The Chief Operations Officer’s Essay Example for Free

The Chief Operations Officer’s Essay The Chief Operations Officer’s role focuses on the execution of day-to-day operations and oversight of all the departments; to include morale, welfare, and employee conduct in the company. In order for the company to successfully prepare for an Initial Public Offering we will need to revise the employee handbook, resolve some specific internal employee matters and implement a whistleblower policy. Employment-at-will refers to common law which holds employees that work for an unspecified time period work at the will of their employers and employment can be dismissed any time (Zachary, 2012, p. 25), for good cause, bad cause or no cause, by either the employer or the employee. Some exceptions of dismissal for employment-at-will include discrimination against race, national origin, color, religion, sex, age, and disability, other exceptions are wrongful discharge in violation of public policy or breach of contract, the promise of â€Å"good faith and fair dealing† in a contract of employment or suggesting contractual requirements based off of the company’s handbook or policy statement (Halbert Ingulli, 2012, p. 50), and tort whether the policy is found in legislation, constitutions, legal hearings, administrative practices, or other sources (Zachary, 2012, p. 25). The tort law offers the employee the chance to convince a jury to award damages (money awards) for â€Å"wrongful discharge† (Halbert Ingulli, 2012, p. 51). Some state and federal statutes may also prohibit the discharge of employees for their participation in jury duty, filing workers compensation claims, involvement in the union, conducting military duty or certain occurrences in whistle-blowing (Zachary, 2012, p. 21). Our company operates off of voluntary employment; therefore, general counsel reviewed the employment-at-will doctrine and exceptions mentioned above and legal termination is an option for all eight employees based off of either personnel misconduct or violation against our company’s rules and regulations cited in the employee handbook. Table 1, titled, â€Å"Employee Conduct and Rational for Termination or Continued Employment†, illustrates the eight personnel actions under investigation and the decision for termination or continued employment. The decisions to terminate or retain the employees stem from a reflective approach that melds traditional theories and modern theories of ethics. Two particular theories that support the decision are the consequences-based approach which provides the greatest good to the majority of the people, in this case, the company as a whole and the Proactive theory decision based off of recommendations or actions are just from the very start (Harcourt, Hannay, Lam, 2013, p. 312). One of the decision rules from the Proactive theory used is the parity rule which ties all similar actions performed in a similar environment receive the same or similar consequence (Harcourt, et al, 2013, p. 313). If the company is to become successful with the launch of the public offering then employees must be accountable for their actions of misconduct or violations against the company employee handbook. In addition to personnel actions mentioned above, I recommend we adopt a whistleblower policy based off the internal allegations against the accounting department for falsified expense reports and before we take the company public. Implementing a whistleblower policy will provide the employees a voice of the company, reduce monitoring expenses, stimulate additional decision-making (Moberly, 2012, p. 11) among employees, supervisors, and senior management, will protect against illegal conduct and provide greater oversight of company resources and assets (Shackelford, 2009, p. 3). Furthermore, the Securities and Exchange Commission and the New York Stock Exchange issued regulations under the Sarbanes-Oxley Act that listed companies must provide their Codes of Ethics to the public (Moberly, 2012, p. 19). Our commitment to the workforce is to implement a whistleblower policy that focuses on the three fundamental items of clear guidelines, policies, and procedures (Gould, 2009, p. 3) for reporting organizational misconduct. Our whistleblower policy and Code of Ethics should be included in the revised employee handbook, posted on the company website and a hardcopy distributed and signed by each employee. The policy guidelines should contain our objective and scope of the policy so we can address what we want to accomplish (Shackelford, 2009, p. 3). Our policies will indicate that all employees, hourly to senior level management salary employees, are required to report organizational misconduct and to assist in any investigation by law enforcement or regulatory agency. Step-by-step reporting procedures will also be included in the policy. Employees will have the right to submit the report directly to their first line supervisor unless that individual is involved in the matter then report the situation to the next supervisor in the chain. If employees feel uncomfortable using their direct reporting chain then they can submit the report through the company action hotline, anonymously or directly to the audit committee. The individual’s confidentiality will remain as confidential as practicable (Shackelford, 2009, p. 3). Our company encourages the employees to report the wrongdoing internally through the use of our open-door policy or through the various avenues aforementioned rather than blowing the whistle externally. Our company will not tolerate retaliation against employees reporting wrongdoing or whistleblowing. In conclusion, as the Chief Operations Officer, I reviewed the employment-at-will doctrine, conducted and resolved eight thorough employee investigations that required my immediate attention, and provided background information that supports my recommendation on implementing a whistleblower policy prior to our public offering.

