Exploring Programming Languages

Structured Query Language (SQL) is a standard database computer language used for querying, modifying and managing data in Relational Database Management Systems (RDBMS). SQL was developed in the 1970's by IBM to initially manipulate and retrieve data in IBM System R. The SQL language was standardized in 1986 by the American National Standards Institute (ANSI); however, later releases were released as International Organization for Standardization (ISO) standards.Until this day, there are lots of users who refuse to refer to it as SQL. To some people, SEQUEL is the right name for this international standardized database language. SQL has additionally been revised in 1989 and then 1992 (SQL-92). Ever since, SQL has undergone many revisions to enhance their standardization.Sybase and Ashton with their team support created a product which is known with the name of the SQL server 1.0 and within few years SQL server 4.21 also came in existence for the Microsoft NT operating system. Micros oft itself on their individual basis work for the SQL server 6.0 and this was the first Individual product of the SQL series for the Microsoft which works with the Windows NT because at that point of time windows NT was the main operating system.After few years later, when a copyrights conflict is there between the Microsoft and Sybase then Microsoft has done so many revisions in its project which lead to the development of the SQL server 7.0 which is known with the name of SQL server 2000 and the main part of this scheme and model is that it can work with the 64 bit platform.The development of the Integrated development Environment for the creation of web and windows packages with the SQL server 2005 that includes so many tools and utilities that includes the ETL tool, a Reporting server, data mining server, and several messaging service brokers that will be for the notification services. The next version which was come after the Microsoft SQL Server2005 is the Microsoft SQL server 2008, the aim of which is to make the data management features still under control using self-tuning.SQL Server 2008 R2 whose code name is given as â€Å"Kilomanjaro† and it is announced on year 2009, to add different management features to the SQL Server 2008 which is the earlier version. The SQL Server 2008 R2 also includes the number of new services that includes the PowerPivot for the Excel and Sharepoint master data services for building the reports using the data tier application.2.The features of SQL Express are as follows:Stored ProceduresSQL Server Configuration Manager ViewsReplication (as a subscriber only) TriggersAdvanced Query Optimizer CursorsSMO/RMO sqlcmd and osql utilitiesIntegration with Visual Studio 2005 Snapshot Isolation LevelsService Broker (as a client only) ¹ Native XML support, including XQuery and XML SchemasSQL CLR Transact-SQL language supportMultiple Active Result Sets (MARS) Dedicated Administrator Connection ²The features of Oracle Expres s are as follows: Direct Path Load API External tables External procedures Synchronous Change Data Capture Asynchronous Change Data Capture Transportable tablespaces, including cross-platform Advanced Queuing Basic Replication Advanced Replication Distributed queries Distributed transactions Transparent Gateways Generic connectivityThe features of DB2 Express are as follows:Advanced Copy ServicesOracle Compatibility Compression: backuppureXML ® storage High availability disaster recoverySpatial Extender Homogenous FederationIBM Tivoli ® System Automation for Multiplatforms Homogenous SQL Replication IBM Data Studio Net Search Extender Online reorganization The free version of DB2 (DB2 Express-C) has much less limitations than those existing in Oracle and SQL Server, Oracle Express Edition 10g/11g and SQL Server 2005/2008 Express.CharacteristicDB2 Express-CSQL Server 2005/2008 ExpressOracle 10g/11g Express Edition CPUs MaxUntil 2 cores11 RAM Max2 GB1 GB1 GB Size LimitUnlimited4 G B4 GB/11 GB 32/64 bits32-64 bits32 bits / 32-64 bits32 bits / 32-64 bits

Autobiography in psychology

Ms. Darlene Gigabits August 12, 2014 Chocolate Hills The Chocolate Hills are probably Boll's most famous tourist attraction. They look like giant mole hills, or as some say, women's breasts, and remind us of the hills in a small child's drawing. Most people who first see pictures of this landscape can hardly believe that these hills are not a man-made artifact. To get back to Dignitary, you will have to walk back to the main road, and wait for a bus to pass by.The last bus room Carmen to Dignitary leaves at four P. M. Alternatively, you can use the services of the motorcyclists who often wait here for tourist, and ride ‘habit-habit,' or motorbike taxi. Boll was gifted with very amazing land formations such as these hills. It may not give you a majestic aura but it can make you appreciate how mysterious these natural wonders are. The viewing deck area may need to undergo a few more improvements El Indo Palatal Rocks and corals would hurt your feet so for those who have not been here yet, don't forget to bring and wear your best aqua shoes to avoid going home with cuts.Also, a dry bag to keep your things will make you happy especially if your camera is not water proof. As a divers, you should do at least one or two days of diving in El Indo. There are many nice dive sites in El Indo. I especially loved the rock formations and caves and of course the turtles Island hopping tours are a must in El Indo! Do them all for there is several and they are all different from each other and really fantastic. The lunches are usually cooked over a charcoal fire on a deserted beach.Kayak Tours to the lagoons and beaches around Million are many travelers favorite. For he fittest, I highly recommend you climb the cliff, towering El Indo town for a challenging hike and a breathtaking view Mayo Volcano Despite its tragic past, Caws Ruins continues to invite tourists to visit the place because of its spectacular view of the Mayo Volcano where everyone can see it with their nak ed eyes. The rich diversity of history, place and the people could be seen through the number of tourists that came over to from different part of the world.There, tourists can buy handicrafts, souvenir shirts and meet hospitable photographers who can direct you for picture-perfect shots. Drank Falls Drank Falls is one of the very accessible natural destinations in the province of Racial. The natural beauty of Drank Falls enchants visitors and guests. Its natural beauty, serenity, swimming with clean waterfalls, friendly staff, environment friendly ambiance, and other activities like rock balancing, river trekking, etc. Makes the visit to Drank Falls complete.Lunette Park Lunette park is one of the tourist spots in Manila. One thing that I like in this park is the man-made lake that has a relief map of the Philippines in the middle. Lots of people visit this place every Sunday for picnics. You will also see that some groups of martial artists are using this park every morning for pr actice like Seekers,Filipino Martial Arts, and ATA Chi practitioners. Met. Punctuation A desolate place transformed into a refuge for adventure seekers, Met. Punctuation now boasts breathtaking sceneries comparable to other tourist attractions across the country. He true Journey begins as you embark on a long and exciting trek to the volcano-mountain's center. You don't need to worry about the whole trekking thing because the reward is very promising: a paradise hidden at the heart of the mountain. Polaroid Junkies must take advantage of the place's astonishing backdrop, which is perfect for photo shoots. Portray Borealis a beautiful small island surrounded bifocal reefs and located one km north-west of Panky island in Visas of the Philippines.It is the most popular beach in the country's the most visited tourist spot in the Philippines. A peaceful atmosphere – though' fairly busy- and friendly locals. The sand is remarkably white, soft Banana Rice Terraces The Philippines ha s been visited by countless tourists from different countries due to the various tourist spots that are absolutely stunning. One of those places which have captured the eyes of many foreigners is the Banana Rice Terraces. In fact, this spot has been considered as the eighth wonder of the world.Campaign island One is simply at a loss for words to describe this lovely island which the tourists end caringly call â€Å"The Island of your Imagination†. Campaign is said to be the country's most peaceful island-paradise Campaign island is a one of an island that popular to visit the tourist and vacationers because of the unique wonderful nature and beauty, and so many beautiful places or hot spots that you enjoy or explore and Filipino students are so polite and hospitality to the tourist, many exotic food and delicious food you can avail, so we start to introduce to you a beautiful places resides in campaign.Sabbath Island The province of Batons is at the top most of the Philippine archipelago and it is the entrance of most storms in our country. No traffic, fresh air, full of culture and friendly people. You would be greeted by the locals with a refreshing good morning when you meet them on the street. The place is a bit backward which makes it more inviting especially for people from the urban Manila. It seems that everyone knows everybody. The expensive airfare makes it difficult for a local tourist to visit the place often.Corridor Island If you're a fan of war movies or military equipment, you will enjoy Corridor. Though heavily bombed during WI, the island still has some of its artillery standing The whole island is too big to be explored on foot – a new tour, though, aims to explore the sites around the parade grounds and part of Middlesex. But there's more to Corridor than Just the past. The island also has forest trails, a Jungle survival camp, bird watching opportunities, scenic boat rides, and even a beach. End your Corridor trip in a relaxi ng way.

