Profit and Loss free essay sample

Profit and loss accounts, balance sheets Profit and loss accounts, balance sheets Two of the most important financial statements for a business are the Profit and Loss Account, and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a business over a given period of time e. g. 3 months, 1 year, etc. In contrast, the Balance Sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time. As we shall see it will always balance because what the business owns is financed by what the business owes. The Profit and Loss (PL account)Net profit takes account of other sources of income and expenditure that are not involved in normal operations e. g. interest paid on loans and interest received on having a positive balance in a bank account. We will write a custom essay sample on Profit and Loss or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Turnover is the value of sales made in a trading period. It is some eferred to as sale revenue and is calculated by the average price of items sold x the number sold. Cost of sales calculates the direct costs of manufacturing items, or buying in items to sell them on. Expenses are the overhead costs of running a business. These overheads cant be tied down to particular cost units. For example, it would be very difficult to calculate what fraction of the heating cost of a pen factory can be allocated to just one pen. The Balance Sheet is a statement showing the assets, liabilities and owners capital of a business at a particular Downloaded from The 100 Edition http://www. he100. co. uk moment in time, for example the year end. The Balance Sheet balances because the assets that a business possesses at a specific time have been financed either through the provision of capital by the owners or by the creation of external liabilities: Value of assets = Value of Liabilities Value of Owners capital. There are a number of things that we can see from looking at a balance sheet, for example: 1. The Net Assets of the business, i. e. the difference between the value of the assets and the value of the liabilities.A growth in net assets tends to indicate a growing business. 2. How solvent the business is. In other words, does it have enough assets that are short term, and hence easily converted into cash, to pay any pressing short-term liabilities. Case Example: A typical balance sheet will be set out in the following way (note that we use two columns. The first column is for minor calculations, the second column is for grand totals): Balance Sheet of Superior Traders, as at 31st December 2004 Fixed assets consist of those items that are kept within the business to create wealth over a period of time e. . machinery, equipment, vehicles, computers, etc. Current assets are used in the short period to generate income for a business. For example, in a manufacturing company like Kraft, stocks would represent products that have already been made and are waiting to be sold onto retailers. Typically stocks will be sold on credit for periods of one month, two months, or three months. Retailers buying stocks on credit from Kraft would become Krafts debtors. At the end of the credit period they will pay up in the form of cash, enabling Kraft to buy more raw materials to create further stocks.Creditors due within one year are the sums that a business owes money to in the short period otherwise known as current liabilities. Net current assets is a measure of how solvent or liquid a business is. Many businesses need to have working capital. Working capital is calculated by subtracting current liabilities from current assets: Working capital = Current assets Current liabilities Note that the figure for net current assets appear almost in the centre of a balance sheet, and is a figure that many people will look at first to check on the solvency of a business.Total assets current liabilities is a sum that appears in the balance sheet simply doing what the title suggests. Creditors due after more than one year shows the longer term liabilities of the bsiness. Total net assets is calculated by taking away all the liabilities (both current and long term) from all of the assets (both current and long term). Shareholders funds shows the value of the shareholders capital in the business. It will always be the same value as the total net assets and it balances the account. Downloaded from The 100 Profit and loss accounts, balance sheets Profit and loss accounts, balance sheetsTwo of the most important financial statements for a business are the Profit and Loss Account, and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a business over a given period of time e. g. 3 months, 1 year, etc. In contrast, the Balance Sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time. As we shall see it will always balance because what the business owns is financed by what the business owes. The Profit and Loss (PL account) One of the most important objectives of a business is to make a profit. The PL account shows the extent to which it has been successful in achieving this objective. Companies are expected to keep their PL accounts in certain formats. Typically the PL account will show the revenues received by a business and the costs involved in generating that revenue. In simple terms: Revenues Costs = Profits. A typical PL account will look like the following: Case Study: PL Account for Superior Traders as at 31/12/2004 You can find out the gross profit of a business by deducting cost of sales from turnover: ? 100,000 ? 50,000 = ? 0,000 You can find out the operating profit by deducting the expenses from the gross profit: ? 50,000 ? 30,000 = ? 20,000 You may also come across the term net profit. Operating profit is earned from carrying out a businesses normal operations e. g. producing confectionery, or selling Christmas cards. Net profit takes account of other sources of income and expenditure that are not involved in normal operations e. g. interest paid on loans and interest received on having a positive balance in a bank account. Turnover is the value of sales made in a trading period.It is sometimes referred to as sale revenue and is calculated by the average price of items sold x the number sold. Cost of sales calculates the direct costs of manufacturing items, or buying in items to sell them on. Expenses are the overhead costs of running a business. These overheads cant be tied down to particular cost units. For example, it would be very difficult to calculate what fraction of the heating cost of a pen factory can be allocated to just one pen. The Balance Sheet is a statement showing the assets, liabilities and owners capital of a business at a particular Downloaded from The Times 100 Edition oment in time, for example the year end. The Balance Sheet balances because the assets that a business possesses at a specific time have been financed either through the provision of capital by the owners or by the creation of external liabilities: Value of assets = Value of Liabilities Value of Owners capital. There are a number of things that we can see from looking at a balance sheet, for example: 1. The Net Assets of the business, i. e. the difference between the value of the assets and the value of the liabilities. A growth in net assets tends to indicate a growing business. Creditors due within one year are the sums that a business owes money to in the short period otherwise known as current liabilities. Net current assets is a measure of how solvent or liquid a business is. Many businesses need to have working capital. Working capital is calculated by subtracting current liabilities from current assets: Working capital = Current assets Current liabilities Note that the figure for net current assets appear almost in the centre of a balance sheet, and is a figure that many people will look at first to check on the solvency of a business. Total assets current liabilities is a sum that appears in the balance sheet simply doing what the title suggests. Creditors due after more than one year shows the longer term liabilities of the bsiness. Total net assets is calculated by taking away all the liabilities (both current and long term) from all of the assets (both current and long term). Shareholders funds shows the value of the shareholders capital in the business. It will always be the same value as the total net assets and it balances the account. Downloaded from The Times 100 Edition.

