Business and Management Essay Example | Topics and Well Written Essays - 1250 words

Business and Management - Essay Example It sells more than 2.5 million products to more than 190 countries around the world, which gives an indication towards the company's rapid global expansion (Nissan Motor Co Ltd, accessed 07.01.2006). According to the company's annual report for the year ended 2005, Nissan is basically a Japanese-based company and other than its home country, it has a major market for its products in the United States, United Kingdom, Spain, Thailand, China, Egypt, Brazil and other 150 countries around the world where Nissan automotives and their components are sold. Nissan is a publicly traded company and listed on major stock exchanges of the world. According to the company's annual report for the year ended 2005, the company keeps a double management team comprising the Board of Directors and a Statutory Audit Committee based on their duties and responsibilities under the Commercial Code of Japan. The company's major stakeholders are its customers, employees, shareholders and suppliers etc. Currently, the company has nine members of the board of directors, of which only one is external. The company's Statutory Audit Committee comprises four auditors out of which three are external statutory auditors. The company's management structure is designed in a way that the Board of Directors is responsible for taking the entire management decisions whereas the Statutory Audit Committee is responsible for reviewing the Directors' performance.NISSAN- GLOBAL STRATEGY As mentioned above, Nissan is an international company having its business operations in more than 190 countries around the world. But its major markets include the home market Japan, the North America, Europe, China, Asia, Middle East, Africa, Latin America and the Caribbean. The company maintains its global sales strategy and plans to enhance its sales in all the major areas of its operation. According to the company's Annual report, the company's strategy in Japan is to expand its sales by the enhancement of its marketing strategy and the establishment of an efficient dealership network. But despite all that, the company's sales in its home market are declining. The automotive industry in Europe is highly diverse having a great number of manufacturers engaged in car design, production and sales. To maintain its profitability in the European market, the company's strategy is to design and provide the unique and stylish products that could earn more profits for the company. The company's wide range of products is very popular in North America and China. The strategy behind the success in these areas is to provide its products at a price that is acceptable to its customer group. In the Asian market, the company has planned a strategy to penetrate into new growing markets. In the Middle East, Africa, Latin America and the Caribbean countries, the company is making its profit by adapting a strategy to remain flexible with the market conditions in terms of production. ANALYSIS OF CURRENT PROBLEMS AND ISSUES After the in-depth analysis of Nissan Motor Co. Ltd., it can be seen that the company has to confront with major issues that could affect its sales and profitability for the years to come. Some of the major issues are analyzed and discussed below: Increasing Cost of Sales Although the company has been successful in generating sales for its business for the current year, but still the

McWane, Inc. Essay Example for Free

McWane, Inc. Essay McWane, Inc. is a privately held company based in Birmingham, Ala., which owns plants across the country and Canada and who is one of the world’s largest manufacturers of cast iron sewer and water pipe (McWane Mess). From 1995-2003, McWane plants, in the U.S., had 4,600 worker injuries (CBC News). The company was also cited for more than 400 safety violations and 450 environmental violations during that same period (Barstow, Foundry). Tyler Pipe, one of McWane’s plants, was described by one its workers. He said it was â€Å"a dim, dirty, hellishly hot place where men are regularly disfigured by amputations and burns, where turnover is so high that convicts are recruited from local prisons, where some workers urinate in their pants because their bosses refuse to let them step away from the manufacturing line for even a few moments† (Barstow and Bergman, Texas). A federal investigation began in January 2003, which was the same month The New York Times published a series of articles that described McWane as one of the nations most persistent violators of workplace safety and environmental laws (Barstow, Foundry). CAUSES Root organizational causes and regulatory weakness factors contributed to the McWane scandal. The structure at McWane contributed to the scandal because it was one of the root organizational causes. McWane Inc. is a privately held organization where the family and a few close individuals run it. The family is described as secluded and very private (Barstow and Bergman, Family’s). Executives and family members repeatedly decline interview requests and rarely talk to the media (Barstow and Bergman, Family’s). In 2007, of McWane’s twenty-five divisions, only two included McWane in the name (Wisniewski). Even though McWane’s divisions were places where the desperate seek work (Barstow and Bergman, Texas), society did not hold the right people accountable. Many individuals do not know McWane is connected because the plant names rarely reflect their owner. Without interviews, the fact that it is a private company, and that it keeps its name off new divisions, McWane lacks transparency to help keep it accountable. The seclusion and privacy of the family makes it seem as though they stay out of the public eye for a reason. McWane’s organizational culture was also a root cause that contributed to the scandal. One phrase was posted throughout the plants and was posted in large orange print: REDUCE MAN HOURS PER TON (Barstow and Bergman, Texas). This phrase created a culture that drove all aspects of the McWane companies. McWane was not the best place to work. In fact, there were times when turnover was 100 percent at one plant (The McWane Mess). High turnover is one measure of the culture at McWane and it shows how employees fit into that culture. The high turnover was disturbing and not normal for the industry. Acipco, a direct industry competitor, had a yearly turnover of around half a percent (Barstow and Bergman, Family’s). The organizational culture that focused on one key phrase continued into work shifts. There were two 12-hour shifts instead of the normal three shifts of eight hours. At the end of a shift, supervisors often called for four more hours of work. Therefore, employees worked 16-hour days, sometimes seven days a week (Barstow and Bergman, Texas). Leadership was also a root organizational cause. McWane never developed a system to hold supervisors accountable for safety; however, their system for holding supervisors accountable for production downtime (Barstow and Bergman, Texas). Federal rules require conveyor belts be shut off for maintenance. They also require that all belts have safety guards. The rules are important because they help prevent workers from being caught and crushed. In one instance, inspectors discovered that a belt violated both of those rules (Barstow and Bergman, Texas). This negligence contributed to one of the nine deaths that occurred at McWane divisions from 1995-2003 (Barstow and Bergman, Deaths). Leaders in the company gave orders that were in clear violation of laws. Another example of leadership was what to do with 200 old tires. It would have cost about $750 to have them brought to a waste dump. However, documents show that a plant manager ordered the tires be burned, even though he had been notified burning tires violated air-quality laws (Barstow and Bergman, Texas). The managers like the one above were partially victim to those higher up. The leadership style at McWane was clearly a top down approach. One plant manager stated, â€Å"I was like a robot. All that mattered was getting machines moving again after an accident† (The McWane Mess). One risk manager says that a top down approach creates a disconnection between plant managers and executives. He also explains that this disconnection increases in privately held companies due to a lack of accountability (The McWane Mess). OSHA’s regulatory and oversight weakness contributed to the McWane scandal. At the time, the laws in place were not severe enough detour McWane from committing them. At the time of the scandal, the crime, of willfully violating safety rules that cause the death of a worker, was a misdemeanor. That crime was a less serious than harassing a wild burro on federal lands, which was punishable by up to one year in prison (Barstow and Bergman, Deaths). The fines McWane had to pay for violations were lower than the cost of having the machines down due to implementing and following safety regulations. A McWane executive confessed that Tyler Pipe had willfully ignored workplace safety laws, a crime that caused the death of a worker. The company only paid a $250,000 fine (The McWane Mess). OSHA let off McWane through payments and it did not do more to ensure the safety of workers in McWane plants. Weak labor union oversight also played a role in contributing to the scandal. The labor unions that represented McWane workers were usually small and overwhelmed with cases. The unions had no bargaining power because they were small, so they could not effectively protect their workers from low wages, hours per shift, or dangerous environments. A United Steelworkers union official attempted to tour Tyler Pipe with a safety and health specialist but had been rejected twice (The McWane Mess). CONSEQUENCES McWane scandal had widespread consequences. Those consequences affected the company as well as the environment and manager at the plants. The scandal produced financial woes and a tainted reputation for McWane. McWane was ordered to pay $19 million in fines and restitution in 2006 (Barstow, Foundry). In addition, McWane was ordered to pay $8 million in fines for dozens of workplace safety and environmental crimes in 2009 (Barstow, Iron Pipe). The fines that McWane had to pay were substantially more than any other fines it had previously received. The McWane scandal also greatly affected the environment. As stated before, McWane had over 450 environmental violations (Barstow, Foundry). One of those incidents, the burnt tires, caused toxins to be released directly into the air. Another incident that McWane was charged with was illegally dumping oil into the Atlantic Ocean. McWane had dumped so much oil that it created an 8.5-mile-long slick (Barstow and Bergman, Family’s). Lastly, the McWane scandal affected the lives of those managers who were charged criminally. Four McWane plant managers were convicted or pled guilty to committing environmental crimes (United States v. Atlantic). These people took risks that ended in tarnished reputations, criminal records, jail time, and hefty fines. PREVENTION Prevention is key so that scandals, like McWane, do not happen again. One preventative step is that the government has set stronger penalties for companies who repeatedly violate safety and environmental laws. The government has also set out better guidelines to prosecute repeat offenders (Barstow, Guilty Verdicts). Another preventative measure is that OSHA is looking to increase its criminal enforcement arm. In four years, OSHA only sent 21 percent of eligible cases to the Department of Justice, and the DOJ acted on 4 percent (McGarity et al). If OSHA can increase its force, it can ensure the safety of more workers. The increased force would be a deterrent for companies, because the chances of it being charged would increase. One last way to prevent other scandal is to have the White House and Congress step up (McGarity et al). If these two groups could work together and provide OSHA with a larger budget, OSHA could then improve everything that they do. It all comes down to the fact that OSHA is there for the people, but with a small budget, they cannot do the best job possible. Works Cited Barstow, David, and Lowell Bergman. At a Texas Foundry, an Indifference to Life. The New York Times 8 Jan. 2003. Print. Barstow, David, and Lowell Bergman. Deaths on the Job, Slaps on the Wrist. The New York Times 10 Jan. 2003. Print. Barstow, David, and Lowell Bergman. Familys Profits, Wrung From Blood and Sweat. The New York Times 9 Jan. 2003. Print. Barstow, David. Foundry Pleads Guilty to Environmental Crimes. The New York Times 23 Mar. 2005. Print. Barstow, David. â€Å"Guilty Verdicts in New Jersey Worker-Safety Trial.† The New York Times 27 April 2006. Print. Barstow, David. Iron Pipe Maker Is Fined $8 Million for Violations. The New York Times 25 Apr. 2009. Print. CBC News: The Fifth Estate A Toxic Company The Canadian Connection. CBCnews. CBC/Radio Canada, 8 Jan. 2003. Web. McGarity, Thomas, Rena Steinzor, Sidney Shapiro, and Matthew Shudtz. Workers at Risk: Regulatory Dysfunction at OSHA. The Center for Progressive Reform. Feb. 2010. Web. The McWane Mess. ISHN Magazine. BNP Media, 11 Feb. 2010. Web. United States v. Atlantic States Cast Iron Pipe Company Et Al. Fact Sheet. EPA. Environmental Protection Agency, 9 June 2011. Web. Wisniewski, Barbara J. The McWane Story. McWane, 2012. Print.