Caledonia Products

The marginal value from the project would be in the incremental cash flow. The earnings would be much less if they were looking at it through the accounting profits. It would be less because of the depreciation would be considered an expense causing a larger expense for Caledonia. Describe factors Caledonia must consider if it were to lease versus buy First Caledonia must figure out if they will have enough cash flow to pay the bill each month. Leasing would give Caledonia the benefit of decreasing costs. The down side of leasing would mean that Caledonia will not be out of the lease until it has been paid off and the company who leased the property will be the owners until that is completed. Buying property means that the item is usually in better condition, better value, and they will own it. Prices are often better when buying than with leasing. Tax expenses may be a downside of owning the property. 2. Incremental Cash Flow Year1 Year2 Year3 Year4 Year5 Operating Cash Flow 5,949,200 9,909,200 11,493,200 6,741,200 3,771,200 Each year results in positive incremental cash flow and the new project appears to be a profitable business option. Accounting profits represent the total cost of doing business. The difference would be that this company requires additional net working capital every year which is not reflected in the incremental costs. 3. Initial Outlay Year 0 New Product Cost of new plant and equipment$(7,900,000) Shipping and installation costs (100,000) Total costs$(8,000,000) Initial working capital $(100,000) Initial cash flow (8,100,000) 4. Free Cash Flow Year0 Year1 Year2 Year3 Year4 Year 5 Project Revenues $21,000,000 $36,000,000 $42,000,000 $24,000,000 $15,600,000 Unit Costs (12,600,000) (21,600,000) (25,200,000) (14,400,000) (10,800,000) Gross Profit 8,400,000 14,400,000 16,800,000 9,600,000 4,800,000 Annual fixed costs (200,000) (200,000) (200,000) (200,000) (200,000) Depreciation (1,580,000) (1,580,000) (1,580,000) (1,580,000) (1,580,000) Net operating income 6,620,000 12,620,000 15,020,000 7,820,000 3,320,000 Taxes (34%) (2,250,800) (4,290,800) (5,106,800) (2,658,800) (1,128,800) NOPAT 4,369,200 8,329,200 9,913,200 5,161,200 2,191,200 Depreciation 1,580,000 1,580,000 1,580,000 1,580,000 1,580,000 Operating cash flow 5,949,200 9,909,200 11,493,200 6,741,200 3,771,200 Year0 Year1 Year2 Year3 Year4 Year5 Net Capital $(100,00) (2,100,000) (3,600,000) (4,200,000) (2,400,000) (1,560,000) CAPEX $(8,000,000) — —- —- — — Free Cash Flow $(8,100,000) 3,849,200 6,309,200 7,293,200 4,341,200 2,211,200 5. 6. 7. Should the project be accepted? Why or why not? Yes. This project should be accepted because the NPV ? 0. and the IRR ? required rate of return. Or No. This project should not be accepted because the NPV and the IRR required rate of return. Caledonia Products The marginal value from the project would be in the incremental cash flow. The earnings would be much less if they were looking at it through the accounting profits. It would be less because of the depreciation would be considered an expense causing a larger expense for Caledonia. Describe factors Caledonia must consider if it were to lease versus buy First Caledonia must figure out if they will have enough cash flow to pay the bill each month. Leasing would give Caledonia the benefit of decreasing costs. The down side of leasing would mean that Caledonia will not be out of the lease until it has been paid off and the company who leased the property will be the owners until that is completed. Buying property means that the item is usually in better condition, better value, and they will own it. Prices are often better when buying than with leasing. Tax expenses may be a downside of owning the property. 2. Incremental Cash Flow Year1 Year2 Year3 Year4 Year5 Operating Cash Flow 5,949,200 9,909,200 11,493,200 6,741,200 3,771,200 Each year results in positive incremental cash flow and the new project appears to be a profitable business option. Accounting profits represent the total cost of doing business. The difference would be that this company requires additional net working capital every year which is not reflected in the incremental costs. 3. Initial Outlay Year 0 New Product Cost of new plant and equipment$(7,900,000) Shipping and installation costs (100,000) Total costs$(8,000,000) Initial working capital $(100,000) Initial cash flow (8,100,000) 4. Free Cash Flow Year0 Year1 Year2 Year3 Year4 Year 5 Project Revenues $21,000,000 $36,000,000 $42,000,000 $24,000,000 $15,600,000 Unit Costs (12,600,000) (21,600,000) (25,200,000) (14,400,000) (10,800,000) Gross Profit 8,400,000 14,400,000 16,800,000 9,600,000 4,800,000 Annual fixed costs (200,000) (200,000) (200,000) (200,000) (200,000) Depreciation (1,580,000) (1,580,000) (1,580,000) (1,580,000) (1,580,000) Net operating income 6,620,000 12,620,000 15,020,000 7,820,000 3,320,000 Taxes (34%) (2,250,800) (4,290,800) (5,106,800) (2,658,800) (1,128,800) NOPAT 4,369,200 8,329,200 9,913,200 5,161,200 2,191,200 Depreciation 1,580,000 1,580,000 1,580,000 1,580,000 1,580,000 Operating cash flow 5,949,200 9,909,200 11,493,200 6,741,200 3,771,200 Year0 Year1 Year2 Year3 Year4 Year5 Net Capital $(100,00) (2,100,000) (3,600,000) (4,200,000) (2,400,000) (1,560,000) CAPEX $(8,000,000) — —- —- — — Free Cash Flow $(8,100,000) 3,849,200 6,309,200 7,293,200 4,341,200 2,211,200 5. 6. 7. Should the project be accepted? Why or why not? Yes. This project should be accepted because the NPV ? 0. and the IRR ? required rate of return. Or No. This project should not be accepted because the NPV and the IRR required rate of return.

How do designers in their work benefit or suffer from 'the network Essay

How do designers in their work benefit or suffer from 'the network society' (Manuel Castells) - Essay Example The internet has in the recent past become the fibre of the modern social life. According to the available statistics, the number of people who uses internet has grown from under 40 million in 1995 to more than 1.5 million in 2009 (Stalder 2006, p.79). Manuel Castells, a senior professor of sociology have been studying the changes that are brought about by modern technology in the society and have developed a theory of â€Å"Network Society†. The theory talks about society which is not controlled by distance and time (Castells 2007, p. 265). A network society is a society whose social structure is composed of networks which are empowered by communication strategies and micro-electronic-based information. According to Castells, network is an inter-connection between different nodes. Despite being a traditional human practice, network has in modern days taken a new form by becoming an informational network which is enhanced by internet. Due to the ever expanding use of technolog y in modern societal operations, designers in different entities have as well benefited from the emergence of network society. Despite the highly hyped benefits of networks societies, some designers have suffered severely from the modern technology. The essay below focuses on how designers in their work benefit or suffer from the network society. Benefits of Network Society to Designers The core aim of contemporary technology is to advance the living status of the general population. The objective of the technology is projected to be achieved by developing mechanisms that can reduce the amount of labour and increased the level of outcome. The emergence of modern technology has a substantial encouraging impact to modern designers. Modern network is extraordinarily flexible and has wide scope compared to traditional networks. The flexibility of a network society is therefore very helpful for designers in facilitating instant and dependable access to relevant social organisations and s tructures (Stalder, 2006, p.79). Networks in modern society are proliferated in all aspects of the social facets including: outperforming cooperates, outcompeting centralised bureaucracies and economy. This has reduced the complications that may be countered by designers in accessing several social and economic entities. Prior to the emergence of internet, designers were faced with intricate barrier in fulfilling their task and in managing their daily functions. This was especially the case in the situation when their operations are huge and more complex to be accomplished by one entity. However, modern development has brought about a network society that fits extensively in designers’ operations and interactions. Secondly, network society has also brought about exceptional combination between task and flexibility which has led to sophisticated form of human action. As a result, designers are at present in a better position to make well coordinated decisions with the inclusio n of all players in the society. The grouping between flexibility and task has as well led to effective execution of horizontal communication which is vital for efficient operation in designer profession. In addition, due to the existence of network society, the boundaries between other type of communication and mass media have in the recent past blurred. As a result, the weakening boundary between mass communication and other forms of communication such as social media and printed media

Critical Thinking Essay Example | Topics and Well Written Essays - 500 words - 8

Critical Thinking - Essay Example Excessive bureaucracy demotivates employees because set regulations affect creativity. Employees in a bureaucratic organisation execute their specific tasks as directed by their managers. At times, employees are right regarding a certain work, but their employers insists that they continue with their tasks without any alteration. This restriction prevents employees from developing other measures of executing the tasks consequently minimizing employee’s creativity. Additionally, this restriction tends to demotivate employees largely because they feel that the organisation does not support their noble ideas that are beneficial towards accomplishment of various tasks. Additionally, the hierarchical authority associated with bureaucracy implies that employees lack the capacity to share their personal views towards decision-making because of the set up (Daft & Marcic, 2006). There is a high probability of killing ideas because they originate from the wrong individual. Consequently, ideas may gain support because they originate from the top management. Additionally, there is a perception that the management is always right This situation makes employees feel that the management distorts data to ensure that performance looks better, though it is not. Additionally, there is interference of internal communications among employees with the intention of reflecting what the organisation wants to be as opposed to what it really is. The overall effect is denial that leads to mistakes within an organisation. There is a tendency of the management to deny responsibilities for these mistakes or failures and may opt to blame some employees (Daft & Marcic, 2006). Additionally, the perceived desires of the management determine decision-making instead of involving employees. This approach makes the top management insulated from reality. Consequently, they opt to

What is the Tippecanoe County Historical Association and what are some Essay

What is the Tippecanoe County Historical Association and what are some of the sites it maintains - Essay Example Credibility Statement: I have researched on the official Society website, and all the information I am going to provide to you is directly from the information that they have provided to the public. IV. Thesis Statement: The Tippecanoe Country Historical Society is an organization that helps maintain and protect the important culture of their county. They currently manage four different sites, all difference niches of the collected past of Tippecanoe County. A. â€Å"The Moses Fowler House was purchased by the Tippecanoe County Historical Association from Cecil Fowler in 1940. The association opened the house as its historical museum in 1941† as stated by the official website. 1. †In 1928, a local physician, Dr. Richard B. Wetherill acquired the land around what was believed to be the site of an early French trading post known as the Fort Ouiatenon Blockhouse (1717-1791).   In 1930, he built a 452 sq. ft. replica of the fort on this land.   The grounds lie approximately 3 miles southwest of West Lafayette on South River Road.†, as told by the official website. a) â€Å"Join us for the opening of a new display of firearms from TCHAs collection. On view initially are 51 long guns and rifles with additional examples to be added as the display is expanded. The firearms in the exhibit were manufactured between the early 19th Century and the onset of World War II, with several fine examples manufactured locally by Bixler & Iddings and Thomas Underwood. Most of the objects on display have never been show to the public. Thanks to the McAllister Foundation for providing funding for the display cases†, as advertised on the website. B. â€Å"The Library consists of books, vertical files, court books, microfilm, CD-ROMs, and has patron access to the Internet. The subject collection of books and materials focus on Tippecanoe County history.† according to the official website. I. Restatement of Thesis: The Tippecanoe Country Historical Society is an organization that

Consists of ten short-answer questions Essay Example | Topics and Well Written Essays - 1000 words