Isys104 Tutorial -Week4 Essay Example

Isys104 Tutorial Isys104 Tutorial -Week4 Essay Isys104 Tutorial -Week4 Essay ISYS104 Tutorial – week 4 Review Questions 1. Which features of organizations do managers need to know about to build and use information systems successfully? What is the impact of information systems on organizations? Define an organization and compare the technical definition of organizations with the behavioral definition. Students can make use of Figures 3–2 and Figure 3–3 in answering this question. The technical definition for an organization defines an organization as a stable, formal social structure that takes resources from the environment and processes them to produce outputs. This definition of an organization focuses on three elements: capital, labor, and production and products for consumption. The technical definition also implies that organizations are more stable than an informal group, are formal legal entities, and are social structures. The behavioral definition states that an organization is a collection of rights, privileges, obligations, and responsibilities that are delicately balanced over a period of time through conflict and conflict resolution. This definition highlights the people within the organization, their ways of working, and their relationships. The technical definition shows us how a firm combines capital, labor, and information technology. The behavioral definition examines how information technology impacts the inner workings of the organization. Identify and describe the features of organizations that help explain differences in organizations’ use of information systems. Common features for organizations include formal structure, standard operating procedures, politics, and culture. Organizations can differ in their organizational type, environment, goals, power, constituencies, function, leadership, tasks, technology, and business processes. Describe the major economic theories that help explain how information systems affect organizations. The two economic theories discussed in the book are transaction cost theory and agency theory. The transaction cost theory is based on the notion that a firm incurs transaction costs when it buys goods in the marketplace rather than making products for itself. Traditionally, firms sought to reduce transaction costs by getting bigger, hiring more employees, vertical and horizontal integration, and small-company takeovers. Information technology helps firms lower the cost of market participation (transaction costs) and helps firms shrink in size while producing the same or greater amount of output. The agency theory views the firm as a nexus of contracts among interested individuals. The owner employs agents (employees) to perform work on his or her behalf and delegates some decision-making authority to the agents. Agents need constant supervision and management, which introduces management costs. As firms grow, management costs rise. Information technology reduces agency costs by providing information more easily so that managers can supervise a larger number of people with fewer resources. Describe the major behavioral theories that help explain how information systems affect organizations. Behavioral theories, from sociology, psychology, and political science, are useful for describing the behavior of individual firms. Behavioral researchers theorize that information technology could change the decision-making hierarchy by lowering the costs of information acquisition and distribution. IT could eliminate middle managers and their clerical support by sending information from operating units directly to senior management and by enabling information to be sent directly to lower-level operating units. It even enables some organizations to act as virtual organizations because they are no longer limited by geographic locations. One behavioral approach views information systems as the outcome of political competition between organizational subgroups. IT becomes very involved with this competition because it controls who has access to what information, and information systems can control who does what, when, where, and how. Explain why there is considerable organizational resistance to the introduction of information systems. There is considerable organizational resistance to new information systems because they change many important organizational dimensions, such as culture, structure, politics, and work. Leavitt puts forth a model that says that changes in technology are absorbed, deflected, and defeated by organizational task arrangements, structures, and people. In this model the only way to bring about change is to change the technology, tasks, structure, and people simultaneously. In a second model, the authors speak of the need to unfreeze organizations before introducing an innovation, quickly implementing the new system, and then refreezing or institutionalizing the change. Describe the impact of the Internet and disruptive technologies on organizations. The Internet increases the accessibility, storage, and distribution of information and knowledge for organizations; nearly any information can be available anywhere at any time. The Internet increases the scope, depth, and range of information and knowledge storage. It lowers the cost and raises the quality of information and knowledge distribution. That is, it lowers transaction costs and information acquisition costs. By using the Internet, organizations may reduce several levels of management, enabling closer and quicker communication between upper levels of management and the lower levels. The Internet also lowers agency costs. Disruptive technologies caused by technological changes can have different effects on different companies depending on how they handle the changes. Some companies create the disruptions and succeed very well. Other companies learn about the disruption and successfully adopt it. Other companies are obliterated by the changes because they are very efficient at doing what no longer needs to be done. Some disruptions mostly benefit the firm. Other disruptions mostly benefit consumers. 2. How does Porter’s competitive forces model help companies develop competitive strategies using information systems? Define Porter’s competitive forces model and explain how it works. This model provides a general view of the firm, its competitors, and the firm’s environment. Porter’s model is all about the firm’s general business environment. In this model, five competitive forces shape the fate of the firm: traditional competitors new market entrants substitute products and services customers suppliers Describe what the competitive forces model explains about competitive advantage. Some firms do better than other because they either have access to special resources that others do not, or they are able to use commonly available resource more efficiently. It could be because of superior knowledge and information assets. Regardless, they excel in revenue growth, profitability, or productivity growth, ultimately increasing their stock market valuations compared to their competitors. List and describe four competitive strategies enabled by information systems that firms can pursue. Table 3. 2 can be used to help answer this question. The four generic strategies, each of which often is enabled by using information technology and systems include: Low-cost leadership: lowest operational costs and the lowest prices. Product differentiation: enable new products and services, or greatly change the customer convenience in using existing products and services. Focus on market niche: enable a specific market focus and serve this narrow target market better than competitors. Strengthen customer and suppliers: tighten linkages with suppliers and develop intimacy with customers. Describe how information systems can support each of these competitive strategies and give examples. Low-cost leadership: use informa tion systems to improve inventory management, supply management, and create efficient customer response systems. Example: Wal: Google, eBay, Apple, Lands’ End. Focus on market niche: use information systems to produce and analyze data for finely tuned sales and marketing techniques. Analyze customer buying patterns, tastes, and preferences closely in order to efficiently pitch advertising and marketing campaigns to smaller target markets. Example: Hilton Hotels, Harrah’s. Strengthen customer and supplier intimacies: use information systems to facilitate direct access from suppliers to information within the company. Increase switching costs and loyalty to the company. Example: IBM, Amazon. com Explain why aligning IT with business objectives is essential for strategic use of systems. The basic principle of IT strategy for a business is to ensure the technology serves the business and not the other way around. The more successfully a firm can align its IT with its business goals, the more profitable it will be. Business people must take an active role in shaping IT to the enterpri se. They cannot ignore IT issues. They cannot tolerate failure in the IT area as just a nuisance to work around. They must understand what IT can do, how it works, and measure its impact on revenues and profits. 3. How do the value chain and value web models help businesses identify opportunities for strategic information system applications? Define and describe the value chain model. The value chain model highlights specific activities in the business where competitive strategies can best be applied and where information systems will most likely have a strategic impact. The model identifies specific, critical leverage points where a firm can use information technology most effectively to enhance its competitive position. The value chain model views the firm as a series of basic activities that add a margin of value to a firm’s products or services. The activities are categorized as either primary or support activities. Primary activities are most directly related to production and distribution of the firm’s products and services, which create value for the customer. Support activities make the delivery of primary activities possible and consist of organization infrastructure. A firm’s value chain can be linked to the value chains of its suppliers, distributors, and customers. Explain how the value chain model can be used to identify opportunities for information systems. Information systems can be used at each stage of the value chain to improve operational efficiency, lower costs, improve profit margins, and forge a closer relationship with customers and suppliers. Define the value web and show how it is related to the value chain. A value web is a collection of independent firms that use information technology to coordinate their value chains to collectively produce a product or service. It is more customer driven and operates in a less linear fashion than the traditional value chain. The value web is a networked system that can synchronize the business processes of customers, suppliers, and trading partners among different companies in an industry or in related industries. Explain how the value web helps businesses identify opportunities for strategic information systems. Information systems enable value webs that are flexible and adaptive to changes in supply and demand. Relationships can be bundled or unbundled in response to changing market conditions. Firms will accelerate time to market and to customers by optimizing their value web relationships to make quick decisions on who can deliver the required products or services at the right price and location. Information systems make it possible for companies to establish and operate value webs. Describe how the Internet has changed competitive forces and competitive advantage. The Internet has nearly destroyed some industries and severely threatened others. The Internet has also created entirely new markets and formed the basis of thousands of new businesses. The Internet has enabled new products and services, new business models, and new industries to rapidly develop. Because of the Internet, competitive rivalry has become much more intense. Internet technology is based on universal standards that any company can use, making it easy for rivals to compete on price alone and for new competitors to enter the market. Because information is available to everyone, the Internet raises the bargaining power of customers, who can quickly find the lowest-cost provider on the Web. 4. How do information systems help businesses use synergies, core competencies and network-based strategies to achieve competitive advantage? Explain how information systems promote synergies and core competencies. A large corporation is typically a collection of businesses that are organized as a collection of strategic business units. Information systems can improve the overall performance of these business units by promoting synergies and core competencies. Describe how promoting synergies and core competencies enhances competitive advantages. The concept of synergy is that when the output of some units can be used as inputs to other units, or two organizations can pool markets and expertise, these