Spirituality through community

In â€Å"Cathedral,† Raymond Carver wrote the story of an unnamed male narrator who describes a visit from Robert, a blind male friend of his wife. Roberts’ arrival and stay in the narrator’s home causes the narrator to abandon his stereotypes about blind people and to understand himself better. Carver, through his story, claims that in order to be free we must detach ourselves from stereotypes and focus on self understanding. Carver uses â€Å"Cathedral† as the title for his story in order to emphasize that the process of completing a cathedral is more important than the end result, which could take approximately one hundred years. In the process of drawing a cathedral with the blind man, the narrator, putting himself in Robert’s shoes, is enlightened while a meaningful relationship develops between the two men. The narrator goes through a process of transformation. In the beginning of the story, the narrator is very much against Robert’s visit. Jealousy and hatred seem to overcome him. His wife’s fondness for Robert and their close friendship that has spanned thousand of miles and ten years bothers him. Furthermore, the stereotypical image that he has built in his mind about blind men hinders him from welcoming Robert into his home and into his life. However, things change as the narrator and Robert begin on a quest to draw a cathedral. The end result is not the cathedral drawn but the feeling that overcomes the narrator after having embarked on the process. The narrator’s new found consciousness would not have come about if not for the process. By drawing, the narrator is able to experience different feelings that have been alien to him before. Even with eyes closed, the narrator still succeeds in producing the cathedral. This demonstrates that the value is not in the final product but in the journey that one undergoes to reach it. It is not the end product that heightens spirituality in an individual; it is the journey that allows a person to reach further. It is not the end product but the journey that allows the person to experience. Without the process, there will be no experience. Looking at someone else’s work is far different from producing the work. One appreciates the end product more if he realizes the work that goes into producing it. The story of â€Å"Cathedral† clearly demonstrates such. The narrator had difficulty describing the cathedrals that were shown on television. This was because he had little understanding and experience in cathedrals. As the narrator said, â€Å"I can’t tell you what a cathedral looks like. It just isn’t in me to do it. I can’t do any more than I’ve done.† His difficulty stems not from his inability to see the cathedral; it comes from his lack of experience and understanding of what a cathedral is and what it stands for. The narrator sees no value in cathedrals. He said, â€Å"The truth is, cathedrals don’t mean anything special to me. Nothing. Cathedrals. They’re something to look at on late-night TV. That’s all they are.† However, having embarked on the process of drawing a cathedral, the narrator is able to experience. He is able to build a new perspective on things. This goes to show that it is not the end result but the journey to it that really matters.

My Vision Of The Future

My vision of the future in education is one where the learning commons, inhabited by forward-thinking, ever-learning teacher-librarians, is the centre of the universe in a school: the go-to for students, teachers, and parents as they navigate an increasingly tech-heavy world where â€Å"21st century† and â€Å"personalized† learning increasingly replace outmoded forms of schooling. I personally do not have a particular attachment to â€Å"traditional† education for a variety of reasons.One reason is that our education system is not really all that traditional. Why? Because in the whole scheme of things, the modern education system has been a short-term experiment (a mere blip of human time at around 150 years or less) based on the latter days of a historical era known as the Industrial Age. For eons before this, humans tended to rely on watching, doing, apprenticeships, and interactions with a variety of members of the community.With modern digital tools, we can go back to learning in these ways, but vastly improving upon them by expanding the definition of community to include people, places, and information far beyond our physical reach, and to allow for greater individualization, creativity, and collaboration than ever before possible. Others, however, might feel rather attached to education as it currently is.If this is because the thought of doing otherwise is overwhelming, this resource is for you: it is a basic primer on how teacher-librarians and learning commons can assist teachers in modernizing the classroom. Please either hover over the â€Å"My Vision of the Future† tab and select to read and view sections of this presentation, or simply follow the link at the bottom of each page, such as this one: As technology advances, its educational applications have evolved as well.

