A Family Play Essay

Robert: If you don’t like what I’m watching then go and watch the other TV. Mary: No! Why don’t you just put it on something that we both like? Mum and Dad are watching the other TV anyway. Robert: Because I like this. Mary: Well you need to go to bed soon. Robert: Well when I do then you can watch what you like. Mary: Why do you always need to be so selfish? I hate having a younger brother like you. (Short pause of silence) Shelly: (shouting) Robert it’s time for bed now. Robert: Alright I’m going, I’m going. (Robert stands up) Mary: Can I have the remote control, Robert? Robert: If you say please. Mary: Don’t be such an idiot and just give it to me! (Robert leaves the remote control where he’s sitting smiles sweetly at Mary and leaves the room) Robert: G’night Mum, G’night Dad. Shelly and Colin: Goodnight Robert, sleep well. (Next day and Robert wakes up very excited because it’s his birthday, he gets dressed and goes downstairs where his parents are eating breakfast. ) Robert: (happily) Good morning! Shelly: Morning Robert, you seem very cheerful today? You’re usually half asleep at this time in the morning. Robert: (laughing) Am I not allowed to be cheerful on my birthday? – When can I open my presents? Colin: (looks extremely worried) Well†¦ Robert: Can I open them now? Where’ve you put them? Shelly: Hmm†¦ Well†¦ Robert I think that we both kind of forgot what the date was. Colin: (convincingly) It’s not that we forgot when your birthday was! – It’s just that we’ve both been so busy with work recently we haven’t been keeping track of what the day is. Robert: (shocked) You mean†¦ you forgot my birthday?! Shelly: No! We just haven’t had the time to get you a present yet. Robert: I can’t believe it! My own parents forgot my birthday! (Shelly walks over to Robert to try and comfort him but Robert shrugs her off) Shelly: I know, why don’t we all go a shop now and we can buy you a present? Robert: Because its Sunday and all the shops are closed. Shelly: So it is, I forgot what day it was. Robert: (angrily) I noticed! Colin: We’re really sorry Rob, you know how busy we’ve both been. (Mary enters, having heard the noise) Mary: What are you shouting about?! Robert: Don’t tell me you forgot too! Mary: Forgot what? Robert: It’s my birthday! Mary: Is it? I thought it was the 8th today? Not the 9th. Robert: Well it’s the 9th, and you all forgot! Mary: Oh, sorry Rob, I didn’t realise. Robert: Don’t expect me to remember any of your birthdays! (small awkward silence) Colin: I know we’ll take you out to the pub for a Sunday lunch, and I’ll buy your present tomorrow. Robert: (sulkily) Fine. (Later that morning the doorbell rings and Mary goes to answer it) Mary: (shocked) Hi Uncle Craig! Craig: (Australian accent) Hello Mary, how are ya? Mary: I’m fine thanks! (louder) Muuuuum uncle Craig’s here from Australia! (Shelly comes to the door) Shelly: Who? I thought you said Craig! (laughs to herself) Craig: (smiling) She did. Shelly: (shocked) Oh my god, Craig! Wh†¦ Wh†¦ Why are you here? Craig: Well for Roberts birthday of course! Where is he? Shelly: He’s in his room. But he’s going to be so pleased to see you! Have you come all this way just to see Robert on his birthday? Craig: That’s right! I thought I’d surprise you all. Mary: Well you’ve definitely done that! Shelly: Well come in, have a drink, make yourself at home. (They all go into the living room to join Colin) Colin: Hello Craig, how are you? This is certainly a surprise! Craig: I’m doing great thanks, how ’bout you Colin? Colin: Not bad. Not bad. Mary: I’ll go and fetch Rob. . (Mary leaves to get Robert) Craig: So what present did you get Rob? Shelly: (sheepishly) Oh, we haven’t got it yet. Colin: Were getting it tomorrow though. Craig: Oh alright then, I hope he likes the present I got him! Shelly: I’m sure that he will. (Mary and Robert come back downstairs) Robert: (very excitedly) Hi uncle Craig! (gives him a hug) what are you doing here? Craig: For your birthday of course! Did you forget? (laughs) Robert: (sarcastically) I didn’t, but I know somebody who did. Craig: What do you mean? Robert: Didn’t they tell you? They forgot that it was my birthday today! Craig: (looks at Colin in surprise) Really? That’s terrible! Colin: We lost track of what day it was. Craig: I’m sure he won’t mind if you get a present tomorrow then. Will you Robert? Robert: No, I suppose not. Craig: Now, do you want to see what I got you? (Robert suddenly seems more excited again) Robert: oooh yes please! (Craig hands Robert a long wrapped up present, which Robert begins to unwrap) Robert: Wow! A didgeridoo! Thanks Craig, that’s amazing! Craig: Glad that you like it Rob.

Crime Scene Sketching

Crime Scene Sketching The effect of modern media on crime scene investigation has led most people to believe that crimes are relatively easy to solve and may only take a day or two to complete. In actuality crime scene investigation is a lengthy process in which investigators can spend years investigating one crime. The components of crime scene investigation themselves can be rigorous and demanding depending on the circumstance.A vital piece of crime scene investigation is crime scene sketching; a tool that seems to be less in the forefront of modern television shows, perhaps because this is a less effective way to portray the gore that attracts the audience to most of these shows in comparison to crime scene photography that is often highlighted in shows like CSI. Crime scene sketching however is a critical part of crime scene investigation.Crime scene sketching in comparison to crime scene photography can capture a â€Å"bird’s eye† view of the crime scene, can show relativity between items and can offer a â€Å"whole crime scene picture† instead of being in fragmented pieces or from one particular angle like photographs. Crime scene sketching has been a long standing process in investigations and is a technique that has an abundance of benefits. It is a permanent record that provides supplemental information that is not easily accomplished with the exclusive use of crime scene photographs and notes.A crime scene sketch depicts the overall layout of a location and the relationship of evidentiary items to the surroundings. It can show the path a suspect or victim took and the distances involved. It can be used when questioning suspects and witnesses. During trial, the crime scene diagram correlates the testimony of witnesses and serves as a tool for relaying reference and orientation points to the prosecutor, judge and jury. A crime scene sketch is a rough drawing/scale model drawing composed by an investigating officer at the crime scene .The crime scene sketch is a simple line drawing that indicates the position of the body in relation to fixed and significant items in the scene (ex: a door, table or window)(Garrett). It is usually in addition to an officer’s written report and photographs. The crime scene sketch is an amazing visual aid, and because officers can choose which items to include in the sketch it can eliminate unnecessary items that photographs can’t like clutter or items that are unrelated, it also can highlight the significance of important items like the closeness between the victim and the murder weapon or unusual blood spatter. DOJ Wisconsin) It has been well established in court that a well drawn diagram is an aid to the judge, jury and witnesses in visualizing the crime scene. Their admissibility usually lies in their relevance and accuracy. This type of evidence may be referred to as illustrative or demonstrative evidence. (DOJ Wisconsin) Even poorly drawn sketches have been admit ted into evidence, as long as they are shown to be fair representations of the scene and it's surroundings. There are four types of crime scene sketches used in investigations; Overview sketches consist of a bird’s-eye-view or floor plan sketch of the scene.This is the most common type of sketch and consists of items on the horizontal plane. An elevation sketch portrays a vertical plane rather than a horizontal plane. Examples include bloodstain patterns on vertical surfaces such as walls or cabinetry and bullet holes through windows. Exploded view or cross-projection sketches consist of a combination of the first two sketches. It is similar to a floor plan except the walls have been laid out flat and objects on them have been shown in their relative positions.Perspective sketches depict the scene or item of interest in three dimensions. It is the most difficult sketch to create and requires some artistic skill. (Gerber, 216) When an investigating officer begins his sketch he must have paper (typically graph paper to include proper measurements to scale, but blank paper is often used), a pencil and eraser, a ruler or straight edge and a steel tape usually 100’ ft. It is also extremely beneficial to have a compass to determine true North.Measurements are an important part of the crime scene sketch, something that photographs cannot do. In photographs angles can make objects appear closer or further apart than they are in actuality. Drawing things to scale is not always necessary, although it is valuable to do so. Drawing sketches to scale avoids a distorted view of the scene; measurements must be reduced in proportion so that they bear correct relationship to each other; however, in drawing sketches not to scale Sketch can be accomplished more quickly than a scaled diagram.Items are placed in the diagram based on approximation by the investigator drawing the scene. This type of diagram may provide a distorted view of the scene. Correct proportions and relationships between objects may not be maintained. Measurements are recorded on the sketch or in a chart. This rough sketch may be used to complete a scaled diagram later. These diagrams should be clearly marked as not to scale. (Garrett) All measurements are taken from a fixed point, a door or window, stairs or a chimney. They should be exact and taken with a steel tape or ruler.Usually one investigator takes the sketch while another officer takes measurements and while investigators can often estimate relative distances or positions in rough sketches; measurements are taken for exact locations. In situations where no measurement instruments are available investigators can use pace measurements but these are not exact and are often less reliable and credible. (Hess and Orthmann) A crime scene drawing is one of the simplest and most effective ways to show measurements, these measurements are important because they show relativity and distance between significant items.The inv estigator has five ways to show these measurements in a crime scene drawing. These measurement techniques include: Straight-line in which two measurements are made, one from each side of the object, to a fixed point in the diagram. This method is usually used to mark positions of furniture or evidence against a wall like blood spatter. The second method an investigator can use is the rectangular coordinates or perpendicular distance method in which two measurements are taken at right angles of an item to the nearest two permanent objects, often walls.This method is usually the best way to mark the location of a body or other significant evidence. The polar coordinates or triangulation method is done by using a compass and a protractor, the investigator locates two fixed points and transfers this information to the sketch. Measurements are then taken from these two fixed points to the object, forming a triangle, where these two points intersect is the exact location of the object. Th e fourth method used for finding measurements is the base line method; this method is used for a scene that doesn’t have a straight perimeter like a large wooded area or a river.In the baseline method a straight line is drawn through the scene and each end is located and measured. A starting point is designated (ex: the north side of the river is determined the starting point) and the base line is then used as a reference for all of the other measurements. The final technique for measurements is the two fixed point method where an investigator takes two straight line measurements to two fixed points within the scene. In this method no right angle is required, but the two points used should not be close together.In a professional and legally correct crime scene sketch an officer will include a title block, this title block includes: the name and title of the investigator who drew the sketch, the date and time that the sketch was made, the classification of the crime (homicide, burglary etc. ), the identification of the victim if known, the agency’s case number, any names of persons assisting in taking measurements, the location of the location sketched, and the reference points included in the legend such as compass directions.Several CAD based programs are commercially available that can be used to create a professional and accurate crime scene diagram. With laptops becoming more common, these types of programs can be used at the scene to record measurements and generate sketches. These diagrams can also be generated back at the office using rough sketch(es) created at the scene. Portable devices now exist that can perform a 360 ° scan of a crime scene in as little as 20 minutes, capturing millions of measurements of all objects visible to the scanner. Dozens of high-resolution images are captured automatically.The device requires only the space needed by a standard photographer’s tripod. The data generated can be used to find the distan ce between any two points in the scene, to view the scene from any vantage point (including directly overhead), and to create a full-color, 3D model for investigative and courtroom purposes. (DOJ Wisconsin) With the benefits of crime scene sketching and the advancement of technology, crime scene sketching is more than ever being helpful in investigations and court. The benefit of crime scene sketching will continue to develop as more ways of crime scene sketching becomes available.

