Monday, March 9, 2020
Understanding the Big-Bang Theory The big-bang theory is the dominant theory of the origin of the universe. In essence, this theory states that the universe began from an initial point or singularity, which has expanded over billions of years to form the universe as we now know it. Early Expanding Universe Findings In 1922, a Russian cosmologist and mathematician named Alexander Friedman found that solutions to Albert Einsteins general relativity field equations resulted in an expanding universe. As a believer in a static, eternal universe, Einstein added a cosmological constant to his equations, correcting for this error and thus eliminating the expansion. He would later call this the biggest blunder of his life. Actually, there was already observational evidence in support of an expanding universe. In 1912, American astronomer Vesto Slipher observed a spiral galaxy- considered a spiral nebula at the time, since astronomers didnt yet know that there were galaxies beyond the Milky Way- and recorded its redshift, the shift of a light source shift toward the red end of the light spectrum. He observed that all such nebula were traveling away from the Earth. These results were quite controversial at the time, and their full implications were not considered. In 1924, astronomer Edwin Hubble was able to measure the distance to these nebula and discovered that they were so far away that they were not actually part of the Milky Way. He had discovered that the Milky Way was only one of many galaxies and that these nebulae were actually galaxies in their own right. Birth of the Big Bang In 1927, Roman Catholic priest and physicist Georges Lemaitre independently calculated the Friedman solution and again suggested that the universe must be expanding. This theory was supported by Hubble when, in 1929, he found that there was a correlation between the distance of the galaxies and the amount of redshift in that galaxys light. The distant galaxies were moving away faster, which was exactly what was predicted by Lemaitres solutions. In 1931, Lemaitre went further with his predictions, extrapolating backward in time find that the matter of the universe would reach an infinite density and temperature at a finite time in the past. This meant the universe must have begun in an incredibly small, dense point of matter, called a primeval atom. The fact that Lemaitre was a Roman Catholic priest concerned some, as he was putting forth a theory that presented a definite moment of creation to the universe. In the 1920s and 1930s, most physicists- like Einstein- were inclined to believe that the universe had always existed. In essence, the big-bang theory was seen as too religious by many people. Big Bang vs. Steady State While several theories were presented for a time, it was really only Fred Hoyles steady-state theory that provided any real competition for Lemaitres theory. It was, ironically, Hoyle who coined the phrase Big Bang during a 1950s radio broadcast, intending it as a derisive term for Lemaitres theory. The steady-state theory predicted that new matter was created such that the density and temperature of the universe remained constant over time, even while the universe was expanding. Hoyle also predicted that denser elements were formed from hydrogen and helium through the process of stellar nucleosynthesis, which, unlike the steady-state theory, has proved to be accurate. George Gamow- one of Friedmans pupils- was the major advocate of the big-bang theory. Together with colleagues Ralph Alpher and Robert Herman, he predicted the cosmic microwave background (CMB) radiation, which is radiation that should exist throughout the universe as a remnant of the Big Bang. As atoms began to form during the recombination era, they allowed microwave radiation (a form of light) to travel through the universe, and Gamow predicted that this microwave radiation would still be observable today. The debate continued until 1965 when Arno Penzias and Robert Woodrow Wilson stumbled upon the CMB while working for Bell Telephone Laboratories. Their Dicke radiometer, used for radio astronomy and satellite communications, picked up a 3.5 K temperature (a close match to Alpher and Hermans prediction of 5 K). Throughout the late 1960s and early 1970s, some proponents of steady-state physics attempted to explain this finding while still denying the big-bang theory, but by the end of the decade, it was clear that the CMB radiation had no other plausible explanation. Penzias and Wilson received the 1978 Nobel Prize in physics for this discovery. Cosmic Inflation Certain concerns, however, remained regarding the big-bang theory. One of these was the problem of homogeneity. Scientists asked: Why does the universe look identical, in terms of energy, regardless of which direction one looks? The big-bang theory does not give the early universe time to reach thermal equilibrium, so there should be differences in energy throughout the universe. In 1980, American physicist Alan Guth formally proposed inflation theory to resolve this and other problems. This theory says that in the early moments following the Big Bang, there was an extremely rapid expansion of the nascent universe driven by negative-pressure vacuum energy (which may be in some way related to current theories of dark energy). Alternatively, inflation theories, similar in concept but with slightly different details have been put forward by others in the years since. The Wilkinson Microwave Anisotropy Probe (WMAP) program by NASA, which began in 2001, has provided evidence that strongly supports an inflation period in the early universe. This evidence is especially strong in the three-year data released in 2006, though there are still some minor inconsistencies with theory. The 2006 Nobel Prize in Physics was awarded to John C. Mather and George Smoot, two key workers on the WMAP project. Existing Controversies While the Big Bang theory is accepted by the vast majority of physicists, there are still some minor questions concerning it. Most importantly, however, are the questions which the theory cannot even attempt to answer: What existed before the Big Bang?What caused the Big Bang?Is our universe the only one? The answers to these questions may well exist beyond the realm of physics, but theyre fascinating nonetheless, and answers such as the multiverse hypothesis provide an intriguing area of speculation for scientists and non-scientists alike. Other Names for the Big Bang When Lemaitre originally proposed his observation about the early universe, he called this early state of the universe the primeval atom. Years later, George Gamow would apply the name ylem for it. It has also been called the primordial atom or even the cosmic egg.