Construction Issues and Reflective Assignment

Construction Issues and Reflective Assignment Introduction This report evaluates and analyses 4 issues which arose from a construction project and solutions have been recommended. A reflective essay is included to provide an amicable solution to the issue. Background Information Smart Developments are a commercial development company based in Leeds with goals to provide new sustainable buildings in Leeds. The first development is a  £10,000,000.00 project to build new accommodation, retail, sports and leisure facilities. Modern Contractors are a respected and hard-working medium sized contracting organisation operating in Leeds and throughout the region. Modern Contractors had signed an 18month contract with Smart Developments to complete the building works, based on JCT Standard Building Contract with Quantities 2011. The following issues have arisen: 1. On the date that Modern Contractors were due to start the project the main entrance to the site (as stated in the Bills of Quantities) is blocked by materials left by the Client. These materials are not removed from site for 1 week. 2. During the removal of the cellar a gas main was found and British Gas was called to relocate the main which took 16 working days. Some works could continue but the repositioning of the gas main caused a delay to the progress of the main groundworks. 3. Then, during the excavation of the substructure works ancient roman coins are found. This leads to a further delay of 1 month to allow for archaeological investigation work. 4. Monthly payments are agreed in the contract particulars and these should be in Modern Contractors account by the 15th of each month. In August and six months into the contract period payment was not paid until 5th September. When Modern Contractors complained to the employer they said â€Å"that’s the trouble with banks these days – you just can’t rely on them† and Modern Contractors â€Å"should know better than to complain about the situation as this is standard industry practice†. As Modern Contractors have some issues with cash flow they are proposing an additional clause in their contracts with their sub-contractors that will provide for them to pay the sub-contractors only when they have been paid. Issue 1 On the date that Modern Contractors were due to start the project the main entrance to the site (as stated in the Bills of Quantities) is blocked by materials left by the Client. These materials are not removed from site for 1 week. Before going deep into the roots of the contract, it is important to note that all site works are under responsibility of Smart Developments. What does the contract say? In the case ofFreeman v Hensler (1900)where it was held that it is an employer’s duty (of co-operation) to give the contractor possession of the site within reasonable time to enable him to carry out and complete the work on the completion date. According to JCT 11 SBC/Q, the employer has to co-operate fully with the contractor so that the site is handed over within reasonable time, and the contractor will be able to perform the works as per schedule. If the employer fails to do so, it is possible for the employer to defer giving possession of the site for a period not exceeding six weeks calculated from the relevant Date of Possession stated in the contract. (Clause 2.5) Such clause prevent the employer from being in breach of contract and liable to damages, but the contractor will have alternative remedies which are listed in clause 2.29.3 (extensions of time) and clause 4.24 (loss and expense). The fact that materials were blocking the main entrance can be taken positively. The contractors could have notified Smart Development who would have organized for an alternative entrance or simply moved the materials somewhere else. It can be argued that one week’s time loss is not substantial and will not hinder the project or cause the project to continue beyond completion date. Assuming buffers/float were added for activities, Smart Developments can argue that the whole project duration can accommodate the loss of time (1 week) and they negotiate with the contractors to start the project after one week and still finish the project on time. Recommendation In the event that the contractors do not agree and decide to go forward with a claim of extension of time or loss and expense, it is advisable for Smart Developments to allow for reasonable extension of time. Though the process isn’t simple, the contractors need to notify the employer that they will be delayed in starting their work. The Contract Administrator need to do the follow up and find out if this event is a Relevant Event or not. This process may take another week. (Note: Deferment of Possession is a relevant event under clause 2.29.3 / 2.5) Concerning loss and expense claim, it is advisable for Smart Developments to verify the claim amount to know if there has been any mobilisation cost or machinery transferred to site or any valid claim, before proceeding to any payments. Issue 2: During the removal of the cellar a gas main was found and British Gas was called to relocate the main which took 16 working days. Some works could continue but the repositioning of the gas main caused a delay to the progress of the main ground works. What does the contract say? There is a mechanism in the contracts to deal with delays. Usually foreseen or unforeseen events which appear during progress of work have to be dealt with by a protocol. JCT 11 dictates that the Contractor has to inform the Contract Administrator or the Architect in writing when cases arise where they deem to have been delayed significantly. And to stipulate the number of days they think the delay will cause them prejudice/prevent the contractors to continue their job. It can be noted that an extension of time granted for a cause of delay which may seem to have financial implications does not necessarily mean that there will be additional payments. The design team of Smart Developments should have carried out proper site surveys prior any designing and notify the Contract Administrator of possible works concerning gas pipes. It is inevitable for British Gas to be present and complete the repositioning of gas’ main. JCT 11 SBC/Q defines that statutory undertaker such as British Gas (being responsible for gas supply and regulated by law) should carry out their work diligently. Recommendation At this point, it is advisable for Smart Developments to fix the completion date and allow for extension of time for the contractors to complete the work in progress, based on clause 2.27, 2.28 and 2.29 To prevent any further problems concerning loss expenses, Smart Developments can review the rate at which Liquidated Damages are governed and reduce at its free will. Under clause 2.30, once a certificate has been issued, deductions can start after the first payment but Smart Development can bargain with the Contractors for a review of the rate and withhold deductions until practical completion has been reached. If both parties agree, only extension of time will be granted because of the delay caused by British Gas. Issue 3: Then, during the excavation of the substructure works ancient roman coins are found. This leads to a further delay of 1 month to allow for archaeological investigation work. What does the contract say? According to JCT 11 SBC/Q, the clause 2.29.4 acknowledge that compliance with clause 3.22.1 (Antiquities) or Architect’s/Contract Administrator instruction under clause 3.22.2 is a valid Relevant Event. Recommendation Valid Relevant Events are entitled to Extension of Time; Therefore Smart Developments should fix the completion time and allow an extension of time. The contractor can claim for Loss Expenses since excavation was being carried out and it had to stop to allow for investigation. Since 1 month of delay is fairly considerable lapse of time, Smart Developments should allow the contractor to claim for its Loss Expenses, Smart Developments can only compute a reasonable amount of loss incurred. The other side of the coin is that if there is part performance only, then Smart Developments can only pay for the work that has been carried out. Since the contract has not been fully honored, both parties can wait and accept the delay in project. And resume work after the coins’ investigation has been completed. Smart Developments will forfeit the right to claim for Liquidated Damages if the contract completion date is fixed again. Issue 4: Monthly payments are agreed in the contract particulars and these should be in Modern Contractors account by the 15th of each month. In August and six months into the contract period payment was not paid until 5th September. When Modern Contractors complained to the employer they said â€Å"that’s the trouble with banks these days – you just can’t rely on them† and Modern Contractors â€Å"should know better than to complain about the situation as this is standard industry practice†. As Modern Contractors have some issues with cash flow they are proposing an additional clause in their contracts with their sub-contractors that will provide for them to pay the sub-contractors only when they have been paid. What does the contract say? The dates provided in the contract particulars are to be used to distinguish if there has been a breach of contract for delayed payment or not. According to JCT 11 SBC/Q clause 4.12.1 the final date of an interim payment is 14 days from the due date. Therefore money due in August should have been lodged in the contractors account by latest 29th of August. Since payment was received on 5th of September this amounts to a breach of the contract. The contractor has the right to suspend any work as a result of the breach of contract or to terminate his employment under clause 4.16.7 / 4.14.1 Recommendation It is advisable for Smart Developments to pay the contractor simple interest on the amount due from 29th August till 5th of September as per clause 4.12.6 and to make sure that all payments are done within the time frame. The fact that Modern Contractors are altering their contract with the sub-contractors doesn’t not affect Smart Developments because of privity of contract, though Modern Contractors have to notify the employer of the sub-contractors they will be employing as per CDM Regulations stated in clause 3.23.3 Reflective Essay Modern Contractors could have moved the materials on site themselves or notify Smart Developments of the problem that the main entrance is blocked by materials, and expect the Employer to clear the entrance. Concerning the 1st issue: Though the delay is only one week, the employer cannot use any available float to absorb this type of delay. Modern Contractors should apply for extension of time for this delay and make sure that extra time is allowed for the float as well. Concerning the 2nd issue, British Gas has to complete their work as per law, Modern contractors being hindered in doing their job can claim for extension of time. Though Modern Contractors have been trying to complete other works in sections, this delay can be reflected in the overall project hand-over time. Therefore Modern Contractors have to apply for extension of time and moreover claim for Loss Expense as it is accrued for 16 days of not performing actual work towards achievement of project. Concerning the 3rd issue, since the event could not be foreseen by any parties, Modern Contractors are entitled to extension of time and have the right to claim for Loss Expense. The cost would include plant provided on site for excavation, labour, lorries waiting for excavation etc. Concerning the 4th issue: Modern Contractors have the right to suspend any performance until payment has been effected. It is possible to terminate the contract as well because of the breach caused by Smart Developments in delaying payment. By adding extra clauses to the contract, Modern Contractors cannot forego their duties to pay their Sub-Contractors. The payment has to be processed by Modern Contractors no matter what is the outcome with Smart Developments. An amicable solution for problems is direct negotiations between Modern Contractors and Smart Developments. For Issue 1: Either parties could have cleared the materials and go forward with the project. As 1 week is not considerable time and both parties can absorb this delay within float For Issue 2: The design team should have known that there are live gas lines within the cellar, therefore British Gas would have been called during the first week to relocate the pipes. Modern Contractors would have been given possession of site 2 weeks after British Gas had fix the lines. For Issue 3: The best option would be to pay Modern Contractors a minimum rate for the delay caused. That rate would cover for plant hire and labour for example, there would not be any profit for Modern Contractors. Or allow Modern Contractors to carry alternative works on other site until Smart Developments are ready to accommodate them again. For Issue 4: Smart Developments can negotiate to allow for some extra time before payment can be released to Modern Contractors and waive retention money for part of works carried out.