Health Care Policy, Law and Ethic Essay

As a Chief Nursing Officer, I’m responsible for one of the state’s largest Obstetric Health Care Centers. I just received word of some fraudulent behaviors in the center. To mitigate this type of behaviors I must evaluate how the healthcare Qui Tam affects health care organizations, provide four examples of Qui Tam cases that exist in a variety of health care organizations, Devise a procedure for admission into a health care facility that upholds the law about the required number of Medicare and Medicaid referrals, Recommend a corporate integrity program that will mitigate incidents of fraud and assess how the recommendation will impact issues of reproduction and birth, and Devise a plan to protect patient information that complies with all necessary laws. After completing my evaluation on Qui Tam I will be able to provide a proper protocol to handle or prevent future issue and grow awareness on how fraudulent behavior affects the health care center. Qui Tam is Latin for â€Å"he who brings a case on behalf of our lord King, as well as for himself†. Qui Tam allows a private citizen (relator, whistleblower) to bring a lawsuit on behalf of the government, as well as himself, against a defendant who may has knowingly committed fraud or criminal act in which the government was victimized (Showalter, 2012). The private citizen need not have been personally harmed by the defendant’s conduct (Department of the Interior Office of Inspector General, 2010). The government can choose to take over the prosecution, but if the government declines the private citizen can proceed alone. How Healthcare Qui Tam affects health care organizations. Healthcare is a multi-billion dollar industry and has attracted those who want to defraud health insurance companies and the government (Showalter, 2012). Based on the healthcare industry monetary value it has become the fertile soil for white –collar crimes that end in criminal convictions and financial penalties (Showalter, 2012). The punishment for payment fraud and abuse is shared with the abuser and the organization. When an employee is involved in act of fraud and abuse management, officers as well as the organization is held accountable. They share in the punishment even if management, officers or the organization is aware of the abusers actions. . One way to minimize exposure to fraud and abuse is to have a strong corporate compliance program in place. Developing a strong compliance  programs will ensure an organization’s adherence to federal and state regulations such as false claim act, anti-kickback statues, the Starks self-referral laws and HIPAA. Using go vernment regulation as the bases of an organizations compliance program will help significantly in the effort to prevent fraud, abuse and waste within the organization (Showalter, 2012). Healthcare Qui Tam along with state and government regulations has pushed organizations to develop new or stronger compliance programs in the hopes to prevent fraud, promote integrity and improve billing accuracy. Not only has it push health care organization to create compliance program to protect the company these policy also include process for an employee to anonymously report and undesirable conduct they may see. Companies have also created their own fraud and abuse compliance departments that are responsible for educating the staff of any federal and state regulations and created requirement for and standards each depart must to abide by. This department will also be responsible for the investigation of any reported behavior. These measures are put in place to prevent any possible fraud and abuse acts with in the organization. Examples of Qui Tam cases that exist in a variety of health care organizations. To remedy abuse associated with ghost billing, up coding, unbundling, and billing for inadequate or unnecessary care the government put in place the false claims act. During January 2009 through 2012 the justice department used the false claim act to recover more than 9.5 billion dollars in health care fraud cases. Below is an example of a False Claim Act Case. Example of FCA Nelson v. Alcon Laboratories, No. 3:12-cv-03738-M (N.D. Tex.) †¢Complaint filed : September 14, 2012 †¢Complaint unsealed : July 16, 2013 †¢Intervention status : Declined †¢Claims: False claims to Medicare, Medicaid, TRICARE and the federal defense procurement programs in violation of the Civil False Act (FCA), 31 U.S.C.  § 3729 et seq. †¢Name of Relator: Michael Nelson and Steve Gonzales †¢ Defendant’s Business: Pharmaceutical manufacturer †¢Relators’ Relationship to Defendant: Former employee †¢Relators’ Counsel: Bell, Nunnally & Martin, LLP †¢Summary of case: Alcon Laboratories allegedly failed to adhere to FDA regulations in manufacturing, packaging and delivering nonprescription and prescription eye care products sold to the U.S. government under Medicare, Medicaid, TRICARE, and other insurance programs held by a variety of military and federal employees and their dependents. Alcon even provide the eye care product to the U.S. Department of Defense †¢Current status: The U.S. declined to intervene in the case: relator may proceed on their own †¢Reason to Watch: This case was viewed similar to United States ex rel. Eckard v. GlaxoSmithKline and SB Pharmco Puerto Rico, which was settled in 2010. This case involved both civil and criminal allegation, but the focus was on failing to comply with the FDA’s regulations regarding manufacturing practices and product quality. This case resulted in a guilty from the defendant, a civil settlement of $600 million, and a criminal fine of $150 million. Anti-Kickback Statue is a criminal statute that prohibits the exchange or offer of an exchange, of any value or form, in the efforts to induce or reward the referral of federal health care program business. This statue was creates to establish penalties for individual and entities on both sides of the prohibited exchange. If convicted the violator can be fined up to 25,000 and sentenced up to five years. In lieu of the fine and the jail time the violator(s) can be excluded from participating in federal health care programs. Listed below is an example of an anti-kickback statue case. Example of AKS United States ex rel. Nevyas v. Allergan, Inc., No. 2:09cv432 (E.D. Pa). †¢Complaint Filed: January 30, 2009 ( Second Amendment Complaint Filed September 27, 2010) †¢ Complaint Unsealed: December 16, 2013 †¢Intervention Status: Unclear from docket †¢ Claims: The relators assert that the defendant caused the submission of claims for payment for prescription drugs induced by illegal kickbacks in violation of the FCA, as well as analogous false claims statutes of 19 states and the District of Columbia †¢Relators’ Names: Herbert J. Nevyas.; Anita Nevyas-Wallace, M.D. †¢ Defendant’s Business: The defendant is an international biopharmaceutical company †¢Relators’ Counsel: Pietragallo, Gordon, Alfano,Bosick& Raspanti LLP (Philadelphia, Pa) †¢Relators’ Relationship to Defendant: The relators are third party physicians who claim they were offered the alleged inducements by the defendant. †¢ Current Status: Ongoing †¢Summary of Case: The relators allege the defendant violated the Anti-Kickback Statues buy offering ophthalmologists and optometrists to prescribe the defendant’s exclusive chronic dry-eye prescription drug Retasis ®. According to the defendant Allergan offer free consulting services, free acesss to a restricted website, invitation to and payment of expenses related to advisory board meetings and offers to fund independent research. †¢Reason to Watch: The defendant entered into a five year Corporate Integrity Agreement with the Department of Health and Human Services, Office of Inspector General in connection with a settlement of an unrelated criminal investigation and Qui Tam action. Some of the conducted listed in this case may have occurred while the defendant CIA was in place. Also point out possible compliance issues for pharmaceutical companies seeking to grow their business through relationship with physicians (Abhar, Grammel, McGinty, & Willis, 2014) Example of billing for unnecessary services and ghost billing United States ex rel. Fife v. Lymphedema and Wound Institute, Inc., Civ. No. 04:11-CV-271 (S.D. Tex.). †¢Complaint Filed: September 22, 2011 †¢Complaint Unsealed: November 25, 2013 †¢Intervention Status: The United States intervened. †¢Claims: Defendants allegedly submitted false claims for treatment of lymphedema †¢Name of Relator: Dr. Caroline Fife †¢Defendants’ Businesses: The individual defendants are the executives and owners of the defendant company and its affiliates, whose employees provide physical therapy and treatment for lymphatic disease. The individual defendants also managed and operated a network of sleep-study clinics. †¢Relator’s Relationship to Defendants: Relator is a competing physician and professor at the University of Texas who often treated patients who had  stopped receiving treatments from defendants’ facilities. †¢Relator’s Counsel: Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing P.C. (Houston, TX) †¢Summary of Case: The Relator alleged that the defendant provider used unqualified massage therapist to provide services to their lymphedema patients. Also according to the relator the defendant bill for unnecessary services as well as services and supplies that were never rendered. Lastly, the relator alleged the defendant used similar scheme to inflate billing services that were rendered at their sleep clinic. †¢Current Status: The parties settled the claims related to lymphedema treatments for $4.3 million. Additionally, the defendant company’s founder and CEO voluntarily submitted to a 10-year exclusion from federal health benefit programs and the defendant company entered into a five-year Corporate Integrity Agreement (CIA) as of June 25, 2013 (Abhar, Grammel, McGinty, & Willis, 2014). †¢Reasons to Watch: Although the amount of the settlement — $4.3 million — is relatively modest when compared with the $165 million in fraudulent Medicare billings alleged in the complaint, the voluntary exclusion of the defendant company’s CEO from participation in federal health care programs is severe, as an excluded individual will likely find it difficult to continue working in the health care industry (Abhar, Grammel, McGinty, & Willis, 2014). Example of up-coding United States ex rel. Oughatiyan v. IPC The Hospitalist Company Inc., Civ. No. 09-C-5418 (N.D. Ill.). †¢Complaint Filed: September 1, 2009 †¢Complaint Unsealed: December 5, 2013 †¢Intervention Status: The United States intervened, but Illinois and the other 12 plaintiff states declined to intervene †¢Claims: Defendants allegedly encouraged the filling of up-coded claims for services in inpatient and long-term care facilities to federal care programs †¢Name of Relator: Dr. Bijan Ouhatiyan †¢Defendants’ Businesses: National hospitalist independent contractor company and its local subsidiaries â€Å"employing physicians and other health care providers who work in more than 1,300 facilities in 28 states.†1 Hospitalists are physicians who assist in directing and coordinating inpatient care from admission to discharge, and only work in hospitals or  long-term care facilities (Abhar, Grammel, McGinty, & Willis, 2014). †¢Relator’s Relationship to Defendants: Relator is a former employee/independent contractor of dependent. †¢Relator’s Counsel: Goldberg Kohn Ltd. (Chicago, IL) †¢Summary of Case: Relator alleges that IPC The Hospitalist Company (IPC) engaged in the following schemes to cause its employed hospitalists to bill for the services they rendered at the highest reimbursement levels even though such codes were inappropriate, a practice called â€Å"upcoding.† The lawsuit contends that IPC trained its physicians to bill at the highest levels without regard to the actual complexity of the services provided. Additionally, IPC allegedly tracked the coding statistics of its hospitalists and used the results to pressure hospitalists to upcode their services to achieve productivity and profit goals. As a result of these practices, according to the relator, the medical documentation of the actual work done did not support the billing records submitted by the hospitalists (Abhar, Grammel, McGinty, & Willis, 2014). †¢Current Status: Ongoing †¢Reasons to Watch: The defendant has another case (United States ex rel. Ziaei v. IPC The Hospitalist Company Inc., et al., Civ. No. 2:12-cv-01918 (D. Nev.)) with similar allegation, but was dismissed. Our Facility admission Policy, which is in accordance with Medicare and Medicaid referral guidelines. Medicare and Medicare Referral guidelines are based on the Stark law. To prevent any issues or conduct that violates the Stark law our facility will participate in CMS Provider Enrollment, Chain and Ownership System (PECOS). We will require all qualifying providers to register their NPI with Medicare and Medicare by the deadline date. This system will allow us to submit claims, referral, and review for admittance. This program will catch any potential violations of abuse and fraud. The Physician Self -Referral law is listed below. â€Å"The Physician Self-Referral Law (Stark Law) (42 U.S.C. Section 1395nn) prohibits a physician from making a referral for certain designated healt h services to an entity in which the physician (or an immediate member of his or her family) has an ownership/investment interest or with which he or she has a compensation arrangement, unless an exception applies. Penalties for physicians who  violate the Physician Self-Referral Law (Stark Law) include fines as well as exclusion from participation in all Federal health care programs† Corporate integrity program that will reduce fraud and impact issues of reproduction and birth. A Corporate Integrity program is put in place to ensure the organization and the employees would not knowingly violate any laws that control the conduct of the organization operations. Staff will receive training regarding the health care center’s Corporate Integrity Program and all law associated with the program. †¢Code of Conduct Promote and Preserve the organization values Protect the privacy of the Health care centers patients Protect the confidentiality of the patient and the employee information o Avoid all forms of discrimination Act in accordance of all policies and procedures Comply will all law that apply to the health center operations and practices o Disclose all potential conflicts of interest No accepting of gift, goods and services Adhere to all professional standard Ensure consent for service is received and documented Refusal for services are document Patient is informed/education of risk and requires treat for their condition †¢Submission of claims only for services That are actually for service renders For services that the patient or patient represented consented to oFor services that are medical necessary for the patient condition That have appropriate documentation to support the claim All services will be reviewed before billing All billing staff will be trained and certified No claim will be submitted that fall under the Physician Self-Referral law or Anti- Kickback statues Plan to protect patient information that complies with all necessary laws As one of the state’s largest Obstetric Health Care Centers in the area we have an extensive staff. The first policy is to provide excess to patient information that is in the scope of your job. For example the registration staff will not have access  to the patient’s lab results and the lab technician will not have access to member complete medical history. When a staff member signs on to any system that houses patient information they will only be able to view or update information that is within the scope of the job responsibility. This way the patient private medical records are kept private. Education, training and yearly certification of Health Insurance Portability Act and the organization privacy policy will be required fall all staff members. Certification will only be provided to those that achieve at least an 80% on any test that is provided in training. Failure to comply will result in suspicion until certified or termination. For existing employees yearly certification will be done throughout web base training portal. For our new employees training and certification will be part of their new hire orientation and any future required Training will be done through our train portal. The staff can access the training portal at home. This way our staff and complete the certification at the leisure (with in the due date). Also we have the proper process in place to such as authorization and de-identifying Protection Health Information when share and medical or any sensitive information with others. For example there maybe reason why a department must share the type of patient seen or the treatment provided. There should be not reason that patient’s name, address, or any information that may identify the patient be included in the report. We also require the patient to sign an authorization for every year, which will allow us to submit information to insurance companies for payment, medical necessity review, and appeals. We will also have the patient to sign an authorization form allowing us to spe ak with a specific individual, leave voice mail massages and or email the member about appointment and care. Any unauthorized disclosure of private health information the patient will be notified right away. Various federal and state laws, regulations, rules and guidelines govern the use, Disclosure and protection of health information. These include certain provisions of the Health Insurance Portability and Accountability Act (HIPAA), certain provisions of the Health Information Technology for Economic and Clinical Health (HITECH) Act, the Confidentiality of Medical Information Act (CMIA), and any other patient privacy-related laws, regulations, rules and guidelines will be used as the bases of our privacy policies Bibliography Department of Health and Human Services. (November, 27 2013). Physician sefl Referral: CMS. Retrieved 15 2014, March, from Center of Medicare & Medicaid Services: Abhar, S., Grammel, S., McGinty, K., & Willis, S. (2014, February). Qui Tam Defense: MintzLevin. Retrieved March 16, 2014, from MintzLevin: http://www.mintz.com/newsletter/2014/Newsletters/3691-0214-NAT-HL/ Department of the Interior Office of Inspector General. (2010, October 6). False claim Act: office of Inspector General. Retrieved March 15, 2014, from Department of The Interior Office of Inspector General: https://www.doioig.gov/docs/falseclaimsact.pdf. Abhar, S., Grammel, S., McGinty, K., & Willis, S. (2014, February). Qui Tam Defense: MintzLevin. Retrieved March 16, 2014, from MintzLevin: http://www.mintz.com/newsletter/2014/Newsletters/3691-0214-NAT-HL/ Department of the Interior Office of Inspector General. (2010, October 6). False claim Act: office of Inspector General. Retrieved March 15, 2014, from Department of The Interior Office of Inspector General: https://www.doioig.gov/docs/falseclaimsact.pdf. Dunphy, B. P., Kingsbury, S. P., Miner, T. A., Foster, H. S., & Willis, S. D. (2012). Health Care enforcement : 2012 Trends . MintzLevin. Gumbert, J. G. (2003). Qui TamActions Under the False Claims Act. Medical Journal – Houston. Levine, R. H. (2005). Internal Investigations By Healthcare Organizations: Practical considerations. American Health Lawyers association. Showalter, J. S. (2012). The Law of Healthcare Adminstration (6th ed.). Chicago: Health Adminstration Press. Staman, J. (2013). Health Care fraud and Buse Laws affecting Medicare and Medicaid: An Overview. Congressional research Services report for Congress.

