Legal and Ethical Considerations in Marketing, Product Safety, and Research Paper - 1

Legitimate and Ethical Considerations in Marketing, Product Safety, and Intellectual Property - Research Paper Example This specific industry is very delicate industry. The moral issues in the showcasing and promoting, protected innovation and guideline of item wellbeing are talked about underneath. Promoting and notice is a successful specialized instrument that causes an association to speak with the end clients in regards to the presentation of new item. Most importantly, a few pharmaceutical organizations execute serious evaluating procedure and advance their medications and a few items in financial value level trading off with the nature of the items. It can really influence the wellbeing of people as a few symptoms of these medications can make a few issues in body. Also, the associations used to give passionate adverts and wrong data about the items. It is very unscrupulous to give this off-base data. Thirdly, CompCare the auxiliary of the PharmaCare used to and advertise explicit items despite the fact that the intensified materials shouldn't sold in mass. Wrong data about customer list, qual ity issues of medications and value war between the associations can be considered as the major moral issues in showcasing and promoting. ... As far as the guideline of the items wellbeing, the association faces a few basic issues. Giving medications in low value level to the individuals of low salary bunch without considering the quality perspective can be considered as one of the moral issues. Deficient nature of the pharmaceutical lab can be considered as one of the significant issues in the item wellbeing guideline. Deficient creation in a few medications became issues for the PharmaCare. 2. Contend possibly in support of Direct-to-Consumer (DTC) advertising by tranquilize organizations Direct-to-Consumer has considered a one of the significant showcasing specialized devices for a few medicinal services or pharmaceutical associations. This DTC promoting process is very valuable and can assist the general public with overcoming a few difficulties. The facts demonstrate that publicizing and advancement is significant for every single association to make mindfulness about the items and administrations in the brains of the objective clients (Doern and Prince, 2012). The facts confirm that the pharmaceutical organizations give successful answers for a few basic ailments that can remove the precious existences of people. After solid examination and difficult work, the pharmaceutical organizations prevail to make an answer for these illnesses. Along these lines, it is the duty of the administrations and a few open bodies to build mindfulness about these medications that can guarantee great wellbeing and security of the humanity. DTC can be considered as a successful advertising specialized devices. The facts demonstrate that few associations used to follow exploitative strides so as to expand business benefits. However, the facts confirm that the general public and network can't get benefits until and except if the individuals inside the general public can't get mindful about

Perspective of Nick Carraway, Narrator of F. Scott Fitzgerald’s The Great Gatsby :: The Great Gatsby F. Scott Fitzgerald

Storyteller's Perspective in The Great Gatsbyâ â  â â Nick Carraway has a unique spot in this novel. He isn't only one character among a few, it is through his eyes and ears that we size up different characters. Frequently, perusers of this novel befuddle Nick's position towards those characters and the world he portrays with those of F. Scott Fitzgerald's on the grounds that the anecdotal world he has made intently takes after the world he himself experienced. However, only one out of every odd storyteller is the voice of the creator. Before considering the hole among writer and storyteller, we ought to recollect how, as perusers, we react to the storyteller's point of view, particularly when that voice has a place with a character who, similar to Nick, is a functioning member in the story.  When we read any work of fiction, regardless of how practical or impressive, as perusers, we experience an acceptance of difficult ideas mistrust. The anecdotal world makes another arrangement of limits, making conceivable or dependable occasions and responses that may not normally happen in this present reality, however which have a rationale or a believability to them in that anecdotal world. With the goal for this to be persuading, we confide in the storyteller. We take on his point of view, on the off chance that not absolutely, at that point generously. He turns into our eyes and ears in this world and we need to consider him to be solid in the event that we are to continue with the story's turn of events.  In The Great Gatsby, Nick goes to some length to build up his validity, without a doubt his ethical uprightness, in recounting to this tale about this incredible man called Gatsby. He starts with a reflection on his own childhood, citing his dad's words about Nick's favorable circumstances, which we could accept that were material however, he before long clarifies, were profound or moral points of interest. Scratch needs his peruser to realize that his childhood gave him the ethical fiber with which to withstand and condemn a flippant world, for example, the one he had watched the past summer. He says, rather pretentiously, that as a result of such a childhood, he is slanted to save all decisions about others, yet then proceeds to state that such resistance . . . has a cutoff.  â â â â â â â â â â This is the main sign that we can confide in this storyteller to give us a fair understanding to the story that is going to unfurl. In any case, as we later learn, he neither saves all decisions nor does his resistance reach its’ limit.

Chinese popular culture Essay Example | Topics and Well Written Essays - 1500 words - 1

Chinese mainstream society - Essay Example Particularly in monstrously developing economies like China or India, school graduates are of crucial significance. This is on the grounds that school graduates are the wellspring of ability for the nations. Because of joblessness for some reasons, the pool of ability at the school level is lost and their gifts to guarantee supportable development over the timeframe go into the channel. In China, it is assessed that this year around 7 million understudies will drop from schools and colleges. These numbers are the greatest since 2012, when 6.8 million understudies passed higher school or colleges. Keeping this in see, joblessness rate in China will go over the present rate, for example 20%, as around 54% out of 7 million understudies would think that its hard to get an appropriate line of work (Chan, 2010). In this situation, where school graduates are as yet jobless, the Chinese government needs to step in and encourage those understudies. Greatest bit of leeway of joblessness that C hinese school graduates can get is that, they are given assets by the administration so as to engage them to begin winning. In any case, then again, lion's share of the Chinese enterprises and organizations are more inclining towards outside ability than to confide in their own pool of ability. Thus, this pool of ability is turning into a waste and the school graduates’ way of life has likewise gone worse than average. The ideal case of anticipating this hopelessness is that, Chinese jobless alumni are compelled to live in little states, where every loft is loaded up with 8 to 9 school graduates. Notwithstanding of living troubles these school graduates are confronting, another predicament they are reveling into is crimes. By embracing an illegitimate way, these school graduates expect to get more cash-flow in a generally less measure of time (Solinger, 1999). To meet their consumptions, these jobless school graduates significantly rely on the guide they get from the administ ration. This guide empowers jobless school graduates to satisfy their uses for lodging, training, food and voyaging. In any case, because of expanding joblessness, the guide gave to the understudies is turning into a weight on national stores. Chinese government reports a huge number of Yuan that are spent on the standardized savings of these jobless school graduates. Then again, other wellspring of pay for these jobless college alumni is through crimes, buy and sell of medications, drawing in into garbage occupations which forestalls the ability to reach at the first rate corporate level where the can end up being increasingly helpful. Regardless of whether they get a new line of work, it may be in the field for which they are not qualified or they don't have aspirations for. In this situation, they succumb to weariness at work place and their presentation levels are diminished. Also, it causes extreme misery and worry because of disappointment structure the activity. Jobless Peasa nt Laborers Peasant workers are those workers who work at an extremely fundamental degree of country’s economy. These might incorporate ranchers and other independently employed essential level specialists. These laborers are considered similar to the greatest survivor of joblessness. This is on the grounds that, these are the person who produce things of fundamental necessities and perform essential employments that are urgent for the development of

French Subjunctive - Le Subjonctif

French Subjunctive - Le Subjonctif French Subjunctive - Le subjonctif Understudies of French will in general concur that the subjunctive is the most troublesome French action word structure, which is the reason I have over twelve pages of exercises and information on the French subjunctive to assist you with learning about it. While this is useful for your French learning, it can make it progressively hard for you to discover the exercise you need - here is a straightforward list that can help. Definitions Subjunctive  |  Verb mood  |  Verb tense Subjunctive Conjugations Customary verbs  |  Irregular action words Subjunctive Usage Utilizing the subjunctiveSpecial employments of the subjunctiveAvoiding the subjunctiveDoes ___ need the subjunctive? Ask the Subjunctivator! Subjunctive Tenses Present subjunctivePast subjunctiveImperfect subjunctivePluperfect subjunctiveFuture subjunctiveVerb course of events Subjunctive Tests Customary action word conjugationsIrregular action word conjugationsSubjunctive or indicative?Translation exerciseTest on the past subjunctive

Tell a Better Story 3 Tricks that Arent Tricks at All

Tell a Better Story 3 Tricks that Arent Tricks at All As far as I can tell, there are no magical writing secrets. There is no magic wand, no set of tricks, no way to flip a switch to instantly create better stories with your keyboard. There are, however, ways to hone your focus: that is, there are ways to write better, more interesting stories that will captivate an audience. The three things I look for in my own storiesâ€"whether fiction or nonfiction, essay or short story, novel or scribbling on the bathroom wallâ€"are Urgency. The first sentence has one job: make the reader want to read the second. Hence, the second sentence must make the reader want to read the third. So forth and so on. If a sentence doesnt fuel a storys urgency, it must be cut. Details. God is in the details. But so is the devil. Details, even minute ones, are incredibly important; they give your story life. Ergo, its important to know which details matter and which details are junk. Superfluous details slow down an otherwise interesting story. So whats a would-be storyteller to do? Cut a detail to see if it takes away from the story or makes it better or more urgent. Fun or funny. Every good story is either fun or funny (or both). Said another way, a story is fun when it is engaging, when it has a payoff, when it makes you think differently. Its funny if it  elicits  emotion, if you laugh, smile, or cry. A good story must make you feel something. Thus,  I always ask myself this question: does this story feel alive to me? If it does, then Im doing my job correctly. If not, then I need to go back to the top. For more free writing tips, follow my How to Write Better tips on Facebook and Twitter. Also, if you’re interested in taking a deeper dive, I teach an online writing class called How to Write Better. During my tenure, I’ve taught hundreds of students how to improve their writing (testimonials). Subscribe to The Minimalists via email.