Management Essay -- Business Management Leadership

Being a manager takes a great deal of hard work, dedication, and persistence. In order to achieve the goal of becoming a CEO, necessary skills of a manager must be developed and then achieve the skills and confidence to succeed. Since managers are leaders, leadership skills and cross-functional leadership skills must be developed. Lehman Brothers, a global investment bank, emphasizes the importance of â€Å"leadership potential and initiative, as well as problem solving and technical skills.† The management training program will provide a plan of action to strategize and grasp all the necessary skills in a short time to fulfill the goal of becoming the CEO. First and foremost, managers must identify weaknesses, polish up strengths, and learn new ideas and concepts that will improve their leadership qualities. Developing leadership qualities includes perfecting a key set of management skills; conceptual skills, interpersonal skills, technical skills, and political skills. It is important to use interpersonal skills to work with management team members in the program and to listen to ideas and opinions. â€Å"Without strong interpersonal skills, then it is not possible to be a successful manager.† The manager would develop conceptual skills a CEO would encompass to have the vision and determination through the logical thinking process. Also, learning how other people think and accepting the differences that exist would assist in managing them. This would give credibility to the manager as a person who is not afraid to think out of the box and to tread paths that are not always the norm. An amicable environment must be created where people are not afraid to communicate, manage resources and apply ideas and theories to lead ... ...e to the sub-managers whether or not he or she has the technical know-how. The CEO is able to make key decisions for the company that benefits the firm in a macro level and ensures that the decisions are made in the shareholders best interests. The CEO understands Skilos Inc. in a big picture sense, assesses issues, creates good solutions and evaluates results, while keeping a positive morale. The goal would be to work for the betterment of the company while maintaining the mission and vision of the shareholders and company. http://us.rediff.com/money/2005/apr/28spec.htm P. Buhler, Managing in the New Millennium: Interpersonal Skills (article), July 2005 R. Teerlink and L. Ozley, More than a Motorcycle, p. 268 J. Vardallas, How to Keep your Strategic Planning Focused (article), February 2005 L. Stark, Successful Meetings (article), July 2005

Pragmatic Accounting Essay

There is no generally accepted theory of accounting. There are a number of accounting theories (though a systematic attempt has been made by Financial Accounting Board (FASB) of USA and IASC and other to formulate a comprehensive theory of accounting). The definition of Accounting Theory given by Hendriksen as â€Å"a set of broad principles that (i) provide a general frame of reference by which accounting practice can be evaluated, and (ii) guide the development of new practices and procedures† lead us to perceive accounting theory as a basis of explanation and prediction. The primary objective of accounting theory, as it follows from this definition, is to provide a coherent set of logically derived principles that serve as a frame of reference for explanation/prediction of accounting events and behavior. Classification of Accounting Theories There are several ways of classifying accounting theories. They may be classified, for example, according to time e. g. steward accounting, decision usefulness accounting, and accountability or societal responsibility accounting. Other ways of classifying theories can be (i) Inductive versus deductive, and (ii) normative versus positive. Glautier and Underdown are of the view that the roots of accounting theory are decision theory, measurement theory, and informational theory. Hendirksen says that â€Å"a useful frame of reference is to classify theories according to prediction levels† there are, according to him, three main levels of theory. The levels are as follows: 1) Structural or syntactical theories. 2) Interpretational or semantical theories. 3) Behavioural or pragmatic theories. Behavioral or pragmatic theories: These theories emphasize the behavioural or decision-oriented effects of accounting reports and statements. It has been noted that accounting is now regarded as a process of measurement and reporting information to the users- internal and external. Since 1945 onwards it is being realized that accounting is useful not merely to assess the result of past performance but also that it can be more useful in decision making by the management , shareholder, creditor, present and potential investors, government and others. The objective of accounting now is not only to provide information to management for decision making. Outsider interested individual and groups of individuals are also supplied necessary and timely information for making rational decisions. The focus is on relevance of information being communicated to decision makers and the behavior of different users as a result of presenting of accounting information, e. g. an effort to and be made to find out the extent to which security prices reflect fully and promptly all available information or what is the impact of providing price-adjusted accounting information during inflation on decision makers. It can thus, be seen that in recent times communication-decision orientation has been emphasized in the development of accounting theories. Behavioural theories attempt to measure and evaluate the economic, psychological and sociological effect of alternative accounting procedures and reporting media. ACCOUNTING is utilitarian. It represents a response to needs. The measure of its achievements at any point in time and in any particular context is the extent of this response to the needs of that particular time in that particular context. Underlying accounting standards represent the concept of usefulness. The truth of this is evident in the decision-oriented accounting which forms such a large part of the accounting task. The accounting required to satisfy the demands of stewardship, law and regulation, and reporting minima, forms only a minor part of modern data processing and information systems. The detailed classifications and task-oriented analyses which are a feature of the modern system are justified only by their capacity to provide at the margin a value in excess of the incremental cost. Management needs information to use as a basis for decision-making. The value we are concerned with is value to management  An accounting system accumulating, classifying, analyzing and relating both financial and statistical data is the major source of managerial information. In the first place there is the value of the record itself. It is necessary to have ready access to facts, and reliable evidence of facts. For example, detailed and verifiable records of debtors’ current accounts are essential. In the second place, there is value in the analysis of the results of past activity and past decisions, particularly if this can be related to standards and to individual responsibilities. Finally, there is value in data classified and accumulated for the purposes of projection. There is truth in the criticism that we are a long way from using the economic potential of electronic computers in the business sphere, and that the future will see an increasing use of computers in the scientific projection of past data to provide a constantly updated guide for managerial planning. Administrative accounting is a response to managerial needs. It is economic only insofar as it provides, at the margin, value at least equal to cost. It follows that, in the rapidly changing scene which is typical of today, there is a need for a continual reassessment of needs, of responses, and of economics. It follows too that the administrative accountant is concerned not just with meeting general needs typical of the particular type of enterprise, but also the particular needs of those responsible for administering the particular enterprise. Finally, the administrative accounting that is done in a specific enterprise is the concern of the management of that enterprise rather than of the accountancy profession. Accounting is a system-centered activity carried out to meet particular needs. But a study through time, and a study of systems in widely varying enterprises, reveal the existence of some broad needs and the development of some common methods and generally accepted standards in the meeting of those needs. In their valuable study of accounting continuity,’ Littleton and Zimmerman have traced three general and continuing needs which have been and continue to be the concern of accounting: 1. The need to record in order to report. This is the concept of stewardship; but is concerned too with the need for dependable facts. . The need to audit in order to trust. This is the concept of verification, ex-pressed in the modern context in the auditing function. 3. The need to analyze in order to understand. The need to interpret, they suggest, is the greatest of these needs, and by corollary the most important of the accounting tasks. Its systematic implementation is through classification, analysis, and comparison. Common needs might well be expected to stimulate common responses, though environmental factors will lead to differences in these responses. Double entry accounting has been one such response, and its value is evidenced by its continuity after some six hundred years of experience. The social need for reliability and comparability of accounting reports has led to the concepts of â€Å"general acceptance† and â€Å"the true and fair view. † But both methods and concepts require continuing’ review to determine, in a changing world, the extent to which they are meeting both broad needs and particular needs. Many accountants would maintain that the time honored double entry system, fundamentally based on flows of historic costs, is in-adequate to meet the needs of the modern era. The Accounting: The Survival of Satisfactory The accounting bequeathed to us today as a gift from yesterday exemplified a response to past needs; but not necessarily of the â€Å"a survival satisfactory. One must ask the questions â€Å"Satisfactory to whom? † and â€Å"Satisfactory for what purpose? If standards are to have a sharp cutting edge, then they need to be concerned with the particular needs of particular individuals or groups. The broader the group, and the more diverse the needs, the less incisive and useful are the standards. â€Å"Fairness to all† and â€Å"general acceptance† tend to reflect custom and com-promise. Such concepts are not without value-the same value as Common Law has in our legal system. But where there is a potential towards bias, where there are vested interests, social interests, and interests requiring the protection of society the law tends to be more specific. And this is the situation in the external reporting field which is the particular concern of the accountancy profession. One result is that professional pronouncements on controversial matters have tended to lack clear definition and to give tacit acceptance to what Leonard Spacek has called â€Å"double standards. Another result is that the reaction of accounting practice in re-porting to changing needs has tended to be very slow, and to receive its main stimulation from disaster rather than from the evolutionary process envisaged by Little-ton and Zimmerman. Let us assume that we have overcome the problem of definition of â€Å"the satisfactory. † What conditions are necessary for the timely emergence of the satisfactory? I suggest that it requires a regular critical examination of current needs, objectives, standards, compromises, methods and rules, with an adequate testing of new concepts and methods. The basis for testing should be the closeness of approach to the revised objectives, and the practicality and economics of the change (considered in the very broad sense). In fact our re-examination have tented to be spasmodic and uncritical. That testing is inadequate is clearly by the evidence negative reaction to the suggestion that supplementary statements be published, incorporating price level changes. Firm objectives to use as a basis for judgment are at least not clearly expressed-if they are expressed at all.

To what extent was the international situation in January 1933 conducive to Hitler achieving his foreign policy aims?

The extent to which the international situation in January 1933 was conducive to Hitler achieving his foreign policy aims is debatable. There are a variety of factors which both assisted and hindered Hitler in achieving his aims. Some key aims of foreign policy were as follows, to destroy communism, to unite the German speaking population, to wipe out the Jews, to colonise the East and to revenge Germany's defeat from the First World War. Some of the key factors which need to be looked at include the lack of agreement over how to deal with Germany, the internal weakness of Western countries, the weakness of the League of Nations, the defensive attitudes of certain countries and successor states. Many countries, particularly France had a defensive mentality towards Germany, as a repeat of the First World War was certainly not wanted. British foreign policy under Baldwin was based upon public opinion. The horrors of the First World War meant that there was a â€Å"never again mentality† which can be shown by the oxford union debate in February 1933 which voted on the motion â€Å"that this House would not fight for King and country. There was also strong public opposition to rearmament and many thought rearmament would only antagonise Hitler. Due to France's worry of being invaded again the Maginot line defence fortification was constructed in the years 1929-1938. This defence fortification however was hardly a problem to Hitler at all. This was because of the fact that it stopped at the Belgian border, which meant that there was still corridor open if Germany wanted to invade both France and Belgium. Furthermore France was politically divided and had 11 governments between 1932 and 1935. This therefore meant that there was rival ideology of fascism and communism and so there were no clear policies as to what to do with the German problem. French foreign policy was inconsistent. This meant that France's reactions to Hitler were delayed and weak and so therefore gave Hitler more encouragement. In contrast however France had the desire to develop links and ally with countries on Germany's eastern borders such as Czechoslovakia and Romania. This therefore hindered Hitler as it gave France further defence and support. There was a clear lack of agreement between the powerful countries as to what to do about Germany. France was very concerned at the possibility of a German threat and had wanted very harsh Versailles terms whereas Britain was preoccupied with its empire and favoured with a revision of peace. If the Treaty of Versailles was to be probably implemented it needed the support of the USA who failed to ratify the treaty in 1920. The United States then withdrew into isolationism. It can therefore be seen that the European powers were not able to enforce peace alone. It can be seen that the League of Nations both assisted and hindered Hitler in achieving his foreign policy aims. As the USA and USSR were not members of the League of Nations until 1934 they were not able to be part of making decisions and so gave Hitler and Germany more freedom. Key evidence to show how the League of Nations was a failing peacekeeping organisation and thus assisting Hitler is from the Manchuria crisis in 1931. In this year Japan invaded Manchuria in China; the League of Nations took no effective action. However, the League of Nations itself, although weak clearly limited Hitler's opportunities. The League was an international body set up in order to preserve peace and prevent aggression. Furthermore it had the power to call for economic sanctions and military actions by member states. It can therefore be seen that the League of Nations hindered Hitler's foreign policy, but only to a certain extent due to its weakness and lack of effective action. When Hitler came to power in January 1933 he told the world he wanted to rid Germany of the problems of the Versailles Treaty in order to make her strong once more. To achieve this goal the country needed massive rearmament. Hitlers reply in February 1933 to a proposal from the Reich Ministry of Transport to build a reservoir shows the extent to which, in his view, the policy of rearmament was more important than anything else: ‘The next five years in Germany had to be devoted to rendering the German people again capable of bearing arms. Every publicly sponsored measure to create employment had to be considered from the point of view of whether it was necessary with respect to rendering the German people again capable of bearing arms for military service.' Since 1922 under the Rapallo pact Germany had been rearming in the USSR and hade economic links. This clearly shows how the international was conducive to Hitler's aim of rearmament. Also In December 1932 there was a major conference over disarmament, where little happened. By 1933 it can be seen that Germany had in fact secured a substantial revision of the Treaty of Versailles as Germany was now a member of the League of Nations, rearmament was no longer subject to scrutiny and reparations had been, in effect, cancelled (at Lausanne, 1932) Various countries surrounding Germany contained German minorities and so this can be seen as an advantage to Hitler's foreign policy. An important aim of Hitler's was to unite all Germans, with many Germans in other countries it would be easier for Hitler to take over them. This is primarily because it is likely that the Germans in these countries, such as Czechoslovakia (300,000), Poland and Danzig (95%) would rather be part of Germany and would welcome German expansionism. In addition to this all of these countries were small and militarily and political weak which therefore means there would be little opposition. Also many Austrians were in favour of becoming part of Germany. The German Domestic situation however was also important to Hitler's Foreign policy aims. In 1933 Hitler had only just made Chancellor and there were only the Nazis in government other than Hitler. This means that it is likely Hitler would have little support in government. Furthermore Hitler was dependent upon elite support and Hindenburg as President could still remove Hitler. In conclusion it can be seen that there is evidence both for against the international situation being conducive to Hitler's Foreign policy aims. Whilst factors such as the USA being isolationist and the lack of agreement over how to deal with Germany were helpful to Hitler, others such as strong public opinion against war and Hitler being leader of a collation government show the problems that Hitler had to overcome.

