Powder by Tobias Wolff Essay - 801 Words

Powder Powder, a short story written by Tobias Wolff, is about a boy and his father on a Christmas Eve outing. As the story unfolds, it appears to run deeper than only a story about a boy and his father on a simple adventure in the snow. It is an account of a boy and his father’s relationship, or maybe the lack of one. Powder is narrated by a grown-up version of the boy. In this tale, the roles of the boy and his father emerge completely opposite than what they are supposed to be but may prove to be entirely different from the reader’s first observation. The father’s character begins to develop with the boy’s memory of an outing to a nightclub to see the jazz legend, Thelonius Monk. This is the first sign of the father’s†¦show more content†¦He likes to plan far in advance even to the point of bothering his teachers for future homework assignments and numbering his clothes on hangers so the schedule of wear is equal. It is very common for children to exhibit some controlling behavior like the boy in the story because it gives the child a small piece of control in their own life. (Brain Psychics) This is due to the lack of control on their parents’ relationship and the inability to control separation and divorce. This is quite believable and allows the reader to relate to this situation, especially if a divorced single parent or one who was a child that grew up in a divorced home. The first feeling of this story is that the boy and his father struggle with their relationship, but as it unfolds, the reader sees how they do care for each other. It also becomes easier to spot the difficulties of communicating within a broken family. The father does a fine job to of turning the boy’s scheduling obsessions into a positive for the boy by noting it as one of his strong points. This story also paints the picture of a father who would not give up on regaining his time with his son. It shows the father desperately trying to rectify the mistrust issues he created because he stated to the boy when they were sitting in the diner after the highway patrol redirected them away from the snow-covered route home that she would never forgive him if he did not get the boy home forShow MoreRelatedPowder by Tobias Wolff Analysis Essay661 Words   |  3 PagesPowder â€Å"Powder† is a story written by Tobias Wolff in 1996 staged in the mid to late 1950’s about a boy and his father skiing at Mount Baker on Christmas Eve and what it takes them to get back home in time for dinner. The father and his wife are on the edge of breaking up, although she is still angry about him taking their son to see Telonious Monk she lets them go. He promises hand over heart to keep him safe during the Mount Baker ski trip and get him home on time. Through the story the fatherRead MoreEssay about Tobias Wolff1522 Words   |  7 PagesTobias Wolff Tobias Wolff, a boy of a troubled childhood, and a very tough father. Tobias Wolff had no intentions of being a writer from the start; it just seemed to of popped into his life. The Amazing part about this writer is that he was not supported by anyone but himself. His father was against everything that he did, and his brother, Geoffrey, also a writer would always take his fathers side, leaving Tobias on a side of his own. â€Å"I wasn’t fair, I always took my father’s side.† Said GeoffreyRead MoreTobias Wolff s `` Dirty Realism `` Essay1040 Words   |  5 PagesChallenging readers morals and making stories interesting to read is an extremely challenging task to accomplish, but the author Tobias Wolff manages to achieve this. Wolff uses shifts in tone and point of view to his advantage in many of his stories bringing a reader along a carefully crafted pathway of emotions that help to further the meaning of the story.   Ã‚  Ã‚   Tobias Wolff would have never been successful in his short stories had it not been for his childhood.   He lived in Washington state with hisRead MoreThe, By Tobias Wolff And Reunion985 Words   |  4 Pagesothers, the food, and the laughter shared with one another. As where others decide to stick to themselves and just wait till it’s all over. In the Short stories, â€Å"Powder† written by Tobias Wolff and â€Å"Reunion† by John Cheever Our main characters both learn something about their fathers and themselves. The short story â€Å"Power† by Tobias Wolff, is a first person story about a boy’s trip with his father on Christmas eve. His mother and father have been considering a divorce for quite sometimes and so hisRead MoreComparison of Two Short Stories by Tobias Wolff and T.C Boyle1263 Words   |  6 Pagesshort stories Powder by Tobias Wolff and If the River was Whiskey by T.C. Boyle, which both feature father-son relationships that are placed under a large amount of stress. There are many similarities and differences between these two relationships that are not apparent upon just a cursory glance. A father can be completely inconsiderate of his sons needs or try his best to meet them and still create turmoil within the relationship. After reading Wolffs short story Powder, one can concludeRead MoreAnalysis Of The Poem The Oysters By Tobias Wolff956 Words   |  4 Pagesto feel disgusted. When he is crying for oysters, two gentlemen drag him to the restaurant to let him eat oysters. In the end, he gets to eat oysters, but it does not make him satisfied, in fact, it makes him sick. On the other hand, â€Å"Powder,† written by Tobias Wolff, takes a place in the modern state of Washington. The author begins with the story by telling that the father and his son go to Mount Baker for skiing. The father has a difficult relationship with his wife that they are about to breakRead MoreLiterary Analysis : A Literary Analysis Of Essay1749 Words   |  7 Pagesshe expected it to be. In the two short stories â€Å"Reunion† and â€Å"Powder† written by John Cheever and Tobias Wolff demonstrates the unique bonding between a father and son’s relationship, point of view and conflict to covey to the readers that every son and father’s relationship it’s like any unoriginal father and son relationship among with its pitfalls and ever lasting memories. As we first learned about Powder written Tobias Wolff, were told that the point of view of the story is told being inRead MoreSymbols Of Short Stories For Thematic Enhancement848 Words   |  4 PagesIdentity The most sure way in which quest for identity is proclaimed is through rebellion. People need to be recognized and it disheartens them if such does not happen because of their identity. Tobias Wolff does a good work of portraying symbols and objects representing that theme in his story â€Å"powder†. As much as the story emphasizes on the theme of â€Å"living in the moment†, we see that the characters: an almost divorcing couples with one son, all struggling for attention, not in a creepy way butRead MoreContrast of Antagonists in Goodbye, My Brother and Powder1713 Words   |  7 PagesCheevers Goodbye, My Brother and Tobias Wolffs Powder, the point of view of the narration is limited to one person. Known as first-person narration, the story is told from the I perspective and the reader only can understand the story from the narrators point of view. Because of first-person narration, the reader is provided with easy access to the main characters thoughts, allowing only a glimpse of the antagonists in Goodbye, My Brother and Powder, portraying a flat character. The

Developing Financial Projections Free Essays

PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: What’s on financial statements and how they get there How to develop and understand income statements How to set up and read balance sheets How to use common formulas to evaluate cash flow How to create a budget using standard guidelines How to read and evaluate income projections How to develop your own financial projections through a â€Å"fill in the blanks† approach† How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 2004  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. We will write a custom essay sample on Developing Financial Projections or any similar topic only for you Order Now pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet Overview Managers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expenses An operating budget is prepared when you are actually ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET   personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchise, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use? Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/permits Loan payments Miscellaneous Total fixed expenses Total expenses Net profit (loss) before taxes Taxes Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation. As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry percentage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks. Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of Sales The key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses   Salary expenses-Base pay plus overtime. Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified directory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services. Fixed Expenses Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers’ compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) Subtract total expenses from gross profit. Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage Calculate the annual percentage by dividing Annual total x 100% Sample INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. Assets List anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from the original costs of acquiring the assets. Current Assets Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here. Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market value, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance. Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and claims payable within 12 months or within one cycle of operation. Typically they include the following: †¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner’s equity, net worth is the claim of the owner(s) on the assets of the business. In a proprietorship or partnership, equity is each owner’s original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and travel (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner’s withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting (e) Supplies (office and operating)–Items purchased for use in the business (not for resale) (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating (g) Advertising-This amount should be adequate to maintain sales volume (h) Car, delivery and travel-If personal car is used, charge in this column, include parking (i) Accounting and legal-Outside services, including, for example, bookkeeping (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker’s compensation, fidelity, etc. Exclude executive life (include in 5(w)) (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) (p) Other expenses (specify each) Unexpected expenditures may be included here as a safety factorEquipment expenses during the month should be included ere (non-capital equipment) When equipment is rented or leased, record payments here (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical (r) Subtotal-This subtotal indicates cash out for op (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify) Example: insurance, tax or equipment escrow to reduce impact of large periodic payments (w) Owner’s withdrawals-Should include payment for such things as owner’s income tax, social security, health insurance, executive life insurance premiums, etc. 6. Total cash paid out (5a through 5w) 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection. Also with this data, the cash flow can be evolved and shown in the above form. A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month’s credit sales, less amounts received current month (deduct â€Å"C† below) C.Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month’s inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month’s payable plus current month’s payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service How to cite Developing Financial Projections, Essay examples Developing Financial Projections Free Essays PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: †¢ What’s on financial statements and how they get there †¢ How to develop and understand income statements †¢ How to set up and read balance sheets †¢ How to use common formulas to evaluate cash flow †¢ How to create a budget using standard guidelines †¢ How to read and evaluate income projections †¢ How to develop your own financial projections through a â€Å"fill in the blanks† approach† †¢ How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 2004  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. We will write a custom essay sample on Developing Financial Projections or any similar topic only for you Order Now pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet Overview Managers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expenses An operating budget is prepared when you are actually ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchise, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use? Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/permits Loan payments Miscellaneous †¢ Total fixed expenses Total expenses Net profit (loss) before taxes Taxes †¢ Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation. As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry percentage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks. Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of Sales The key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Salary expenses-Base pay plus overtime. Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified directory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services. Fixed Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers’ compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) †¢ Subtract total expenses from gross profit. †¢ Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) †¢ Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage †¢ Calculate the annual percentage by dividing Annual total x 100% Sample BALANCE SHEET A ssets Current assets Cash $_______ Petty cash $_______ Accounts receivable $_______ Inventory $_______ Short-term investment $_______ Prepaid expenses $_______ Long-term investment $_______ Fixed assets Land $_______ Buildings $_______ Improvements $_______ Equipment $_______ Furniture $_______ Automobile/vehicles $_______ Other assets †¢ †¢ †¢ †¢ 1. $_______ 2. $_______ 3. $_______ 4. $_______ †¢ Total assets $______ Liabilities Current Liabilities Accounts payable $______ Notes payable $______ Interest payable $______ Taxes payable Federal income tax $______ State income tax $______ Self-employment tax $______ Sales tax (SBE) $______ Property tax $______ Payroll accrual $______ Long-term liabilities Notes payable $______ Total liabilities $______ Net worth (owner equity) $______ Proprietorship or Partnership (name’s) equity $_____ (name’s) equity $_____ or †¢ Corporation Capital stock $_____ Surplus paid in $_____ Retained earnings $_____ Total net worth $_____ †¢ Total liabilities and †¢ total net worth $_____ (Total assets will always equal total liabilities and total net worth) _______________________________________________ INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. Assets List anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from the original costs of acquiring the assets. Current Assets †¢ †¢ †¢ †¢ †¢ †¢ Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here. Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market value, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance. Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and claims payable within 12 months or within one cycle of operation. Typically they include the following: â⠂¬ ¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. †¢ Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner’s equity, net worth is the claim of the owner(s) on the assets of the business. In a proprietorship or partnership, equity is each owner’s original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. __________________________________________________ MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and trav el (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner’s withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION †¢ †¢ †¢ †¢ †¢ †¢ 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts †¢ (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received †¢ (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out †¢ (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). †¢ (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) †¢ (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) †¢ (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting †¢ (e) Supplies (office and operating)–Items purchased for use in the business (not for resale) †¢ (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating †¢ (g) Advertising-This amount should be adequate to maintain sales volume †¢ (h) Car, delivery and travel-If personal car is used, charge in this column, include parking †¢ (i) Accounting and legal-Outside services, including, for example, bookkeeping †¢ (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone †¢ (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker’s compensation, fidelity, etc. Exclude executive life (include in 5(w)) †¢ (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) †¢ (p) Other expenses (specify each) _________________________________________ _____________________________________ Unexpected e xpenditures may be included here as a safety factor________________________________________ Equipment expenses during the month should be included ere (non-capital equipment)__________________________ When equipment is rented or leased, record payments here †¢ (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical †¢ (r) Subtotal-This subtotal indicates cash out for op †¢ (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment †¢ (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment †¢ (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify)– Example: insurance, tax or equipment escrow to reduce impact of large periodic payments †¢ (w) Owner’s withdrawals-Should include paymen t for such things as owner’s income tax, social security, health insurance, executive life insurance premiums, etc. †¢ 6. Total cash paid out (5a through 5w) †¢ 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection. Also with this data, the cash flow can be evolved and shown in the above form. †¢ A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic †¢ †¢ †¢ †¢ †¢ anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month’s credit sales, less amounts received current month (deduct â€Å"C† below) C. Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month’s inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month’s payable plus current month’s payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service How to cite Developing Financial Projections, Papers