relationships lower costs and generate profits. In applying synergy to situations, information systems are used to tie together the operations of disparate business units so that they can act as a whole. A core competency is an activity for which a firm is a world-class leader. In general, a core competency relies on knowledge that is gained over many years of experience and a first-class research organization or simply key people who stay abreast of new external knowledge. Any information system that encourages the sharing of knowledge across business units enhances competency. Explain how businesses benefit by using network economics. In a network, the marginal costs of adding another participant are almost zero, whereas the marginal gain is much larger. The larger the number of participants in a network, the greater the value to all participants because each user can interact with more people. The availability of Internet and networking technology has inspired strategies that take advantage of the abilities of the firm to create networks or network with each other. In a network economy, information systems facilitate business models based on large networks of users or subscribers that take advantage of network economies. Internet sites can be used by firms to build communities of users that can result in building customer loyalty and enjoyment and build unique ties to customers, suppliers, and business partners. Define and describe a virtual company and the benefits of pursuing a virtual company strategy. A virtual company uses networks to link people, assets, and ideas, enabling it to ally with other companies to create and distribute products and services without being limited by traditional organizational boundaries or physical locations. One company can use the capabilities of another company without being physically tied to that company. The virtual company model is useful when a company finds it cheaper to acquire products, services, or capabilities from an external vendor or when it needs to move quickly to exploit new market opportunities and lacks the time and resources to respond on its own. . What are the challenges posed by strategic information systems and how should they be addressed? List and describe the management challenges posed by strategic information systems. Information systems are closely intertwined with an organization’s structure, culture, and business processes. New systems disrupt established patterns of work and power relationships, so there is oft en considerable resistance to them when they are introduced. Implementing strategic systems often requires extensive organizational change and a transition from one sociotechnical level to another. Such changes are called strategic transitions and are often difficult and painful to achieve. Moreover, not all strategic systems are profitable. They are expensive and difficult to build because they entail massive sociotechnical changes within the organization. Many strategic information systems are easily copied by other firms so that strategic advantage is not always sustainable. The complex relationship between information systems, organizational performance, and decision making must be carefully managed. Explain how to perform a strategic systems analysis. Managers should ask the following questions to help them identify the types of systems that may provide them with a strategic advantage. 1. What is the structure of the industry in which the firm is located? Analyze the competitive forces at work in the industry; determine the basis of competition; determine the direction and nature of change within the industry; and analyze how the industry is currently using information technology. 2. What are the business, firm, and industry value chains for this particular firm? Decide how the company creates value for its customers; determine how the firm uses best practices to manage its business processes; analyze how the firm leverages its core competencies; verify how the industry supply chain and customer base are changing; establish the benefit of strategic partnerships and value webs; clarify where information systems will provide the greatest value in the firm’s value chain. 3. Have we aligned IT with our business strategy and goals? Articulate the firm’s business strategy and goals; decide if IT is improving the right business processes and activities in accordance with the firm’s strategy; agree on the right metrics to measure progress toward the goals. Discussion Questions 1. It has been said that there is no such thing as a sustainable competitive advantage. Do you agree? Why or why not? Students will argue both sides, and there is no definite answer to the question. There is little that a company can do that cannot be duplicated over time. Citibank and its ATM machines and American Airlines and its reservation systems are good examples. Think about companies that had strategic advantages in the 1920s or 1940s that no longer exist. In contrast, some companies, such as Wal-Mart, maintain a strategic advantage for a long time. Wal-Mart maintains its lead by striving to advance even further. Gary Hamel, whom some call the leading strategy expert in business today, says there is no such thing as sustainable strategic advantage. Hamel is founder and chairman of Strategos and a research fellow at Harvard Business School. He believes that, in the past, most companies were built to do one thing exceedingly well for an exceedingly long period of time. In today’s marketplace, companies built for scale, replication, diligence, and exactitude must learn to change, adapt, and experiment at the speed that you see in the new economy. New economy companies must master some virtues of the old economy. These companies are learning that scale, operational excellence, and global infrastructure are important. They can constitute hard-to-duplicate competitive advantages that allow them to capture the rents on their innovation. Many have been trained to think that there is no such a thing as sustainable competitive advantage. They have been trained to think about innovation in products and technology, not innovation in business models. They assume that being radical is risky and being incremental is safe. We have to rewire people with new thinking skills. 2. It has been said that the advantage that leading-edge retailers such as Dell and Wal-Mart have over their competition isn’t technology; it’s their management. Do you agree? Why or why not? Student answers will vary but here are some points their answers should include: How well has each company, Dell and Wal-Mart, used information systems to reduce transaction costs and agency costs? How well has each company used information systems to take advantage of Porter’s Competitive Forces model: o Keeping new market entrants out o Either preventing substitute products and services that may compete with their own, or introducing substitute products and services that pull customers away from their competitors o Holding onto customers by c ompeting on prices alone when there is very little product differentiation o Exercising more control over suppliers How well has each company’s management used information systems to enhance o Low-cost leadership – Wal-Mart is the king at this; Dell sometimes uses this strategy o Product differentiation – Dell uses this strategy against Apple and HP (the two leading computer sellers) o Focusing on market niche – neither company uses this much o Strengthening customer and supplier intimacy – Wal-Mart wrote the book on this one; Dell uses this strategy extensively. Business Problem-Solving Case: YouTube, the Internet, and the Future of Movies 1. What competitive forces have challenged the movie industry? What problems have these forces created? What changes have these problems caused the movie and television studios to make? New market entrants and substitute products are the two main competitive forces challenging the movie industry. The traditional outlets for viewing movies – theatres, cable television, and movie rental businesses – are all challenged by new ways for customers to obtain products. The traditional outlets were very easy to control and ensured that the movie producers received compensation for their products. The distribution system was created, not necessarily for the customer’s convenience, but to provide an orderly process for all the players to make money. With the advent of downloadable movies, the system is changing to more of a viewer-centric process. The main problem is that movie studios and producers, outlets for selling the movies, and the myriad of people involved in the old system, have no way of controlling downloads from all the different Web sites that make them available. With no controls in place, the industry cannot ensure its receiving just payments and rewards for the work they produce. Several distributors have tried to squelch the download outlets but its virtually impossible to monitor all the Web sites and all their content. As NBC Universal’s general counsel, Rick Cotton admitted, â€Å"There is only so much we can do. † Some of the major studios entered into negotiations with YouTube and established licensing agreements. Other solutions follow the music industry trends of taking advantage of movie downloads and view them as another source of revenue. YouTube is helping build a revenue-sharing model with content creators and developing a filtering and digital fingerprinting technology that will help it control the unauthorized use of copyright protected material. 2. Describe the impact of disruptive technology on the companies discussed in this case? YouTube is to the motion picture industry what Napster was to the music industry. That is, it’s a conduit to new processes that are more customer-driven than the old ones. YouTube has become the most popular video-sharing Web site because it gives users what they want when they want it. People wanted an outlet for the creative video diaries and amateur films that they created using inexpensive digital video equipment. Disruptive technologies continually displace old technologies that, while they are still good products, no longer serve a customer base. That explains what is causing the changes in how customers want to receive motion pictures. Basically, once the cat is out of the bag, it’s very difficult to get it back in. 3. How have the movie studios responded to YouTube? What is the goal of the response? What can the movie studios learn from music industry’s dealings with online digital music and copyright infringement? If you want to lay blame for all that’s happening in the movie industry you could almost point your finger at hardware and software video-related manufacturers who provided cheap, easy-to-use tools for the average person. Originally the movie industry tried to fight the thousands of illegal uses of their copyrighted material- much as the music industry tried to fight their battle years ago. It was and is a losing battle- both in protecting their copyrighted content and in the public relations fight for loyal customers. Many producers have chosen to not fight their customers but are trying to find ways to meet the needs and demands of both sides- the producers and the customers. It’s a wise decision. 4. Should motion picture companies continue to use YouTube to promote their new films? Why or why not? The answers obviously will vary. It’s important to understand that YouTube continues to be the most popular video sharing Web site. With Google’s clout behind it, it will continue to be a force to reckon with. The movie industry should continue to work with YouTube to find ways to use the site, if for nothing else than promotional reasons. By putting their own short videos and film clips on the site, before others do, movie studios can thwart some of the illegal use of their films. The average person would rather see a well-produced video than a second- or third-rate clip. By taking proactive measures rather than being reactive, the industry can control (to a greater extent) what appears on YouTube’s site. 5. Go to YouTube. com and search for videos from your favorite movie or television show. What do you find on the site? Do you see any advertisements attached to the video? Do you feel this way of advertising is effective? Why or why not? Answers will vary to most of this question but it should provoke some good classroom discussions or discussions in a chat forum. Key elements students should understand is that all artists, producers, and distributors deserve some compensation for their talent, time, investments, and labor. Illegally using copyrighted material is an act of theft. Both users and video- and audio-sharing Web sites are equally and legally responsible for properly using someone else’s property. Advertising is becoming a major source of revenue for many Web sites and YouTube is no different. That’s especially true since Google, a company very dependent on advertising dollars, purchased YouTube. It’s probably true that YouTube ads help get customers excited about seeing the actual movie. Note: Demonstrating the use of Michael Porter’s competitive forces model would be a good exercise in this discussion.