Ethical Issues In Business Assignment Example | Topics and Well Written Essays - 250 words - 1

Ethical Issues In Business - Assignment Example Such companies should be responsible for all the punitive measures levied against them by the governmental authorities for failure to observe environmental health and conservation in their practices (Ferrel et al, 67).  In the case presented, it is prudent to note that Jared had realized that there was a very big problem with the company’s disposal system. Relevant to the above, he had already addressed some problems associated with the cause. Moreover, he has also set in place several procedures to employ in the future in order to ensure that the problem does not happen again. Following the above, it is important to acknowledge the fact that Jared has shown a strong element of environmental responsibility and conservation. This is aimed at achieving environmental sustainability.  Relevant to the above, it is important for Darwin Chemical Company to report something credible, logical and rational to the authorities about the situation without any fear of the consequences t hat may follow. The company should report that they suspect some waste products may have been infiltrating into the water bodies surrounding several industries and companies. However, the DCC holds in its values and virtues the notion that â€Å"it should be a responsibility of all the industries to ensure that all their operations are ecologically friendly. This is because compromising the environmental health is associated with the compromise to human health and other biodiversity†. In this regard, the Darwin Chemical Company should request the authorities to allow them to conduct some chemical and physical assessments within their surrounding environments, especially the river in question.

Why the Drinking Age Should be Lowered Essay Example | Topics and Well Written Essays - 500 words

Why the Drinking Age Should be Lowered - Essay Example The need is to comprehend how the drinking age has to be adjusted in the first place. There are different societies in the world which offer a host of explanations in the wake of the drinking age. However, what remains to be seen is how well this age represents the true mindsets of the people who are actually bringing about a positive change to begin with. The drinking age can only be seen as a number and nothing else. Drinking age should also be lowered because there is no need to set an age at all. When the teenagers have intellect to pick and choose pastimes of their own, then there is no use to ask them to change their habits or to follow a certain age category before drinking. Hence there comes the equation of the drinking age getting lowered and that too for all the right reasons. As the drinking age has been established in the Western countries, it would only be a given to comprehend how it will be seen within the Eastern nations as well. But then again, the bottom line remain s embedded in the fact that drinking age has to be brought down because the kids of today are no more the kids that used to be in the yesteryears. Drinking age must also be lowered because it is just a figure that needs to be followed. The young ones do not care what age they should be before they can start drinking. It is important for them to drink and feel good about their own selves.

Marketing Ogden Essay Example | Topics and Well Written Essays - 500 words

Marketing Ogden - Essay Example Motorcycle Classics is devotedly read by the young, middle aged and old aged people who are true motorcycle enthusiasts and live the dream of collecting and sharing information about the great iron rider. The marketing campaign for the chosen titles of Ogden Publications will be based on the concept of integrated marketing communications. According to Tony Yeshin (1998), integrated marketing communications refers to the coordination of several promotional techniques in a campaign in such a manner that the marketing objective is fulfilled. Ogden Publication needs to utilize a mix of integrated marketing tools such as public relations, direct selling, advertising, sales promotion etc. A very effective way for Ogden to promote and further strengthen its brand is through the effective use of social media marketing. The interactive form of PR will allow Ogden to communicate directly with its audience. Information about special issues, Ogden promotional fairs, sponsoring events and tips on adapting to a sustainable lifestyle will be delivered to the customers easily. The quick response about any new initiative by Ogden will serve as a feedback which would open doors for further improvement . The fans of Motorcycle Classics would find social media a great opportunity to exchange their knowledge and tips on bike riding, new and old models and finest motorcycle maintenance essentials. Fans of Mother Earth News and Utne Reader will share their views on a healthy lifestyle and personal DIY techniques effectively. It is a big challenge for Ogden to maintain the same feel and look across both online and print media. The most important way to do so is to identify the brand tone. This means that Ogden must decide if it wants to communicate in a formal or informal tone with its customers. Once identified and agreed, it must design marketing and PR campaigns in such a manner so as to maintain formality/informality in all online, print and face to face

Musical Instruments Essay Example | Topics and Well Written Essays - 1250 words

Musical Instruments - Essay Example It will concentrate on their distinction and similarities in terms of structure, performance techniques, occasion when they are played, and their historical context. The origin of the Arabic oud is often associated with Biblical history. A myth tells the story of Lamech, the sixth grandson of Adam who is extremely grieved by the death of his son. Thus, being unable to contain his grief, he hung his son's remains in a tree. The first oud is said to have been inspired from the shape of Lamech's desiccated skeleton (Parfitt 2). The Arabic oud is described as a pear-shaped, stringed instrument similar to lute which is commonly used in Middle Eastern music (Oud 1). It should be noted that both the oud and the lute are derived from the Arabic term al-ud which is literally translated as "wood." Gianfranco Lotti also suggests that "the 'wood' appellation originally carried derogatory connotations, because of proscriptions of all instrumental music in early Islam (Oud 2)." The exact date when the oud is created can never be accurately determined. However, evidence showing the earliest usage of this musical instrument dates back to the Uruk period in Southern Mesopotamia (modern day Iraq) which is 5000 years ago. Dr. Dominique Collon acquired a cylinder seal which shows the picture of a "female crouching with her instruments upon a boat, playing right handed" (Parfitt 3). It should be noted that aside from this pictorial record, the oud appears all throughout the Mesopatamian history highlighting its importance in the civilization and culture. Throughout time, the original structure of the oud has been rather modified due to the social changes. The oud is consists of a "large soundbox connected to a short neck, features that give it its letters patent of nobility and distinguished it from the long-necked lute family" (Parfitt 4). The body of the oud which is originally pear-shaped has been transformed into a more swelling and rounded one. Since the oud is used by many countries, its structure also varies with according to its regional origin. There are three varieties of Arabic ouds: Syrian which are slightly larger, longer-necked, and lower in pitch; Iraqi which are generally similar to Syrian oud but with floating bridges which focuses the mid-range frequencies and gives the instruments a guitar-like sound; and Egyptian which has a more-pear shaped body, slightly different tone, very ornate, and highly decorated (Oud 4). However, amidst the differences and variations which appeared, the Arabic oud still has distinct and defining features that separate it from other musical instruments. Compared to other stringed instruments, the Arabic oud is distinctive because of the number of its sound-holes. The oud generally has one to three sound-holes. Furthermore, the ouds body contains a staved, bow-like back which resembles the back of half watermelon allowing it to resonate and produce a more complex tone. The Arabic oud also has a pegbox which is bent at 45-90 angle from its neck. This musical instrument is also distinctive because of its eleven strings. It should be noted that the first ten are arranged in pairs while the eleventh remains single. The Arabic oud, is also differentiated from other plucked instruments because

Modern finance Essay Example | Topics and Well Written Essays - 2500 words

Modern finance - Essay Example (Campbell, 2008). Apparently, the current crisis may be attributed to the subprime lending made by the different financial institutions. However, at the core of it is a whole plethora of different variables which are not only correlated with each other but also created a combined effect on different macroeconomic variables too. The failure of financial institutions to regularly check in their appetite for taking more risk not only resulted into the current credit crunch but also indicated the degree of the regulatory control over such institutions to discipline their behavior. Northern Rock is such a financial institution in UK which required intervention from the government because of its apparent failure to sustain the losses incurred due to subprime mortgage episode. In this research study, the current credit crunch will be discussed with special focus on Northern Rock as a firm requiring official intervention. The credit crunch started to emerge during 2007 when in US, especially financial institutions started to witness defaults on payments of subprime mortgages. Subprime borrowers are termed as those borrowers are who have relatively high risk due to their past credit history. Therefore, under normal banking rules and practices, lending to such borrowers are riskier as in comparison to other borrowers. It is because of this reason that such borrowers are categorized as subprime and are charged relatively higher rates on the lending made to them. Historically, banks were more conservative in their lending practices and avoided to lend to such borrowers who lacked the capability to repay. However, with the innovation in the financial markets corroborated by liberalization of financial markets allowed financial institutions to innovate and roll out products which carried relatively high risk. This phenomenon was further aggravated with the globalization of the financial markets

The stochastic Poisson model Essay Example | Topics and Well Written Essays - 1000 words

The stochastic Poisson model - Essay Example The Poisson process is a stochastic process, which describes events that occur independently from one another and continuously. Stochastic processes are part of probability theory and are used to describe random processes. They are based on a level of indeterminacy, which means that the final outcome is unknown although some paths and outcomes are more likely than others. (Doob, 1953) The Stochastic Poisson model has been used to describe processes like rainfall, the telephone calls that arrive at a switchboard, radioactive decay of atoms, and the page views of a website. Its use to describe the decision making of a juror is a relatively new and exotic application. When applied to decision making a Poisson process can be catalogued as special case of renewal theory (Cox, 1962). This model was proposed by Thomas and Hogue (1976) as a descriptive model in juror decision making. The model describes the jurors choice making as a two step process. In the first place the juror must consider the evidence to create a final estimate of the weight of the case against or for the defendant. Secondly, each juror has an individual decision criterion that allocates the apparent weight of evidence into "for" and "against" decision zones. According to this model a juror will only decide against a defendant if the weight of evidence exceeds his personal decision criterion. This means that the confidence of a juror in any particular decision will be a mathematical function of the distance between the apparent weight of the evidence and their personal decision criterion. The further away these parameters are the stronger the confidence of the juror in a particular decision. The indeterminacy of this process lies in the assumption that the apparent weight of evidence, or the perception of the weight of evidence, is randomly distributed among jurors. Thomas and Hogues (1976) decided to use an exponential probability density function to describe the way jurors arrived at a