Saturday, February 22, 2020
Digital Marketing - Essay Example is a private organization of US that has its business in the industry of menÃ¢â¬â¢s clothing. The company is widely known for its Denim brand of jeans sold across the globe. Levi Strauss & Co. received its first US patent of manufacturing denim jeans or blue jeans in the year of 1873. The company was founded by Levi Strauss and is being controlled by the private owners or descendants of the company and headquartered in San Francisco in USA. Over the years, the company has expanded its operations and sales in Europe, Middle-East, Africa, Asia Pacific and several other parts of the world. The company employs around 10,500 people all over the world. In order to expand its operations both in US as well as in the overseas markets, the company increased its manufacturing units. The number of manufacturing plants increased from 16 plants in 1964 to 63 plants in 1974. Apart from this, 23 overseas plants were set up by the company. Between 1980s and the 1990s, the use of jeans by societies across the world increased rapidly. The company followed the market trend to increase its operations. Riding on the high rate of growth of revenues and profits earned over the years, the company offered to pay unusual dividend of $750 million to their workers over a period of six years. The company earned revenues of $4.4 billion in 2010 with a net operating income of $381 million. Market, products & services, customers, digital presence The Levis brand of menÃ¢â¬â¢s clothing is a pioneer in the sale of jeans and other fashionable wear for men. Levis capitalized on the emerging trend of fashion and the increasing taste of blue jeans by the greater part of the population. The company acquired Great Western Garment Co. in order to increase its offering of jeans to its customers. Apart from blue jeans, the company also started to offer stone-washed jeans in order to tap the market potentials. The products offered by the company are mainly jeans. The denim jeans are the core product o f the company. Over the year the years, the company has expanded its operation by riding the trend of the mainly young generation who has got inclinations towards wearing jeans. Variations in the different categories of jeans were included in the gamut of product offerings. The stone-washed jeans also became popular with the blue jeans sold by the company. The young generation is the target market segment of the company. The company has adapted to the emerging lifestyle in order to increase base of customers. The spread of the brand name across the world has led to increase in customer base. In the age of globalization, the physical existence of shopping stores has started to become irrelevant. The change in the lifestyle, availability of time, speed of livelihood and the changing tastes of the customers have led to the advent of online shopping (Smith and Chaffey, 2013, p.79). The company have also resorted to the online marketing tools and increased its digital presence in the bus iness world. Levis brands of menÃ¢â¬â¢s clothing capitalized on the online marketing tools that increased revenue earnings of the company through e-commerce. The use of social media platforms enhanced the prospective of marketing its products and services. The increase in digital presence increased the access of the products and services of the company to a wide range of customers. The customers could sit in a position and exchange information or share experiences on the Levis clothes for men (Straus and Frost, 2011, p.49). The customers also had the option of use electronic devices like mobile, laptops, etc and use internet for shopping of menswear offered by
Wednesday, February 5, 2020
Wilson and Lenin - Essay Example After the world war, the world saw two great leaders trying to develop international peace. Wilson and Lenin however were very different in their ideologies. As opposed to Wilson who advocated disarmament in his fourteen points, Lenin did not believe Ã¢â¬Å"DisarmamentÃ¢â¬â¢ could help in avoiding wars; he considered it as a means of evading reality (Lenin). Lenin proposed that the way to achieve world peace was through a global revolution and interference in the workings of the capitalistic states which would not only put an end to their governments but also their societies and this could not be achieved if the disarmament policy is followed (Mayer). He believed that if a revolution does not prevent a war, the proletariats should use the defeat of their own governments to create revolutionary reforms. Lenin believed only in the existence of a proletariat armed force and not the bourgeois army. Hence the most prominent difference between Wilson and Lenin was one of reform against r evolution. Lenin wanted to bring about reforms through revolution while Wilson wanted a Ã¢â¬ËrevolutionÃ¢â¬â¢ through reforms (Schild).