Describe Television Stations in the Contemporary Society - 550 Words

Describe Television Stations in the Contemporary Society (Essay Sample) Content: NameProfessorCourseDateTelevision stations in the Contemporary SocietyTelevision stations are one of the most important inventions of the 21st century. Almost everyone in Africa watches a favorite Television station at home today. Be it educational or entertainment. Life would be so boring without a Television nowadays.First and foremost, thanks to the Vernacular Television stations, we have first hand information in our local languages at our finger tips today. We are constantly informed about what is happening around the world without leaving our homes or even switching to foreign stations. Furthermore, Television has made learning at home possible. In fact, some Television stations dedicate their programmes to specific interests. With services providers Zuku and DSTV, one can watch hundreds of educative channels including documentaries (Campante and Daniel). Campante and Daniel sates that channels such as Discovery, NatGeo, Animalia among others reveal to us more a bout nature, thus expanding our world of thought. Nevertheless, when it comes to sports, fans can watch their favorite teams at home or at social joints. Moreover, Zuku and DSTV provide a wide variety of sports that one can watch for leisure. The some channels provide training programmes such as martial arts, which maybe be utilised for individual training (79-85). A further advantage is that old people living alone find Television a very good company at home. By tuning to the station they like most, or switching from one station to another, they get rid of their loneliness. On the same note, keeping the aged busy hinders them from psychological ailments such as stress, depression and high blood pressure, which emanate from excessive thinking in lonely environments (Bursztyn, Leonardo, and Davide Cantoni 26). We cannot forget to mention that Vernacular Television stations inculcate and save guard our cultures; by appreciating the use of vernacular languages. In addition, the use of our native languages encourages people to know their mother tongue hence protecting their natural heritage. Global companies also rely on Television stations in advertising their products. Through the invention of Television stations, entrepreneurs find it easy to monitor global market trends at the comfort of their houses. Television stations are also sources of income. Citizens are employed in the Television stations at different capacities, ranging from semi-skilled laborers to skilled laborers such as managers and technicians (Bursztyn et al 28). On the other hand, too much television can create problems in the family; through constant arguments of which channel to watch hence isolating part of the family members. When one is watching the Television, he or she does not feel like talking or being disturbed since they are so absorbed in what they are watching. This self-absorption brings in the issue of couch potato. Watching Television is also addictive hence may turn to be a cau se of irrespo...

The Use of Lightning, Music, and Mini-scenes in Williams Play A Streetcar Named Desire - Free Essay Example

Writing a Review with ThePensters Excellent Service, Original Writing, Individual Approach

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The Biltmore Estate The Largest Home in America Essay

The Biltmore Estate is located in Asheville, North Carolina. It is the largest privately owned home in the United States. It was privately owned by George Washington Vanderbilt and his family. The house was designed by Richard Morris Hunt. Frederick Law Olmsted designed the landscape. The Biltmore Estate had a major role in the development of the creative architecture of the era and is well known for being Americas largest home. The Biltmore Estate was built from 1889 and 1895. It cost about $10,000,000 to build. The Biltmore Estate was built on 125,000 acres of land. It had a total of 250 rooms. Included in these rooms is a swimming pool and a bowling alley. In the Biltmore Estate, there are 35 bedrooms, 43 bathrooms, and 65†¦show more content†¦After Hunt died in July 31, 1895, his son continued his work on the Biltmore Estate, even though it was essentially finished. The center of the Biltmore Village was the All Souls Episcopal Cathedral. This was one of Hunt’s favorite, but least known works. Today, full-height portraits of Richard Morris Hunt and Frederick Law Olmsted, the great designers, hang in the Biltmore. The Biltmore Estate had a major role in the development of the creative architecture of the era. The Biltmore had features and materials that were new and of the best quality of the time period. Some of the things in the house that were unique at the time were electric lighting, telephones, and an elevator. The stone used in the construction of the Biltmore was very popular and expensive at the time. It was mined in Indiana. Since the Biltmore included such new amenities, the house was considered a luxury. Since it is one of the largest privately owned house in the U.S., it attracts a lot of tourists. About one million tourist visit this house each year. Before a railroad was built near the city in 1880, Asheville was relatively quiet . After the railroad was built, tourists began visiting the city. Of these tourist was George Washington Vanderbilt. He was visiting the city with his mother to find aid for her chronic malaria. At that time, Asheville was known to have a â€Å"healing environment† due to its altitude and climate. Though Vanderbilt’s original sketchShow MoreRelatedBiltmore944 Words   |  4 PagesThe Biltmore Estate represents the finest architecture, construction, and materials available in the late nineteenth century. The famous house was built by George Vanderbilt, grandson of Corneluis Vanderbilt. George inherited money from Cornelius, a pioneer in the railroad industry (Hudson et al. 113). Cornelius Vanderbilt gained much of his wealth and prominence through hard work in the railroad and shipping industries (Cohen n. pag). BY the time he died, his railroad company he owned was

Mandating a Graduation Test to Stop Students from Slipping...

Throughout America the high school graduation rate is on the rise. This is great but are students actually learning what is important or are they slipping by. According to Daniel Kortez, a Harvard Professor, this might be the case. That is why we need to mandate a graduation test in North Dakota. What is the purpose of having the next generation graduate from high school but not have adequate knowledge to continue into the real world and in further education? The North Dakota Department of Public Instructions needs to mandate a standardized test which students must pass to demonstrate whether students are prepared for the real world, provide accurate comparison between sub groups, and show whether or not the current curriculum is†¦show more content†¦According to Education.com, sub groups can provide the school with data about ethnicity, special needs and socioeconomic status (Standardized). This provides schools with data about how to better enhance their students’ education and create programs that would be useful to students. Similarly, this graduation final will also give a superb evaluation of the current courses. The final reason that we need to commision a graduation test is to make sure that the schools and curriculum are properly teaching students.When I was in fifth grade I learned very little. At the time I thought that it was pretty cool but the following year my grammar skill were insufficient. That is why we need to mandate a graduation test. It would show if the students are accurately learning in the curriculum. Daniel Kortez a Harvard professor agrees. He thinks that graduation tests give us an accurate way of finding out what students actually know (Usable). Standardized tests also hold schools and faculty accountable for students knowledge. The scores of these types of test become public after a certain time. This would then show the public if the current curriculum is up to the task of effectively teaching students. This can lead to the loss of a job and maybe even the take over of a school to make sure that the students are learning properly (Standardized). People who oppose t he graduation test would say that teachers would then teach to the test. To prevent this the school

Over Abundance and Waste Free Essays

Over Abundance Imagine saving everything; from pieces of string, tin foil, and old clothing. Fifty years ago not much was being thrown away. In addition, almost everything had a considerably longer life span. We will write a custom essay sample on Over Abundance and Waste or any similar topic only for you Order Now According to Joshua Becker he states from his blog â€Å"from the moment we are born, we are told to pursue more†. Today, our lives are inundated with advertisements on television, radio, newspaper, magazine, billboard, and websites  that encourage us that more is better. As a result, we toil for long hours so that we can buy the biggest homes and fanciest cars, wear the trendiest fashions, and use the coolest technologies. What led us to this place of having and wanting so much stuff; stuff that we literally do not know what to do with or where to put when we are done with it? What we buy, what we use, what we keep and throw away make up the fabric of our daily lives. A sea of stuff flows in and out with such speed we hardly realize the global impact attached to each and every item we buy. â€Å"The process of becoming obsolete; falling into disuse or becoming out of date is also called obsolescence. (Rogers) Compared to fifty years ago our society is better known as a throwaway society; in essence we are never satisfied with what we have and always want more. Craving the latest trends and newest gadgets coming out every season, many people tend to just toss out the old items and purchase new. Common examples of this reckless and selfish behavior include: electronic devices (cell phones, I Pods and computers), clothing (newest fashion trends) and small appliances. In our collective society many people want more of what is new rather than repairing the item. The current generation of people (Generation Y) is described by the www. freedictionary. com as â€Å"members of the generation of people born since the early 1980s that are seen as being discerning consumers with a high disposable income has more time and money than any other. † A combination of new technology and the internet is partially responsible for this transformation. With the explosion of electronic access (free WiFi and smart phone technology) consumers today are exposed to persistent and persuasive advertisements. Instead of making an expensive product that will last a long time, businesses produce more affordable, disposable items. In addition, technological advances cause many people to discard products well before there useful lifespan has been achieved. For example; some electronic items such as portable DVD player ($50) have become so inexpensive that it is cheaper to replace them. Our society has been conditioned that time is money which busy people translate into paying for convenience over saving money. Conversely, complicated computerized equipment may be difficult or time consuming to repair and consumers may be less inclined to wait for a repair. Multimedia has programmed our generation to become a materialistic type society that focuses on the buildup of many new things over things that still work. â€Å"With only 5% of the global population the U. S. consumes 30% of the planets’ resources and creates approximately 30% of its waste. †(Rogers) Growth in America is being driven by a new sense of convenience and disposability. Paper plates, frozen foods, TV dinners, and aerosol cans are the way of the future, bringing a new convenience and ease to everyone’s life style. This drive thru mentality has filtered through our society and fueled our desire for more while reducing our level of patience and tolerance. â€Å"For example; we can live our lives without leaving our homes or automobiles using drive thru access for fast food, online education, pharmacies, dry cleaners and even banks. † (Rogers, 2) Today â€Å"to go† food comes in cheap, disposable single use packaging. Pre-packaged frozen and canned foods are increasingly popular, generating additional waste. Milk used to come in glass bottles that were recycled each morning when fresh milk was delivered. â€Å"Now, most beverages come in plastic bottles, of which less than a third is recycled. † (Rogers, 5)  These quick and easy products have been developed to suit our desire or instant gratification and convenience. Here are some simple and cost effective solutions that our society can implement to reduce our carbon footprint. Bring your own reusable bags when you go shopping. Buy things that can be reused over and over, like rechargeable batteries. Clean counters with a cloth towel instead of disposable paper towels. Create your own cleaning solutions using baking soda and bleach which are less harmful to our environment and cost effective. Ask whether your delivery person will recycle the plastic bags and rubber bands that newspapers come in. These are just a few simple ways to help make the earth a better place for our future. â€Å"More advanced technology being put on the market every six months our society has become a throwaway society. With technological advances and the desire to have the latest and greatest products who would want to pay almost the same price for something to be repaired when you can get it brand new? † (Rogers 2) Americans as a whole have become wasteful with material and place more importance on time and convenience. For our world to continue with plentiful resources we need to start making changes and change the way we live and use our precious natural resources more efficiently to have a better future. How to cite Over Abundance and Waste, Essay examples