An overview of the conflict resolution theory Essay Example for Free

An overview of the conflict resolution theory Essay Conflict Resolution Theory In conflict resolution, preconceived notions, also called the natural cognitive sorting processes, are the stimuli that unwittingly foment war. By taking a look at individual and intergroup relations, one can better grasp conflict resolution as a way of mediation which may lessen the probabilities of the outbreak of political violence. This essay takes a close examination of the effect of individual-level models of change to inspire change at the social level. The scaling up the process from individual treatment to social has its strengths and weakness. Controlled communication, sensitivity training, Freud’s hydraulic model, complex mirroring and conscious raising psychotherapy are experimented means in conflict resolution to dissolve conflict at both individual and general levels. The natural cognitive sorting mechanism of dividing people into ‘us’ and ‘them’ engenders prejudice and in the long run, political violence. This perspective is typical to The Self and The Other concept in which people and groups are constructed to exclude the other or any entity that is perceived as foreign and to include the self or other entities affiliated to the self. â€Å"Protracted social conflicts typically involve an enduring set of antagonistic perceptions and interactions between communal groups†¦negative attributions of motivations and reciprocal negative images perpetuate the antagonisms and solidify the conflict† (Fisher 1997). This concept breeds the antagonization of groups which turns one group against the other, deepening rifts and sharpening rivalry. Since this type of social cognitive process emphasizes differences between ‘us’ and ‘them,’ an elitism can arise which advantages one group over the othe r and fosters an unhealthy intergroup competition and mutual exclusion. With mutual degradation and demonized motives, each group continues to not only drift apart but rub against each other in a frictional relationship to produce an aggression fire. At the national level, us and them dichotomy leads to jingoism which is a chauvinistic form of nationalism. This ideology promotes the suppression of one and the superiority of a people. Fanatical patriotism and the prejudiced belief propose that another party must suffer in the power imbalance. (Paris 2004) agrees that â€Å"exclusionary forms of nationalism also make enemies of excluded groups.† In other words, one nation categorizes, segregates and disadvantages another. As a consequence, the excluded party harbors resentment toward the opposing group. Resentment begets tension-filled relations, which beget mistrust. The polarizing effect of the ‘us’ and ‘them’ construct leads inevitably to suspicion and in a competitive environment, to perceived inequalities. Inequalities result in the categorization of an oppressed and an oppressor, the victimized and the victimizer. At a particular point, one group arrives at a breaking point, demanding the redr ess of wrongs whether real or perceived and an equalizing of the playing field. (Fisher 1997) also recognizes that some â€Å"conflicts arise when identity groups perceive that they are oppressed and victimized through a denial of recognition, security, equity and political participation.† Imbalances of power stimulate one group to react or even retaliate – hence hostilities erupt. It was a wave of nationalism which provokes WWII in which the Aryan Germans attempt to purge Germany of ‘unwanted elements’ for the sake of the country. Similarly, in the case of Rwanda and other countries, ethnic cleansing or genocide take place because of inequality and a false sense of nationalism. Sorting out the Natural Cognitive Processes To arrive at conflict resolution, one must broach the theme of altering intergroup perceptions. This method is an individual-to-social strategy in which with a third party intervention, both groups can mutually exchange opinions and feelings. John Burton pioneers and implements a â€Å"casework approach,† a term used in social work to explain the methods implemented to solve an in individual or group problem. Controlled communication signifies a way to forge effective communication habits. Burton asserts that the source of conflict is miscommunication and the source of miscommunication is distorted worldviews or perceptions of the other. In practicing controlled communication, groups can share their prejudices and biases in a setting that diffuses anger and sets a more amicable tone for talks would help improve relations. Also, Leonard Doob advocates sensitivity training which progresses the transition from individual-level change to collective change. He puts forward that a s mall representative group ventilates their perceptions, opinions, and concerns to create awareness and better grasping of group processes. The sensitivity training workshop is similar to a psychological therapy conducted by a third party. Ideas and feelings are shared to increase interpersonal effectiveness. (Toft 2010) declares that giving voice to former combatants is a mechanism in conflict resolution to craft negotiation settlements in which â€Å"renewed violence can be averted.† This rule follows the sensitivity training theory which enhances sympathy and increases chances at understanding and positive change. In Sigmund Freud’s group processes theory, he posits that the group’s way of thinking is spawned directly from the individual’s. In Freud’s hydraulic model, the principle is that just as it is dangerous to suppress feelings for fear of compounding them for a more violent eruption, so at the social level, it is risky to continually inhibit ill-feeling by conflict resolution (Strachey 1966); instead, venting would help diffuse tensions and instead of internalizing the resentment, the person finds relief in expression. In his work â€Å"Give War a Chance† (Luttwak 1999) examines the effect of peacekeeping which only temporarily resolves the issue by satisfying parties. However, he advocates war as the means of reaching a more definitive and longer lasting conflict resolution. Complex Mirroring Complex mirroring within the group setting is a way in which the individual change scalps up to the group level change. In remedying traumatized individuals, the victims join themselves to a group and begin to mirror one another’s feelings and experiences. A critic notices that â€Å"by listening to one another’s individual presentation of personal experiences, participants gain a new perspective†¦by listening to the series of such descriptions, they gained the experience of universality† (Herman 1997). As a result, the individual-level change dynamic transmutes into the group-level change. As one witness the effect of trauma, the support group experiences secondary trauma as wounded members relate their experiences and seek emotional support. The incidence of secondary trauma gives rise to empowerment and awareness. Kathie Sarachild formulated the conscious-raising psychotherapy structures specifically for the individual but which could be used â€Å"to ef fect social rather than individual change† (Herman 1997). This method was implemented for rape-victims who were silenced by the violence and trauma inflicted by another. In the scope of social change, political violence is a grave injustice inflicted by one and visited upon the other. A remedial path is a sensitization rather than retaining the silence over the injury. As the public’s consciousness heightens, a cure has to be suggested and taken. The beneficial result is that â€Å"changes at the individual level were being linked with policy processes at the macro level† (Fisher 1997). Conflict Resolution Strengths and Weaknesses In conflict resolution, a strength of the individual to group model application is that groups comprise a conglomerate body in which individual mirroring gradually filters into the group’s ethics. The reasoning is that a group is comprised of individuals and since a group is made up of individuals, then a method aimed at effecting change in an individual can also be applied to the group. However, this method does not factor in the wide diversity of the individuals belonging to a group. One rigid rule utilized for one individual cannot work for a group because this view only facilitates the one-size-fits-all theory which is not socially viable. References: Fisher, R.J. (1997). Interactive Conflict Resolution, Syracuse University Press, New York. Herman, J.L. (1997). Trauma and Recovery. Basic Books Publishers, New York. Anonymous. (1996). Human Rights in Peace Negotiations, Human Rights Quarterly,18(2), 249- 258. Luttwak, E. (1999).   Give War a Chance, Journal of Foreign Affairs, 78 (4), 36-44 http://www.jstor.org/stable/20049362. Accessed 14 December 2011. Strachey, J. (1966). The Standard Edition of the Complete Psychological Works of Sigmund Freud, The Hogarth Press and the Institute of Psycho-Analysis, Vol. 22, Toft, M.D. (2010). Ending Civil Wars: A Case for Rebel Victory, Journal of International Security, 34 (2), 7-36. Paris, R. (2004). At War’s End: Building Peace after Civil Conflict. Cambridge University Press.

Classroom Management Essay Example for Free

Classroom Management Essay Introduction This paper will present the importance of setting standards within the classroom. Transitioning is one the most important part of planning. Without a classroom management students will not understand the role that they play within the classroom community. I believe the one of the most important details in the development of lesson planning is implementing effective transitioning to minimize behavior problems. Students need to in a positive and encouraging environment for them to succeed and setting high expectations for them. Establishment of rules The purpose of setting classroom rules is to create a safe yet challenging environment. I believe that educators should strive daily to meet the needs of students spiritually, socially and mentally. The theoretical foundation applied by an educator is like a roadmap that enables the students to arrive at their intended educational expectations. An educator’s theoretical foundation should be precise, integrated and complete. Such a model should consider each aspect of students being. When God created man, He made man in His own image. Man is a spiritual being, who possesses a soul that lives inside a body. And yes, having an established prevention class makes it all possible. Gaining students trust and respect is a very critical first step in creatinine a positive learning environment. If I can have respect for my students as well as having them respecting each other, I believe this leads to a safe environment where learning can take place. I believe that students should be a part of creating the classroom rules because they will be more likely to comply. By creating the rules they will have a personal and moral connection. In kindergarten the students learned the school rules and of course they would have to be implemented throughout their school career as a student. The first grade daily rules will be posted at the appropriate eye level so that students have easy access to the rules. The rules will be posted and consistently followed throughout the school year. I will discuss the rules, consequences, and rewards with the class daily. It is imperative that I set the expectations of the classroom immediately. This will be ongoing practice throughout the school year. I will also encourage the parents to go over the classroom expectations at home. As we begin to create the classroom rules, I will model/discuss with the students what a good classroom rule looks like. For example creating mini lesson that include possible scenario’s along with consequences as a result of the unwarranted behaviors. This way they understand what is expected of them when creating the rules. I will explain to the students that I will develop the first five of the six classroom rules. I will write all the rules of the board and in a student centered discussion ask why they think this rule is important. The first rule is to follow directions the first time that they are given. Second, listen when others are talking at all times. Third, raise your hand and wait to be called on before responding. Fourth, work quietly and do not disturb others. Fifth, you must keep our hands to yourself at all times. Each day student’s will have a chance to earn â€Å"smile sticks. † Smile sticks can easily be earned whenever a student is displaying appropriate behavior by: following directions, walking quietly in the hallway, helping others, etc. At the end of each week, smile sticks are counted and each student with 8 or more sticks will get a chance to pull from the treasure chest. Parents will be notified daily of positive and negative experiences. Daily Routine On the second day of school will go over the rules discussed on the first day and revisit the class tour. On this day, I will go over the morning routine that is displayed daily within the classroom. The students will be asked to come in and immediately select their breakfast and begin to eat. The students as well as parents will receive information on the time breakfast is served, and the amount of time provided to students. Next, I will discuss and model the appropriate items to bring into the classroom from the lockers located within the classrooms. I will next discuss the importance of attendance and being tardy to school. Then I will discuss/model and teach appropriate procedures for sharpening pencils, restroom, and turning in assignments. Parents will receive a welcome letter that tells about me. The parents’ will also receive a school handbook and classroom expectations. Setting daily routines is important for all grade level students but especially lower L students. On the third day we will get to know each other and I will provide an assignment â€Å"getting to know me† the students will take this assignment home for homework. This sheet will allow them to go home and complete with their parents and come to school ready to share. I will store the assignment within their file so that I can always use it as a reference guide. The classroom tour Each day within the first week of school it is important that students get comfortable with their new environment. We will take a classroom tour and learn where all resources and materials are within the classroom. Once we have gone through a tour and I explained as well the demographics of things, we will do a quick assessment. I will choose a student by pulling Popsicle sticks randomly. An example of this assessment is to simply ask questions. For example: â€Å"If I need to find my writing journal, where would I go to retain it? † This exercise would give students moving about within the classroom and getting comfortable and familiar with the placement of various tools and resources. Transitions Students often find it difficult to transitions between assignments and changes class periods. I have witnessed difficulties at all age levels and it is a task that must be made smooth by all teachers. According to Kellough Jarolimek, smooth transitions can be facilitated by implementing structured activities that help students make these transitions. Transitions are less trouble when teachers plan them carefully during their preactive phase of instruction and write them into their lesson plan. (Kellough Jarolimek, 2013) A significant stumbling block to the flow of instruction is in attention to transitions between activities, lessons, subjects, or class periods. It is here that teachers are likely to feel that they are less effective in maintaining the flow of instruction. Effective transitions are structured to move students from one activity to another, both physically and cognitively. The goal of smooth transitions is to ensure that all students have the materials and mind-sets they need for a new activity The start of the day students will begin their bell work assignment on a daily basis. Once bell-work is completed then students will begin journal writing based on a selected topic. During transition periods the student will be able to earn table points. The table with the most points at the end of the week have to opportunity to pick a prize from the treasure box. The transition procedure will be explained throughout the school year. Once we complete the lesson the students have two minutes to prepare for the table point game. Preparation includes putting away their current supplies and sitting as an effective leader and finally pause. The table that is prepared in this manner first, gets an opportunity to answer the first question in the point game. With this activity I am able to assess the students’ knowledge of the prior lesson as well engage them in a fun activity. Using transitions as a tool to help maintain the flow of instruction will ensure meaning instruction. During the transition for lunch, I will set clear and concise directions through-out our daily interactions. Twenty minutes before lunch the students will wrap up their math lesson and collect reading material from their baskets (DEAR). Students will begin to line up once their table is called and will proceed to the lunchroom. Conclusion Today most classrooms suffer do to a lack of effective planning in the area of classroom management. A classroom prevention plan is imperative to having a successful year and students reaching the goals set forth by educators. I believe that if students are a part of creating the classroom rules, they will be less likely to fall short of following the rules. On the first day of school first graders are for of energy, nervous and anxious of what’s to come ahead. Parents are standing in the door way afraid to say goodbye but excited for the journey that their first grader is about to embark on. Establishing a structured environment in the beginning and allowing the parent and students to have access to clear rules and expectation is the recipe for a successful school year! References Van Brummelen, H. (2009). Walking with God in the Classroom: Christian Approaches to Teaching and Learning. Colorado Springs, CO: Purposeful Design Publications. Kellough, R. D. , Jarolimek J. (2005). Teaching and learning K-8: a guide to methods and resources (9th ed. ). New York: Macmillan.