Consists of ten short-answer questions - Essay Example According to Murray (2012), examples of prewriting strategies include free-writing and brainstorming. Prewriting strategies are writing techniques used by individuals as they prepare to write a research paper, essay, or project. They are consider the preliminary stages in ascertaining and as well investigating a subject matter. In free-writing, an individual scribbles down each and every thought he or she has regarding a particular subject matter. In brainstorming, an individual recollects what he or she can remember regarding a particular subject matter in his or her mind. Subsequently, these recollections are scribbled down on a in form of a list. It is worth noting that free writing involves writing opinions that one generates in his or her mind regarding the matter in question. In this writing strategy, the correctness and precision of what is being written down is not imperative. The main objective is to generate ideas that can be useful is structuring the paper. In contrast, focused writing involves scribbling down individual thoughts centered on specific question. Though free-writing are focused writing are similar, the essayist in focused writing writes down his or her ideas focusing on a previously described or delineated project or question (Murray, 2012). A comparison and contrast paragraph elucidates the variations and correspondence among two or more subject matters. It is important to posit the fact that there is no limit to the number of variations and correspondences indicated on the paragraph. A cause-and-effect paragraph, on the other hand, is a paragraph elucidating the reasons behind a particular occurrence. This type of paragraph seeks to offer a response to issues put forward by a particular subject or mater (Murray, 2012). In other words, a cause-and-effect paragraph answers the why while a comparison and contrast paragraph explicates the

MTV Case Study Example | Topics and Well Written Essays - 1000 words

MTV - Case Study Example Also, it must be noted that the management of the MTVI conducted massive changes in the scheduling and presentation of programs in order to meet the tastes and expectations of the local population. We understand all the details of the process in the course of this article. MTVI’s main motive to expand all through different continents was to position MTV as a No. 1 global brand in cable television and music broadcast. In its plans of introducing the channel in the Middle East, the channel’s management had to undertake rigorous research and analysis before announcing the launch. Whenever a channel plans to launch itself in the new territory, local producers and networks try to grab as much channel space as they can. Anything new is always welcome and MTV had a tough time deciding which local producers to rely on and which to reject. It started by measuring the major blocks that could create a rough ride in the establishment of the channel. They can be broadly classified into cultural sensitivity, program content, and political and social opinions which could create controversy and social turmoil. MTVI understood that it has to reflect and respect culture and this was highly important for the Arabian challenge. With the brains of Roedy, Singh and ABN’s Sayegh (Purkayastha, 5) behind the venture, right from the word go, MTV concentrated on creating the right balance between cultural aspects considered important to the Middle East and the outgoing spirit of program content that the channel is known to provide. In what has been termed as a litmus test for the channel in adapting its core principles to the concept of localization that it had adopted in the 90s, the Arabian market turned out to be the promise it was considered. As it is, the most important factor that attracts every global brand to the Arabian market is the market strength. MTV was well aware that outside

Organizational Innovation and Change - Critical Thinking Mod 7 - Tyco Essay

Organizational Innovation and Change - Critical Thinking Mod 7 - Tyco - Essay Example Dialogue is an important skill that changes the behaviors of persons in different ways. It changes a person’s behavior in such a manner that one speaks out the touchy issues that disturb the mind (Glaser, 2009). Dialogue improves a person’s attitude. Through management involvement, the unyielding of an individual attitudes is prompted. It also transforms the cultural feelings brought about by the existing organization through creation of new regulations to govern a large organization. The new transformation team in Tyco Company involved its employees in decision making which increased the workers morale. Dialogue helped in creating team work in the company. Worker involvement in the organization issues was not portrayed in the former management (Glaser, 2009). Problem solving was brought near the worker and the problem solving by the management was enhanced by the implementation of offered solutions. In dialogue, the participants should put down their positions and opin ions so as to give each speaker time to give out views that should be respected. Vignettes There are many issues that should be taken into consideration in writing the vignettes to be used by an international company like Tyco. Problems such as language barrier, ethnicity, tribe, workers nationality, religion and economic aspects are prevalent. Hard work and determination will be highly valued in any organization and this should be the case with the workers and the associates of the Tyco Company. Respect is also a factor of major concern in the company. Every person in the Tyco fraternity is of importance and is highly valued therefore respect should prevail amongst all workers in the organization. No intimidation whatsoever is expected in the company irrespective of the status anyone holds in the organization. No one should be intimidated on matters relating to sex, nationality, religion, age or ethnicity so as to defend the sovereignty of the organization. Incase of crimes relatin g to any issue, should be channeled to the management through the right channels so as to maintain togetherness and tranquility in the organization. Organizational wrangles might develop internationally if these instructions are not channeled in the right manner. Changes Employed by the Top Management Change is very important in every institution that leads to morale and appraisal to the members of the organization. This can be affected in an organization through involvement of the workers in decision making process (Tanya, 2010). This will give the workers the morale to work so that they can be promoted to management position. This can be given a try by wiping out conspiracy in the organization which makes the top management to implement new laws that does not tolerate incompetence but upraises those who abide by the law. Bringing management to the roots helps in relieving workers after the end of the worse regime. Workers involvement in the institutional issues helps the managemen t to get first hand information in the areas that need reshuffle due to arguments from workers (Tanya, 2010). The satisfaction of employees helps to get relevant information on the reactions of seniors towards juniors. Address to Shareholders Shareholders are the major sources of capital for every organization. The shareholders of Tyco Company are the major people who can lead towards the attainment of Tyco’s organizational goals. Therefore due to the end of the down trawling regime the company’s fame must be defended and retained at all cost. This can be

Legal & Regulatory Regulations Essay Example | Topics and Well Written Essays - 2000 words

Legal & Regulatory Regulations - Essay Example However, the same perceived advantages of a partnership, if enjoyed without caution, lead to a loss of credibility both in the eyes of prospective employees and prospective financers. There are myriad advantages and disadvantages to both the business forms seen from any angle that may have a bearing upon the choice of business structures. However, one thing is certain that it is next to impossible to run a company without qualified professional help,- and associated costs,- if benefits are to be obtained and penalties to be avoided. The principal advantages of a company are of course, the vaunted limited liability, greater flexibility in tax planning, a greater social perception of credibility, and an ability to raise funds formally through the sale of equity shares. Partnerships that maintain detailed auditing and have themselves audited by professionals are on the same footing as start-up limited companies with respect to an external loan, - for any financier, including a bank, would want personal guarantees from the directors of a new company in order to give a loan, just as they would demand collaterals from the partners of a partnership. Further, as research has shown, there is almost no discrimination shown by banks between male and female owned businesses when it comes to a loan (Carter & Shaw 2006). The principal difference in approach is that "While female applicants are required to demonstrate evidence that they understand the nature and implications of business ownership, male applicants are required to demonstrate trustworthiness through social stability, evidenced by marriage." (Carter & Shaw, 2006, pg 65). We know our subjects' mindset is entrepreneurial, that they have started with a small business, and have put it into running with economic viability. They have set short term (expansion of premises and staff) and long-term goals (countrywide expansion), and are working only with the product with which they have gained experience. Thus, they seem to understand the nature and implications of business ownership. That they are receiving conflicting opinions from "business associates" does not rule out the possibility of having accountants or lawyers as business associates. The abundance of contested litigation in the country is proof enough that professionals quite often, and with regularity, hold differing opinions upon the same issues. Thus, what remains is to assess the non-financial capital of Peggy and Nancy before choosing the business structure appropriate to their situation and for their needs. Their cast is of typical woman entrepreneurs (Carter & Shaw, 2006) as their choice bu siness of a fruit juice bar and choice of structure as a partnership shows a low level of overall capitalization at start-up. including low requirements for (a) start-up and ongoing funding (financial capital); (b) attributes and skills (human capital); (c) tangible assets including facilities and equipment (physical capital); (d) organizational relationships, structures, routines, culture and knowledge (organizational capital); (e) technological knowledge or process based skills and experience (technological capital); and (f) relationships and network, social, professional, political, etc. (social capital). Their business is dependent upon personal clients rather than corporate clients, and they have no previous