Completeness of Strategic Performance Management

Question: Discuss about the Completeness of Strategic Performance Management. Answer: Introduction The Australian government has introduced various legislations relating to climate change. As a result, companies have incorporated environmental sustainability measures in their Strategic Performance Measurement Systems (SPMS). Ideally, these firms have not been disclosing their SPMS adoption in their annual reports. However, after enacting of the legislations by the government, many organizations have shown their willingness to disclose their SPMS adoption. If the disclosure of SPMS adoption is not linked to rewards systems or compensation plans, then it is just a mechanism to brainwash the shareholders or investors (Aguinis, 2009). This research paper has two sections. Part 1 looks at the profile of two Australian public companies and discusses the criteria that I have chosen in deciding whether those two businesses have adopted a multi-perspective SPMS. Besides, this section examines the SPMS disclosure of those two companies, discusses whether there have been any changes made in SPMS disclosures between 2014 and 2015 concerning the objectives, perspectives, targets and measures set and compares the SPMS disclosures of the two enterprises. Section 2, on the other hand, looks at the performance of the two companies and links their performance to rewards or compensation plans. Ideally, it analyses their financial results, investigates whether they link their SPMS targets or measures with rewards or compensation plans and explains whether the two businesses have strengthened their competitive advantage or not. Company profile and disclosure of SPMS In this analysis, I choose Telstra Corporation Limited, which comes from the telecommunications industry, a non-environmentally sensitive industry, and BHP Billiton Inc, which is in the mining sector, an environmentally sensitive industry (Araz, and Ozkarahan, 2007, pp.585-606). Telstra Corporation Limited is an Australian telecommunications firm which offers communications services. Telstra Corporation Limited is traded on the Australian Stock Exchange (ASX) with ticker symbol TSL. BHP Billiton Inc, on the other hand, is an Australian multinational company traded on the Australian Stock Exchange with ticker symbol BHP. As of 2015, this business was the largest mining company by market values (Bhagwat, and Sharma, 2007, pp.43-62). It mines products such as iron ore, coal, petroleum, nickel, natural gas, uranium, and copper. Criteria Used in Deciding the Adopt of a Multi-perspective SPMS by the Companies According to Elijido-Ten and Tjan (2014), companies use the balance scorecard approach as a performance measurement system to define their strategies and objectives thus allowing the management to supplement financial measures with a mix of non-financial metrics. Ideally, there are four performance measurement perspectives, which include financial perspective, internal process perspective, customer perspective, and learning and growth perspective (Daley, 2006, pp.120-134). The financial perspective describes whether a company's mission, strategy, vision and objectives have led to its improved economic and fiscal success. Here, the management performs an economic analysis to determine whether the firm is succeeding or failing. The customer perspective looks at what a company does to keep its customers that is its customer relationship. If a corporation has a strong customer relationship, then it is performing well (de Waal, Kourtit, and Nijkamp, 2009, pp.1242-1265). However, if its cu stomer relationship is weak and there are no return customers, then it is failing. The internal business process perspective monitors the internal processes of a business and the internal control system in those processes to determine whether the firm is succeeding or not. Here, the business looks at factors such as the quality of the products, the innovation used by the company and distribution services. A weak internal control system at these processes will indicate that a company is failing, while a strong internal control system would mean a successful business. Elijido-Ten and Tjan (2014) further states that to determine the SPMS disclosures of the firms, one looks at three essential features that is a distinct mission, vision, and strategy statement, relevant and measurable targets (prospective financial statements) and indicators of past and current performance (backward-looking statements). Back looking statements usually communicate a firm's previous sustainability initiatives, performance measures, and targets while forward-looking looks at predicted sustainability goals and objectives that have been recognized by the enterprise (Elijido-Ten, 2011). Finally, strategy statements summarize how the non-financial targets can be linked to the financial goals. The SPMS disclosure of the Two Companies The approach of Telstra focuses on improving customer experience, building new business units and driving client value. Telstra achieves improved customer advocacy by providing their customers with outstanding mobile service in Australia. Their strategy statement indicates that they are committed to maintaining their market share as a network leader (Elijido-Ten, 2013). This is evident because they invested $ 1.1 billion in 2015 in their mobile network and they have considered expanding their 4G mobile. This is the first SPMS disclosure that Telstra Corporation has made in its annual report. Besides, the company has launched a global managed network services as well as a global Infrastructure service. This is evidenced by the fact that they have established a new business unit, Global Enterprise, and Services, which aims at delivering innovation and globalization. Telstra Corporation has disclosed its customer perspective in that in its strategy; the management stated that they were committed to improving the services and experiences of clients and this is evidenced by the fact that they have implemented a Net Promoter System (NPS) program, which seeks feedback from customers and helps them measure their progress. This is the second SPMS adopted by Telstra Corporation (Elijido-Ten and Tjan, 2014). The 2014 annual report of Telstra Corporation contains backward-looking statements, as the past and current data is evident. The strategy BHP Billiton focuses on owning and operating large, cheap and expandable diversifiable assets (Ferreira, and Otley, 2009, pp.263-282). They have managed to achieve this strategy by positioning itself to continue to meet the ever-changing needs of the consumers. Besides, their plan involves ensuring the health and safety of their workers and ensuring that they maintain their ethical and responsible behavior. With this strategy, it is evident that BHP Billiton has adopted SPMS by making sure that they achieve the customer, the financial and learning, and growth perspective. The 2014 annual report of BHP Billiton also contains forward-looking statements that is trends in commodity prices, exchange rates, plans, products demand, forecast, anticipated production, capital costs, operating costs, anticipated projects and so forth. This is evident by the use of words such as anticipate, believes, plan, expects, intend, estimates, aims, projects or similar words. Discussion of Any Changes Made in SPMS Disclosures regarding the Perspectives, Objectives, Measures and Targets Set During the year ended 2015, Telstra Corporation has aimed at maintaining their focus on improving customer advocacy, driving value and building new growth businesses. This means that their SPMS disclosures have not changed. Their goal of ensuring employee involvement, everyone connected and environmental leadership has not changed from 2014 to 2015. BHP Billiton has also not changed on its SPMS disclosure measures in 2015. This is because the management has still embarked on the same sustainability as in 2014 that is putting health and safety first, supporting their communities and being environmentally responsible (Franco-Santos, Kennerley, Micheli, Martinez, Mason, Marr, Gray, and Neely, 2007, pp.784-801). Comparison of the SPMS disclosures of the Two Companies A comparison of BHP Billiton Inc and Telstra Corporation would indicate that BHP Billiton performs forward-looking statements while Telstra has backward-looking statements. Both companies have strategy reports (Kaplan, and Norton, 2007, p.150). BHP Billiton aims at operating huge, low-cost, long-life and expandable diversifiable assets while Telstra Corporation aims at improving the advocacy customers, driving value and building new initiatives. Based on the balanced scorecard, one can analyze the financial performance of BHP Billiton and Telstra Corporation. On the economic perspective, the revenue of Telstra has increased by 20% from 2014 to 2015. Its costs have also increased by 4.6%, which implies that Telstra is not performing well (Need, 2006). The return on investment on Telstra was 18.9% in 2015, which is not a good indicator as it decreased from 20.4% in 2014. The return on equity of Telstra amounted to 30.3% in 2015, which was a decline from 32.3% in 2014. This led to a drop in stock price, thus a small remuneration for its executives. The revenue of BHP Billiton, on the other hand, has decreased by 21%. This means that BHP Billiton is a poor performing company than Telstra Corporation regarding revenue. The annual report of 2015 of BHP Billiton gives a summary of their key performance indicators (KPIs). These KPIs enable them to measure their financial performance and sustainable development. The first KPI of BHP Billiton is total recordable injury frequency (TRIF). During the period, the number of injuries reduced from 4.18 million to 4.1 million. This is a reduction by 2%. This KPI links to the strategy of BHP Billiton in that they have ensured the health and safety of their people. Second, BHP Billiton has involved itself in community investment (Need, 2006). In 2015, their community investment totalled $ 225 million, which comprised of $ 142 million in cash and a contribution of $ 83 million to the BHP Billiton Foundation. This links to their strategy in that they believe in operating an ethical and socially responsible firm. Third, total shareholder return is a capital management KPI of BHP Billiton. In 2015, the companys total shareholder return was -27% because of a decline i n share price. This links to their strategy in that they measure their performance concerning shareholder wealth generation. Lastly, BHP Billiton green gas emissions were 38.3 million which represented a reduction of 6% from 2014. This links to its strategy in that the company aimed at achieving the global challenge of climate change. An Investigation of Whether the Two Companies Link their SPMS Measures with Executive Rewards The Board of Telstra Corporation believes that total shareholder return is an appropriate performance hurdle or measure because it relates executive rewards or compensation plan to its share price performance about its competitors (Elijido-Ten and Tjan, 2014). This is an SPMS measure that Telstra has adopted, and it is, therefore, evident that it links to executive rewards. From the annual report of BHP Billiton, it is clear that the board has not connected their SPMS measures with the executive compensation plan. Telstra has accomplished to enhance its competitive advantage since it has achieved its strategy, an increase in revenue and linked its SPMS measures to rewards despite having a declining ROI, ROE (Elijido-Ten, 2013). BHP Billiton, on the other hand, has failed to strengthen its competitive advantage since it has not been able to link its KPIs to rewards. Conclusion SPMS measures determine a companys financial performance. An analysis on BHP Billiton and Telstra Corporation indicated that Telstra had succeeded in strengthening its competitive advantage as it achieved its strategy that is to improve customer advocacy, to build new businesses and to drive value. Besides, it managed to link SPMS measures to rewards. BHP Billiton, on the other hand, failed to strengthen its competitive advantage, as it did not link its SPMS measures to rewards. References Aguinis, H., 2009.Performance management. Upper Saddle River, NJ: Pearson Prentice Hall. Retrieved on 16th January 2017. Araz, C. and Ozkarahan, I., 2007. Supplier evaluation and management system for strategic sourcing based on a new multicriteria sorting procedure.International journal of production economics,106(2), pp.585-606. Retrieved on 16th January 2017. Bhagwat, R. and Sharma, M.K., 2007. Performance measurement of supply chain management: A balanced scorecard approach.Computers Industrial Engineering,53(1), pp.43-62. Retrieved on 16th January 2017. Daley, D.M., 2006. Strategic human resource management.Public Personnel Management. Current concerns, future challenges,5, pp.120-134. Retrieved on 16th January 2017. De Waal, A., Kourtit, K. and Nijkamp, P., 2009. The relationship between the level of completeness of a strategic performance management system and perceived advantages and disadvantages.International Journal of Operations Production Management,29(12), pp.1242-1265. Retrieved on 16th January 2017. Elijido-Ten, 2011. The impact of sustainability and balanced scorecard disclosures on market performance: Evidence from Australias top 100. Retrieved on 16th January 2017. Elijido-Ten, 2013. Determinants of strategic performance measurement system disclosures in Australias top 100 publicly listed firms. Retrieved on 16th January 2017. Elijido-Ten and Tjan, 2014. Sustainability balanced scorecard disclosures: an Australian study. Retrieved on 16th January 2017. Ferreira, A. and Otley, D., 2009. The design and use of performance management systems: An extended framework for analysis.Management accounting research,20(4), pp.263-282. Retrieved on 16th January 2017. Franco-Santos, M., Kennerley, M., Micheli, P., Martinez, V., Mason, S., Marr, B., Gray, D. and Neely, A., 2007. Towards a definition of a business performance measurement system.International Journal of Operations Production Management,27(8), pp.784-801. Retrieved on 16th January 2017. Kaplan, R.S. and Norton, D.P., 2007. Using the balanced scorecard as a strategic management system.Harvard business review,85(7/8), p.150. Retrieved on 16th January 2017. Need, W.C.D.H.P., 2006. Human Resource Management: Gaining a competitive advantage. Retrieved on 16th January 2017.