Assessing financial management within Tesco plc

Assessing financial management within Tesco plc 1.1 Determine how to obtain financial data and assess it validity Tesco is Britains leading retailer. We are one of the top three retailers in the world, operating over 2,711 stores globally and employing 366,000 people. Tesco operates in 11 countries outside the UK Republic of Ireland, Hungary, Czech Republic, Slovakia, Turkey and Poland in Europe; China, Japan, Malaysia, South Korea and Thailand in Asia. Everyday life keeps changing and the Tesco team excels at responding to those changes. Tesco has grown from a market stall, set up by Jack Cohen in1919. The name Tesco first appeared above a shop in Edgware in 1929 and since then the company has grown and developed, responding to new opportunities and pioneering many innovations. By the early 1990s we faced strong competitors and needed a new strategy. We were good at buying and selling goods but had begun to forget the customers. Sir Terry Leahy, who became Chief Executive in 1997, asked customers the simple question what are we doing wrong? . We then invested in the things that matter to customers. For example, we launched our loyalty scheme Club card and Tesco.com, our internet home shopping service. Going the extra mile for customers has been key to our growth. We want to make customers lives easier and better in any way we can. Most plcs have their Annual reports available from their own web sites .. look for Investor Pages or Corporate News etc. Others can be downloaded as PDFs from sites like FTSE, Yahoo Finance etc. It is well known that high employee satisfaction contributes significantly to high customer satisfaction, which drives intent to return, and therefore, financial results. High employee satisfaction expresses itself as enthusiasm in ones work, which directly impacts the experience of the customer. Likewise, high customer satisfaction expresses itself as enthusiasm toward a particular organization, its products or services, which directly impacts the intent to return rate. It is a short leap, then, to understand how a high intent to return rate among customers impacts financial results. But with so many variables affecting employee and customer satisfaction, how does one determine those of greatest importance, so that interventions aimed at increasing satisfaction are of maximum effectiveness? The answer is in the root cause analysis derived from employee and customer survey data, (West, S.J.DR, 2009). 1.2 Apply different types of analytical tools and techniques to a range of financial documents and formulate conclusions about performance levels and needs of stakeholders When implementing human performance improvement, most organizations hope and expect that it will have an effect on the bottom line that there will be a financial benefit that justifies the improvement effort. But human performance is a complex entity, and translating changes in performance into quantitative and financial results is often a daunting task. In the ideal, it is desirable to generate a causal chain of evidence from the intervention to the final financial impact. For instance, consider a simple performance improvement intervention such as a training program. In order for the program to affect the financial bottom line of the organization, we must first assure that the training is in an area that is relevant to the bottom line. It is, after all, possible to do training on topics that are irrelevant to financial performance. Assuming that the training is relevant, we might expect that it first needs to affect the knowledge and skills of the learners. Even if it does, it will not be translated into human performance unless the learner is motivated to use the knowledge. Even if the learner wants to use the new knowledge, there are any number of factors that can prevent them from doing so, or cause them to try under less than optimal conditions. Even if the learner performs perfectly, this performance may not affect the overall performance of the business (e.g., how efficiently departments process products). And, even if there is an effect on busi ness performance, there may not be a corresponding financial impact (depending on how relevant the business performance is to financial results). We see that in most performance improvement contexts, the causal chain from the program to final result is often a long and difficult one. The method described in this paper falls into the class of statistical estimation approaches to financial returns. It has several key advantages over other methods of estimating financial returns: It requires only a small investment of client participant time typically less than one hour to determine reasonable estimates of project-level financial benefits. It calculates boundaries on financial return estimates (i.e., lower and upper limits), rather than just a single value. It integrates financial return estimation with human performance measurement at all levels. In this approach, project costs are estimated using traditional accounting procedures. Project-level financial benefits are estimated by a client participant group using an iterative Delphi methodology. These cost and benefit estimates are proportionally distributed across performance goals and objectives and weighted by observed performance. The performance-weighted financial returns (i.e., Benefit/cost ratio and ROI) can then be presented for each performance objective, performance goal, or the whole project. There are several key assumptions in this approach: Because all financial estimation methods are fallible, it makes more sense to estimate a range of financial return values within which the true value is likely to fall. In statistical terminology, rather than doing a point estimate, it is desirable to do an interval estimate. Following common statistical practice, for each financial return estimate, the 95% confidence interval will be calculated. With this interval, the odds are 95 out of 100 that the true estimate falls within the range. All financial estimates are calculated for a fixed period of time. Typically, returns are estimated on an annual basis. However, for many performance interventions, it is reasonable to expect that the major effects will accrue over time periods longer than one year. If this is the case, it will usually be desirable to estimate the returns for multiple years. Since the costs of interventions are not likely to be distributed evenly over time, it is also necessary to estimate costs for the same time pe riods. Depending on the situation, it may be reasonable to amortize some of the first year costs over a several year period. It is actually quite simple to implement in practice, assuming you have taken the time to develop a performance hierarchy. Once a hierarchy exists, all thats needed is an estimate of total costs and benefits for the project. Total costs should be relatively easy to obtain. Before implementation, one could use the budgeted amount for the program as an estimate. After the program is implemented, one simply uses the accounted costs for the project. To estimate benefits requires the Delphi procedure described earlier. This is a relatively simple process that should be easy to accomplish in less than an hour of participant time. The bottom line here is that a good performance measurement system will enable relatively easy estimation of financial results there is little additional marginal cost to estimating financial outcomes, assuming you have a well-constructed measurement system. The Concept System approach is designed so that the performance hierarchy is correctly constructed. Adding in the estimation of financial returns is then a relatively simple and inexpensive addition that yields critical information about the financial impacts of the performance improvement project, (Trochim .M.K.W, 2009). 