Capitalism Is An Economic System Of Production And...

Capitalism is an economic system of production and allocation based on private property. The main characteristic of making economic decisions is the willingness to accumulate more capital and gain profit. In this economic system businesses manufacture goods for market, which is controlled by supply and demand. Economists often think of capitalism as a system of free market economy ruled by competition, but it is impossible to find capitalism in this ideal form anywhere in world today. Nowadays economic systems in western countries are the mixture of free competition and governmental control. Modern capitalism can be considered as the combination of private enterprise and governmental control. In the book â€Å"Twenty-first century capitalism† Robert Heilbroner †ª puts capitalism into an historical perspective in order to identify the characteristics that could prove to be relevant in the near future. Heilbroner contrasts capitalist societies with traditional and command s ocieties and highlights the division between public and private realms of society as the primary structural advantage - an advantage resulting in prosperity but also instability. In his book Robert Heilbroner argues that the two realms of capitalism are both beneficial and dysfunctional for society. †¬Ã¢â‚¬ ¬Ã¢â‚¬ ¬Ã¢â‚¬ ¬ Capitalism has a few key characteristics by which it is defined. First of all, all production facilities must be privately owned. Secondly, all economic activities are organized and coordinated by the law ofShow MoreRelatedThe Political Terms Left And Right Were Devised During The French Revolution898 Words   |  4 Pagesthis position based on natural law, economics or traditions. On radical ideology that might take place in the United States is capitalism. The capitalist theory isn’t a new one, rather it has been a part of the economic industries around the world. 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From each according to his abilityRead MoreComparative Critique Of Comparative Capitalism1214 Words   |  5 PagesCOMPARATIVE CAPITALISM Case Study #4: Comparative Capitalism Florence F. Messi St Thomas University Miami Gardens, Florida Abstract The Merriam-Wester dictionary defines capitalism as an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market. (2015). However for an ideal capitalism to fully operateRead MoreCapitalism vs Socialism1746 Words   |  7 PagesOutline: Essay question: What is the best policy for any country: capitalism or socialism? Introduction: Thesis statement: It is much better to live in the country where the gap between poor and rich people is sharply noticeable, than to know that a person will never differ from the mass of people or feel a real freedom in his/her own country. Body: A. Capitalistic policy gives an equal opportunity to everyone to become a wealthy person. * Person can have his own business and developRead MoreResources Allocation in Capitalist and Socialist Systems Like Russia and the USA2322 Words   |  10 PagesHow resources are allocated under capitalist and socialist systems The case of Russia and the USA Amanda Carla Montague 9/28/2009 Introduction This project evaluates how resources are allocated under socialist and capitalistic economic systems. But firstly, let us define the key terms: economic systems, socialism, capitalism and resource allocation. An economic system is characterized as all the institutional means through which resources are used to satisfy human wants. By institutionsRead MoreEssay on Marxism Applied to the Modern State1216 Words   |  5 Pagesfacilitations of inner state trade in exchange for citizen loyalty. The goal of the modern state is to maintain order and happiness of its citizens; the establishment of courts of law and laws to abide by, soldiers to protect the state and a currency system only realizes the goal. In today’s society there are several different modern states that are run and organized quite differently, this paper will examine how, of the three given theories, Marxism best applies to Canada as a modern state. The decision

Digital Fortress Chapter 30 Free Essays

Alfonso XIII was a small four-star hotel set back from the Puerta de Jerez and surrounded by a thick wrought-iron fence and lilacs. David made his way up the marble stairs. As he reached for the door, it magically opened, and a bellhop ushered him inside. We will write a custom essay sample on Digital Fortress Chapter 30 or any similar topic only for you Order Now â€Å"Baggage, senor? May I help you?† â€Å"No, thanks. I need to see the concierge.† The bellhop looked hurt, as if something in their two-second encounter had not been satisfactory. â€Å"Por aqui, senor.† He led Becker into the lobby, pointed to the concierge, and hurried off. The lobby was exquisite, small and elegantly appointed. Spain’s Golden Age had long since passed, but for a while in the mid-1600s, this small nation had ruled the world. The room was a proud reminder of that era-suits of armor, military etchings, and a display case of gold ingots from the New World. Hovering behind the counter marked conserje was a trim, well-groomed man smiling so eagerly that it appeared he’d waited his entire life to be of assistance. â€Å"En que puedo servirle, senor? How may I serve you?† He spoke with an affected lisp and ran his eyes up and down Becker’s body. Becker responded in Spanish. â€Å"I need to speak to Manuel.† The man’s well-tanned face smiled even wider. â€Å"Si, si, senor. I am Manuel. What is it you desire?† â€Å"Senor Roldan at Escortes Belen told me you would-â€Å" The concierge silenced Becker with a wave and glanced nervously around the lobby. â€Å"Why don’t you step over here?† He led Becker to the end of the counter. â€Å"Now,† he continued, practically in a whisper. â€Å"How may I help you?† Becker began again, lowering his voice. â€Å"I need to speak to one of his escorts whom I believe is dining here. Her name is Rocio.† The concierge let out his breath as though overwhelmed. â€Å"Aaah, Rocio-a beautiful creature.† â€Å"I need to see her immediately.† â€Å"But, senor, she is with a client.† Becker nodded apologetically. â€Å"It’s important.† A matter of national security. The concierge shook his head. â€Å"Impossible. Perhaps if you left a-† â€Å"It will only take a moment. Is she in the dining room?† The concierge shook his head. â€Å"Our dining room closed half an hour ago. I’m afraid Rocio and her guest have retired for the evening. If you’d like to leave me a message, I can give it to her in the morning.† He motioned to the bank of numbered message boxes behind him. â€Å"If I could just call her room and-â€Å" â€Å"I’m sorry,† the concierge said, his politeness evaporating. â€Å"The Alfonso XIII has strict policies regarding client privacy.† Becker had no intention of waiting ten hours for a fat man and a prostitute to wander down for breakfast. â€Å"I understand,† Becker said. â€Å"Sorry to bother you.† He turned and walked back into the lobby. He strode directly to a cherry roll-top desk that had caught his eye on his way in. It held a generous supply of Alfonso XIII postcards and stationery as well as pens and envelopes. Becker sealed a blank piece of paper in an envelope and wrote one word on the envelope. ROCIO. Then he went back to the concierge. â€Å"I’m sorry to trouble you again,† Becker said approaching sheepishly. â€Å"I’m being a bit of a fool, I know. I was hoping to tell Rocio personally how much I enjoyed our time together the other day. But I’m leaving town tonight. Perhaps I’ll just leave her a note after all.† Becker laid the envelope on the counter. The concierge looked down at the envelope and clucked sadly to himself. Another lovesick heterosexual, he thought. What a waste. He looked up and smiled. â€Å"But of course, Mr†¦.?† â€Å"Buisan,† Becker said. â€Å"Miguel Buisan.† â€Å"Of course. I’ll be sure Rocio gets this in the morning.† â€Å"Thank you.† Becker smiled and turned to go. The concierge, after discreetly checking out Becker’s backside, scooped up the envelope off the counter and turned to the bank of numbered slots on the wall behind him. Just as the man slipped the envelope into one of the slots, Becker spun with one final inquiry. â€Å"Where might I call a taxi?† The concierge turned from the wall of cubbyholes and answered. But Becker did not hear his response. The timing had been perfect. The concierge’s hand was just emerging from a box marked Suite 301. Becker thanked the concierge and slowly wandered off looking for the elevator. In and out, he repeated to himself. How to cite Digital Fortress Chapter 30, Essay examples