Current Market Conditions - Toyota Essay Example | Topics and Well Written Essays - 500 words

Current Market Conditions - Toyota - Essay Example Toyota’s manufacture numbers get to a 726,103 units, which indicated the company’s overall growth of 12%. Due to increased consumption and healthy overall trend Toyota is looking forward to manufacture 9.32 million automobiles in the coming year. It has been estimated that a 9 percent increase in the market share will make Toyota the largest carmaker in the world, leaving behind General Motors, Ford and Honda. Toyota would also be able to end the rule of General Motors (GM) for more than 81 years. Overall an increasing trend in car selling was witnessed among all Japanese companies in last year. The trend is still going on and would increase in the coming year. So it is a healthier sign for Toyota. It has been analyzed due to increased demand for Toyota vehicles all over the world; Toyota has to boost up the supply of their vehicles in the market. It does require more than an increase in the efficiency of current manufacturing capacity. Obviously Toyota would have to install new manufacturing plants and units in different region of the world especially where the production cost is low. The overall increase of 4% in the demand in coming years would have to be served in a way without affecting the supply and demand relation. The analysis shows that major companies in car making industry faced trouble in maintain the equilibrium between demands and supply either due to unaware of the market forecasting or due to failure in increasing the supply. The failure of before time measures to increase capacity went on affecting the market share of those companies even after several years. Toyota is implementing lots of new regulations from government. It has been noticed that the federal government organization in charge for vehicle safety and security is continue to force Toyota to manufacture models of its trucks and pickups less easier for small children and infants. Obviously the argument behind that is to

General Motors Case Study Example | Topics and Well Written Essays - 750 words

General Motors - Case Study Example The managers at General Motors failed to cease and take control of the market in African and Asian countries for their products in the sense that the management was ready to manufacture cars that people in these countries could not afford. Survival of the business relies on the Company’s ability to generate profits and cash flow. Therefore, bad quality management of General Motor’s products is affecting the Company’s ability to survive since it is unable to maximize profits and cash flows.GM has faced a decrease in liquidity to $14 billion in the fiscal year 2008 from $27.3 billion in 2007. The increased losses are attributed to decrease in working capital and low sales volumes. In addition, research, development, and interaction or relationships with suppliers are negatively influenced by the decreased or reduced liquidity.There are certain activities for GM business in China and India. In China, the business for new autos is amidst a 14% development rate antici pated to reach over $97 billion in 2008. In the meantime in India, the business for new autos developed by 15.5% in 2008 to a dollar estimation of $28 billion. A sign that India will play a much greater is the anticipated increment to 2.5 million units before the end of 201. Steady development rates are anticipated in the following few years. The market's volume is required to climb to 21.5 million units before the end of 2013. The light business vehicles section was the markets biggest in 2008, creating aggregate volumes of 9.8 million units.