Three Factors Leading to World War I essays

Three Factors Leading to World War I essays Albert Einstein once said: "You cannot prevent and prepare for war at the same time." In the case of the First World War, an attempt to do precisely that was among the reasons that caused the war to break out. Since the beginning of the 20th century, European economies were thriving more and more, making it easy for an Arms Race to begin. Leading up to the Great War, some things went awry in Europe. An inflexible system of alliances, the Triple Entente (Britain, France, Russia) pitted against the Triple Alliance (Germany, Austria-Hungary, Italy), made hostilities and national rivalries grow. Germany emerged as an economic and industrial giant which suddenly demanded, in Kaiser Wilhelm's words, "a place in the sun" as well as world power status, which threatened and worried all its surrounding rivals. This essay will examine three of the main causes for World War I: the nationalistic tensions within Austria-Hungary, the Arms Race in the pre-war years, and the failure of German diplomacy in combination with the Schlieffen Plan. Furthermore, this essay will show these three causes may be central to the problem, but they were not the only causes of war breaking out. One of the expressions of rivalries between nations was the Serbian nationalism, which was growing in strength within Austria-Hungary. This disgruntled the Austrian Emperor to such an extent that when the assassination in Sarajevo gave him the opportunity, he immediately retaliated against the Serbs, effectively causing the chain reaction which would start WWI. The Austro-Hungarian Empire was composed of a huge number of separate nationalities and kingdoms, all of which the Emperor of Austria ruled. Serbia was one of these countries, and at the turn of the century, it was trying to gain independence from the Empire. Historian Norman Lowe says Serbian nationalism was one of the many "causes of friction which threatened to upset the peace of Europe." He tells of Serbia's ...

Policy Effects with Exchange Rates

Policy Effects with Exchange Rates Policy Effects with Floating Exchange Rates This chapter continues chapter nine’s discussion on the AA-DD model. It looks into the effects of the AA-DD model on an economy with a Floating Exchange Rate System. It also describes the government’s use of the model to formulate policies. It is evident that the AA-DD model affects a number of economic variables in the macro economy.Advertising We will write a custom essay sample on Policy Effects with Exchange Rates specifically for you for only $16.05 $11/page Learn More These variables include the GNP and the value of currency. Economists developed the above model to understand the connection between the various economic variables. The government affects some of these variables through expansionary policies and contractionary policies, among others. Therefore, this chapter looks at an Open Exchange Rate System and the effect of government policies on the AA-DD model. The government uses two polici es to control money supply in a country. That is, expansionary and contractionary policy with the effect of increasing and reducing money supply respectively. The effect of expansionary policy on the AA-DD model is a shift to the right. This increases the exchange rate of a country’s money with respect to another country. However, this does not happen fast. It takes on a transitional mode with many factors at play. For example, the real money supply exceeds the real money demand. This, in the short run, means that inflation levels increase quickly. However, the trend lags as more people convert their money assets into non-money assets to beat or take advantage of the inflation levels. In the long term, the natural effect is that the exchange rate will increase with the amount of cash in the economy. Governments employ the contractionary monetary policy when the money supply in an economy reduces. This reduction has the effect of shifting the AA-DD model downwards. When this h appens, there is an immediate reduction in Gross National Product of a country. It also leads to a relatively stronger local currency. Fiscal policy refers to government spending. The government is the biggest consumer and its consumption has many policy effects on the economy. The government uses this power to effect policies in a country through either reduction in spending (contractionary fiscal policy) or increase in spending (expansionary fiscal policy). An increase in government spending causes AA-DD model to shift to the right. This causes a decrease in the exchange rate. For example, the Canadian dollar would do better than the American dollar in this situation. However, this leads to an increase in the GNP for the country. This is because it may attract more foreign investment as it is favorable to them. There are many causes for an expansionary policy. This includes transfer payments, tax reductions and government direct spending.Advertising Looking for essay on bu siness economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The three factors lead to different effects on the AA-DD model. The increase in government direct spending and tax reductions leads to increase in disposable incomes in a country, which causes increase in GNP. This increase leads to increase in GNP, which also increases real money demand. The effect is that interest rates increase. The reverse is true for contractionary fiscal policies, which occur because of limited government spending. Government expansionary policy that occurs when the economy has numerous jobs spurs economic growth. This is because retailers and manufacturers enjoy better returns because of increased process of goods and services. Expansionary policy over a long period has some necessary effects to the economy. The economy feels the heat as the increase in interest rates bites. However, the GNP does not increase immediately and before that happens, the g overnment may plunge the economy into a placid situation. This is because lesser and lesser people will be willing to borrow. Fixed Exchange Rates They were once the only way to do business in the years before 1973. They are still in use albeit at a lower and managed level. There are various types of fixed rate exchange systems. In a fixed exchange rate system, the government determines the value of a country’s currency. This is contrary to a floating exchange rate system in which the prevailing market conditions determine the rate of exchange. In a fixed exchange rate system, the government or the controlling authority has a lot of control on the value of a country’s currency. However, this is not the case in a floating exchange rate system (Suranovic 56). There are various fixed exchange rate systems. The most common is the Gold Standard. In this system, which is the most common with people, Gold is used as the measure for exchange. Since it is considered to have an equal value world over, the exchange rate is fixed for particular amounts of gold. Price specie flow mechanism is the second one. It advocated for a reserve of gold whose value was known by all central banks that would have used the system. This would maintain fairness and a particular standard. Other systems include the next one is crawling pegs where a country forecasts that during a particular period there will be volatility of its currency. Thus, it fixes the exchange rate for that particular period to eliminate problems with the economy. The most drastic method of fixing a currency is to use the currency of another country. For example, south Sudan may use the American dollar at a time when using the currency of another country is the best way to curb inflation.Advertising We will write a custom essay sample on Policy Effects with Exchange Rates specifically for you for only $16.05 $11/page Learn More In a fixed exchange rate system, it is evident that the country that uses it has to do something after a certain period to adjust the exchange rates. This means that the treasury or the government arm that deals with monetary and fiscal control has to be alert at all times to mitigate a possible problem. In a floating system, however, this is not the case since the system controls itself with up and down movements depending on demand and supply. Hence, economists ask the question is it possible for the two systems to work well at the same time in a country. This is not entirely possible for a long time. It can only happen where the country wants to solve a particular problem. When the problem disappears, a country reverts to its earlier method. This is because the dynamics are too intricate and the formula and manner of doing it is too complicated. From the above discussion, it evident that a country’s central bank can intervene to solve an economic problem using exchanges rate systems. They do this through a controlled envir onment where a country declares a particular amount of money to the reserve bank. This is to adjust the levels of a particular currency in the market in cases where it is in little or too much supply. Hence, the central bank puts up Foreign Exchange Bureaus to buy or sell the currency in its residency. For example, the United States may put Foreign Exchange Bureaus that trade currency to sell British pound so that it can control its spread in the country. This chapter looks at the balance of payments. For a country to be able to purchase foreign currency, it has to stock foreign currency in reserves in its country. These reserves are called the balance of payments reserve. Because of the frequent buying and selling of both foreign and domestic currency, these reserves may run low or increase. When they run low, this is balance of payments deficit and when they are high, this is balance of payment surplus. These two are the indicators of the activity of the exchange rate and the gove rnment uses them as pointers. In any market where there is trading in currency, the issue of black market trading is imminent. The players in this illegal market can be even the best financial operators in a country. This includes banks and other financial institutions.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Governments need to use so much resource to avoid this market since it has ability to cripple the financial system. The government also needs to ensure that the Foreign Exchange market is vibrant to eliminate a situation where there is undue demand or supply of one currency leading to a serene environment for black market trading. Policy Effects with Fixed Exchange Rates Governments do not work the same in either fixed or floating exchange rates. These policies shift depending on the type of exchange rate use. In this light, it important to know how the AA-DD model would behave in such situations. This means that a country should have a fixed exchange rate policy. This chapter is an analysis of the fixed exchange rate policy in light of the AA-DD model in situations of monetary policy and fiscal policy changes. As seen earlier, the AA-DD model shifts according to changes in monetary policy. Under expansionary policy, the AA-DD model shifts to the right. The money supply puts pressur e on the exchange rate. This cause significant reduction the interest rates, which arouses public interest to borrow more from among themselves and the government. In that case, they sell their bonds and treasury shares. However, since the exchange rate is fixed, an automatic intervention form the government forestalls a situation where the rates overshadow its efforts. This is the effect in the short run. When this happens for a long time, the government loses part of its GNP. This is the exact opposite when contractionary monetary policy is involved. Hence, governments that use fixed exchange rate systems need to strike a balance between quick short-term benefits or the long-term health of its economy in making policy decisions (Suranovic 67). The government may also use expansionary fiscal policy or contractionary fiscal policy. In these two situations there are different after effects that play out. Fiscal policy emanates from the fact that the government is the major consumer i n an economy. Another way to influence fiscal policy is through transfer of payments and tax revenues. Overall, expansionary fiscal policies increase the growth national product to a certain level. This happens in the short run in a situation where the exchange rate is fixed. However, in the long term detrimental effects may play out in the economy. Contractionary fiscal policy causes the GNP to reduce significantly in the short run in a fixed exchange rate system. However, the long-term benefits outweigh the short-term results. In a situation where there is an exchange rate policy with fixed exchange rates, the government uses the concept of devaluation and revaluation to affect the monetary policy. Devaluation refers to a situation where the government lowers the value of its currency through use the reserves reduction. If the government increases the value of the reserve, it increases the value of its currency through a concept called revaluation. Generally, devaluation in a fixe d exchange rate system causes a significant increase in GNP. Revaluation has an opposite effect and this happens in the short run. This is what the United States government accuses china of doing. This part explains the reserve country and its effect on the reserve currency. For example, India may use the American dollar as its reserve currency and fix its exchange rate. By doing this, USA government has no authority to manipulate the Indian government in policy making just because it uses its money for reserve. It can use both expansionary and contractionary monetary policies to ensure the reserve fund is at its best. To maintain sanity the country holding the reserve, the government needs to constantly buy and sell the reserve to respond to different market demands. Normally, a government holds the reserve in form of treasury bonds. This way it makes it easy to trade the bonds and hence control the market real time. Failure to observe this may lead to a balance of payments crisis. Several things may lead to a balance of payments crisis. These crises may result from many things such as devaluations, capital flight, borrowing reserves, return to float among others. Fixed vs. Floating Exchange Rates The hardest question that governments and economist find is the determination between the fixed and the floating monetary policies. It is mind boggling to know which one to use. However, there is no definitive answer as all have worked and failed in different situations. For example, it is hard for a government to have the autonomy to control an economy in a fixed economy. However, it is easy to that in a floating economy. Before choosing which system to adopt, a country must consider a number of factors. This includes its effect on the volatility of the risk involved, inflationary consequences and how autonomous the monetary system will be. Exchange rate volatility refers to refs to what extent the value of exchange rate fluctuates over time. In essence, even from the wording, fixed exchange rate is not supposed to change at all. On the other hand, floating exchange rates are supposed to move up and down depending on the performance of the markets. Hence, the more the changes in the value of exchange rate the more volatile it is. By definition, fixed exchange rates are not supposed to change. However, this is not necessarily the case as they are constantly revalued and devalued denoting changes. Exchange rate risk refers to the possibility that a person may lose money because of the changes in exchange rate (Suranovic 70). Exchange rate risk is not unique to any particular person in an economy. Actually, it has the potential to have spiraling effects that span across the board. This is because it touches on various parts of the countrys economic system and particularly the import and export trade. This trade has a direct or an indirect influence on the prices of many commodities especially basic ones. Exchange rate systems have inflationary e ffects too. When a government wants to adopt a particular exchange rate system, the best way is to adopt a system with the minimal inflationary tendencies. The writer notes that many governments world over have fallen prey to citizens demanding more spending from it and transfer of payments. However, these governments do not increase taxes to cover these spending and transfers. This leads to huge public deficits, very high interest rates and inability to borrow money without significant harm to the economy (Suranovic 78). In a floating exchange rate system, the options for the above situation are quite limited just as in the fixed system. This is because the short-term solution is normally to print money. This is not very popular as it the cause of many historically infamous situations. For example, the recent happenings in Zimbabwe and the Turkey situation in the 1980 etc. After departure from the fixed exchange rates system used in 1960 and 1970, the controls were chaotic. This is because devaluation leads to automatic inflation. Additionally, the base currency in use, the dollar, sometimes experienced critical shortages because of unnecessary hoarding from some countries. Then, economists suggested the floating exchange rate where each country controlled its economy. The problems it presented were numerous as the formulation of exchange rates to facilitate import and export trade came into being. Currencies were not steady anymore and some countries suffered because of runaway inflation. Currently, the return to the gold standard, used before the arrival of Bretton Woods’s institutions, are the ones frequently proposed. The issue of monetary autonomy is back from history. In the past for decades and counting, the need to come together and have a single currency was not good. This was in the wake of a single fixed rate system, which led to a lot of chaos. Monetary autonomy refers to a country’s independency to make monetary decisions through it s central bank. This is true in a floating exchange rate system. It can increase money supply by lowering interest rates, which triggers borrowing, investment and economic growth. However, this is not possible in a fixed exchange rate system. In this system, different methods such as crawling peg. For effective central bank control of the monetary system, it has to have an independent way to operate separate from the government. This will avoid the situations in both Argentina and Zimbabwe. The above discussion leads to the question, which is better between fixed and floating exchange rate systems. The fall of Bretton Woods meant that countries would formulate either their own monetary system or come together to have a bloc that had Base Exchange rate systems. However, currently all countries look into options that best makes its economy more vibrant and stronger. For example, the Euro zone is currently engulfed in a monetary situation that is threatening its unity. Countries must f ormulate prudent and flawless monetary and fiscal policies if they are to survive the current turbulent times in the world economies. Suranovic, Steven. International Finance, 2012. Web. https://scholar.flatworldknowledge.com/books/26/preview