A Case Study Of Agriquip Agencies Essay Example for Free

A Case Study Of Agriquip Agencies Essay 1.0 INTRODUCTION The report reviews my three months work of attachment at Agriquip Agencies (EA) Ltd which is part of compulsory course work prior to the compliment of a diploma in business management. The report is an overview of experience gained, activities carried out at Agriquip Agencies (EA) Ltd, challenges faced during my attachment period and how I overcame them. In My attachment I was rotated in all the departments of the organization. 1.1 AGRIQUIP AGENCIES (EA) LTD See more: The stages of consumer buying decision process essay Agriquip Agencies (EA) Ltd is an organization specialized in Importation, distribution, Wholesale and retailing of a wide variety of Agricultural and industrial machineries and their accessories. The company was established in 1968 and it is based in Nairobi Industrial area along Lusaka road. It has branches in major towns, in Kisumu city, Mombasa city and Eldoret town. It has a number of appointed distribution agents in other towns in order to assist in distribution of their products. The organization draws its major customers in the Sugar factories by providing them with industrial spare parts, in agricultural sector it supplies the tea firms and plantations with various machines and their accessories for ease of their farm work. In industrial sector the firm provides the manufacturing companies with spare parts for their machinery to ensure the production does not halt due to lack of spares. The firm also targets the automobile industry by ensuring that they have spares in hardy in order to continue with their business without interruptions due to lack of spare parts. The firm obtains its products from different parts of the world and ensures they maintain good relationsh ip with their suppliers and maintains the necessary stock levels in order to cope and satisfy the demands of their customers. 1.1.1 Vision of the Organization To be the leading firm to transform Africa into a prime trade and investment destination 1.1.2 Mission Statement To turn Africa risk into opportunity by providing high quality, cost effective Agricultural industrial equipments. 1.1.3 Core values Strive to carry out their business with customer focus approach combined with integrity, creativity, unity of purpose and an attitude of getting it right the first time. 1.1.4 Corporate Objectives To consistently focus on our customer needs and provide them with products of the highest quality and standards that ensure they enjoy value for their money. To transform Africa into a prime trade and investment destination by ensuring steady supply of quality products to our business partners in other sectors To ensure safety of environment and users of our products by providing products which are environmental friendly To invest in research and development in order to design products which are cost effective and satisfy the emerging needs of our customers 1.1.5 SWOT Analysis An analysis of the strengths, weaknesses, opportunities and threats (SWOT) was carried out to identify the firm’s internal strengths and weaknesses (internal analysis) in relation to external opportunities and threats (external analysis). This was undertaken with a view to identify and take action to leverage the strengths and opportunities and transform the weaknesses into strengths and threats to be turned into opportunities. This goes a long way in enabling the organization to achieve its objectives 1.1.6 STRENGTHS The main strengths of Agriquip includes the following;- i.Committed and experienced staff. The staff members are committed and have good skills and experience in their respective units. ii.Proper communication channels: the communication channels are well defined and the management created room for creativity and innovation as well as expressing their opinions freely without fear or intimidation. 1.1.6 WEAKNESSES The firm was noted to have a number of weaknesses which includes:- Little room for growth- The firm does not have well structured policies which provides for promotion and staff growth path. Lacks clear recruitment policies Unequal distribution of work Do not have proper allocation of resources. 1.1.7 OPPORTUNITIES Technological Development These are opportunities which the firm can exploit to reduce cost of its operations Research and development – The firm can invest in RD in order to understand the needs of their customers in order to come up with products that are capable of satisfying their customers and remain competitive. 1.1.8 THREATS Competition Due to the technological change the firm is faced with competition from other suppliers Counterfeit goods flocking the market The firm should invest in campaign against use of counterfeit products. 1.2 DURATION OF ATTACHMENT I was attached at Agriquip Agencies (EA) Ltd for eight weeks from 17th December 2013 to 8th February 2014. During this period I was rotated in all the departments of the firm starting with administration, purchasing, imports, accounts, sales and stores. I was taken through the various operations of the above departments and was able to practice what I learned in class. The attachment was very interesting as I had an opportunity to practice and utilize my technical skills and equipped me with understanding of the various management functions. 1.3 DEPARTMENT ATTACHED 1.3.1 ADMINISTRATION DEPARTMENT I was attached in this department for one week from 17.12.2013 to 21.12.2013, working for 5 days from Tuesday to Saturday. This department deals with the following activities; -Receiving recording and distributing mail to the  relevant departments for action. -Maintaining staff attendance records -Assigning duties to office assistants, clerks and delivery staff -Allocating resources for use by all the units within the organizations -Issuing local purchase orders for office stationeries -Maintaining fuel consumption records for all the company vehicles -Attending to customer queries and directing them -Filing and maintaining safe custody of the company files -Recording out going mails and dispatching them -Processing leave application forms for the staff members 1.3.2 IMPORTS DEPARTMENT I worked in this department for two weeks starting from 23.12.2013 to 04.01.2014. I was working from Monday to Saturday except during the holidays i.e. 25th, 26th December 2013 and 01st January 2014. The duration that I was attached in this department I was assigned to do the following jobs -Application for import license (IDF) -Filing of all the importation documents -Opening the costing sheets files -Application of marine cover notes -Receiving the shipping documents from the overseas suppliers and coordinating clearance with the clearing agents -Processing customs bonds with KRA -Computation of import duties and customs taxes -Arranging for payments for customs taxes and other levies 1.3.3 PURCHASING DEPARTMENT I was attached in this department for duration of one week from 06.01.2014 to 11.01.2014, working for six days from Monday to Saturday. During this period my duties were:- -Receiving and recording requisition from the stores -Filing requisition and other purchasing documents -Updating order records -Preparing and sending enquiries to the overseas suppliers -Sending purchase orders to the suppliers -Recording purchase orders in the order book -Receiving quotations from the potential suppliers -Follow up with the suppliers to expedite our supplies 1.3.4 STORES I worked in this department for duration of one week during which I was tasked with the following responsibilities. -Issuing requisition for purchase to the purchasing department. -Receiving and verification of goods to ascertain they are in conformance with our order confirmation. -Issuing goods received notes -Filing of documents -Supervising stock taking -Binning of the incoming stock in their respective bins -Retrieving stock from the bins to be sold -Updating the stock issuance forms -Raising stock adjustment slips 1.3.5 SALES I was attached in this department for two weeks from 20.10.2014 to 01.10.2014, working for 6 days per week. During this period my duties were:- -Taking orders from customers and raising sales invoices -Recording daily sales in the sales day book -Assisting the purchasing department to raise enquiries to the suppliers -Keeping track of daily sales documents and ensuring they are properly distributed to the various department for appropriate actions -Assigning enquiries received to the counter salesmen to action -Issuing ETR receipts for the sales made -Receiving customers complaints on the company products and directing them to the responsible persons for appropriate action5 1.3.6 ACCOUNTS I was in this department for one week from 03.02.2014 to 08.02.2014. My assignments were:- -Receiving sales documents for the previous day and checking the calculations -Entering sales in the sales day book -Entering purchases in the purchase day book -Writing receipts for the payments received from the debtors -Writing cash book and petty cash books -Preparing remittance advice notes -Preparing PAYE, VAT returns online -Preparing bank reconciliations -Preparing debtors analysis schedules SECTION TWO 2.0 ATTACHMENT EXPERIENCES 2.1 GENERAL ACTIVITIES UNDERTAKEN. The general activities undertaken on daily basis were to ensure that all the documents to be used for the day are available as required, depending on the department attached. 2.1.1 Filing of various documents Filing was also classified as an important general activity undertaken in the Organization. I sorted and classified the various documents depending on the required classification methods adopted by the different departments within the organization and putting them in their respective files. 2.1.2 Classification and handling information in the office set up. I classified and handled office information in a confidential and secret manner as files were not to be exposed or left unattended as they contain confidential information which should not be disclosed to everyone. 2.1.3 Planning of daily activities As a general rule and practice of the organization, every employee was expected to prepare a daily work plan for the activities that he was expected to perform in the course of the day. I had to start my days with a plan which entailed arranging my work in the order of priorities as directed by my supervisor 2.1.3 General office administration – I ensured that the duties allocated to me by my manager were promptly executed and maintained conducive environment for daily operations. 2.1.4 Customer Relationship Management I ensured customer’s requests were promptly handled and the responsible managers were informed of the enquiries through the daily reports. I responded to the enquiries through emails, telephone calls and any other appropriate channels of communication. I also directed the enquiries to the right person for assistance. 7 2.1.5 Office tidiness After the office had been cleaned, I ensured that my desk was neatly arranged to facilitate smooth flow of work 2.2 SPECIFIC ACTIVITIES UNDERTAKEN I undertook the following activities in the various departments attached 2.2.1 Records management – this involved receiving incoming documents, recording, classifying, arranging, opening respective files, updating of records, capturing data relevant to the various departments, storing and retrieving files , locking the documents in the cabinets and restricting unauthorized persons from accessing any records under my custody. I performed this work in all the departments attached. 2.2.2 Filing of tax returns – in the accounts department I was tasked with preparing VAT returns, PAYE returns, advance tax returns, Withholding tax returns, NSSF returns, NHIF tax returns 2.2.3 Computation of Customs taxes In the imports department I performed the duties of preparing imports declaration forms using KRA Orbus system, lodging customs entries using TRADEX- SIMBA system and arranging payments for the taxes through the bank. 2.2.4 Processing Customs Clearance documents I was also tasked with processing clearance documents and clearing the import consignments at JKIA. Preparing marine cover notes and ensured all our imports are duly are insured against damages, pilferage or loss in transit. Updating the imports register and ensured that all the imported is up to date 2.2.5 Customer relations – I was tasked with receiving customers’ complaints on the company products and directing them to the responsible persons for appropriate action. I took note of the issues raised and forwarded them to the relevant heads of department and made a follow up to ensure the necessary action has been taken and feedback has been communicated concerned person. I also ensured there was a working co-ordination between the various departments within the organization and the right information was communicated to right person on time. 2.2.6 Stock management – I assisted the stores department to improve on their stock management procedures. This was through improvement of their systems of stock recording, issuance and documentations. Other tasks included Issuance of purchase for requisition forms to the purchasing department, issuing goods received notes, supervising stock taking, binning of the incoming stock in their respective bins, retrieving stock from the bins to be sold, Updating the stock issuance forms Raising stock adjustment slips among others Receiving and verification of goods to ascertain they are in conformance with our order confirmation. 2.2.7 Administrative Duties – I was assigned to perform administrative duties which includes. Maintaining staff attendance records, Assigning duties to office assistants, clerks and delivery staff, Allocating resources for use by all the units within the organizations, Issuing local purchase orders for office stationeries, Maintaining fuel consumption records for all the company vehicles Filing and maintaining safe custody of the company files, Processing leave application forms for the staff members as well as tracing of different types of files and taking them to the required departments. 2.2.8 Purchasing functions – This involves the tasks of receiving and recording requisition from the stores, Preparing and sending enquiries to the overseas supplier, Sending purchase orders to the suppliers, Recording purchase orders in the order book, Receiving quotations from the potential supplier, Follow up with the suppliers to expedite our supplies, Issuing requisition for pur chase to the purchasing department. Receiving and verification of goods to ascertain they are in conformance with our order confirmation. Assisting the purchasing department to raise enquiries to the suppliers 2.2.9 Sales of Company Products – This involves taking orders from customers and raising sales invoices, Raising cash sales in case of cash transactions, Recording daily sales in the sales day book, Keeping track of daily sales documents and ensuring they are properly distributed to the various department for appropriate actions, Assigning enquiries received to the counter salesmen to action, Issuing ETR receipts for the sales made 2.3 AN ANALYSIS OF LEARNT KNOWLEDGE AND APPLIED SKILLS 2.3.1 COMMUNICATION The communication channel in the AGRIQUIP AGENCIES (EA) LTD is vertical. Communication channeled from top management down to the middle level and subsequent to the lower level. Junior officers give feedback through the same channel until the information reaches the senior management for action. I learnt that for smooth and efficient operation in any organization there must be an effective communication system which facilitates the flow of information. 