Seminar 1 bio nutrition Essay Example | Topics and Well Written Essays - 500 words

Seminar 1 bio nutrition - Essay Example - Shredded Wheat), and one that is NOT nutritious (e.g. – Oreos). Compare the following areas: Ingredient List, Daily Values, Nutrition Facts, and Health Messages. What would be the consequences of daily consumption of each of these cereals for a lifetime? Let us cite the most obvious ingredient between a cereal and an Oreo which is carbohydrates, protein, sugar and fiber content per serving. Oreo has 160 calories, 1g fiber, 14g sugar and 1 protein while shredded wheat has 128.6 calories, 3.5 fiber and 5.3 protein and 0 sugar. At least Oreo has no pretension to be a healthy food and rather capitalize on its taste and experience (evident with the gimmickry of its advertisements). Shredded Wheat on the other hand conveys the message that it is good for your heart and digestion and makes you lose weight. This is true when taken regularly because shredded wheat is fortified with omega 3 which reduces the risk of cardiovascular diseases. The high fiber content of shredded wheat can improve digestion because it â€Å"mops out† dirt in the intestine as well as oil in our system. The protein will build muscle provided a person will exercise. The net effect to person’s body with this diet is reduced weight and free from hypertens ion and cardiovascular disease. Oreo on the other hand when taken as diet, will make a person fat, diabetic and susceptible to cardiovascular disease. Phytochemicals are compounds produced by plants. They are chemicals produced by vegetables, fruits, grains and other plants. The most commonly known phytochemicals are beta carotene, ascorbic acid (vitamin C), folic acid, and vitamin E (American Cancer Society, 2008). The good sources of phytochemicals are polyphenols and carotenoids. Polyphenols are plant chemicals found in a wide of fruits, grains and vegetables such as cabbage, eggplants, grapes etch. Carotenoids on the other hand are those plants and fruits that contain

Human Resources - High performance work Practices Essay

Human Resources - High performance work Practices - Essay Example â€Å"High performance work places or organisations (HPWOs) are organisations that are moving towards a flatter and less hierarchical structure, where people work in teams with greater autonomy.† (Tamkin, 2004). But, sometimes the organisation will not be able to provide High performance work places due to various factors. This will surely bring down the level of performance among the employees to bare minimum. The important aspect is, the performance levels of the employees have to be kept at optimal levels or high levels, so that the employees exhibit optimum productivity. So, this paper will look at how the employees’ performance can be heightened by optimizing the High performance work places, thereby aiding the employers as well as the employees, kind of win-win solution: benefiting both the employers and the employees Once a common, feasible and effective High performance work places is created, different employees can be focused on a single goal and thereby increasing their performance level. As any organisation will be a hotbed of human activity, it could give rise to groups and subgroups, which will eventually share enough experience to create subcultures based on occupational, national, and uniquely historic experiences. Once such differentiation has taken place, the organisation’s task is to find ways of coordinating, aligning, or integrating the different subcultures into common culture by making them work in a common organisational atmosphere. So, performance among the employees can be optimized at the outset itself, only if the leader or manager of the organisation provides the employees a favourable High performance work place with a common organisational culture, focusing on a single target. â€Å"Support culture, which include performance operations and people management proces ses, aligned to organisational objectives to build trust, enthusiasms and commitment.† (Tamkin, 2004). The trait of

Swot Analysis for my writing Essay Example | Topics and Well Written Essays - 500 words

Swot Analysis for my writing - Essay Example   My writing faces a number of weaknesses, which act as a drawback to providing quality content on most occasions. Firstly, I frequently make several spelling mistakes in my writing, with a relatively slower pace in solving the problem. Use of vocabulary has also been a weakness, as the majority of my writing lack an adequate vocabulary to match the great content I usually present. Another weak element in my writings is the use of relatively long sentences that sometimes make it difficult for the reader to fully understand my desired information. Incorrect grammar structure has always been a major drawback to my writings, which are usually attributed to engaging in writing when not of what to write. Opportunities In order to improve my areas that I am weak in my writings, I need to embark on an extensive use of various elements essential for providing excellent writing skills. Firstly, I should make more thorough use of the English dictionary. The internet is another crucial resource I should increase its use in order to achieve better skills of writing. Additionally, effectively following writings of teachers can generally improve my writings, as they provide easier and detailed guides that can positively help me out. Another helpful option that can act as an effective tool in improving my writing experience is the extensive use of the Writing Center, since its platform that aids many students to provide quality writings. Lastly, I should make more frequent consultation with our instructor while at school or online.

Strategic Business Environment Essay Example | Topics and Well Written Essays - 2500 words

Strategic Business Environment - Essay Example This essay declares that the mission of any organization is always in line with the culture and thus aligning strategies in line with these means that only consideration of internal factors. Not anything that has to undergo a thorough review is a plan for a competing market. Besides, it seeks to maintain the norms and the beliefs of the people. This paper makes a conclusion that a strategic drift results from choices made in the organization. Not only does strategic drifts distract the management from its path of success, but also result in a complete loss of momentum. Additionally, it can lead to the wastage of money, time and other valuable resources. Overall, it increases the overall cost of operation and may sometimes lead the firm away from achieving its competitive advantage. Though undesired in the current business world, numerous causes result in a strategic drift. Some of the causing factors include paradigms, organizational culture, the reactive nature of companies and unhealthful institutionalized patterns. Organizations need to study the market condition prior to the changes occurring in it. The proactive aspect of the operation is the only tool that can control strategic drift. Besides, for sound management practices, a critical analysis of the business environment is necessary. Strategy formulations should als o be in line with the ever-changing trends, and there is a need for movement from the traditions or culture of organizations to more realistic views of the world.

The solution to piracy off the coast of somalia lies on land not at Essay

The solution to piracy off the coast of somalia lies on land not at sea - Essay Example This is why, off the shores of Somalia, the threat of piracy has cast its frightening shadow. These waters being one of the international trade routes, the problem has become a head ache, not to the Somalis, but to global commerce. While trying to find solutions to this problem, all the focus has been on surveillance at sea. But this paper tries to refocus the whole issue upon the basic political realities of this nation which has become a constant breeding ground for pirates. The state of Somalia is located in the Horn of Africa, and is bordered on the west by Ethiopia, Kenya  in the southwest,  Djibouti  in the northwest,  while the  waters of the Gulf of Aden  lie to its north, and the Indian Ocean  bordering its eastern coastline. Somalia was well known during the time of the antiquities, when it had successful trade relations with the ancient civilizations of Egypt, Mesopotamia, Babylon and many others2. Later in the 20th century, Somalia played an important role d uring Cold War, primarily under the Soviet influence. However, in the recent times the country has witnessed some of the worst civil wars, along with a rise in Islamic insurgency. Somalia’s present economic and political orders are in a complete state of disquiet, owing to the ceaseless civil conflicts. After 14 failed transitional governments, Somalia is now dubbed a â€Å"failed state.† Failed economic conditions and an unstable, volatile political order of this country, have forced many of its citizens to earn their livelihood through various illegal means. Of this, the maritime piracies off the high seas, near the Somalia coast, has turned into a major international problem, owing to increased instances of hijacking of large merchant ships by the Somali pirates, in a bid to earn ransom money. A common observation among social scientists has been that, â€Å"the Somali piracy ‘industry’ is a direct consequence of the 1991 collapse of the countryâ€℠¢s last functioning national government.†3 In this article, my attempt is to examine the background that has led to this increase in piracy off the coast of Somalia, to study the present situation of this piracy and the various reactions of the international communities and to offer viable solutions apart from the sea-based conventional solutions. This analysis will also discuss various workable solutions as suggested by various naval heads and other international organizations like the UNSC, NATO, and EUNAVFOR; all of which primarily advocate that, results of naval actions would not serve to be a permanent long term explication; as most of the experts feel that the solution to piracy off the coast of Somalia lies on land, and not at sea.4 Discussion Statistical data show that â€Å"there were 115 reported pirate attacks  off the coast of Somalia in 2008†¦[and]†¦of those attacks, 46 resulted in the seizure of a commercial vessel by Somali pirates. The average rans om for the release of hijacked vessels increased from $1 million US dollars in July of 2008, to $1.5 million by December.†5 These figures show the graveness of the problem, which is leading to serious implications on the future of trade and commerce, via the Gulf of Aden route. This route is used by, at an average count, almost 20000 ships annually, and records show that maximum number of merchant ships have been attacked by the Somali pirates in this region6. Owing to this risk many of the trading vessels have been forced to avoid this area and take a longer but

Same-sex Marriage in the United States Essay Example | Topics and Well Written Essays - 2000 words - 1

