Microeconomics and the Laws of Supply and Demand Essay

Macroeconomics focuses on the entire economy while micro economics studies the individual characteristics and peoples within the economy. Both the fourth and seventh scenarios in the simulation were examples of macroeconomics. They illustrated examples that display the economy as a whole. For example, the affected changes were caused by an increase in the population and a change in consumer demand. The first and second scenarios were examples of microeconomics as they illustrated actions and decisions of individuals and businesses. Whenever the managers created lower or higher price points for rentals they affected the supply and demand curves. As the summary at the end of the simulation states, â€Å"the supply and demand curve is not static; various factors cause them to increase or decrease.† For instance, in the simulation there was a shift in the demand curve with changes in the rental rates for the apartments. The supply curve shifted downward as the demand shifted upward with the changes in lower rental rates. More specifically, when the rental rates lowered to $1050 consumers began demanding more apartments at that rate. The increase in demand led to lower vacancies and, thus, less supply The equilibrium price is the price that allows the supply to meet the exact quantity of what is demanded. When there is shortage in the market it put pressure on the price and increases the price. When there is a surplus in the market it exerts a downward pressure on the price and decreases and decreases the price. Surplus and shortage determines the rate of equilibrium. Applying what we learned Working for a tea supplier for the Los Angeles County and Orange County, the lessons in the simulation really resonated with me. I started to think about the effects of pricing on our products and its effect on the supply and demand for our specific products. I began thinking about what factors are necessary to meet the demands of our clientele without compromising positive revenues. By analyzing our current conditions and creating accurate supply and demand curves for our products I realized that our company can set prices at equilibrium. In the context of microeconomics, individual and business decisions are what create shifts in supply and demand on the equilibrium price and quantity. For example, when the managers for the apartments made decisions to have lower vacancies they had to lower the price on there month to month rentals. This increased the demand while lowering the supply thereby creating a price that is closer to equilibrium. In the context of macroeconomics, population changes or things like unemployment rates would change the supply and demand. For example, when the unemployment rate is high there would be less demand for higher priced rental rates. This would, therefore, increase the supply. In other words, there would be a surplus in vacant apartments. With a higher population rate there would be an increase in demand. There is a direct relationship between the prices of a product set by a firm to how much it will be demanded by the consumers. The price elasticity refers to these changes in demand as the price is lowered or raised. Therefore, the most essential question firms must ask first when determining a price points is, â€Å"How many people will demand a certain product at what specific price?† This does not take into consideration the supply held by a firm since it makes no difference to what is demanded based on the price. References Colander, D. C. (2010). Economics (8th ed.). New York, NY: McGraw-Hill. University of Phoenix. (2013). Economics for Business 1: Applying Supply and Demand Concepts. Retrieved on October 27, 2013. https://ecampus.phoenix.edu/secure/aapd/vendors/tata/UBAMsims/economics1/economic s1_supply_demand_simulation.html

Implications of Information Technology in Developing Countries Essay

The survival and growth of organizations in an increasingly turbulent environment would depend upon effective utilization of information technology for aligning the organizational structure with environmental preferences and for creating symbiotic interorganizational structures. How can IT help the organizations in responding to the challenges of an increasingly complex and uncertain environment? How can IT help the organizations achieve the flexible organization structure? These are the topics that remains to be a matter of question for many developing countries. Although Information technology is still a .black box . technology for developing countries, it is largely applied in industrialised countries to the disadvantage of the majority of developing countries. This paper will try to illuminate the aspects and the impact of Information Technology in managing organizational change and its implications for developing countries. 1. Introduction The rate and magnitude of change are rapidly outpacing the complex of theories. economic, social, and philosophical on which public and private decisions are based. To the extent that we continue to view the world from the perspective of an earlier, vanishing age, we will continue to misunderstand the developments surrounding the transition to an information society, be unable to realize the full economic and social potential of this revolutionary technology, and risk making some very serious mistakes as reality and the theories we use to interpret it continue to diverge..-Arthur Cordell(1987). We have modified our environment so radically that we must modify ourselves in order to exist in this new environment..Norbert Wiener(1957) The survival and growth of organizations in an increasingly turbulent environment would depend upon effective utilization of information technology for aligning the organizational structure with environmental preferences and for creating symbiotic interorganizational structures. How can IT help the organizations in responding to the challenges of an increasingly complex and uncertain environment? How can IT help the organizations achieve the .flexible. organization structure? These are the topics that remains to be a matter of question for many developing countries. This study will try to illuminate the aspects and the impact of Information Technology in managing organizational change and its implications for developing countries. 