GR Hotels free essay sample

The Industry The accommodation industry thrives on strategically located and efficiently managed establishments, as well as the tourism industry in general. Worldwide, the industry is huge, with estimated annual revenues in excess of $124 billion. In Canada, many municipal and provincial tourism agencies promote Canadian cities as attractive travel destinations and thus provide business to the local accommodation industry. World events (e. g. terrorist attacks, SARS outbreak) caused the Canadian tourism industry to decline from 2001 to 2003, and the occupancy rate of hotels in 2 CMA Canada Sample Case for Video Storyboarding Exercise Backgrounder Canada reached an all-time low. In 2004, the industry rebounded and tourism grew at a faster rate than the rest of the economy. By the end of 2007, there were more than 15,000 travel accommodation establishments in Canada, generating in excess of $13 billion in operating revenues (see Exhibit 1). Airport hotels experienced the largest gains in demand, followed closely by downtown hotels. The average occupancy rate for large hotels (i. e. those with more than 200 guest rooms) reached 70% in 2007 and the average daily room rate for these hotels reached $138 (see Exhibit 2). A four-scale system is used to classify hotels: 1. Economy – Basic accommodation provided with few or no amenities and guest services, and the only facility provided is usually a swimming pool. 2. Mid-scale – Basic accommodation provided with some amenities, but limited guest services and facilities (e. g. breakfast service, selected business services, fitness centre). 3. Upscale – More comfortable and attractive accommodations provided with a broad range of facilities, amenities, and services (e. g. spa, business centre, concierge, recreational facilities). 4. Luxury – Highest standard of accommodation that offers an extensive range of amenities, guest services, and facilities (e. g. first-class restaurant, extensive entertainment facilities). In general, business travellers tend to stay at upscale and luxury hotels, as well as the better mid-scale hotels. Leisure travellers tend to stay mainly at mid-scale and economy hotels. The Internet’s increased popularity has had a major impact on the tourism and accommodation industry over a relatively short period of time. Major on-line travel sites (e. g. Expedia. com ®, Travelocity. com ®) offer Internet-savvy consumers booking options that go beyond simple transactions such as point-to-point air and hotel reservations. The â€Å"book-it-yourself† traveller is becoming more prevalent. Consumers are taking greater control over their travel plans by using the Internet to not only gather information, but also to compare prices and options to locate the best deals available, make reservations directly, and arrange for payment directly. Another industry trend is the increase in hotels that are associated with a brand name chain (e. g. franchises). Industry reports show that these hotels perform better than hotels that are not part of a chain. Associated hotel chains generally have more rooms, charge higher daily room rates, and have higher occupancy rates than independently owned hotels. A major contributing factor for this superior performance is the use of a central reservation system (i. e. a guest booking system using a centralized computer and/or telephone answering service). As well, many hotel chains of all sizes offer frequent guest or other points programs to generate repeat business. CMA Canada 3 Backgrounder Sample Case for Video Storyboarding Exercise Certain government regulations impact hotels in Canada. These regulations cover such areas as real estate zoning, food preparation, liquor licensing, elevator safety, and property taxes. GR Hotels Corporation – 2007 Management and Organizational Structure The company’s current summarized organizational chart is found in Exhibit 3. The structure involves a head office management group and the management of each hotel. The President and CEO of GR is Andrew Mayd. He was hired in 1997 by the board of directors to replace Arthur Gemron after an extensive search by a well known executive recruitment firm. Mayd is a hotel industry veteran. After graduating from college with a major in hospitality management 29 years ago, he gained experience working for three major hotel chains and one independent hotel, beginning at the front desk and working his way up to his current position with GR. Walter Rames is the company’s Vice-President, Bookings and Promotion. He worked in sales and marketing with several different organizations before joining GR last year. His responsibilities include promotion and advertising for all GR hotels, as well as the central booking system. Caly Leblanc is the Vice-President, Services and People. She holds an MBA from a prestigious university and has worked her entire career in the hotel industry. Leblanc is responsible for overseeing the service levels at both hotels, focussing on generating and implementing new ideas for improvement. She also provides overall human resource management. Matt Gleeson is the Vice-President, Facilities. He held positions with a number of property management companies before joining GR in 1991. Gleeson is in charge of maintenance and improvements of the two hotel buildings, properties, and facilities. As well, he is responsible for the purchasing function for both hotels. Manny Bluenose, Vice-President, Finance, joined GR in 2001 as the controller and was promoted to the vice-president position in 2006. He has a B. Comm. with an accounting major. Prior to joining GR, Bluenose worked for four years as a senior financial analyst with a community college. His current responsibilities at GR include overseeing both the finance and information technology functions. Each of the vice-presidents is paid a base salary of $100,000 plus a bonus if corporate pre-tax income exceeds $2 million. They also receive other incentive benefits if personal objectives for the year are met. The other key people in GR’s management structure are the two hotel general managers: Luc Lavioli – Montreal hotel; and Sue Sutton – Toronto hotel. The hotel general managers are responsible for all hotel operations, including the front desk, 4 CMA Canada Sample Case for Video Storyboarding Exercise Backgrounder housekeeping services, banquet services, restaurant, gift shop, and facilities. Lavioli started working at the GR Montreal Hotel in 1993 as a general labourer in the restaurant while he was attending college. After graduating with a three-year business administration diploma, he worked his way up through almost every department of the hotel until he was promoted to his current position in 2007. Sutton is a hotel industry veteran who joined GR in 1999. Each hotel general manager receives the same base salary of $85,000, plus a bonus equal to 0. 3% of the pre-tax income of their respective hotel. Central functions, such as purchasing and bookings, require the hotel general managers and their staff to work closely with the head office staff. For example, the hotel general managers work together with the booking department staff to set the hotel rates for their individual hotels. At each hotel, all hotel staff report directly to the hotel general manager for on-site accountability and indirectly to the respective functional vice-president at the head office. For example, the head chef at the Toronto hotel restaurant reports directly to Sutton and indirectly to Leblanc, and the facilities manager reports indirectly to Gleeson. Promotion and Booking GR advertises in the Montreal and Toronto telephone directory yellow pages and airports, as well as in certain national tourist magazines. GR also purchases pop-up advertising on the Internet with google. com ® at a cost of pennies per view, where the GR advertisement pops up when a person uses the GoogleTM search engine to find a hotel in Montreal or Toronto. These advertisements are capped, so that once the authorized limit for the month is reached, GR advertisements stop. Some billboard advertising is used within two kilometres of the hotels, each of which has good highway access. The company maintains a simple, user-friendly website, which allows online bookings at a small discount, as well as a central booking phone line at the head office. Table 1 describes the various modes that guests at GR hotels use to make bookings: Table 1 Mode of Booking Directly through the GR website Directly through the GR 1-888 central booking phone line Indirectly through travel agents who receive a small commission Directly at the hotel front desk, i. e. walk-ins with no prior reservation Indirectly through third party websites Indirectly through third party convention organizers CMA Canada % of Bookings 37% 24% 22% 8% 4% 5% 5 Backgrounder Sample Case for Video Storyboarding Exercise In 2007, GR polled all guests with regard to their purpose of travelling and staying at GR hotels. The poll revealed that approximately 65% of guests were staying at the hotel for pleasure and 35% for business. Of the business guests, 3% were attending conferences held in the hotel. The poll also revealed that the average length of stay of all guests was three days. Board of Directors and Shareholders The board of directors of GR is comprised of five individuals. Three are Gemron family members: Arthur (who founded the company), his eldest son Arthur Jr. , and his eldest daughter Genevieve. The other two members of the board are Mark Welly and Julie Saab. Arthur Gemron is a wealthy individual who owns a number of commercial and residential real estate properties through various corporations, in addition to the GR hotels. He serves on the boards of directors of the companies but is no longer directly involved in their operations. Both Arthur Jr. and Genevieve Gemron were active in running GR from its inception until 1997, when they retired at the same time as their father. Arthur Jr. currently enjoys a life of leisure and Genevieve is a philanthropist in the area of children’s learning disabilities. Mark Welly, who retired in 1999, was the first general manager for the GR Toronto Hotel. Julie Saab is a long-time friend of the Gemron family and a lawyer. The board meets at least every second month to review progress reports, financial results, and major proposals presented by Mayd and selected members of the management group. In early 2007, the board prepared the following formal vision and mission statements: Vision: GR Hotels are the hotels of choice for travellers in Canadian cities. Mission: GR Hotels provide clean, comfortable rooms and good quality services to business and pleasure travellers in Toronto and Montreal at competitive prices. Table 2 provides a list of the shareholders, who are all members or friends of the Gemron family: 6 CMA Canada Sample Case for Video Storyboarding Exercise Backgrounder Table 2 Shareholder Arthur Gemron Arthur Gemron, Jr. Gemron family trust J. E. C. B. Gemron Genevieve Gemron Julie Saab Eileen Poltski Total Less issue costs Recorded on financial statements Number of Common Shares 5,000 5,000 5,000 5,000 5,000 5,000 5,000 35,000 Price Paid per Share $4. 