Risk Management Concepts and Guidance

Question: Discuss about the Risk Management for Concepts and Guidance. Answer: Introduction The report covers lecture presented by a guest speaker. It introduces to various project management concepts, tools, principles, and techniques employed in running of project activities. During the lecture the presentation covered items represented in a project management plan. The contents included; project scope statement, project deliverables, project costs, quality management, time management, communication management, project management risks and issues (Burke, 2013). The coverage of the lecture was an important exposure to project management best practices. In any profession it is important to have a guest speaker who can represent what the industry may need. The speaker will also become a professional mentor that others may wish to follow. It further defines who a project manager, and what is its role. The report is written in order to understand the background of project management, and link knowledge gained with that of an expert. It further provides an opportunity to discus s professionally on a written forum. Background Of Report The knowledgeable guest speaker was Mr. Harpreet Singh a well-known project manager from one of the company in town. The guest speaker boosts more than 15 years in the area of project management. The speaker has participated in many projects has leading consultant. The speaker holds a masters degree in project management currently pursuing a doctorate degree in project policy planning, design and implementation. Having accepted to provide talk on project management the speaker is a leading role model having mentored several persons and interns. It was a privilege to host an eloquent, knowledgeable guest speaker as Mr. Harpreet Singh. The introduction of the lecture was important in providing background of project. The speaker was able to clearly define reasons why any person may wish to become a project manager. Some of the reasons given included; one becomes a project manager in order to fix problems, lead and manage a number of criterias like quality and performance, it helps one to be exposed to project environment to allow several interactions. A study of project can expose individual to new ideas and concepts that can be useful in management of different projects. A project will not deem to be successful when it lacks a goal to achieve. The discussion from the speaker provides some of the characteristics of a project that makes it unique from other disciplines. From the guest speaker notes discussions of the characteristics of a project manager was provided. Some of the characteristics mentioned included: it is social oriented, it is not boring, it creates growth, and brings control of various activities. The speaker was able to provide in addition means in which persons wishing to be project managers can do. Some of the ways included; planning ones career, identification of project management mentors, changing attitude and accepting joining the profession, and lastly one need to carry out research to establish importance of project management. In addition individuals should be able to understand the types of projects that are available to be managed. The speaker was able to explain techniques, tools, methods and issues related to project management practice and career. The speaker explained the opportunity in which individuals can choose project management profession. The lecture covered time period in which a project manager is expected to work, project durations, qualifications to obtain a project management job, criteria for successful projects, and lastly the speaker was able to explain different types of careers that one can land too. According to the speaker the project is any activity that entails the five functions of management (planning, organizing, directing, staffing, controlling). The five functions represent the main activities of a project within the project life cycle. The project must pass through the activities to be implemented. In addition the speaker was able to explain what a project management plan entails by mentioning parts of it this included: project scope, plans for quality, communication, human resources, risks, leadership, and budgets. The first part of a project plan is the project scope. It is a composition of items that clearly defines project boundaries of things to achieve and not achieve (Stark, 2015). It defines what need to be planned by project managers. The project scope if documented well provides a project charter that can act as a communication tool to various users. Other parts of the project scope according to the speaker included: project goal, objectives, project case, deliverables, list of requirements, and milestones to achieve project activities. Any project manager need to start by writing a project scope that will be beneficial in jump starting any project. Other benefits of project scope include; it defines what need to be achieved, help in measuring success, and help manage the triple three constraints of time, quality and costs. A key component that the speaker mentioned found in project scope is the project deliverables. It clearly explains the tangible and intangible activities expected of a project to be accomplished. It is a useful component in a project in setting out what is to be achieved. According to the speaker the project deliverable is important because; employees can understand what they are working on, helps in assigning and allocation of duties, help in coming up with communication plans, and it can help in budget formulation. The speaker was able to discuss how management of costs and budget creation in projects (Hwang Ng, 2013). Project costs revolve on a number of aspects form paying professional compensations, land acquisitions, equipments purchases, and other running expenses. A good project manager will need to have a list of estimates of costs in budget form to be able to meet the needs of the project. A budget will be created from various guidelines and informations. It is notable that budgets need to pay what is supposed to pay, determine what need to be achieved, should be specific to project deliverables and scope, should be participative in nature, and need to get stakeholders approvals before it used. The budget is useful in allocation of resources, defining project boundaries, a monitoring and control tool (Mir Pinnington, 2014). Project managers should be flexible enough to ensure that budget is utilized and changes to it are factored where possible. One of the triple three constraints in a project is regarding project quality (Hillier Hillier, 2013). Quality is everyones work in a project and every one should work to ensure that it is achieved. The speaker clearly was able to discuss issues that were related to quality. During the presentation, quality was defined as the criteria in which activities, materials and functions are measured upon (Taylan, Bafail, Abdulaal Kabli, 2014). The output to quality is excellence. Any project managers need to achieve three components when planning for quality (Snyder, 2014). They need to do quality planning by ensuring correct project specifications are followed for materials and processes. In addition they need to assure that quality has been achieved, and is being maintained. Lastly, they need to do quality control by ensuring there are proper mechanisms and procedures in which quality can be measured, and corrective measures taken. Quality in projects is important in ensuring satisfactio n of customers and success of a project is being achieved. Project management teams need to consider time as a useful resource (Heldman, 2015). They need to take proper consideration and initiatives when planning for it. During the presentation the speaker defined time as durations required to accomplish a specified task/subtask or project phase. It is important that a project manager clearly defines the starting and end times of a project. In a project they need to define proper timelines for various activities shown in the work breakdown structure. The allocation of time will enable tracking of events and allocation of resources (Pemsel, Wiewiora, 2013). In project management there are several time scheduling techniques that a project manager can chose upon. They can decide to choose optimistic, pessimistic, or most likely time depending on the suitability of each project. Time management is important in projects because it enables to have a clear balance of project costs, quality and achievements in projects. To ensure effective stakeholder participation takes place communication should be a basic component (Verzuh, 2015). According to the guest speaker communication can be defines as a systematic process in which information is planned and then disseminated to the