Jazz Dance Essay Example | Topics and Well Written Essays - 500 words

Jazz Dance - Essay Example Jazz dance hasgreatly been affected by communal dance and common music. This paper is intended to describe history and development of jazz dance. Rhythms and movements that were brought to America by African slaves have come upon the origin of jazz dance. The style of African dance is all natural; low, knees bent, vibrating body movements emphasized by body isolations and hand-clapping. As slaves immigratedto America, starting during the 1600’s, Africans from different cultures wereseparated from their families, languages and tribal traditions. This resulted to merging of African cultures that created a new culture with both European and Africancomponents. The Slave Act of 1740 intended to prohibit slaves from performing African dances, but that did not hide their wish to grip to those parts of their cultural identity. African dance involved movements and rhythms which includedhand-clapping,foot stamping and tapping, and currentlythis is known as a jazz dance. The term "Jazz" was initially related to a genre of music dance during World War I. Jazz in a dance form, however, emerges from the parlanceAfricans’ dances when they were being brought to the Americas on slave ships. This form of dance emerged together with jazz music in New Orleans at the beginning of 1900s. From 1930s to 1960s, Jazz dance changed from this body of parlanceinto a theatre-based performance form of dance that needed a much trained dancer.During this time, dancers from the ballet and modern dance worlds experimented with the jazz dance style. All of these dancers affected jazz by wanting many trained dancers to perform a given set of movements, which was very different from the informal form of New Orleans back in the 1900s. Also, during this span of period (circa. 1950) jazz dance was intensely affected by Caribbean and other Latin American dance styles which were established by anthropologist and dancer Katherine Dunham. Jazz is also like choreography too. Jazz dance throughout