2.3.2 TO EMBRACE TEAM WORK I learnt that it is crucial to have good co-operation between the workers which enables department  activities to be coordinated smoothly and efficiently. Any organization must encourage Team work and coordination within all its departments in order to achieve the overall objectives of the business. I learnt to build team work and to cooperate with both the internal and external customers of the organization. 2.3.3 SOCIAL RELATIONS The staff members are friendly and this in turn creates unity. The senior officers are free and social with the junior staffs thus making them feel recognized, this enable me to adapt to the environment very quickly. I learnt that through creation of social relation there is room to learn and perform work easily as this encourages breaks barriers and leads to efficient communication and accomplishment of tasks. 2.3.4 RECOGNITION/RESPECT Respect is highly observed, Staff members respect each other, their seniors and also the public in general. Staff members who perform their duties well are motivated verbally, through recommendation letters, incentives and sometimes promotion. Staffs are also encouraged to upgrade their education. I learnt that when workers feel appreciated they are able to perform their work with minimum supervision and willingly. 2.3.5 EMPLOYEE FOCUS I learnt that when organization recognizes the contribution of their employees, they see them as important assets and to be invested in and not a cost to be avoided. Employees with personal needs are to be assisted which boosts their morale and increase their out-put. The organization has set clear and explicit standards of service that clients (employees) reasonably expect. They always uphold transparency and accountability in service delivery. They always take corrective action on errors and deficiencies that occur I learned the way the organization should undertake the core mandate. This was by working closely with various departments during my attachment. And i also found out that practical part of management is very interesting. I was allowed to learn the way an organization is supposed to function and  what is expected of every employee with regard to terms and condition of service. I was trained on how to develop work/duty schedules which enhances performing tasks efficientl y; achieving results and solving problems effectively through consultation of other working mates. 10 During my attachment period I ensured that decisions which I made were in line with the organizations policy and in consultation with my superiors. I applied the knowledge learnt in class in addressing issues like complaints from employees and managed the situations effectively. Through interpersonal skills that I acquired both in training and during the attachment period I was able to interact well with the employees of the organization. I also acquired knowledge on how to communicate with senior management staff and how to address the general population with respect and decorum where one subordinate is entitled to one superior type of management. 2.4 A PROFILE OF SKILLS AND COMPETENCIES GAINED/ACQUIRED These eight weeks of my internship at Agriquip Agencies (EA) Ltd enabled me to gain skills, competence and experience in various managerial functions. I interacted with many suppliers both local and international suppliers, Consumers of our products, Government Agencies and other cl ients who required to be attended to. This equipped me with communication skills, negotiation skills and more importantly managerial skills in all sections within the organization as I rotated in all the departments. 2.4.1 COMMUNICATION SKILLS ACQUIRED I acquired communication skills using various communication channels, I learnt how to write official letters, send and receive emails, communicate well with the managers, others employees and the clients who came to seek for our services. I also learned how to communicate with different kinds of people like the clients of the organizations, customers and management staff using the appropriate approaches. I learned how to communicate through memoranda and ensuring that it is addressed specifically to the right group having simple language to be easily understood generally. 2.4.2 SOCIAL SKILLS ACQUIRED.I learned how to interact well with the employees of the organization. This was beneficial because i was able to work with them well due to the social skills applied. I also worked hand in hand with the management team and was also able to interact well with the other trainees. 2.4.3 MULTI-TASKING Exposure to working in different departments and handling clients with different needs enabled me to gain experience in multi-tasking and therefore was equipped with capability of handling different tasks performed in different departments effectively 2.4.4 CONFIDENTIALITY AND BUSINESS ETHICS I gained skills of desertion and business ethics which is vital because most of managerial functions must be kept confidential and I was trained on the need to observe ethics and never to divulge information to any unauthorized person and to keep confidential information about any function in the organization at all times. 2.4.5 ORGANIZING I also learned that managerial role requires high level of organization of the resources, functions and time. Through the attachment I was able to gain this skills as the organization has a very strong focus on how the employees organizes their daily activities and utilizes resources allocated to them. 2.4.6 CORDINATION During my internship, I gained skills on how the employees should coordinate in order to accomplish their assigned tasks. I also learnt that all the functions within the organization in order to achieve the mission and overall objective of the organization. 2.4.7 MANAGEMENT OF RECORDS I learnt the skills on how to properly manage company records during my attachment in all the departments of the organization. How to store files safely and protect them against access by unauthorized persons, arrange the properly in the cabinets Employees are handled in a professional manner embracing dignity and respect. 2.4.8 WORK SKILLS ACQUIRED I learned to prioritize work by organizing my working time table. This enabled me to apply management by objective principal. 2.5 OBSERVATIONS AND CRITIQUE For the duration that I have been attached at Agriquip Agencies (EA) Ltd I was able to make several observations for which I liked some and other I did not like 2.5.1 OBSERVATIONS Open communication The organization has adopted an open communication policy.  During my attachment, I observed that the management encouraged open communication between the managers and their juniors as well as the trainees. This created room for the trainees and junior staff members to express their ideas freely without fear hence created room for creativity and innovation. Good relationship between employer and employee The firm maintains a good employer /employee relationship. All the employees of the organization are given fair treatment irrespective of the positions they hold. The managers were willing to interpret the policies and guide their juniors and trainees in the implementation of the strategies set to achieve the desired results. Management commitment to motivate employees The management had a commitment for motivating their staff members. I observed that all the workers in the organization were very committed to their work and needed minimum supervision. The level of motivation was high and therefore created room for innovation, trust and cohesiveness which leads to efficiency and effectiveness of the organization. Embraced change On the other hand I observed that both management and employees were very accommodative to change this was due to high level of trust and open communication the management was able to communicate to their employees of any planned change before implementing which translated to less resistance. Employee willingness to teach the new trainees – as a result of high commitment by the employees to their tasks and trust between the employees and the employer, the interns were not viewed as threat to the already existing employees and therefore they were willing to train and 13 guide them in their internship. The work I was assigned truly allowed creativity and innovation in that I was expected to come up with new ideas and ways of effectively managing the resources of the organization in order to meet the targets and increase the efficiency of the organization. I liked the way the organization cared for the social needs of their employees. 2.5.2 CRITIQUES/DISLIKES ABOUT THE ORGANIZATION Some departments operations are not computerized and therefore it takes long time to acquire information that is necessary for quality decision making. The organization lacks proper progression path which discourages the employees from furthering their training since there is no rewards expected  after undergoing the training. The other deficient area that I found wanting is that of recruitment and employment. The organization does not have employment policies and therefore their employees does not fully understand the criteria used. I observed that organizations do not give much emphasis on the course a student is taking, but they prefer students who have basic education and they proceed to nurture them based on their judgment on how one is performing. There is delay in replenishing some products/stocks which have high demands which causes the organization to lose their customers to their competitors. Some suppliers take too long to supply the products. Lack of co-ordination betwe en the purchasing, imports and stores departments hinders the organization from achieving their objectives. The organization has not fully embraced new technological advancement in several departments. This in itself is a setback as technology is known to improving efficiency and less paper work. As an organization that imports products from many parts of the world, I found that their ICT systems are wanting. The organization has not invested in research and development which is a powerful tool for enhancing their productivity and competitiveness. 2.6 STRATEGY FOR UTILIZING OF CONTACTS ESTABLISHED DURING ATTACHMENT During my attachment period at Agriquip Agencies (EA) Ltd I established good contacts, and still keep in touch with them and any time I require information pertaining to particular field am assured that I will have someone whom I can consult. I intend to seek employment opportunities for myself and also my fellow students. In today’s market economy job is only allocated and accessed by those who are networked well or known well. These contacts will also be of great help in securing employment opportunities in future in the field of management. I will also use the established contacts as referees to recommend me in getting employment in the future. SECTION THREE 3.1 SUMMARY The industrial attachment was conducted at Agriquip agencies (EA) LTD from 17th December, 2013 to 08th February, 2014. During the attachment I rotated  in all the departments within the organization i.e. Administration, imports, purchasing, sale and stores departments as an imports clerk/ supervisor. I learnt various functions of all the above departments and equipped me with knowledge and skills on how to effectively perform duties of these functions. The theoretical knowledge I learnt in class helped me to have a better understand on how to carry out the relevant functions. Some specific activities undertaken needs to be taken seriously by any person assigned to perform them because they can heavily impact on the performance of the organization. These functions includes, Purchasing of products, these should be done by competent personnel who have thorough knowledge of procurement procedures as well as good negotiation skills. Sales, This function should be done carefully as the p ersonnel assigned should have good marketing skills and able to do proper marketing mix in order to satisfy the needs of the Customers failure to which the organization can be affected negatively by becoming the target for competition. Imports, the personnel allocated this function must be having good analysis skill, should have capabilities to analyze the external environment in order to determine the economic situation , understand the inflation rates, rates of exchange as well as effects of the economies of scale. Accounts, The personnel allocated to this department should be able to produce reports in time and accurately to enable the management to determine the profitability position as well as decide on the course for action. 3.2 CONCLUSION I sincerely wish to appreciate the management of Agriquip Agencies(EA) LTD for the opportunity they gave to me to pursue my industrial attachment in their organization and also for assistance they accorded to me and being always ready to let me learn from them . The experience gained in the course of my attachment is very important in securing me an opportunity in the job market. I highly encourage the idea of industrial attachment and recommend that the students be supported and given maximum guidance to ensure that they are able to exercise their practical skills that are fundamental in building their career. My eight weeks in Agriquip Agencies (EA) LTD have had a great impact to my career development. I thank the management of The  Kenya Institute of Management for creating an opportunity for their students to undergo an industrial attachment that enables them to acquire practical skills in their field of training. The attachment has also enabled me as a management trainee to id entify the areas of weaknesses within the organization and recommended to the management on the best course of actions to improve on their performance. 3.3 RECOMMENDATIONS Agriquip Agencies (EA) Ltd should improve its technological infrastructure by providing more computerized systems enabled with internet to the various departments to facilitate e-commerce. Departments whose operations are not computerized to be computerized in order to improve on the service delivery and enhance their satisfaction to their customers. To find alternative suppliers for their products in order to ensure products are always available for their customers. Since some of the current suppliers take long periods to supply the ordered products they should seek alternative sources of supplies and create good relationships with suppliers to ensure steady supply of goods. Formulate employment policies. The organization to formulate employment policies that will govern their recruitment procedures, staff appraisal, reward systems, growth and development of the employees among others Investing on research and development. The organization should consider investing on research in order to be able to understand the market treads, the customer needs, the level of competition. The need to develop new products that are suitable for satisfaction of their customer desires. The management of the Kenya institute of management to explore ways of partnering with the private sector investors and the Government to ensure that their students are able to secure attachments opportunities and employment placements on completion of their training.