Not Just Any Thunderstorm free essay sample

Discuss the greatestchallenge that you have faced or expect to face As the sun melted intothe distant horizon, I saw the thickening of the ominous clouds overhead. Therain began to pelt the roof of my old house, but nestled in my canopy bed underall my covers, I felt safe. Flashes of lightning and rumbles of thunder shook thehouse and tears began to roll down my cheeks. This was not just any thunderstorm,it was a moment in my life when I struggled to keep my faith and hope. Ispotted my mothers face, eyes ringed with smudged mascara. I peered up at herand knew something was very wrong. Its Dad and me, she began.We have decided to separate for a while until we can work thingsout. But youre not getting a divorce, are you? Iquickly asked. She shook her head, but I knew things would never be thesame. We will write a custom essay sample on Not Just Any Thunderstorm or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Soon after, my dad and I packed our bags and moved in with mygrandparents. He tried so hard to be strong, but I could see that he was feelinga lot of pain. He read me books to try to help me fall asleep at night. Iremember one was about a single dad and how things around the house weredifferent without a mom. He even tried, unsuccessfully, to put my hair up in anon-bumpy ponytail. My dad helped me to develop my faith, and without it, I donot think I could have made it through this difficult time in my life. He taughtme the Lords Prayer and we recited it together every night. But as much as hetried, he was not my mother. My life before the separation was socarefree, and I was content. The memories of the three of us vacationing inFlorida smiling, laughing, and spending time as a family are painful, andwill last a lifetime. How could my life change so fast? I felt like I was on aroller coaster, and as much as my parents tried to comfort me, I felt alone. Theonly hope I had was my faith in God. I do not remember how long it wasuntil my parents announced they were getting a divorce. This did not come as acomplete shock because I suspected when they separated it would be forever. Ittook many months of arguing in court for my parents to settle that they wouldshare parenting. I believe God blessed me because I have had an opportunity toknow both parents. I often wonder how my life would have been if myparents had worked things out, but I know I would not be the same strong person Iam today. Struggling through this rough time, I learned to put my faith in Godand never to lose hope. I thank my parents for allowing me to learn from theirmistakes, and hope that I will not make the same ones. Ultimately, I had to makea choice: to move on with my life, or dwell on my past. I thank God for all thewonderful gifts he has bestowed upon me. My parents have both remarriedand are happy. I have two new parents, whom I hold as dear as my own. I am trulyglad to see both my parents happy. Although I still wonder what my life mighthave been like, I never wish to change where I amtoday. *** Asthe sun rose, sunlight peered into my bedroom and I could hear birds singing. Isat up in bed, relieved that the thunderstorm was finally over. I felt changed.Slowly, I opened my window, noticing the beautiful tulips blooming and the softspring breeze blowing against the trees. Suddenly I thought, I survived thestorm! I am ready to face the next one! After all, today is another day.

Five Steps to Writing a Sample Extracurricular Activities Essay

Five Steps to Writing a Sample Extracurricular Activities EssaySample extracurricular activities essay is a great way to get students' attention, but the key is to present a unique experience that leads to an understanding of what can make a difference in a student's life. Here are five steps to helping students achieve this goal.The first step involves setting up the classroom environment to bring the core ideas to life. It should be as if the student has always been participating in the activities before. Have all of the school personnel to attend to ensure that each student feels included and encouraged to share their own story.The second step is to write about what the student experiences, both at the time of the writing and during their participation in the common activities. Students will want to know about personal benefits of participating in the activities as well as knowing how participating has impacted them throughout their lives.To provide the most benefit, the students must feel a sense of satisfaction and wonder as they participate in the common activities. This will help them understand that the experiences are special and that it can impact their lives positively. As long as they know they can participate in something that is meaningful and fun, they will participate.The third step involves writing about what the student learned by participating in the common activities. They should be able to explain why they were able to learn a lot more as a result of the activity. At the same time, they should be able to appreciate the fact that the activities are fun and exciting.The fourth step involves defining the purpose of the student's participation in the common activities. The students must be able to clearly identify what they need to do, and where they need to go.The fifth step is to ask the students to consider their participation in the common activities as a learning experience. They must understand that these experiences can change their live s. They should have a better idea of what they need to do to become better in some area of their life.As long as the student feels that they have accomplished something significant and that they gained valuable lessons from their participation in the sample extracurricular activities, they will not think of it as just another school project. It should be unique and exciting, and they should continue to enjoy their involvement in the activities for years to come.