Torts and Negligence Case Study

Torts and Negligence Case Study Sajesh Maharjan Introduction Anna, a cafà © owner, went to the tour Honey Bee Nature Appreciation Tours operated by Trevor and had injured her knees after stumbling down the hill side. She got treatment in the hospital and fully recovered in a month. Now Anna decides to enforce tort law against Trevor who is not only the operator but also the sole owner of the tour company for negligent act and seek 12 months earnings in lost income and punitive damages. In this regard, Anna is the Plaintiff who has suffered personal injury and Trevor is the Defendant who will have to compensate for damages to the Plaintiff if proven guilty in the court. However, the burden of proof lies with Anna and she must establish following three things on the balance of probabilities that the Defendant owed Plaintiff the duty of care, the Defendant breached their duty of care and the Defendants actions have caused the Plaintiff to suffer loss or damage. Trevor has contributory negligence as a part of the defence against Anna. Duty of Care The issue is whether the Defendants conduct/actions could cause harms/injury to Plaintiff during the time of tour. In other words, Anna is required to prove that the personal injury suffered by her was reasonably foreseeable and was a result of the act(s) or omission(s) of the Trevor in order to establish the duty of care. The neighbor principle laid out by Lord Atkin in Donoghue v Stevenson [1932] is dominantly used in testing whether the Defendant owed Plaintiff a duty of care. According to that principle, the Defendant is said to owe a duty to take reasonable care of the Plaintiff where the Defendant would have reasonably foreseen the injury to the Plaintiff by the Defendants action or carelessness. Evidence of the duty of care is more easily recognized in cases involving established categories such as Parents and their children, employers and their employees, doctor and patients, teachers and students, manufacturers and consumers, etc. These established categories can be easily found in cases such as JD v East Berkshire Community NHS Trust and others [2005], Smoldon v Whitworth [1997] etc. Honey Bee Nature Appreciation Tours is solely owned and operated by Trevor. He takes maximum of six people (paying trekkers) once per week on a six hour walk during daylight to in bird watching and similar activities. The established category of a Professional and their customers can be applicable to the case of Trevor and Anna since Trevor provides professional service of walking tours and bird-watching activities and Anna pays for that service. Moreover, it is reasonably foreseeable that his activities and carelessness have impacts on those who attend his walking tours and owe duty of reasonable care to the paying trekkers. This is supported by the case of Smoldon v Whitworth [1997] where facts were similar. Therefore, it is evident that Trevor had duty of care over Anna who attended the walking tour. Breach After duty of care has been well established, the next issue is whether the Defendant breached the duty of care over Plaintiff. Alternatively, the next step is to identify whether Trevors act(s) or omission(s) failed to meet the standard of care required by the law. A Defendant will be held liable for negligent conduct that falls below the legally accepted standard of care for the significantly foreseeable risk of injury. It is stated in the s9 (1) of Civil Liability Act 2003 (QLD) that a person is not said to have breached the duty to take precautions against the risk, unless the risk was foreseeable, the risk was not insignificant and a reasonable person in the similar position and circumstances of the Defendant would have taken precaution. Section 9 (2) of Civil Liability Act 2003 (QLD)   lists out the factors that are taken into considerations for determining whether a reasonable person would have taken preventive measures against risk of injury which are as follows: the probability of occurrence of injury/harm without precaution the likely seriousness of the injury the burden of taking precautions to avoid the risk of injury the social utility of the activity that cause the risk of injury These factors are applied in determining the standard of care that a reasonable person would have taken by balancing the first two factors against the second two. The risk of harm/injury is compared against the practicality of taking precautions to avoid the risks. Before the tour, Trevor advised the tour participants to wear sensible shoes and clothing and that all the walks are conducted during daylight. He also notified regarding several fall injuries in the past because of trips during night time. He also mentions that the participants will be provided with the water and sandwiches during the trip. One of the important facts presented in the case is that he left the tour participants (trekkers) on their own during the break so as to scout for a new location. Moreover, he gets lost in his work and takes much longer that he expected which delayed the return trip and compelled to walk during dark. A reasonable person in Defendants position would not have left the participants unsupervised for such a long time. The facts do not disclose whether Trevor instructed to the participants that the alcoholic beverages were allowed during the trip. However, a reasonable person would have clearly indicated whether the alcoholic beverages were allowed during the trip besides sensible shoes and clothing. Similarly, a reasonable person would have scouted new places before the trip. And if the scouting has to be done during the trip, a reasonable person would have taken the note of time and wouldnt delay the return. The only thing which wasnt foreseeable for a reasonable person is that someone would change into high heel shoes in the middle of the trip during bird observation. Therefore, it can be concluded that Trevor has breached his duty of care from the given facts. This is reinforced by the case of Vaughan v Menlove [1837] where the Defendant did not acted as a reasonable person would h ave. Damage The major concern here is whether the breach of duty by Trevor has caused injury to Anna. Anna has to demonstrate to the court that Trevors negligent action was the main cause, though not necessarily the sole cause, of her damage. Section 11(1)(a) of Civil Liability Act 2003 (QLD)clearly states that the breach of duty was a necessary condition of the occurrence of the harm. This calls for the but for test which examines would the Plaintiff have suffered the damage but for the defendants negligence. In addition to the cause, Plaintiff is also required to prove that the damage incurred was within the scope of liability. Anna has to show that her injury was a foreseeable consequence of Trevors negligence. The question here is whether Trevors negligent action of leaving the tour participants unsupervised during the break, scouting for new location without keeping track of time have caused the Anna to suffer injury. It is true that the Trevors negligent act has caused the Anna to incur personal injury. Firstly, had the Trevor not left the group unsupervised, he could have been able to find that Anna had brought wine for the trip and he could have taken actions which would avoid Anna to consume half the bottle of wine by herself. Secondly, if Trevor had kept track of time and while he went for scouting location, they could have made the return trip during daylight before sunset when the forest was not dark. Thirdly, Trevor knew that there is risk of fall injuries during the trip made in night or when the forest is dark. Therefore, Trevors negligent act was the cause of Annas injury which is supported by the case of Strong v Woolworths Ltd [2012] and Annas personal injury was a reasonably foreseeable consequence of Trevors negligence as in the case of Hughes v Lord Advocate [1963]. Defence After the Plaintiff has established the necessary duty, breach and damage, then the Defendant can institute any defences in order to reduce or eliminate their liability. The common defences are contributory negligence and voluntary assumption of risk. The issue regarding this case is whether Anna contributed to her loss/injury and voluntarily assumed the risk. For contributory negligence, it is mentioned in the s 23 (2) of Civil Liability Act 2003 (QLD) that the standard of care of the Plaintiff is that of reasonable person in the position of the Plaintiff and what the Plaintiff knew or ought reasonably to have known at that time. In this case, Anna drank half a bottle of wine during break and changes her runners into high heel shoes during the return walk. Anna had also offered the wine to other people who walked the tour but everyone refused. A reasonable person in Annas position would not intake alcoholic beverages during walking tour and would not have changed their runners into high heel shoes. Moreover, when Anna got injured, she was under the influence of alcohol. Section 47 of Civil Liability Act 2003 (QLD) states presumption of contributory negligence if the person who suffers harm is intoxicated. Therefore, Anna has definitely contributed towards her injury. Voluntary assumption of risk arises in cases of recreational sports/activities which involves obvious and inherent risk. It is stated in the case that the bush tracks used for walking tours of Bushland surrounding the Bunya Mountains are not particularly strenuous. Thus, there is no voluntary assumption of risk in this case. Remedies The key concern at this point is whether the damages sought by the Plaintiff recoverable. The issue here is whether Annas claim for 12 months lost in income and punitive damages for Trevors negligence are fully recoverable. Section 52 of Civil Liability Act 2003 (QLD) explains that a court cannot award punitive damage in relation to personal injury damages unless the act that caused personal injury was unlawful intentional act to cause personal injury or an unlawful sexual assault or misconduct. Similarly, it is mentioned in s 54 of CLA 2003 (QLD) that the maximum award a court may make is for an amount equal to the present value of 3 times average weekly earnings per week for each week of the period of loss of earnings. Moreover, according to the s 24 of Civil Liability Act 2003 (QLD),In deciding the extent of a reduction in damages by reason of contributory negligence, a court may decide a reduction of 100% if the court considers it just and equitable to do so, with the result that the claim for damages is defeated. We are provided with the facts that Anna is transported to the hospital and recovered fully in a month. Despite full recovery from the injury, Anna closed her cafà © and decides to claim for 12 months in lost income and punitive damages. The facts presented in the case and the prevailing legislation suggest that she would not be awarded for punitive damages since Trevor had no intention of causing damage/harm to Anna. Moreover, she would also not be getting her claim of 12 months earnings since she fully recovered in a month and a court could provide a maximum award of 3 times average weekly earnings per week for the period of loss of earnings. Therefore, she may be entitled to benefit of maximum of 3 months earnings with reduction up to 100% because of her high contributory negligence. Conclusion Finally, it can be concluded that Trevor had a duty of care over Anna, breached his duty of care and caused serious knee injury to the Anna. After being fully recovered in a month, Anna decides to close down the cafà © and sue Trevor. Anna is likely to be awarded with 1months earnings or even less for lost income because of her high contributory negligence. References Legislation: Civil Liability Act2003 (QLD) Section 9(1) Civil Liability Act2003 (QLD) Section 9(2) Civil Liability Act2003 (QLD) Section 11(1) (a) Civil Liability Act2003 (QLD) Section 23(2) Civil Liability Act2003 (QLD) Section 24 Civil Liability Act2003 (QLD) Section 47 Civil Liability Act2003 (QLD) Section 52 Civil Liability Act2003 (QLD) Section 54 Cases: Donoghue v Stevenson [1932] AC 562 JD v East Berkshire Community NHS Trust and others [2005] 2 WLR 993 Smoldon v Whitworth [1997]PIQR P133, CA Strong v Woolworths Ltd [2012] HCA 5 Hughes v Lord Advocate [1963] AC 837 Vaughan v Menlove [1837] 132 ER 490 (CP)