Need Importance Of Organization Commerce Essay

Need Importance Of Organization Commerce Essay Organization is the foundation upon which the whole structure of management is erected.Organization is associated with developing an outline where the overall work is divided into manageable components in order to facilitate the achievement of objectives or goals. Thus, organization is the structure or mechanism that enables living things to work together. In a static sense, an organization is a structure or machinery manned by group of individuals who are working together towards a common goal. Examples of organization: Corporations, governments, non-government organizations, armed forces, non-profit organizations etc. The term organization has been used in four different senses; Organization as Framework of Relationships:Organization refers to the structure and interactions among various job positions which are created to realize certain objectives. Organization as a process: Organization is viewed as a dynamic process and a managerial activity which is vital for planning the utilization of companys resources. Organization as a System:Organization is also viewed as a system. System concepts recognize that organizations are made up of components, each of which has exclusive properties, abilities and reciprocated associations. The constituent elements of a system are linked together in such complex ways that actions taken by one individual have far reaching effects on others. Organization as a Group of Persons:Organization is very often viewed as a group of persons contributing their efforts towards certain goals. Definitions: Organizations may be defined as a group of individuals large or small thatare cooperating under the direction of executive leadership in accomplishment of certain common object. -Keith Davis Organization is a system of cooperative activities of two or more persons. -Chester Barnard Organization is the form of every human association for the attainment of a common purpose. -Mooney and Reily Organization is a harmonious adjustment of specialized parts for the accomplishment of some common purpose or purposes. Haney In its broadest sense, organization refers to the relationship between the various factors present in the given endeavor. Factory organization concerns itself primarily with the internal relationships within the factory such as responsibilities of personnel arrangement and grouping of machines and material control. From the standpoint of enterprise as a whole, organization is the structural relationship between various factors in an enterprise.- Spriegel 1.1 Need / Importance of Organization A renowned industrialist of U.S.A Andrew Carnegie when sold his company United States Steel Corporation , showed his confidence in organization by saying Take away our factories, take away our plants, our avenues of transportation, our money, leave nothing but our organization and we shall establish better factories.Since ages and all walks of life, organization has been playing a significant role. The importance of organization is as stated below. A tool for achieving objectives:Organization is an important tool in the hands of management for accomplishing the objectives of an enterprise. It facilitates administration and management: A sound organization increases efficiency, avoids duplication of work, avoids delay in work, improves managerial skills and motivates employees to perform their duties. It ensures optimum use of human resource: Good organization establishes individuals with interests, knowledge, skills, abilities and viewpoints. It enhances creativity: A well-conceived and comprehensive organization is the source of creative thinking and initiation of new ideas. Prevents Corruption: Enterprises which lack sound organization most of the times have problem of corruption. Sound organization helps to prevent corruption by raising morale of the employees. As a result of which employees are encouraged to work with higher efficiency, commitment and honesty. Fosters growth of enterprise: Good organization plays a key role not only in growth but also in the expansion and diversification of an enterprise. Eliminates overlapping and duplication of efforts: In a situation, where the distribution of work is not clearly identified and the work is performed in a haphazard manner there will be duplication and overlapping of efforts. As a good organization requires that the work be clearly assigned amongst employees, such overlapping and duplication is to be eliminated. Coordination: Various jobs and positions are linked together by structural relationship of the organization. The organizational process exercises its due and balanced emphasis on the coordination of different activities. 1.2 Principles of Organizing For timely and systematic completion of work it is must for every organization to adopt some techniques or principles. Thus these principles would be the deciding factor for the success or failure of an organization. Principle of Objective:All the enterprises whether large or small, set certain central objectives. Every element of the organization and organization as whole should be geared to the central objectives identified by the enterprise. Principle of Specialization: Precise division of work facilitates specialization. According to this principle, division of work among the employees should be based on their knowledge, skills, abilities, capabilities and interests. This would lead to specialization which would in turn lead to efficiency, quality and elimination of wastage of resources. The Scalar Principle: This principle is sometimes referred to as the chain command. There must be clear lines of authority running from the top to bottom of the organization and linking all the individuals in the organization. The Principle of Authority: Authority is an important ingredient of the organization structure. It is the tool by which the manager can create an environment where an individual can perform with greater efficiency. The Principle of Span of Control: This principle states that there is a limit to the number of subordinates that report to one superior. Supervision of too many people can lead to trouble and confusion. Also the superior will not be able to spare time to supervise each of his subordinate. It will also lead to increased complexity of the organization structure. The span of control depends upon a number of considerations. It is easy to supervise a large number of subordinates involved in routine jobs and working in the same room, whereas it is difficult to supervise highly diverse and specialized personnel scattered widely. The ability of the employee, their willingness to assume responsibility and the attitude of management towards delegating and decentralization should also be analyzed in detail while making a decision on span of control. The Principle of Unity of Command: This principle is basically about avoiding dual reporting. It states that every individual employee working in the organization should be kept in the supervision of one boss only. This principle eliminates the possibility of conflicts in instructions and fosters a feeling of personal responsibility for work. The Principle of Definition: Each individual in the organization should be made aware about his / her responsibilities, duties, authorities and relations with the other job positions in the organization structure. Principle of Unity of Direction: The basic motive for the existence of organization is the attainment of certain objectives. Major objectives should be split into functional activities and there should be one objective and one plan for each group of people. The Principle of parity of Authority and Responsibility: The responsibility for execution of work must be accompanied by the authority to control and direct the means of doing the work. The Principle of Supremacy of Organizational Objectives: The organizational goals and objectives should be given wide publicity within the organization. The people contributing to it should be made to understand that enterprise objectives are more valuable and significant and one should give higher priority to organizations objectives in comparison to personal motives. 1.3 The Process of Organizing 6 7 5 4 3 2 1 Fig. 4.1 Steps in Organizing From the Fig. 1.1 it is clear that organizing is a process involving multiple activities. The details of all these activities are as follows: Fixing the objectives of the organization: The top level management holds the responsibility of fixing the overall objectives of the organization whereas the middle level management fixes the departmental objectives and lower level management fixes the day-to-day objectives. The objectives decided by each of the level of management should be both specific as well as realistic. Finding activities must for achieving objectives: Once the objectives are fixed, the strategic level of management determines different activities that are required to be performed in order to accomplish the set objectives. This is a crucial stage as it helps to eliminate duplication, overlapping and wastage of efforts. Grouping the similar activities: All the activities which are similar in nature are grouped together to form departments. This is also termed as departmentalization. This leads to specialization. Ex: All the activities that are directly or indirectly related to management or development of the human resource like training, performance appraisal, recruitment are grouped together to form the Human Resource Department. Defining responsibilities of each employee: At this step the responsibilities of all the individuals working in the organization are clearly defined. This would ultimately lead to selection of right candidate for the right job. This brings about efficiency since each individual is aware about what he/ she has to do. Delegating authority to employees: In a situation where two or more individuals are working together for a common purpose it becomes necessary to clearly define the authority relationship among them. Each subordinate should know whom he has to report. Also each superior should be aware of the authority he has over his subordinates. Providing employees with required resources: After defining authority relationships, the employees must be provided with all the resources that are required for achieving the objectives of the organization. Coordinating efforts of all to achieve goals: This is the last and most important step in the process of organizing. Here the efforts of all individual employees, groups and departments are fetched together and coordinated towards the mutual objective of the organization. Ex: Let us consider a simple example where a company has decided to have one day picnic for its employees. Here it is clear that the objective is arranging picnic. The HR department would then list all the activities to be carried out for the successful execution of picnic. These activities would then be grouped based on the similarity, for instance arranging for breakfast, lunch and dinner on the day of picnic. Each of the members of this committee would in turn be assigned a particular responsibility like selecting the menu and so on. Each of the members will also be given authority with the assigned responsibility for efficient execution. Each of the committee formed, like the refreshment committee will then be allocated a budget to enable them to carry out the assigned duties. And most importantly efforts of all the committees or individuals must be coordinated to meet the central objective that is successful arrangement of picnic. 1.4 Organization Structure An organization structure specifies the various job positions and depicts how the same are formally divided, grouped and coordinated. It provides an appropriate framework for authority relationships. It is a means to help the management to achieve the organizational objectives. It can also be considered as the viewing glass or perspective through which individuals see their organization and its environment. An organization can be structured in many different ways, depending on their objectives. The structure of an organization will define the ways in which it functions and executes. Organization structure allows the expressed allocation of duties for different functions and processes to different entities such as branch, department, workgroup and individual. Organization structure affects organizational action in two major ways. Firstly, it provides a basis on which the standard operating procedures and routines rest. Secondly, it determines which individuals get to participate in which decision making process and thus to what degree their views shape the organizations actions. There are several reasons why designing an organizational structure is such an important aspect. Organization structure has a crucial impact on the organizations ability to Deal with contingencies Achieve a competitive advantage Effectively manage diversity Increase its efficiency and ability to innovate new goods and services 1.4.1 FormalOrganization The formal organization refers to the structure that is designed and prescribed by the management of the enterprise. It is defined as a hierarchical concept of subordination of entities that collaborate and contribute to serve a common goal.A formal organization has its own set of rules and regulations that are to be followed by each individual in the organization. It depicts clear lines of authority and the superior-subordinate relationship also each of the individual is assigned specific duties and responsibilities. In a formal structure there are predefined objectives and the individual efforts are diverted towards achieving these objectives. According to Barnard, Any organization shall be considered formal at the stage when the activities of two or more persons are coordinated consciously to achieve the definite objective. Ex: College, Hospital, Company etc. Features of Formal Organization Authorities and responsibilities are clearly defined. It does not consider the emotional aspect. It is predetermined and purposefully created. Based on delegation of Authority. It provides for division of labor. Organizational charts are followed. Advantages It promotes discipline in the organization. It provides a basic structure of division of work and responsibility. Without such a structure it becomes very difficult for employees to agree between themselves on the duties and responsibilities of every individual. It gives a clear cut idea about the authority and responsibility of the individuals. Thus formal structure reduces confusions and brings clarity in working. The dependency is not on a single person. Decreases the possibilities and