.Tupperware’s fifty profit centers generate the basic set of projections. b.Tupperware uses at least three quantitative forecasting techniques. c.Tupperware uses only quantitative forecasting techniques. d.†Sales per active dealer† is one of three key forecasting variables (factors). e.†Jury of executive opinion† is the ultimate forecasting tool used at Tupperware. c (Global company profile, moderate) 30. Forecasts a.become more accurate with longer time horizons b.are rarely perfect c.are more accurate for individual items than for groups of items d.all of the above e.none of the above b (What is forecasting? moderate) 31. One use of short-range forecasts is to determine a.production planning b.inventory budgets c.research and development plans d.facility location e.job assignments e (What is forecasting? moderate) 32. Forecasts are usually classified by time horizon into three categories a.short-range, medium-range, and long-range b.finance/accounting, marketing, and operations c.strategic, tactical, and operational d.exponential smoothing, regression, and time series e.departmental, organizational, and industrial a (What is forecasting? easy) 33. A forecast with a time horizon of about 3 months to 3 years is typically called a a.long-range forecast b.medium-range forecast c.short-range forecast d.weather forecast e.strategic forecast b (What is forecasting? moderate) 34. Forecasts used for new product planning, capital expenditures, facility location or expansion, and R&D typically utilize a a.short-range time horizon b.medium-range time horizon c.long-range time horizon d.naive method, because there is no data history e.all of the above c (What is forecasting? moderate) 35. The three major types of forecasts used by business organizations are a.strategic, tactical, and operational b.economic, technological, and demand c.exponential smoothing, Delphi, and regression d.causal, time-series, and seasonal e.departmental, organizational, and territorial b (Types of forecasts, moderate) 36. Which of the following is not a step in the forecasting process? a.Determine the use of the forecast. b.Eliminate any assumptions. c.Determine the time horizon. d.Select forecasting model. e.Validate and implement the results. b (The strategic importance of forecasting, moderate) 37. The two general approaches to forecasting are a.qualitative and quantitative b.mathematical and statistical c.judgmental and qualitative d.historical and associative e.judgmental and associative a (Forecasting approaches, easy) 38. Which of the following uses three types of participants: decision makers, staff personnel, and respondents? a.executive opinions b.sales force composites c.the Delphi method d.consumer surveys e.time series analysis c (Forecasting approaches, moderate) 39. The forecasting model that pools the opinions of a group of experts or managers is known as the a.sales force composition model b.multiple regression c.jury of executive opinion model d.consumer market survey model e.management coefficients model c (Forecasting approaches, moderate) 40. Which of the following is not a type of qualitative forecasting? a.executive opinions b.sales force composites c.consumer surveys d.the Delphi method e.moving average e (Forecasting approaches, moderate) 41. Which of the following techniques uses variables such as price and promotional expenditures, which are related to product demand, to predict demand? a.associative models b.exponential smoothing c.weighted moving average d.simple moving average e.time series a (Forecasting approaches, moderate) 42. Which of the following statements about time series forecasting is true? a.It is based on the assumption that future demand will be the same as past demand. b.It makes extensive use of the data collected in the qualitative approach. c.The analysis of past demand helps predict future demand. d.Because it accounts for trends, cycles, and seasonal patterns, it is more powerful than causal forecasting. e.All of the above are true. c (Time-series forecasting, moderate) 43. Time series data may exhibit which of the following behaviors? a.trend b.random variations c.seasonality d.cycles e.They may exhibit all of the above. e (Time-series forecasting, moderate) 44. Gradual, long-term movement in time series data is called a.seasonal variation b.cycles c.trends d.exponential variation e.random variation c (Time-series forecasting, moderate) 45. Which of the following is not present in a time series? a.seasonality b.operational variations c.trend d.cycles e.random variations b (Time-series forecasting, moderate) 46. The fundamental difference between cycles and seasonality is the a.duration of the repeating patterns b.magnitude of the variation c.ability to attribute the pattern to a cause d.all of the above e.none of the above a (Time-series forecasting, moderate) 47. In time series, which of the following cannot be predicted? a.large increases in demand b.technological trends c.seasonal fluctuations d.random fluctuations e.large decreases in demand d (Time-series forecasting, moderate) 48. What is the approximate forecast for May using a four-month moving average? 