relevant users either at different intervals. The guest speaker further noted that during communication a project manager need to have done stakeholder analysis to identify the types of stakeholders (internal, external, primary, secondary or positive) that will help them decide on the levels of engagement with them. Any project is measured on the success of how it was able to engage its stakeholders. Engagement should cover both in management, board and client levels. Communication plan in projects will be a useful tool to avoid conflicts and increase sustainability of projects. Every project is faced with the challenge of risks and uncertainties (Pritchard PMP, 2014). Risks according to the guest speaker represent things that might happen or issues that have happened. Any project manager needs to be aware of such risks and provide mitigation measures in ensuring that they are dealt with. Project risks are important because they define the weak points, situations that need strengthening, or challenges that pose to occur. It is important then for project management teams to employ mitigation strategies to them. Any effective risk management strategy should be proactive which can identify risk and provide early signs and mitigation solutions before it occurs (Gido Clements, 2014). The guest speaker further noted that having a clear risk management plan creates risk awareness and preparedness reducing effects resulting from them. Project management teams need to plan for risks early enough (Meredith, Mantel Shafer, 2013). A project manager is expected to provide leadership in projects (Kerzner, 2013). According to the guest speaker leadership is addressed on a number of dimensions. A good project leader should motivate and inspire employees to achieve the intended targets (Gido Clements, 2014). The guest speaker did further note that the leadership style adopted should be one that can be acceptable and accommodative to all. Having clear reporting lines and governance techniques is important in ensuring that project success is achieved. A good reporting line will clearly define roles and responsibilities of each project team member. Other leadership skills expected of a project managers were discussed including those of engaging everyone, allowing negotiations where necessary, focusing on customer needs, and using professional tools that can make life better (Lientz Rea, 2016). In the interactive session the guest speaker was able to answer some of the questions. The guest speaker discussed on some of the common mistakes that occur in projects to be lack of planning, not assigning or delegating duties, micro management, lack of stakeholder engagement, and poor or lack reporting activities. It was noted that creation of plans is ideally important during project implementation to avoid any kind of mishaps. A visual summary of triple three constraints of time, quality, and cost guided by vision, strategies and tasks closed the presentation. To ensure success in projects a good manager need to utilize them to provide guidelines of achieving objectives (Heagney, 2016). Conclusion A number of notable knowledge and skills were obtained from the guest presentation. For any project manager to be successful the focus should be on planning, design, implementation, and execution. A good project plan covering scope, deliverables, communication, risks, quality, leadership management, time, budget and human resources need to be formulated. The presentation was supported with illustration real data of the actual work done in projects for examples table of budgets, risks and communication. The report further provided avenues for those wishing to join project management professional field by providing suggestions and guidelines to follow. In summarized form the guest speaker report provided reasons, roles, working structure and challenges originating from project management work. It provided a clear picture in which project manager can apply when implementing project in ideal situations. References lists Burke, R., 2013. Project management: planning and control techniques.New Jersey, USA Gido, J. and Clements, J., 2014.Successful project management. Nelson Education Heagney, J. (2016).Fundamentals of project management. AMACOM Div American Mgmt Assn Heldman, K., 2015.PMP Project Management Professional Exam Deluxe Study Guide: Updated for the 2015 Exam. John Wiley Sons Hillier, F. and Hillier, M., 2013.Introduction to management science. McGraw-Hill Higher Education Hwang, B.G. and Ng, W.J., 2013. Project management knowledge and skills for green construction: Overcoming challenges.International Journal of Project Management,31(2), pp.272-284 Lientz, B. and Rea, K., 2016.Breakthrough technology project management. Routledge Macbeth, D. K., Project Management Institute. (2012). Procurement and supply in projects: Misunderstood and under-researched. Newtown Square, Pa: Project Management Institute Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2013.Project management in practice. Wiley Global Education Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success.International Journal of Project Management,32(2), pp.202-217 Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons Snyder, C.S., 2014. A Guide to the Project Management Body of Knowledge: PMBOK () Guide. Project Management Institute. Verzuh, E., 2015.The fast forward MBA in project management. John Wiley Sons Pemsel, S. and Wiewiora, A., 2013. Project management office a knowledge broker in project-based organisations.International Journal of Project Management,31(1), pp.31-42 Pritchard, C.L. and PMP, P.R., 2014.Risk management: concepts and guidance. CRC Press. Stark, J., 2015. Product lifecycle management. InProduct Lifecycle Management(pp. 1-29). Springer International Publishing Taylan, O., Bafail, A.O., Abdulaal, R.M. and Kabli, M.R., 2014. Construction projects selection and risk assessment by fuzzy AHP and fuzzy TOPSIS methodologies.Applied Soft Computing,17, pp.105-116

Self Strengthening Movement Essay Example

Self Strengthening Movement Essay China’s Self-Strengthening Movement (1860 1894) is often regarded as a failure. To what extent do you agree with this assessment? ‘Why are the Western nations small and yet strong? What are we large and yet weak? We must search for the means to become their equal At first they may take the foreigners as their teachers and models; then they may come to the same level and be their equals; finally they may move ahead and surpass them. Herein lies the way to self-strengthening. ’1 Following Feng Guifen’s [the innovator the movement] view on Self Strengthening, why then did the the movement fail? The period of 1860 through to 1864, between the end of the Third War with the West and the outbreak of the First Sino-Japanese War, were critical years in China which dictated the result of the country. At the conclusion of the Taiping Rebellion, along with the peace agreements with Britain and France, China entered a period of ‘relative stability’2 and restoration. The exposure to China’s weakness through the Opium Wars, the unequal treaties and the mid-19th century rebellions forced the Qing government to acknowledge the need to strengthen their country. The aim of the Self-Strengthening movement was to build a strong defense against modern powers while still preserving the customary Chinese ways. However official’s ignorance of the requirements for industrial modernization proved an obstacle of Self-Strengtheners. This was due to their belief in maintaining Chinese traditional ways, Confucianism philosophy and also their great concern to protect China’s sovereignty against Western imperialism. Leading officials tired to adapt Western devices and institutions modeling the movement on the attractive though misleading doctrine of ‘Chinese learning as the fundamental structure, Western learning for practical use’3. However the generation of 1860 to 1900 clung to the ‘shibboleth that China could leap halfway into modern times, like leaping halfway across a river flood’4. We will write a custom essay sample on Self Strengthening Movement specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Self Strengthening Movement specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Self Strengthening Movement specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Without fundamental changes in the whole Chinese system socially, politically and economically strengthening was not possible. Perhaps the most significant and difficult change in order to modernize China was the ‘appreciation of the impossibility of altering the technological basis of production’ in China ‘without changes in social values’5. For many years China was ruled by the Qing dynasty, unchanged for centuries with social and political life based on the philosophy of Confucianism. This philosophy created a ‘stable society’6 dominated by the official class. China strived to maintain the policy of isolation by discouraging travel and disapproving of profit [trade]. The ‘out of date’7 chinese beliefs viewed their empire with a superior civilization; the Middle Kingdom. ‘The intelligence and ingenuity of the Chinese are certainly superior to those of the various barbarians’8[foreigners]. However through the events of the early nineteenth century China’s worldly position changed