Same-sex Marriage in the United States - Essay Example Each and every individual have different views regarding the same-sex marriage. It is very much unfortunate that there are several growing stigmas that are attached to the topic. The identification of same-sex couple is highly established in several countries. Denmark is the first nation who legalized same-sex marriage. Nowadays, the supreme court of US also legalized the same sex marriage concept. According to the new rules and regulations, same-sex couples can adopt a child in their family or they can take a baby through the artificial process. According to the Goldberg’s survey, it is evident that there are three kinds of reactions that are coming up. One respondent group about this topic is addressing that the legalization of same-sex marriage can be harmful to the society (Nagle 34). On the other hand, the other group of respondents has said that in order to save the human rights and moral ethics, the federal government of America needs to pass the demand of same-sex coup le. Both the two groups of viewers have several negative connotations as advocates have framed the issues successfully as one of the critical human rights. It is true that the marriage conflict come under the civil law. Marriage law in the US is more than a state matter. It is considered as the federal matter. According to the oppositions the enlarging marriage rights of same-sex couples can undercut the conservative purpose of marriage. The study has been executed in order to understand the critical issues that are involved in the debate. The study will help to find several reasons by which the study can conclude that same-sex marriage should not be legalized in the US. Opponents of same-sex marriage have argued that altering the conventional definition of marriage as between two opposite-sex individuals will weaken a threatened institution. Legalizing same-sex marriage is a kind of slippery slope that may guide to interspecies and polygamous marriages. It is true that the same-sex couples are not capable to procreate. There is no undeniable interest to subsidize their marriage. It can be argued by several individuals that the happiness of these same-sex couples can be enhanced through the same-sex marriage. Moreover, it can be argued that the federal government of the United States should subsidize the same sex marriage in order to make the same-sex couples happy (Spilsbury 121). It is known to all that the same-sex couples are unable to reproduce themselves. Same-sex marriage is not an issue of civil rights. Same-sex marriage is a question of whether or not the government should encourage and subsidize the same-sex marriage. Looking into the natural instincts, it can be stated that same-sex marriage will affect the balance of a community or a society. According to several studies and research works, the majority of the citizens of America have opposed the concept of same-sex marriage. According to the survey, it is evident that the same-sex marriage is not natural. The children resulting from this kind of marriage are also not natural.

Theology Marriage in the 20th Century Essay Example | Topics and Well Written Essays - 750 words

Theology Marriage in the 20th Century - Essay Example Duncan thinks that perhaps knowing how to fight will help his son survive as a man in a man's world, just as he thinks this skill helped himself and his brothers cope with life: "Over time, physical combat begot intellectual combat, and our competitiveness and discipline allowed us to be fairly successful in the world" (Duncan 2009, 1). Mr. Duncan wants to be a just parent, as he worries about "failing [his] children" (Duncan 2009, 1). What he means to be the implications of failing his children, one is not exactly sure. Would his children become effeminate if they didn't learn how to fight Would they not have material success in the world if they didn't learn how to fight Duncan says the conflict between pacifism and fighting "creates a kind of parental dissonance, a discomfort that [he feels] slightly embarrassed to talk about in polite company" (Duncan 2009, 1). Duncan wonders if he is being a good father by not teaching his son to fight-just as his own father seemed to have been an effective father by teaching his sons how to fight, and also carry on the legacy of his grandfather. Duncan seems to be indebted to his father but conflicted by the social message of the Catholic teaching he grew up with: "My father would tell me that my son should learn to fight. My church tells me he should learn to love. Am I a bad father for teaching him one, and not the other I hope not" (Duncan 2009, 1). In some ways, Duncan feels a call to lead a "countercultural" sort of lifestyle. He says he is "a Catholic who takes the call to be a peacemaker much more seriously than [his] own parents did. Though [he] is not a pacifist[he has] great admiration and respect for the kind fo courage pacifism entails[my own] paradox" (Duncan 2009, 1). Some advice for Mr. Duncan is in order. First of all, Mr. Duncan must realize that there are certain unwritten codes which we all follow according to the gender roles which society dictates. In a study of ads, "Goffman's models seem to follow one body of tacit social rules about gender, not two or three, or some mix[a sort of] code" (Hochschild 2003, 46). Mr. Duncan's child is young. It is normal for a child to question at that age who he is. "So, at this point [in a boy's life], [he's] asking [himself], Who and what am I Is this my identity" (Cahill 2006, 146) A good relationship with his father is guaranteed to help his son have success in life, not learning how to fight necessarily. Gathered from the "clinical experience of many psychiatrists and therapists doesstemfrom problematic relationships with parents. The basic idea is that each individual in some sense has to 'achieve' his gender identity by going through a developmental process" (Cahill 2006, 153). This solves the issue of gender roles. Now, Duncan is worried if he is being a just parent. "[W]here the ordinary relationships with parents are disrupted [in this process of achieving gender identity]this process is short-circuited" (Cahill 2006, 153). Clearly Duncan does not have problems here. He may perceive he is being a bad parent if he does not clearly define gender roles-ultra-masculinity being demonstrated by the fact that his son would know how to fight. "Ultra-femininity, like ultra-masculinity, may mask the underlying

Journalist and Enron Essay Example | Topics and Well Written Essays - 500 words

Journalist and Enron - Essay Example He not only performed his duty as a journalist and a responsible media personnel, but also did instil fear in the other big corporations, from indulging in such illegal methodologies. As Enshwiller points out, "The press should be there to examine, questioning, and bring it to the public". His statement puts forth before us, a larger perspective---the imperative role the media plays, in today's society. This is the Age of Information, and information at its popular best! The media has been rightly accredited with the epitaph of the Forth Estate, next only to the three organs of the government. It functions not only as a source of information and news, but also strives to inform the public about occurrences that often hold widespread importance. The media, is formed by hard-core journalists and correspondents, who sometimes even risk their lives for the factual representation and exposure of the truth. They strive to present before the public, daily occurrences and other issues of common inetrest and concern, for the betterment of the society.