Consumer Behaviour Essay Example | Topics and Well Written Essays - 1750 words - 1

Consumer Behaviour - Essay Example Many enterprises jumped in on this opportunity and took on local manufacturing of e-bikes, importation and selling of e-bikes and other related industries. The challenge for these businesses is how they will stay afloat as the number of competition rises. In venturing into a business, one must first do a strategic planning and come up with a feasibility study or business plan so as to guide the direction of the business and so that the proprietor can easily remove or dodge certain barricades that may impede in the establishment and growth of the business. One major component of the business plan is to get to know your target market and that can only be accomplished through the analysis of consumer behaviour (Gundlach, 2007). For a business to grow and rise above its competition it needs to occupy a unique niche in the hierarchy of consumer needs that only they can provide – may it be the quality, quantity, or kind of service, quality, quantity, or kind of products or both. ... In the rest of this paper, we will be evaluating the two typologies so as to ascertain which among the two models is better to use in creating a market research tool for e-bike consumer behaviour. I. The Values, Attitudes, and Lifestyle Systems Typology (VALS) With today’s ever increasing product standardization, it gets harder and harder for companies to create unique products that are essentially different from the competition’s products. In this case, the difference only lies on how the company markets their products and the psychological differences the consumer associates with their product compared to the rest. (Evans, Jamal, and Foxall, 2009) The VALS typology is a psychographic means of segmenting the whole consumer populace in to different classes based on AIOD – Activities, Interests, Opinions and Demographics, the factors that for this model shapes how the consumers choose to spend. Being a psychographic consumer segmentation system, it classifies the consumers into 8 basic lifestyle groups on the basis of resources and self-orientation which is the determinants of how the consumer may be able to see the product when it is marketed (Businessdictionary.com, 2013). The resources that are taken into consideration in creating the different lifestyle classes include but are not limited to education, income, intelligence, health, energy level and eagerness to purchase resources that in general, increase from youth to middle age then decrease afterwards (Values and Lifestyles, 2013). On the other hand, the components for determining self-orientation are divided into 3 parts: (1) Principle Oriented: keeping a permanent value system, (2) Status Oriented: influenced by other’s perception of one’s self, and (3) Action Oriented: the propensity to

Electoral College Essay Example | Topics and Well Written Essays - 750 words

Electoral College - Essay Example There is also the problem of the unequal weight of votes. However, I n support of it is does generally support federal character in the nation, and requires a candidate to maintain wide spread support to win, and also helps keep the separations of powers in tact. 5. Pursuant to the Twelfth Amendment, the House of Representatives is required to go into session "immediately" to vote for President if no candidate for President receives a majority (270 votes) of the 538 possible electoral votes. 6. There are many suggest alternatives. One is simply for the popular vote to be the only deciding factor. There is also a proportional; system that is pending that would change the vote to go to candidates based on the percent of the vote they get. 7. No. It is not fair, all states do not get the same attention and smaller states are often left out. Candidates may not even campaign in smaller states because they know it is not worth their time or money. Big states and swing states get all the attention for the most part. 10. To me it seems less democratic, and people are not really voting for the candidate. People are instead voting in order for their electors to vote so in that since it is an indirect democracy of sorts, however it is still not as direct as I would like to see out system be. 11. Bad idea. People should win the election based on popular vote, no other system should even have ever been considered. We should not let people pick the candidate because of some number system like the Electoral College; we should let the person with the most votes wins. That is what democracy s all about after all.

Literature Review Essay Example | Topics and Well Written Essays - 2500 words - 1

Literature Review - Essay Example The culture of an organization has also come to be defined as the values that contribute to the creation of an environment that is conducive both psychologically and socially and enable employees to work effectively without worrying about any conflict related to their work procedure (Kilcullen & Judith 1999). Because of its great importance to the organization, it is a fact that it is subject to change and this change has to be well managed by the organization’s administration for it to become effective. Plenty of literature has been written concerning the various aspects of change that take place in an organization’s culture and most of this literature has spanned decades. Changes can be made to the organizational culture through strict management of all the new behaviours that are introduced within the organization. The implementation of change to the culture of an organization is the process through which changes are made in an organization with the intention of achi eving a certain result in the future. In addition, it can be said to be a process which comes to affect the daily activities of an organization, such as how it is managed and how teams and individuals work together in order to achieve the goals which have been set (Arce 2006). While there has been some dispute concerning whether change to the culture of an organization can be changed, it is a fact that change is necessary for the continued thriving of the said organization. This is the reason why, despite the resistance that may be encountered from those individuals within the organizations who have become too comfortable in the current culture, changes have to be implemented. This is the reason why there has to be a procedure which is followed in getting changes in an organization to be introduced and after the introduction, to achieve approval from all those involved (Shook 2010). The implementation of changes to the organizational culture has come to be recognized as one of the m ost important aspects of the running of organizations and as such, plenty of literature concerning it has been written, as the different ways of conducting such changes have been analyzed (Lakos & Phipps 2004). While most of the said literature often adopts a negative attitude concerning the implementation of changes within organizations, it is a fact that most of the organizations that have attempted these changes have witnessed a measure of success. This is because as stated by Sims (2000) change is inevitable within the culture of an organization if it is to remain relevant in the performance of its duties. One of the most important aspects of the organizational culture is that the values embodied within it are based on the knowledge that has been gained in the history of the organization from its founding as well as the existing knowledge of the organization, which forms the philosophies that hold the organization together. It is these philosophies which have to be changed over a certain period of time in order for the management of an organization to be able to achieve a complete change to its culture (Nastase, Giuclea & Bold 2012; Wines & Hamilton 2009). However, there are certain instances