drastically. The Western powers completely exploited China with domination in wars through the use of modern technology which China completely lacked. Through a series of unequal treaties China’s internal weakness became exposed. Together with the continual domination of Western powers and the ineffective leadership of the Qing government, a gaining number of educated Chinese became convinced for the need of reforms. However many felt change was non-beneficial and not necessary. Influential officials, due to their basic conservative education and up brining were not equipped to realize a prominent weakness in China and therefore refused reforms. The ‘ruthless’9 Dowager Empress Cixi with the ‘capacity for intrigue and domineering will’10, was supported by the conservative Chinese to oppose any attempts to modernize. With haltering steps, the first initiatives of modernization were taken by those who crushed the Taipings; scholar-officials like Zeng Guofan and his younger coadjutor, Li Hongzhang (1823 1901) who set up an arsenal in Shanghai to make guns and boats as he believed the only way to strengthen China was to learn to use Western machinery. Along with Prince Gong’s active role in ‘seeking to improve China’s diplomatic relations and advance the military’11, the dominant leaders of modernization sought to ‘take the foreigners as their teachers and models; then they may come to the same level and be their equals; finally they may move ahead and surpass them’. Their ideas were supported by a number of provincial governors and scholar-officials who began to ‘seek out an effective path for reform’12. These efforts would become known as the Self-Strengthening Movement. The leading theorist of the movement was the scholar-official Feng Guifen who believed in order to ‘strengthen the Qing state, traditional Confucian culture and institutions must be preserved’ and ‘supplemented by Western weapons and technological learning’. Although the reforms proposed modernization, a cultural change was needed for it to truly be in effect. With the establishment of the Ministry of Foreign Affairs (Zongli Yamen), Zeng advised to send students to Western countries for technical training and in result a mission was sent to the United States of America the following year. However after a few years the students were instructed to return to China claiming that they spent to much time on Western learning and not enough on their Chinese studies. Although, the officials most likely feared that the students were ‘learning democratic or republican ideas’13 which could become a threat to the Qing government. This old cultural way of thinking made the idea of Self Strengthening impossible and the movement for ‘westernization in China was obstructed at every turn by the ignorance and prejudice of the Confucian literati’14. During the period in which the Self-Strengthening Movement took place, there was no strong central government and a prominent lack of any direction within the movement was clear. Many of the powerful officials undermined the whole concept of modernization believing that the emphasis should be on ‘propriety and righteousness, not on power and plotting’ and the fundamental efforts ‘lie in the minds of the people, not in techniques’15. With these concepts it proved as a difficulty to gain higher power influence. Provincial authorities carried out the majority of the movements tasks meaning that reforms were conveyed at a provincial level which prevented unity and a sense of national loyalty. This resulted in reforms occurring haphazardly with no proper co-ordination between each province. Due to the wide spread corruption of the Qing dynasty and the inefficiency of officials there was a recurrent problem; lack of finance. For example, embezzlement of funds which were to have supported the navy resulted in the defeat in the war against Japan as there was not enough ammunition. Modernization, it seemed, was a ‘game played by a few high officials who realized its necessity and tried to raise funds, find personnel, and set up projects in a generally lethargic if not unfriendly environment. ’16 Although they wanted change in China, personal profit and higher power led them on. Dowager Empress Cixi, or so called ‘power behind the silk screen’17, proved a difficult obstacle for Self-Strengthening. She continually gave no ‘firm or consistent backing’18 to the reformers. She, in comparison, let the ‘ideological conservatives stalemate the innovators’19 therefore she could maintain the balance. Paraphrasing Feng Guifen’s view; he believed the only thing to learn from the ‘barbarians’ was strong ships and effective guns and to introduce Western military ideas into the Chinese armies. An initial step of the movement was to issue new European weapons to all the Chinese however it was soon realized that to be completely ‘self sufficient’ and superior, ‘China would have to produce its own arms’20 and not depend on imported resources from enemies. However ‘modern weapons were useless in pre-modern hands’21 so without a complete shift in the armies techniques and concepts, modernization and power over foreigners were hopeless. Feng Kuei-fen belonged to the former school of thought. He believed in allowing Chinese ethics and famous Confucian teachings to serve as the original foundation, and used in addition to the methods used by the various nations for the attainment of prosperity and strength; ‘Would it not be the best of all procedures? ’22 This is an example of a high majority way of thinking. Modernization of China could not arise until the realization that a whole shift in system must take place instead of incorporating old ways with new technology. Following the First and Second Anglo-Chinese Wars, foreign powers preceding Britain signed a series of ‘unequal treaties’ with China. The treaties placed China into a weakened position completely exploited by the West with no independence. The ‘economic power and influence of the Westerns’23 threatened the stability of China’s traditional ways and Confucius philosophy. The continual weakness of the Qing government with repetitive defeats to the foreigners exposed China’s struggle and raised a growth of anti-Manzu feeling among the Chinese population. During the late eighteenth century there was a period of great economic discontent throughout China with the raise in population opposing with the minimal increase of developed land and agriculture. Corruption throughout the officials demanded heavy taxes along with natural disasters resulting in many peasants becoming homeless. The discontent lead to many revolts against the Qing government including the renowned Taiping Rebellion who nearly succeeded in overthrowing the government. As the concepts to modernize and strengthen China arose, due to political reasons, finance was difficult to obtain and therefore many projects did not go ahead. Heavy corruption within the Qing government sought to misuse funds specific to modernizing reforms. During 1888 the most ‘outrageous’ example of this corruption was the building of a grand, full-sized marble boat within the confounds of Cixi’s Summer palace. The millions it cost was ‘scandalously diverted’ by a high-level official from the funds set aside for the development of China’s boats and ships. It is thought that the marble boat should be a symbol of what could have been the Qing navy. Modernizers faced enormous practical difficulties such as the ‘lack of entrepreneurial skills and capital’24 which resulted in the failures of reform and decrease of support. China was in a backward economic and technological situation and again due to the lack of direction from the central government, finance was difficult to obtain and therefore many projects did not go ahead. Even though the Self strengthening movement was seen as a failure, there was limited success. This included the establishment of factories and business companies which encouraged economic development in the treaty ports and other cities along the coast. Some peasants moved to the city and became industrial workers resulting in a new professional class of businessmen to arise, leading to a significant part in development of modern China. The ideals of this ‘Self-Strengthening’ era were based on hopes of restoring China, but according to some historians the period was only a temporary pause in the decline of the Qing dynasty; The Self Strengthening movement was ‘a superficial gesture toward modernization’25. The weakness of the movement was exposed in the Sino-French War of 1884 1885, when China was unable to defend it tributary state, Annam (Vietnam). It was further confirmed by China’s defeat in the Sino-Japanese War of 1894 1895. Traditional institutions and learning were no longer adequate, even with modern guns and ships. An appreciation of the outside world eluded China’s rulers, particularly Cixi and her conservative-minded mandarins; however, parts of the educated elite were beginning to realize that ‘change was imperative’26. To modernize China, change would have to occur in all three aspects of its society; socially, politically and economically. Despite the Self-Strengthening Movement’s shortcomings, it managed to sow the seeds for modern capitalism in China and also contributed in the development of great metropolises in various cities.