2. Aspects of Information Technology Information technology (IT) may be defined as the convergence of electronics, computing, and telecommunications. It has unleashed a tidal wave of technological innovation in the collecting, storing, processing, transmission, and presentation of information that has not only transformed the information technology sector itself into a highly dynamic and expanding field of activity – creating new markets and generating new investment, income, and jobs- but also provided other sectors with more rapid and efficient mechanisms for responding to shifts in demand patterns and changes in international comparative advantages, through more efficient production processes and new and improved products and services (e.g. replacing mechanical and electromechanical components, upgrading traditional products by creating new product functions, incorporating skills and functions into equipment, automating routine work, making technical, professional, or finan cial services more transportable). The development of IT is intimately associated with the overwhelming advances recently accomplished in microelectronics. Based on scientific and technological breakthroughs in transistors, semiconductors, and integrated circuits (â€Å"chips†), micro-electronics is affecting every other branch of the economy, in terms of both its present and future employment and skill requirements and its future market prospects. Its introduction has resulted in a drastic fall in costs as well as dramatically improved technical performance both within the electronics industry and outside it (Malone and Rockart, 1993). The continuous rise in the number of features on a single micro-electronic chip has permitted lower assembly costs for electronic equipment (each chip replacing many discrete components), faster switching speeds (thus faster and more powerful computers), and more reliable, smaller, and lighter equipment (fewer interconnections, less power and material). Similar dramatic falls in costs occurred in the transport and steel industries in the nineteenth century and in energy in the twentieth, associated with the emergence of the third and fourth Kondratiev cycles, respectively. The potential effects of microelectronics are thus very far-reaching, for its use in production saves on virtually all inputs, ranging from skilled and unskilled labor to energy, materials, andcapital. All sectors of the economy have been influenced by the development of IT applications: information technology opens up greater opportunities for the exploitation of economies of scale and scope, allows the more flexible production and use of labor and equipment, promotes the internationalization of production and markets, offers greater mobility and flexibility in capital and financial flows and services, and is frequently the precondition for the creation of innovative financial instruments. Information system developments are constantly being applied to increase the productivity, quality, and efficiency of finance, banking, business management, and public administration. In manufacturing, and to some extent in agriculture, many processes have been automated, some requiring highly flexible, self-regulating machines, or robots. The engineering industry has been transformed by computer-aided design and three-dimensional computerized screen displays. The pace of technological change in IT will most likely accelerate the already observable growth in the interdependence of international relations not just economic or financial, but also political and cultural. National economies have become more susceptible to the effects of policy decisions taken at the international level, and domestic economic measures are having increased impacts on economic policies of other countries. World markets for the consumption of similar goods are growing, and so are common lifestyles across national borders. The advance of telecommunications and computerization has recently enabled large companies to use information systems to transmit technical and economic information among numerous computer systems at different geographical locations, subjecting widely dispersed industrial plants to direct managerial control from a central location; this affects the international division of labor and production and international trade, changing the patterns of industrial ownership and control, altering the competitive standing of individual countries, and creating new trading partners. It is the integration of functions that confers on information technology its real economic and social significance. More than just a gradual and incremental technological evolution leading to improved ways of carrying out traditional manufacturing processes (i.e. simply the substitution of new technologies for existing systems and the rationalization of standard activities), IT offers the opportunity for completely new ways of working through systems integration. Rather than applying one item of new technology to each of the production functions now performed at distinct stages of the production process, i.e. design, production, marketing, and distribution (in what could be called â€Å"stand-alone† improvements or â€Å"island automation†), having evolved in to new technologies, i.e. Enterprise Resource Planning systems, IT offers the possibility of linking design to production (e.g. through programmable manufacturing, measuring, and testing equipment responding to the codification of design), planning and design to marketing and distribution (e.g. through a variety of computer aids and databases that sense and collect changing market trends), production to distribution (e.g. by automatically incorporating orders and commissions by customers and suppliers into the production process), etc. The complete integration of all these production subsystems in a synergistic ensemble is still more a long-term trend than a reality, but use of automated equipment to link together individual items of equipment belonging to hitherto discrete manufacturing operations has already made IT a strategic issue for industry. More technical advances are expected soon in the automation of telecommunications and the linkage of computers by data transmission that will enhance the possibilities of systems integration. Such â€Å"programmable automation,† or computer-integrated manufacturing (CIM), has the capability of integrating information processing with physical tasks performed by programmable machine tools or robots. CIM offers radical improvements in traditional problem areas confronting manufacturers, such as: – reduced lead time for existing and new products; – reduced inventories; – more accurate control over production and better quality production management information; – increased utilization of expensive equipment; – reduced overhead costs; – improved and consistent quality; – more accurate forecasting; – improved delivery performance (Miles et al., 1988). These features characterize information technology as a new technological system, in which far-reaching changes in the trajectories of electronic, computer, and telecommunication technologies converge and offer a range of new technological options to virtually all branches of the economy. Moreover, IT forms the basis for a reorganization of industrial society