00 $4. 00 $4. 00 $4. 00 $4. 00 $4. 00 $4. 00 Total $ 20,000 20,000 20,000 20,000 20,000 20,000 20,000 140,000 5,890 $134,110 Description of Operations The company has a December 31 fiscal year end. The first quarter of the year is the weakest and the third quarter is the strongest. GR hotels strive to provide guests with as many small customer â€Å"touches† that a midscale hotel can afford. Although valet parking is not provided, each hotel has ample guest parking and bell staff are available to help carry luggage. Upon checking in at the front desk, each guest is asked for their preferences in terms of such things as room location relative to elevators and floor, room decor, and smoking versus non-smoking (smoking is permitted on a few designated floors in each hotel). When possible, such preferences are accommodated. In addition to standard hotel room furnishings (bed, desk, chairs, television, clock-radio, etc. ), each guest room has a coffee maker, free coffee and related supplies, a hair dryer, an iron, and an ironing board. In each bathroom, complimentary soap, shampoo, and hair conditioner are provided. Each evening, two complimentary fresh cookies from the hotel’s restaurant are placed in each occupied guest room. GR hotels do not have a concierge, but special inquiries (e. g. recommendations for nearby restaurants, shows, etc. ) can be made at the front desk. Although dry cleaning services are not offered by GR hotels, guests who require dry cleaning are directed to a local dry cleaning depot located within two blocks of the hotel. Express checkout service is provided, whereby the guest’s invoice/receipt is placed under the guest room door at 2 a. m. on the last day of the guest’s stay. The total invoiced amount is automatically charged to the guest’s credit card, removing the need for the guest to check out at the busy front desk in the morning. If the guest does not CMA Canada 7 Backgrounder Sample Case for Video Storyboarding Exercise agree with any of the itemized charges on the invoice, the guest must visit the front desk where hotel staff will make the appropriate inquiries and adjustments. Each hotel has one restaurant and a very small gift shop. Approximately 80% of the revenues generated at the restaurants and stores are from hotel guests and 20% from local walk-in customers. The restaurants, like the hotel, are value-oriented, providing basic family-style meals of good quality from 6:30 a. m. to 9:00 p. m. at reasonable prices. Although they do not provide room service for the guest rooms, the restaurants offer catering services for the events held in the banquet rooms. The purchasing department negotiates bulk purchases of supplies (e. g. hotel furnishings, linens, towels, toiletries, stationery, room card keys, maintenance, food, and other supplies) for both hotels and the head office. Occasionally, mutually beneficial special arrangements are made with suppliers. For example, in early 2007, an arrangement was made with a foreign consumer products manufacturer that was introducing its inexpensive products in the Canadian market. The foreign company would supply GR with free soap, shampoo, and hair conditioner for the guest rooms and, in return, GR hotels would provide free advertising for these products by placing a flyer in the guest rooms that would indicate where these items could be purchased (e. g. Wal-Mart ®) and their retail prices. This arrangement worked successfully in 2007 and negotiations are taking place for a similar arrangement for 2008. Competition The Canadian and international hotel industries are very competitive. Competition within each of the four classes is based on numerous factors, such as ease of booking, room rates, location, room quality, housekeeping services, food and beverage quality and service, availability of additional facilities and services, and attitude of the hotel staff. The first quarter of the calendar year is generally the weakest across the industry in North America. Toronto and Montreal have a plethora of competing accommodation alternatives in all four hotel classes. Some of the mid-range hotel chains that compete directly with GR are Wonderful Inns, Budget Hotels, and Home-Away-From-Home Hotels. Human Resources GR has at total of 221 full-time equivalent employees. Many are long-term, loyal staff and the average length of service is 12 years. GR management has always followed the philosophy that keeping employees happy will result in their providing better service to guests. One practice used is to automatically give employees raises of 2. 5% to 3% per year. Another is to use mainly full-time staff and limited part-time staff. As a result of these factors, employee turnover is lower than the industry norm. Total salaries and benefits in 2007 are approximately $7. 3 million, by far the largest operating cost. Employees have various backgrounds, with those in higher positions holding diplomas in hospitality disciplines from community colleges. Salaries are higher 8 CMA Canada Sample Case for Video Storyboarding Exercise Backgrounder in Toronto than Montreal due to market factors and the cost of living. All staff, including the executives, take vacations only during the slow periods of the year. The breakdown of the number of full-time equivalent employees in the two hotels is set out in Table 3: Table 3 Function Executives and head office Restaurant Front desk, including bell staff Housekeeping Gift shop Facilities Banquet services Other Total employees Number of Employees 33 60 34 39 6 12 20 17 221 Gratuities are an important part of the remuneration of many hotel employees, such as the restaurant, housekeeping, and bell staff. Consistent with industry practice, wages of employees who receive gratuities are lower than wages of other employees in the hotels. Finance, Information Technology, and Financial Reporting Manny Bluenose directs the finance, accounting, and information technology functions of GR. The company uses the ENNâ„ ¢ accounting system and processes payroll inhouse using the payroll module of that system. All cheque processing and accounting are performed in the Toronto head office. The company’s financial statements are audited each year and have always been unqualified. Exhibit 4 provides summary financial information for 2005, 2006, and 2007. For simplicity, the amortization rates used by the company for accounting purposes are the same as the capital cost allowance (CCA) rates used for tax purposes. Consequently, GR has no timing differences between accounting and taxable income. The CCA rates used by GR are as follows: CMA Canada 9 Backgrounder Sample Case for Video Storyboarding Exercise Hotel buildings Furniture, fixtures, and equipment Vehicles Computer application software, tools, tableware, kitchen utensils, and other small assets Computer hardware and systems software Parking lots Leasehold improvements 4% 20% 30% 100% 45% 8% straight-line Historically, the company has paid out most of its profits in the form of dividends to the shareholders, shortly after the year end. A detailed line-by-line operating budget is prepared annually. Historically, the forecasted revenues and expenses used in the budgets have been fairly accurate in relation to the actual revenues and expenses. The budgeted amounts are entered into the accounting system and reports showing favourable and unfavourable variances are generated for management review each period. Banking GR has two chequing accounts and all its property mortgages with the Bank of Newfoundland. Over the past 16 years, GR has developed a good relationship with the bank. Currently, the bank has only one restrictive covenant on the financial arrangements with GR – the company’s operating profit (i. e. earnings before interest, taxes, and amortization) must be at least 11% of revenues each year. 10 CMA Canada Sample Case for Video Storyboarding Exercise Backgrounder Exhibit 1 Selected Statistics for Accommodation Industry in Canada – 2007 Newfoundland Prince Edward Island Nova Scotia New Brunswick Quebec Ontario Manitoba Saskatchewan Alberta British Columbia Yukon Northwest Territories Nunavut Number of Establishments 425 220 571 487 2,965 4,302 664 831 1,569 3,277 167 99 37 Operating Revenue (millions) $ 164. 7 84. 6 327. 9 221. 8 2,346. 2 3,986. 9 647. 8 489. 6 2,214. 4 2,591. 1 73. 1 53. 4 32. 6 Operating Expenses* (millions) $ 138. 7 74. 3 279. 2 185. 3 2,025. 5 3,437. 0 570. 4 420. 2 1,791. 5 2,215. 0 66. 3 44. 9 28. 2 Canada 15,614 $13,234. 1 $11,276. 5 * Operating expenses exclude interest, amortization, and income taxes ** Operating margin percentage of sales = (Operating revenue Operating expenses) / Operating revenue Newfoundland Prince Edward Island Nova Scotia New Brunswick Quebec Ontario Manitoba Saskatchewan Alberta British Columbia Territories/Nunavut Canada CMA Canada Operating Margin % of Sales** 15. 8% 12. 2% 14. 9% 16. 5% 13. 7% 13. 8% 11. 9% 14. 2% 19. 1% 14. 5% 9. 3% 15. 9% 13. 5% 14. 8% Distribution of Revenue by Type of Service Meals and Rooms Alcohol Merchandise Service 62% 29% 1% 8% 73% 22% 0% 5% 69% 22% 1% 8% 68% 27% 0% 5% 62% 29% 1% 8% 63% 25% 0% 12% 36% 52% 3% 9% 52% 39% 2% 7% 57% 33% 1% 9% 61% 30% 1% 8% 51% 39% 3% 7% 60% 30% 1% 9% 11 Backgrounder Sample Case for Video Storyboarding Exercise Exhibit 2 Performance Metrics for Selected Hotel Groups in Canada for 2007 All hotels Associated chain hotels Independent hotels Large hotels ( 200 rooms) Airport hotels Downtown hotels Upscale hotels Mid-scale hotels Economy hotels Mid-scale hotels – Montreal Mid-scale hotels – Toronto Average Number of Rooms 148 191 92 350 195 189 240 145 100 150 155 Average Occupancy Rate 66% 69% 62% 70% 70% 68% 73% 62% 54% 65% 64% Average Daily Room Rate* $120 $125 $105 $138 $110 $130 $160 $105 $78 $91 $100 Revenue per Available Room** $79 $86 $65 $97 $77 $88 $117 $65 $42 $59 $64 * Average daily room rate = Accommodation revenue per day divided by the total number of rooms sold ** Revenue per available room = Average occupancy rate x Average daily room rate