Wizard of Oz free essay sample

There were many theoretical assumptions made by people however the author continued to say it was merely a childrens book. There was never any proof justifying what people assumed about the story. The strengths Of this article were all the evidence from the book. Dorothy wearing silver shoes on a golden road could have meant many things. A key plank in the populist platform was a demand for free silver. The good witch who wore white could have been another political analogy. The word Oz itself s another word for an ounce of gold or silver.Bam, the author of The Wizard of Oz had also written about politics previously. Many of those things could have a deeper meaning, but to most people its just a childrens story. He claimed that the story was neither a pro-Populist parable nor an anti- populist parable. The author of The Wizard of Oz aimed not to teach but to entertain; he aimed to amuse not to lecture. We will write a custom essay sample on Wizard of Oz or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Therefore, he believed the story is best viewed as a symbolic and satirical representation of the populist event and politics.What is known to most people as a childrens book can also be considered a political story. Oz operates on two levels, one literal and the other symbolic and political. Its fascinating how the author incorporates it on both levels. However, the weakness in this article was that there was no proof. It was all just rumors and hearsay. The point he was trying to prove couldnt be proven. Anyone can misinterpret a story or say what they think the author meant, but only the author himself will know the true meaning.

buy custom Sexual Offence Act 2003 essay

buy custom Sexual Offence Act 2003 essay How the reforms of the offence of rape in s.1 of the sexual offense Act 2003 achieved a balance between the protection of Complainant and defendants in these difficult cases; It is however arguable that the statutory definition of rape is not suffice. And it is actually more applicable to lawyers than judges, many judges and lawyers criticized this definition citing that it will make judges strain in making their major decisions in the court. The sexual offences Act complicated the law since it will results into many acquittals thus making members of the public to lack confidence in the judiciary. The judge will quite often not state that his knowledge on the law interpretation is limited and as per that he may opt not to convict any man or woman due to his lack of knowledge. It is therefore proper for the judges and magistrates to have a fall back plan so as to uphold their decision making plans. To me, there is a shared definition of what consent should be and what it should not be. Statutory definition of consent is uncalled for, and most judges might understand what it is all about. The most important is how a judge construes the meaning of consent and not what influenced the decision. The question should not be whether there was a consent or not, but whether there was a sexual intercourse. The assumptions contained in the s.75 and 76 relates to absence of consent. The objective of enacting these two subsections is to create an opportunity for the improvement in the rate of convictions and ensure also correct balance between plaintiff and ensuring fairness for the defendants. Even though these provisions have been long yearned for, they are however been less productive. This is particularly applicable to s.75 which many judges prefer not to deal with when faced with such a difficult case. Judges always find it too difficult to deal with and are really complicated to them .The main fear that looms a head of them is the fear of judicial trespass, as the decision on whether the consent should be upheld by the judges or not. For instance a case raised requiring s.75 to be applied. Despite having all the evidences at his disposal, that the violence had been used against the plaintiff, the judge did not however apply it. The judge referred to it as just a can of worms. The evidence is required to rebut the assumption; the advocates opinion is therefore a prequisite to provide this empirical evidene. The scope of the offence of sexual Assault in s.3 of the sexual offence Act 2003; No, it is not actually clear since it based its argument on the consent principle which is very difficult to determine. The sexual Act 2003 migrated away from a subjective argument to an objective one which is in contrast to other fields of criminal law.Redifining consent assumption created a major reform in this Act. The reasoning of the defendant is contextualized since he is made to believe that consent has to be beyond reasonable doubt. S.1 (2) allows for the determination of the extent of the belief paying attention to all the evidences before hand and then making appropriate decisions. This task of contextualization will dilute the steps taken by a defendant before a plaintiff consented to his sexual advances. It is at this point, where we arguably say that the law is not clear.Sex is a duty of only two parties, so the focus should not be on one person who is making the plaintiff but you also have to focus on the defendant. This will therefore place undue burden on the defendant, noting that it would have been easier for the defendant to determine that the reason was beyond reasonable doubt. Despite my support for the objective test, it appears unfounded for the academic support When an enquiry was made whether the claim was justified in all the situations, it was found out that the belief was justifiable in the situations. This eventually led to a more intense scrutiny of the behavior of the complainant not only before the act but also after the act. The law is still projected towards the behavior of the defendant and can also be reasonably focused on complainant himself. The Act is therefore too complicated and also failed to aid the judges in implementing their decisions in curbing the sexual offences propagators. The parliamentary reforms thus failed in implementing their decisions in and dealing with their decision. Instead they have transferred some of their roles to the judiciary thus creating a backlog of activities in the judicial sector. The law is therefore too lenient in dealing with rape sensitive cases. The perception of the judges and magistrates and their personal convictions a bout the defendandant and the plaintiff are more vital to decide a case before hand and either to convict or acquit rape case. We are obliged as lawyers, judges and magistrates to look into the beneficial outcomes and carry a thorouugh enquiry and analyze the circumstances vigorously and form a judgment as what circumstances surrounds the male and female sexuality which may continue to be viewed as a criminal activity. The definition of rape was thus a mended to include any intercourse with a woman without her consent .The rape plaintiff is actually anonymous ,anomyty for rape defendants.Thr act also modeled rape to cover vaginal or anal intercourse a against a man or a woman thus acknowledgeging that men can also be raped. According to s.1 of the sexual Act, Samantha ought to have respected Ninas sexual Autonomy, This in trying to locate the wrongs involved in a certain forms of sexual conducts. In carrying out such criminal offenses in relation to sexual conducts, respect of sexual autonomy operates at two levels. Where one the citizen takes part in the sexual activity in respect of which he or has not been freely done. This results into a sexual offense namely that activity that breaches ones sexual autonomy is wrong punishable by law. Nina should therefore seek for legal remedy against Samantha and be compelled to pay. On the other hand since Samantha and Dan has been cohobating for more than two years now, it is legally regarded as an informed consent and both parties are fully aware of their actions, According to the sexual offence Act 2003.s.1 no such party should seek legal remedy. Only that it is an exception with Samantha because she operates as a man and at the same time as a woman. In such situations, she cans sure Dan for sexually harassing her, or yet still Dan can sue her for sexual harassment due to her special conditions. Mark should be held personally liable for first molesting Donna who was her ex-girl friend. Even though they were lovers before the ordeal, Mark did not respect her sexual autonomy and went out of his way to forcefully molest her in front of her peers. The second count of a criminal activity against Mark is first thinking that Janice is 16 years but she is only 12 years. This is a minor whom he takes to his house and forcely injects pain in her private parts. According to the sexual offence Act, s. 75 and 76 apply to an offence under this section. Subsection states that a person guilty of an offence under the section shall have involved in activities such as penetration of Janices vagina with his part of body, that is his fingers. Mark should therefore be summarily be convicted for a jail term not exceeding six months. Buy custom Sexual Offence Act 2003 essay

Discourse Analysis Essay Example | Topics and Well Written Essays - 250 words

Discourse Analysis - Essay Example Critical discourse analysis has been widely used in educational research. On most occasions by educators or teachers who are keen in understanding and addressing issues that have to deal with their professional practice and activities (Widdowson, 2007). Most people enter the field of education, because they are concerned with issues dealing with equality, power and justice. It is therefore not a surprise that critical discourse analysis is able to give an appealing approach for an educator to understand on how issues in education affect them. Furthermore, through discourse analysis, educators have the capability of linking the details of an everyday practice, to a wide political and social (Schiffrin, Tannen and Hamilton, 2001). Discourse analysis would help in solving a research problem in education, mostly because it provides a basis in which a researcher understands some problems in research question, that are difficult for them to understand. Take for example, a research in higher education administration that seeks to analyze the effects of reduced government spending. The discourses under consideration would be funded research, constrained budget, and academic standards (Widdowson, 2007). By carefully analyzing these discourses, the researcher would get the ability of understanding an approach to use in answering the research

Business Process Management Essay Example | Topics and Well Written Essays - 1500 words - 1

Business Process Management - Essay Example success of the ERP software implementation procedure, while the details of Hershey Company have communicated the reason behind the failure of the ERP system. The discussion has further communicated the major problems faced by organisations during the application of the system. It has also suggested a number of solutions to avoid these discrepancies. The system is developing its services by collaborating with various updated technologies such as mobile applications and cloud computing. It has also been illustrated that organisations are using different tactics to reduce the expenses regarding malfunctioning of the ERP system. The final outcome of this discussion has suggested that the ERP system is gathering great acceptance from different organisations industry sectors. It has also suggested that the technology is developing rapidly to accrue a huge market share worldwide. The study is based on the discussion about various aspects of Enterprise Resource Planning (ERP) systems. This discussion will mainly focus on the importance of the usage of ERP system in different businesses. Two organisational case studies will be illustrated to analyse various implementation procedure of ERP system in business operations. The case study of Cadbury and Hershey’s company will demonstrate the success and failure of the ERP system implementation procedure in the organisational operations. A list of problems regarding the usage of the system in business process will be discussed. The study will also offer some solutions to the problem of ERP implementation. A number of recent technological developments of the ERP system will be illustrated in the report. These developments will enable business operations cope up with the ever changing market structure. Finally, recommendation will be made regarding the major vendors of ERP software and current level of usage of the system. ERP or Enterprise Resource Planning system is considered as business process management software which