and the core of the emerging techno-economic paradigm. The reason for the pre-eminence of the new technological system clustered around information technology over the equally new technological systems clustered around new materials and biotechnology is the fact that information activities of one kind or another are a part of every activity within an industrial or commercial sector, as well as in our working and domestic lives. Almost all productive activities have high information intensity (some involve little else, such as banking or education). Further more, along with the premier of internet technology and e-business architectures; powerful concepts like inventory control, supply chain management, customer relationship/service management, and management resource planning through the internet under the name of Enterprise Resource Planning have enabled IT to be capable of offering â€Å"strategic† improvements in the productivity and competitiveness of virtually any socio-economic activity. Other than industrial or commercial sectors, information technology is also applicable in education sector and in public institutions. Thus, Information Technology is universally applicable. Probably only a fraction of the benefits derived from information technology-based innovations have so far been reaped and the rest remain to be acquired in the next decades. The shift towards systems integration to capitalize the full potential benefits of IT requires considerable adaptations, learning processes, and structural changes in exis ting socioeconomic institutions and organizational systems. The tradition in most current organizations is still to operate in a largely â€Å"disintegrated† fashion, reminiscent of the Ford-Taylorist management approaches that dominated the fourth Kondratiev cycle: high division of labor, increasing functional specialization/differentiation and de-skilling of many tasks, rigid manufacturing procedures and controls, long management hierarchies with bureaucratic decision-making procedures and a â€Å"mechanistic† approach to performance. Under these conditions, use of IT is restricted to piecemeal technology improvements. By contrast, information technology-based systems offer organizations the opportunity of functional integration, multi-skilled staff, rapid and flexible decision-making structures with greater delegation of responsibilities and greater autonomy of operating units, a more flexible and â€Å"organic† approach enabling a quick adjustment to changing environmental conditions. (Piore and Sabel, 1984.) But this means that information management skills require the ability to make choices about the optimal arrangements for particular situations: unlike earlier generations of technology, IT offers not a single â€Å"best† way of organization but a set of more or less appropriate alternative organizing, staffing, and managing options that may be adopted in different organizational contexts. There is no â€Å"determinism† in the way information technology influences the socioinstitutional framework. Therefore, organizational innovation is a crucial part of the requirement for firms to adapt to survive (Miles, 1988). Unfortunately, this is true for all the institutions as well. Further, it is even more dramatic for the organizations in developing countries because of not being able to properly adapt to this so-called .black-box. technology. No matter how frustrating it is interpreted for these countries, IT still has significant impact on their development. Although socio-economic structure of these countries resists organizational or institutional changes, the complex interrelations between these changes and information technologies have significant implications for the way IT does and will affect the societies and economies of developing countries. As a matter of fact, the negative and positive potential impacts of IT on these countries are a matter of great controversy among economists and politicians. The main short term issues usually discussed are the potential erosion of the comparative advantages of low labor costs, particularly in relation to assembly facilities, and the effects of automation, particularly on internal markets and international competitiveness. Implications of information technology for those countries hold great importance. 3. Implications for Developing Countries The first direct effect of the â€Å"micro-electronics revolution† was the location of production for export in third world countries. While production of mainframe computers continued to be located largely in industrialized countries, production of smaller computers and of microelectronic devices, more subject to price competition, was shifted to low-wage locations, mainly in East Asia, where countries presented low wage costs as well as political stability, a docile labor force, and government incentives. Location of production for local and regional consumption followed, but the countries concerned were mainly middle income: three quarters of US investment in third world micro-electronic industries was concentrated in 11 countries, namely the four Asian â€Å"dragons,† India, Thailand, Malaysia, the Philippines, Brazil, Mexico, and Colombia (Steward, 1991). Export-oriented investments in these countries were associated more with direct foreign investment from larger firms in industrialized countries than with firms producing for the local market; on the other hand, licensing was more associated with smaller firms (Tigre, 1995). The automation of production decreases the relative importance of labor-intensive manufacturing and cost of labor, thereby eroding the competitiveness of low labor costs. For instance, automation led to a sharp decrease in the difference between manufacturing costs of electronic devices between the United States and Hong Kong: in manual processes, manufacturing costs were three times higher in the United States, and the introduction of semi-automatic processes made the difference practically disappear (Sagasti, 1994). Equally, the expansion of automation in Japan has contributed to a reduction of Japanese investments in the Asia/Pacific region involving firms in electronics, assembly parts, and textiles (Sagasti, 1994). The trend to increasing systems optimization and integration is most likely to induce large producers in industrialized countries to bring back a significant share of their production located in developing countries (offshore production). This movement has been called â€Å"comparative advantage reversal.