1.3 Conduct comparative analysis of financial data Financial analysis refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Based on these reports, management may: Continue or discontinue its main operation or part of its business Make or purchase certain materials in the manufacture of its product; Acquire or rent/lease certain machineries and equipment in the production of its goods; Issue stocks or negotiate for a bank loan to increase its working capital; Make decisions regarding investing or lending capital; Other decisions that allow management to make an informed selection on various alternatives in the conduct of its business. Financial analysts often assess the firms: 1. Profitability its ability to earn income and sustain growth in both short-term and long-term. A companys degree of profitability is usually based on the income statement, which reports on the companys results of operations; 2. Solvency its ability to pay its obligation to creditors and other third parties in the long-term; 3. Liquidity its ability to maintain positive cash flow, while satisfying immediate obligations; Both 2 and 3 are based on the companys balance sheet, which indicates the financial condition of a business as of a given point in time. 4. Stability- the firms ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a companys stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators. Financial analysts often compare financial ratios (of solvency, profitability, growth, etc.): Past Performance Across historical time periods for the same firm (the last 5 years for example), Future Performance Using historical figures and certain mathematical and statistical techniques, including present and future values, This extrapolation method is the main source of errors in financial analysis as past statistics can be poor predictors of future prospects. Comparative Performance Comparison between similar firms. These ratios are calculated by dividing a (group of) account balance(s), taken from the balance sheet and / or the income statement, by another, for example  : n / equity = return on equity Net income / total assets = return on assets Stock price / earnings per share = P/E-ratio Comparing financial ratios are merely one way of conducting financial analysis. Financial ratios face several theoretical challenges: They say little about the firms prospects in an absolute sense. Their insights about relative performance require a reference point from other time periods or similar firms. One ratio holds little meaning. As indicators, ratios can be logically interpreted in at least two ways. One can partially overcome this problem by combining several related ratios to paint a more comprehensive picture of the firms performance. Seasonal factors may prevent year-end values from being representative. A ratios values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values,( Web 1, 2009). 1.4 Review and question financial data In November 2007 the Panel identified the areas in the economy considered to be under most strain as the banking, retail, travel, commercial property and house-building industries. The Panels selection of accounts for review in 2008/09 has been biased towards these sectors as annual financial statements and half-yearly accounts have become available. These reviews are continuing and the Panel is in correspondence with a number of companies. The Financial Reporting Council (FRC) has also taken a closer look at impairment and liquidity two aspects of reporting that are of increased significance given the pressure from the restricted availability of credit and reduced expectations for growth in the economy. The FRC is reviewing the goodwill and related impairment disclosures of 30 listed companies with significant goodwill balances at 31 December 2007 and the liquidity disclosures of 30 listed companies that have announced profit warnings or rescue fund raisings in the first half of 2008. The FRC will publish brief reports on its findings later in October. In 2007/08, the Panel reviewed 300 sets of accounts (2006/07: 311) and wrote letters to 138 companies (2006/07: 135) asking for further information about areas of possible non-compliance with the accounting requirements of the Companies Act 1985 (the Act) or the Financial Services Authoritys (FSAs) Listing Rules. At the time of writing this report, all but 17 cases are concluded. On the basis of accounts reviewed to March 2008, the Panel has concluded that the current standard of corporate reporting in the UK is good. The areas of reporting that prompted most questions were those dealing with more complex accounting issues or where the exercise of judgement b y management is most critical. The Panel did not identify any systemic issues requiring immediate remedial action. The Panel does not ask questions about reports and accounts in order to test its judgement against that of management. Directors, with the assistance of their professional advisers, are best placed to apply corporate reporting requirements to the particular circumstances of their companies. The Panel asks directors for additional information or explanations when it needs to clarify the facts and circumstances attaching to specific events, transactions or conditions reflected in reports and accounts. Once these are available the Panel is better placed to consider the thought processes applied to the reporting requirements, particularly the extent to which management has relied on working assumptions that are supported by a realistic appraisal of past performance and experience and future expectations, taking account of risks and uncertainties. It is the Panels experience that reports which clearly set out the companys business model are those which are easiest to understand. The Panel continues to be pleased by the way in which directors co-operate openly and constructively with the Panel and by their willingness to volunteer undertakings to improve the quality of their future annual and halfyearly reports. Company responses to the Panels letters of enquiry continued to be well considered. Directors who answered the questions they were asked, who presented well analysed and comprehensive replies, and who involved audit committees and external auditors in the process will usually have found that the Panel was able to conclude its enquiries after minimal exchanges of correspondence. The Panel published two press notices in the year in respect of companies that had failed to comply with the requirements of the Act. These companies restated comparative amounts in their next set of annual and half-yearly financial statements. UK companies with securities traded on a regulated market have been required since 2005 to prepare their consolidated financial statements in accordance with IFRS. From January 2007, AIM quoted companies have also prepared their accounts in accordance with IFRS as required by the Stock Exchange. The Panels experience is that there has been good progress and that the overall quality of financial statements has improved since 2005. The areas referred to below represent those where there is room for further advances in quality, particularly in the context of the difficult current conditions in the financial markets. Disclosure points that were frequently raised with companies during the period under review are noted at the end of the section. During the year to March 2008, the Panel reviewed the accounts of 10 retail and investment banks reporting under IFRS. The Panel considered compliance with all applicable reporting standards. The Panel identified banks as a priority sector in its accounts selection for 2008/09. Reviews conducted in the current year have concentrated on disclosures of financial risks as required by IFRS 7, the results of which will be reflected in the 2009 Panel Report. Issues raised varied between banks and there was no evidence of systemic reporting weaknesses. Most of the points raised indicated a need for refinement of certain disclosures rather than significant changes in recognition or measurement policies. The Panels remit was extended during the year to cover directors reports, including the business review, for periods commencing on or after 1 April 2006; effectively 31 March 2007 year ends. The following summarised findings therefore relate only to a minority of accounts reviewed in the period to March 2008. Comments on business reviews now feature regularly in the Panels correspondence with companies. The Panels approach to the business review was set out in a press notice published in September 2007 and also in a paper made available on the FRRP website, (Web 2, 2009). 