Aggregate Demand And The Level Of Economic Activity Economics Essay

Aggregate Demand And The Level Of Economic Activity Economics Essay Introduction Collection of revenue and the use of government expenditure which affect the economy is termed as fiscal policy. Fiscal policy can be distinguished with the major sort of macroeconomic policy, monetary policy, which stabilizes the economy by controlling rate of interest and supply of money. Two major objectives of fiscal policy are taxation and expenditure of government Transforming in the level , composition of taxation and government expenditure can force on the following variables in an economy : Aggregate demand and the level of economic activity; The pattern of resource allocation; The distribution of income. Aggregate demand and the level of economic activity: At a given time the price level and the total demand for goods and services in an economy(Y) is called aggregate demand (AD) . [1]. It is the quantity of goods and services in an economy that will be obtained at all probable price levels.[2] When inventory levels are static the demand for the gross domestic product of an economy is termed as aggregate demand. It is also called effective demand although at other times this term is differentiated. It is often quoted that the aggregate demand curve is downward sloping as at lower price levels a larger amount is demanded. Components of Aggregate demand and the level of economic activity: An aggregate demand curve is the summation of individual demand curves for different sectors of the economy. The aggregate demand is generally expressed as a linear sum of four divisible demand sources.[3] where is consumption (may also be known as consumer spending) = ac + bc(Y à ¢Ã‹â€ Ã¢â‚¬â„¢ T), is Investment, is Government spending, is Net export, is total exports, and is total imports = am + bm(Y à ¢Ã‹â€ Ã¢â‚¬â„¢ T). The pattern of resource allocation: Resource allocation is generally used to allot the resource available in an economy in an economic way. How limited resources are allocated among producers, and how limited goods and services are distributed among consumers , this study takes into observation the accounting cost, economic cost, opportunity cost, and other costs of resources and goods and services. Allotment of resources is a vital idea in economics and is related with economic effectiveness and maximization of utility. The distribution of income: Amongst the population of a nation how the nations total economy is allocated is termed as income distribution. It has always been a major concern of economic policy and economic theory. The allocation of income between the vital factors of production, land, labor and capital are considered to express income distribution. Fiscal policy is a vital factor for the economic development of a country. In Bangladesh fiscal policy consists of activities, which the country carries out to attain and utilize resources to afford services while ensuring optimal efficiency of the economic units. This policy controls the behavior of economic forces throughout the public finance. The main factors to attain these goals are variation in public expenditure, variation in public revenue, and management of public debt. These are revealed in the financial planning operations of the government, set up and executed on year-on-year basis. Literature Review For the overall economic development of a country fiscal policy and its management exert greater influence on economic activity. To boost up an economic infrastructure many research and study have been done by economists and policymakers. In this section literature abounds on the effectiveness and importance of fiscal policy in developed and developing countries of the world. Developing countries are facing dual challenges while undertaking fiscal adjustment policies. One arises from the increasing demand for public expenditures for Infrastructure and social sector investment, and the other arises from the lack of capacity to raise revenue from domestic sources to finance the increased expenditure, primarily due to narrow tax base. To boost competitive capacity of the country in a rapidly globalizing world, the governments of developing countries have to invest a large portion of their revenue in building physical infrastructures. In addition, the low income developing countries also need to spend a major portion of their development expenditures in providing social services to the poor such as health, education etc. On the other hand, as Khattry (2003: 402) pointed out, the structural characteristics of low income countries, combined with prevalence of unsophisticated tax administration limit their ability to raise taxes from domestic sources, namely income and domestic indirect taxes. Also, the existence of a large informal sector and the underground economy constrains the governments capacity for revenue growth. Another source of fiscal problem arises with the process of trade liberalization that requires reduction of taxes on international trade together with the elimination of quantitative restrictions and other forms of trade barriers. Therefore countries have to resort to domestic sources to compensate the revenue loss emanating from trade liberalization. As the scope of domestic sources of revenue is limited due to the narrow tax base and structural constraints in the low income countries, this may lead to a vulnerable fiscal position. In principle, a well functioning VAT system on import combined with broad based low tariffs) can recoup some of the revenue loss due to the greater inflow of imports that eventually follows trade liberalization. National Strategy for Accelerated Poverty Reduction (NSAPR) of Bangladesh (2005) recognizes that, as government revenue is heavily dependent on trade taxes, and tariff liberalization typically results in tariff revenue loss, alternative sources of revenue must be ensured in order to prevent a sudden rise in budget deficit (which is already high). In order to recoup revenue losses due to tariff liberalization government is trying to increase revenue from direct taxes. It is also envisaged that indirect taxes such as VAT and supplementary duty are applied uniformly on both domestic production and imports, it would both reduce anti-export bias and increase government revenue by widening the tax-net (NSAPR, 2005, p.86). Trade liberalization may thus lead to a fiscal squeeze as a result of re duced revenue and simultaneous increase in expenditure. According to Khattry (2003) fiscal squeeze led some countries to reduce expenditure on physical capital, while that on social services (e.g. health and education) has been financed by acquiring additional debt. However, it has been empirically substantiated that government capital expenditure plays an important role in enhancing economic growth. Bose et al (2003) investigated a panel of thirty developing countries over the decades of 1970s and 1980s, and found that, the share of government capital expenditure in GDP is positively and significantly correlated with economic growth though current expenditure is insignificant. The purpose of this paper is to evaluate the relationship between revenue and expenditure and its implication for managing the budget deficit. In order to do this a three variable model is formulated comprising government expenditure, revenue and GDP. Firstly, existence of a long-run relationship among these three variables is tested by using Johansen (1991, 1995) co integration approach. Granger causality test is applied on the corresponding vector error correction model to examine short-run causal relationship between the variables The goal of fiscal policy is to enhance economic growth and employment and to bring stability in economic outcome variables such as the real GDP growth rate. Under the above circumstances, the nature and objectives of fiscal policy may differ with the level of development of the countries. Long run outcome of expansionary fiscal policy depends on the nature of distribution of public resources as the same amount of public money can generate different growth pay-offs in different sectors, and the overall growth of the economy depends on the combined growth of these sectors When the government takes expansionary fiscal policy (expenditure surpassing revenue) either through increasing expenditure or reducing taxes or both, it has to borrow from internal and external sources to finance the deficit. The concept of deficit budget was popularized by Keynes and his followers -the principal argument is that government can boost up economic growth by increasing government expenditures in the short run. Again the government has to shrink its expenditures during the time of growth as excessive aggregate demand can generate inflation. In contrary to the above theory some economists argue that budget deficit negatively affects economic growth According to the advocates of the latter view, lowering budget deficit reduces interest rate thereby increasing investment, which in turn enhances economic growth The risk of expansionary fiscal policy is that, it leads to public debt growth, where it is envisaged that the growth of the economy will be significant enough in the subsequent periods so that the government will have a larger revenue base to finance its enhanced debt obligations. However, failure to generate enough economic growth may force the government into a deficit trap. Therefore the government has to borrow again to finance its deficit -this time may be in greater volume due to increase in the expenditure for repaying principal and interest of previous periods deb t even if the magnitude of public sector activities remains unaltered. There is also a risk that, government borrowing from domestic sources may crowd out private investment by raising the rate of interest. Constraining private investment in this fashion and expending the same amount of money in less productive sectors of the economy can negatively affect overall growth of the economy. As mentioned by Carneiro et al (2004, p.9), if economic agents are non Recording due to credit constraints and overlapping generation, public deficit can have a negative impact on growth as public deficits can hamper growth by competing with private physical capital for individual savings. Conversely, in developing countries public investment can be influential to crowd in private investment as shown by Binswanger et al (1993); infrastructure accessibility and the rural banks are crucial factors for increasing private investment in agriculture, which requires substantial government intervention in fac ilitating private investment. Given excess liquidity in the system (as it is the case in Bangladesh), in spite of significant public borrowing from the banking system over the last 4-6 months, private credit actually proceeded at its usual pace. This however need not be true all the time. Bangladeshs fiscal policy is closely linked to its monetary policy because public budget deficits are mainly financed by increases in money supply. Theoretically, expansionary fiscal policy would generate an increased supply of high-powered money in the face of frequent adjustment in the budget deficit and can provoke price spiral if there is no excess capacity in the economy (Friedman 1956; Friedman and Kuttner 1992). However, increasing government borrowing from central bank is seen as highly inflationary in the case of Bangladesh. But it should be noted that under the situation of chronic slow down of general demand (i.e. a general glut in the economy) higher public expenditure can create higher economic activity by protecting the falling trend in demand which is financed by increased public borrowing (Kiguel 1989). However, there is a general consensus among economists and policy-makers that regulating the growth of money stock is necessary to achieve a fairy stable price level a nd full employment of an economy (Sims 1972) Blanchard and Perotti (2002) use information about the elasticity of fiscal variables to identify the automatic response of fiscal policy, and find that expansionary fiscal shocks increase output, have a positive effect on private consumption, and a negative impact on private investment. More recently, using sign restrictions on the impulse-response functions and identifying the unexpected variation in government spending by a positive response of expenditure for up to four quarters after the shock, Mountford and Uhlig(2005) find a negative effect in residential and non-residential investment Similar studies applied to other countries are relatively scarce, largely due to the limited availability of quarterly public finance data, and, in addition, do not provide a consensual view. Perotti (2004) investigates the effects of fiscal policy in Australia Canada, Germany and the U.K., and finds a relatively large positive effect on private consumption and no response of private investment. Biau and Girard (2005) find a cumulative multiplier of government spending larger than one, and positive reactions of private consumption and private investment in France. De Castro and Hernà ¡ndez de Cos2006) use data for Spain and show that, while there is a positive relationship between government expenditure and output in the short-term, in the medium and long-term expansionary spending shocks only lead to higher inflation and lower output. Heppke- Falk et al. (2006) use cash data for Germany, and find that a positive shock in government spending increases output and private consumption, although the effect is relatively small. Giordano et al. (2007) show that, in Italy, government expenditure has positive and persistent effects on output and on private consumption. Analysis The Peoples Republic of Bangladesh, state of southern Asia, in the northeastern portion of the Indian subcontinent, edged on the north, east and west by India, on the southeast by Burma (Myanmar), and on the south by the Bay of Bengal. The total area of the country is 147,570 sq km with a population of 126 million. It lies roughly between 20 °34 and 26 °36 North latitude and between 88 °01 and 92 °41 east longitude. The capital and leading city of Bangladesh is Dhaka. The economy of Bangladesh is comprised by that of a developing country. Its per capita income in 2008 was est. US$1,500 (adjusted by purchasing power parity) significantly lower than India, Pakistan, both which are also lesser than the world average of $10,497. According to the gradation by the International Monetary Fund, Bangladesh ranked as the 48th largest economy in the world in 2008, with a gross domestic product of US$224.889 billion. The economy has grown at the rate of 6-7% p.a. over the past few years. More than half of the GDP belongs to the service sector; nearly half of Bangladeshis are employed in the agriculture sector, with RMG, fish, vegetables, leather and leather goods, ceramics, rice as other essential produce. The aim of the governments fiscal management is striking a weighing balance between government revenue and expenditure. One more foremost goal is to uphold shortage in the existing budget as much as reasonable for advanced investment in the public division. As a result of cautious fiscal policy and strengthening of fiscal management, overall fiscal deficiency through the current decade remained unchanged. To formulate and execute sound fiscal policy is one of the most significant functions of the government. It puts importance on sustaining macroeconomic constancy through balancing public expenditure management. There is no substitute to sound fiscal management in overall economic governance as a fair public income and expenditure management that assures