Poem Comparison - Telephone Conversation Essay Example for Free

Poem Comparison Telephone Conversation Essay The context of this poem is of a black man from Africa trying to find accommodation, it is based on his experiences as a student in the 1960s. The poem is written from the perspective as a phone discussion between him and a landlady. The main problem in this poem is that there is a huge amount of racism show by the landlady to the African How dark? Are you light or very dark? This shows immediately that the landlady has something against coloured people and cant have a conversation without knowing the skin colour of the man. It also seems that the landlady would prefer the man not be coloured than to rather receive money for the accommodation. The impression we get from the landlady tells us that she is a very racist and ignorant woman. She first shows this after the man mentions hes an Africa, which she doesnt reply to Silence, silenced transmission of pressurised good breeding. The silence shows us her simple summary of her response of having to think twice about accommodating the black man. She shows that she has a sense of racism in her Considerate she was, varying the emphasis Are you dark? Or very light? This tells us that the landlady is trying to imagine all the colours he could be and shows she judges people totally on colour. We also see that she is wealthy and cares about her image a lot Lipstick coated, long gold rolled cigarette holder piped. From the view of the man he would think she is also a snob due to the way she is speaking to him and her questions. When the conversation starts it begins normally but is changed completely when the man says he is African Self confession I am African. This suggests that the mans skin colour is a sin which he is guilty of. He also feels that he needs to defend himself even before the woman has started to ask any questions. Then after the landlady asked him how dark he was he didnt know how to respond to her Button A, Button B, this shows us that the man is shocked and confused to answer the question just asked. After the man realises that the landlady has a sense of racism in her, he begins to become angry and compares it to the environment he is in Red booth, red pillar box, red double tiered. The red that he is describing represents his feelings which means he is angry and the environment seems repulsive to him. When the man says Like plain or milk chocolate he is talking about his skin colour and at the same time making a clever joke out of it. He is also mocking the landlady and showing her that he is not going to put up with the racist questions anymore. This shows that he is beginning to twist the conversation and is now the person who is asking the questions. He shows this when he says his colour is West African Sepia and then asking her if she knew his skin colour. But as West African Sepia isnt a colour it tells us that the man is using his knowledge to make a fool of her. This makes him feel better due to the fact that he is now criticising her. Also, he feels he wants to make her feel the same way he felt when he had to answer the racist questions. The attitude of the man changes at the end of the poem from being a polite and respectful to an angry and rude man. But he changes his attitude because of the landladys judgement of him and decided to show his angry and rage to show that he is not a weak person. The man is now making fun of her and is mocking her at more length when he speaks about his colour Dont you know what it is? Thats dark, isnt it? He then starts to be rude by offering to show his bottom under the pretence of suggesting she meets him before judging My bottom raven black, wouldnt you rather see for yourself. He does this to make her feel uncomfortable as he was before and tried to put her in a complicated position. The control of power in the beginning of this poem was in the hands of the landlady as she owns the house and is offering the accommodation to the man. As the poem continues her power begins to decrease as the man reverses the situation as he starts to mock her. By the end of the poem the man has gained all the power from the landlady and is so powerful the landlady talks but only when she is asked a question. I think the poet wrote this to show that people who seem to be weak like the African man could be clever enough to gain power. Also, people who are foreign to a country still believe they have rights to fight back to unpleasant comments. You Will Be Hearing From Us Shortly The context of this poem is based on an interview for a position at a company. The interview includes the interviewer and interviewees. The poem is written from the perspective of the interviewer asking questions to the candidates. The main problem in this situation is that there is a sense of prejudice shown by the interviewer to the candidates. Also, the candidates are not being treated fair to even be considered the position at the company. Another problem is that in the poem people are judged on looks and appearance instead of their knowledge and potential. The impression we get from the interviewer is that she wants the interviewee to know that she is in charge and is the only person asking the questions. This is shown in the first stanza when she immediately asks her questions, which shows she has a much more superior attitude than the interviewees You feel adequate to the demands of this position. This shows from the start-off that the interviewer is in control and doesnt show any manners to wait for a response but instead asks the next question. The character of the interviewer develops into being rude and also she doesnt pay attention to the interviewees emotions or feelings. She shows that she is rude when she questions their looks and abilities Find your appearance, disturbing? She also is more direct in asking questions and doesnt hesitate of their reaction this is show hen she questions their accent And your accent that is the way you have always spoken, is it? This gives us the impression that she is insulting the speech of the interviewee. The poet makes us think that the candidate is really weak and doesnt show any sign of defending herself. Also, whenever the interviewer finishes asking a question she also replies for the candidates So glad we agree, Quite so. This shows that they are so powerless they cant be able to answer for themselves. It also shows us that the interviewees seem that they dont care about receiving criticism and do not have the power to stand up and respond. The character of the candidate develops into being more weaker than she is already. She receives more and more criticism from the interviewer and never has the chance to respond due to the interviewers power What of your education? Where were you educated? This shows the interviewer is now not even giving the courtesy of a response and instead goes straight onto the next question, showing the interviewees lack of importance to her. The control of power in this poem was in the hands of the interviewer in the beginning. As the poem continues her power gets stronger and stronger and becomes so strong that at a point youd forget that the candidates are even present. By the end of the poem the interviewer still has all the power possible in the interview and uses it to great effect against the interviewees. I think the poets reasons for writing this poem is to show people that a person who is in a powerful enough position to make judgements of people can have even more power by showing it and using it to their advantage.