2: Be able to assess budgets based on financial data to support organizational objectives. 2.1 Identify how a budget can be produced taking into account financial constraints and achievement of targets, legal requirements and accounting conventions The modern U.S. budget process dates from the Budget and Accounting act of 1921, which required that federal agencies request their funds from Congress only through the presidents budget. This act reflected in the view that the budget is a financial plan for the government, which has become among the most common ways of characterizing it. Equally frequent is the statement that the budget is ultimately a political document or that the budget process is ultimately a political one. Perhaps because they are stated so frequently, these phrases tend to be passed over, as if their implications were obvious. On reflection, however, the combination of a comprehensive financial plan that becomes a reality with a political process driven by the structure of the US governmental system hardly seems to be a formula for rationally driven, clear and effective budget. That there are shortcomings is not so surprising. The budget is a financial plan, but it is one of extraordinary scope and detail. Modern budgetary practice recognizes three major levels which the budget addresses: Macro economic (concerning the degree to which the budget affects national savings consumption investment and output), Major sector choices or national needs Karen including considerations of both expenditure policy and tax policy), and Detailed program design and execution. Simply put, the budget attempts to cope with this dilemma: people want individual pieces of the budget to be larger but for the total to be smaller. Steps in the Evolution of the Budget Process Budget and accounting act of 1921 established a single federal budget proposed by the president to Congress Post-World War II evolution of fiscal policy incorporated the budget as a factor in determining the direction of the economy Budget and deficit control act of 1973 created a congressional budget process and provided for specific measures for the president to propose and the Congress to act on reductions in approved appropriations. Graham Rodman Hollings provided for automatic cuts in budget outlays in the event deficit targets were exceeded Budget enforcement act provided specific limits for annual appropriations and created zero sum rules for changes to an entitlement programs and revenue measures. A major purpose of Budget concepts is to create a level playing field on which advocates for using the public treasury may meet in fair and open competition. Continuing the familiar analogy, the budget process provides the rules of the game. However, the game may be played by five- year-olds, and there can be as many referees yelling from the sidelines as there are players maybe more. Five-year-olds understand cheating, which is not to be condoned, but they also understand that changing the rules of the game, redefining what constitutes winning and getting a referee to rule in your favor are all excellent substitutes. It is not a coincidence that insiders discuss budget scorekeeping as something that is malleable, (Mathiasen.D,2009). 2.2 Analyse the budget outcomes against organization objectives and identify alternatives. 1. An operating budget is a formal, written plan that aligns the operating requirements with the funding sources of an organization. An operating budget reflects the missions and specific command objectives of the organization, as well as any limitations and controls (e.g., constraining targets, available funds) imposed upon it. An operating budget provides one the means to control obligations and expenditures against approved funding levels. 2. The objective of the operating budget is to provide managers with the ability to plan, organize, staff, and control the operations to accomplish the mission for the fiscal year. 3. There are several factors that are critical to the success of an operating budget. The following is a synopsis of those factors that need to be present to create a positive effect on the process. a. Management Support. Managers at all levels must support the operating budget concept not only in the formulation stage but through the execution stage. b. Guidelines. Guidance must be issued early to allow sufficient time for logical thought processes to take place, and to allow time for establishing milestone dates, specifying targets and limitations, defining terms, formats, and cost categories. c. Periodic Review. Operating budgets must be reviewed periodically to determine that the budget is properly executed. Appropriate adjustments can be made after these reviews. d. Level of Control. The responsibility for budget preparation and execution must be assigned to the level of management that has the responsibility and authority to control costs. Managers should not delegate this responsibility to personnel who do not have the skills and knowledge needed to prepare the organizations operating budget. Budget formulation and execution responsibilities should be incorporated into each appropriate managers performance standards to ensure accountability. Operating Budgeting Process The operating budget process consists of seven phases. Following is a brief description of each phase. Phase 1. Formulation This is the initial phase of the operating budget process. Budget Officers identify policies and guidance from HQUSACE and local areas of concern. Budget Officers will also determine the workload (income and expense), identify targets and limitations (planning and design, supervision and administration, overtime, travel, training, awards, etc.), income estimating guidelines and budget milestones. Phase 2. Review and Analysis Budget Officers review the initial input from the organizations for reasonableness, accuracy, valid assumptions, and past performance. They are also responsible for ensuring rates for departmental overhead, general and administrative overhead, facility accounts and plant accounts are appropriate and reasonable. Budget Officers prepare a proposed budget, identify the impact of alternatives to the proposed budget, make recommendations, and present the proposed budget to the PBAC (Program and Budget Advisory Committee). Phase 3. PBAC Review and Consensus The PBAC will review the proposed budget and alternatives and will determine a recommended budget for submission to the Commander. The PBAC may identify unfinanced requirements, showing their dollar amounts and justifications. Significant changes will be approved by the PBAC and the Commander. Phase 4. Approval The Budget Officer submits the PBAC recommended budget and alternatives for final Command approval. The approved operating budget is made available for execution. Phase 5. Execution Managers obligate and expend funds in accordance with the approved operating budget. Phase 6. Monitoring Operating budgets should be monitored on a monthly basis. Feedback reports are available to managers for monitoring actual performance compared to budgeted amounts. The Budget Officer provides periodic execution reports and analysis to the PBAC and the Commander. As a minimum, mid-year review will be completed. Phase 7. Adjustments Significant operating budget changes identified during the monitoring stage will be summarized and presented to the PBAC and the Commander for approval, (Genetti.A.JR, 1998). 