private sector institutions and individuals a steady macroeconomic background. The vital source of government revenue is tax. Public revenue mainly consists of direct and indirect taxes which accounted for more than 80 percent of total government revenue. The government collects the rest of the public revenue from different non-tax collection such as fee, charge, toll etc. The level of revenue assortment is a vital indicator to establish the step of economic development of a country. The economy of a country becomes more stable if it collects large amount of revenue. In this section we are going to analyze the fiscal condition of Bangladesh during the time period from FY-1991 to FY-2008.During these years Prudent fiscal management emerged as a most important challenge facing the country. The Governments revenue mobilization efforts developed remarkably in the early 1990s following the launch of some major fiscal reforms, mainly introduction of the value-added tax (VAT) in 1991.The VAT provided greater coverage and raised rates than the taxes that it restored (mostly excise duty). The revenue tax to GDP ratio rose from 5.9 percent in FY1991 to 7.3 percent in FY1993, but since then, the proportion has remained steady at about 7 percent. A stagnant tax to GDP ratio reveals lack of improvement in broadening the tax net and in improving the tax management system; in brief, the effectiveness of tax assortment remains fragile and futile. Specifically, the Government has failed to widen the coverage of direct taxes, broaden VAT coverage to high-revenue-y ielding trades and services, develop the implementation of import taxes, and bolster tax government. Conversely, nontax revenues are relatively small (a bit less than 2 percent of GDP), and they also festered over much of the 1990s. As consequence, since FY1993, the entire revenue to GDP ratio has altered around 9 percent, making revenue collection of Bangladesh effort one of the weakest in the global economy. In spite of unsatisfactory revenue collection efforts for much of the 1990s, the Government was capable to uphold the fiscal shortage within 4-5 percent of GDP by keeping spending under control. Government expenditure, both current and capital increased rapidly. Therefore, the fiscal scarcity went up to indefensible levels. With declining alternatives to foreign funding of the deficit, the Government had been compelled to finance the shortfall from domestic sources -from banking sector and domestic borrowing. The ensuing monetary adjustment seriously damaged macroeconomic stability. Table 4 : Selected Fiscal Indicators (Percent of Gross Domestic Product) Because of drop of the revenue to GDP ratio to 9 percent in FY1998-99 from 9.3 percent in FY1997-98, caused by flood-induced disruptions, the Government attempted to reverse the declining trend and projected revenue to GDP ratio of 10 percent in the FY1999-00 budget. In spite of establishing a verified revenue mobilization object, no major efforts were made to apply vital fiscal reforms, reduce the tax structure, strengthen tax management, and extend the tax foundation. Moreover, the hindrance in introducing the reshipment assessment scheme, and slothful growth in imports also added to revenue shortfall. Customs duties collection declined by 10 percent in FY1999-00 compared with FY1998-99, and the share of customs duties in National Board of Revenue portion of taxes declined to 28 percent from 32 percent. Nontax revenue collection was also less than projected due mainly to reduced profit and dividend earnings of state-owned enterprises (SOEs). In FY1999-00, losses of nonfinancial SOE s were estimated at Tk31 billion, or 1.3 percent of GDP. Therefore, actual revenue mobilization in FY1999-00 rotated to be considerably below budget projections, at 8.9 percent of GDP. Government expenditure increased to 13.8 percent of GDP in FY1999-00 from 13.3 percent in FY1998-99, because of a rush in the outlay resulting from flood-induced expenditure, particularly the requirement for extra imports of food grains and post flood rehabilitation outlays. The tendency prolonged in FY1999-00 with overall expenses rising to 15 percent of GDP. Though the Government was capable to Keep up current spending at 7.6 percent of GDP (the same percentage as in the previous year), spending under the annual development program (ADP) went up to 6.7 percent of GDP from5.6 percent in FY1998-99. In the FY1999-00 budget, the Governments aim was to reduce expenses to 7.4 percent of GDP. It was a determined aim in view of the coming general election (scheduled for October 2001) when the pressures on t he Government to accommodate increased expenditure is bound to be considerable. Allocation for the ADP in the FY2000-01 budget was 6.5 percent of GDP, 50 percent of which was expected to be financed from domestic resources, and 40 percent of the domestic funding of the ADP would be from bank borrowing. The choice to fund a superior development budget with substantial borrowing from banks had risks to sustain macroeconomic constancy. While 34 percent of the ADP funds have been allocated to sectors that address poverty directly, about 33 percent had been assigned to infrastructure development comprising energy, transport, and communication. Not all ADP projects could be justified on grounds of accelerating the pace of development; several projects had questionable merit. What was more worrying was that some low -priority projects were being financed by high-cost foreign suppliers credits. In FY 1999-00, revenue/GDP ratio was 8.47 percent, which step by step went up to 10.79 percent in FY2005-06. In FY 2007-08 the revenue/GDP more went up to 11.17 percent and the g rowing trend of revenue-GDP ratio further increased to 11.24 percent in FY2008-09. Table 4.1 illustrates tax and non-tax revenue receipts and tax-GDP ratio within the period from FY1999-00 to FY2008-09. From the beginning of the FY2008-09 the revenue objectives of fiscal year came under challenge because of the impact of worldwide financial crisis. The international economy plunged into collapse mainly for noxious credit crisis in the US financial organizations and gigantic falls in prices of commodities like fuel, fertilizer etc. This price drop caused poorer collection of import duties which is the largest source of revenue although the price of commodities favored reduction of high inflation condition. The assortment of import duty in FY 2008-09 fell diminutive of the goals as the import duty is established on the basis of prices of the imported commodities. Study of revenue collection activities for FY2008-09 by categories illustrates that the volume of revenue collection attains from value added tax (VAT).Income tax takes up the second position in the row. Next places are held by import duties, complementary duty, additional taxes and excise duty. On the whole, the part of VAT in the entire revenue collection is progressively increasing. It can be states that, income tax occupies second place above import duties for the second consecutive time. In FY 2008-09, though the entire revenue collection by NBR source fell diminutive of the goals but overall revenue collection stood at TK. 52525.61 crore, which is TK. 5236.49 crore higher than the assortment of the previous fiscal year showing an 11.07 percent increase. In FY 2007-08, total revenue collection placed at TK. 47289.12 crore, which was Tk. 10,069.8 crore or27.06 percent higher than the assortment of the previous year. In FY 2006-07, the total revenue collection under NBR amounted to Tk. 37219.32 crore which was Tk. 3,216.89 crore or 9.46 percent higher than that of the previous year. Item-wise tax collection from FY2006-07 to FY2008-09 is shown in Table 4.2. Management of public expenditure is the most vital part for the fiscal management of the government. The major aims of fiscal management are to uphold social safety net activities, inspire expenditure in productive level, practice austerity in public expenditure and controls over unproductive expenses. Reducing poverty through improving the standards of living of the generals, building physical infrastructure and developing human resources are the key features of large public outlays in every year. Total public expenditure, development expenditure and expenditure/GDP ratio for FY 2008-09 and during the last decade are shown in Table 4.3. Investigation of entire non-development expenditure illustrates that in FY 2003-04, expenditure on pay and allowances was 27.4 percent of total non-development expenses. In FY 2004-05 and FY 2005-06 these percentage decreased to 25.3 and 27.6 respectively, but went up to 28.5 percent in FY 2006-07 and again decreased to 23.6 percent in FY 2008-09. In FY 2003-04, the spending on subsidy and current transfer accounted for 28.4 percent of entire non-development expenses. In FY 2004-05, FY 2005-06, FY 2006-07 and FY 2008-09 the spending on subsidy and current transfer accounted for 30.1, 29.1, 31.4 and 40.5 percent of entire non-development expenses correspondingly. In FY 2004-05, FY 2005-06, FY2006-07 and FY 2008-09 the shares of interest payments on foreign and domestic credits in total non-development cost were 18.8, 19.8, 20.2 and 20.8 percent respectively. The average genuine cost against the adjusted allotment of ADP was around 90 percent during the time from 1999-00 to 2005-06 (Table 4.4). In FY2006-07 and FY 2007-08, the utilization of ADP is about 83 and 82 percent correspondingly. In FY 2008-09 the short-term expenditure records 85.7 percent utilization of revised allotment. The growing tendency of distribution and expenditure in socio-economic and physical infrastructure segments all the way through ADP is constant with the twin objectives of the government- attaining higher growth and diminishing poverty. ADP expenditure and its composition by key sectors are shown in Table 4.5. Budget is organized in line with the national plans and policies taken up for economic development, poverty diminution and social growth. There arises a budget shortage occurring from a space between the government revenue and expenditure, where expenditure becomes more important than the revenue income. The succeeding governments are taking policies to control resources and shifts earnings at an increased rate to the poor people of the country since over 40 percent of population live beneath poverty line. Though, this enhances budget shortage little further, but it generates purchasing power of a vast population that finally propel growth by escalating aggregate demand. It also facilitates a huge portion of the population to keep minimum livelihood. The tendency of budget shortage in Bangladesh obviously shows that shortage remains under 5 percent of GDP except for those years when there were natural catastrophies. Table 4.6 below represents data on budget shortage and the form of i ts financing throughout the time period from FY1999-00 to FY2008-09. At present the debit obligation of the government is at a reasonable stage. Financing throughout grant and credit from outer sources is progressively tightening because of shifting in the policies of contributors. This, prompted the government to take a variety of restructuring initiatives and to adopt inspirational measures to mobilize resources from domestic sources together with from external sources. In principle, the government has a preferences on concessional foreign borrowing to domestic borrowing due to the poorer outlays of foreign borrowing and longer reimbursement time period. Findings Bangladesh is a third worlds developing country. At present it is going through a financial crisis. To analyze any countrys financial condition the key factor is to investigate its fiscal policy and management as fiscal policy has a great impact on the countrys development procedure. In our term paper we have discussed the fiscal condition of Bangladesh in brief. Financing of regular insufficiency, generally undertaken through borrowings from abroad, from Bangladesh Bank, and from scheduled banks, has become a central characteristic of the fiscal policy of the country. Opportunity of borrowing from the public by the government for financing budget deficiency is very limited in the country as investments capability of the people is very low. Therefore, the opportunity of non-inflationary financing of budget shortfall does not exist here. Availability of foreign borrowing depends on the international liquidity situation and the prevailing circumstances in the international capital market, which is always uncertain and unpredictable for a country like Bangladesh. Here, some major key findings which has a great influence on Bangladeshi economy that we noted out from the analysis section are added : # Introduction of Value Added Tax (VAT) in early 1990s is one of the key fiscal reforms to develop a effective fiscal administration. # The revenue tax to GDP ratio rose from 5.9 percent in FY1991 to 7.3 percent in FY1993 # Because of drop of the revenue to GDP ratio to 9 percent in FY1998-99 from 9.3 percent in FY1997-98, caused by flood-induced disruptions, the Government attempted to reverse the declining trend and projected revenue to GDP ratio of 10 percent in the FY1999-00 budget # Customs duties collection declined by 10 percent in FY1999-00 compared with FY1998-99, and the share of customs duties in National Board of Revenue portion of taxes declined to 28 percent from 32 percent # In FY1999-00, losses of nonfinancial SOEs were estimated at Tk31 billion, or 1.3 percent of GDP. Therefore, actual revenue mobilization in FY1999-00 rotated to be considerably below budget projections, at 8.9 percent of GDP # In FY1998-99 there had a rush in the outlay resulting from flood-induced expenditure, particularly the requirement for extra imports of food grains and post flood rehabilitation expenses # In the FY1999-00 budget, the Governments aim was to reduce expenses to 7.4 percent of GDP. It was a determined aim in view of the coming general election (scheduled for October 2001) when the pressures on the Government to accommodate increased expenditure is bound to be considerable. # In FY 1999-00revenue/GDP ratio was 8.47 percent, which step by step went up to 10.79 percent in FY2005-06. In FY 2007-08 the revenue/GDP more went up to 11.17 percent and the growing trend of revenue-GDP ratio further increased to 11.24 percent in FY2008-09. # From the beginning of the FY2008-09 the revenue objectives of fiscal year came under challenge because of the impact of worldwide financial crisis. # In FY 2008-09, though the entire revenue collection by NBR source fell diminutive of the goals but overall revenue collection stood at TK. 52525.61 crore, which is TK. 5236.49 crore higher than the assortment of the previous fiscal year showing an 11.07 percent increase. In FY 2007-08, total revenue collection placed at TK. 47289.12 crore, which was Tk. 10,069.8 crore or27.06 percent higher than the assortment of the previous year. In FY 2006-07, the total revenue collection under NBR amounted to Tk. 37219.32 crore which was Tk. 3,216.89 crore or 9.46 percent higher than that of the previous year. Item-wise tax collection from FY2006-07 to FY2008-09 # The average genuine cost against the adjusted allotment of ADP was around 90 percent during the time from 1999-00 to 2005-06. In FY2006-07 and FY 2007-08, the utilization of ADP is about 83 and 82 percent correspondingly. In FY 2008-09 the short-term expenditure records 85.7 percent utilization of revised allotment. # The tendency of budget shortage in Bangladesh obviously shows that shortage remains under 5 percent of GDP except for those years when there were natural catastrophes. The findings