Evaluating the financial performance of Deloitte LLP

Evaluating the financial performance of Deloitte LLP All of the research topics are appealing although challenging but it was apparent that I have to choose the topic that meets the research requirements such as accessibility and quality of information and clear understandability of what is required in a particular topic. After spending a lot of time in selecting the best topic for me, I came to the conclusion that I should go for topic no. 8 The business and financial performance of an organisation over a three year period. The rationales behind choosing this topic are: I have been trained in ACCA studies as how to evaluate an organisations performance using ratio analysis and other techniques. The research on this topic will help me to consolidate my knowledge and put me in a strong position to carry out this study. Accessibility and the quality of the information required for this topic was much easy to obtain as compared to other topics. To carry out the business and financial evaluation I need the audited annual reports and other strategic information of an organization which should be relevant, reliable and readily available thus enhancing the quality of this research project. Part of the accountants role is to help companies in analysing and interpreting the financial performance and position of the organisation and advise the client in which particular areas they are performing well or where they need improvements and to answer such questions as to why the particular ratios are boosting or declining. Without any doubt, this research will help me in my practical life as an accountant. Reasons for choosing the organization: It was clear in my mind from beginning that I should undertake the research on an accounting firm because it is within my profession. I made my mind that I will pick any one of the big four i.e. PwC (PricewaterhouseCoopers), KPMG, Ernst Young and Deloitte Touche Tomatshu. As these firms are LLPs (Limited liability partnerships) I faced the difficulty of the amount of information available because LLPs are not under the same extent of public domain as compared to public listed companies which publish substantial amount of information and are subject to regulations regarding the disclosure of the information. First I thought that I should carry out research on PwC as it ranks number 1 in big 4s but when I started searching on the internet about big 4s then I found much information about Deloitte and even their website and annual reports were much comprehensive so I decided to choose Deloitte LLP. The main reasons for choosing Deloitte LLP were: It is one of the largest professional services firms ranking 3rd (Vault Accounting firm ranking 2008). This ranking is based on the sales revenue generated by the firm and other factors such as working life etc. I wanted to carry out the research on a top ranked firm as there is a lot to learn from successful firms. Deloitte LLP is the market leader in the professional services industry and a very reputable organisation. Undertaking the research on this firm will help me explore why this firm is flourishing. Moreover, after finishing my ACCA qualification I would like to work in an accounting firm and doing the research on Deloitte LLP will help me understand the nature, market, culture and governance of the accounting firms. Project Objective The objective of this research project is to evaluate the business and financial performance of Deloitte LLP with last years and with its competitors PwC for the years ended 31st May 2006, 2007 and 2008. The Research Questions I identified the research questions which will help me achieve the project objective. Focusing on these questions will help me keep the research on track and to the point. These research questions are: What are the firms objectives and what strategy has been adopted to achieve them? How did the firm perform in terms of profitability and what are the main factors affecting its performance? What are the trends in the liquidity position and is the cash management of the firm effective? Is the organisation growing? If so, what sources of finance does it use and how does it impact on their gearing levels? How has the organisation been influenced by the current economic downturn and how will it impact on the next year performance? The Research Design To evaluate the business performance of the firm different modules such as mission analysis, Porters five forces and SWOT analysis have been used to analyse the industry and evaluate firms strength, weaknesses, threats and opportunities. To interpret the financial health of the organization, ratios have been calculated for three years which are then used as a basis for historical and competitor benchmarking. These techniques include comparing the financial performance of the organization with its prior years and those of its competitors. Focusing on financial ratios are not enough to come up with the whole picture so other non-financial performance indicators have been used as well. Trend analysis has been used to identify the changes from year to year. These analytical techniques will assist to analyse, interpret and evaluate the organisations performance and support to come up with the appropriate conclusions. Part 2 Information gathering To evaluate the business and financial performance of Deloitte LLP, I require reliable, qualitative, quantitative and sufficient information that not only focuses on financial and business perspective of the organisation but also industry specific knowledge such as is the market growing or declining, who are the market leaders and what is their strategy. During the information gathering stage, I have not just collected the information about the firm but also kept an eye on its competitors activities. This parallel approach helps me in benchmarking exercise. Types of research methods: Based on this, two key sources of information were used i.e. primary and secondary sources. Both of these methods have their own pros and cons. Primary research is more reliable, relevant and is tailored to the research needs. However, this approach is very time consuming and expensive and usually not available as compared to secondary sources which are readily available and easy to access but may not meet research questions and is less reliable. During the information gathering stage, less field research has been undertaken and contacted the firm only if any particular information is not available from the secondary sources. Primary research was done for one particular issue that arose during the research and that was to understand the legal structure of Deloitte Touche Tohmatsu and its member firms. The only method used for this primary research was emails. However, most of the information required for this research was available from the secondary sources and have been listed below: The firms website: The organizations website www.deloitte.com provided me with much of the information about the firms history, their vision and strategy, leadership, the services in which they are specialized, the industries to which it provides services and the latest news about the firms activities. However, to critically evaluate the organizations performance I need to seek more information outside the companys website as every company is tempted to give a positive image of their organization so I went ahead and used its competitors website as well and other external media. Annual reports: The annual reports of Deloitte LLP are the vital source of information for this research and are easily accessible from the firms website. The information obtained from the annual reports is used in calculating and interpreting the financial ratios. The financial statements also include last year performance which helped me a lot in analyzing the trends in performance and moreover it includes the graphs and charts that assisted me a lot to understand it in less time. However, there is too much information in the annual reports so its easy to get overwhelmed. Books: To get the initial guide on how to start the project I have read BSc (Hons) in applied accounting published by BBP learning media. The book guided me on how to approach this project in a more formal and organised way and facilitated me in every stage of the research from choosing the research topic to writing the skills and learning statement. Other books that I used for the project are drawn from ACCA syllabus. These books are used with the aim to refresh my mind with what I have learnt in ACCA studies. Electronic researches: A vast majority of information is available in the electronic media which benefited a lot during the research stage. The websites are used to get the latest news and other related information. These websites not only provided me the information about Deloitte LLP but also that of its competitors and market. Regulatory body website: The Professional oversight board is a UK regulatory body which specializes in auditing, accounting and oversights the accounting profession. The website used in this research was www.frc.org.uk. The website contains reports about the accountancy market and key facts and trends. Part 3 The analysis, results conclusions: The firm: Deloitte LLP is the UK member firm of Deloitte Touche Tohmatsu (DTT), a Swiss Vereinwhose member firms are a network of legally separate and independent entities. Swiss Vereinis the structure that is recognised under the current composition of Swiss law where organizations are established as Limited liability business. Swiss Vereinorganisations are characterised with a corporate organisation that is decentralised. (Swiss Verein). DTT does not provide services to clients, or direct, manage or control its member firms. This decentralised structure allows DTT organisation to establish policies; member firms apply these policies in quality assurance processes that comply with the local regulatory, legislative and professional requirements. (Annual report 2008) Business Analysis: The Mission strategy: The firms mission is to be recognised as the best professional service provider and its slogan is To help clients and people excel. The firm achieves this by identifying and focusing on the needs of clients, providing the high standard professional services and by investing in their people. (Mission statement). Our mission makes reference to our people, as management recognises their importance in achieving our vision, (Deloitte Orla Graham, HR manager). Deloitte aims to be the number one firm for career and personal development and they have a clear strategy to achieve this. Its strategy involves providing continuous training and development opportunities to their staff to ensure that the services provided to the clients are up to the highest standard of quality and complies with all the regulations.In the past, Deloitte has focused on scale and global coverage but now it is focusing on the standard of excellence (Deloitte Vision strategy). In 2003, Deloitte was recognised as the UKs fastest growing professional firm and in the last few years the firm was acknowledged because they have broader range of skills and highest quality services showing their proficiency. Their strategy focuses on four elements: Broader range of capabilities than its competitors Focus on quality The environment where people can develop and excel A culture that emphasis teaming and high performance (Annual report 2008) The Services offered by the firm: The firm specialises in four services which are Audit, Consultancy, Tax and Corporate finance. These services are provided in different industries such as non-profit organisations, real estate, sports business group, manufacturing, tourism, hospitality leisure, technology, media communication etc. Porters five forces and market analysis: Porter five forces is the framework for industry analysis that identifies the five factors which influence the performance and position within the given market. Although there are several thousand firms in the market but the audit and consultancy market is highly concentrated and dominated by the big fours in the UK and globally. Deloitte touche, KPMG, PwC and Ernst and young audit all of the FTSE 100 companies and represent 99% of the audit fees in the FTSE 350 showing that the market is much concentrated by the big four accountancy firms.. There are two segments of the market. The first one is FTSE 100 companies and FTSE 250 which are covered by the big four and the other segment is the smaller listed companies which are serviced by both the Big four and mid-tier firms (Oxera Report- April 2006). Threats of new entrants in the market are low because of high costs, long payback period and significant business risk. Threats of substitute within accountancy market are also very low because audit, tax and other accounting services are required by law and regulations. The accountancy market in the UK is still growing, but at a much slower rate than in the late 1990s (PRlog Press release 11 April 2007) The main clients of big four accounting firms are the top ranked companies listed on the stock exchange and the stakeholders (lenders, shareholders etc) of these FTSE companies require them to appoint big four accounting firms for professional services because they have the expertise and technical capability to deal with the complexity of these companies which restricts the buyer power within the audit market. As seen, these companies have effectively no choice of auditors other than Big 4s as large companies do not favor the mid-tier firms There is a strong competition in the market particularly between big 4s. Tendering process is been used to gain new clients. However, these firms may find it difficult to offer clients different services to gain competitive advantage as most of the accountancy services are standardized. Switching rates in the market are low- around 4% per year on average for listed companies. Few companies have an explicit policy of switching auditors at regular intervals and competitive tendering does not occur frequently -nearly 75% of the companies surveyed tender once every five years or less, and more than 70% of the FTSE companies have not held competitive tendering in the last 15 years. Organizing tenders, and then changing auditors are costly to both the accounting firms and companies. (Oxera Report- April 2006) SWOT Analysis: The SWOT analysis of Deloitte has been conducted solely with the aim of understanding and evaluating the strengths, weaknesses, opportunities and threats and is detailed below: Strengths: Reputation Brand of the firm Deloitte has been enjoying good reputation and has brand awareness in the market. This reputation and brand are the intangible unique resources and facilitate the firm to attract multinational clients, this helps them to charge premium for the quality services provided and thus increases revenue and profitability. Skilled staff and effective leadership As the firm is in service industry, keeping an effective management team is a key for its success. The senior management team has been drawn from wide range of sources and helps the firm to have diversity in the skills and this could be evidenced in Sunday times, where Deloitte has been listed in the Best big companies to work and also have been named as the No. 1 graduate employer in finance and professional services in the National Graduate Recruitment Awards, (Award winners) taking the award from PwC which has held top spot for the past three years. These highly qualified