3: Be able to evaluate financial proposals for expenditure submitted by others 3.1 Identify criteria by which proposals are judged The Sustain our Nation experts will be judging proposals using the following criteria: Identifying a Need Does the proposal address one or more of the five key themes? Does the proposal identify a genuine social need without creating issues or problems? User Empathy Have the relevant target individuals and groups been fully consulted in order to identify a legitimate issue? Does the designer fully understand the lifestyle and attitudes of the end user/stakeholders? Sustainability Has the designer considered the triple bottom line: economic, social and environmental factors? Innovation Does the proposal demonstrate a breadth of innovation and creativity? Business planning Are the business/enterprise, its objectives, strategies and market credible? Does the application include viable financial forecasts? Quality of presentation Is the presentation of a professional standard with cohesive narrative and appropriate visuals? (Web 3, 2009). 3.2 Analyse the viability of a proposal for expenditure Calculation of Financial and Economic Viability    Financial and economic appraisal is an important component of any project without which it is incomplete. Increasing awareness about the use of scare resources and the returns obtainable from it makes the issue more important. Financial analysis is used to describe the commercial viability of the project and shows its strength from financial angle. The concept of economic analysis can be considered as an extension of the financial analysis. In economic analysis the concern is on the developmental effect on the society/economy as a whole as against the financial analysis that bothers the interest of the specific entity. In the present report, financial analysis has been done for each market and of each category. Assumptions In the absence of past trends and its proper records it is necessary to make certain assumptions based on the reality of situations for assessing the true viability of any project. For this master plan, following assumptions have been taken:   i) Economic Life of the Project The horizon is important for calculation of benefit and cost of a project. Generally, 20-25 years period is considered proper as economic life of the project. In present case, calculations have been made assuming the economic life of the markets as 20years ending at 2020 A.D.   ii) Growth Period Proposed proposals for market development in Chhatishgarh is very simple. In number of markets, already minimum necessary requirement of construction has been met out and only a small addition or change will take place. In other cases markets would come up in a reasonable time. Therefore, it has been assumed that three-years period will be sufficient for completion of the proposed construction to make the new market yard fully operational. The full revenue in the form of ground rent is expected to flow after a gestation period of three years only.   iii) Occupancy    While making calculations, it has been assumed that all sellers operating in the market at present will shift and occupy space in new market, as they would get better trading facilities. Therefore, 100% space occupancy along with zero leakage of revenue has been considered. Occupancy of space in godown has been estimated for three to six months only in a year since space in godown may be utilized or in demand during harvesting and peak marketing season of different commodities. iv) Income and Expenditure    The main source of income of markets is market fee, leased rent and other sources of income. The income from market fee is assumed and computed at the rate of 1.5% of the value of arrivals expected with the implicit assumption that all the markets will be regulated and there will be a market committee to supervise the market operations and collect the market fee. The growth rate, which has been used for projecting the arrivals, is used for projecting income from this source for next 20 years i.e. up to 2018. Base year value is based on the actual value of arrival for the year 1998-99.   The other main source of income is rent chargeable on buildings. Rent has been assumed at 14% of the cost of construction of trading section and non-trading sections. No change rental has been proposed. While projecting income from this source it would get generate after the gestation period of three years is over. Usually, rent can be increased @10% after every 3 years, which would be, beneficial to the markets. Other income includes fines, sale of forms etc. that has been assumed  £.20,000 per annum and has been kept constant.   Various kinds of expenditure items like establishment cost, repair and maintenance, cost of land, capital cost etc. have to be looked into before preparing cash-flow statement. Establishment cost has been assumed @30% of the market fee expected, as the present staffing plan and expenditure was not available. Repair and maintenance cost has been estimated at 1% of the total cost. A lump sum amount of  £.5000 has been kept as miscellaneous expenditure to meet any contingency. Each market committee has to contribute Marketing Board Fund out of its income. Accordingly, it has been proposed that each market will contribute 10% of its market fee to this fund and the same has been kept as one of the component of operating expenditure. Gross benefits have been worked out for 26 years by deducting total operating expenditure from total income. Net benefits are net of interest payment and depreciation. Depreciation has been estimated by the straight-line method i.e. total capital cost divided by the life of the project assumed a

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Education, Social Class and Self-Interest in Rebecca Rushs Novel Kelroy :: Rebecca Rush Kelroy Essays

Education, Social Class and Self-Interest in Rebecca Rush's Novel Kelroy Kelroy, by Rebecca Rush, was first published in 1812. Early American writers had a rough time writing "gothic" style writings because of the lack of history, which was not a problem faced by European writers. Kelroy is an extremely cynical view of American life and it was not well accepted by Americans, despite the fact that it is seen as "one of the best written [novels] in America before 1820"(231). Three themes from Kelroy, which demonstrate the focus of many early Americans, are Education, Social Class, and Self-Interest. Education was beginning to become extremely important in the early 1800's, especially for women. Reading habits of the characters was often emphasized in literary works of this time period because it was an important issue that was being faced. For example, in Kelroy, Mrs. Hammond "applied herself sedulously to the education of her daughters, and engaged a person to reside with them in quality of governess, who was, in her estimation, fully adequate to the task, since to a variety of accomplishments, she enjoyed an infinity of that species of self-important pride, which teaches its owner instinctively to shun the approaches of the vulgar. She also had masters from the city, to attend them at stated times: thus uniting in her plan, to real benefit, an air of lofty superiority"(4-5). However, Mrs. Hammond's motive behind educating her daughters was not necessarily for their benefit, but her own. The appearance of being able to afford educating her daughters, which would lead oth ers to believe that she was wealthy (and many did believe) was a key motivator for Mrs. Hammond. The ability to read was possessed by many women in the 1800's, but writing was not as common, which meant that Mrs. Hammond's daughters, as well as Mrs. Hammond, would have been considered better educated that most women because they could read and write. In contrast with the Hammond girls, we have Maria, from Royall Tyler's The Contrast, who reads the dreaded romantic novels, which is not considered to be a favored pastime. Speaking of Maria, Letitia says, "Why she read Sir Charles Grandison, Clarissa Harlowe, Shenstone, and the Sentimental Journey, and between whiles, as I said, Billy's letters. But as her taste improved, her love declined"(1151).