49. Which time series model below assumes that demand in the next period will be equal to the most recent period’s demand? a.naive approach b.moving average approach c.weighted moving average approach d.exponential smoothing approach e.none of the above a (Time-series forecasting, easy) 50. Which of the following is not a characteristic of simple moving averages? a.It smoothes random variations in the data. b.It has minimal data storage requirements. c.It weights each historical value equally. d.It lags changes in the data. e.It smoothes real variations in the data. b (Time-series forecasting, moderate) 51. A six-month moving average forecast is better than a three-month moving average forecast if demand a.is rather stable b.has been changing due to recent promotional efforts c.follows a downward trend d.follows a seasonal pattern that repeats itself twice a year e.follows an upward trend a (Time-series forecasting, moderate) 52. Increasing the number of periods in a moving average will accomplish greater smoothing, but at the expense of a.manager understanding b.accuracy c.stability d.responsiveness to changes e.All of the above are diminished when the number of periods increases. d (Time-series forecasting, moderate) 53. Which of the following statements comparing the weighted moving average technique and exponential smoothing is true? a.Exponential smoothing is more easily used in combination with the Delphi method. b.More emphasis can be placed on recent values using the weighted moving average. c.Exponential smoothing is considerably more difficult to implement on a computer. d.Exponential smoothing typically requires less record keeping of past data. e.Exponential smoothing allows one to develop forecasts for multiple periods, whereas weighted moving averages does not. d (Time-series forecasting, moderate) 54. Which time series model uses past forecasts and past demand data to generate a new forecast? a.naive b.moving average c.weighted moving average d.exponential smoothing e.regression analysis d (Time-series forecasting, moderate) 55. Which is not a characteristic of exponential smoothing? a.smoothes random variations in the data b.easily altered weighting scheme c.weights each historical value equally d.has minimal data storage requirements e.none of the above; they are all characteristics of exponential smoothing c (Time-series forecasting, moderate) 56. Which of the following smoothing constants would make an exponential smoothing forecast equivalent to a naive forecast? a.0 b.1 divided by the number of periods c.0.5 d.1.0 e.cannot be determined d (Time-series forecasting, moderate) 57. Given an actual demand of 103, a previous forecast value of 99, and an alpha of .4, the exponential smoothing forecast for the next period would be a.94.6 b.97.4 c.100.6 d.101.6 e.103.0 c (Time-series forecasting, moderate) 58. A forecast based on the previous forecast plus a percentage of the forecast error is a(n) a.qualitative forecast b.naive forecast c.moving average forecast d.weighted moving average forecast e.exponentially smoothed forecast e (Time-series forecasting, moderate) 59. Given an actual demand of 61, a previous forecast of 58, and an of .3, what would the forecast for the next period be using simple exponential smoothing? a.45.5 b.57.1 c.58.9 d.61.0 e.65.5 c (Time-series forecasting, moderate) 60. Which of the following values of alpha would cause exponential smoothing to respond the most slowly to forecast errors? a.0.10 b.0.20 c.0.40 d.0.80 e.cannot be determined a (Time-series forecasting, moderate) 61. A forecasting method has produced the following over the past five months. What is the mean absolute deviation? 62. The primary purpose of the mean absolute deviation (MAD) in forecasting is to a.estimate the trend line b.eliminate forecast errors c.measure forecast accuracy d.seasonally adjust the forecast e.all of the above c (Time-series forecasting, moderate) 63. Given forecast errors of -1, 4, 8, and -3, what is the mean absolute deviation? a.2 b.3 c.4 d.8 e.16 c (Time-series forecasting, moderate) 64. The last four months of sales were 8, 10, 15, and 9 units. The last four forecasts were 5, 6, 11, and 12 units. The Mean Absolute Deviation (MAD) is a.2 b.