ABC Co. Marketing Strategy Case Essay Example for Free

ABC Co. Marketing Strategy Case Essay ABC Manufacturing Company is a manufacturer of fine furniture designed to resemble the furniture used in various historical periods. The companys furniture is sold by approximately fifty dealers throughout the United States and in several foreign countries. Dealers are carefully selected by ABC to be sure they maintain the high quality imagine that ABC has established in its 100-year history of making fine furniture. Most dealers sell only ABCs furniture, but a few also sell noncompeting lines of similar quality. Dealers who sell only ABCs furniture are franchised to do business under ABCs trade name and would appear to the public to be branch stores rather than independent business. ABCs factory is a three-story building of heavy timber (mill) construction located in a New England town of 2,500 population. The first floor is used for warehousing and office space, and the two upper floors house the production facilities. The building is 75 years old and has been occupied by ABC since its construction. The local fire department is above average for towns of this size, but its water supply system does not have adequate reserve capacity to maintain pressure for fighting a major fire over a period of several hours. See more:Â  First Poem for You Essay Adjacent to the factory building is a large frame structure used by ABC to store seasoned lumber for its furniture. Lumber is first air dried in the yard adjoining the shed, with the exact drying period depending on the kind of wood involved. The air-dried wood is then kiln dried in ABCs own kiln, after which it is stored in the frame storage building until needed. ABCs power plant is located in a brick building about 50 feet from the main plant. It furnishes heat and steam for all operations. Water for the stream boilers is drawn from a large river adjacent to the power plant. Electricity is purchased from a public utility. Due to the length of the seasoning period, ABC usually has on the premises a supply of lumber adequate for four months of operations. Much of the lumber is purchased within a 200-mile radius of the factory, but substantial amounts are purchased from more distant sections of the United States or from foreign countries. For example, mahogany lumber, which is used in almost half of ABCs products, is imported by ABC from Latin American and Africa. Most of the lumber arrives at ABCs yard by railroad and is shipped FOB point of origin. The imported lumber is shipped by water to the nearest port, approximately 100 miles from ABCs factory, and then by train to the factory. Some locally produced lumber is delivered to ABC by truck, FOB ABCs yard. Workers in ABCs factory use some small power tools, such as saws, planers, lathes, and similar equipment. However, the production process is primarily manual. Highly skilled craftsmen build the companys products, using many of the same techniques that were used two centuries ago. Furniture finishing is done by hand, and most of the stains, varnishes and other finishing materials are compounded by ABCs employees according to the companys proprietary formulas. ABCs labour force is very stable because each craftsman undergoes a lengthy apprenticeship in the plant and because ABC pays wages that are relatively high by the standards of the community. Management considers the high wages to be necessary because of the time and expense required to hire and train a replacement for a craftsman who leaves the firm. Some finished furniture is shipped by railroad, but most of it is shipped by contract carrier trucks. The contract with the trucker does not include any provision relative to liability for damage to goods in transit. Export shipments are transported by truck to the nearest port and by water to the country of destination. All shipments are made FOB purchasers warehouse. All sales, including export sales, are made on open account and only to ABCs established dealers. Export accounts usually are denominated in and payable in the currency of the importers country. Accounts receivable, on the average, are equal to about one-eighth of annual sales. Accounts receivable records are kept on ABCs computer in the office section of the first floor of the factory building. The computer is also used for inventory and production control, payroll management, and other accounting functions. The computer equipment is owned by ABC. The office is cut off from the warehouse section of the first floor by a wood partition. The office and computer room are air conditioned, but the remainder of the building is not. Duplicate computer tapes, updated weekly, are stored in a well-protected vault in another part of the city. A monthly fee is paid for the tape storage. ABC owns several small trucks that are used to move lumber about its own premises and for local pickup and delivery. The trucks are kept in the lumber storage shed when they are not in use. Several lift trucks are used for moving lumber and other heavy items in and around the factory and lumber storage area. A freight elevator moves materials, finished furniture, lift trucks, and other equipment between floors in the factory. Automatic grillwork gates have been installed to prevent workers from falling into the elevator shaft. There is no passenger elevator. Workers use either the freight elevator or the open stairwells when moving between floors. Steel fire escapes have been installed on the exterior of the building to facilitate evacuation of the upper floors in case of fire or other catastrophe. ABC Manufacturing Company is wholly owned by its president, Mr. Carpenter, who is the grandson of the companys founder. Mr. Carpenter is considered wealthy by local standards. However, his fortune consists almost entirely of the stock of ABC Manufacturing Company, and he is dependent on his salary and company dividends for his livelihood. Nearly all of ABCs operating profit has been paid in dividends in recent years. Consequently, the company has only a modest cushion of liquid assets in excess of its operating needs. Profits have been consistent, but they have been relatively low because of the inefficiency of the present factory facilities. Although the dollar amount of ABCs sales has increased steadily because of price increases, the physical volume of sales has remained almost constant over the past several years. The lack of growth has resulted primarily from two factors. First, the present plant cannot accommodate greater production because of space limitations, and there is no available land adjacent to the plant to permit expansion. Second, the long training period required for new employees prevents rapid expansion of production. Mr. Carpenter has considered building a new factory at another location in the same town. However, such a move is not financially feasible unless the present plant can be sold, and no prospective purchasers have been found. A move to any location outside its present hometown would not be practical because of the companys dependence on its well-trained craftsman. The sales manager estimates that both the dealer network and sales could be increased by 30% over the next 5 years if production facilities could be provided. The cost to rebuild the present factory building in its present form would be $2.5 million. However, Mr. Carpenter has indicated that he would not build a new mill-type building to replace the current structure because of the high cost of the thick brick walls and heavy timber interior construction. A new, one-story, noncombustible masonry and steel building of comparable floor area would cost approximately $2 million to build and would be more efficient for ABCs purpose. The actual cash value of the present factory building is estimated to be $1.5 million, and ABC has insured it for that amount against fire and the extended coverage perils. The lumber storage shed, power plant, table and lumber kiln are also insured for their actual cash values. The following table shows the actual cash value and replacement cost for each of the structures. Table 1: ABC Company Building Values ___________________________________________________________________________________ BuildingActual Cash ValueReplacement Cost Factory$1,500,000$2,500,000 Lumber shed 150,000 200,000 Power plant 230,000 300,000 Kiln 270,000 320,000 ___________________________________________________________________________________ ABCs annual premium for fire and extended coverage insurance is $136,000, including the coverage for contends of the buildings and for lumber stored in the yard. There have been no fire or extended coverage losses during the past five years and only minor losses prior to that time. The companys estimated annual workers compensation premium is $165,000. Loss experience has been fairly consistent from year to year. Based on past experience, with adjustments for inflation and current benefit levels, normal losses of $104,000 can be expected. The most frequent claims have been small and have resulted from such minor injuries as splinters in hands, several minor dermatitis cases, and sawdust or metal particles in eyes. The more serious injuries have included back strains and loss of fingers in power saws and other power tools. ABC now has 15 percent debit under workers compensation experience rating plan. (That is, they are paying a rate 15% greater than manual rates). Questions 1. Identify the following loss exposures faced by ABC Manufacturing Company: 1) Direct property loss exposures 2) Indirect property loss exposures 3) Liability exposures 2. Your suggestions in risk management for ABC Company Case 2: Bite-O-Burger Company (Risk Management and Insurance) Description of Operations The Bite-O-Burger Company is a publicly held corporation. It owns and operates 843 fast-food restaurants located in eleven states in the United States. The restaurants feature a limited menu consisting of hamburgers, French fried potatoes, fried chicken, chili, related food items, and nonalcoholic beverages. The restaurants vary in size, but each is located in a free-standing building and surrounded by customer parking areas. All of the buildings were built to Bite-O-Burgers plans and specifications and share enough architectural characteristics to make them easily recognized as units of the chain. All have forced air heat and are air conditioned. At current prices, the average replacement cost of the restaurants is estimated at $125,000 per unit for the building and $100,000 for the equipment. Because of differences in size, the replacement cost, including building and equipment, ranges from $175,000 for the smallest restaurants to $300,000 for the largest. The average actual cash value is $205,000 for building and equipment combined. The restaurants vary in age from a few days to approximately 20 years. All of them are owned by Bite-O-Burger, but the newer ones are subject to substantial mortgages. The home office of the company is located in leased space in a building in the business district of a midwestern city. Bite-O-Burger occupies the upper three floors of the thirty-story building. The companys data processing centre is located on the top floor. All of the computer equipment is leased from the manufacturer. Bite-O-Burger also occupies a leased warehouse near the home office. It is used for storage and distribution of supplies (paper cups, wrapping materials, etc.) and nonperishable food items. Perishable food items are purchased from local suppliers near the restaurants in which they will be used, and they are delivered directly to the restaurants by the suppliers. There is no refrigeration equipment at the warehouse, but each restaurant has a large, walk-in refrigerator. Items from the company warehouse are distributed to the individual restaurants by a fleet of 30 owned tractor-trailer units. The same units also transport goods from the suppliers to the central warehouse when truck-load quantities are purchased. Smaller lots are shipped by common carrier FOB point of shipment. The values of the contents at the warehouse and home office are $15,750,000 and $3,200,000, respectively. Values at both locations are relatively constant throughout the year. Bite-O-Burger advertises extensively in newspapers in the cities in which it has several restaurants. Many of its advertisements feature endorsements of its products by prominent athletes and theatre personalities. Some advertisements feature pictures of local people and their favourable comments on the companys food and service. The company also sponsors softball and bowling teams in some cities as a part of its public relations program. Bite-O-Burgers profit and loss statement and an abbreviated balance sheet for last year are shown in Tables 2-1 and 2-2. The companys operating results for last year were typical of past years, but sales and assets have been growing at a rate of approximately 20% per year. Bite-O-Burgers fire and extended coverage losses for the five years are shown in Table 2-3. The quotations shown in Table 2-4 have been obtained for fire and extended coverage protectionblanket on buildings and contents on an actual cash value basis. Bite-O-Burger is well aware of the fire exposures associated with restaurants. Extensive fire control equipment has been installed in the kitchens of all units, and especially in the range hoods and in the cooking areas.