Tuesday, January 28, 2020
Youth Today Essay We live in an enthralling world and even more enthralling society. From the moment we wake up until the moment we go back to our beds, we avail of media. At the end of the day, you avail of the latest news from your television and crave for your favorite music over the radio and even log on to be connected to the rest of the world through the World Wide Web. Our society is becoming more and more capable of being constantly informed, entertained, and connected to the other individuals at the click of a button. Life without media is simply unthinkable. The youth of today is perhaps the most significant users of media. As Burtina (2005) posits the idea that as intelligent as we are, with the freedom and ability to make our own choices, the issue on how much influence does media have over our decision can be put to a test. This could be one of the stringent issues that can necessitate a lengthy explanation and can provide a good avenue that there can be no doubt that media influences us in innumerable ways. Mass media plays a vital role in the lives of the people in the society. It is a tool for news, information, promotion, and a platform for sharing ideas. It has a unique capability to dramatize, to focus, to reinforce and more importantly, to ensure that people participate in a process called bottom up communication. Not only that, mass media also contributes to the dissemination of information and popularization of practices that all add up to the cultural heritage of a nation. The mass media can be one enormous factor in our environment that influences decisions and acts to inspire the youth. It is noteworthy that not all messages that media projects, though, are not at all positive. Mckee (2009) has given some significant questions such as: Do you feel attempting a stunt from a movie? Do you base your fashion on what you see the celebrities are wearing? Do you copy the hairstyle of your famous personalities? Have you ever attempted to walk model like in an attempt to imitate those ramp models in fashion shows? If the answer is yes to any of these questions, then it is fitting to say that media works positively in exerting influence in oneÃ¢â¬â¢s life. Youth Culture Media strongly affects youth culture. A teenagerÃ¢â¬â¢s life has never been considered Ã¢â¬Å"boring.Ã¢â¬ From cellular phones to iPod Touch, he would present the latest Lady Gaga, and Justin BieberÃ¢â¬â¢s latest songs. You would also see dangling earrings to skimpy shorts and mid-rift blouses. Name the culprit Ã¢â¬â itÃ¢â¬â¢s the media. Lady GagaÃ¢â¬â¢s fashion and manner of dressing may be too much for our youth but who would want to be left behind? As the word bandwagon would apply, it simply means equipping oneself with mediaÃ¢â¬â¢s hype. There are superstars Ã¢â¬â from movie idols, singing sensations and a lot more to mention that introduce songs and dance crazes that become for a while part of popular culture. According to Maslog (1992) only those with integrity are likely to endure and become part of the culture. He continued by saying that the rest are thrown into the dustbin of history. Examples of the more enduring musical contributions, perhaps, are the BeatlesÃ¢â¬â¢ music, the Elvis rock and the Armstrong blue. They may not sound Ã¢â¬Å"pleasingÃ¢â¬ to the ears of our youth today but these are concrete examples of mediaÃ¢â¬â¢s propagation of popular culture. On the other hand, Maslog pointed media for the proliferation of fashion. It is noticeable that every year the high caliber gurus of fashion led by Christian Dior, from their fashion olympuses in Paris, New York or London, make their latest pronouncements about the newest thing to wear for milady. And annually the mass media dutifully report these pronouncements to a female world waiting with bated breath to wear what Christian Dior thinks they should wear. It is fantastic to see how men can dictate to a world of women what they should wear year after year. Historically, we can recall how the mini skirt started in a small way in London way back in 1967. It was within five years the mini skirt enveloped the whole world, which caused a drop in textile sales, and became the symbol of the female liberation from social restrictions. In connection with this, then came the maxi, a reaction to the mini, and then the midi, a compromise. If it not the hemline it is the neckline that is going up or down. Among those who became popular icons and styles are Marilyn Monroe, the GI pin-up girl of Vietnam, popularized the plunging neckline and the cleavage. After these, came the see-throughs and the Cardigan top, which is nothing more than a loose shirt or jacket worn over hot pants or bikini wear, thanks to mass media. What will happen to the next millennium trend of fashion? Candy, Vogue, Cosmopolitan to name a few can give us the answers and for sure whatever it is the fashion pages of the newspapers, from television and movies will never tell a lie . Youths are the main targets of the sophisticated fashion.
Monday, January 20, 2020
Colonialism and Imperialism - European Invasion Depicted in Heart of Darkness :: Heart Darkness essays
The European Invasion in Heart of Darkness Ã Ã The viewpoint of the European invasion of Africa, as seen through the eyes of Marlow in Joseph Conrad's Heart of Darkness, takes a dramatic turn. At first, Marlow sees through the European viewpoint, where the invasion is a heroic attempt to tame a mysterious culture, while reaping the rewards of the ivory trade. The descriptions of the natives are inhuman, monstrous and fearful. The shift in perception occurs as Marlow begins to see through the eyes of the natives. The result is compassion for an ancient civilization that is very much human in there fear of being conquered. Part of Marlow's European viewpoint stems from people he respects. From his " excellent aunt's" Christian viewpoint, there is a duty in " weaning those ignorant millions from their horrid ways"(Longman, P.2199). Marlow becomes influenced by the members in the partnership mostly concerned with obtaining ivory " I also was a part of the great cause of these high and just proceedings"(2202). The European viewed conquering the ignorant and using their ivory for wealth as heroic. The description of he manger's office walls contained "a collection of spears, assegais, shields, knives was hung up as trophies"(2208). In addition, the mission of Kurtz becomes " a very important one, in the true ivory-country, the very bottom there" (2204). Here the European viewpoint of invading Africa is heroic verses horrific. Through the description of hoe Marlow first view the natives; there is an expression of fear felt toward the uncivilized race not viewed as human. After the death of Marlow's African helmsman, Marlow question his sorrow for the loss for a " savage who was no more than a grain of sand in a black Sahara"(2227). In addition, when approaching Kurtz, Marlow's fearful description of an approaching native is " Some sorcerer, some witch-man, no doubt! It looked fiend-like enough" (2237). The fear of the unfamiliar culture unfolds with " mysterious niggers armed with all kinds of fearful weapons"(2204). In this viewpoint, fear is the European excuse for the invasion. The shift in Marlow's perception towards the natives develops as compassion for the fear Europeans have inflicted occurs. Marlow sees though the eyes of the natives with " The glimpse of the steamboat had for some reason filled those savages with unrestrained grief" (2221). Unfolding is the discovery that the savages are human after all.