Effects of Technology on Sony Corporation Inc

Effects of Technology on Sony Corporation Inc Introduction Business environments are dynamic; they keep changing, new systems and methods of doing businesses are being implemented and shaped by external environment. Five major forces that affect business environment are political, technological, environmental, economic, cultural and social changes; a single business has no influence on the above external factors; the best it can do is devise strategies to take advantage offered by the situation as it mitigates against any threat brought about by the external environment.Advertising We will write a custom report sample on Effects of Technology on Sony Corporation Inc specifically for you for only $16.05 $11/page Learn More Sony Corporation is the fifth largest media conglomerate with its headquarters at Minato, Japan; the company produces a range of electronic commodities like phones, radio, and television. It concentrates in consumer and professional markets oriented commodities, to remain competitive i n the fast developing electronic industry; the company has embarked on massive innovation and invention of products and processes (Hopper, 2007). One major external factor affecting Sony is the fast growth in technology. It is offering the company some competitive advantage and at the same time keeping, the company alert to tap any opportunity offered however, it has increased competition in the industry a notch higher (Sony Corporation Inc, 2011). This paper looks into the effects that technological changes have on Sony; it will focus on the effect it has on its innovativeness. Brief history of Sony The initial idea to have an international electronic company has its roots in 1945, when started a radio repair shop; Akio Morita later joined him. In the efforts to seek knowledge for their young electronic company, Masaru Ibuka visited the United of America where he convince Bell Labs to sell their invention of transistor to his company. This was the start of innovation in the company when the company decided they could use the transistor in the communication industry. In 1955, the company made Japanese first transistor radio, Sony  TR-55, which was sold commercially. The company adopted the name Sony in 1958. Since the adoption the company’s name, it has continued to grow in size and sales: it form one of the World Top 20 Semiconductor Sales Leaders. To remain competitive, the company has embarked on massive innovation, invention and development of customer-oriented products. Currently the company’s chairperson, the president/chief executive officer (C.E.O) is Howard Stringer, Vice president is Ryoji Chubachi and the chief finance officer is Masaru Kato. The current number of employees are above 167,900; in 2010 financial year, the company made an after tax profit of   7.214 trillion /  $88.205 billion (Sony Corporation Inc, 2011).Advertising Looking for report on business economics? Let's see if we can help you! Get your first pape r with 15% OFF Learn More Technology effects on the company The use of technology in the business arena is in different dimensions, companies embrace technology to conduct processes in different areas. Automation of processes is a crucial factor in businesses since they create an efficient way of doing business: the following are the areas that Sony has been affected by technological development: Technology as a platform of innovation In modern competitive business world, small, medium and large-scale businesses need to develop new processes, products, strategies and paradigms so as they can remain afloat and have a competitive advantage. Innovation is defined as a continuous process of selecting, developing and commercialisation new commodities, processes, approaches and business models. In Sony, the company being in the electronic industry, it develops in-house developments, inventions and innovations; these are facilitated by computer systems and software is used to simulate certain results for decision making; for example when producing Television , the company uses different technologies to produce goods priced differently. The innovation is increasingly required to include more features in the gadgets. Some of the major break through that the company has attained though the use of computer generated products is Universal Media Disc, developed in 2003, HDV with JVC, which was invented in 2004, and Blu-ray Disc  with  Panasonic  in 2006. When coming up with these products the company ensures that it consults available resources and levels of technology existing in the world (Haberbeg and Rieple, 2001). Internal process automation The company has embarked on the use of technology to automate its internal process; some of the areas involved are the use of integrated supply chain management, this is a system where different sectors of the company are integrated to assist in the management of stocks and inventories. In the process of supp lies management, the company has innovated a system that is applicable and responsive to its needs; the system has been fine-tuned by internal and external sources that it ensures that the company has a constant supply of goods and materials when they need them (Mark and  Ian, 2002). The second internal area that the company has adopted technology is in the internal auditing team management; internal management consists of a team of experts that monitor and control internal processes to ensure they are compliant with the set standards.Advertising We will write a custom report sample on Effects of Technology on Sony Corporation Inc specifically for you for only $16.05 $11/page Learn More The department uses computers and software to monitor the level of compliance in the firm. When products have been developed, the company uses technology to test for level of quality and ensure that it meets the set standards before they find their way to the market (Hislo p, 2005). With technology, the company has been able to develop appropriate communication strategy is involved in ensuring that the right technology in terms of infrastructure and software has been adopted in the organization. The company’s information system benefits the company in the following ways. 1. Sharing of information in the company between different departments and employees 2. Facilitated communication both internal and external communication 3. Develop an online marketing and advertising mechanisms, which will work to the benefit of the company. 4. Improve efficiency in the businesses and ensure that customer’s needs are satisfied at any one point. 5. To ensure that areas of inefficiency in the business are detected and business re-engineering mechanisms adopted (Colllier ,2008)Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Technology, decision making and Business intelligence To develop effective decisions, a company needs to have sufficient information generated internally and externally. Technology has offered a number of ways to store, analyse, interpolate and report of an industries statistics/information; this has facilitated sound and responsive decision-making. In the recent past, technology has increasingly been adopted in organizations. It assists in developing efficiency and thus customer satisfaction. The competitiveness of a business is vested on the quality of its management decisions. A number of systems that aim at meeting a certain objective in the business arena have been developed. They are either homemade or all user systems (commercial systems). Business intelligence is the name used to refer to the total collection of such system; it was first coined in September 1996, in Gartner Group report. Sony has an elaborate and effective business intelligence system that offers the company sound information necessary for making decisions when they are needed. With the system that is reinforced by a knowledgeable team, the company has used it to come up with new products, improve processes and increase efficiency (Bessant and Tidd, 2007) The effects on Marketing and sales strategies Although Sony is in the industry were its products are used in technology development, the company has adopted other companies products to sell its products, the company has an automated marketing and selling strategy where it uses computers and the internet to advertise its products. The company has developed a website where it posts different information meant for consumer consumption so as consumers can get to learn of new products in the market form the company. The