Summary Essay Example | Topics and Well Written Essays - 250 words - 82

Summary - Essay Example The issue of identifying the affected birds was complicated by the lack of manifestation in ducks which pose potential risk to humans in an area. The virus that cause the flu mutated from the original type that affected birds only to a complicated one that is unaffected by the immunity system of humans. The virus is spread when an avian strain meets a strain that is adapted to spreading the virus in mammals and the exchange can take place in the body of a person or any other animal host. In the past, the flu has killed a large number of animals with a record 40million people noted to have died from it between 1918 and 1919 and showing that it can wipe very many people within a short time with few chances of survival after infection. Some organisations have partnered to increase surveillance of the influenza because the former studies focused on humans, swine, chicken and horses. This is regardless of the high monetary demand that is posed in attempt to produce a vaccine to curb the virus, which is very harmful to the

Department of Mechanical and Automotive Engineering Coursework

Department of Mechanical and Automotive Engineering - Coursework Example The flow through the pipe could either be laminar or turbulent and so the experiment will be directed to distinguishing the kind of flow. Flow should be started through the pipe being investigated. The pipe must have manometers installed on both ends of the region being investigated. The diameter of the pipe must be measured beforehand. The discharged fluid should be collected in an appropriate container that can aid volume measurement. A stop watch should be used to monitor the total time required for a certain volume to flow. Starting with an empty container, the fluid should be allowed to flow through the pipe into the container. The experiment should be timed sufficiently to read the manometers on both ends. The flow should be stopped when enough volume of fluid has been collected in the container for measurement. The time required for the total flow should be noted along with the total volume of fluid collected. These values will be used to generate the flow rate. The readings o n the manometers will be used to generate the total head loss value. At least ten distinct experiments must be carried out by varying the flow rate inside the pipe. Using the measurements above in the formula the Reynold’s number can be calculated as: R_e=Ï ud/ÃŽ ¼ And velocity as: u=4Q/(Ï€d^2 ) The velocity should be plotted against the head loss. If the head loss is proportional to the velocity then the flow is laminar while if the head loss if exponentially related to the velocity then the flow is turbulent. The Reynold’s number will confirm this investigation. The flow through the pipe could either be laminar or turbulent and so the experiment will be directed to distinguishing the kind of flow. Flow should be started through the pipe being investigated. The pipe must have manometers installed on both ends of the region being investigated. The diameter of the pipe must be measured beforehand. The discharged fluid should be collected in an appropriate container that can aid volume measurement. A stop watch should be used to monitor the total time required for a certain volume to flow. Starting with an empty container, the fluid should be allowed to flow through the pipe into the container. The experiment should be timed sufficiently to read the manometers on both ends. The flow should be stopped when enough volume of fluid has been collected in the container for measurement. The time required for the total flow should be noted along with the total volume of fluid collected. These values will be used to generate the flow rate. The readings o n the manometers will be used to generate the total head loss value. At least ten distinct experiments must be carried out by varying the flow rate inside the pipe. Using the measurements above in the formula the Reynold’s number can be calculated as: R_e=Ï ud/ÃŽ ¼ And velocity as: u=4Q/(Ï€d^2 ) The velocity should be plotted against the head loss. If the head loss is proportional to the velocity then the flow is laminar while if the head loss if exponentially related to the velocity then the flow is turbulent.... These strains may easily be measured using strain gauges. However, the empirical readouts from the strain gauges cannot be used directly at all because the values need to be calibrated first. The first step would be to determine the incremental loads that must be applied to the structure in question and also the maximum applicable load. The structural member that has been utilized to create the pin framework structure must be used to calibrate the strain gauge. A straight piece of the concerned structural member should be loaded incrementally following the pattern of loading outline above. Corresponding values of strain must be tabulated accordingly including the value of strain at no loading. Next the framework under investigation should be loaded using the same increments of load up to the maximum applicable load. The values of strain for the structural members of the framework should be noted off the strain gauges. The total set of readings must include the values for strain at no loading. The values of the calibration structural member should be utilized to calculate the calibration factor(s) for the strain produced versus applied load. Next the strain values of the actual framework being tested should be tabulated using the calibration factor(s) from above. The values of strain versus load can then be plotted for the framework in question. These plots can then be utilized to interpolate the loading values for given values of strain for any applied load. This experiment is based on the assumption that the loading of structural members lies within elastic limits and that the pins used to do not display excessive play or rigidity but are free to

King, Martin Luther. Letter from Birmingham Jail Essay

King, Martin Luther. Letter from Birmingham Jail - Essay Example Dr. King responded to the charges against his being an â€Å"outsider†, and of the methods he brought from outside by clearly stating that he served as the president of the Southern Christian Leadership Conference (SCLC), an organization that operates in all the states of the South. This was the argument that Dr. King used to state that he was not in any way an outsider in the issues that affects a state in the South. Dr. King said that he was called upon by the local affiliate of SCLC in Birmingham to engage in a nonviolent direct action program and so he was not in any way an outsider as he had organizational ties in Birmingham. He also believed that the methods that they claim he brought from outside are the only things that could deal with the problems of racial injustice and segregation as the other methods are rather too lame in solving these problems (King). Luther King was an African-American activist from Atlanta and he was accused of being an ‘outside agitatorà ¢â‚¬â„¢ when he went to Birmingham. King responded by stating that, he cannot sit idly in Atlanta and turn a deaf ear or blind eye to the racial injustice in Birmingham. He said he is quite aware of the connection that exists amongst all communities and states.

Summary Essay Example | Topics and Well Written Essays - 250 words - 82

Summary - Essay Example The issue of identifying the affected birds was complicated by the lack of manifestation in ducks which pose potential risk to humans in an area. The virus that cause the flu mutated from the original type that affected birds only to a complicated one that is unaffected by the immunity system of humans. The virus is spread when an avian strain meets a strain that is adapted to spreading the virus in mammals and the exchange can take place in the body of a person or any other animal host. In the past, the flu has killed a large number of animals with a record 40million people noted to have died from it between 1918 and 1919 and showing that it can wipe very many people within a short time with few chances of survival after infection. Some organisations have partnered to increase surveillance of the influenza because the former studies focused on humans, swine, chicken and horses. This is regardless of the high monetary demand that is posed in attempt to produce a vaccine to curb the virus, which is very harmful to the

King, Martin Luther. Letter from Birmingham Jail Essay

King, Martin Luther. Letter from Birmingham Jail - Essay Example Dr. King responded to the charges against his being an â€Å"outsider†, and of the methods he brought from outside by clearly stating that he served as the president of the Southern Christian Leadership Conference (SCLC), an organization that operates in all the states of the South. This was the argument that Dr. King used to state that he was not in any way an outsider in the issues that affects a state in the South. Dr. King said that he was called upon by the local affiliate of SCLC in Birmingham to engage in a nonviolent direct action program and so he was not in any way an outsider as he had organizational ties in Birmingham. He also believed that the methods that they claim he brought from outside are the only things that could deal with the problems of racial injustice and segregation as the other methods are rather too lame in solving these problems (King). Luther King was an African-American activist from Atlanta and he was accused of being an ‘outside agitatorà ¢â‚¬â„¢ when he went to Birmingham. King responded by stating that, he cannot sit idly in Atlanta and turn a deaf ear or blind eye to the racial injustice in Birmingham. He said he is quite aware of the connection that exists amongst all communities and states.

Factors Affecting Academic Performance Essay Example for Free

Factors Affecting Academic Performance Essay Like many Americans caught up in the economic downturn, college students are worried about money. Now research indicates that financial worries may affect their academic performance. This years National Survey of Student Engagement, released on Thursday, reveals that more than a third of seniors and more than a quarter of freshmen did not purchase required academic materials because of the cost. Roughly equal shares, around 60 percent, said they worried about having enough money for day-to-day expenses. And 36 percent of freshmen and 32 percent of seniors reported that financial concerns had interfered with their academic performance. Since 2000, Nessie, as the survey is known, has collected wide-ranging data to help colleges develop effective educational practices and promote engagement. Students are asked, for instance, how much time they spend studying, whether they get involved with campus organizations, and how they interact with their professors and peers. This year the researchers, based at Indiana University at Bloomington, also assessed how the economy was affecting students at a subset of the 546 American colleges that participated. The survey examined students employment, finding that among freshmen, nearly 20 percent worked on campuses, and about 30 percent worked elsewhere. For seniors, those proportions were about a quarter on campuses and more than half elsewhere. Students working off campuses logged more hours: More than half of seniors working on campuses worked less than 15 hours a week, but 40 percent of full-time seniors in off-campus jobs worked more than 16 hours a week; 20 percent logged 30 or more hours. Other research has found that working up to 20 hours a week can increase students engagement and improve their academic performance, but that a greater time commitment can be detrimental. In this years survey, more than half of full-time seniors who worked 21 or more hours a week said their work schedule interfered with their studies. Yet 60 percent of those students said they had investigated working even more hours to help cover the cost of college. Related Content Grades and Tests May Miss What Matters Most in Learning Charts: How Financial Worries Are Affecting Students Alexander C. McCormick, director of the survey, says institutions should consider such findings an opportunity to get a better sense of the financial stressors that shape students academic experiences. Most colleges, he points out, know which students have on-campus jobs. But administrators could do more to figure out how much time students spend working off-campus, and whether those commitments threaten their academic success. You can never do enough to understand who your students are, Mr. McCormick says. But collecting data is the easy part. The really hard work is up to the colleges and universities, to figure out what the data mean and what they want to do in response.