Sunday, January 12, 2020
Nowadays, manufacturing and services firms face growing challenges to increase profit margins amidst increasingly fiercer competition. Under such circumstances, industry analysts and supply chain experts suggest manufacturers and service providers to promote more effective supply and demand planning, management, and execution as the means to unlocking significant gains in margins. By definition, Search CIO (2007) defines SCM as the management of information, materials, and finances along a chain of process from suppliers to manufacturers and then from manufacturers to customers.The interests in the discussion of supply chain management occur since it relates to costs reduction in all aspects of business process especially regarding the inventory reduction that suggests manufacturer produce goods when needed. The situation highlights that supply chain management will enhance lead time (time-to-market) of particular products, thus enabling all parties within an organization to manage t heir resources more effectively. Concerning the issue, this paper will describe supply chain management issue in Barilla spA, an Italian manufacturer that sells their products to its retailers mainly via third-party distributors.The competition in the market has caused unfavorable situation for Barilla during late 1980s when the company faced unpredictable demands from its distributors. 2. What are the reasons for the increase in variability in BarillaÃ¢â¬â¢s supply chain? Barilla maintains separate supply chain because the company has two general products: fresh and dry products, which required special treatment. In this situation, fresh products is mainly purchased from the two central distribution centers (CDCs) by independent agents who further channeled the products into 70 regional warehouses across Italy.Meanwhile, about two third of dry products are sold at supermarkets. Figure 1 explains the supply chain systems for Barilla. Figure 1 Barilla Distribution Systems 3. How ca n Barilla cope with the increase in variability? In order to succeed the distribution system, Barilla is known to practice the replenishment strategy, which describes an agreement between Barilla and their supplier to share the data about frequency and inventory levels to match Barilla demands (About. com, 2008).By delivering the products under the agreement with suppliers, Barilla is able to support their Just in time (JIT) distribution system, which is considered to be the optimum strategy to accomplish the companyÃ¢â¬â¢s mission of having increased customers satisfaction. 4. What is the impact of transferring demand information across the supply chain? By sharing information between Barilla and their suppliers, there are positive impacts since the combination of JIT and replenishment strategy supports the demand fluctuations, reduced inventory level at warehouse, decreased stock-out levels etc.5. Can the Vendor Managed Inventory strategy solve the operational problems faced by Barilla? In Vendor Managed Inventory (VMI) strategy, the suppliers have greater responsibility over the supply since they are required to determine the delivery frequency and inventory levels in order to maintain the agreed stock levels in warehouses. In addition, the practice of this system also helps Barilla to track out-of-stocks and other performance data, previous yearsÃ¢â¬â¢ sales history and trends.Therefore, the practice of Vendor Managed Inventory (VMI) has solved the operational problems at Barilla. 6. How can the supply chain meet conflicting goals of different partners and facilities? In order to avoid the conflict between different partners and suppliers of Barilla, the company must ensure that the implementation of Just in Time system will help the maintenance of satisfaction in services, inventory levels, and stock-out levels and others in which each supplier has taken part of the system.In addition, Barilla must also ensure that within implementation steps, the use of EDI to deliver the inventory information is the same among suppliers so the reliability can be secured and the compatibility level can be reached. Reference: About. com. (2008). Reduce Inventory with these 3 Supplier Partnership Strategies. Retrieved September 7, 2008 from http://logistics. about. com/od/inventoryoptimization/a/supplier_partnr. htm Hammond, Janice H. (2008). Barilla SpA (A). Harvard Business School.OÃ¢â¬â¢Brien, Kevin and Brian Springman. (2004). Optimizing Supply Chains, Understanding Demands. Retrieved September 7, 2008 from http://www. crmbuyer. com/story/35892. html Search CIO. (2007). Supply Chain Management. Retrieved September 7, 2008 from http://searchcio. techtarget. com/sDefinition/0,,sid19_gci214546,00. html YAO Kao-hua, LIU Chang-chuan. (2006). An Integrated Approach for Measuring Supply Chain Performance. Journal of Modern Accounting and Auditing. Vol. 2, No. 10
Saturday, January 4, 2020
Sample details Pages: 16 Words: 4829 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Finance is very significant for business organisation. Finance comprises planning of financial resources, making of most favourable capital structure and effective consumption of financial capital byÃâÃ deep analysis ofÃâÃ cost of capital andÃâÃ capital budgetingÃâÃ instruments. It is very advance knowledge. DonÃ¢â¬â¢t waste time! Our writers will create an original "Contents Finance For Managers Finance Essay" essay for you Create order Like other technology, it can also enhance the efficiency of business, so effectual utilisation with sensible care is very necessary in Finance. Without this Finance can become hazardous for company. Suppose, if company attains large amount through its network resource but company has not made high-quality financial planning regarding its effectual consumption, then Company can reach at the stage of liquidation, because if Company has not high-quality plan for investment, it will not be able to provide good return to its creditor and investor, after thisÃâÃ creditorsÃâÃ of Company can put it in danger after demanding their finance. So, study of finance and its tool is very significant. The Institute of Certified Management Accountants (ICMA), states A management accountant pertains his or her professional knowledge and ability in the preparation and management of financial and other decision oriented information in such a manner as to assist management in the making of policies and in the development and control of the operation of the responsibility. Management Accountants therefore are viewed as the value-creators between the accountants. They are much more involved in forward looking and taking decisions that will influence the future of the business, than in the historical recording and fulfilment (store keeping) aspects of the profession. (ICMA) For the analysis of various operations within the organisation, different evaluation techniques can be used. The selection of suitable analytical techniques is central in designing effective strategy that will guide to clear insights and proposals that will have an impact on the business. The appropriateness of each type of analysis to a particular study plan is determined by precise objectives and business need. Different techniques comprise perceptual