Subordinate influence ethics

Appreciating ethical issues and maintaining business ethics are crucial concepts in driving successful relationships at individual and societal levels. These values are also crucial towards business growth bearing in minds that ethical congruence is a crucial factor in guiding both the short and long term focus in the sustainability of a business venture.Advertising We will write a custom essay sample on Subordinate influence ethics specifically for you for only $16.05 $11/page Learn More According to Tang (2008, p. 249), ethics can be defined as the generally acceptable standards or rules that concerns social or personal welfare and which govern the conducts and operations of a particular society or organization. It is also evident business ethics take different forms and is commonly applied at all levels and stages of its operation and management. Scholars of organizational behavior like Ralston and Pearson (2010, p. 149) concur with ethical theorists and point out that it is crucial for individuals in a society both at micro and macro levels to assimilate behaviors that culminate to improved levels of organizational performance and productivity. As such, an understanding of subordinate influence ethics plays an important role of appreciating both self serving and pro-organizational ethical behaviors. While good organizational ethics behavior influences subordinates to enhance their work performance, I have come to acknowledge that poor business ethics forms one of the most retrogressing factors that negatively affect a society and national economy. Reported numbers of unethical cases have been out of bad influence, practices and undesirable behaviors by management personnel in organizations. The cumulative effect has been cited as one of the worst element to an economy. This has been compounded by spontaneous emergence of opportunistic chances for self- indulgent ethical behaviors and destructive ethics in an organization stetti ng A major question many researchers ask themselves is whether the perpetrators of bad business comprehend their overall impact on the society and economy. It is also definite that personal effectiveness is instrumental towards reinforcing ethical practices. The effectiveness of an individual at workplace depends on the communication system in the working environment as well as the ability to listen and to speak.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More It is important to observe that in all the communications that takes place in an environment, many people tend to get and remember half of what they listen, understand and believe. Additionally, personal effectiveness of an individual is greatly affected by ineffective communication that comes from clichà ©, jargon, inappropriate language and too much information. Also, there are instances when individuals communicate messages that a re unclear and sometimes these can be as a result of poorly structured thoughts. This becomes a barrier to effective communication and personal effectiveness. Also, other barriers include a verbal messages that conflicts with a non-verbal messages, distractions from other activities or noise in the environment and misinterpretation of the intent or content of the communication by the receiver. Furthermore, individuals at workplace respond to stimuli that makes them interested, angry, sad or happy. Communication is of significant importance in creating such emotions at a particular time in the lives of the workers. Good communication would mean motivation and effectiveness which is the opposite of bad communication manifested by an arrogant, presumptuous and patronizing way of passing information that would exist between employers’ and employees. Pro-organizational, self- centered and destructive ethics Perry, Kulik and Zhou (1999, p. 341) argue that subordinate influence by a n organization may lead to organizational beneficial behaviors among workers. Many organizations set sanctioned and prescribed standards for employees which play a crucial role of influencing their behaviors. Indeed, subordinate influence as Perry, Kulik and Zhou claims is critical for enhancing work performance in organizations. Employees under such influences will ensure that they have good working relationships with others, will behave in an appropriate manner and will put effort to accomplish tasks.Advertising We will write a custom essay sample on Subordinate influence ethics specifically for you for only $16.05 $11/page Learn More Using life stage hypothesis, understanding the dynamic nature of human personality has become a complex issue in the contemporary society owing to numerous factors such as nature, genetic makeup and the social environment that control and influence individual’s behavior. Sociologists like Galperin, Bennett and Aqu ino (2011, p. 407) argue that human behavior, besides being influenced by the environment, is also controlled by certain aspects such as culture and common life events. In agreement with Marangos and Astroulakis (2009, p. 385) whose arguments on development of ethics concur with Ralstons and Pearson (2010, p. 160) argument , I would like to point out that understanding the complex nature of human behavior requires appreciating certain concepts such as human development, cultural competency, corporate culture and human diversity. It is agreeable from the analysis in the article by Ralston that human behavior in terms of both life stage theory and convergence theory denotes that gaining knowledge on human development and their experiences throughout their life period is important towards understanding the role of influenced ethics behavior. Park, Rehg and Lee (2005, p. 387) point out that behaviors related to subordinate influence manifests themselves strongly in certain stages in lif e. In agreement, it is evident that the young and middle adulthood stages in life are some of the most challenging periods in life as individuals in these stages grow and experience massive life developments. I would like to point out that at these stages, especially at the beginning of early adulthood, individuals become more focused and ambitious with exceeding hope rising in the corporate ladder. To concur with Grojean et al (2004, p. 223), individuals in this stage due to their ambitions become more self interested and individualistic than other individuals in the middle adulthood and later stages. This could be due to the fact that individuals in this group are offered with an opportunity to typically move to an ‘elevated economic and social status, begin a career, get employed, marry and raise a family or contribute to the development of society. These factors among others according to life stage theory cause individuals in the early adulthood stages to engage in destruc tive and self indulging behaviors.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, middle adulthood period as described by Valentine et al (2011, p. 354) is a time when an individual is at his or her prime of life. A person at this age is both psychologically and physically capable, has vast experience and wisdom in variety of areas in life, and may have a stable career in place. It is a fact that at this stage many individuals tend to become universalistic, collectivistic and more nurturing. As such, it is notable that even without organizational influence, their level of development allows them to involve in ethical behaviors. In organizations, the ethical behavior exhibited by these groups becomes organizationally beneficial as they assist in the realization of organizational goals. The model of cross convergence I would like to point from the perspective of the social divergence theory that the sole determinant of the various values an individual possesses at a personal level is the social cultural influence. Societal cultures as Klinefelter (2010, p. 937) mentions differs and can either be collectivist or individualistic. These cultures are crucial and potential in influencing a business’ ideology. Many different societies in the world today have diverse cultures (Essers, Bohm and Contu 2009, p. 130). In international business, culture plays a very important role especially decision making processes. Research points out that effective understanding of other people’s nationalistic cultures when conducting business in other countries is important for effective interaction. When properly applied, concerns, anxiety and frustrations that come with cultural differences are minimized. Using the model of cross divergence, it is clear from the perspective drawn for the articles that different cultures of diverse nations like the US, China, Brazil and Germany are based on different independent dimensions that include short term or long term orientation and individualism or collectivism (Tang 2008, p. 249). The arg ument points out that these aid businesses in predicting how societies or nations that host them culturally operate. It is imperative to note that the culture of a given society is the sum of its assumptions, beliefs and values. The man-made part of the culture of a society is influenced by the perceptions individuals have of their social environment. As such, a prescribed behavior of a particular society is shaped by those shared perceptions (Fritzsche and Oz 2007, p. 335). An individual may not be able to directly observe culture, but can easily infer it from verbal exchanges and daily societal activities. References Essers, J., Bohm, S. Contu, A. 2009, â€Å"Corporate Robespierres, ideologies of management and change†, Journal of Organizational Change Management, vol. 22, no. 2, pp. 129-140. Fritzsche, D. Oz, E. 2007, â€Å"Personal values influence on the ethical dimension of decision making†, Journal of Business Ethics, vol. 75, no. 4, pp. 335-335. Galperin, B.L ., Bennett, R.J. Aquino, K. 2011, â€Å"Status differentiation and the protean self: a social-cognitive model of unethical behavior in organizations†, Journal of Business Ethics, vol. 98, no. 3, pp. 407-424. Grojean, M.W., Resick, C.J., Dickson, M.W. Smith, D.B. 2004, â€Å"Leaders, values, and organizational climate: examining leadership strategies for establishing an organizational climate regarding ethics†, Journal of Business Ethics, vol. 55, no. 3, pp. 223-241. Klinefelter, G. 2010, â€Å"Leadership and change management†, Choice, vol. 47, no. 5, pp. 937-938. Marangos, J. Astroulakis, N. 2009, â€Å"The Institutional Foundation of Development Ethics†, Journal of Economic Issues, vol. 43, no. 2, pp. 381-388. Park, H., Rehg, M.T. Lee, D. 2005, â€Å"The influence of Confucian ethics and collectivism on whistle blowing intentions: a study of South Korean public employees†, Journal of Business Ethics, vol. 58, no. 4, pp. 387-403. Perry, E.L., Kulik, C.T. Zhou, J. 1999, â€Å"A closer look at the effects of subordinate-supervisor age differences†, Journal of Organizational Behavior, vol. 20, no. 3, pp. 341-357. Ralston, D.A. Pearson, A. 2010, â€Å"The cross-cultural evolution of the subordinate influence ethics measure†, Journal of Business Ethics, vol. 96, no. 1, pp. 149-168. Tang, L. 2008, â€Å"An integral model of collective action in organizations and beyond†, Journal of Business Ethics, vol. 80, no. 2, pp. 249-261. Valentine, S., Godkin, L., Fleischman, G.M. Kidwell, R. 2011, â€Å"Corporate ethical values, group creativity, job satisfaction and turnover intention: the impact of work context on work response†, Journal of Business Ethics, vol. 98, no. 3, pp. 353-372. This essay on Subordinate influence ethics was written and submitted by user Kyla Burt to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Defeating Age-ism In The Interview

Defeating Age-ism In The Interview Modern job search can be daunting for a more mature job-seeker.  Maybe the online side of networking is baffling, maybe the pace of new technology is frustrating, and these are things to work on–but here are  some suggestions for preparing yourself for success while job-hunting later in life. First, have an immaculate resume and cover letter, and dynamic and current recommendations ready to back you.  Consider consulting a professional career coach who can look over your materials and give you pointers.  The next step is to prepare for the interview the way you used to prepare for exams in school. Here are  some great tips for  recognizing and diplomatically deflecting potentially biased questions at the interview stage. Watch out for the following questions once you’re sitting across from a decision-maker:1. Aren’t you overqualified?This question could signal that the employer thinks you’rea) too old for the job,b)  asking for more money tha n a lower level candidate, orc) only biding your time until a bigger, better job like your previous positions comes along or you get bored.Consider asking a question in response that may help you figure out which of these possible motivations is at work, then sorting through your past experience to prove that your age makes you qualified or that the demands of this job are exactly what you’re looking for, regardless of what you’ve earned or what your title was in the past.2. What are your strongest skills?This is often a dog-whistle to see how up-to-date your tech skills are; be sure and emphasize your current skill level and how familiar you were with common office technology in the past. (And, by the way, if you’re not up to date, see what your local library or community college has to offer in the way of computer classes).3. What are your interests outside your career?This tricky question may be intended to make you sound more sedate or retiring than you are; consider the benefits of emphasizing active, physically demanding pursuits to reassure potential employers that you will not only keep up but thrive in their office.The most important skill in interviewing is the ability to be yourself, but the best, most promising version of yourself. Put your winningest foot forward, and let the less experienced applicants just try to keep up.