Mephistophilis in Marlowe’s Faustus Essay examples -- Marlowe Faustus

Mephistophilis in Marlowe’s Faustus Mephistophilis is a striking central character in the play ‘Doctor Faustus’, written by Christopher Marlowe in the late sixteenth century. His role in this flamboyant yet tragic play is ultimately to aid Faustus’ downfall from renowned scholar to foolhardy prey of Lucifer. However, Mephistophilis’ motives are perceptibly ambiguous throughout ‘Doctor Faustus’; he seemingly alternates between a typically gleeful medieval devil, and a romantically suffering fallen angel. Mephistophilis first appears in ‘Doctor Faustus’ in the third scene, when he is summoned by Faustus’ experimental necromancy, as taught to him by Valdes and Cornelius. Faustus becomes intrigued by the notion of employing dark magic to supply him with what he most craves: knowledge. Mephistophilis first appears to Faustus in his true, terrifying form (suggested on the Elizabethan stage by a lowered dragon). This wholly terrifying image is in keeping with the medieval concept of the devil as a hellish supernatural being that encapsulated horror. Mephistophilis’ appearance shocks Faustus to the extent that he implores him to return in a different form, this time as an â€Å"old Franciscan friar†. This embodiment epitomises much of the confusion concerning the devil’s character: although the costume of a friar is seemingly unpretentious and reassuring (and, for Marlowe’s contemporaries, a daring anti-catholic joke), in a stage performance of ‘Doctor Faustus’ the raised hood and floor-length robe is ominous and chilling. It is this contradictory melange of qualities that make Mephistophilis such an ambiguous character throughout the play. In his first scene, Mephistophilis adopts the deflating and belittlin... ...is is a wonderfully multi-dimensional character, developed in an intriguing manner that makes the devil intensely unpredictable and thrilling. The sharp contrast between his fiendishly gleeful qualities and the aspects that suggest a romantically suffering angel fallen from grace, in my opinion, make the character much more absorbing. Perhaps Marlowe realised that the most captivating characters could never remain one-dimensional. Although many critics are unhappy with the apparent inconsistencies, I think it is the combination of the gleeful and tormented aspects of the character that make him the central masterpiece of ‘Doctor Faustus’. Bibliography ------------ - ‘Doctor Faustus’ by Christopher Marlowe (edited by John D. Jump) - www.sparknotes.com - ‘Marlowe: Doctor Faustus’ by Philip Brockbank - ‘Marlowe The Overreacher’ by Harry Levin

Women of the Medieval Period

Women during Medieval Times: Imagine living your life as a women during the Medieval times. No personal or legal freedom, you can not do anything with out having permission from a male in your family. In this paper I am going to talk about what life was like for the women who lived through the medieval period compared to women living today in the 20th century. Living life during the medieval period was much different than the life we live today for many reasons, but especially being a women. Women during the medieval period were below men, they were ruled by the males in their families, or once married by their husbands. They were to obey and serve the male family members. Girls that did not respect and do what the men said, were beaten, and not obeying the men was considered a religious crime. But women with a lot of land were considered equal to men and had the same rights a men. If the wives husband dies, the wife would be responsible for taking care of the large estate. At this time it was believed that the purpose for women was the be servants for the males, do as they say, take care of the house, and have to children and take care of them. Marriage at this time was much different than what we think of marriage today. During this time, you did not mary because you were in love with someone. The reasoning for marriage during medieval period was just the opposite. Most of the time you did not get to choose who you were going to be marrying, it was arranged by the families, depending on wealth. The law said that the males had full rights over his wife, once you were married, your husband owned you. The wife was the husbands property. Duties of wives during this time were to take care of the house and have children. A married women would usually have anywhere from four to eight children, and normally one will die. Women on average would live to about fourty years of age. Marie de France, a noble French women, was the first female writer from France. She wrote the story, Laustic which is a story of two knights and their wives and the love scandal they have going on between their homes. In this story, the wife of one of the knights is in love with a knight that lives in the house next to her and her husbands. This knight is also in love with her. Every night the women gets out of bed with her husband and goes to her bedroom window which looks at the knights house, and they look at each other and talk. The women's husband begins to notice her out of bed and at the window ever night. He asked her the reasoning for this and she says that she is listening to a bird, because it brings her much joy. Her husband gets angry at this and tell his servants to kill the bird. They do so and bring it to him, where he kills it with his bare hands. He then throws the dead bird at his wife. She is very upset that he would do such a thing, but the woman can not do anything about this. She can not disobey her husband, or let him know that she is in love with another man. She has no choice but to stay with him and do as he says. In todays world, sadly if you are married and are not happy, or are in love with someone else you get a divorce, and its over, you move on. During the medieval time never would you ever hear of a women not happy with her husband so she left him. Today women have every right that men do. You can say and do pretty much anything you want. Women today can get the same education that men can, but during medieval times, most women did not get any education.