mapping, correspondence mapping, discriminate mapping, conjoint analysis/ choice modelling, unmet needs/ gap analysis, Kano analysis, maximum difference scaling, turf/ coverage analysis/ line optimization, cluster analysis (k-means, latent class, etc), latent class modelling, discriminate analysis and SWOT analysis etc. For this assignment paper, I have selected Coca-Cola Co. (Coke). Coca-Cola is a beverage manufacturing company and has grown many well known brands such as Sprite and Dr. Pepper etc organically or through acquisitions and mergers. Question 1 Sources of Finance Sources of finance are the essential part of an entity as they are obligatory for the operations and growth of the company. A corporation can raise finance through internal or external sources. In this particular assignment I have to discuss the long term source of finance for Coke. The statement of financial position extracts of company for the financial year 2011 are as follow. Disclosures show that these non-current liabilities consist of bank loans and capital leases. Bank Loans A Bank Loan is a sum of money borrowed from the bank and then need to be repaid with interest on or before a set date. Bank loans are engaged out for a fixed period, banks would want some form of safety to certify that the bank loan is rewarded back including interest along with it. A bank loan is usually engaged out for a purpose e.g. borrowing money to commence a new business, providing new apparatus for their company, buying stocks, buying new goods to sell in your company, even buying shares or using the money to spend in the business. This is related to mortgage because with a bank loan you also need to pay back the money together with interest.ÃâÃ Many trade owners who need financial assistance in their business will go to the bank promptly to take out a loan, but most companies that become unsuccessful or insolvent will find it difficult to pay the money back to the bank which had been borrowed and will then be in debt. If the business is then in liability they will have to discover a way to pay back the bank, if they are not capable to pay the debt they will then have to speak to the bank to ask for them to permit the business more time to pay back the money along with the interest. Also with the bank loan many companies will continue trading more equipment or purchase more supplies in order to keep the business running because from time to time a business is made triumphant because of the quantity and quality of the product or equipments required. Advantages The Advantages of this financial technique are that there are wide varieties of conducts to spend the money protected from a bank loan. A bank loan can be available quickly. As soon as the bank loan is secured, the skilled borrower can then complete a bank loan contract. A bank loan can be used in a number of ways; this money can be used for large items such as cars or any other sort of vehicle, furniture, investment etc. A bank loan can offer much needed funds for a borrower. These advantages take a big outcome from the loan. Disadvantages The Disadvantage is that when people use too much money, they get spellbound by their debt. Some loans contain a down payment fine, which restricts the borrower from paying the money off before without incurring additional cost. There are a number of restrictions on the contract e.g. there might me circumstances on the way the money is used. Also one of the difficulties is that there might be a permanent date on which the loan has to be repaid. Borrowing too much money can lead to a bungled cash flow and also payments can even go beyond income in some matters of cases, this is why many loan payments are restricted to a certain percentage of a borrowers income. And another drawback is that you have to return 100% of the money borrowed plus an interest rate. The interest rate depends on how long you need to pay the money back; the longer you take, the higher the interest rate. Leases A lease is an agreement between two parties- one is lessor other is lessee. The lessor owns a capital asset, but allows the lessee to use it. The lessee makes payments under the terms of the lease to the lesser, for a specific period of time. Leasing is, therefore, a form of rental. Leased assets have usually been plant and machinery, cars and commercial vehicles, but might also be computers and office equipments. The business pays a regular amount for a period of time, but the item belongs to the leasing company. Most owners cars are leased to business. The business pays the monthly fees for using the car. According to Geoff Black (2005) (Pg-136), A finance lease means by which companies obtain the right to use assets over a period time. The ownership of asset never passes to the actual users of the assets. Advantages It offers fixed rate financing; you pay at the same rate monthly. Leasing is inflation friendly. As the costs go up over five years, you still pay the same rate as when you began the lease, therefore making your dollar stretch farther. (In addition, the lease is not connected to the success of the business. Therefore, no matter how well the business does, the lease rate never changes.) There is less upfront cash outlay; you do not need to make large cash payments for the purchase of needed equipment. Leasing better utilizes equipment; you lease and pay for equipment only for the time you need it. There is typically an option to buy equipment at end of lease term. You can keep upgrading; as new equipment becomes available you can upgrade to the latest models each time your lease ends. Typically, it is easier to obtain lease financing thanÃâÃ loansÃâÃ from commercial lenders. Disadvantages Leasing is a preferred means of financing for certain businesses. However it is not for everyone. The type of industry and type of equipment required also need to be considered. Tax implications also need to be compared between leasing and purchasing equipment. You have an obligation toÃâÃ continueÃâÃ making payments. Typically, leases may not be terminated before the original term is completed. Therefore, the renter is responsible for paying off the lease. This can pose a major financial problem for the owners of a business experiences a downturn. You have no equity until you decide to purchase the equipment at the end of the lease term, at which point the equipment has depreciated significantly. Although you are not the owner, you are still responsible for maintaining the equipment as specified by the terms of the lease. Failure to do so can prove costly. Ratio Analysis Following are some of the relevant ratios regarding the long term financing of the company Debt to equity 0.90 Debt to capital 0.47 Interest coverage 28.43 The above ratios show that the company is having a very balanced debt to equity ratio which means that currently it is not overly geared. Debt to capital shows the overall coverage of the debt in the company by its Capital. Lastly the interest cover is very large. It means that profit after tax for the company is more than sufficient to pay all the interest charges. There is also an indication that company has a great capability to raise finance through debt. Changes in policy In the past, company was reluctant in using the operating