Why Google is Looking for These 5 Key Traits in Employees

Why Google is Looking for These 5 Key Traits in Employees Google did a two-year study of its workers and discovered (surprise!) that fancy degrees and super-genius IQs don’t make great team players. Recent research out of the University of Notre Dame confirms this: what matters most is that coworkers trust each other and believe in what they’re doing. Forget self-interest and pedigree. Forget top-name colleges and the SATs. Google is now shifting course to recruit people who are hardworking and resilient instead- and finally working to diversify their workforce (which is a shocking 70% male and 60% white). Say goodbye to the old elitism of the lone wolf superstar, and say hello to an appreciation of candidates who can overcome adversity.The most important thing companies want to do is building better teams, and here’s what they’ll be looking for:1. Psychological safetyTeam members need to trust each other to take risks. Superegos only get in the way. Team members need to be comfortable being vulnerable together t o do their best work.2. DependabilityThe best teams get it done on time and set the bar consistently high.3. Structure ClarityThe best teams work together with clear roles and goals and strategies.4. MeaningIt’s important to believe in the work you’re doing together and to make it matter.5. ImpactThe best stuff comes out of teams working to make something meaningful and affect change.As a Harvard HR rep wrote in a blog post, â€Å"Who  is on a team matters less than how the team members interact, structure their work, and view their contributions.† The dream team of the future is a powerhouse of people with a wide variety of strengths and talents, people who can trust each other enough to take risks and create a more dynamic future. It doesn’t matter where you went to college. What matters is what you bring to the table and how well you contribute to the group.

Technical Definition and Description Assignment

Technical Definition and Description - Assignment Example â€Å"The suspension system isolates the vehicle from the shocks, bounce and vibrations due to irregularities of road surfaces. The automobile chassis is mounted on the axles through some form of springs. The spring oscillates due to the road shocks. A damper is provided with the spring to restrict the shocks. The damper is also known as shock absorber. The spring and damper collectively called a suspension system. So the suspension system acts as a filter for shocks.† (Suspension System) Very few people realize the importance of shock absorbers, shock absorbers mainly absorb the shocks produced on bumpy roads, suspension is solely responsible for controlling shock absorbers, suspension also controls the steering of a car giving the driver immaculate control. A weak suspension system can easily cause fatal accidents; suspension also controls the control arm which will be demonstrated in the following diagram. (How Car Suspension Works) Suspension system not only controls the s teering but it also controls the brake system, imagine the extent of damage a delayed brake can cause, this can easily be prevented by ensuring that the suspension system is in the best of conditions. There are several suspension kits available in the market but a lot of research is required before buying one. This again goes to show the importance of a suspension system. It is extremely important to regularly maintain a suspension system; a good suspension system makes road bumps and discomfort easier to deal with. A car with a poor suspension system will experience wear and tear much faster than a car with a decent suspension system. Vehicle noise is another factor which troubles several drivers; this again can be prevented by taking care of the suspension system. A car which has a lack of adequate shock absorbers will automatically start making irritating noises, a good suspension system will prevent all these problems from occurring, it will also prevent the unnecessary wear and tear of vehicle tires. To understand how a suspension system works it is extremely important to understand vehicle dynamics, magnitude, direction and vertical acceleration are three very important concepts, we would not require suspension should the roads be absolutely flat but roads these days are anything but flat. A small bump on the road is more than enough to cause fatal accidents; the following diagram will explain how the whole suspension system works. (How Car Suspensions Work) Road isolation allows the driver to driver smoothly even on rough roads, the energy on the roads is absorbed without causing much oscillation, road holding is another very important function, road holding ensures that there is contact of the tires with the road which is very important. The weight of the vehicle is minimized from side to side, so road holding is also very important. Cornering is the next important concept under suspension, it is important to know how a vehicle travels on a curved path , a centrifugal force directly acts upon the center of gravity of a car allowing it to travel on curved paths, the main goal of cornering is to shift the weight of the vehicle so that it can easily move on curved paths, all these important aspects are a part of

Organizational Development Assignment Example | Topics and Well Written Essays - 1250 words

Organizational Development - Assignment Example Diagnosis is argued to help draw conclusions crucial in designing potential change that would help the organization improve. Diagnosis helps OD practitioner and client jointly determine organizational issues to focus on, identification of the process involved in the collection and analysis of data, and also enables both OD practitioner and the client to work together in order to develop action steps obtained from the diagnosis (Cummings and Worley87). In fact, it is believed that when diagnosis is done clearly, it provides knowledge of the organization needed to design appropriate interventions. Why getting diagnosis correct is so important It is crucial to get the diagnosis in order to have an effective intervention scope (Cummings and Worley 87). Diagnostic models are used to point out areas required to examine and questions to ask. This ensures that there is no biased diagnosis. A biased diagnosis can lead to wrong or ineffective intervention scope. In some instances, some diagnos tic models may limit the kind of questions to ask from the interviewee, and this may lock out vital information. Diagnosis is considered to be effective when it comprehensively addresses the area of concern without leaving out some information. Importance of conducting a thorough diagnosis prior to beginning any intervention activity As discussed earlier, as OD practitioners enter into a contract with a client, the main objective is to look for solutions to existing problems affecting the organization. In this regard, it becomes vital that the OD practitioner need to understand the trend in which the organization has been following, and this may call for a need to understand the whole system or some parts, or feature of the organization, which all this falls under the phase of diagnosis (Cummings and Worley 88). Besides, it would be unlikely that appropriate interventions would be identified if no clear picture of the organization and articulation of the problem are done. Additional ly, although the client may not see any need of the diagnosis phase, it is obvious that the next phase would be collection and analysis of information that help in coming up with intervention scope. Bearing such deliberations, it is understandable that collection of information involves collecting information based a specific problem, which is identified in the diagnosis phase. Therefore, it is true to argue that diagnosis phase is crucial in the OD intervention and can not be ignored or skipped. Part 2 The level at which to conduct diagnosis to change M&DDiv’s documentation processes and procedures Since PolyProd has exponentially grown thus leading to much documentation, it is obvious that documentation process and procedures have been overwhelming in the Manufacturing and Distribution Division. It is also apparent that documentation process and procedures in PolyProd are quite vital and covers almost every step right from the manufacturing stage to distribution level (Cumm ings and Worley 242). Another important aspect to consider is the distribution process, which is done from the headquarters and then distributed to other locations. With this in mind, it is correct to argue that organizational level would be the appropriate level to

Is Chocolate Good for You Essay Example for Free

Is Chocolate Good for You Essay [pic]A little of what you fancy does you good especially if it’s chocolate. Instead of feeling guilty for indulging, you can now feel virtuous, as chocolate is officially beneficial for health. And that’s just as well, as we Brits consume over 80 million chocolate eggs each Easter which works out at a staggering 9kg per person. Chocolate dates back to the time of the Aztecs when cocoa beans were so prized that they were used as currency during the reign of Montezuma. The Aztecs consumed chocolate in the form of a sweetened drink, which was believed to increase wisdom, boost energy levels and have a powerful aphrodisiac action. Modern forms of chocolate combine cocoa paste with cocoa butter, sugar and cream or milk, with a variety of additional flavourings such as vanilla, nuts and liqueurs that may improve the flavour, but may reduce its health value. We take a look at some of the pros and cons of eating chocolate this Easter The Pros: Antioxidant protection The reason chocolate gets the ‘thumbs up’ from researchers is because it contains large quantities of antioxidants chemicals that help to neutralise some of the harmful chemical reactions occurring as part of our metabolism and during exposure to pollutants. In essence, antioxidants stop us going rusty inside. Scientists have found that just 40g of chocolate contains more than 300mg of polyphenols the same type of antioxidants that give red wine its heart-protecting reputation. And if you like your chocolate dark, you will obtain twice as many polyphenols, similar amounts, in fact, as are found in a cup of green tea. What’s more, the polyphenols present in chocolate are of the super-protective variety known as procyanidin flavonoids. While some of these flavonoids contain just one unit and are classed as monomers, the most protective are those containing two, three or more units, known as oligomers. Yes, you’ve guessed it, chocolate is especially rich in the larger oligomers that can prevent harmful LDL-cholesterol from becoming oxidised and taken up into artery walls. Research recently published in the British Medical Journal suggested that a daily meal of seven ingredients, which included 100g dark chocolate (along with fish, fruit, vegetables, almonds, garlic and 150ml wine) could cut the risk of coronary heart disease by a massive 76%. The scientists predicted this could increase average life expectancy by six and a half years for men and five years for women. Surprisingly, olive oil was not included, as the researchers felt there was not enough solid evidence to support it as a single ingredient rather than as part of the Mediterranean diet. In contrast, they found clear evidence that eating 100g dark chocolate per day could reduce blood pressure by an average of 5.1/1.8mmHg, which is enough to reduce the risk of a heart attack or stroke by 21%. The feel-good factor Eating chocolate makes you feel good. It increases brain levels of several chemicals, including mood-altering PEA (phenylethylamine, related to amphetamine), which produces a mild, confidence-instilling buzz. Chocolate also contains tryptophan a chemical converted to serotonin in the brain to lift mood and increase euphoria and theobromine, a stimulant that peps you up. Chocolate is also virtually unique in that it melts in the mouth at body temperature, producing a silky, luscious sensation that adds to its appeal and, according to psychologists, is one of the main reasons why chocolate proves so addictive. Contains small amounts of caffeine The amount of caffeine contained in chocolate is around 10 times less than that in the average serving of coffee, tea or cola drinks. In fact, low intakes of caffeine can be beneficial, as they improve fat metabolism, exercise endurance, increase alertness and decrease the perception of effort and fatigue. The Cons: Expense Eating chocolate every day will undoubtedly increase your shopping bill. The BMJ researchers estimated it would cost ?3 per week, but that spending more for a premium brand of dark chocolate might be rewarded by improved quality of life. Calories Sadly, chocolate packs a lot of calories. Just 100g contains: Milk chocolate 520 kcals, dark chocolate 510 kcals and white chocolate 529 kcals. It does provide useful amounts of micronutrients, however. For example, 100g dark chocolate contains: 33mg calcium (compared with 220mg for milk chocolate), 89mg magnesium, 2.3mg iron, 0.7mg copper, 4mcg selenium and 1.4mgvitamin E. Glucose swings Sweetened chocolate contains lots of sugar, producing glucose swings which, as well as encouraging you to eat more, are increasingly linked with the development of obesity and type 2 diabetes. This is another reason why dark chocolate, which contains the least sugar, is better for you than milk and white chocolate. Low carbohydrate chocolate containing sweeteners such as maltitol, which do not affect blood glucose levels, are also becoming more widely available. Mood swings Chocolate that contains a lot of sugar can also cause swings in levels of endorphins brain chemicals that affect mood. This can, in turn, produce mood swings as well as carbohydrate cravings, one reason why women with pre-menstrual syndrome often crave chocolate before a period, when their endorphin levels are low. Unfortunately, as with addictive drugs, brain receptors eventually become desensitised to the mood-lifting effect of chocolate, so you tend to need more and more to get the same endorphin-raising effects. Acne The myth that chocolate can cause acne is not supported by the evidence, which suggests the culprit is hormonal fluctuations rather than dietary components. Tooth decay The fermentable sugar present in chocolate has the potential to trigger tooth decay. However, the antioxidants in chocolate may help to offset the acid-producing potential to a certain extent, while the calcium, phosphate and other minerals present especially in milk chocolate may also reduce the harmful effects on teeth. Including chocolate in your diet All in all, it seems that, as part of a balanced diet, we might all benefit from eating 100g chocolate per day but make sure it is dark and expensive! †¢ Eat it after a meal when you are full and less likely to over-indulge. †¢ Eating chocolate after a meal means you can clean teeth and floss soon afterwards perhaps with a chocolate flavoured toothpaste to prolong the pleasure! †¢ Buy small-sized bars, not family-sized slabs. †¢ Eat with fresh fruit the renewed craze for chocolate fondues makes this simplicity itself. †¢ Let chocolate rest in your mouth for long enough to melt and coat your taste buds and the roof of your mouth to experience the full range of flavours and textures. †¢ Learn to savour the lingering memory of each bite before immediately devouring the next.