-10 c.3.5 d.9 e.10.5 c (Time-series forecasting, moderate) 65. A time series trend equation is 25.3 + 2.1 X. What is your forecast for period 7? a.23.2 b.25.3 c.27.4 d.40.0 e.cannot be determined d (Time-series forecasting, moderate) 66. For a given product demand, the time series trend equation is 53 – 4 X. The negative sign on the slope of the equation a.is a mathematical impossibility b.is an indication that the forecast is biased, with forecast values lower than actual values c.is an indication that product demand is declining d.implies that the coefficient of determination will also be negative e.implies that the RSFE will be negative c (Time-series forecasting, moderate) 67. In trend-adjusted exponential smoothing, the forecast including trend (FIT) consists of a.an exponentially smoothed forecast and an estimated trend value b.an exponentially smoothed forecast and a smoothed trend factor c.the old forecast adjusted by a trend factor d.the old forecast and a smoothed trend factor e.a moving average and a trend factor b (Time-series forecasting, moderate) 68. Which of the following is true regarding the two smoothing constants of the Forecast Including Trend (FIT) model? a.One constant is positive, while the other is negative. b.They are called MAD and RSFE. c.Alpha is always smaller than beta. d.One constant smoothes the regression intercept, whereas the other smoothes the regression slope. e.Their values are determined independently. e (Time-series forecasting, moderate) 69. Demand for a certain product is forecast to be 800 units per month, averaged over all 12 months of the year. The product follows a seasonal pattern, for which the January monthly index is 1.25. What is the seasonally-adjusted sales forecast for January? a.640 units b.798.75 units c.800 units d.1000 units e.cannot be calculated with the information given a (Time-series forecasting, moderate) 70. A seasonal index for a monthly series is about to be calculated on the basis of three years’ accumulation of data. The three previous July values were 110, 150, and 130. The average over all months is 190. The approximate seasonal index for July is a.0.487 b.0.684 c.1.462 d.2.053 e. cannot be calculated with the information given b (Time-series forecasting, moderate) 71. A fundamental distinction between trend projection and linear regression is that a.trend projection uses least squares while linear regression does not b.only linear regression can have a negative slope c.in trend projection the independent variable is time; in linear regression the independent variable need not be time, but can be any variable with explanatory power d.linear regression tends to work better on data that lack trends e.trend projection uses two smoothing constants, not just one c (Associative forecasting methods: Regression and correlation analysis, moderate) 72. The percent of variation in the dependent variable that is explained by the regression equation is measured by the a.mean absolute deviation b.slope c.coefficient of determination d.correlation coefficient e.intercept c (Associative forecasting methods: Regression and correlation analysis, moderate) 73. The degree or strength of a linear relationship is shown by the a.alpha b.mean c.mean absolute deviation d.correlation coefficient e.RSFE d (Associative forecasting methods: Regression and correlation analysis, moderate) 74. If two variables were perfectly correlated, the correlation coefficient r would equal a.0 b.less than 1 c.exactly 1 d.-1 or +1 e.greater than 1 d (Associative forecasting methods: Regression and correlation analysis, moderate) 75. The last four weekly values of sales were 80, 100, 105, and 90 units. The last four forecasts were 60, 80, 95, and 75 units. These forecasts illustrate a.qualitative methods b.adaptive smoothing c.slope d.bias e.trend projection d (Monitoring and controlling forecasts, easy) 76. The tracking signal is the a.standard error of the estimate b.running sum of forecast errors (RSFE) c.mean absolute deviation (MAD) d.ratio RSFE/MAD e.mean absolute percentage error (MAPE) d (Monitoring and controlling forecasts, moderate) 77. Computer monitoring of tracking signals and self-adjustment if a signal passes a preset limit is characteristic of a.exponential smoothing including trend b.adaptive smoothing c.trend projection d.focus forecasting e.multiple regression analysis b (Monitoring and controlling forecasts, moderate) 78. Many services maintain records of sales noting a.the day of the week b.unusual events c.weather d.holidays e.all of the above e (Forecasting in the service sector, moderate) 79. Taco Bell’s unique employee scheduling practices are partly the result of using a.point-of-sale computers to track food sales in 15 minute intervals b.focus forecasting c.a six-week moving average forecasting technique d.multiple regression e.a and c are both correct e (Forecasting in the service sector, moderate) 96. A skeptical manager asks what short-range forecasts can be used for. Give her three possible uses/purposes. Any three of: planning purchasing, job scheduling, work force levels, job assignments, production