Yogesh Chander Deveshwar Itc Limited Commerce Essay

Yogesh Chander Deveshwar Itc Limited Commerce Essay Yogesh Chander Deveshwar  is the Chairman of  ITC Limited, one of the Indias largest multi-business corporations. Yogesh Chander Deveshwar was born  on 4th February 1947 in  Lahore. He completed his Bachelor Degree in  Mechanical Engineering from IIT, Delhi and Harvard business school  in 1968. He is also known as Yogi as his friends use to call him by this name. In 1968 yogi was chosen by Ajit Narain Haksar and he was the First Indian Chairman for the Company. He is working with ITC from the last 41 years and has worked in virtually every arm of ITC. He was appointed as the Board of director of the Company in 1984, between 1991 and in the year 1994 he took the charge of the Chairman and Managing Director of the Air India. On Jan 1st, 1996 he became the Chief Executive and Chairman of ITC Company. He is also the Chairman of ITCs wholly owned subsidiary, ITC InfoTech India Limited, and its subsidiaries in the UK and USA. Under leadership of Y C Deveshwar, the company has c onsolidated and strengthened its diversified businesses and hotels. Deveshwar is the man who guided ITCs successful into new growth areas including agriculture business, retail and distribution and branded FMCG goods.   On sep.3 2012 by The Central Government of India has nominated him as the director in Reserve Bank of India for four years. He worked for the confederation of Indian Industry. He was also worked for so many educational institutes like Board of Governors at the Indian School of business and even he was the former chairman of society and the Board of Governors at the Indian Institute of Management Kolkata. He also worked for the National Executive Committee of Indias Premier trade. In 2006 he was awarded by Lakshya Business Visionary award this award was given to him by the students of National Institute of Industrial Engineering Mumbai. Lakshya Business Visionary award was given him by Mr. Jayant Patil and they salutes to Y C Deveshwar to guide the nation to success through the diligence and as they were committed. Deveshwar is ranked third on the list of the Indias best CEOs between 1995 and 2011. In the Year 2001, by Ernst Young, Y C Deveshwar was awarded with the Manager Entrepreneur Award. He was also inducted to the prestigious Hall of Pride at the Indian Science Congress in January 2006 and in the year 2006 he was awarded as the Business Person of the Year Award by the UK Trade Investment. In the year 2007 he was awarded by the Sustainability Leadership Award. Mr. Deveshwar had also been honoured with the Global Leadership Award by the US Chamber of Commerce. In 2011 Government of India Awarded him by Padma Bhushan award one of the highest civilian award for contributed his service of a high order to the nation. Strategic leadership refers to a managerial potential which express a strategic vision for the growth of organization and to motivate the employees to acquire the vision. Strategic leader creates organizational structure that is focused towards the business which allocates resources that understand business goals and objectives to express strategic vision which is a set of the organizational vision. Strategic Leadership ia a leadership which provides the vision and direction for the growth and success of any organization. As change has become repeatability in organizations, all employees need the skills and tools for strategy implementation. Being a strategic leader, he requires the capability to understand business priorities and their long term and short term goals. Leadership better equipped to not only thinks more incisively about future competitive advantage, but your organization will have greater strategic focus at every level, beginning with the top management team.-Gerald L. Kiser, president CEO The  process  of  using  well considered  tactics  to communicate a vision for an  organization  or one of its  parts. Strategic leadership typically  manages, motivates and persuades  staff  to  share  that same vision, and can be an important  tool  for implementing  change  or creating  organizational structure  within a  business. The true meaning of strategic leadership is nothing more than the ability to anticipate, prepare, and get positioned for the future. It is the ability to mobilize and focus resources and energy on things that make a difference and will position you for success in the future. Effective strategic leadership focuses on the long term rather than solely on the short term. (The Center for Management and Organizational Effectiveness) Strategic leadership is defined as practicing existing abilities and skills and influencing others to train in new formats for new leadership models. Specifically, to obtain successful educational management within the organization.(Barron, 1995) Bernard M Bass developed a system and in this system or model he divided leadership in four different types based on the main two objectives which are task oriented and people oriented. There are some main styles of leadership which is explained below: A directive leader will always tell his colleagues and explain that what to do, how to do and when to do but he should have a good control on them then only he can make his followers to work under him. A consultative leader will always take the decision with the help of his colleagues and he will always conduct a meeting before take any decision. A participative leader The participative leader puts himself as a member of the team and discusses possible decisions with the team. He seeks consensus before coming to a decision and everyone is supposed to take ownership in the final decision. The negotiative leader employs a more political approach to leadership. He has a personal interest in his decisions and he uses incentives to entice his followers to do certain things. Situational leadership refers to when the leader or manager of an organization must adjust his style to fit the development level of the followers he is trying to influence Y C Deveshwar, being one of the prominent and effective hospitality leaders in the hospitality industry. He posses two different styles of leadership which he executes in his career to bring up the ITC group in different sectors with new ideas. Y C Deveshwar, being one of the effective leader , he practices participative leadership style in which he considers the ideas and views of his colleagues and then only he use to takes the decision. In this style of leadership all the BODs will seat together and then only they will take the decision for the company future. All the BODs has to share their views and ideas and on the base of that only they will take the correct decision. Y C Deveshwar always seat with these people and he will also discuss his views and ideas which enthusiastically increases the morale of the employees working under him. Before make any decision he will always ask his subordinates and then only he will come to the decision. He always use to ask his company members to take participate in the meetings and share their ideas or views which they can apply in the company. Even though, the sharing of such ideas and views always helps the company to come up with many innovative ideas and this practices always be nefit the company in a very beneficial way. He preferably want his all Board of Directors should be present in all company meetings, so that they all can sit together and figure out the possible decisions which will benefit the company with maximum profits with minimal loss and also helps to achieve the company objectives. Y C Deveshwar also executes another leadership style which is being a Delegative Leader in which he concentrates only on decision making, and allows his subordinates to take their own course of action. He always gathers his team to discuss possible decisions that could be adopted and help the company to expand and even give high profits. In todays world, ITC has more than 15 products in the market and it is very difficult to handle all the different sectors of the ITC products. Being having Delegative leadership qualities, Y C Deveshwar has divided the different sectors to different managers who will take the decision on monthly basis and they have to inform the steps which they are going to take for company benefits. Y C Deveshwar is a strategic leader. He has some leadership qualities which made him a strategic leader. Strategic leadership is all about the leading, guiding and innovate the new ideas. Strategic leadership is all about leading, influencing and guiding the organising team members to think strategically about their own duties and responsibilities which require the potential to comprehend the work place and environment. It requires potentiality to look at the wider picture which has a vast perspective and they dont need skills in their narrow specialty but they have a good working knowledge and experience about the things that are organizational importance. Adapting strategy to a changing business requirement is must if the organisation wants to remain valuable to the business. The process which assess the leadership talent to lead the change which enables the business to meet its objectives which changes the adaptability of the organisation. Strategic leaders must have zeal to work accordingly which goes beyond money and power and also the investment in their people to motivate them, to achieve the goals of the organisation with determination. Strategic leaders are able to plan and execute a range of possibilities of several stages ahead for the development of the organisation. For a Hospitality Leader, there must be a equalised focus to understand the function which provides the value towards the organization. At the time he joined the ITC Company, it was facing a very bad time. He came and started expanding the business and they entered into the hospitality industry till that company was only in the Tobacco business but at the time Y C Deveshwar entered into company it became the multi-business company. He takes the company to the so many new other business which increased the sale of the company and company has shown a good growth in all the areas ex: Agriculture business, retail business and distribution of branded FMCG (Fast Moving Consumer Goods). As we said he has good creative mind so he used that in the company applied his strategic ideas and because of that today ITC is most valuable Business in India. In 1991there were two major turning points: the company appointed him as the chairman of ITCs Indian Tobacco Division and Indian Leaf Tobacco Development Division; the government handpicked him to be the Chairman and Managing Director of Air India. Y C Deveshwar was not successful in turning around the declining fortunes of the national carrier; he tried to push forward the idea of merging Indian Airlines and Air-India and then privatizing them as a joint entity. Partly the problem lay in the way the groups top management was structured. At the time Y C Deveshwar joined the ITC group, the main income source was only Tobacco Company and the Board of Directors was directly responsible to take decisions. Y C Deveshwar reduces the number from executive team and board became the management arm of company and all the decision started taking by the responsible executives of the different market products. A leader always creates big demands on people. A good leader is always responsible for the vision and goals of an organisation. Unless and until the leader is strong enough the organisation will not survive. So it is very important for the leader to get self-motivated in all the situations. He should be enthusiastic and should feel responsible in the work he does. T hey should always be aware of serving his organisation and also the employees. When Y C Deveshwar joined the ITC group that time ITC is mainly known only for the tobacco products but he joined and he start investing in other business because of him today ITC has more than 15 products and he is only that person who started ITC hotels. I conclude with a brief review of a leader and his qualities and his characteristics. This essay explains that for a smooth and safe running of business a strategic leader is the most important, effective and responsible person where he has to lead his team towards to achieve the organisational goal. A leader has to always build good relation with his all employees and company members; a leader has to satisfy their basic needs that they can work more effectively in the business. This literature also sought out the styles of a leader. It is also important that the organisation should follow the hierarchy in an organisation. Always the top level management should implement their strategies on middle level management and the middle level management should make sure that the strategies given by the top level management are being targeted by low level management. This essay also explains about Mr. Y C Deveshwar history, education, achievements, awards and the different ideas or his views which he contributed within the working in hospitality industry, his different styles, his successful moments, his hard work and his challenges and how did he solve out the challenges successfully. The way which he used to face the different challenges where there was staff turn was very qualitative. Y C Deveshwar always uses to motivate his employees that they can help organisation to achieve the goals. In The end I concluded that Mr. Y C Deveshwar is a successful leader for ITC organisation