The State Fair Horse Show :: Descriptive Essay About A Place

The State Fair Horse Show As a small child, my parents and I made an annual pilgrimage to the State Fair. For my parents, the primary objective of the trip was to attend the World Championship Horse Show in Freedom Hall. My major enjoyment as a young child was the midway and the fair rides; however, this changed as I grew older. My perception of the State Fair was one filled with amazement and adventure. The loud music of the rides and the familiar, huge crowds overwhelmed me with excitement. Unfortunately, I was forcibly taken, by my parents, to watch the World Championship Horse Show in Freedom Hall. At such a young age, I was not interested in seeing the next world champion horse make the show of his or her life. In my mind, the horse show was a waste of good ferris-wheel time. My parents usually set aside an afternoon in which they, with long-suffering faces, would indulge me in my fair frenzy. For these few hours, we waded into the jostling crowds, surrounded by the screams of thrill-seekers, the cacophony of bells and whistles, and the powerful smells of fair cuisine. To me, these were the best sights and sounds on earth. If anyone had told me that I would one day regard this sensory experience with the same disdain as my parents, I would not have believed it. However, as I grew older, my priorities at the State Fair changed. The very things that sent me into a transport of delight began to irritate and annoy me. As I grew older, I developed a desire to show horses at the top level of competition. Showing at the State Fair World Championship Horse Show became my ultimate goal. With the change in my focus came a change in my attitude toward the State Fair. The once-exciting fair crowds became an obstacle for me to overcome as I made my way to Freedom Hall with my horse. The hustle and bustle of these crowds as they passed through the barn area frightened the horses. Many of these people would also make ignorant and obnoxious comments about some of America's most elegant horses. The greasy fair food that I had loved as a child now brought on waves of nausea and a harsh case of heartburn.

Performance Measurement Systems Essay

Performance Measurement Systems Performance measurement systems are an integral part of the management control systems. Management control is a process through which management ensures that resources are obtained and used effectively and efficiently in accomplishing the organization’s goals. To be most effective performance measures should be tied to the strategic objectives of the organization. Two key principles of performance measurements are; measurement of performance and compensation based on measured performance. The goal of performance measurement system is to implement strategies. A performance measurement system is simply a mechanism that improves the likelihood the organization will implement its strategy successfully. Any performance measurement system blends the financial information and non-financial information with each other. In setting up such systems, the senior management selects measures that best represent the company’s strategy and these measures can be seen as current and future critical success factors. Uses of Performance Measurement According to Behn (2003) the uses of performance measurement are as follows: 1) To evaluate. To evaluate performance, the senior managers need to determine what a business unit manager is supposed to accomplish. 2) To control. Performance measurement can ensure the senior managers that their subordinates are doing the right thing. 3) To budget. Sometimes budgets increase could be the answer to improving performance. 4) To motivate. Performance measurement systems give people significant goals to achieve and then use performance measures—including interim targets—to focus people’s thinking and work and to provide periodic sense of accomplishment. ) To celebrate. By achieving specific goals, people gain sense of personal accomplishment and selfworth. 6) To promote. To convince the stockholders that their organization is doing good, manages need easily understood measures of those aspects of performance about which many stockholders personally care 7) To learn. Learning is involved with some process, of analysis information provided from evaluating corporat e performance (identifying what works and what does not). By analyzing that information, corporation able to learn reasons behind its poor or good performance. 8) To improve. In order for corporations to measure what it wants to improve it first need to identify what it will improve and develop processess to accomplish that. Performance measurement systems develop a feedback to assess with plans to achieve improvements and to determine if those processess create forecasted results (improvements). Limitations of Financial Control Systems 1. It may encourage short-term actions that are not in the company’s long-term interests. . Business managers may not undertake useful long-term actions, in order to obtain short-term profits. 3. Using short-term profit as the objective can distort communication between a business unit manager and senior management. 4. Tight financial control may motivate managers to manipulate data. Comprehensive Performance Measures Comprehensive performance measures must address: 1. Financial performance 2. Custome r satisfaction 3. Internal business process developments and 4. Allow an organization to learn and grow. Financial Performance can be measured by: 1. Residual measures (accounting profit measures) such as net income, operating profit, earnings before interest, tax, depreciation, and amortization (EBITDA) 2. Ratio income (accounting return measures) such as Return on Investment (ROI), Return on Net Assets (RONA), or Risk Adjusted Return on Capital (RAROC). Customer-related measures 1. Bookings 2. Back orders 3. Market share 4. Key account orders 5. Customer satisfaction 6. Customer retention 7. Customer loyalty Internal Business Process Measures 1. Capacity utilization 2. On-time delivery 3. Inventory turnover 4. Quality 5. Cycle time Learning and Growth measures 1. Learning and growth identifies the infrastructure an organization must build to create long-term growth and improvement. 2. Growth comes from: people, systems and organizational procedures. Implementing a Performance Measurement Systems Implementation of a performance measurement system involves four general steps: 1. Define Strategy: * The BSC builds a link between strategy and operational action. * Therefore, it begins with the strategy first, to achieve the goals and objectives. 2. Define Measures of Strategy: The next step is to develop the measures to support the formulated strategy. * The organization must focus on a few critical measures and should not overload with the measures. * And importantly, the measures should be linked with each other in a cause and effect manner. 3. Integrate measures into the management system: * The scorecard must be integrated with the organization’s formal and informal structures, cultu re and human resource practices. 4. Review measures and results frequently: once the scorecard is implemented and running, the senior management should review is constantly. The organization should look for the following: * How the organization is is doing according to the outcome measures? * How the organization is is doing according to the driver measures? * How has the organization’s strategy changed since the last review? * How has the scorecard measures changed? Difficulties in implementation Performance Measurement Systems 1. Poor correlation between non-financial measures and results 2. Fixation on financial results 3. Measures are not updated 4. Measures are overloaded 5. Difficulty in establishing trade-offs