income as the sources of finance as means for investment. This eventually leads to less payment of dividends. Hence the corporate management of the company realised that there are some small shareholders in the company that only want is adequate return and also it is abiding by the corporate governance principles that the company must treat all the shareholders equally so in order to give dividends, company made a policy to use leases and loans from banks as long term sources of financing in case of some adjustment. This lead to satisfactory result as the company is not having any threat of liquidity and it can also easily all the payments and interest charges as the fall due. From Past five years, company has not issued any shares and it is also an indication that company is definitely not having any financial difficulties and if by chance the fall due, gearing of company allows it to raise finance through debt or credit fina ncing. Recommendations At present Coke is a bit reluctant towards the use of debt as the source of it long term financing as company is not having any liquidity issues to pay its suppliers or tax authorities. As the Debt to capital ratio is very low so the company should take use of its superb liquidity position and credit history and make use of borrowings from banks to increase the portfolio of its products. This will lead to an increase in the gearing ratio and decrease in the interest cover ratio but it is acceptable. Another policy that company can undertake is to repurchase its shares in order to improve its EPS by using the long term financing and hence can achieve a best mix of capital and loan quantities in the company. Question 2 Role of Management Accountant Horngren, Sundem and Stratton (2002) state that budgeted goals and performanace are generally a better basis for judging actual results than is past performance (Horngren, Sundem, Stratton, 2002) Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. In contrast to financial accountancy information, management accounting information is designed and intended for use by managers within the organization, whereas financial accounting information is designed for use by shareholders and creditors. Usually confidential and used by management, instead of publicly reported; forward-looking, instead of historical; Computed by reference to the needs of managers, often using management information systems, instead of by reference to financial accounting standards. This is because of the different emphasis: management accounting information is used within an organization, typically for decision-making. Ideal Role of Management Accountant The role of the management accountant is to perform a series of tasks to ensure their companys financial security, handling essentially all financial matters and thus helping to drive the businesss overall management and strategy. Management accountants are key figures in determining the status and success of a company. Some choose to become a Certified Management Accountant (CMA), a similar credential toÃâÃ CPA, but with a greater focus on cost accounting, financial planning, and management issues. Job responsibilities can range widely. Depending on the company, your level of experience, the time of year and the type of industry, you could find yourself doing any of the following tasks: Budgeting Handling taxes Managing assets to helping determine compensation and benefits packages Aiding in strategic planning Management accountants are responsible for all or part of a companys financial status, actions and transactions. They coordinate accounting operations, hire, and train and oversee staff. It lies also within the responsibilities of management account to maintain budget and perform financial analysis. Management accounts tend to strengthen the corporate position of the company by build business strategy and improve its image by managing relationships with investors and auditors of the entity. (International, 2012) Consistent with other roles in todays corporation, management accountants have a dual reporting relationship. As a strategic partner and provider of decision based financial and operational information, management accountants are responsible for managing the business team and at the same time having to report relationships and responsibilities to the corporations finance organization. The activities management accountants provide inclusive of forecasting and planning, performing variance analysis, reviewing and monitoring costs inherent in the business are ones that have dual accountability to both finance and the business team. Examples of tasks where accountability may be more meaningful to the business management team vs. the corporate finance department are the development of new product costing,ÃâÃ operations research, business driver metrics, sales management score carding, and client profitability analysis. Conversely, the preparation of certain financial reports, reconciliations of the financial data to source systems, risk and regulatory reporting will be more useful to the corporate finance team as they are charged with aggregating certain financial information from all segments of the corporation. In corporations that derive much of their profits from the information economy, such as banks, publishing houses, telecommunications companies and defence contractors, IT costs are a significant source of uncontrollable spending, which in size is often the greatest corporate cost after total compensation costs and property related costs. A function of management accounting in such organizations is to work closely with the IT department to provideÃâÃ IT cost transparency. Management is responsible for the preparation and fair presentation of the financial statements included in this annual report. The financial statements have to be prepared in accordance with U.S. generally accepted accounting principles and reflect managements judgments and estimates concerning effects of events and transactions that are accounted for or disclosed. Given the above, one widely held view of the progression of the accounting and finance career path is that financial accounting is a stepping stone to management accounting. Consistent with the notion of value creation, management accountants help drive the success of the business while strict financial accounting is more of a compliance and historical endeavour. Coca-Cola In Coke, management accountant tends to cover a wide and vital corporate role. It is by far key executive position within the company as every kind of reporting and compliance responsibility related to the company is the responsibility of management accountant. From vast description of tasks done by the management accountant within coke, a few of them are listed as follows. Providing Operation Management Reporting on monthly basis cooperation with related Department (TOL, SM, HR and Finance) to be distributed among CCBI Senior Management and CCA Senior Management Prepare debtors and aging report which provide detail Account Receivable collections by Modern and Traditional channel which will be used on FYR forecast Providing comprehensive financial performance analysis that relates to some specific areas such product costing, pricing strategy analysis, net