and he was awarded by the best entrepreneur in the hospitality sector. He is also planning to expand ITC Company in coming years and they are already ready to launch their hotel in Sri Lanka and Nepal. References Management Study Guide: Strategic Leadership Definition and Qualities of a Strategic Leader Strategic Actions: Strategic Leadership. http://www.itcportal.com/about-itc/itc-leadership/board-of-directors.aspx www.wikipedia.com http://www.managementstudyguide.com/strategic-leadership.htm http://article.wn.com/view/2012/09/05/Y_C_Deveshwar_nominated_as_director_on_RBIs_Central_Board http://www.eauc.org.uk/image_uploads/logo_large.jpg Module Strategic Leadership in Hospitality Tourism management Assignment Topic Crisis Leadership B3150 Submitted By 12009871 Module Co-ordinator: Mrs. Gayathri Desai Mrs. Jayapradha K. Word count-2151 The word crisis has originates from the Greek word Krisis which means judgment, choices or decisions. It appears that three elements must be present: a triggering event causing significant change or having the potential to cause significant change; the perceived inability to cope with this change; and a threat to the existence of organizations (Keown-McMullan, 1997) as well as of tourists and members of the tourism industry (Henderson, 2006). Every crisis is unique displaying a remarkable range and variety (Henderson, 2006), yet characteristics generally cited include unexpectedness, urgency and danger (Hermann, 1972). Tourism crises usually share these attributes although certain crisis situations can be predicted and lack  immediacy. Crisis Management is the management and coordination of your institutions responses to an incident that threatens to harm, or has harmed, your institutions people, structures, ability to operate, valuables and/or reputation. It takes into account you r planning and automatic incident response, but must also dynamically deal with situations as they unfold, often in unpredictable ways. Crisis is not a pathological state; it may occur to anyone at any stage in his or her life span. (Golan, 1978). A crisis is any situation that has the potential to affect long term confidence in an organisation or a product, or which may interfere with its ability to continue operating normally.(Pauchant and Mitroff). Crisis can be defined and situation which can affects the whole organisation and as well as the employees of organisation. Crisis can also be described as an unexpected event leading to major unrest amongst the individuals at the work place. Crisis is a sequence of un expected events which can be harmful for an organisation. Crisis can affect the whole organisation as well as individuals. Organization crisis is a low-probability, high-impact event that threatens the viability of the organization and is characterized by cause, effect as well as by a belief that decisions must be made swiftly. (Pearson and Clair, 1998). Crisis Management is the art of dealing with the unexpected events which can affects the employees, whole business as well as client refers to crisis management. Crisis management  is the process by which an organization deals with a major event that threatens to harm the organization, its stakeholders, or the general public. Crisis management can be defined as a process of handling unexpected changes in the organization culture. There is a vital need of knowing the importance of CMP in the organisation which will directly help the employees to understand as well as to cooperate with the organisation at the time of crisis or after the crisis. Having an effective CMP, it helps the manager to make the strategies to come out of certain conditions and helps to decide for the future execution of plans. Crisis management also includes the processes which helps the managers and even thou staff also to understand the unexpected events. Crisis management will helps the staff to take the eff ective action. Types of crises Natural crises Natural crisis is a disaster which occurs without any prior information to any place in the whole world. Natural crisis is further been explained in many manners like earthquakes, landslides, cyclones, volcanic eruptions, floods. Many of the people in the world consider natural crisis as Act Of God. For Example: Earthquake in Indian Ocean with a magnitude of 9.2 at Richter scale on 26 December 2004 which resulted in Tsunami. Technological crises Technological crises are caused by human application of science and technology. Technological accidents inevitably occur when technology becomes complex and coupled and something goes wrong in the system as a whole. Technology failure is something related with power blackouts, computer irregularities, aircraft crashes and even sometimes the nuclear meltdown. Some technological crises occur when human error causes disruptions. When an accident creates significant environmental damage, the crisis is categorized as  mega damage.  Samples include software failures, industrial accidents, and oil spills. For example: Northern Grid Power blackout in almost 22 states of India out of 29 which vitally affected the daily practices of the people living. This technological crisis effected in many places as for travelling, banking services as well as hotel industry too in context with reservations and other inter departmental operations. Terrorist attacks/man-made disasters Terrorist attack is manmade disaster which means it has threats of human body. It involves negligence, an element of human intent and failure of human system and its results can huge loss of life, wealth and buildings and even it also affects the mentality of a person. Recession in 2008-09:- The 2008-2009 recession hit every industry around the world very hard. One of the most affected industries, however, was the hospitality and restaurant industry. Before the recession, oil prices were at all-time high, and hotels and travel companies had already started to see a significant decrease in travel and tourism. The industry which got affected mainly because of recession is of accommodation, traveling and hotel industry. As we do know that the income of many families goes down badly during recession. Some families even lost all sources of income too, which created panic and turmoil in their life. This is why people are saving on traveling and staying back in their home only. This is affecting the hotel industry badly. Not only the family visitors, but hotel industries are also losing their business travelers too. These days companies prefer video conferencing for meeting rather than going overseas for meeting. All these situations caused panic in the h otel industry and they took some instant measures like slashing the rates, increasing marketing costs, and promoting their websites. Some of the hotels are lucky enough to get the support from the government too, but those hotels were very few and they not only survived the recession but came over it very soon. Overall hotel industry is suffering from the recession and I hope very soon they can heal over it. Terrorist Attack:- It is a manmade disaster which results can be a heavy loss of life and which can affects the life of staff as well as guest also. The terrorist attack happened on the Taj Hotel Mumbai on 9/11. They want to create same environment like Marriott attack which happened in Karachi. The person who was there behind Mumbai attack they planned to create an unsecured environment and them wants to reduce the economic strength. Security  would obviously be the most important element of this disaster management plan and guests at five-star hotels should expect to be checked along with their baggages. The way luggage is scanned through x-ray machines in airports, it should be also done in hotels. The screening should start at the very entrance where minimum damage can be done. All the hotels need to have a proper security system and even they should have a good security team that they can immediately take the decision and the team should be always ready to handle this type of situation because at the time of this type of situation if they will call the security team from outside it will take long time till that time they can damage lots of things. All the hotels should make sure that the security especially at entry gate needs to be more strong so that this thing wont be happen again in future. Security systems should be updated by the latest machines and technology. Tsunami and Earthquake: These are the natural disasters which appear without any prior information the last crisis which affects the whole South India was Tsunami in Indian Ocean in year 2004 and because of this crisis there was a lot of wealth, life loss and even buildings were also damaged. This Tsunami has affected all the hotels and all the coastal areas in South India. Indian south-east coastal region looked very normal on December 26, 2004 but as the day started unfolding, tremors were felt in Tamil Nadus capital Chennai and the Andaman and Nicobar Islands. Then the tsunamis came which engulfed the Andaman and Nicobar islands, the coastline of Pondicherry, Tamil Nadu and parts of Kerala, Andhra Pradesh, Orissa and West Bengal. Though Orissa and West Bengal recorded minimal or no loss to property and human life, the other regions reported substantial devastation. The hospitality industry in two partly affected Indian states, Andhra Pradesh and Kerala, suffered due to rumors, fu elled by the panic about incoming tidal waves. But now the Indian Govt. is already set to fight with the Tsunami and The Indian Govt. has pledged $30 million to develop a tsunami early warning system to prevent such a large loss of life. There are some steps which an organisation can take to avoid the much loss at the time of when crisis occurs these are also known as pre- crisis pan or post crisis plan. Here I am going to explain some plans which we can take and it is basis on all the three crisis which I have written above which is recession, manmade and natural disaster. As a leader considering recession which is an economy disaster because of that so many people lost their jobs and even the some organisation also has been shut down as a hospitality leader the steps which I will take is that an organisation should have the enough money power that at the time of recession they can pay the salary to staff and even in this situation also they can run their business easily. Being one of the hospitality leader I will make sure that organisation should not get affected and even the staff also should not leave their jobs. Earthquake is a natural disaster and its results can be loss of life and even it can affect the whole business also it can damage the whole building also. So as a leader the pre steps which I will take is that we have to train our staff that when the situation will come they can make a proper plan and help others also and even the staff which is working in organisation they should have proper communication with each other. Terrorist attack is a manmade disaster which can damage the whole organisation and even a heavy loss of life also so for that we have to take some steps in advance that we can save the life of human and not even staff we have to save the guest also as a attack happened on the Taj, Mumbai on 26th Nov. 2008 where so many lost their life. So for this issue first of all we should have a proper security system and through that only all the staffs have to go not only the guest even the staff also. All the hotels should have CCTV cameras on all the floors that they can see the activities which are happening there and even at the time of check in they should have taken the copy of their identity proof. Post crisis plan for all the crisis which is mentioned above is that the organisation should have the proper plans and all the businesses should have enough money power also that they can easily come out from the situation and again they can again come back to the track and run the business smoothly because if they wont able to recover from all these situation then might be they have to close the business also. As a leader the main important thing is that we have to take the steps through which business can easily come out from the crisis and we have to take and even they have to make a proper crisis management plan also. (Major Suresh Goel, 2002) Crisis is a disaster which occurs without any prior information and its results can be a damage of building, life or lives also. It can effect a whole organisation or departments of organisation. Crisis can be natural which includes (earthquake, Cyclones and landslides) and man-made which includes (Terrorist Attack, strikes, sabotages). Crisis leadership is a style which can help an organisation to save the whole organisation or can help to save the lives in organisation for that they have to make a crisis management plan in the organisation. This essay has given a brief introduction about the crisis, types of crisis, how a crisis can occurs and how to make a plan to save the lives in organisation. In this essay some points has given which can help an organisation to make some pre crisis plan or some post crisis plan. In pre-crisis plans we have to make some plans which we can apply in the future or whenever the crisis will going to affect the business it will be more beneficial for organisation at the time of crisis. So, in the last, I like to conclude that every organisation should create the crisis management plans which can help them in the future and it will help them to save the lives of person working in business or organisation.