History of Australian Cattle Dogs :: essays papers

History of Australian Cattle Dogs The Australian Cattle Dog was originally born in Australia. It was bred to help outback ranchers round up their cattle and to withstand the harsh outback conditions. The breed is loyal and devoted to its owner. The joy of owning an Australian Cattle Dog directly relates to the breed origin, why it was bred, the general appearance, its unique traits, simple diet and easy health care. According to Katherine Buetow in â€Å" The History of the Australian Cattle Dog† she states, â€Å"There is continuing controversy over which breeds were actually used in its development. One of the difficulties in researching the history of this breed is that there was a lot of experimentation going on in trying to find the perfect combination of dogs to make up the ultimate heeler that could live and work in the Australian outback †( 1). The Australian Cattle Dog was thoughtfully blended with several different dogs including the dingo, which is native to Australia, to heard cattle for ranchers on the Australian outback. Originally, ranchers let their cattle roam the outback for months or even years to fatten up before rounding them up and taking them to the market for sell. Since this round up could consist of hundreds of miles, they needed a dog that could go with them and survive the round up. This is when the Australian Cattle Dog was born (Sunset 1). The â€Å"Australian Cattle Dog† describes the breed as a unique blend of five different dogs. The breeds are the smooth-coated collie, Dalmatian, kelpie, dingo, and the bull terrier. This diversified blend that makes up the Australian Cattle Dog was obtained by many years of trial and error. There are the blue and red varieties called the Heeler or the Queensland Heeler. The heeler breed is designed to work with cattle, sheep, hogs, and fowl (Beauchamp 10). The trainability of the Australian Cattle Dog is a reflection of its intelligence and strong desire to please their owner. The breed can be taught to work without their owner’s supervision. They can also evaluate and solve complex situations on their own. The Australian Cattle Dog owner knows the breed for its incredible stamina, intelligence, and loyalty. This is why the Australian Cattle Dog naturally takes upon itself to be not only a protector but also a companion (Beauchamp 30). History of Australian Cattle Dogs :: essays papers History of Australian Cattle Dogs The Australian Cattle Dog was originally born in Australia. It was bred to help outback ranchers round up their cattle and to withstand the harsh outback conditions. The breed is loyal and devoted to its owner. The joy of owning an Australian Cattle Dog directly relates to the breed origin, why it was bred, the general appearance, its unique traits, simple diet and easy health care. According to Katherine Buetow in â€Å" The History of the Australian Cattle Dog† she states, â€Å"There is continuing controversy over which breeds were actually used in its development. One of the difficulties in researching the history of this breed is that there was a lot of experimentation going on in trying to find the perfect combination of dogs to make up the ultimate heeler that could live and work in the Australian outback †( 1). The Australian Cattle Dog was thoughtfully blended with several different dogs including the dingo, which is native to Australia, to heard cattle for ranchers on the Australian outback. Originally, ranchers let their cattle roam the outback for months or even years to fatten up before rounding them up and taking them to the market for sell. Since this round up could consist of hundreds of miles, they needed a dog that could go with them and survive the round up. This is when the Australian Cattle Dog was born (Sunset 1). The â€Å"Australian Cattle Dog† describes the breed as a unique blend of five different dogs. The breeds are the smooth-coated collie, Dalmatian, kelpie, dingo, and the bull terrier. This diversified blend that makes up the Australian Cattle Dog was obtained by many years of trial and error. There are the blue and red varieties called the Heeler or the Queensland Heeler. The heeler breed is designed to work with cattle, sheep, hogs, and fowl (Beauchamp 10). The trainability of the Australian Cattle Dog is a reflection of its intelligence and strong desire to please their owner. The breed can be taught to work without their owner’s supervision. They can also evaluate and solve complex situations on their own. The Australian Cattle Dog owner knows the breed for its incredible stamina, intelligence, and loyalty. This is why the Australian Cattle Dog naturally takes upon itself to be not only a protector but also a companion (Beauchamp 30).

The Witch of Blackbird Pond: A Puritan Style of Teaching

The book, The Witch of Blackbird Pond, is about a young girl named Katherine who is forced to leave her elegant home in Barbados to live with relatives in puritan New England after her grandfather†s death. Katherine has a hard time accepting the dramatic difference between the two cultures. For instance, in the beginning of the book Katherine dives into the river to retrieve a toy for a child on the boat. The New Englanders aboard the ship stare at her with disapproval because they were not accustomed to women that knew how to swim. By the end of the book Katherine is charged as a witch because she chose to befriend a Quaker woman and refused to totally reform to the puritan way of life. Education plays a big role in this book in two ways. This novel shows the puritan style of teaching. It also describes the Puritan view of who and what education was meant for. One of Katherine†s jobs during her time in New England was to teache in a dame school. In her class she was suppose to teach the children their alphabet and basic reading skills. The proper way to teach the children was through memorization and repetition. Katherine found this teaching style boring and less effective than her own teaching style which used poetry and acting to keep children† attention. One of Katherine's lesson plans got out of hand. She had the children act out a part of the Bible and it created a fight between a few of the students. As the disruption occurred the head master of the school walked in to the room. He was mortified not only at the misbehavior of the children but also at the activity Katherine had created. Katherine was fired as a result of this incident. This part of the book showed that puritans taught through repetition and memorization and frowned on creativity in the classroom. It is also apparent how much influence their religion had on education. I another part of the book Katherine decides to teach a child, who is unable to go to school, to read. Katherine used a hornbook and later the Bible to teach the child. This part of the story shows the two main materials used to teach children at this time. It also points out that not all children were allowed to go to school. This book gives a good example of how children were taught during the 17th century in the New England colonies. You can also see that religion had a great influence on education during this time period. By reading this book I have realized how much the education system has changed, and in my opinion improved, since this country†s beginning. The Witch of Blackbird Pond: A Puritan Style of Teaching The book, The Witch of Blackbird Pond, is about a young girl named Katherine who is forced to leave her elegant home in Barbados to live with relatives in puritan New England after her grandfather†s death. Katherine has a hard time accepting the dramatic difference between the two cultures. For instance, in the beginning of the book Katherine dives into the river to retrieve a toy for a child on the boat. The New Englanders aboard the ship stare at her with disapproval because they were not accustomed to women that knew how to swim. By the end of the book Katherine is charged as a witch because she chose to befriend a Quaker woman and refused to totally reform to the puritan way of life. Education plays a big role in this book in two ways. This novel shows the puritan style of teaching. It also describes the Puritan view of who and what education was meant for. One of Katherine†s jobs during her time in New England was to teache in a dame school. In her class she was suppose to teach the children their alphabet and basic reading skills. The proper way to teach the children was through memorization and repetition. Katherine found this teaching style boring and less effective than her own teaching style which used poetry and acting to keep children† attention. One of Katherine's lesson plans got out of hand. She had the children act out a part of the Bible and it created a fight between a few of the students. As the disruption occurred the head master of the school walked in to the room. He was mortified not only at the misbehavior of the children but also at the activity Katherine had created. Katherine was fired as a result of this incident. This part of the book showed that puritans taught through repetition and memorization and frowned on creativity in the classroom. It is also apparent how much influence their religion had on education. I another part of the book Katherine decides to teach a child, who is unable to go to school, to read. Katherine used a hornbook and later the Bible to teach the child. This part of the story shows the two main materials used to teach children at this time. It also points out that not all children were allowed to go to school. This book gives a good example of how children were taught during the 17th century in the New England colonies. You can also see that religion had a great influence on education during this time period. By reading this book I have realized how much the education system has changed, and in my opinion improved, since this country†s beginning.