contribution analysis Providing in-depth analysis of financial statement that includes Profit Loss, Balance Sheet andÃâÃ Cash flow statements and identifying any key financial issues to be underlined Provide Financial Statement for AIST stakeholder meeting Prepare and submit Stock Movement Inventory to Sydney on quarterly basis Responsible for providing financial information requested by other functions Supporting the AnnualÃâÃ Business PlanÃâÃ and Full Year Review processes especially in product costing system Management accountant is the head of finance department in the company. The finance department of the Coca Cola Company is responsible forÃâÃ financial record keeping. This involves keeping records of moneyÃâÃ received and paid out. The financial records will be used to produceÃâÃ the annual reports for the shareholders so that they can see theÃâÃ company performance. The Finance department is also responsible forÃâÃ the management accounts of the business like marketing etc. TheÃâÃ Coca-Cola Company finance department is also responsible for makingÃâÃ budget of the company and for each department like marketingÃâÃ department or research and development department. They will also beÃâÃ involved in the planning process like taking over or any majorÃâÃ decision. Differences I think that these are more than what should be required from the management accountant. He should not be responsible for the detailed findings within the organisation but have to control the overall strategic position of the organisation along with the relevant reporting. There are two important tasks that are neglected in the roles that a management accountant plays in coke. The two tasks are the preparation of sustainability reports and environmental reports. Ideally, reporting on sustainability is integrated into a single integrated report that communicates every aspect of a companys performance. Effective sustainability reporting is a powerful part of communicating with stakeholders about how you are performing against your objectives. Companies that embrace this are likely to have an advantage over their competitors and boost value for shareholders. However, it can be a significant challenge to make your sustainability information and reporting more reliable, efficient and effective for the benefit of both external stakeholders and internal management. Access to information Management accountant in Coke has access to all the management accounting information in the company. Management accounting information is focused at internal managers and decision makers. Its intended use is to provide financial data relevant to a managers operations in an effort to make sound business decisions. Management accounting information comes in the form of financial ratios, budget forecasts, variance analysis and cost accounting. Without management accounting practices, making these decisions would be more likeÃâÃ gamblingÃâÃ and less of a science. Once the forecast models are built, the budget process can begin. The budget process allots capitalmoneyfor the future operations. Estimates of the future costs and liabilities are made. These dollar amounts are constructed from analyzing the past liability and cost trends. Al this budgeting information is accessible by management accountant within Coke. Ratio analysis is completed at the end of each accounting periodmonthly, quarterly and annuallyto determine the companys ability to pay its long- and short-term debts. These rations demonstrate a companys solvency and liquidity. These same ratio analysis tools can be used to determine a companys effective use of inventory and raw material. This analysis tells the management accountant whether the company is operating within the overall guidelines that will promote profitability.ÃâÃ Managerial accountant in Coke than uses all of the accounting data available to makeÃâÃ decisions solid based on trends, facts and projects. These decisions are critical to the future of Coca-Cola Company. Effective managerial accounting takes much of the risk out of decision making and bases it more on fact. However, there is always financial risk in doing business. Analyzing past trends can create a clearÃâÃ picture ofÃâÃ the future. Question 3 Planning control and decision making In Coke, planning and decision making is very systematic process. Company has to decide about different projects and graphical project planning techniques are used for planning controlling and deciding about different projects. In Coke, projects that involve more than one person and/or more than one step pose the following questions: ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ What tasks need to be done to complete the project? ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ When and in what order will these tasks be done? ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Who will do each task? ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ What are the intermediate deadlines (e.g., status reports), and what will be done by these deadlines? To answer these questions, additional issues arise, such as: ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ How long will each task take? ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ What dependencies exist between tasks? ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Who has the knowledge/skill/time to do each task? ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ What external constraints exist (e.g., time to order parts)? The Gantt, PERT, and CPM charts describe the answers to these questions in time oriented diagrams. In all cases, the task is the basic unit of interest. In this context, a task is some significant activity the group will need to perform to accomplish its goals. Note that the group will have goals that include the project itself as well as presentations, reports, proposals, etc. Tasks are given: ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ A name/description (typically, verb-noun, as in design control board or research literature) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ An estimate of the amount of calendar time required ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ A list of other tasks (if any) that must be completed before this task can begin (or end)-i.e., dependencies. Other task attributes can be added if desired, such as time required in person-hours and other resources required (e.g., financial, special skills, special equipment). Besides tasks, other information is required, such as: ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ The overall project start/end dates ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Other deadlines or milestones (e.g., reports, etc.) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Factors affecting time available (e.g., holidays, breaks, other classes, presentations, etc.) Now the three methods (Gantt, PERT, CPM) will be described. Following that, a cookbook approach to the creation of a Gantt chart will be presented. Gantt The Gantt chart was invented in the early 1900s by Henry L. Gantt, an American engineer and social scientist. The horizontal axis is (linear) time; each task is given its own horizontal band where the calendar duration of the task is indicated by a box, line, or other object with a variable horizontal dimension. Tasks are often grouped into categories, and each category can be treated as a summary task whose duration spans all the tasks within that category. Tasks are generally listed from top to bottom in the order they will occur; if there are groups of tasks, the tasks are chronological (by starting date) within a group, and the groups ordered by starting date. The horizontal axis has a resolution appropriate to the type of tasks; a resolution of one day is useful for most projects. Note that if significant work is not expected to be done on weekends, these should be omitted from the chart, otherwise tasks will have their durations distorted if they straddle days when no work is likely. A vertical line is usually placed on the chart to show the current date. Other important milestones can be noted (and labelled) with dotted vertical lines at the appropriate dates. The advantages of the Gantt chart are: ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Time is explicit (and linear) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ All tasks visible in relationship to others ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Deadlines are shown ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Project status at intermediate times is shown ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ can show progress by filling in task boxes The unmodified Gantt chart has the following shortcomings: ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Tasks might not be associated with people (solution: tag tasks with the initials of the people responsible) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Person-hours are not indicated, only calendar time (solution: note person-hours near the task box) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Dependencies are not explicit (solution: imply dependencies by ordering tasks, or use extra lines and arrows) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ No summary of the load on a person (solution: create an additional set of horizontal task lines for each person, showing what tasks they are working on when) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Other resources not shown (e.g., financial) (solution: note resources in description or near task box) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ Critical paths are not explicit (solution: use highlighting or other graphical means to indicate the sequence of tasks along the critical path) ÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¢ does not record difference between original plan and actual (solution: enhance the task box to show two different durations-an upper (actual) and lower (estimated)) PERT A few of the shortcomings of the Gantt chart are solved in the PERT chart (Program Evaluation and Review Technique). The PERT chart uses a connected series of nodes to make explicit dependencies between tasks. In addition, the order of tasks is given by the flow of the connections left to right, but the horizontal axis is not necessarily linear in time. The PERT chart can be more compact than the Gantt, but does so at the cost of a linear time scale. The time resources required by a task are given numerically, rather than appearing graphically (i.e., horizontal dimension) as in the Gantt chart; this may make it harder to quickly see what areas are using the most time resources. CPM The CPM (Critical Path Management) chart is similar to the PERT chart but includes an explicit indication of the critical path-that sequence of tasks that defines the minimum amount of time for the project. Put another way, these are the tasks that a delay within will delay the entire project. One or more sequences of such tasks always exist; the CPM chart makes these paths (usually just one) explicit. Otherwise, CPM shares the same strengths and weaknesses as the PERT, and the two are often lumped together as one technique. For complex, time-critical projects, the CPM/PERT charts might be useful in providing a clear indication of the critical sequences of tasks necessary to keep the project on schedule. However, the Gantt chart-especially when augmented by notations to show dependencies-is easier to produce and update, and is a good all-around project planning tool. A Cookbook Approach for the Gantt chart What follows is one way of creating a Gantt chart. 1. List all known milestones, deadlines, and deliverables (papers, presentations, etc.) 2. List all outside constraints on time (holidays, exams, etc.), money, equipment, etc. 3. Create a list of tasks brainstorm a list of as many possible tasks for the project as possible (Brainstorming: In a set amount of time, say 5 minutes, the group lists as many ideas as possible without criticizing them. Some will be useless; the idea here is to get as many different possibilities out as possible. Some might be tasks; others might be general categories of tasks.) Group these brainstormed tasks into categories (e.g., documentation, software, etc.). Some elimination of ideas can be done at this point. review each category and brainstorm additions within the category 4. Because these tasks have been brainstormed, go back and eliminate any tasks that are not significant or relevant. 5. for each task in the list time (in person-hours, then estimate calendar) dependencies (other tasks) resources (money, parts, equipment) (Note-the procurement of parts, equipment, and even expertise/knowledge might be a task in itself.) who will be doing it (perhaps a function of required knowledge/skill, or time) 6. Organize the task groups by starting date (or other logical and consistent criteria), and tasks within groups by starting date Note: You might find it useful to list each task on a small Post-It note so you can create a large scale version before working on the computer. 7. Use Excel or other tool to create the Gantt chart Remember to include only working days on the time axis Significant (and possibly recurring) milestones or deadlines can be shown as tasks (of minimal duration), as vertical lines at the appropriate date, or on the time axis. Provide a table of symbols or any other necessary information to interpret the chart Always show the current date as a vertical line; note the last revision date of the chart as well somewhere on the chart PERT and CPM charts may require either special software or more flexible software like diagramming/paint programs. Choose a chart type and method of creating the chart such that you can easily update the chart for your progress reports and even weekly meetings. Alternative Approach Coke can also make use of Logical Framework Approach (LFA), a highly structured and systematic method of analysing problems and defining objectives (which includes the problem and objective trees, explained in the previous section) and then of selecting and organizing the relevant activities for reaching the objectives, following a strict logical order. For each programme, the LFA should normally result in the production of a Logical Framework Matrix (LFM), also called a Log Frame, which summarizes the programme in a limited number of columns and rows and can be accompanied by more detailed work plans or activity schedules. (Handbook on Planning, 2009)