† As integration increases, with functions previously obtained by assembling pieces being incorporated in the electronic components, value-added is pushed out of assembly processes into the components themselves and upwards towards servicing. In addition, the growing technological complexity of electronic devices increases the value of the parts manufactured by firms located in industrialized countries The amount of value-added obtained in offshore assembly has thus been constantly decreasing (Sagasti,1994). Global factories constructed in locations of least cost, often at a considerable distance from final markets, were economically worthwhile because labor was one of the major determinants of costs. Technology and rapid responsiveness to volatile local markets are becoming more important components of competitiveness. The reduction of product cycles due to the growing resistance to obsolescence of programmable machines and equipment has led to a concentration of manufacturing investment in capital-intensive flexible manufacturing, further adding to the erosion of the comparative advantages of developing countries. The assembly of systems will probably continue in some developing countries that have adopted protective legislation for local production targeted at particular market segments (e.g. Brazil), although this is changing very rapidly (Steward, 1991). The types of equipment produced under these circumstances are used largely in internal markets and are hardly competitive on the international level; they tend to be far more expensive than comparable equipment available abroad, and often their installation and use are also more costly because of expensive auxiliary installations, under-use, and lack of management skills. Nevertheless, they may at least provide the country with the capacity to follow the development of information technologies more closely. In other countries, assembly of equipment is taking place from components bought practically off the shelf, but as the level of hardware integration and the amount of software incorporated into the chips (firmware) grow, valueadded will be taken away from the assembly process, reducing or eliminating its economic advantages. The introduction of microelectronics requires certain new skills of design, maintenance, and management, as well as complementary infrastructural facilities such as reliable telephone systems and power supplies. Deficiencies in these factors prevent the widespread adoption of information technology in developing countries (Munasinghe et al., 1985). The more advanced developing countries, with a wider basis of skills and infrastructure and a more flexible labor force, may be in a better position to adopt IT and to increase their productivity and their international competitiveness. But the less developed countries, with inadequate skills and infrastructure, low labor productivity, and lack of capital resources, will find it difficult to adopt the new technologies; they are likely to suffer a deterioration in international competitiveness vis-à  -vis both industrialized and the more advanced developing countries (Stewart et al., 1991). Quality, too, requires an adequate level of skills, infrastructure, and managerial know-how that is generally lacking in developing countries. This greatly reduces the synergies, number of options, faster responses, and more informed decisions that can be implemented in the firm by the optimization of the systems performance. In turn, the composition of the labor force existing within firms located in industrialized countries will further improve their systems performance and further reinforce the advantages derived from automation. The proportion of the labor force employed in production is constantly decreasing in the industrialized countries, implying that performances at the systems level and innovation, not manufacturing, are becoming the key to profit, growth, and survival (Sagasti, 1994). Like biotechnology, information technology is a proprietary technology, vital technical information regarding design engineering specification, process know-how, testing procedures, etc., being covered by patents or copyrights or closely held as trade secrets within various electronic firms from industrialized countries. Many companies in the software area do not patent or copyright their products because it entails disclosing valuable information, and firms are generally reluctant to license the more recent and advanced technologies. Therefore, technology transfer takes place mainly among established or important producers, hindering the access to developing countries. Moreover, the main issue facing developing countries is not so much the access to a particular technology but to the process of technological change, because of the dynamism of this process. Sagasti implies this issue in the book The Uncertain Guest: science, technology and development (1994) that recent trends in int er-firm relationships seem to indicate that this access takes place essentially through the participation in the equity of the company holding the technology.

Human Rights And Women s Rights - 955 Words

Over the past few centuries, human rights have evolved all around the world. The main purpose of human rights are to protect people and promote happiness. At one point in history women did not work outside of the home or even have the right to vote. This day in age, women have more rights, but society still finds ways to discriminate against them and limit their rights. In third world countries women are also treated as inferior because of their appearance, race, and religion. Everyday in third world countries women are abused and belittled. For example, women in some countries in Asia have to follow certain dress codes because of their religion. These women have to be completely clothed and cannot show their faces. They have to wear long dresses that go down to their ankles and veils and cloaks to cover their faces. Women in these countries are also abused and are treated like objects; many are beaten and raped. In addition, women are downgraded when it comes to the work force. Wome n are paid much less than men are and there is a stereotype that certain jobs are only for men while certain jobs are only for women. It is often thought that jobs in construction and jobs in mechanics are only for men because women are seen as weaker in those fields. Even though many women work in todays society we are still seen as housewives. It is thought that we should only cook, clean, take care of the children and provide for our husbands wants. In today’s society, there is thisShow MoreRelatedHuman Rights And Women s Rights1129 Words   |  5 Pagesfrom this conference, let it be that human rights are women’s rights and women’s rights are human rights once and for all.† On September 5, 1995, 180 countries came together in Beijing China to hear first lady Hillary Clinton s speech about women s rights. This speech was the United Nations Fourth World Conference of Women. 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rebeldol Essay on Nora’s Rebellion in Ibsens A Dolls...