Cost Accounting Terminologies Essay

Cost accounting, as a tool of management, provides management with detailed records of the costs relating to products, operations or functions. Cost accounting refers to the process of determining and accumulating the cost of some particular product or activity. It also covers classification, analysis and interpretation of costs. The cost so determined and accumulated may be the estimated future costs for planning purposes, or actual (historical) costs for evaluating performance. The Institute of Cost and Management Accountant (ICMA), London, defined cost accounting as â€Å"the process of accounting for cost from the point at which expenditure incurred or committed to the establishment of its ultimate relationship with cost centers and cost units. In its widest usage it embraces the preparation of statistical data, the application of cost control methods and the ascertainment of profitability of activities carried out or planned.† Costing Cost accounting and costing have distinctly different meanings. The Institute of Cost and Management Accountant (ICMA), London, defined costing as the ascertainment of costs. Costing includes the â€Å"techniques† and â€Å"processes† of ascertaining costs. The technique refers to the principles or rules which are applied for ascertaining costs of products manufactured and services rendered. There are mainly two methods of costing job costing and process costing. The process includes the day to day routine of determining costs within the methods of costing adopted by the business enterprise. Within such a process, there could be historical costing, marginal costing, absorption costing and standard costing etc. Objectives of Cost Accounting There is a direct relationship among information needs of management and cost accounting objectives and techniques and tools used for analyses in cost accounting. Cost accounting has the following three important objectives: 1. To determine the product cost.  2. To facilitate planning and control of regular business activities. 3. To supply information for short and long-run decision. Product Costing The objective of determining the cost of products is the prime importance of cost accounting. The total product costs and cost per unit of product are important in making inventory valuation, deciding price of the product and managerial decision making. Planning and Control Another important objective of cost accounting is the creation of useful cost data and information for the purposes of planning and control by management. The different alternative plans are evaluated in terms of respective costs and associated benefits. The management control over business operations aims to establish balance between actual and budgeted performance. A properly designed cost accounting system includes the following steps in the control process: 1. Comparing actual performance with budgets and standard 2. Analyzing the variances between budget and standards and actual by causes, and management responsibility so that corrective actions may take place. 3. Providing managers with data and reports about their individual performances and performances of subordinates. Information for decision Another important objective of cost accounting system is to provide data and special analyses for short and long-run decisions of a non-recurring nature. Appropriate cost information must be accumulated to make a wide variety of short and long run decision. According to Henke and Spoede, the following are the cost information developed in cost accounting: 1. As a basis for valuing manufactured inventories and cost of goods sold in externally presented financial reports. 2. In controlling operations through the evaluation of operating results and the placement of responsibilities for the uses of organizational resources on the shoulders of specifically identifiable persons within the organization. 3. In planning operations through the establishment of cost and budgetary goals. 4. In making day- to- day operating decisions. The cost information is used for two purposes in most organizations: 1) the cost accounting systems provide information to evaluate the performance of an organizational unit or his manager, and 2) also provide the means for estimating the unit cost of products or services that the organization can manufacture or provide to others. a) Performance measurement: This measurement can be done by comparing current costs with those who were expected – or standard costs budgeted cost – to the degree of knowing which of them have been controlled. Deviations of expected with the current – variances – can be identified, evaluated and discussed by managers. b) Cost of goods and services: In manufacturing companies, the costs of goods must be measured to determine the cost of items transferred from work in process inventory to finished products. To meet the demands for information, a cost system should measure all the costs of manufacturing process and allocate a portion of those costs to each unit of output. The cost to obtain, maintain and manage the manufacturing plant or building should be added to the cost of material and productive work that requires each unit. The first are called indirect costs and the two last are called direct costs. c) Profit analysis. Information in costs is essential to analyze the profits obtained from a product or product line. The information on the cost of a product enables managers to assess the contribution margin – the difference between the price and variable costs – and the gross margin – the difference between the price and the total cost of the product. d) Product mix. For the companies that offer more than one product or service the cost information is key to handle the mix of products or services offered to customers. With information on cost-profit, a manager can lead the effort in sales and advertising for products that generate greater value. The products that do not create any profit can be removed, have a price reassignation, or tied up with products that have greater utility. e) Price assignation. Regardless of where prices are determined by the forces of market demand, product differentiation and advertising offer to many managers some sort of idea to assign prices to products or services. The costs of products and trends commonly offer signals to managers that prices should be changed. An example could be the change in the cost of a material or critical component which can give a signal to reassess the price of a product or service. f) Cost of service. Many products require the seller to provide additional services to customers. In such cases, the information about the cost of service is so important for managers as the cost of production. The same for companies that offer services only, unless the cost of service is measured, there is no way to know whether providing the service is profitable or not, or whether changes in prices or advertising are needed. Looked from another angle, the uses that the administration of a company can give to the costs can be grouped into 4 categories, specified below Method of costing As state earlier, the term costing refers to the techniques and processes of determining cost of a product manufactured or a service rendered. Different methods are applied in business enterprises to ascertain cost depending upon the nature of the product, production method and specific business conditions. For example, in a textile or steel company, raw material passes through different stages and production is done continuously. In some other industries, production is done at different customers specific orders and each job is different from the other job.