occasions of conflict. The formal organization helps to keep the firm operating despite of the changes in the work force. Eliminates duplication of work which in turn leads to effective utilization of resources. Disadvantages: At times the formal organization causes reduction in initiatives of the person working in the organization. It does not consider the emotions aspect. It may cause delay in work. 1.4.2 Informal Structures This is a shadow organization made up of the informal, but often critical, relationships between members of the organization. The informal structure has its presence in all the formal structures. Informal structure depicts the way in which individuals communicate and relate themselves with others beyond the formal structure. The informal structure develops through various frequent instances like having regular interaction, lunch, coffee with colleagues. According to J.L Massie, Informal organization is any human group interactions that occur spontaneously and naturally over long period of time. Features of Informal Organization The informal organizations are not depicted in the organizational chart. The informal organizations do not have any particular structure. It denotes human relationships beyond the formal organizational structure. Informal organizations are outcome of voluntary associations. The informal organizations develop out of personal preferences, beliefs, habits and understanding. Advantages: It is effective channel of communication in certain cases. It develops a sense of belongingness among the individuals. The gaps and deficiencies that exist in the formal organizations can be filled up by the informal organization. The members of informal organizations help each other in case of unforeseen events or emergencies. Informal group forces the manager to plan and act more carefully than he would otherwise. Informal organization is a check and balance on unlimited use of authority by a manager. Disadvantages: It operates based on the group psychology. The interests of the formal and informal groups may clash, leading to conflict making the job of managers difficult. The informal organizations may fall prey to rumors. It may cause problems by resisting changing at certain occasions. Fig. 4.2 Formal and Informal Organization Difference between formal and Informal Organization: Sr. No. Basis Formal Organization Informal Organization 1 Structure Predefined Undefined 2 Relations Formal Relations Personal Relations 3 Purpose To achieve organizational objective For social satisfaction 4 Dynamism Rigid Flexible 5 Leader Manager Voluntarily chosen 6 Communication Slow Fast 7 Nature Official Sentimental 8 Example Departments in the organization Group of trekkers 1.5 Types of Organization Structures Functional Structure The concept of functional organization was proposed by F.W. Taylor. In functional structures, individuals having identical skills and performing similar tasks are grouped together into formal work units, generally called departments. Members of functional departments share technical know-how, interests and responsibilities. Employees within the functional division of an organization tend to perform in areas of their expertise. The functional structure may differ according to the major functions of a business. Fig. 4.3.1 Functional Structure for Business Entity Fig. 4.3.2 Functional Structure for a Hotel Fig. 4.3.3 Functional Structure for a College Advantages: Specialization: The organizational efficiency increases as each of the employee performs the task as per his specialization. Reduced Workload: As each of the functional head is responsible for only one function work load is reduced. Flexibility: It is easier to accommodate a change with little or no difficulty. Improved Control: As each employee is in charge of one function only, it is easier to spare time to supervise all his / her subordinates. Mass Production: Due to specialization and standardization it becomes feasible to go for large scale production. Disadvantages Complex Relationships: An individual has several superiors due to which accountability for results cannot be easily fixed. Also cross functional relationships create confusion. Inefficient Administration: As same groups are controlled by various specialists, there is inefficient administration. Expensive: As large number of specialist need to be hired it adds to increase in cost. Ineffective Coordination: Each of the functional managers is bound to think only from the perspective of his / her department rather than the whole organization. Delay in decision making: Several functional specialists are involved in the process of decision making as a result of which decisions may be delayed. Divisional Structure In the divisional structure the organization is organized into various divisions based on four criteria product, market, process and location. Thus divisional structure is most suited for the organizations having a wide range of products, area of operation, work processes or customers. Each of the division has its own set of functional units like marketing, manufacturing, finance, HR etc. and is self-contained. Type Emphasis Example Product Goods Provided / Services Catered Market Target Customers / Clients Location Location at which activities are carried out Process Activities of same process Fig. 4.4 Divisional Structure based on product, market, location and process Advantages: Highly Flexible: Divisional structure can respond more quickly to the changing environment. Specific: Expertise focused on specific product, market, process or location. Coordination: The divisional structure leads to better coordination across functional departments. Clear Accountability: Divisional structuring provides clear correlation between the expense and profit of the individual divisions. The business objectives of the divisions can be formulated more objectively and the expectations can be better agreed. Ease of operation: Greater ease to modify the size by adding or deleting divisions. Disadvantages: Reduced economies of scale: Duplication of efforts across divisions leads to increase in the operating and administrative cost. Rivalry: Divisional structures may also result into rivalry as the divisions compete for resources. Divisional Affiliations: The employees feel more affiliated towards their own divisions and would still lack affiliation to the organization as whole. Supremacy of divisional goals: The divisional goals may have priority over the organizational goals. Matrix Structure: The matrix structure comes into existence when one organization structure is superimposed by the other. In this structure an employee is answerable to two immediate supervisors: a functional supervisor and a divisional supervisor. The functional supervisor is charged with overseeing employees in a functional area such as marketing or engineering. Divisional supervisors manage specific projects. They absorb employees from various functional areas to complete their project teams. The diagram below depicts the absorption of employees from Operations, Finance, and Marketing for project A and B. These employees report to both Managers at that point of time. President Manager -Finance Manager Marketing Manager Operations Manager Projects Project A Project B Fig. 4.5 Matrix Organization Structure Advantages: Flexibility: Increased flexibility in adding, removing or changing the activities to meet the changing needs. Motivation: If it is identified that a particular project is lacking proper motivation then it is provided to the concerned department. Development of skills: Since cross functional teams are formed, it leads to development of skills of the employees. Better Service: There is always a product or project manager answerable to the queries. Improved Strategic Management: Top level managers are freed from routine tasks to focus on strategic issues. Disadvantages: Power Struggle: Conflicts occur as there is overlapping of responsibility and authority. Slow decisions: The speed of decision making retards as there is shared decision making in the matrix structure. Increased Confusion: As there is dual reporting in matrix structure, it causes confusion. Increased Administrative and Managerial Overhead: Due to the duplication of routine activities the administrative cost increases and as specialized managers are hired for each of the projects and functions the managerial cost also increases. Professional Developed sidelined: Professional development is not given a priority due to time constraints of the project, so team members forgo opportunities to develop and improve. Network Structure: A network structure is a cluster of various organizations that coordinates its actions through agreements and contracts instead of hierarchy of authority. Rather than hiring individuals to perform all of its business activities, a company using the network structure depends on outside companies. The organizations using a network structure own only the core or essential components of the business and outsource the rest. It may, for instance, hire an outside advertiser to advertise its products. The network structure reduces costs and brings in flexibility because it utilizes external help as and when required. Creating a network-based company, however, means losing control over whatever processes the company has outsourced. Manufacturing Financial Consultancy Information Technology Core Group Advertising Agency Training Consultancy Fig. 1.6 Network Organizational Structure Advantages: Flexible: The most important advantage of network structure is that, it can quickly respond to the changing environment. As the business grows, organizations can enter into new partnerships and vice-a-versa. Cost Effective: As only the essential part of business is owned by the company and the other operations are outsourced, less number of individuals need to be hired leading to reduction in overheads. Efficiency: The overall efficiency of the organization increases as the tasks are outsourced to expert organization. Disadvantages: Coordination Problems: As the business functions are outsourced to different companies sometimes it would become difficult to coordinate all of these activities. Loss of control: There is always a fear of losing control over the core activities which would lead to uncertainties in the relationship. Political Pressure: The change in political scenario affects the organizations bearing network structure to a large extent. Increased Pressure: If there are problems of unemployment in the parent company due to outsourcing there are likely to be pressures on government to effect policy changes in this respect. Line and Staff Organization: The oldest and simplest form of organization is line organization. Line functions are those which have direct responsibility of achieving the objective of the venture. In this form of organization, a supervisor exercises direct control over a subordinate, authority flows from top to bottom of the organization. Here the chief executive heads the organization. This type of organization is also called as scalar organization. The concept of staff organization was developed by F.W Taylor. The objective of functional organization is to offer specialist services in the organization. Under this plan, specific functions common to all the departments are placed in the hands of an expert of that function. The line-and-staff organization combines the line organization with staff departments that support and direct line departments. Most medium and large-sized firms exhibit line-and-staff organizational structures. The distinguishing characteristic between simple line organizations and line-and-staff organizations is the multiple layers of management within line-and-staff organizations.   Company Secretary CEO Manager Marketing Manager -Finance Manager Operations Line Authority Staff Authority Fig. 1.7 Line and Staff Organization Advantages: Top managers relieved from routine work: In this organization line authorities focus on execution of work and are relieved from thinking function. Expert Advice: Line authorities are not autocrats as they are to take the advice from the experts or staff position. Efficiency: This results greater efficiency as the line managers spend much of their time on line functions. The line managers function more efficiently as they get support from staff positions. Easy Coordination: Thisorganization ensures co-ordination automatically as the line managers work along with staff officers. Disadvantages: Confusion: Line and staff organization are ambiguous in terms of organizational relationships, responsibility and authority. Conflict: Conflicts are common in line and staff organizations owing to unclear definition of authority the structure entails. Ineffective and erroneous Decision Making: It is not uncommon for line managers to feel threatened by the advice of staff members. In this case, line managers are liable to make decisions without staff member consultation. Such decisions are not always successful. Slower decision making: Decision making is slower in a line and staff organization due to its complexity and layers.   Costly: Most of the line and staff executives are experts in their fields and their appointment leads to heavy expenditure. Virtual Organizations The virtual organization is a network of independent enterprises, suppliers, customers linked by Information Technology. The virtual organization networks are usually temporary in nature. The significant attributes of virtual organizations are as mentioned below: Technology: The geographically dispersed partners connect to each other via electronic networks. Flexibility: It offers flexibility as the partners can link up as and when required. The structure evaporates as soon as the requirement is over. Efficiency: As each partner brings in his core proficiency the overall efficiency of the organization is bound to increase. Borderless: The boundaries that traditionally separate a firm from its customers, competitors and suppliers are eliminated. Advantages Boundary less: They are appropriate for affinity groups that are geographically dispersed. Suitable for short term initiatives: They are suitable and tailored for short-term initiatives with clearly defined objectives. Flexible: Virtual organizations are highly responsive to changing environment. Cost effective: As there is no physical existence there is little or no organizational overhead. Disadvantages Dependency on Technology: As the virtual organizations depend on Information Technology for coordination and interaction their efficiency may be affected by the limitations and problems inherent to these technologies. Difficult to manage: Since there is no physical existence, i