Nora’s Rebellion in A Doll’s House The central theme of A Doll’s House is Nora’s rebellion against society and everything that was expected of her. Nora shows this by breaking away from all the standards and expectations her husband and society had set up for her. In her time women weren’t supposed to be independent. They were to support their husbands, take care of the children, cook, clean, and make everything perfect around the house. Nora’s first rebellion was when she took out a loan so that she could pay for her husband, Torvalds medical treatment. It was against the law for women to take out a loan without their husbands consent. When she did this she proved that she wasn’t as submissive and helpless as Torvald†¦show more content†¦Torvald doesn’t trust her with any money and with the little money that he does entrust her with he is afraid that she will spend it on Macaroons, a candy that he has forbid her to eat. He calls her his little squirrel, skylark, and he says she spends money very foolishly. Nora’s second rebellion was when she left Torvald and her children. The society she lived in demanded that she should submit to her husband and that she should take a place under him. Society considered women to be property of their husbands and that they should fulfil their every command. When Krogstad tries to blackmail Nora, and Torvald didn’t even support her she realized that there was a problem. Then finally when Torvald realizes that his social stature will not be harmed he displays his real feeling for Nora, both physically and emotionally. It is at this time when Nora decides that she doesn’t want to be controlled by Torvald anymore and she told him that she was going to leave him. By leaving Torvald she is not only shutting him out but also forgetting everything in her past. When Torvald tries to reconcile with her she explains that all her life she was treated like a child. And how she was always merry, never happy, she never got to make any decisions on her own. Then she explains to him how she

Babel Movie Analysis - 891 Words

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Later I will return to these issues and will demonstrate how they contribute to the routinization of Rastafari in Jamaica. The nature of this book dictates a heavy reliance on documentary analysis. My focus is interpretation not ethnography. Therefore, I have not sought to generate primary data on the movement but to analyze and re-analyze the growing body of scholarly and popular literature on the movement, including sociological and anthropologicalRead MoreFundamentals of Hrm263904 Words   |  1056 PagesHRM 28 PART 2 Chapter 3 Chapter 4 THE LEGAL AND ETHICAL CONTEXT OF HRM Equal Employment Opportunity 56 Employee Rights and Discipline 84 PART 3 Chapter 5 Chapter 6 Chapter 7 STAFFING THE ORGANIZATION Human Resource Planning and Job Analysis 110 Recruiting 132 Foundations of Selection 154 PART 4 Chapter 8 Chapter 9 TRAINING AND DEVELOPMENT Socializing, Orienting, and Developing Employees 182 Managing Careers 208 PART 5 Chapter 10 Chapter 11 Chapter 12 Chapter 13 MAINTAINING

Strategic Management Accounting John Wiley & Sons

Question: Discuss about the Strategic Management Accounting John Wiley Sons. Answer: Introduction Organization is complex set of activities in which various functions are performed to achieve certain goals and objectives. There are two parts which has been taken into consideration for completing this essay. In this report a complete study has been prepared to identify the best suitable cash receipt plan in case study. In the starting, complete analysis has been made to depict which plan would be better for Triple F Health club. With the increasing ramification of global changes, it is observed that there are several companies are incorporating offshore companies in order to enhance their business functioning at global level. Global competition put great impact on domestic business. There are several big companies in different sectors such as Tesco, ITC, Virgin media and Tata Consultancy who provide their products and services at very low cost by accepting cost leadership strategy in their business plan. In addition, it is evaluated that these companies are accompanied with high d eveloped technology and due to its high level of productions they could offers their goods and services at very low cost. These types of global business practice put negative impact on the business functioning of global company. Nonetheless, in the recent survey it is also observed that clients are more inclined toward buying imported products and services. Productivity of business is the main effective factor to win the market. It is related with optimum use of given level of resources. These companies mainly focus on two strategies namely cost leadership and product development to win the particular market. There are several companies such as Tesco, ITC, Virgin media and Tata Consultancy who have been following cost plus pricing strategies to win the market. Ideally, cost leadership strategies helps companies to set up price of their products. According to researchers it is observed that if companies want to penetrate the market then they have to use effective pricing strategies. It could be observed with the recent example that Reliance communication penetrates the data connection market by providing its services and data connection packages at very low cost with a view to give tough completion to its rivals. Therefore, it could be inferred that global competitions has resulted into several benefits to clients and various problems to businessmen throughout the time. Body context In this part an adamantine study has been prepared over the various stages of management and how company could make effective changes in its business functioning to increase efficiency of its value chain activities (Cox, et al. 2014). Strategic role of management accountants, contrasting with tradition role In the earlier time management accountant were associated with managing accounting and clerical work of organization (Huang, et al. 2013). As of now with the changes in economical environment management accountant is also known as corporate account. Ideally, the management accountant of big companies are more