move to online advertising has been facilitated by the expansion of internet services in the world. Online marketing is a cheap and effective method of reaching customers spread in different parts of the globe. When a custo mer places an order, then the company undertakes the role of transporting the commodity to the most favourable place for the customer (Paley, 1999). Online marketing gives an interactive environment that the target customer can be able to communicate to Sony management team via the website and offer their views on the company’s products. This facilitates development and products differentiation. This gives the user the advantage of airing his or her views; this was never possible in the old marketing and advertising models. The population that is there in the world today, a majority is enlightened and knows its rights. In the exercise of these rights, the people need the environment that does not dictate on what they are supposed to do, the way the traditional marketing and advertisement seemed to do. The two-way system of communication is assisting in building a strong brand name and relationship marketing sees the (appendix for a summarised effect of technology). When a com pany product has a good brand name, it is to the advantage of the company since the brand becomes self-advertising (Fred, 2008). Appropriate and up to date information technology tools should be used in the entire organization. Hardware and software tools should be developed which are appropriate for the attainment of set goals and objectives. Technology and improved Customer service Technology has assisted Sony to develop better customer service; mechanisms to get feedback and respond to customer issues are developed and facilitated by computer systems. This may take the form of call centre or other feedback mechanisms. This acts as another source of information to Sony for future improvements and current gauging in the electronic market. Existing customers are a pool of assets to a company and they can give information relevant to the improvement of various processes. Marketing and selling strategies are addressed and skewed toward a customer-based approach (Fred, 2008). When info rmation is received, then the company embarks on aligning its processes to the needs of the customers. New developments have been triggered by the response of customers; they include Sony laptops, I phones and IPods which are the latest Sony products. To come up with products, there is need to simulate the situation and look for the best combinations, Sony has used computer system to create better combination. Sony is in the electronic industry that is affected directly by the advancement of computers; it gets its market from the sector of the economy, thus the more technology develops the better for the company. In other words, it can be said that technology is the product for the company thus the more improved it is the better to the company. The more it develops products the higher it is likely to enjoy a large market. How the company has reacted to the changes in technology Sony has recognized that the changes in technology have come to the benefit of the industry: the company b eing in the electronic industry has no option other than embrace changes in technology. The management understands the danger of being technology backward; it will mean that the company will lose its competitiveness. To avoid any chances of negative impact of technology, the company has developed a research and development team to pioneer on technology invention, development and innovation; the department, which works under the information and technology department, interacts with the outside world and gauges the position the company, is holding so as it can advise the company effectively. To embrace and appreciate changes, the management has invested largely on developing a freelance culture were employees are encouraged to give their views on what they feel can benefit the company technology wise. Strength and weakness of the response of Sony to technology changes The company positive approach to technology has assisted it adopt and develop new systems and modern ways of conductin g business. Technology has offered different opportunities that need to be grabbed as they come. The company has been able to take advantage of such opportunities thus increasing its gains. The strategy has made the company to be a technology developer other than being a consumer. The approach has a weakness that it can divert attention of the company to developing of new products and forget their main core business. On the other hand, it is an expensive method; when a technology has been developed, the company is so fast that it does not wait to have exhausted the benefit of current technology before it adopts another. Recommendation and conclusion Scientific inventions and innovations have resulted to a business environment where technology influences decisions made in a company. The level of technology advancement in a certain country/industry determines the level of technology to be implemented in particular companies existing in the economy. When the right technology has been a dopted, a company gets a competitive advantage; however, there is no single level of technology that can be said to be optimal, a company need to keep developing and innovating other better technologies (Mitlez, 2004). Sony is an international conglomerate company in the fast growing electronics industry, to remain competitive; the company has embarked on massive innovations and inventions of better processes and products in the efforts to become competitive. When developing processes and products, the company uses computer software to generate artificial situations that are afterwards interpolated to offer a background for strategic decisions on innovations. Other than the benefits brought by technology, it has brought competition in the electronic industry a notch higher; companies in the industry are able to reach national and international markets at a lower cost, thus Sony has to compete with a variety of companies in the industry located in Japan and elsewhere in the globe for local and international market. References Bessant, J. and Tidd, J.,2007. Innovation and entrepreneurship. Chichester: Wiley. Colllier, P. ,2008. The Bottom Billion. Oxford: Oxford University Press. Fred, D.,2008. Strategic Management: Concepts and Cases. New Jersey: Pearson Education. Haberbeg, A. and Rieple, A. ,2001.The Strategic Management of Organisations. London: Prentice Hall. Hislop, D., 2005. Knowledge Management in Organisations Oxford: Oxford University Press Hopper, P., 2007. Understanding Cultural Globalisation. Cambridge: Polity Mark A. and  Ian, D.,2002. Innovation. London: Rowman Littlefield. Mitlez, S. ,2004. Technology and culture. Michigan: Dearborn. Paley, N.,1999. The managers guide to competitive marketing strategies. London: CRC Press. Sony Corporation Inc., 2011. Sony. Available at www.sony.com . Appendix

Premise Definition and Examples in Arguments

Premise Definition and Examples in Arguments A premise is a  proposition upon which an argument is based or from which a conclusion is drawn. Put another way, a  premise includes the reasons and evidence behind a conclusion, says  Study.com. A premise may be  either the major or the minor proposition of a  syllogism- an argument in which two premises are made and a  logical conclusion  is drawn from them- in a deductive argument. Merriam-Webster  gives this example of a major and minor premise (and conclusion): All mammals are warmblooded [major premise]; whales are mammals [minor premise]; therefore, whales are warmblooded [conclusion]. The term premise comes from medieval Latin, meaning things mentioned before. In philosophy as well as fiction and nonfiction writing, the premise follows largely the same pattern as that defined in Merriam-Webster. The premise- the thing or things that came before- lead (or fail to lead) to a logical resolution in an argument or story. Premises in Philosophy To understand what a premise is in philosophy, it helps to understand how the field defines an argument, says  Joshua May, an associate professor of philosophy at the University of Alabama, Birmingham. In philosophy, an argument is not concerned with disputes among people; it is a set of propositions that contain premises offered to support a conclusion, he says, adding: A  premise  is a proposition one offers in support of a conclusion. That is, one offers a premise as evidence for the truth of the conclusion, as justification for or a reason to believe the conclusion. May offers this example of a major and minor premise, as well as a conclusion, that echoes the example from Merriam-Webster: All humans are mortal. [major premise]G.W. Bush is a human. [minor premise]Therefore, G.W. Bush is mortal. [conclusion] May notes that the validity of an argument in philosophy (and in general) depends on the accuracy and truth of the premise or premises. For example, May gives this example of a bad (or inaccurate) premise: All women are Republican. [major premise: false]Hilary Clinton is a woman. [minor premise: true]Therefore, Hilary Clinton is a Republican. [conclusion: false] The  Stanford Encyclopedia of Philosophy  says that an argument can be valid if it follows logically from its premises, but the conclusion can still be wrong if the premises are incorrect: However, if the premises are true, then the conclusion is also true, as a matter of logic.