The Indian Manufacturing Sector Performance Economics Essay

The Indian Manufacturing Sector Performance Economics Essay Chapter 2 Introduction The manufacturing sector performance has always been the focus of academic and polity debates and especially so in India, due to the deviation of the same from theorized behavior (Developmental theory of transition of economies). Even recently, in the discourse on the recession, its aftermath and revival, the highlight was the manufacturing sector performance, since it is seen to be on retreat (After the 2008 crisis, it regained momentum (from a drop of about 10 percentage points in 2008 09) in 2009 10 at 9.7% (simple average annual growth) but since then it has been on a decline and in 2011 12 it was at 2.5%). The major industries (automobiles, chemicals, machinery equipment, textiles etc.) experiencing receding growth rates has seen the National Manufacturing Policy (2011) (which introduces the NIMZs (in addition to SEZs) to address the infrastructural bottlenecks faced by the industry) and other such critical measures from the government, especially since it fears that a recov ery is unseen in the horizon, given the probable interactive effects of rising interest rates, escalating fuel and input costs, the volatile exchange rate, falling domestic demand, uncertain global economic scenario and policy paralysis (Bhandare, 2011). This importance accorded to the sector arises from three main points, namely, its importance towards macro economic stability, its employment implications (given that the services sector, though the highest contributor to the GDP, contributes only about a quarter of the total employment and given that manufacturing sector employs, unskilled, semi skilled and skilled labour), its forward and backward linkages with the other sectors (which makes it the key to boosting the economys vital signs) and finally due to the emphasis that was placed on it (for an industry led development) by the development theories and Indias early development strategy. As Bhandare, rightly puts it, neither reforming the primary sector nor the leapfrogging of the services sector alone can deliver India a BALANCED and long term (sustainable) development. The idea of self reliance was at the roots of Indias development plans in the immediate decades after independence and this was the reason for the heavy emphasis on developing a strong industrial base for the country and thereby for the heavily monitored and regulated industrial policy regime. The focus and the responsibility to bring about the same (through strategic promotion of the heavy industries), fell on the public sector and as Trivedi et. al (2011) notes, the private sector was to play only a supplementary role. Some notable features of the Restrictive Regime were direct physical controls like capacity licensing, reservation of certain industries to the public sector (or rather the restriction of private sector from certain industries), tariff and non tariff barriers to imports, foreign exchange and investment regulations, other market regulations like MRTP etc. The transition to the Limited Liberalisation Regime (as termed by Burange Yamini, 2011) happened towards the la te 1970s and was marked by a slow shift from direct physical controls to indirect controls through selective delicensing and deregulation, encouraging the private sector in some industries, marginal relaxation of the tariff rates etc. The main aim of the reforms were to unleash the growth potential of the sector since the performance of the sector, prior to the late 70s, mirrored the performance of the economy which was characterized by growth rates which ranged at around 3%, that were infamously dubbed the Hindu growth rate. The Industrial policy regime then followed has been pointed to as the cause for the industrial stagnation by many, including Ahluwalia (1991) who also argues that the 80s reforms succeeded in bringing about a positive shift in the growth path of output and productivity. The 1991 reforms reflected explicit liberalization in the Industrial sector with the New Industrial Policy (1991) and were enacted with the primary intent of wading through the severe fiscal and macro economic crisis that India was mired in, at the time. These reforms were comprehensive and macro economic in nature and structural adjustment and stabilization were at the core of the 90s reforms (Trivedi et. al, 2011). These differences naturally generated expectations of higher growth paths of output and productivity than that of the 80s period. But as they note, the reforms succeeded in pulling the economy out of the crisis and in alleviating the foreign exchange constraint and controlling inflation but not in bringing about an upward shift in the growth of output and productivity. These expectations about the performance results of liberalization stems from the theorized behavior of Liberalisation (from cross country analyses of the effects of liberalization by developmental theorists), especially in developing countries. The logic behind this argument that liberalization leads to growth, especially in developing countries, has been covered by the developmental theory literature under four threads. First being that, liberalization leads to technological improvement which generates more efficient capacity utilization and thereby promotes investment and exports. This eventually leads to more robust output growth. Second theory states that liberalization increases competitive pressure in the economy and this will result in the exit of inefficient firms. The exit of the inefficient tail would leave the average efficiency in the economy higher up and thereby result in better output growth. The third is that liberalisation will release the producers from the disadva ntages of inefficiencies and increase the incentives for geographical diversification which implies capture of new export markets and expansion activities like mergers and acquisitions and these will raise the rate of growth of output of the sector. Another theory that stems from the Hecksher Ohlin model and proposes that liberalization will free the factors of production from inefficient regulations and costs and thereby will benefit the countrys abundant factor. Performance is usually considered synonymous with growth performance and therefore, is always assessed keeping growth as the key measure. Krugman (1994) notes that economic growth is the sum of two sources of growth, namely, increase in inputs and increase in output per unit of inputs (i.e, productivity). Growth Accounting calculates explicit measures of both to calculate what percentage of growth accrues to each input and what percentage to productivity and efficiency. The separate but interdependent concepts of Productivity, Efficiency and Competitiveness are indicators of performance. Growth via improved productivity (and not increased inputs) is the focus of any strategy that aims at sustainable growth and therefore productivity analysis is an integral part of any performance analysis. Mouelhi (2007) considers output growth, employment growth, productivity growth, exports growth and capital intensity growth as the indicators or elements of performance of the manufacturing sector . In this paper we analyse output and employment growth using data from the Annual Survey of industries and productivity growth using prior literature. Motivation Figure 1. Simple Annual Growth in GDP At Factor Cost, Constant Prices, Base Year 2004 05 Source: RBI, Handbook Of Statistics on the Indian Economy From the above figure it could be considered safe to say that the manufacturing sector and its growth rates do (quite heavily) influence the economys growth rate. That is to say, the direction of the manufacturing sector does reflect the mood of the economy or vice versa. Also, it is noted from the movement of the GDP and Share in GDP of both the Industry and Manufacturing sectors that Manufacturing pulls Industry (by a vastly higher measure) as compared to Mining Quarrying And Electricity, Gas Water Supply (namely, the other components of Industry). So it is assumed safe to use the IIP for the analysis under the study. So, it would be imperative to study the movements of the manufacturing sector especially under the current context of uncertainty over the global dynamics and Indias own concerns. Literature on the impact of liberalization is vast and divergent, with disagreements on the results, data quality and data sources, methodology, indicators and their scope, model specification etc. and therefore, as Rodrik (1997) says, the nature of the relationship between trade policy and economic growth remains very much an open question. Theories Examined Despite the aforesaid emphasis on the manufacturing sector in Indian planning outlays and strategies, share of manufacturing in GDP and its growth rate has only been modest at around 16% in 2009 10, from about 13% in 1970 71 and 15% in 1990 91. So, Trivedi et. al (2011) argues that the 90s reforms brought about increase in growth and productivity as did the 80s reforms. But these fell short of expectations especially when considering the fact that the reforms of 1991 were macro economic in nature while those of the 80s were restricted to the fiscal and industrial sector reforms. And further they cite Rodrik and Subramanian (2005) that there has been no structural break in either output or productivity growth since the initiation of the 90s reforms and that the 1980s reforms had resulted in an improved growth performance of Real Gross Output (compared to the Restrictive regime). But though this growth momentum has been maintained in the 1990s, they find no statistically significan t improvement in the same. As noted by Chaudhuri (2009), Nagaraj (2011), Burange Yamini (2011), Kalirajan (2004) and many others, the pattern of manufacturing growth observed before 1991 was that of periods of high growth invariably followed by periods of low growth. The period after 1991 has brought no difference to this trend. The rate is seen to fluctuate widely even in the post-reforms period, registering a decline since the early years, picking up in 1993 and decelerating again in the late 1990s. It has recovered since 2002-03 and fell back after 2007-08. The factors behind this instability of the sector ranges from famines to business cycles to shifts in policy regimes. Chaudhuri (2009) makes the following observations. The (compound annual) rate of growth for the manufacturing sector between 1991-92 and 2007-08 at 7.18% is only marginally higher than that attained during the first three plan periods (6.45%). Taking only the registered manufacturing sector, the increment betw een the periods is negligible at 0.1 %. In fact the growth rate (for the registered manufacturing sector) during 1952-53 to 1964-65 (8.87%) and during 1980-81 to 1990-91 (8.29%) was higher than that in the post-reforms period (between 1992-93 and 2006-07) at 7.99%. Using the Kinked Exponential Model for structural break analysis in growth rates, we find that there is only a marginal difference between the coefficients b1 and b2 which means that there is no substantial structural break in the Manufacturing GDP data. The analysis is for the period from 1980 81 to 2000 01. The kink is analysed at 2 different years, namely, 1990 91 and 1996 97 and no significant break is found in either year. But on analysing the same period for the Manufacturing Value Of Real Gross Output we note the structural break at 1996 97 is significant. The structural break is highly significant if Net Value Added of Manufacturing is brought under the analysis, over the same period. This implies that the analysis backs the argument that there hasnt been any substantial increase in the growth path of the Manufacturing output in the 1990s from that of the 1980s, in terms of Sectoral GDP. But when considering the Value Of Real Gross Output or Value Added of the sector, it seems there has been a structural break in 1996 97. Therefore, the analysis cannot be taken to validate or refute Rodrik and Subrahmanians argument that there hasnt been a structural break in output growth since 1991. Figure 2. Kinked Exponential Model for Manufacturing GDP (1980 2000) Source: Own calculation Table 1. Kinked Exponential Model for Manufacturing GDP (1980 2000) Source: Own calculation Figure 3. Kinked Exponential Model for Manufacturing RGO (1980 2000) Source: Own calculation Table 2. Kinked Exponential Model for Manufacturing RGO (1980 2000) Source: Own calculation Figure 4. Kinked Exponential Model for Manufacturing NVA (1980 2000) Source: Own calculation Table 3. Kinked Exponential Model for Manufacturing NVA (1980 2000) Table 4. CAGR Of Manufacturing GDP and its Share in GDP Source: Own calculation Table 5. Summary Statistics Of Manufacturing GDP and its Share in GDP Source: Own calculation Table 4, provides the Compound Annual Growth Rates for the different sub periods, from 1950 51 to 2011 12, and it can be seen that there has been only a marginal improvement in the CAGR in the 1990s as compared to that of the 1980s. And as table 5 shows, there has been a decrease in the absolute volatility in the growth in Manufacturing GDP in the 1980s (as seen from the Standard Deviation values) which is followed by an increase in the 90s only to further decline in the 2000s. The relative variability in the period 1991 92 to 2000 01 at 0.87 is higher than that of the previous period at 0.40. Growth rate of Share of the Manufacturing sector in GDP also follows the same trend. Another point worth noting is that there has been a consistent decline in the average growth in share of Manufacturing in GDP and this confirms what has been noted by Kalirajan (2004). Since 1997 98, along with the decelerating growth there has been a decline in the share of manufacturing in total GDP. Al so, as noted by Mani (2011) and Nagaraj (2011), the share of manufacturing sector in GDP was stagnating at around 15% even as the growth of the sector was at around 10% for over five years. Therefore, the data seems to point that the 90s reforms have not led to substantial positive changes in the growth path of output from that of the 80s. Another point to note is that there is an improvement all the figures in the 2000s (starting from the late 90s). Rodrik and Subrahmanian (2005) explains this as the J Curve effect