and experienced staff flourishes the firm to provide the clients with best quality services in a professional manner. . Quality Culture The firm has a high quality and high performance culture. This is achieved by embedding quality into people via learning, training and awarding employees with high performance through competitive reward strategy. This facilitates the firm to offer quality services to its clients which results in high customer satisfaction rate. Weaknesses: The structure The firm operates as a limited liability partnership. Under this structure, partners have limited liability and are not responsible for the misconduct of the other partners but due to this structure the firm may find it difficult to raise finance other than relying on partners and bank loans. Opportunities: During the current economic downturn, most of the companies are reviewing for cash flow management, risk management policies to ensure there are appropriate procedures in place to avoid any losses, and optimising costs etc. This brings an opportunity for Deloitte to enhance its business and risk management services to advise on the risk practices adopted by the clients. Moreover, during the recession a lot of companies are filing for bankruptcies which may also result in increase in consultancy service demand as clients may be looking for administration and restructuring advice. Deloitte is utilising this opportunity as this could be evidenced when Louise Brittain (UKs leading insolvency practitioner) joined the firm in its reorganisation service practice and will aid the firm in getting high profile appointments. ( Deloitte Press release 12 Feb 2009) Deloitte has been appointed as administrators of Land of leather (furniture store retailer), Woolworth Plc (the high street retailer), Entertainment UK (UKs leading distributor of entertainment products) showing that the firm is well equipped to meet the opportunities. However, these opportunities are short term in nature and the firm needs to identify other long term opportunities from the market that exploit their strengths. Threats: As accountancy is not a recession proof profession, the current economic crisis has brought threats for Deloitte and may have serious consequences. As Deloitte LLP provides audit services to clients that involves giving appropriate opinion on the truth and fairness of the financial statements and on the going concern assumption (whether the clients will be in existence in the foreseeable future). During this financial crisis, accounting firms need to have prudent approach in carrying out the audits of clients as during the recession the clients may be tempted to use dubious accounting practice to retain the shareholders confidence. Also, auditors are under pressure to carry out detailed testing whether the client is able to borrow money from its bank due to insufficient borrowing facilities in the economy. Inappropriate opinion given on the future existence of the client may put auditors in the risk of being sued for negligence and may result in fines and penalties. Moreover, many companies have filed for bankruptcies which will reduce the client base for Deloitte and will impact on the performance. Non financial performance evaluation: Staff satisfaction: One of the critical success factors for Deloitte is the skilled and highly motivated staff. These people are the unique assets and will underpin the performance of the firm. The survey conducted by the The Workplace Engagement Specialist shows high level of pride and job satisfaction among staff with 76% staff proud to work for the firm and 72% find their job stimulating. Deloitte spends about  £12m a year on developing its employees and has a dedicated team of trainers who can help their staff and every staff member has a career development adviser. (The Workplace Engagement Specialist) Quality: Quality is the core competence of Deloitte and a key factor in retaining the existing clients and attracting the new appointments. Deloitte has a high performance culture where providing the high quality service is paramount which helps the firm to gain competitive advantage. Their Quality Agenda focuses on three elements; clients, infrastructure and people. The firm emphasises in understanding the clients expectations and this is achieved by working closely with clients, embedding the quality into their people and infrastructure which focuses on effective leadership, internal training programs, professional standards and review assessments. (Annual report). New partners / talent: Recruiting the required level of staff is as important as maintaining the skilled staff. It is essential for the firm to bring new talent. The firm is seen as continuously investing in people; in 2007, there were 11,000 partners and member staff working across UK. In 2008, this number increased to 12,000. Deloitte has high staff turnover rate of 17% (Sunday times) as compared with its competitor PwC which was 13% (PwC Annual Report 2008) indicating staff is less satisfied with the firm comparatively and leaving at a higher rate than PwC even though PwC has more number of staff than Deloitte still their staff turnover ratio is low. Financial performance evaluation using Ratio analyses: Ratio analysis is the widely used technique in evaluating the organsation`s financial performance because this method helps to summarise the results in a simple way and moreover inter firm comparison helps to conclude how is the organisation performing in relation to industry and other organisations within the market and encourages to think out side the box. The main indicators used to evaluate the firms performance are sales growth, profitability, liquidity measures and financing arrangements and are discussed below. Sales Trend Analysis: The revenue of the firm is constantly increasing. Gross revenue increased by 11.5% in the year ended 31st May 2008 as benchmarked with last year exceeding the  £2000m target to  £2,010m. The competitor PwCs revenue was  £ 2,244m in 2008 which was a 7% increase in revenue as compared to last year showing that Deloitte is growing rapidly as compared to its competitors. The Deloittes revenue and that of its competitor PwC has been shown in the following graph comparing the revenue from year to year. The group is managed by the matrix structure which incorporates both service lines and the nature of the market to which services are supplied (Annual Report 2008).The sales revenue analysed by service line/segment has been shown below. Interpretation: Revenue analysis 2006: Overall, turnover grew by 15% to  £1,559m and 32%, 27%, 24% and 17% of the revenue was contributed by audit, tax, consultancy and corporate finance respectively. The consultancy division performed very well in 2006 as the divisions revenue grew by 22% and this growth has led the Deloitte being recognized as the markets leading business consultancy service provider. In 2006, the audit division contributed the substantial amount of revenue and increased by 17.2% during the year as the audit market share in FTSE 100 and FTSE 250 continues to grow. Revenue analysis 2007: Revenue grew by 15.6% to  £1,802m when PwCs revenue grew by only 6% to  £2,107m indicating that Deloitte is growing at the faster rate than its competitors. The reason for this growth was the strong market, reputation and talented staff which have given Deloitte the opportunity to gain new clients and win many new assignments from existing clients all across business segments and industries according to Chief executive. In 2007, the firms revenue grew by higher rate than its competitors which was 6.1% for PwC LLP and 10.5% for KPMG LLP. Once again, the significant amount of revenue was contributed by the audit division. The consultancy division is also growing but at slow rate as compared to last year. Overall, all the divisions revenue grew and ultimately resulted in a healthy progressive year. Revenue analysis 2008: In 2008, the firm exceeded its  £2b target and reported a strong growth of 11.5% given the complex markets. Deloitte is seen as having a superior performance than its competitors PwC as their revenue only grew by 7%. On this excellent performance, Deloittes CEO claimed that they have surpassed their competitor PwC in terms of standing in the market place but PwCs new chairman, Ian Powell denied Deloittes claims that it has overhauled its rivals in terms of reputation saying it was pretty difficult to prove. (Accountancy age -14 Aug 2008) The reason for this growth is the Deloitte brand, the experienced professional staff and managements efforts to identify and capture high growth opportunities. All the divisions are growing but at slower rate as compared to last year. The reason for this could be the UK economy shrinking which has restricted many business opportunities for organisations which certainty impacts consultancy and corporate finance divisions. Moreover, in this economic crisis, clients are forced to reduce costs so they may have appointed mid-tier firms which may have influenced Deloitte`s performance. However, audit division grew by 11% and is now the co-leader in the share of FTSE 250 audits. (Annual report 2008). Profitability ratios: Profitability ratios measure the performance of the management and the return they are generating from the assets invested in the business by the partners. Gross profit margin: Gross profit margin measures the firms profitability from its operations and represents the relationship between sales revenue and directly related costs in providing services to clients and is calculated as: Gross profit margin = Gross profit / Sales revenue x 100 The gross profit margin of year ended 2006, 2007 and 2008 are 49%, 49% and 50% respectively showing that the firms gross profit is increasing. As Deloitte is in service industry, the only directly related costs are staff costs and expenses disbursements on client assignments and gross profit is calculated as the difference between the sales revenue and these directly related costs. The firm gross margin is nearly constant in the last three years. This shows that the firm is very efficient in controlling its costs in relation to its sales and in a better position to cover its other costs such as interest, tax etc. The staff costs are the major cost in providing services and represent 36.3%, 36.8% and 35.5% of sales revenue in the last three years, which are nearly constant. Net profit margin: It is the ratio that measures the overall performance of the firm after all the expenses have been deducted such as interest and tax and is calculated as: Net profit margin = Profit after interest and tax / Sales revenue x 100 There was an upward trend in the net profit margin in the last three years and net profit margin was 29%, 31% and 32% in 2006, 2007 and 2008 respectively. As seen in the chart, where PwCs net profit margin is declining from 35% in 2006 to 33.3% in 2007 and 30% in 2008 Deloittes net profit margin is increasing. However, where the sales revenue increased by 12% in 2008 net profit margin only increased by 3% which shows that although the firm is growing in terms of revenue and profitability but not in a consistent way i.e. if sales are growing then net profits should also increase by the same proportion (although it is very ideal situation) but it is not the case with the firm. Overall, the firms net profit margin is increasing. The net profit margin of Deloitte was higher as compared to competitors net profit margin which was 30% for PwC and 20.40% for KPMG in 2008. Even though the competitors revenue and net profit was higher but the net profit margin ratio was low as compared to Delo ittes indicating that the firm is earning high profitability rate than its competitors. Profit per partner: The profit per partner of Deloitte and PwC LLP is shown below: The profit per partner calculated above represents an average figure but partners share profits based upon the evaluation and the contribution of each individual partner to achieve the strategic objectives of the firm. Although the firms average number of partners also increased from 641 to 672 members in 2008 but it didnt deteriorate the average profit per partner because of rising profits. As seen in the chart, where Deloittes average profit per partner is increasing PwCs profit per partner is decreasing. The profit per partner is consistently increasing which will ultimately results in partners more confidence in the firms performance. Liquidity ratios and Cash flow management: For a successful firm, making a healthy profit is not enough; the firm must be effective in cash management because cash is considered as the lifeblood of the organisation. Profitability measures are subject to criticism of manipulation and short termism but cash/liquidity measures are hard to manipulate and gives an indication of the firms solvency position. The liquidity ratios with their interpretation are given below: Current ratio Current ratio measures the firms ability to cover its current liabilities (short term debts and obligations) by its current assets. Higher current ratio indicates that the firm is liquid. The ideal ratio is considered to be 2:1 i.e. the organization has twice assets to cover its current liabilities but it differs from industry to industry. Current ratio is calculated as = Current assets / Current liabilities The firms liquidity position is steadily improving. In 2006, the firm has a cash balance of  £10m and an overdraft of  £22m showing a net deficit of  £12m but the firm has other liquid assets to cover its current liabilities thus a current ratio of 1.7. This overdraft had been repaid in the next year with the cash cash equivalents of  £51m showing a healthy cash position with a current ratio of 1.9. In 2008, the company has a strong liquidity position when it accomplished the ultimate benchmark level of 2:1 which was in line with PwCs current ratio of 2:1 and was higher than KPMGs which was 1.5:1. The reason for this is that the firms current assets grew by 19% while current liabilities increased by just 6% in 2008 and is moving towards more stable position. Receivables Day Ratio: Receivables day measures the average number of days the receivables take to pay for the services provided. The firm has an effective working capital management if the receivables pay within the credit period given to them as the firm will also be able to meet its short term obligations as they fall due. Receivables day ratio = Receivables / Credit sales x 365 The receivables day ratio has been constantly improving from 116 days in 2006 to 104 days in 2007 and 101 days in 2008 showing that the firm is recovering its money back from receivables more efficiently. However, the receivables collection period of the firm is very high as the competitors collection period which is in the range of 80-90 days indicating that Deloitte is offering its clients extended credit terms to boost revenue. Although the firms sales revenue is increasing with an increase in receivables yet the firm managed to keeps the receivables collection period improving. Operating cash flow ratio (OCF): OCF ratio measures the liquidity position. Using cash flow as opposed to income or profit is a better measure as it expresses the firms ability to pay its short term debt from the cash generated from its operations. If the ratio is less than 1, it indicates that the firm is not raising enough cash from its operations to meet its short term obligations and may indicate the need to raise additional funds from other sources to pay its debts on time