​​ In philosophy, then, the process of creating premises and carrying them through to a conclusion involves logic and deductive reasoning. Other areas provide a similar, but slightly different, take when defining and explaining premises. Premises in Writing For nonfiction writing, the term  premise  carries largely the same definition as in philosophy. Purdue OWL notes that a premise or premises are integral parts of constructing an argument. Indeed, says the language website operated by Purdue University, the very definition of an argument is that it is an assertion of a conclusion based on logical premises. Nonfiction writing uses the same terminology as in philosophy, such as  syllogism, which Purdue OWL describes as the simplest sequence of logical premises and conclusions. Nonfiction writers use a premise or premises as the backbone of a piece such as an editorial, opinion article, or even a letter to the editor of a newspaper. Premises are also useful for developing and writing an outline for a debate. Purdue gives this example: Nonrenewable resources do not exist in infinite supply. [premise 1]Coal is a nonrenewable resource. [premise 2]Coal does not exist in infinite supply. [conclusion] The only difference in nonfiction writing versus the use of premises in philosophy is that nonfiction writing generally does not distinguish between major and minor premises. Fiction writing also uses the concept of a premise but in a different way, and not one connected with making an argument. James M. Frey, as quoted on  Writers Digest, notes: The premise is the foundation of your story- that single core statement of what happens to the characters as a result of the actions of a story.† The writing website gives the example of the story The Three Little Pigs, noting that the premise is: â€Å"Foolishness leads to death, and wisdom leads to happiness.† The well-known story does not seek to create an argument, as is the case in philosophy and nonfiction writing. Instead, the story itself is the argument, showing how and why the premise is accurate, says Writers Digest: If you can establish what your premise is at the beginning of your project, you will have an easier time writing your story. Thats because the fundamental concept you create in advance will drive the actions of your characters. Its the characters- and to some degree the plot- that prove or disprove the premise of the story. Other Examples The use of premises is not limited to philosophy and writing. The concept can also be useful in science, such as in the study of genetics or biology versus environment, which is also known as the nature-versus-nurture debate.  In Logic and Philosophy: A Modern Introduction, Alan Hausman, Howard Kahane, and Paul Tidman give this example: Identical twins often have different IQ test scores. Yet such twins inherit the same genes. So environment must play some part in determining IQ. In this case, the argument consists of three statements: Identical twins often have different IQ  scores. [premise]Identical twins inherit the same genes. [premise]The environment must play some part in  determining  IQ. [conclusion] The use of the premise even reaches into religion and theological arguments.  Michigan State University  (MSU) gives this example: God exists, for the world is an organized system and all organized systems must have a creator. The creator of the world is God. The statements provide  reasons why God exists, says MSU. The argument of the statements can be organized into premises and a conclusion. Premise 1: The world is an organized system.Premise 2: Every organized system must have a creator.Conclusion: The creator of the world is God. Consider the Conclusion You can use the concept of the premise in countless areas, so long as each premise is true and relevant to the topic. The key to laying out a premise or premises (in essence, constructing an argument) is to remember that premises are assertions that, when joined together, will lead the reader or listener to a given conclusion, says the  San Jose State University Writing Center, adding: The most important part of any premise is that your audience will accept it as true. If your audience rejects even one of your premises, they will likely also reject your conclusion, and your entire argument will fall apart.​ Consider the following assertion: â€Å"Because greenhouse gases are causing the atmosphere to warm at a rapid rate...† The San Jose State writing lab notes that whether this is a solid premise depends on your audience: If your readers are members of an environmental group, they will accept this premise without qualms. If your readers are oil company executives, they may reject this premise and your conclusions. When developing one or more premises, consider  the rationales and beliefs not just of your audience  but also of your opponents, says San Jose State. After all, your whole point in making an argument is not just to preach to a like-minded audience but to convince others of the correctness of your point of view. Determine what givens† you accept that your opponents do not, as well as where two sides of an argument can find common ground. That point is where you will find effective premises to reach your conclusion, the writing lab notes. Source Hausman, Alan. Logic and Philosophy: A Modern Introduction. Howard Kahane, Paul Tidman, 12th Edition, Cengage Learning, January 1, 2012.

Organizational Change of Hilton International Term Paper

Organizational Change of Hilton International - Term Paper Example It is very important for the global company staff to communicate with diverse target audience round the clock. When restructuring jobs or refocusing the organization's direction, it is very important for the top management to clarify roles and how they support each other. Role clarification helps raise issues in a neutral manner and avoids confusion when change is in process. Special training problems are introduced for local employees to help them adapt to the new organizational environment (Hilton International 2007). With the help of the Internet, Hilton known for its patchy supply chain and bungling circulation processes will have the possibility to improve efficiency, inventory, audit control and to diminish infrastructure and operation costs by web-enabling their business online. Internet will support the hotel industry to be better equipped to handle business desires, paying attention to clients' needs, competitors and prospective partners (Hilton hits the heights of hotel 200 4), The program must then be implemented, scattered throughout the organization, monitored for effectiveness, and adjusted where necessary. The role of personal attitudes is important because they are not immediately acquired, but learned throughout life. For all people, employees and the manager, some attitudes are central such as religion or cultural norms; whereas others may change with personal experiences. In this case, the manager should take into account individual differences of employees and his personal experience (Hilton International 2007). If he had a negative experience in the past, he could apply the same management style working with other people.Management has to develop the business vision and process objectives. Senior management needs to develop a broad strategic vision, which calls for redesigned business processes. For example, Hilton hotel management looks for breakthroughs to lower costs and accelerate service that would enable the firm to regain its competitive stature in the consumer products industry (Robbins, 2004).