The Marriage Ordeal: Rights and Ramifications :: essays research papers fc

2005  Ã‚  Ã‚  Ã‚  Ã‚   The Marriage Ordeal: Rights and Ramifications   Ã‚  Ã‚  Ã‚  Ã‚  In a country with it’s fundamentals based on liberty and equality, America has always struggled with those very concepts. Throughout history, Americans have been challenged to make decisions that have oppressed and freed certain groups of people. The political fight for same-sex marriages is a perfect example of this notion. This relation between spouses has created a major controversy that is creating history in our nation. A series of protests, acts and political scandal has finally opened America to discuss a topic that had been in â€Å"the closet† for a long time. This discussion asks questions that have caused a visceral reaction in society. Questions such as whether gays and lesbians should marry, and if so, should they be granted the same matrimony rights as heterosexual couples? Should marriage be protected to fit traditional American values? How would these unions affect or contribute to our definition of such a celebrated institution? .   Ã‚  Ã‚  Ã‚  Ã‚  Tradition is a strong component in the institution of marriage. The ideal American dream usually involves the perfect fairy-tale wedding with the gorgeous white wedding dress for the bride, the matching bridesmaids, the well-arranged bouquet and the numerous rituals that compose this well thought-out event. Usually it requires a great amount of planning, devotion and dollars to make the important day memorable. Family and friends come together to rejoice in the vows that will bond the two lovers into a lifetime journey of love, commitment and fidelity. Each person in the couple is expected to have a role in this institution. According to Judith Wallerstein and Sandra Blakeslee, â€Å"in the idealized form of the older model of traditional marriage, the man’s primary job for self-definition is to provide for the economic well-being, protection, and stability of his family ...The woman’s job and self-definition†, on the other hand, continue Wall erstein and Blakeslee, â€Å"is to care for her husband and children and to create a comfortable home that nourishes everyone, particularly her husband, who comes home each evening drained by the demands of his job (211).† With a constantly changing society, the concept of marriage has also varied. The â€Å"quickie† Vegas drive-through wedding or the underwater vow exchange is not as unusual or shocking as it once was. Even the roles of the persons involved have changed to fit the shape of society’s needs. For example the modern â€Å"companionate marriage† which is â€Å"founded on the couple’s shared beliefs that men and women are equal partners in all spheres of life and that their roles, including those of marriage, are completely interchangeable (Wallerstein, Blakeslee 155).

Fetal Cell Transplants :: essays research papers

Transplanting fetal cells is an issue that is considered by some as a like saver, and at the same time considered murder by others. It is a very controversial subject, which can be looked at in different ways. Once researched, people make their own personal opinion on the subject. Many who develop their own â€Å"views† have no background knowledge of it, which should not be done. After reading, â€Å"Difficult Decisions: Fetal Cell Transplants,† I have developed my own opinion.   Ã‚  Ã‚  Ã‚  Ã‚  In certain situations, it is almost the right thing to do, in my mind. Many children are the result of an â€Å"accident†. A portion of those fetuses are aborted. By donating, you can help save a life. In the United States alone, 1.5 million fetuses are aborted each year. Why not put then to use?   Ã‚  Ã‚  Ã‚  Ã‚  I think that the choice should be available if the mother decides to do so. If someone very close to you, or even you were dying, and the doctor said, â€Å"Because of a previous fetus donation, we may be able to save you.† Would your decision about the transplants change? I’m sure anyone would go against their beliefs to save the life of someone close to them; it’s almost like a reflex.   Ã‚  Ã‚  Ã‚  Ã‚  There are certain cases where I have an opposite opinion. For example, when someone uses it to decrease aging, it really wasn’t needed, and it probably could have been put to better use for someone who needed it. God made everyone to age and eventually die, so that process should go on as it is. Just because you may disagree with the idea, doesn’t mean it can’t be an option for others.   Ã‚  Ã‚  Ã‚  Ã‚  Sometimes pregnancies weren’t meant to happen, like if somebody was raped. The child is either going to be put up for adoption, where there is a chance that life could be miserable, or it would be aborted. The child is not actually developed enough to consider it murder although some may think differently. Dr. Lister, Orthopedics, says, â€Å" Abortions are something that take place regardless, professionally or not. The possibility of donating a newly conceived fetus to help save another should be open.

Shinto in Modern Japan

Shinto in Modern Japan Religion is a constant variable in today’s world as well as the past. In order to understand Shinto in modern Japan first Shinto must be looked at from the past. Native Japanese religion states Shinto is the way of the gods. Going into depth of Shinto history and the modern view of Shinto now will bring up where Shinto originated from, it’s comparison to other religions, and Shinto’s role in modern Japan. Like many main religions, Shinto originated from prehistoric times but is not truly known because it goes much too far back in time showing as far back as 720 A. D. Its name comes from Chinese words â€Å"shin-tao†. Native Japanese religion, Shinto, plays a very significant part in Japan’s society (Shinto2). Shinto is not only a religion but a way of living for the Japanese. This religion has made a permanent place in history around the world. Writer Chikao Fjisawa pronounced, â€Å"State Shinto – a system embodying nationalism loyalty and Emperor Veneration the Shinto was a â€Å"perversion of Shinto theory and beliefs into militaristic and ultra-nationalistic propaganda† (Boyd). State Shinto is known as the old Shinto. Just as any other religion, Shinto has been compared to other religions show close resemblance. Shinto has no defined dogma, scared scriptures, or ethical precepts. Japanese tend to combine Shinto with other religious beliefs like Buddhism and Christianity. They also tend not to attach just one of the religious beliefs giving each equal attention. Shrines called jinja is used to practice Shinto and has very distinct gates which make it easy to tell from Buddhist temples. The only reason Shinto was named and systemized in the 16th century was to mark the difference from Buddhism and Confucianism (Shinto1). After World War II a separation between government and Shinto took place. This separation was noted in the constitution and history. As history shows, the emperor issued a statement forbidding use of Shinto symbols as nationalistic reasons and renouncing all rights to divinity. Even in modern day, extremists still favor protests against these and other changes involving the Shinto. Today Shinto is still a strong practice. Many Japanese still use the Shinto shrines for marriage, or to bless a new child, car, and etc. Building, homes and other architectural plots are also known to be blessed for safety and protection. Hundreds of Shinto ceremonies are still carried out daily in today’s modern life such as festivals just naming one. In modern life the old Shinto is the main practice still being used. Main religions around the world have an unknown exact birth dates as well as playing an influence role in history. Shinto has not only made its mark in Japanese history, but still withstands in present day society. Religion tends to be a subject who holds controversy and mystery intriguing the minds of almost everyone at some point. Shinto’s origin may not be able to be definitely pinpointed but it’s very apparent that Shinto religion still stands very prominent in Japan’s modern life. As stated earlier, Shinto ceremonies take place daily in Japan and the religion is still practiced by a very large population of Japanese still today. Religion is truly a everlasting time capsule of knowledge telling bits and pieces of the world and relationships within the world. Works Cited Boyd, W. James and Williams, G. Ron â€Å"Reconsidering Shinto after World War II: Perspectives from the Life and Thought of a Shinto Priest. † . Motonisa, Yamakage. â€Å"The Essence of Shinto: Japan’s Spiritual Heart. † Kodansha America, Inc. , 2006. â€Å"Shinto. † . â€Å"Shinto. † .