inclined toward preparing budget, handling taxes matters, managing assets to determine compensation and benefits packages and helps in determining strategic planning. Management accountant are efficient in financial computation and other accounting information. Therefore, they help organization to make effective capital budgeting decision for choosing project investment plan. Ideally, they help in calculating NPV, IRR and profitability index of project so that best suitable investment plan could be prepared by top management department of business. In addition to this, there are companies such as Tesco, ITC, Virgin media and Tata Consultancy who appoint management accountant to prepare their annual report with the assistance of CFO of company. Management accounting information for variance analysis Variance analysis needs to be performed by management department on annual basis. The main purpose of this report is to identify the fluctuation in cost and price of products and services offered in market. Accountant provides information related with administration cost, variance explanation, cost associated with particular time period, adjusting entry in particular account and bifurcate each and every factors in significant manner. Nonetheless, it is fact to say that accountant prepares the primary books and ledger of accounts which is accompanied with all the monetary transaction. Therefore, he is efficient in evaluating all the possible changes in cost, and market factors in determined approach (Morden, 2016). Flexible budgeting for better determination of overall results Management accountant is the person who is proficient in handling all types of work such as posting entries, preparing financial statement and preparing inventory management of company. Being an accountant of company he knows the trend of company in context with external environment. Therefore, accountant helps financial manager to decide the project escalation amount which could be added on after making situation analysis of prepared budget. Woolworth Ltd had to face problem of availability of financial resources due to changes in price of raw material changes in price. At that Time Company did not have project escalation for proposed budgeted plan which results into increment in cost of capital for the time being in force. Information of working capital management Working capital is the amount of difference between current assets and current liabilities. Management accountant has all the internal and external resources of company and helps CFO of company to reduce the operating life cycle of company. It is done with a view to reduce the blockage of amount. Management accountant prepared estimation of cost of productions and required amount of capital that will be engaged in the business operation. In virgin media it is observed that annual report of company is prepared by financial manager of company with the association of its management accountant (Konijeti, et al. 2014). Strategic cost management Strategic cost management is accompanied with process and activities which are engaged with a view to manage the cost of organization in determined approach. It is feasible fit between organizations objective, skills and resources and its external changing factors. In simple words, it could be defined as long term plan to control the cost of productions and simultaneously company improve its position in the given market segment. Strategic cost management could be applied in services and manufacturing organization so that cost effectiveness could be maintained (Pawliczek Rssler, 2016). Life cycle cost management It is the cost management which is used to elect particular projects in organization. In this management process is used to determine the cost-effective option between several activities. This cycle cost management helps organization to determine the best suitable project cost investment plan. It could be understand with the practical example that if a company has two projects then it could identify which project is best for organization by using life cycle cost management plan. In order to give a practical example of life cycle cost management of organization two projects have been taken (Galliers Leidner, 2014). Year PV @10% Project A Pv of Inflow of project-A Cumulative Cash Inflow A Project-B Pv of Inflow of Project-B Cumulative Cash Inflow B 0 0 -40,000 0 -40,000 -40,000 0 -40,000 1 0.909 10,000 9,091 9,091 10,000 9,091 9,091 2 0.826 10,000 8,264 17,355 10,000 8,264 17,355 3 0.751 10,000 7,513 24,869 5,000 3,757 21,112 4 0.683 5,000 3,415 28,284 40,000 27,321 48,432 5 0.621 5,000 3,105 31,388 40,000 24,837 73,269 Total Cash Inflow 31,388 73,269 Net Present Value -8,612 33,269 It is identified that project A would be providing negative result to organization. Therefore project B would be accepted by organization in its business functioning (Wood, et al. 2016). Target costing It is costing technique which is used by organization to set up particular cost for organization for determining product life cycle cost, price point, and setting target cost by subtracting desired profit margin from competitive market price. It could be understood by an example that given below (Lowe De Loo, 2014). Lets just suppose a firm is having total cost of its products $ 30000 then in order to reduce its total cost company could implement internal control system and inspection process to reduce by products of company. Kaizen costing It is the costing system which is used to reduce the present level of cost of products. It is developed or defined by yashihuro as maintenance of cost level and reduce it to the desired level by making efficient efforts. This could also be understood with its practical approach (Soltanizadeh, et al. 2016). Particular Practical details Cost of production Expected- $ 4million and Actual- $ 5 million Issues Frequently production stops, not achievement of set targets and low productivity Analysis Work load is more and supply chain management of company is not efficient Implementation Planning and set up of benchmarking in each cost system process, personal lay out design review, training development program Results Semi target achievement, reduction in process system cost, low labor turnover