Analysis of Financial Performance

Analysis of Financial Performance Name: Anjeli d/o Panjalingam Questions Scenario: You have just been appointed for the job of finance executive of a company that is involved in the hypermarket industry, Tisku. Using the Tisku’s financial income and balance sheet provided here, you are required to analyze the financial performance and financial position using ration analysis. Based on the information given in the income statement and balance sheet, calculate the following ratio for both years 2012 and 2013 and compare them to access the financial performance of Tisku. As the finance executive, propose the TEN axioms if finance to your management that would affect their decision, in the relation and examples of hypermarket industry. Task 1 Scenario: You have just been appointed for the job of finance executive of a company that is involved in the hypermarket industry, Tisku. Using the Tisku’s financial income and balance sheet provided here, you are required to analyze the financial performance and financial position using ration analysis. Based on the information given in the income statement and balance sheet, calculate the following ratio for both years 2012 and 2013 and compare them to access the financial performance of Tisku. Introduction Ratio In mathematics, ration is a relationship between the numbers of the same kind. A financial ratio (or accounting ratio) is a relative magnitude of two selected numerical values taken from an enterprise’s financial statements. There are many standards of ration used to try to evaluate the overall financial condition of an corporation or other organization. Financial ratio may be used by mangers within a firm, potential shareholders (owner) of a firm and by a firm’s creditors. Financial ratio is also used to compare the strength and weakness in various companies. Values used in calculating financial ratio are taken from the balance sheet and income statement. The statements data is based on the accounting method and accounting standards used by the organization. Types of Ratio There are four basic types of financial ratio used to measure a company’s performance. They are:- Liquidity ratio This is the most common ratio of current assets to current liabilities. This ratio indicates a company’s ability to pay its short term bills. Current assets = currents asset/ current liability Acid test ratio= currents asset – inventory/ current liability Return of capital employed = net profit/capital employedÃâ€" 100 Profitability ratio Profitability ratio indicates management ability to convert sales dollars into profit and cash flow. Gross profit = gross profit/salesÃâ€"100 , net profit/salesÃâ€"100 Efficiency ratio Two common efficiency ratios are inventory turnover and receivable turnover. A high account receivable turnover means that the company is successful in collecting its outstanding credit balance. Inventory turnover = cost of sales/average inventory Market ratios Market ratios are used to understand how other investors value money. The current market price of a share of common stock versus an indicator of the company’s ability to generate profits or assets held by the company’s is evaluated. Calculations Gross profit margin Net profit margin Current ratio Quick ratio Net working capital Inventory turnover Return of equity Fixed assets turnover Average collection period Average payment period Debt ratio 2012 2013 Gross profit margin= Gross profit /Sales Ãâ€"100%  ­Ã‚ ­ = 7,047,000/31,437,000 Ãâ€"100% = 7,658,000/ 34,654,000 Ãâ€"100% = 22.42% = 22.10% Net profit margin= Net income/ Sales Ãâ€" 100% = 220,000/ 31,437,000 Ãâ€"100% =571,000/ 34,654,000 Ãâ€"100% = 0.70% = 1.65% Current ratio= Current Assents/ Current Liabilities = 8,198,000/ 3,602,000 =9,162,000/3,264,000 = 2.28 =2.81 Quick ratio = Current Assents- Inventory/ Current Liabilities = 8,198,000- 6,354,000/3,602,000 = 9,162,000/6,635,000/3,264,000 =0.511:1 = 0.774:1 Net working capital= Current Assents- Current Liabilities = 8,198,000-3,602,000 = 9,162,000-3,264,000 =RM 4,596,000 = RM 5,898,000 Inventory Turnover= Cost of goods sold/ Inventory = 24,390,000/ 6.354,000 = 26,996,000/ 6,635,000 =3.836 times/year = 4.069 times/year 2012 2013 Return on equity= Net income/ Shareholder’s equity = 220,000/ 6,072,000 = 571,000/ 5,280,000 = 0.0362 = 0.1081 = 3.62% = 10.81% Fixed assets turnover= Sales/ Net Fixed Assents = 31,437,000/ 6,553,000 = 34,654,000/ 6575,000 = 4.797 = 5.271 Average collection period= Accounts receivable/ Daily credit sales =N/A =N/A Average payment period= Accounts payment/ Daily credit purchases =2,009,000/ (24,390,000à ·365) =1,993,000/ (26,996,000à ·365) =30 days =27 days Debt ratio= Total debt( Total Liabilities)/ Total assets Ãâ€"100% = 31,437,000/ 6,553,000 Ãâ€"100% =10,457,000/ 15,737,000 Ãâ€"100% = 58.83% = 66.45% Task 2 As the finance executive, propose the TEN axioms if finance to your management that would affect their decision, in the relation and examples of hypermarket industry. Introduction Finance is the middle ground between the theoretical economics and the accounting world of numbers. Finance is applied economics. Financial implications are at the heart of every business transaction and decisions. Finance is also a valuable tool used to communicate, judge and monitor the result of business decisions. Axioms are the principle universally accepted within a practice or subject area on the basis of its self evident truth or intrinsic merit. The ten axioms used in financial management is the foundation of financial decision making. There are ten important axioms and almost all the industries do uses this uses it in making decision making in finance. How does the ten axioms of finance would affect decision in hypermarket industry? Main Body Axiom 1: The Risk-Return Tradeoff Additional risks will not be taken unless an additional return is expected. At some point, people will have some saved money. What will they do to it? The answer is simple, to expand future consumption activities. Savings are invested to earn more return. Investment alternative have different amount of risk and expected returns. Investors choose to put money in risky investments because investment offer higher expected returns because the more risky an investment, the higher will be its returns. This is a relationship between risk and unexpected returns. In hypermarket industry, for example a new hypermarket is opened, the investors have to invest a lot of money as hypermarket is an expensive retail facility selling a wide range of products under one roof. Thus hypermarket industry needs a lot of money. Investors do not know whether the hypermarket will go popular among the people as it’s newly open. This is creates a higher risk to them. As hypermarket such as Tesco, Giant an d EON is a big industry and not a small business, a big amount of money should be invested. This creates a very big risk which don’t have guarantee in return. Axiom 2: The Time Value of Money A dollar worth today worth more than dollar tomorrow. This is a fundamental concept in finance the money has a time value associated with it. A dollar received today worth more than a dollar received a year from now. Because we can earn interest on money received today, it is better to receive money earlier rather than later. If the benefits overweigh the cost the project creates wealth and it should be accepted. If the cost overweighs the benefit, it should be rejected. In hypermarket industry, when they investors invest money and get profit, they should wisely use the profit get from the business. For example, when get an amount of money after the sales of product, the money should be reinvested to get more profit such as bringing in more product inside the hypermarket. Axiom 3: Cash-Not Profit In measuring wealth, or value, cash flow will be used. Cash flow is received by firms and can be reinvested. A firm’s cash flow and accounting profit may not occur together. For example, capital expenses, such as purchase of new equipment or building are depreciated over several years, with the annual depreciation subtracted from profit. However, the cash flow associated with this expense generally occurs immediately. Therefore cash flow involving paying money out and cash flows that can be reinvested reflect the timing for the benefit of cost. In hypermarket industry, the cash received by the investors will be reinvested into the industry to make the hypermarket bigger and wider. The money that they get can be used for example to pay the dividends to the shop in the hypermarket. Besides, cash can also be used to double the products and sales in the hypermarket. Axiom 4: Incremental Cash Flow The incremental cash flow is the difference between the cash flow if the project is taken on versus what they will be if it is not taken on. Not all cash flow is incremental. The difference between revenues generated by introducing the new product maintaining the original series are the incremental cash flow. The difference reflects true impacts of decision. Guiding rule in deciding whether a cash flow is incremental is to look at the company with and without new product. In hypermarket industry, people should know the difference when there is a new product and their new product and the cash flow in their hypermarket whether it brings profits or not. Thus choosing a new product should be done wisely. Axiom 5: The Curse of Competitive Market Why is it hard to find exceptionally profitable projects? This question tells how competitive market operates and where to look for profitable projects. In competitive markets, extremely large profit cannot exist for so long. How can we find new projects that return more than the required rate of return? Although competitions make them difficult to find, investment should be invested in markets which is not perfectly competitive. Two ways to making less making competitive is to differentiate the products in some key ways to achieve a cost advantage over competitors. Thus, in hypermarket industry, the products being introduced or sold should be differ than the other hypermarkets. Variety kind of product which is hard to find in other hypermarkets can be sold. Besides, different types of services and advertising methods can be used. Cleanliness of the hypermarket should be considered such as toilets. Free parking and can be given to the members of the hypermarket to attract more custom ers. Axiom 6: Efficiency of Capital Market Goals of financial manger are to maximize the shareholder wealth. The markets are quick and prices are right. Information is incorporated into security prices at the speed of light. Assuming the information is correct, and then stock price will reflect all publicly available information regarding the value of the firm. In hypermarket industry, business should be done without wasting resources as they use capital that is invested by the shareholders to buy resources. When selling items, they have to have a target on the selling of a product such as age group, gender, trend and so on. Besides, selling of a product should be according demand, popularity, seasons and festivals to avoid wastage. The four resources which are land, labor, capital and entrepreneurship should be used wisely as it is very limited nowadays. All the resources should be well organized. Axiom 7: The Agency Problem The agency problem results from separation of management and ownership of the firm. Managers are not typically owners of the firms. Managers may make decisions that are in their best interest and not in the line with the long term best interest of the owners. For example, cutting research and development cost on new products to maximize current income and pay for performance. They also may approach less energetically and attempt benefits themselves in terms of salary and perquisites at the expense of the share holders. This produces conflict between two parties. Thus, in the hypermarket industry, managers might bring in a new product in the hypermarket to increase their income without asking any permission from the owner. This might increase the risk to the owner and might bring conflict between them. Besides, there will also be communication barrier because of the foreign workers. Axiom 8: Taxes Bias Business Decisions Any decision taken by financial manager will go impact on taxes. When a new project is evaluated, income taxes play a significant role. Because cash is king, after cash flow of an investment should be considered. The tax consequences of a business decision will impact (reduce) cash flow. Companies are given tax incentives by government to influence their decision. Besides, governments use this fact to shape the decision of a business for. In hypermarket industry, for example, investment tax credit reduces taxes. One of the best example is plastics will not be given and customers will be charged RM 0.20 for the plastics. This will reduce the pollution and it might tax them on the basis on pollution output. Axiom 9: All Risks are not equal Some risks can be diversified away and some cannot. Don’t put all eggs in one basket. Diversification allows good and bad events or observations to cancel each other out preferably reducing total variability without affecting expected return. Process of diversification can reduce risk and as result measuring a profit or an asset’s risk is very difficult. In hypermarket industry, investors can split money and invest in many hypermarkets. This will increase diversification and reduce risks. Resources such as land, labor, capital and entrepreneurship should be divided and cash should be equally spent as it can reduce overall risk. Needs and wants of customers are unlimited, so there should have no more or less stock. Stock should be balanced to reduce wastage. Estimation on the average should be done as early preparation. Axiom 10: Ethical Behavior Means Doing the Right Thing, Ethical Dilemmas are everywhere in Finance Ethical behaviors means is doing the right thing. A difficulty arises however in attempting in define doing the right thing, because each of us have own set of value which forms personal judgments about what is the right thing to do. This will create issues and disagreements in firms. Unethical dilemma eliminates trust and loss in public confidence. Shareholders values suffer and take a long time to recover. Firms have to responsible more than just on owners. In hypermarket industry, to avoid any dilemma all stakeholders should be considered when taking decisions. Some ethical dilemma might happen between the workers itself as each other can’t tolerate or do have some misunderstandings. Products sold in hypermarkets should be guaranteed with the expire date and also quality. Products that are being used should be safe. Ingredients should be checked before a product is being sold in a hypermarket. For products which is used by Muslims, ‘ Halal’ logo should be ensur ed. Besides, when customers were promised with promotional such as free gifts, discounts and so on it should be fulfilled without disappointments to make sure the hypermarket do not lose trust. It is very hard to catch back the trust when next promotion is done. Conclusion Axioms are much statement of common senses as they are the theoretical statements. These axioms of financial management provide logic behind what is to follow. It helps to build on them and attempt to draw out their implications on decision making. In the world of hypermarkets industry, the ten axioms helps to reduce risk on the business and increase the profit and also helps in making a wise decision in financial management. References Bibliography:TheFreeDictionary.com, (2014).axiom. [online] Available at: http://www.thefreedictionary.com/axiom [Accessed 22 Jul. 2014]. Bibliography:Managementparadise.com, (2014).Ten Axioms of Financial Management. [online] Available at: http://www.managementparadise.com/forums/financial-management-fm/200960-ten-axioms-financial-management.html [Accessed 22 Jul. 2014]. Bibliography:Mathsisfun.com, (2014).Ratios. [online] Available at: http://www.mathsisfun.com/numbers/ratio.html [Accessed 22 Jul. 2014]. Bibliography:Investopedia, (2009).Uses and Limitations of Financial Ratios CFA Level 1 | Investopedia. [online] Available at: http://www.investopedia.com/exam-guide/cfa-level-1/financial-ratios/uses-limitations-ratios.asp [Accessed 22 Jul. 2014]. Bibliography:List4everything.com, (2014).Uses of Ratio Analysis | List4Everything. [online] Available at: http://www.list4everything.com/uses-of-ratio-analysis.html [Accessed 22 Jul. 2014]. Introduction to FinancePage 1