Square Pharma Ltd

SQUARE PHARMACEUTICALS LIMITED Mission Our Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large. Vision We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization. ObjectivesOur objectives are to conduct transparent business operation based on market mechanism within the legal & social framework with aims to attain the mission reflected by our vision. Global Pharmaceutical Industry Overview T he pharmaceutical industry of the world develops and markets medicines prescribed for patients by medical practitioners. The U. S. , U. K and European pharmaceutical companies are the major ones of the industry. The total number of major pharmaceutical companies worldwide is estimated to be about 50.The global pharmaceutical industry recorded annual revenue of $830 billion in 2010 with a healthy growth rate of around 5 to 6 percent. While the pharmaceutical industry in regions like Latin America, Europe and Japan are growing at a steady rate (which is more are less equal to that of the overall industry), the developing regions like China and India are recording corresponding growth in double figures. Industry analysts’ predict that the pharmaceutical market would reach $1. 1 trillion by2015 with the average growth rate of around 7 percent.Bangladesh’s Pharmaceutical Industry Overview T he Bangladesh pharmaceutical market in 2004 stood at approximately US $ 560 million, which was very small when compared to the population base of the country, which currently stood at about 140 million. To  put this number on a proper perspective, the total global pharmaceutical sale in 2004 was $430 billion. This is expected to grow at 8. 1% to about $530 billion in 2005. However today, the pharmaceutical companies in Bangladesh are one of the fastest growing sectors in the nation.Prior to post-liberation, the Multinational companies used to dominate the market but today this situation has been completely reversed. Now approximately 80% of the domestic pharmaceutical need is met by the local companies. In 2010, the total size of the pharma market of Bangladesh was estimated to be USD 100bn with an annual growth rate of about 24. 58%, which has the highest annual growth in the world. With high growth rates and increasing demand for products both locally and overseas Bangladesh’s Pharmaceutical Industry is now heading towards self-sufficiency.Eventually pharmaceutical industry got an occasion to post a growth above 20% in 2010. Fig. Growth Rate in Bangladesh Pharmaceutical Industry SQUARE PHARMACEUTICALS: COMPANY PROFILE Company Name| Square Pharmaceuticals Ltd| Corporate Headquarters| Square Center48, Mo hakhali, C/ADhaka- 1212BangladeshPhone: + 880 28316323Mobile: + 880 01670507907Fax: + 880 29348365  | Factory Premises| Plot # 18, Main Road, Section # 9Kaliakoir, GazipurPhone: +880 2 8924240Fax No: +880 2 8316323| Founded| January 1, 1958|Scope of the Business| Manufacturing and marketing of pharmaceutical drugs| Board of Directors| Samson H Chowdhury Founder and Ex- ChairmanSamuel H Chowdhury Managing DirectorTapan Chowdhury Managing Director/ DirectorJahanara Chowdhury DirectorKazi Harunur Rashid DirectorKazi Iqbal Harun Director| Number of Employees| 400| Associated Bank| Janata Bank1, Dilkusha C/ADhaka- 1000| Associated Auditor| Andrew Gomes and Co. | Authorized Capital| 1,000, 000,000 TK| Issued and Outstanding Shares| 10,000,000 TK|Brief Company History S quare Pharmaceuticals Limited, one of the parts of Square Group, the main flagship of this particular group of companies, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 a nd is now on its way to becoming a high performance global player. The company was founded in 1958 by Samson H. Chowdhury along with three of his friends as a private firm. It went public in 1991 and is currently listed on the Dhaka Stock Exchange. Square Pharmaceuticals Ltd. the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 and it has been continuously in the first position among all national and multinational companies since 1985. Square Pharmaceuticals Ltd. is now on its way to becoming a high performance global player. They named the company ‘SQUARE’ because it was started by four friends and also because it signifies accuracy and perfection meaning quality† as they committed in manufacturing quality products.Now, that small company of 1958 is a publicly listed diversified group of companies employing more than 28,000 people. The current yearly group turnover is 616 million USD. In the moder n competitive market, SQUARE today is a name not only known in the Pharmaceutical world, but also known as a symbol of quality- based consumer product. All these were possible due to the innovative ideas, tireless efforts, perseverance and dedication with self-confidence of its management and workforce, which contributed to their successful achievements.Under a dynamic leadership, SQUARE is set to continue its progress globally. OBJECTIVES: 1. Finding out the working capital management of the company by determining the relationship between the current assets and current liabilities. 2. Discussing creditor, debtor, inventory and cash management of the company to show whether they are efficient in managing these. 3. To identify the financial strengths & weakness of the company with the help of different ratios. 4. Through the net profit ratio & other profitability ratio, understand the profitability of the company. 5.Evaluating company’s performance relating to financial statem ent analysis. SCOPE The management of working capital helps us to maintain the working capital at a satisfactory level by managing the current assets and current liabilities. It also helps to maintain proper balance between profitability, risk and liquidity of the business significantly. By managing the working capital, current liabilities are paid in time. If the firm makes payment to its creditors for raw material in time, it can have the availability of raw material regularly, which does not cause any obstacles in production process.Adequate working capital increases paying capacity of the business but the excess working capital causes more inventory, increases the possibility of delay in realization of debts. On the other hand, absence of adequate working capital leads to decrease in return on investment. The goodwill of the firm is also adversely affected due to the inability to pay current liabilities in time. Hence, the management of working capital helps to manage all the fa ctors affecting the working capital in the most profitable manner. Methodology:Primary data collection- We did not use any primary data collection method such as taking interviews of office personnel. Secondary data collection- For this report we have collected our data mainly from the annual report. We have conducted the report based on 6 years financial report of Square Pharmaceuticals from 2005 to 2010. In our report we showed working capital management under which we showed creditor, debtor, inventory and cash management. We also took data from different websites as well as our text book for relevant information. Company OrganogramThe overall management and superintendence of the company is vested in the Board of Directors. Since the demise of the founder and chairman of the company Mr. Samson H Chowdhury, the firm’s day to day operations are now being run by his son Mr. Tapan H Chowdhury. He is supported by a group of highly qualified professionals. The basic structure f or the Board of Directors for the company are given below, The board of directors is then responsible for hiring a CEO and a management team whose duty will be to manage the daily operations of Square Pharmaceuticals.SWOT Analysis Strengths * Establishing strong distribution channel through franchising both in local and international market. * | Weakness * Obsolescence of current technology used in pharmaceutical plants * Dependency on imports of raw materials from foreign markets| Opportunity * Building strong brand image of a pharmaceutical company, that can be carried to the global market * Opportunity to grow in the local market as well as the international market; huge un-captured market in Africa. Threats * Any adverse change in the Government Drug Policy and Import Policy * Restrictions from the Department of Environment on plant facilities in Pabna. | WORKING CAPITAL MANAGEMENT Working Capital Management Working capital is the money needed for running day-to-day business of a firm. Hence, it is the lifeline of any business concern. The basic theme of working capital management is to provide adequate support for smooth and efficient functioning of normal day-to-day business by striking a tradeoff between the three dimensions of working capital; liquidity, profitability and risk (Sur & Chakroborty, 2011).Excessive working capital leads to unproductive use of scarce resources and inadequate working capital interrupts the smooth flow of business activity and profitability. The balance allocation of working capital funds between inventories, book debts and other components of working capital is a crucial phase in Working Capital Management. According to Harris (2005) Working capital management is a simple and straightforward concept of ensuring the ability of the firm to fund the difference between the short term assets and short term liabilities.Nevertheless, a complete and mean approach is preferred to cover all of a company’s activities related to vendors, customer and product (Hall, 2002). Now a day’s working capital management is considered as the main central issue in the firms, and financial managers are trying to identify the basic drivers and level of working capital management (Lamberson, 1995). Scope of Working Capital Management As we have seen before working capital management is the ability of a company to finance its operations through its current assets and current liabilities.Current Assets are those assets that can be converted into cash within one year without diminishing its value. Some of the major current assets are cash, marketable securities, accounts receivable and inventory. Current liabilities are those liabilities which are intended to be paid within a year of inception. Some major current liabilities include accounts payable, bills payable, bank overdraft and outstanding expenses. Importance of Working Capital ManagementThe importance of working capital management stems from two reasons (i) A substantial portion of the investment is invested in current assets, and (ii) The level of current assets will change quickly, with the variation in sales. Hence, in this study, an attempt has been made to analyze the size and composition of working capital and whether such an investment has increased or declined over a period of seven years. After determining the requirement of current assets, one of the important tasks of the financial manager is to select a group of appropriate sources of finance for the current assets.Normally, the excess of current assets over current liabilities should be financed by the long-term sources. It is not possible to find out precisely which long-term sources has been used to finance current assets, but it can be examined as to what proportion of current assets has been financed by long-term funds. Why is working capital needed? Cash Inventory Receivables Given that the basic assumption of finance is to maximize shareholders equity it is necessary to generate sufficient profits.In general we can say that profits are the direct product of sales. Thus it is safe to say that in order to earn profits a business needs to have a successful sales program. However sales do not convert into cash easily and there is an invariable time lag between the sale of goods and the receipts of cash. There is therefore the need for working capital in the form of current assets to deal with the problem arising out of the lack of immediate realization of cash against that of the goods sold. Technically this is referred to as the operating cycle.In a simpler form the term cash cycle refers to the time needed to complete the following activities 1. Conversion of Cash into Inventory- purchase of raw materials, conversion of raw materials into WIP inventory, and finally transferring the finished goods to the warehouse for sale. 2. Conversion of Inventory into Accounts Receivables through Sales- this happens when firms make credit sales to customers 3. Conversion of Receivables into Cash- this is the stage where receivables are collected from the credit sales that were made.If it were possible to complete the sequence of the three events instantaneously there would be no need for current assets or current liabilities. However since cash inflows and cash outflows do not match firms have to keep cash or invest in short term liquidities so that they will be in a position to meet any obligations in case they arise. CASH MANAGEMENT Cash is an important current asset of the business. Cash is the basic input needed to keep the business running on a continuous basis, it is also the ultimate output expected to be realized by selling the product or service manufactured by the firm.The firm should keep sufficient cash, neither more or less; cash shortage will disrupt the firm’s manufacturing operations while excessive cash will simply remain idle, without contributing anything towards the firm’s profitability. Cash is the money which a firm can disburse immediately without any restriction. The term cash includes coins, currency, and checks held by the firm as well as balances in the bank account. Sometimes near cash items such as marketable securities or bank time deposits are also included as cash.Facets of Cash Management Cash Management is concerned with three things, i. Cash flows into and out of the firm ii. Cash flows within the firm iii. Cash balances held by the firm at a point of time by financing deficit or investing surplus cash The cash management process can be represented by the cash management cycle as shown below, Motives for Holding Cash A firm’s reason for holding cash may be to three main reasons 1. Transactional- the transaction motive requires a company to hold cash for daily transaction purposes.The firm needs cash primarily to make payments for purchases, wages, salaries and other operating expenses such as taxes and dividends. On the other hand there is a regular cash inflow into the company from sales operations, returns on outside investments and so on. However these inflows and outflows are not always synchronized and hence the firm needs to hold an extra cash balance. 2. Precautionary- the precautionary motive requires a company to hold cash to meet contingencies in the future. It provides a cushion or a buffer to withstand any unexpected emergencies.The amount of precautionary cash we need to have will depend on the predictability of the cash flows. If cash flows can be predicted with accuracy then less precautionary cash will be required, and vice versa. The amount of precautionary cash a firm holds will also depend on how quickly a firm will be able to borrow money at short notice. Stronger the ability to borrow cash the less precautionary cash that needs to be kept. 3. Speculative- the speculative motive requires the company to hold cash for future investments in profit making opportunities if required.These opportunities may arise when there i s a change in the price of securities n the stock market. When the interest rates on the markets are rising then firms will withhold cash, as this signals the drop in the price of the securities. When the interest rates are falling then firms will invest in securities as this signals the rise in the price of securities in the near future. Objectives of Cash Management The basic objectives of cash management is to 1. Meet Payment Schedules-in order to meet payment schedules a firm needs to have sufficient cash to meet the cash disbursements of the firm.It is important for firms to have adequate cash because apart from providing just liquidity cash also helps to ensure that the a) Relationship with the bank is not strained b) The firm has a good relationship with trade creditors and suppliers of raw materials, as prompt payments help them with their own cash managements. c) Cash discount can be obtained if payment is made before the due date. d) Credit scores remain high and hence the firm can purchase other goods on favorable terms and helps to maintain its line of credit with banks and other loan handling institutions. ) Advantage of favorable business opportunities is taken on a periodic basis. f) The company can unanticipated cash expenditure during periods of strain. 