levels. (What is forecasting? moderate) 97. A skeptical manager asks what long-range forecasts can be used for. Give her three possible uses/purposes. Any three of: planning new products, capital expenditures, facility location or expansion, research and development. (What is forecasting? moderate) 98. Describe the three forecasting time horizons and their use. Forecasting time horizons are: short range—generally less than three months, used for purchasing, job scheduling, work force levels, production levels; medium range—usually from three months up to three years, used for sales planning, production planning and budgeting, cash budgeting, analyzing operating plans; long range—usually three years or more, used for new product development, capital expenditures, facility planning, and R&D. (What is forecasting? moderate) 99. List and briefly describe the three major types of forecasts. The three types are economic, technological, and demand; economic refers to macroeconomic, growth and financial variables; technological refers to forecasting amount of technological advance, or futurism; demand refers to  product demand. (Types of forecasts, moderate) 100. List the seven steps involved in forecasting. 1. Determine the use of the forecast. 2. Select the items that are to be forecast. 3. Determine the time horizon of the forecast. 4. Select the forecasting model(s). 5. Gather the data needed to make the forecast. 6. Make the forecast. 7. Validate the forecasting mode and implement the results. (Seven steps in the forecasting process, moderate) 101. What are the realities of forecasting that companies face? First, forecasts are seldom perfect. Second, most forecasting techniques assume that there is some underlying stability in the system. Finally, both product family and aggregated forecasts are more accurate than individual product forecasts. (Seven steps in the forecasting system, moderate) 102. What are the differences between quantitative and qualitative forecasting methods? Quantitative methods use mathematical models to analyze historical data. Qualitative methods incorporate such factors as the decision maker’s intuition, emotions, personal experiences, and value systems in determining the forecast. (Forecasting approaches, moderate) 103. List four quantitative forecasting methods. The list includes naive, moving averages, exponential smoothing, trend projection, and linear regression. (Forecasting approaches, moderate) 104. What is a time-series forecasting model? A time series forecasting model is any mathematical model that uses historical values of the quantity of interest to predict future values of that quantity. (Forecasting approaches, easy) 105. What is the difference between an associative model and a time-series model? A time series model uses only historical values of the quantity of interest to predict future values of that quantity. The associative model, on the other hand, attempts to identify underlying causes or factors that control the variation of the quantity of interest, predict future values of these factors, and use these predictions in a model to predict future values of the specific quantity of interest. (Forecasting approaches, moderate) 106. Name and discuss three qualitative forecasting methods. Qualitative forecasting methods include: jury of executive opinion, where high-level managers arrive at a group estimate of demand; sales force composite, where salespersons’ estimates are aggregated; Delphi method, where respondents provide inputs to a group of decision makers; the group of decision makers, often experts, then make the actual forecast; consumer market survey, where consumers are queried about their future purchase plans. (Forecasting approaches, moderate) 107. List the four components of a time series. Which one of these is rarely forecast? Why is this so? Trend, seasonality, cycles, and random variation. Since random variations follow no discernible pattern, they cannot be predicted, and thus are not forecast. (Time-series forecasting, moderate) 108. Compare seasonal effects and cyclical effects. A cycle is longer (typically several years) than a season (typically days, weeks, months, or quarters). A cycle has variable duration, while a season has fixed duration and regular repetition. (Time-series forecasting, moderate) 109. Distinguish between a moving average model and an exponential smoothing model. Exponential smoothing is a weighted moving average model wherein previous values are weighted in a specific manner–in particular, all previous values are weighted with a set of weights that decline exponentially. (Time-series forecasting, moderate) 110. Describe three popular measures of forecast accuracy. Measures of forecast accuracy include: (a) MAD (mean absolute deviation). This is a sum of the absolute values of individual