RMG Industry of Bangladesh

Currently, there are approximately 5000 manufacturing units with a 4. Million work force (Wisped 2012). Bangladesh does not have any natural advantage to flourish in ARM sector except cheap labor (Islam 2012). Undoubtedly, the dedicated work force with relatively low wages is the key driving force in this sector. It gives Bangladesh a competitive edge over the rivals. But unfortunately, employee satisfaction in the ARM sector seems to be fading. Since May 2006, the ARM sector has been beset with very serious labor unrest.The major disputes concern wages, working hours, appointment procedures, forced labor, child labor, health and safety, security, gender discrimination, sexual reassessment and trade unionism. Non-compliance of workplace health, safety and security regulations are prevalent in the industry. Due to hazardous factory environments many workers become sick or injured, or even lose their lives through accidents, fires and stampedes. Both the BAGMEN and the Government are s howing ‘Ostrich-Approach' in this regard, perhaps on the plea of maintaining price competitiveness in the global market.However, recent tragic fire incident at Instructions Étagà ¨re Garments factory has given a wakeup call for both the BAGMEN and the Government. The cancellation of equines ties by the world famous retailer Wall-Mart is seen by many as a disturbing and threatening symptom for ARM sector. At this backdrop, question arises behind the apparent success story of the ARM industry, â€Å"Does the ARM industry in Bangladesh perform its ethical responsibility towards employees? Can we term this industry a successful one? † A clear answer is essential for the continuous growth and sustainability of ARM sector in Bangladesh.This report shall present the answer to the aforementioned questions with considerable details. 1. 2 Objectives The broad objective of this report is to present the performance of the ARM industry f Bangladesh. To do so, we will first eval uate the industry from the traditional concept of business: profit-minimization and growth. Secondly, we will gauge the industry performance from ethical dimension focusing mainly on the workers socio- economic condition. 1. Scope This report will be based on the ARM industry of Bangladesh only.No comparative data will be available about other countries. Also this report will not include the employee rights of other industries in Bangladesh. 1. 4 Limitations Limited timeshare which has affected the survey and interview process Inadequate primary data Confidentiality of information 1. 5 Methodology To achieve an effective result both qualitative and quantitative research has been conducted. Qualitative research, mainly exploratory in nature, was carried out to study the entrepreneurs' ethical responsibility in ARM sector.Some in-depth interviews have been conducted for better understanding of the working conditions at various factories. An extensive literature review has also been ca rried out to collect relevant information on the subject issue. In addition, a survey was conducted on a sample size of 25 respondents using random sampling technique. This has helped in ascertaining the compliance of employee right as per law. Data analysis and presentation has been conducted as per frequency analysis method.Primary Data: Primary data for this research work includes the following- Case study of randomly selected garments workers Survey of the workers with a set of questionnaire Structured interview with legal and human right experts Unstructured interview with few top level managers of garments industry including BAGMEN officials Secondary Data: Review of related articles, books and research works on ARM sector of Bangladesh Online Journals and company websites Available official data from BAGMEN . Literature Review There is no universally accepted definition of ethics.It varies from culture to culture, society to society and of course, from industry to industry. T he principles, values, and beliefs that define right and wrong decisions and behavior can be termed as ethics (Robbins 2010. P. 101). Moreover, ethical values relate to what is right and wrong, and thus take precedence over non-ethical values when making ethical decisions (Powers 2012). A simpler yet comprehensive definition of ethical conduct is given by Bertrand Russell. He says, â€Å"An ethical person ought to do more than he is required to do and sees than he is allowed to do. The common perception about Bangladesh garments industry portrays one apparent success story. M. Surreal Islam in his write-up titled Wakeup Call for Government and ARM Sector Leaders' praises the ARM sector entrepreneurs. He considers that they have done a lot to be proud. They have given Bangladesh economy its biggest boost. With it over 5000 factories the industry employs nearly 5 million workers, and has been a basic factor of women empowerment in the country. However, the writer also expressed his c oncern over the low wage of the workers in the industry in the name of price-competitiveness.He mentions that the ARM workers receive IIS$ 45 monthly payment today at their entry level. The writer compares such low wages and the associated working conditions as a case of slave labor (Islam 2012. P-11). Md. Joanna Abiding in his research paper titled ‘Overall Problems and Prospects of Bangladesh ARM Industry expressed his concern over the labor disturbances in ARM sector of Bangladesh. He mentions that garment workers remain one of the hardest working segments of the labor force in Bangladesh. Their working conditions and benefits must improve as the industry matures.Abiding recommends that investing in worker-training and in improved irking conditions will certainly enhance productivity and growth. The writer urges that the factory owners must be proactive instead of being reactive regarding this important issue (Abiding 2008). Following the recent Unchristian Étagà ¨re G arments Tragedy, The Wall Street Journal's editorial page writer Joseph Sternberg expressed his deep concern over the lack of ethical responsibility in the ARM industry of Bangladesh. In his article, appropriately titled â€Å"Why Dacha Keeps Burning† the writer has flagged what is wrong in the industry.He mentions that ARM industry in Bangladesh is inefficiently and insufficiently developing. The writer criticizes special labor rules, including a ban on unionization, and regulated pay rates that depress wages in the name of competitiveness. Finally, he brands Bangladesh ARM industry as a ‘Monster Industry that now threatens to â€Å"devour† the government. 