of Productivity and Output growth. The J Curve rationale blames the major structural changes ensuing liberalization (and the adjustment process thereafter) for the initial slowdown in the sector (Hashim et al, 2009). Virmani (2005, 2006) proposed the hypothesis of the J-curve of productivity and output growth following major reforms and the differences in the pattern of productivity that was noticed to be brought about by the pacing of reforms. From empirical evidence we also see that the timing (pace) and sequencing of the reforms impact growth performance. The productivity and output growth path is hypothesized to take the form of a J, S or a hybrid S-J Curve which is explained by the pacing of the reforms (namely, major reforms or gradual reforms). Virmani Hashim (2011) notes that in India, the hypothe sis was proved true during the 1980s but not during the 1990s. Their analysis shows a clear J-curve pattern of total factor productivity growth for Indian manufacturing as predicted by the J- curve hypothesis which, in turn, was reflected in output growth. Nagaraj (2011) puts forth the recurrence of booms and deceleration (in itself) as the pattern of growth in output after finding out that after a (theoretically) expected dip in 1991-92 (on account of the crisis and adjustment), output boomed for four years, peaking in 1995-96 at 13% (following the predicted J curve) and that the boom petered out quite quickly, followed by a steep deceleration for seven years until 2002 03 while the next boom lasted for  ¬Ã‚ ve years, from 2003 04 to 2007 08. As Kochhar et al (2006) notes, India has not confirmed to the development theory of transition economies whereby the usual trend is a massive transfer of unskilled labour from agriculture to manufacturing (or industry). That is, the manufacturing employment post reforms has been stagnant and Indias services sector led growth has been laid to blame for this. Contribution of manufacturing to total employment is the lowest, that is, in India, services sector absorbs more labour than the manufacturing sector. The trend in employment generation of the registered manufacturing sector tells a different story from that of its output generation. Employment in the factory sector has been declining despite the acceleration in the growth rate of output since 2000 01 and in 2003 04 and the figure was 10% lesser than that in 1995 96 (Chaudhuri, 2009). This pans the issue of Jobless Growth that has been (nearly) comprehensively covered by literature bringing forth the issue of growing capital intensity, and cheaper relative price of capital resulting in substitution of labour for capital as the primary cause. This poses a theoretical impasse, since (market oriented) economic policy reforms are conventionally expected to result in an acceleration in the rate of growth of output and productivity thanks to the underlying short term gains in static efficiency (through re-allocation of factors to efficient uses) and dynamic efficiency gains. One view (Goldar, 2000, 2011) says that there is a substantial increase in organised manufacturing employment in the liberalised regime of 1990-91 to 1997- 98 and 2003 04, as compared to the 80s. Nagaraj (2004, 2011) has contradicted this noting that the employment growth when analysed in the same picture as that of capital growth asserts the jobless growth phenomenon. According to him, the whole period can be termed as a period of jobless output growth where output has grown with more capital-intensive technology. Stagnant per capita real wages are said to be another paradox whereby the natural transition of output growth into growth in real wages has not transpired yet in Indian manufacturing thereby raising concerns on lack of domestic demand. Trivedi et. al (2011) note a U trend emerging in the growth of real emoluments (from a revival in the figures from negative rates in the 90s) and the consistent decline in growth in real wages. They consider this to imply increasing compensation to the managerial and supporting staff while the workers face stagnant real per capita wages and raise concerns of inequality and productivity implications. Table 6. CAGR Of Principal Manufacturing Aggregates Source: Own calculation Table 6 confirms the Jobless growth hypothesis which can be found to hold true for all three variables of labour, namely, Number of Workers, Number of Employees and Total Persons Engaged. What is to be noted is not only the definite declining (and negative) growth rates of the 90s, but also that Number of Workers and Number of Employees were on a declining growth path even in the 80s. And that growth in Number of Workers and Total Persons Engaged are seen to revive during the sub period 1999 08. Another major concern is the different patterns exhibited by the growth in wages and that in emoluments. While both are found to be on a declining growth path, the rate of decrease in the growth of emoluments is substantially lesser than the steep and concerning decline in that of wages. The U trend noted by Trivedi et al (2011) cannot be brought forth due to unavailability of data on the same. Some other features of the data under analysis, that are brought out by these summary figures are the decline in the growth of Real Gross Output, Net Value Added and Net Fixed Capital Formation show the same patterns of decline in the 1990 2000 sub period and this extends to the 1995 04 sub period. But the 1999 08 figures of NVA and NFCF show revival. Therefore this analysis seems to come out in support of the J Curve hypothesis of output and productivity growth. Disaggregated Analysis is essential for assessing the structural dynamics of the sector. Guha (2008) noted that the inter temporal comparative analysis of the differences in the growth process at the disaggregated level explains the structural change that has occurred in the manufacturing sector (which in his analysis comes out to be substantial). An S curve pattern is expected to be followed by the growth and TFP in positive response to the reforms, taking the sector from a lower steady state to a higher steady state. At the disaggregated level, we expect a majority of sub-sectors to follow an S-curve pattern, but also some fundamentally non-competitive sectors to project a decline (due to comparative disadvantage). Trends in productivity growth at the (disaggregated) sub-sector level of manufacturing showed a much more varied pattern of growth than at aggregate level. Out of the twenty two sub-sectors analysed in their paper, three followed an S-curve pattern (14%), eight followed a J curve pattern (36%), and ten followed a hybrid S-J pattern (45%). This is to be expected in a situation in which different policy reforms are paced differently and affect different industries to different degrees and the analyses by Guha (2008), Hashim, Kumar Virmani (2009), Kaur Kiran (2008) and others have empirically substantiated the diff erences in interpretation brought about by disaggregate analysis and the differences in impact of the policy reforms on different industries. Also, using dummy variables to determine the effect of reforms on the TFPg across a disaggregated table, they find that according to the Growth Accounting Analysis, there has either been no acceleration or deceleration in all the subsectors (except Metals) and states (except WB and Haryana). But in their analysis using the Production Function Approach, they find that there has been a revival in the TFPg post 90s. But even those figures reiterate that the revival fell much short of the expectations of Liberalization. Table 7. CAGR Of Principal Manufacturing Variables Across Major subsectors Source: Own calculation Table 7 gives the two digit level disaggregated analysis for the Indian manufacturing sector. Only 10 major industries that contributed above 2% as share in output and employment have been considered for the analysis. All industries show revival in the late 90s, with respect to growth in share in manufacturing employment. Dye and Fur industries, Chemical industries, Vehicle industries and Tobacco industries are the only sectors that do not exhibit negative growth rates, though without exception all show declining growth rates in the first two sub periods. In the case of growth in input intensity, all except the tobacco and textiles industry shows an increase in the last sub period (from a declining path, previously) which raises concerns over the sustainability of output growth in the sector. The rise in input intensity seen in the late 90s raises questions about the accuracy of the J curve inference that was reached upon earlier. The Food and Beverages sector shows the tendency of c onsistent decline in growth in RGO and NVA. Equally alarming is the dye and fur products industry which shows a steep decline in growth in share in RGO and NVA from a previously stable position. Vehicles industry is the only industry that manages to without a substantial decline with respect to growth in output. The organized sector contributes only 20% of the total manufacturing output but more than 60% of its output while the unorganized sector accounts for about 80% of the employment but only about 33% of the total output of the manufacturing sector. This duality in the Indian manufacturing sector and the resultant structural dynamics and its implications (in the form of imbalances) finds reference in almost all of the growth performance literature. The sectoral, regional and (especially) structural imbalances in the manufacturing sector is also reflected in the form of the high wage differential between the registered and unregistered sectors, the differential in the employment and output share (respectively) of the two sectors etc. That is, the relative income contribution of the unorganized sector vis a vis the organized sector has been on consistent decline and this affects the labour productivity differentials between the sectors (Trivedi et. al 2011). Data and Methodology This study focuses on the performance of the manufacturing sector using aggregate and disaggregated analysis of it. While keeping the aggregate picture, it examines the component industries to understand the effects of the structural dynamics of the sector on the sectoral aggregates. The period of study is 1981 82 to 2007 08 (though in some cases it is extended to include the periods 1971 72 to 1979 80 and 2008 09 to 2011 12, as a result of data availability). ASI is the main data source on aggregate and disaggregate level data. Data on IIP and GDP is from the RBI Database On Indian Economy. IIP is an index of industrial production and not just manufacturing production, though manufacturing sector is a dominant component of the IIP (contributing over 75% of the total weight) and therefore, additional variables like Value Added, Value of Gross Output and Sectoral GDP are used to complement the accuracy of the inference. Net Fixed Capital Formation series considered for analysis is at book value and not Real NFCF. The sub sectors considered for disaggregate analysis are the Food and Beverages industry, the tobacco industry, the textiles industry, dyeing and fur production industry, the coke refined petroleum and nuclear products industry, chemicals industry, the metal industry, Machinery and equipments industry, Electricals industry and Vehicles (Automobiles) industry. Trivedi et. al (2011) notes that the contribution of TFPg to output growth for the registered manufacturing sector ranges between 13 to 25% using alternative methodologies and therefore the analysis of the same is essential for any comprehensive performance assessment. But since the estimation and analysis of TFPg is vastly out of the scope and time frame of the current study, we confine ourselves to a literature based analysis on the topic. They note that the regional TFPg differences brings home the fact that states without much output growth but falling or negative rates of employment can also show high TFPg rates. Therefore, TFPg cannot be unconditionally used as an indicator of growth performance. TFP levels should be assessed alongside to get a clearer and more accurate picture. In using Dummy variables to determine the impact of the reforms on TFPg by demarcating the pre and post reform periods, they note that it is difficult to isolate the impact of reforms from that of the other factors (that impact TFPg) in the dummy variable analysis and also that the time lags in the impact cannot be taken into consideration, under the same. Conclusions We find that the Indian manufacturing sector is seen to have faced a structural break when considering the growth in Real Gross Output and Net Value Added instead of Sectoral GDP. But this break is in the late 90s which gives basis to the J Curve hypothesis of output and productivity growth. Also the phenomenon of jobless growth is found to have been a feature of the manufacturing employment in the decades post reforms, though latest data (till 2007 08) helps in finding a sign of revival in the same. The disaggregative analysis bringss forth the disturbing trend in growth in input intensity in almost all the industries of the sector, thereby questioning the sustainability of the output growth achieved through liberalization. Tobacco, Dye and Fur, metals and Electricals industries are the only sectors that follow the J Curve pattern with respect to output growth. Indian manufacturing landscape needs to be geared up through expansion, diversification, technological and competitive scaling up and skill enhancement, TFP growth, Efficiency growth and expansion of global footprint, namely, mergers and acquisitions and/or capturing new export markets (in the qualitative side) (Bhandare, 2011). There is a need to improve (all three performance indicators, namely) productivity, efficiency and competitiveness of Indias manufacturing sector. And this needs to be achieved along with improvement in employment growth, keeping in view the demographic theory (the potential demographic dividend) and countrys projected aim of inclusive growth (as declared in the 12th five year plan). With regard to the expectations and fears regarding liberalization, Nagaraj (2011) notes that industrial growth rate has not accelerated, nor has the growth rate of labour-intensive consumer goods gone up; but there has been no de-industrialaization either, as the critics feared.