Patents and Intellectual Property Essay

                    A patent is a set of rights given exclusively to an individual or firm by an independent nation to the inventor or discoverer for a given duration in exchange for detailed information on the details of the inventions or discovery (Foray 28). These set of rights are exclusive to the inventors thus acknowledging their contribution and get financial benefits. Inventions that can be patented are new products, processes of manufacturing, improvements to an existing product or process, new chemical compounds or compositions, or processes relating of an existing manufacturing process (Perelman n.p.). This form of intellectual property encourages the economic and technological development by rewarding intellectual creativity.                  Patents laws are set up to ensure that the owner of intellectual property benefits from his or her invention. The law gives the owner freedom of choice to do what they require with the invention as long as it does not conflict with other existing laws. The inventor can sell the patent at any market price they believe is commensurable, they can license the patent to others for use and in the process collect royalties from the users which increases their financial stability (Gold 135). Patent laws also offers a sense of protection to the inventors for the stipulated time usually twenty years and this approach usually is a disadvantage to the competitors in the same line of work. These laws also prohibit dealing with patented goods without permission from the patent holder and this ensures that pirating of patented goods or services is a prosecutable case whereby one can be sentenced to jail or heavily fined (Perelman n.p.).                Patents are a crucial part for advancements in science based professions such as medicine, biotechnology, computers and even drug chemistry. These advancements have born great fruits which have all been aimed at improving the life of mankind. In this paper, the strengths and weaknesses of patent laws and foreign investment, trade, innovation, public health, generic resources and traditional knowledge will be discussed. Patent laws have improved the life of investors greatly, this has led to greater determinations in patenting other products, and in the process, greater, and discoveries that are more useful have been made.                  Strong patent laws are a major attraction to foreign investors who are assured of the protection of their goods or services. They are thus confident about imitations of their product, which has lead to an increased net demand of their products leading to higher marginal profits. The intellectual laws act as an attraction and assurance to foreign investors as their business is enabled a fair play ground to compete with existing indigenous firms (Smarzynska 41). Strong patent laws also offer a location attraction to foreign investors opting for areas with enhanced patent laws. This has lead to further development and improvement of economies of such areas as compared to areas whose laws are not well established. Stronger intellectual property rights can be a deterrent to new foreign investors since existing firms may have already established large market bases which may not be easy to break through. With this kind of market, monopolistic ventures may mushro om to the disadvantage of consumers since they may overprice their commodities due to lack of competitors.                  Patent laws create ownership advantages conferring ownership advantages to firms serving the foreign markets (Cooter, & Ulen 124). Through the provision of legal redress against any violations, markets are expanded and increase in both multilateral and bilateral trade is enhanced. Patent laws increase bilateral exchange to foreign markets by reducing the costs associated with preventing loss of knowledge assets. Such costs consist of foregone revenues resulting from reduced bilateral exchange and or expenses incurred to make knowledge assets difficult to imitate especially when the destination country has strong imitative abilities.                     Strong intellectual property laws can increase market power and even though strong laws enhance ownership advantage, this enhanced ownership can increase or decrease bilateral exchange. The market power concept holds that strong rights reduce bilateral exchange by ensuring a temporary monopoly over the protected knowledge. This market power is attributed to the patent holder, whether domestic or foreign. Firms that secure strong patent protection in foreign markets can exercise their market power by restricting quantity and increasing the unit price of bilateral exchange to that market (Fink and Primo 26).                  According to Forays (13), strong patent laws provide incentives for people and firms to invest in research.Where there exists strong patent laws, inventors and innovators are energized since any benefits accrued from the new knowledge benefits them solely. With weak patent laws a free market economy fails to induce an optimal investment in research, development and innovation, since investors would not be able to recoup the full benefit from their investment. Patent laws also give strong ownership advantages to firms in developed countries, which encourage them to transfer their technology to developing countries through market channels at a cost. Strong patent laws may also be a disadvantage since they may lead to increased market power which results in high cost of technology transfer. In cases where there exist weak patent laws, this provides a loophole for technology transfer in non-market channels which would greatly disadvantage the innovators.                   Patents are important to pharmaceutical firms as they help in appropriating the benefits to the innovators. Moreover, products and the development process are protected from imitators in order to avoid replication of same drug. The process of drug development is quite costly averaging at about 1billion US dollars for the actual discovery, development and regulation approval. However, patenting novel drugs is essential and only beneficial in developed countries where many firms may want to set up drug manufacturing firms. According to Vernon (14), the expensive process of research and development is usually compensated by profits, which arise from patent protection. Patent laws in drug development are quite complicated since while patenting new drug protects the producers from unscrupulous firms may also increase the cost of the drugs thus making them unaffordable to needy people.                     The process of patenting innovations in public health may be long and tiresome which may discourage innovations. However due to emergence of tropical diseases in the developing world patenting may act as an incentive for continued research in both drug development and innovations of new procedures for their early diagnosis and treatment. All this will lead to improved health care for patients especially in developing countries where cost of drugs is beyond the reach of the majority who are struggling. Patent laws encourage the development of medicinal compounds or products. These conditions being rare are not economically viable for the pharmaceutical firms since the profits margins are so minimal thus little research is channeled towards them. However, through patenting, firms that delve into this kind of research because they are protected exclusively thus giving them the sole ownership rights to manufacture and distribute them at a given cost (Gol d 131-132). This enables them to make profits.                   Weak patent laws in the health sector have been associated by rise of firms, which exploit the whole process of drug development. Drug imitators can benefit from innovators’ free approval and produce duplicate drugs at a much lower cost relative to the real cost of discovering and developing the new product. Patenting the genetic resources and traditional knowledge ensures that people who participated in the development of the new information are acknowledged for the work they have done. To scholars being acknowledged builds confidence in them and is a motivator for them to work even harder. By them being acknowledged, it shows that they become authorities in their specific fields, which further leads to production of more accurate and high quality new knowledge. Patent laws regarding information are in conflict with human rights since plant information should be made public for the benefit of all. It is not easy to relate patent laws and human ri ghts since it exist in different perspectives on the same depending on the contributors (Gold 186). As such, information to the knowledge should be easily accessible at minimal cost affordable to all.                   In production of pharmaceuticals, patents laws restricted patent term to 20 years, this was disadvantageous to people who developed drugs for infrequent illness because sales of the drugs could not give adequate returns within the period. It was until 1984 that the congress amended the drug act by coming up with orphan drugs act that extended the period of patents to 25 years in order to allow developers to pay-back the cost of development and get profits (Gold 132). In addition, patent restricted use of available drugs for research of new drugs development. This presented a challenge to development of new and generic drugs until when the congress amended the patent laws to allow use of drugs for research purposes. Conclusion                   Patent laws have more strength compared to the weaknesses depending on the issue of involved in discussion. Through patenting, the innovators and inventors are not only recognized as the owner of the emerging products but they also have various benefits such as financial gains to payback on the capital invested. However, the patent are only limited to 20 years, which in some cases is disadvantageous to products with weak marketing such as orphan drugs. However, government intervention has seen developers reap high profits for their ideas, and products over a given period. The weakness of patent is limitation on research where they restrict third party from using the original product or idea to develop new product thus slowing research and improvements of the existing ones. Hence, caution is necessary to ensure that patenting does not give rise to monopolies, which would discourage competition at the expense of the consumers. References Cooter, Robert and Ulen, Thomas. â€Å"Intellectual Property† in Law and Economics 5th ed. Toronto: Pearson, 2008. Fink, Carsten. and C.A. Primo Braga. ‘How Stronger Protection of Intellectual Property Rights Affects International Trade Flows’. In C. Fink and E. Mansfield (eds) Intellectual Property and Development: Lessons from Recent Economic Research. New York: World Bank/Oxford University Press. (2004). Print. Foray, Dominique. Technology Transfer in the TRIPS Age: The Need for New Types of Partnerships between the Least Developed and Most Advanced Economies. Geneva international Centre for Trade and Sustainable Development (2009). Gold, Richard E. Patents and Human Rights: A Heterodox Analysis. Journal of Law,Medicines and Ethics, 41(1) (2013):185-198. Perelman, Michael. â€Å"In Patents We Trust: How the U.S. Government Learned to Stop Worrying about Monopoly and Love Intellectual Property.† MR Zine (2005). Smarzynska Javorcik, B. ‘The Composition of Foreign Direct Investment and Protection of Intellectual Property Rights: Evidence from Transition Economies’. Journal of European Economic Review 48(1) (2004): 39–62. Vernon, J.A. ‘Examining the Link between Price Regulation and Pharmaceutical Research and Development Investment’. Journal of Health Economics 14(1) (2005): 1–16. Source document

Avoid Awkward Joint Possessives

Avoid Awkward Joint Possessives Avoid Awkward Joint Possessives Avoid Awkward Joint Possessives By Maeve Maddox Sometimes the best way to deal with conundrums of jointly owned possessions is to retreat and rewrite, especially when one of the owners is represented by a pronoun. When the owners are named, the rule is straightforward enough: When two nouns are used to indicate common ownership, the sign of possession is placed after the second noun: â€Å"This is a picture of John and Mary’s house.† (two people own one house) When two nouns are used to show separate ownership, add the sign of possession to both nouns: â€Å"John’s and Mary’s cars are in the garage.† (two people, separate cars) These rules work with multiple owners, as long as they are all mentioned by name: â€Å"This is a picture of Sam and Jill and John and Mary’s time-share cottage.† (All four have joint ownership of the cottage.) â€Å"Sam’s, Jill’s, John’s, and Mary’s boats are tied to the dock.† (four separate owners of four separate boats) Once we try to replace a name with a pronoun/possessive adjective, however, things start getting uncomfortable. Refresher: Possessive adjectives are pronoun forms that indicate possession; they do not stand for nouns, but stand in front of nouns, like adjectives: my house /our house your house his house, her house, its house/ their house If we change â€Å"This is a picture of John and Mary’s house† to â€Å"This is a picture of John and her house,† we invite ambiguity. Is it a picture of a house belonging to John and Mary, or a picture of John standing by some woman’s house? The usual way an English speaker would get round the problem would be to say â€Å"This is a picture of John’s and her house.† But this would break the rule that reserves the mark of possession for the last partner in the joint construction, although few speakers would fret about it. It’s when pronouns replace both nouns in a joint possession that rewriting the sentence altogether is called for. The following examples were taken from the media: The Chancellor will talk about he and his wife’s relationship. The body was found in her car at she and Kidd’s home in Harrison. The first example is from TV. The use of he is completely out of the ballpark because he is a personal pronoun, not a possessive adjective. We don’t say, â€Å"he wife† or â€Å"he relationship.† The announcer could have avoided the problem by rephrasing the thought as â€Å"The Chancellor will talk about his relationship with his wife,† or â€Å"The Chancellor will talk about his marriage.† The second example is from a news item about a man named Kidd who was suspected of killing his wife. Kidd’s wife had a different surname, a fact that apparently bothered the editor who changed the reporter’s original copy from â€Å"The woman’s body was found in her car at their home in Harrison† to â€Å"The body was found in her car at she and Kidd’s home in Harrison.† As with the first example, a personal pronoun is being used in place of a possessive adjective. We can talk about â€Å"her home,† but not â€Å"she home.† Explaining joint possession can be tricky. Take time to rephrase. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:Creative Writing 101How Long Should a Paragraph Be?Particular vs. Specific