3. Business Performance from Traditional View 3. 1 The Growth of ARM Industry ARM industry is the biggest homegrown commercial success story till date in Bangladesh. The industry has significant contribution in employment generation, poverty alleviation and women empowerment.As a garment producer for the globa l market, at present Bangladesh ranks second, behind China only. More than four million workers, mostly women, are employed in approximately 5,000 garment factories. This sector has acted as an engine behind the country economic growth. Undoubtedly, the industry has made a significant socio-economic impact in contemporary Bangladesh. 3. 2 Profit Minimization: The Traditional Purpose of Business At present ARM industry earns around IIS$19 billion per year which accounts for approximately 80% of country total exports and around 17% of total economic output (Sternberg 2012).The percentage of ARM export to the total export of Bangladesh in last ten years is shown on the chart below: Figure-I: Percentage of ARM Export to the Total Export Source: Statistics Department, Bangladesh Bank. 3. 3 Potentials for Rapid Growth of Bangladesh ARM Industry McKinney & Company; a reputed global management consulting firm predicts that Bangladesh ARM exports will grow double by 201 5, and nearly triple by 2020 (McKinney 2011. P-22). Bangladesh is widely expected to become the top producer replacing China by virtue of its price competitiveness and capacity.The industry is expected to expand up to IIS$ 50 billion by next ten years. McKinney initiated a case study to know about the sourcing preference of the European and US apparel companies, accounting for IIS$ 46 billion in total sourcing value. They conducted an extensive interview based survey where the respondents were the Chief Purchasing Officers (COP) of the leading apparel players in Europe and US. Due to the rising labor cost in China, most of the buyers now consider Bangladesh as their alternative source. While China was once considered â€Å"the place to be† for sourcing, the light is starting to shine ever brighter on Bangladesh.For most Cops, Bangladesh will be the No-I sourcing hot spot over the next 5 years. (McKinney 2011. P-4). The result of the survey is shown below: Figure-2: Sourcing Preference of European and US Apparel Companies Source: McKinney COP Survey, September-November 2011 So, from the traditional understanding of business, the ARM industry of Bangladesh can surely be called as a successful one. 4. Performance of ARM Industry from Ethical Dimension 4. 1 Compliance of Safety and Health Regulations The recent Unchristian Étagà ¨re Garments fire accident at Savor claimed 112 lives.They were burnt alive inside the factory while they were working to earn their bread and butter. The most serious part of the tragedy was that the workers were locked inside a steel gate at each floor even after the fire went out of control. The fire service trucks and the equipment could not reach timely as the access road was built on agricultural land. These are serious flaws in compliance that BAGMEN officials tried to explain off later. Almost similar compliance failure is found in many of the factories till now.Compliances required factories to have two staircases to be built in each floor , and also to have a fulfillment doctor for the medical service to the workers. But most of the factories are yet to achieve that (Islam 2012). 4. 2 Maternity Leave: A Basic Woman Right Majority of the ARM workers in Bangladesh are women. They are often fondly called ‘Pashas Joana'; the daughters of garments. Everyone in the industry recognizes that ARM industry survives, and grows with their sweat. We wanted to know the industry performance about one of the basic need in every woman's life: Maternity Leave.Finding of our survey is shown below: Figure-3: Compliance of Maternity Leave in ARM Industry Source: Survey Conducted for the Research. 4. 3 The Issue of ‘Minimum Wage' It is, if not, the most controversial, at least, the most discussed issue regarding employee right in the ARM sector of Bangladesh. Tripartite body with representatives from Government, BAGMEN and Workers' Association agreed with the minimum wage of TX 3500. Most of the factories were also found compl iant with this wage policy. We initiated a case study to have a feel' of this minimum wage.One three member family; a couple with a 2 years baby was selected where both the spouses were ARM workers. Their monthly income was TX 9400. We made a balance sheet of their monthly earning and expenditure. Table-I : Balance Sheet of ARM Workers' Earning and Expenditure-A Case Study Earning Expenditure Husband 5200 House Rent 3500 Wife 4200 Baby Food 1 500 Medicare and others 1 oho Total earning Total expenditure 11000 *They often compromise with the bare minimum food they expect to eat to live It reminds the Bertrand Russet's saying, ‘An ethical person ought to do more than he is required to do. Surely, the entrepreneurs in ARM industry can do more than what they are doing for the ARM workers. And, mere compliance with the minimum wage policy is not ethical. 4. 4 Enforced Labor Mr. Safaris Islam, the president of BAGMEN said in an interview on AY Jazzier television that there is no enf orced overtime in Bangladesh ARM industry. However, our finding contradicts what the top man of BAGMEN claimed on international media. Enforced overtime is a common practice in many of the garments manufacturing units.The factory owners tried to Justify that they are sometime compelled to do so to meet the buyers' timeline as supply of raw material often gets delayed due to poor infrastructure in Bangladesh. The state of enforced labor in ARM industry of Bangladesh is shown in the next page: Figure-4: Forced Labor in ARM Industry 5. Conclusions Many have labeled the recent unrest in the ARM industry as a conspiracy to destroy the potentials that Bangladesh enjoys. However, we feel that there is no a conspiracy theories, but disturbances in the ARM sector.These disturbances are the legitimate outpouring of the frustrations of those whose sweat makes a IIS$ 20 billion earning for our nation. From the classical business concept of making money, we can surely term the ARM industry a suc cessful one. But, when we look at it from the ethical dimension, the performance appears to be ‘dark which is evident from the poor socio-economic condition of the ARM workers. They are living a life where even the basic physiological needs are not met. If a US$ 20 billion industry fails to uplift the workers lives above the level of ‘slavery, as many term it, that cannot be called successful.