The Ferdinand Marcos Administration essays

The Ferdinand Marcos Administration essays Ferdinand Marcos was an intellectual, capable of initiating unimaginable ideals for himself and for his country. He served in the military and assembled medals of prestige and honor. For a time Ferdinand was sentenced imprisonment, but this "mishap" proved Ferdinand to be resilient image, he studied while he was in prison and even topped the bar exams; in the future acquitted himself in court through his own defense; who would then know that the core of Martial Law rooted in the blood of the Marcos's. Our president Joseph Estrada, was a former movie actor, who portrayed roles of heroism for the poor. Ferdinand and Erap have different origins; Macoy being a soldier and Erap as an actor; however, the governance of both presidents had similarities in some ways. Before Martial Law, Ferdinand's two years of service to the Filipinos was fairly proficient, infrastructure, which still stands today, was built during those early terms of Ferdinand Marcos. The Marcos regime oversaw the potentials of inflation; they monopolized every possible scene in the industry, placing their cronies and relatives to the advantage and under the protection of the government. The autocratic style and power of Marcos, coupled with the first lady, Imelda Romualdez seemed ceaseless, but the spirit of nationalism was beginning to act, mass rallies were getting into place, and the number of activists grew. Today, the strength of nationalism is being tested once more. An economic and political crisis has sprung again, and the question of another Martial law is being raised. Martial law was heed upon, with the consent of the U.S., there was a new society envisioned by Ferdinand, he saw this as an aperture for a change. Ferdinand's political oppositions and people w ho posed as a threat to the administration was either exiled or imprisoned, again an add-on to the strength of the Regime. Human rights violations, persecutions, corruption, to name, were only a f...

The Dobe Juhoansi essays

The Dobe Juhoansi essays Lee, Richard B., 1993, The Dobe Ju/hoansi. Fort Worth: Harcourt Brace College Publishers, (second edition). Bushman: a member of a group of short-statured peoples of southern Africa who traditionally live by hunting and foraging. While the termbushman? has come to be known as both racist and sexist, it is easily the most recognized term when describing the people living amongst the bush of southern Africa. The San, as they are now known as, are a cluster of indigenous peoples of southern Africa who speak a click language and who have a tradition of living by hunting and gathering (10). In the book The Dobe Ju/?hoansi, Richard B. Lee, an anthropologist from the University of Toronto, takes an interesting and in-depth look into the San life by centering his studies on one specific group. Lee's focus of study takes place on the border between the countries of Namibia and Botswana in an area called the Dobe. Here there live a tribe of people known as the Dobe Ju/?hoansi. Lee centers on several important issues of the Ju/?hoansi culture and lifestyle throughout the book. He provides a tremendous amount of information that is broken into twelve chapters that continually draws deeper into the internal thinking of the Ju/?hoansi culture. The method of bringing out this information is delivered first externally with their environment and examples of hunting techniques while moving into deeper issues such as sexuality and religion. Lee also informs the reader on the Ju/?hoansi's kinship, social organization, marriage, as well as conflict, their politics, and social change. Lee begins the case study by providing an interesting lead-in as to the trials and tribulations of locating the Dobe people. I thought that this was an interesting device in order to grasp the reader's attention towards the immense isolation that the Ju/?hoansi remain in. Once contact has been established, Lee delves into covering basic background informati...

Whether the Code of Ethics is an Effective Way of Effective Media Essay

Whether the Code of Ethics is an Effective Way of Effective Media Practice - Essay Example The emergence of developed techno-economic paradigm inevitably increases greater attention of the organisations or the agencies in order to revitalise their overall economic performance. According to the recent practices of the media and communication organisations it has been recognised that the codes of media related practices have drawn major interest towards increasing attention on a particular media enquiry, which has transformational influence on the overall communication and media industry (Christians, 2009). Moreover, the codes of practices also have been recognised to draw attention about any required changes in the media and communication policies in order to contribute to a transformational economy. However, ethics or the codes of media practices in Australia has also been recognised to bring major hurdles for the country’s media and communication industry in terms of substantially improving the media performance of the organisations (Media Entertainment & Arts Alli ance, 2013). Few of the key roles played by the ethics/codes of media practices have been critically described in the following sections. According to the current media and communication of Australia, the codes of ethics has long been witnessed to play a pivotal role not only to increase community awareness, but it also has major contribution on the transformational economic growth of the nation. The code of ethics of the nation has also been recognised in securing best practices of the media and communication organisations along with their wide range of practices. The codes of ethics in Australian media industry possess relatively simple and clearly identifiable factors that determine to improve efficiency of the organisations. The code of ethics of the country relies basically on four major factors, including honesty, fairness, independence and respect for the rights and liberties of others (Australian Press Council, 2014). In the context of honesty, conserving the way of honestly reporting and interpreting essential facts has been identified as a set of common and relatively best practices in the Australian ethical codes of media practices. In order to meet the requirement of honesty in response to the ethical codes, the process of striving accuracy along with fairness and revelation of each essential fact can be dully accepted towards securing ethical media practices across the nation (Australian Press Council, 2014).  

Evolution of multinational companies (telecommunication companies) Personal Statement

Evolution of multinational companies (telecommunication companies) - Personal Statement Example However, the modern picture of telecommunication has changed. Now telecommunication signifies complex telephone networks, internet-linked computers, mobile phones, and web based systems which interlink the cities, and connect the world. Not many years have passed, when telecommunication industry was only under the power of developed nations and mere regional operators. In the past decade this industry has gone through rapid innovation and evolution. In many countries the government did not allow private telecom companies, but privatization has crept in every country in this sector (Kirkman, 2002). The traditional markets of telecommunication has gone and like the seamless telecom connections, the companies in this in industry are doing flawless business, which is not bound to border of the countries. The telecom segment is a profit-oriented business segment, so companies are attracted towards income investments, as this type of investments assist in providing steady growth and divide nds, and also generate cash flow even after the payment of dividends. However, all the telecom companies around the world do not function on similar strategies. It differs on the basis of geography, political environment of the country, business model, etc (Olawale IGE, n. d.). In this study the telecom MNCs would be considered as a core for discussion. In order to evaluate the condition and performance of this industry since its evolution till today, a critical analysis of the literature would be done. The literature review is based on the objectives stated for the study and the research questions chosen for the research, so that the literature review can support the research study with authentic theoretical background. 1.2 Research Problem The telecommunication industry around the world has shown tremendous growth and development in the past few years. However, the research problem that has been chosen for this study is related to evolution of the multinational telecom companies, the effect of these companies on the economy and society of different countries. Issues like business strategies of these companies, and effect of recession would be also included. Due to excessive penetration of telecommunication in developing and even under-developed countries, there might be certain negative effects too, which would be discussed through this study. 1.3 Rationale of the Study Communication has become a lot easier due to development and expansion of telecom companies around the world. These companies have created a seamless global environment, where connecting to people around the world has become easy and cheap. A study which presents a complete demonstration of the telecom multinational companies (MNCs) around the world would be appreciated. Apart from this, evolution of these companies, assessment of their negative effects, and analysis of their business strategies would assist in answering several questions. The researchers interested to conduct research on sim ilar industry can seek lots