errors divided by the  number of periods of data. (b) MSE (mean squared error). This is the average of the squared differences between the forecast and observed values. (c) MAPE (mean absolute percent error) is independent of the magnitude of the variable being forecast. (Forecasting approaches: Measuring forecast error, moderate) 111. Give an example—other than a restaurant or other food-service firm—of an organization that experiences an hourly seasonal pattern. (That is, each hour of the day has a pattern that tends to repeat day after day.) Explain. Answer will vary. However, two non-food examples would be banks and movie theaters. (Time-series forecasting, moderate) 112. Explain the role of regression models (time series and otherwise) in forecasting. That is, how is trend projection able to forecast? How is regression used for causal forecasting? For trend projection, the independent variable is time. The trend projection equation has a slope that is the change in demand per period. To forecast the demand for period t, perform the calculation a + bt. For causal forecasting, the independent variables are predictors of the forecast value or dependent variable. The slope of the regression equation is the change in the Y variable per unit change in the X variable. (Time-series forecasting, diff icult) 113. List three advantages of the moving average forecasting model. List three disadvantages of the moving average forecasting model. Two advantages of the model are that it uses simple calculations, it smoothes out sudden fluctuations, and it is easy for users to understand. The disadvantages are that the averages always stay within past ranges, that they require extensive record keeping of past data, and that they do not pick up on trends very well. (Time-series forecasting, moderate) 114. What does it mean to â€Å"decompose† a time series? To decompose a time series means to break past data down into components of trends, seasonality, cycles, and random blips, and to project them forward. (Time-series forecasting, easy) 115. Distinguish a dependent variable from an independent variable. The  independent variable causes some behavior in the dependent variable; the dependent variable shows the effect of changes in the independent variable. (Associative forecasting methods: Regression and correlation, moderate) 116. Explain, in your own words, the meaning of the coefficient of determination. The coefficient of determination measures the amount (percent) of total variation in the data that is explained by the model. (Associative forecasting methods: Regression and correlation, moderate) 117. What is a tracking signal? How is it calculated? Explain the connection between adaptive smoothing and tracking signals. A tracking signal is a measure of how well the forecast actually predicts. Its calculation is the ratio of RSFE to MAD. The larger the absolute tracking signal, the worse the forecast is performing. Adaptive smoothing sets limits to the tracking signal, and makes changes to its forecasting models when the tracking signal goes beyond those limits. (Monitoring and controlling forecasts, moderate) 118. What is focus forecasting? It is a forecasting method that tries a variety of computer models, and selects the one that is best for a particular application. (Monitoring and controlling forecasts, easy) 124. A management analyst is using exponential smoothing to predict merchandise returns at an upscale branch of a department store chain. Given an actual number of returns of 154 items in the most recent period completed, a forecast of 172 items for that period, and a smoothing constant of 0.3, what is the forecast for the next period? How would the forecast be changed if the smoothing constant were 0.6? Explain the difference in terms of alpha and responsiveness. 166.6; 161.2 The larger the smoothing constant in an exponentially smoothed forecast, the more responsive the forecast. (Time-series forecasting, easy) 126. The following trend projection is used to predict quarterly demand: Y = 250 – 2.5t, where t = 1 in the first quarter of 2004. Seasonal (quarterly) relatives are Quarter 1 = 1.5; Quarter 2 = 0.8; Quarter 3 = 1.1; and Quarter 4 = 0.6. What is the seasonally adjusted forecast for the four quarters of 2006? PeriodProjectionAdjusted 9 227.5341.25 10 225180.00 11222.5224.75 12220132.00 (Time-series forecasting, moderate) 127. Jim’s department at a local department store has tracked the sales of a product over the last ten weeks. Forecast demand using exponential smoothing with an alpha of 0.4, and an initial forecast of 28.0. Calculate MAD and the tracking signal. What do you recommend? 