Business process reengineering It is process to make changes in inbound and outbound activities of organization. It involves the radical redesign of core business process to attain improvement in productivity and efficiency of business functioning. It could be defined with the example that if a company wants to reduce the time involvement in its value chain activities then it could do it by adopting enterprises resources planning in its inbound and outbound activities. It will result into automation in its existing business activities (DRURY, 2013). Activity based management It is a method of identifying or evaluating process activities of organizations that a business performs and finding itself in tough situations. In simple words it could be said that if company is having problem in value chain activities then management department of company could either manage that problem or would go for eliminating that part of problems. Ideally, management department of organization is more inclined toward mitigating the problem in particular area to make improvement in existing process system (Huang, et al.2013). Benchmarking It could be defined as course of action or standard which is require to be achieved by organization. There are several organizations which use benchmarking to make improvisation in their value chain activities. However, benchmarking should be done in the same group mapping companies otherwise it may result into de-motivation in corporate team (Gibassier, et al. 2015). Companies name Benchmarking companies Tata Maruti Suzuki Wes farmer Woolworth Virgin Media Vodafone Quality cost management It is elaborated that quality is the prime concern if company want to sustain its business for longer time period. Quality cost management is the process of management in which value chain activities are completely supervised by management department. It is an integrated system that anticipates needs and wants of clients. It helps in determining the level of quality that is required to be maintained by organization. Cost of quality consists of prevention cost, appraisal cost, external failure cost and internal failure cost. The failure of quality cost management could be understood by the recent example of Apple phone. It was evaluated that Apple introduced its new I Phone- 6 which had several quality problems such as bending, hanging and slow process system. It is found that if management department of company had implemented quality cost management program at the earlier time then this type of problems would have avoided in significant manner (Potter, et al. 2013). Case study Tripe F health club has been providing physical fitness activities to its clients. Now with a view to increase its cash receipt, organization want to make changes in its existing cash receipt plan. There are following answers having been given to determine whether the changes made in existing fee structure is beneficial for the organization or not. Will triple- F health Clubs new membership plan and fee structure improve its ability to plan Cash receipt is a specialist account that is used to evaluate all types of receipt for organization. in this case study cash receipt of Triple F health club will be accompanied with two factors annual cash fees and hourly court fees. It is evaluated that Triple F health is more inclined toward promoting annual plan for their clients. Annual cash receipt will increase the cash inflow of organization and helps organization to sustain with its clients. On the other hand hourly rate is fluctuation in nature and uncertain as well which could either be available for the company in future or not. Now company has changes its annual receipt plan to attract more clients and also given offers to its existing members to renew their old membership. Triple F health will see the following benefits if it makes changes in its existing annual fee structure Annual fees will bring certain amount of inflow in advance which will increase liquidity position of Triple F health. Hourly rate structure will vary as per the season, clients choices, their hours spent in clubs and their inclination toward accepting offers. These fluctuations are not predictable and certain. By having new annual cash receipt Plan Company would be fetch more money from market. Key factors which should be considered by triple F health club in its evaluation There are several factors which should be considered by triple health club Nature of business, seasonal plan, competitors strategies and clients inclination toward physical fitness activities Financial factors are also need to be evaluated such as existing fees structure, capacity of club and contribution per unit of organization with its existing members. After analyzing each and every factors company need to use profitability analysis with its existing cash receipt program and its proposed program then only organization could identify which option is best suitable. Type of financial analysis Triple F health club could indulge in adopting profitability analysis to identify whether the changes made in existing fee structure is acceptable or not. This analysis will provide the revenue, profitability ratio and price volume ratio and breakeven point. Therefore, Triple F health needs to use these analyses to identify the profitability of company after making changes in its existing fee structure. Existing annual fee structure of Triple F health Particular Club-1 Club-2 Club-3 Club-4 Members 2000 2000 2000 2000 Individual 600 600 600 600 Student 400 400 400 400 Family 1000 1000 1000 1000 Annual fees Individual 45 45 45 45 Student 30 30 30 30 Family 100 100 100 100 Total annual fees Individual 27000 27000 27000 27000 Student 12000 12000 12000 12000 Family 100000 100000 100000 100000 Variable cost 83400 83400 83400 83400 Contribution 55600 55600 55600 55600 Fixed cost 50000 50000 50000 50000 Profit 5600 5600 5600 5600 PV ratio 40 40 40 40 Breakeven point 25 25 25 25 PV ratio= Contribution/ total sales *100 Breakeven point= Fixed cost/contribution per unit Proposed annual fees structure will result into increment in cash inflow by given amount New Club receipt fees Members 2000 2000 2000 2000 Individual 1000 600 600 600 Family 1000 1000 1000 1000 Annual fees Individual 300 