What Pilot Studies Are and Why They Matter

What Pilot Studies Are and Why They Matter A pilot study is a preliminary small-scale study that researchers conduct in order to help them decide how best to conduct a large-scale research project. Using a pilot study, a researcher can identify or refine a research question, figure out what methods are best for pursuing it, and estimate how much time and resources will be necessary to complete the larger version, among other things. Key Takeaways: Pilot Studies Before running a larger study, researchers can conduct a pilot study: a small-scale study that helps them refine their research topic and study methods.Pilot studies can be useful for determining the best research methods to use, troubleshooting unforeseen issues in the project, and determining whether a research project is feasible.Pilot studies can be used in both quantitative and qualitative social science research. Overview Large-scale research projects tend to be complex, take a lot of time to design and execute, and typically require quite a bit of funding. Conducting a pilot study beforehand allows a researcher to design and execute a large-scale project in as methodologically rigorous a way as possible, and can save time and costs by reducing the risk of errors or problems. For these reasons, pilot studies are used by both quantitative and qualitative researchers in the social sciences. Advantages of Conducting a Pilot Study Pilot studies are useful for a number of reasons, including: Identifying or refining a research question or set of questionsIdentifying or refining a hypothesis or set of hypothesesIdentifying and evaluating a sample population, research field site, or data setTesting research instruments like survey questionnaires, interview or discussion guides, or statistical formulasEvaluating and deciding upon research methodsIdentifying and resolving as many potential problems or issues as possibleEstimating the time and costs required for the projectGauging whether the research goals and design are realisticProducing preliminary results that can help secure funding and other forms of institutional investment After conducting a pilot study and taking the steps listed above, a researcher will know what to do in order to proceed in a way that will make the study a success.   Example: Quantitative Survey Research Say you want to conduct a large-scale quantitative research project using survey data to study the relationship between race and political party affiliation. To best design and execute this research, you would first want to select a data set to use, such as the General Social Survey, for example, download one of their data sets, and then use a statistical analysis program to examine this relationship. In the process of analyzing the relationship, you are likely to realize the importance of other variables that may have an impact on political party affiliation. For example, place of residence, age, education level, socioeconomic status, and gender may impact party affiliation (either on their own or in interaction with race). You might also realize that the data set you chose does not offer you all the information that you need to best answer this question, so you might choose to use another data set, or combine another with the original that you selected. Going through this pilot stu dy process will allow you to work out the kinks in your research design and then execute high quality research. Example: Qualitative Interview Studies Pilot studies can also be useful for qualitative research studies, such as interview-based studies. For example, imagine that a researcher is interested in studying the relationship that Apple consumers have to the companys brand and products. The researcher might choose to first do a pilot study consisting of a couple of focus groups in order to identify questions and thematic areas that would be useful to pursue with in-depth, one-on-one interviews. A focus group can be useful to this kind of study because while a researcher will have a notion of what questions to ask and topics to raise, she may find that other topics and questions arise when members of the target group talk among themselves. After a focus group pilot study, the researcher will have a better idea of how to craft an effective interview guide for a larger research project. Further Reading If you are interested in learning more about the benefits of pilot studies, take a look at an essay titled  The Importance of Pilot Studies, by Drs. Edwin R. van Teijlingen and Vanora Hundley, published in Social Research Update  by the Department of Sociology, University of Surrey, England. Updated  by Nicki Lisa Cole, Ph.D.

House for Rent Research Paper Example | Topics and Well Written Essays - 1000 words

House for Rent - Research Paper Example The aim will be to identify models that will work on the differences and create room where a smooth negotiation will take palace. The final decision making process remains an integral part in any negotiation. Identifying nagging issues between the two parties and working towards a mutual agreement. An agreement is essential in any negotiation. Alfredson and Cungu’ (2008) identify goals as essential in any negotiation as they play part in agenda setting. Agenda setting remains the major objective while negotiating. In our case, the goals will be set based on the lease agreement. Information from a third party indicates that the prospective client has the same agenda. This means he is willing to lease the house for two years which is the anticipated expiry period. The client’s goals will be to minimize the overall cost of the house. His aim will base on ensuring the cost matches his valuation. The leaser in this case will be aiming at ensuring the terms match his valuation and that he maximizes on the benefits that accompany leasing of the property. The cost should be enough to ensure he affords a new property in his new location. The initial stage would be to ensure common elements are utilized while initiating any negotiation. The common elements between the two parties initiate a process which will be aimed at working on differences and concern in an effort to reach an agreeable solution. The motivating factor will be the two agree on the time period in which the lease should last. This hence triggers a meeting that will design a model that would be agreeable to both parties. The two parties depend on each other in that each has different objectives from the property. The interdependent nature of the two parties is what triggers a negotiation (Moore, 2005). The two parties should acknowledge that without the other party any process will not be achieved. This will motivate the two parties

Intervention plan Essay Example | Topics and Well Written Essays - 1500 words

Intervention plan - Essay Example Apparently, her painful memories of such a traumatic experience were triggered when she and her workmates visited a friend’s farm in the country. While in the farm, she had flashes of her painful childhood memories which she thought she has forgotten over the years. However, the sights, smells, sounds, etc. of the farm only made the flashbacks more vivid. Sherry was only four years old when her grandfather began sexually molesting her in his barn. He did this to her until she was nine years old when she and her family had to move to another city due to her father’s employment. Sherry used to adore her grandfather because he brought her on trips around the country side and had ready treats for her every time she and her parents came to visit him and her grandmother. It is in the barn when he would sexually abuse her in the guise of pretend play. Sherry did not enjoy that kind of play at all and felt uncomfortable with her grandfather’s touch. Even if she was already toilet trained, she would sometimes soil her underwear in the hope that her grandfather will not rape her. Although he told her that it was their secret and she was not supposed to tell anyone, she tried to tell her mother when she was five years old, and in response, she was spanked, in the belief that she was lying. She never told anyone again. Bowlby’s Attachment Theory (1969) is one theory that explains the development of attachment of children to their significant others. It posits that a person’s real relationships in the earliest stages of life shape his or her survival functions as he or she grows and develops throughout the life span. To Sherry, her attachment relationships to both her grandfather and mother may have been shattered by her disappointment in them. Ringel (2012) contends that children like Sherry develop disorganized attachments alternating between ambivalent and avoidant behaviors as well as dissociative behaviors like

Developing Business Information System Solutions Essay

Developing Business Information System Solutions - Essay Example It needs to be mentioned that because of the lines of emergence of high speed internet connectivity, the network of communication channels has improved in a drastic manner all over the world. The internet has played a major role in the process of creating the channels of communication in the various regions of the developed as well as the developing economies. It can be rightly said that it is of considerable importance to highlight that this technology powered development has resulted in the process of transformation of the globe, where the entire world can be represented and increasingly seen as a single and well connected global entity. Because of this technology powered transformation of the world around us, there has always been a steady evolution of various kinds of trends associated with the factor of globalization. The trends of globalization, that are emerging from all corners of the world are increasingly getting diffused at a very rapid pace and it is happening irrespectiv e of the fact of whether the regions are located in the developed or developing economies. The rapid diffusion of the trends of globalization is resulting in the process of evolution of various kinds of new types of consumer demands. ... It has to be stated that the entry of new firms in a specific market plays a very important role in increasing the level of competition and thereby leads to the process of increasing the consumer’s power. In this case, the focus is on a commercial and domestic equipment hire company named EquipHire. The company’s management has identified the fact that the existing information system is nearing the last stage of its product life cycle. As a result, the top management is looking for a fresh assessment of the business information requirements of the company along with recommendation for new information systems which will be successful in meeting the current business based requirements of the company. Description of the business While discussing about the business, it needs to be stated that the company EquipHire is in the business of providing commercial and domestic equipments for hire. The company has eleven branches which are spread in various regions ranging from metr opolitan Sydney, Wollongong as well as New Castle. The manpower of the company is a combination of both full time and part time employees. The product portfolio of the company is highly diverse in nature and comprises of building and engineering tools, equipments for industrial plants as well as domestic categories. Around 70% of the company’s sales are from the commercial sector like construction, engineering as well as architecture. Also, the sales from the domestic sector are growing at a steady rate and are starting to contribute in an active manner. Key information required for the business It needs to be considered that the information technology is a highly evolving field. With the passage of time, the development of new kinds of software often leads to the emergence of new information