130. A small family-owned restaurant uses a seven-day moving average model to determine manpower requirements. These forecasts need to be seasonalized because each day of the week has its own demand pattern. The seasonal relatives for each day of the week are: Monday, 0.445; Tuesday, 0.791; Wednesday, 0.927; Thursday, 1.033; Friday, 1.422; Saturday, 1.478; and Sunday 0.903. Average daily demand based on the most recent moving average is 194 patrons. What is the seasonalized forecast for each day of next week? The average value multiplied by each day’s seasonal index. Monday: 194 x .445 = 86; Tuesday: 194 x .791 = 153; Wednesday: 194 x .927 = 180; Thursday: 194 x 1.033 = 200; Friday: 194 x 1.422 = 276; Saturday: 194 x 1.478 = 287; and Sunday: 194 x .903 = 175. (Associative forecasting methods: Regression and correlation, moderate) 131. A restaurant has tracked the number of meals served at lunch over the last four weeks. The data shows little in terms of trends, but does display substantial variation by day of the week. Use the following information to determine the seasonal (daily) index for this restaurant. 132. A firm has modeled its experience with industrial accidents and found that the number of accidents per year (Y) is related to the number of employees (X) by the regression equation Y = 3.3 + 0.049*X. R-Square is 0.68. The regression is based on 20 annual observations. The firm intends to employ 480 workers next year. How many accidents do you project? How much confidence do you have in that forecast? Y = 3.3 + 0.049 * 480 = 3.3 + 23.52 = 26.52 accidents. This is not a time series, so next year = year 21 is of no relevance. Confidence comes from the coefficient of determination; the model explains 68% of the variation in number of accidents, which seems respectable. (Associative forecasting methods: Regression and correlation, moderate) 133. Demand for a certain product is forecast to be 8,000 units per month, averaged over all 12 months of the year. The product follows a seasonal pattern, for which the January monthly index is 1.25. What is the seasonally-adjusted sales forecast for January? 8,000 x 1.25 = 10,000 (Time-series forecasting, easy) 134. A seasonal index for a monthly series is about to be calculated on the basis of three years’ accumulation of data. The three previous July values were 110, 135, and 130. The average over all months is 160. The approximate seasonal index for July is  (110 + 135 + 130)/3 = 125; 125/160 = 0.781 (Time-series forecasting,  moderate) 135. Marie Bain is the production manager at a company that manufactures hot water heaters. Marie needs a demand forecast for the next few years to help decide whether to add new production capacity. The company’s sales history (in thousands of units) is shown in the table below. Use exponential smoothing with trend adjustment, to forecast demand for period 6. The initial forecast for period 1 was 11 units; the initial estimate of trend was 0. The smoothing constants are = .3 and  · = .3 136. The quarterly sales for specific educational software over the past three years are given in the following table. Compute the four seasonal factors. 137. An innovative restaurateur owns and operates a dozen â€Å"Ultimate Low-Carb† restaurants in northern Arkansas. His signature item is a cheese-encrusted beef medallion wrapped in lettuce. Sales (X, in millions of dollars) is related to Profits (Y, in hundreds of thousands of dollars) by the regression equation Y = 8.21 + 0.76 X. What is your forecast of profit for a store with sales of $40 million? $50 million? Students must recognize that sales is the independent variable and profits is dependent; the problem is not a time series. A store with $40 million in sales: 40 x 0.76 = 30.4; 30.4 + 8.21 = 38.61, or $3,861,000 in profit; $50 million in sales is estimated to profit 46.21 or $4,621,000. (Associative forecasting methods: Regression and correlation, moderate) 138. Arnold Tofu owns and operates a chain of 12 vegetable protein â€Å"hamburger† restaurants in northern Louisiana. Sales figures and profits for the stores are in the table below. Sales are given in millions of dollars; profits are in hundreds of thousands of dollars. Calculate a regression line for the data. What is your forecast of profit for a store with sales of $24 million? $30 million? Students must recognize that â€Å"sales† is the independent variable and profits is dependent. Store number is not a variable, and the problem is not a time series. The regression equation is Y = 5.936 + 1.421 X (Y = profit, X = sales). A store with $24 million in sales is estimated to profit 40.04 or $4,004,000; $30 million in sales should yield 48.566 or $4,856,600 in profit. (Associative forecasting methods: Regression and correlation, moderate) 139. The department manager using a combination of methods has forecast sales of toasters at a local department store. Calculate the MAD for the manager’s forecast. Compare the manager’s forecast against a naive forecast. Which is better?