300 300 300 Family 500 500 500 500 Total annual fees Individual 300000 180000 180000 180000 Family 500000 500000 500000 500000 Variable cost 960000 816000 816000 816000 Contribution 640000 544000 544000 544000 Fixed cost 50000 50000 50000 50000 Profit 590000 494000 494000 494000 PV ratio 40 40 40 40 Breakeven point 25 25 25 25 Conclusion Strategic management accountant is the key person who handle all accounting and financial matters of organization. The main role of management accounting is to perform certain level of task such as ensuring company financial security, handing essentially all financial matters and assist in overall business functioning It is the forward looking way by merging organizational strategic objectives with management accounting information. As per the research of London based retail store Tesco reflects that by strategic management accounting company monitors competitors products pricing and their market share. Afterward, Tesco use information to reduce clients prices and maintain to provide quality of products. Tesco has also enhanced its loyalty card technique to track clients choice of action, their value and belief in context with offered products. Strategic management accounting of Tesco evaluates the organizations up stream cost structure and helps company to determine to redefine its pricing strategies. Now in the end it could be inferred that strategic management accountant is crucial person who have all the information of business either related with internal business functioning or external business environment. Therefore, in preparing strategic management plan, Company should take his assistance in significant manner. PV ratio= Contribution/ total sales *100 Breakeven point= Fixed cost/contribution per unit References Collier, P. M. (2015).Accounting for managers: Interpreting accounting information for decision making. John Wiley Sons. Cox, J. A., Gajjar, S. R., Lanni Jr, T. B., Swanson, T. A. (2014). Cost analysis of adjuvant management strategies in early stage (stage I) testicular seminoma.Research and reports in urology,7, 1-7. DRURY, C. M. (2013).Management and cost accounting. Springer. Galliers, R. D., Leidner, D. E. (2014).Strategic information management: challenges and strategies in managing information systems. Routledge. Gibassier, D., Schaltegger, S. (2015). Carbon management accounting and reporting in practice: A case study on converging emergent approaches.Sustainability Accounting, Management and Policy Journal,6(3), 340-365. Huang, X., Teoh, S. H., Zhang, Y. (2013). Tone management.The Accounting Review,89(3), 1083-1113. Konijeti, G. G., Sauk, J., Shrime, M. G., Gupta, M., Ananthakrishnan, A. N. (2014). Cost-effectiveness of competing strategies for management of recurrent Clostridium difficile infection: a decision analysis.Clinical Infectious Diseases,58(11), 1507-1514. Lowe, A., De Loo, I. (2014). The existential perversity of management accounting and control. InManagement Control and Uncertainty(pp. 239-254). Palgrave Macmillan UK. Morden, T. (2016).Principles of strategic management. Routledge. Pawliczek, A., Rssler, M. (2016). Knowledge of Management Tools and Systems in SMEs: Knowledge Transfer in Management.Knowledge Management Initiatives and Strategies in Small and Medium Enterprises, 180. Potter, B. J., Weinstein, M. C., Gaziano, T. A. (2013). Cost-Effectiveness of STEMI Management Strategies for Patients Presenting to Non-Urban Centers: A Model-Based Analysis.Circulation,128(Suppl 22), A15562-A15562. Soltanizadeh, S., Soltanizadeh, S., Abdul Rasid, S. Z., Abdul Rasid, S. Z., Mottaghi Golshan, N., Mottaghi Golshan, N., ... Wan Ismail, W. K. (2016). Business strategy, enterprise risk management and organizational performance.Management Research Review,39(9), 1016-1033. Talk, O. M. (2016). Operations management. Wood, S., Wrigley, N., Coe, N. M. (2016). Capital discipline and financial market relations in retail globalization: insights from the case of Tesco plc.Journal of Economic Geography, lbv045.

Supporting Teaching and Learning in Schools free essay sample

Raising achievementEach child has the right to a broad and balanced curriculum. This can be supported by high-quality teaching and learning experiences. There are a number of merits of supporting the right of all children and young people to participation and equality access to education. One of these is that it raises their overall achievement in education. If equality is promoted between individuals they would be able to access the curriculum of their schools without any problem. All students irrespective of their economic background get equal opportunities in the schools. Equality may also mean that the curriculum should meet all the needs of all pupils as a whole and also as per individual. Thus, equality and equal participation of different pupils is very important in raising their achievement.Improving participationEquality also ensures that the different people in the education setting participate maximally in all activities in education. Everyone in an education setting should participate in anything relating to them like the designing of the curriculum. We will write a custom essay sample on Supporting Teaching and Learning in Schools or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This is mostly achieved by organising an event like parent’s meetings and also having student councils in the education system. Children and young people can also be asked direct questions on how they feel things should be undertaken, what they could improve and how they learn.Developing a sense of identityThe school should recognise and support the children and have access to everything that is happening in the school. This will raise their self-esteem and also give them the feeling that they belong there. When the children participate fully they feel valued for whom they are and what they have done was fantastic. They should also be given time to learn independently in such a system thus developing their identity the more. It also promotes the relationship between individuals and different groups in all the different settings. Thus, supporting the right of all children and young people to participation and equality of access to education is quite important.