2. Minimizing Funds Committed to Cash Balances- the second objective of cash management is to reduce the cash balances. While minimizing the cash balances two conflicting aspects of have to be reconciled. Firstly a large cash balance will ensure prompt payment. However it will also imply that large amounts of funds will remain idle, and as we know cash is a non-earning asset. On the other hand a low level of cash balance means that the firm is not able to meet the payment schedule.Hence the aim of cash management should be to have an optimal amount of cash balance. Preparation of Cash Budget Cash budget is the most significant device to plan and control cash receipts and payments. A cash budget is a summary statement of a firm’s expected inflows and outflows over a projected period of time. The cash budget gives the timing and the magnitude of future expected cash flows over the projected period. This cash budget helps finance managers plan the future cash requirements of the company, and make plans to control the liquidity of the company.In order to prepare the cash budget much information is required such as 1. Estimation of cash inflows- this includes all operating, non-operating and financing information of the company 2. Estimation of cash outflows- this includes * Operating outflows (wages, payment of A/P etc. ) * Capital expenditures * Contractual payments (such as repayment of loans) and * Discretionary payments (dividends) Besides this it is also necessary to know the percentage of credit sales vs. cash sales being made and the average collection period for accounts receivables.However since most of this information is company sensitive information, it was not possible for us to collect this information and hence we could not prepare the cash budget. CREDITORS MANAGEMENT Creditors/Payable Management Managing creditors / payables is a key part of  working capital management. The working capital requirements of a firm are affected by credit terms granted by its creditors. A firm will need less working capital if liberal credit terms are available to it. Similarly, the availability of credit from banks also influences the working capital needs of the firm.A firm which can get bank credit easily on favorable condition will operate with less working capital than a firm without such a facility. Trade credit is the simplest and most important source of short-term finance for many companies. The objectives of  payables  management are to ascertain the  optimum level of trade credit to accept from suppliers. Deciding on the level of credit to accept  is a balancing act between liquidity and profitability. By delaying payment to supp liers companies face possible problems: * supplier may refuse to supply in future * supplier may only supply on a cash basis * there may be loss of reputation Supplier may increase price in future. Relationship between Square Pharmaceuticals Ltd & Creditors The board of Square Pharmaceutical Ltd manages the financial transactions and ensures to meet company's commitments to the lenders without default. This has resulted in securing lower interest rates from them financers. The company receives the highest level of banking services and conducts its business operations efficiently. The company enjoys the minimum interest rate on the lending by the banks. The company has established long term business relationship with the banks namely Janata Bank Ltd. , Citibank N.A, Standard Chartered Bank, HSBC Ltd. , Eastern Bank Ltd. , Commercial Bank of Ceylon Ltd. , Mercantile Bank Ltd. , Bank Alfalah Ltd. , Shahjalal Islami Bank Ltd. , Trust Bank Ltd. , Bank Asia Ltd. and DEG Germany who provid e most efficient service at minimum cost/interest that benefit the shareholders. The company has neither ever defaulted in any commitment with its Bankers nor did get entangled in legal dispute at any court premises. Relationship between Square Pharmaceuticals Ltd ; Suppliers Square is a renowned company which imports plant and machinery and almost all the raw materials from well-known suppliers of abroad.It maintains cordial and mutually beneficial interest with its international as well as local suppliers and this has enabled the company to avoid any legal disputes in international/local courts and enhanced the company's image as a good customer to its suppliers. Creditors & Sales | 2011 | 2010 | 2009 | 2008 | 2007 | 2006| | | | | | | | Collection| 18,579,768,546| 15,264,808,445| 11,401,786,553| 9,706,402,257| 8,231,097,525| 7,455,061,355| Of sales| | | | | | | | 2,016,551,125| 2,627,483,864| 736,443,848| 1534345782| 2,669,693,184| 1,818,777,878| Short Term| | | | | | | ank loan| | | | | | | | | | | | | | | | | | | | | Long-term loans-current portion. | 477,141,480| 478,199,933| 462,090,211| 295,590,601| 297,002,646| 225,176,449|   | 2493692605| 3105683797| 1198534059| 1829936383| 2966695830| 2043954327| Total credits | | | | | | | Creditsas a % of| 13. 42%| 20. 35%| 10. 51%| 18. 85%| 36. 04%| 27. 42%| Sales| | | | | | | | | | | | | | In the figures of creditors only the creditors-Short term bank loans, long term bank loans- current portion which are related to purchases are taken. Other payments relating to tax, outstanding expenses or any other liability are not taken under it.The creditors as a percentage of sales show the sales of Square Pharma Ltd, generating from credit purchases up to what extent. If more sales are contributed by credit then the working capital required will be less. In the above table of the creditors as a percentage of sales focusing on the data of 2006 to 2012 where we can see that the company achieved highest percentage in the y ear 2007-2008 but then it came down to 10. 51% in 2008-2009. During 2010-2011 periods the creditors as a percentage of sales again increased to 20. 35% but then again it dropped to 13. 42% in 2011-2012 periods.Square Pharmaceuticals Ltd should try to enhance this percentage so that to increase sales the company does not need to rely on working capital but rather on credit. TRADE CREDITORS Time period| 2011-2012| 2010- 2011| 2009-2010| 2008-2009| 2007-2008| 2006-2007| 2005-2006| Trade Creditors| 875,431,555 | 733,369,218| 394,715,915 124,222,699| 124,222,699| 100,953,258| 60,601,743| 79,390,166| The amounts shown in the above chart are the payables to regular suppliers of raw materials, packing materials, promotional materials etc. All suppliers were paid on a regular basis.Inventory Management Inventory management is the process of efficiently overseeing the constant flow of units into and out of an existing inventory. This process usually involves controlling the transfer in of uni ts in order to prevent the inventory from becoming too high, or dwindling to levels that could put the operation of the company into jeopardy. Competent inventory management also seeks to control the costs associated with the inventory, both from the perspective of the total value of the goods included and the tax burden generated by the cumulative value of the inventory.Balancing the various tasks of  inventory management means paying attention to three key aspects of any inventory. The first aspect has to do with time. In terms of materials acquired for inclusion in the total inventory, this means understanding how long it takes for a supplier to process an order and execute a delivery. Inventory management also demands that a solid understanding of how long it will take for those materials to transfer out of the inventory be established. Knowing these two important lead times makes it possible to know when to place an order and how many units must be ordered to keep production running smoothly.Calculating what is known as buffer stock is also key to effective inventory management. Essentially, buffer stock is additional units above and beyond the minimum number required to maintain production levels. For example, the manager may determine that it would be a good idea to keep one or two extra units of a given machine part on hand, just in case an emergency situation arises or one of the units proves to be defective once installed. Creating this cushion or buffer helps to minimize the chance for production to be interrupted due to a lack of essential parts in the operation supply inventory.Inventory management is not limited to documenting the delivery of raw materials and the movement of those materials into operational process. The movement of those materials as they go through the various stages of the operation is also important. Typically known as a goods or work in progress inventory, tracking materials as they are used to create finished goods also h elps to identify the need to adjust ordering amounts before the raw materials inventory gets dangerously low or is inflated to an unfavorable level. Finally, inventory management has to do with keeping accurate records of finished goods that are ready for shipment.This often means posting the production of newly completed goods to the inventory totals as well as subtracting the most recent shipments of finished goods to buyers. When the company has a return policy in place, there is usually a sub-category contained in the finished goods inventory to account for any returned goods that are reclassified as refurbished or second grade quality. Accurately maintaining figures on the finished goods inventory makes it possible to quickly convey information to sales personnel as to what is available and ready for shipment at any given time.In addition to maintaining control of the volume and movement of various inventories, inventory management also makes it possible to prepare accurate rec ords that are used for accessing any taxes due on each inventory type. Without precise data regarding unit volumes within each phase of the overall operation, the company cannot accurately calculate the tax amounts. This could lead to underpaying the taxes due and possibly incurring stiff penalties in the event of an independent audit. Inventory as a strategic assetBy deploying inventory as a strategic asset rather than a tactical sticking plaster, any organization can achieve: * ? higher service levels with reduced inventory * ? simplified planning processes * ? reduced obsolescence * ? significant liberation of cash. However, this can only really be delivered in a sustainable way if the current inventory deployment can be modeled and assessed, and alternative strategies developed and tested in a ‘safe environment’ before any implementation of change.The inventory profile can then be reviewed and re-aligned as the business evolves into new markets or new products come on stream. It is essential for the organization to hold the stocks to minimize the cost The important elements those need to manage inventory and run the production: In other words ,Inventory is an idle stock of physical goods that contain economic value, and are held in various forms by an organization in its custody awaiting packing, processing, transformation, use or sale in a future point of time. Any organization which is into roduction, trading, sale and service of a product will necessarily hold stock of various physical resources to aid in future consumption and sale. While inventory is a necessary evil of any such business, it may be noted that the organizations hold inventories for various reasons, which include speculative purposes, functional purposes, physical necessities etc. From the above definition the following points stand out with reference to inventory: * All organizations engaged in production or sale of products hold inventory in one form or other. Inventory c an be in complete state or incomplete state. * Inventory is held to facilitate future consumption, sale or further processing/value addition. * All inventoried resources have economic value and can be considered as assets of the organization. The whole above process is needed to run a company’s production. Debtor management Trade Debtors or Sundry debtors or accounts receivable is the person(s) to whom goods are sold on credit and agreed to receive payment in future. If company starts to sell on return of cash, then it decreases the level of company’s sale and profitability.If company promotes credit sale, it can increase the risk of bad debts. So, it is required to control and to manage debtors and to minimize the loss due to not receiving money from debtors is the main aim of debtor management. Main elements or dimensions of Debtors management: 1. Credit policy: Credit policy effects debtor management because it guides management about how to control debtors and how to make balance between liberal and strict credit. This liberated credit policy which means there is no restriction in case of credit sales will increase the amount of sale and profitability.If goods sold to those debtors whose capability to pay is not good, then it is possible that some amount will become bad debts. Company can increase the time limit for paying by such debtors. On the other hand, if company’s credit policy is strict, then it will increase liquidity and security, but decrease the profitability. So, finance manager should make credit policy at optimum level where profitability and liquidity will be equal. We can show it graphically Sub part of credit policy- (a) Length of Credit periodLength of credit period is also an element that affects decisions of finance manager relating to manage debtors. It is the time which allows to debtor to pay his debt for purchasing goods on credit from vendor. Finance manager can increase the length of credit period according t o reputation of customers. (b) Cash discount Cash discount is technique to get money faster from debtors. It is cost of investment in credit sale. Again many companies provide with cash discount to attract more customers and increase the overall sales of the company. 2. Credit policy analysisIt means decision relating to analysis of credit policy. Evaluation and analysis of credit policy is based on following factors. a) Collection of debtor’s information For analyzing the financial position of debtors, information relating to debtors need to be collected. This information can be obtained from customer’s financial statements of previous years, bank reports, and information given by credit rating agencies. These information is useful for deciding where debtors are capable to get credit sales and whether they will be able pay out the outstanding debt or not. b) Credit DecisionsAfter collecting and analyzing the debtor’s information, manager has to decide whether c ompany should facilitate to sell goods on credit or not. If company sells the goods on credit to particular debtor, then at what level it will be sold after seeing his position. For this manager can fix the standard for providing goods on credit. If a particular debtor is below than given standard, then he should not accept his proposal of buying goods on credit. 3. Formulation Collection Policy: To get the fund faster from debtor, the following steps will be taken under formulation of collection policy. ) Send reminding letter for paying debt b) Take the help of debt collection agency for getting bad debt. c) To do legal action against bad debtors. d) To request personally to debtor to pay his dues on mobile or email. e) Finance manager should monitor collection position through average collection period from past sundry debtor and their turnover ratio. f) To make ageing schedule. Debtor management of Square Pharmaceuticals from 2005-2010: Trade debtors occurred in the ordinary cou rse of business are unsecured but considered good. Ageing of the debtors from 2004 to 2010 is as follows: 012 2011 2010 2009 2008 2007 2006 Below 30 days 317,174,045 239,122,710 189,657,421 209,027,961 247,995,969 138,729,113 131,653,153 Within 31-60 days 188,262,890 78,672,302 43,329,446 32,015,833 37,053,893 30,428,440 63,588,500 Within 61-90 days 94,301,441 49,905,875 12,010,002 9,245,177 15,330,219 14,028,426 20,624,190 Above 90 days 208,573,338 404,720,458 263,252,305 227,273,031 59,865,565 139,678,658 72,866,294 Tk. 808,311,714 772,421,345 508,249,174 477,562,002 322,864,637 360,245,646 288,732,137 Debtor Turnover ratioDebtor turnover ratio is the relationship between credit sales and average debtors and it is also called account receivable turnover ratio. Debtor Turnover ratio = Credit Sales / Average Debtors Year| 2006| 2007| 2008| 2009| 2010| 2011| 2012| Net credit sales| 288,732,137| 360,245,646| 322,864,637| 477,562,002| 508,249,174| 772,421,345| 808,311,714| Avg. debtors | 278,129,939| 324,488,892| 341,555,142| 400,213,320| 492,905,588| 640,335,260| 790,366,530| Debtor Turnover ratio| 1. 04| 1. 11| 0. 95| 1. 20| 1. 03| 1. 21| 1. 02| Debtor's turnover ratio shows how long people normally take to pay a firm for purchases on average. By comparing between the periods, management can tell if they are collecting their receivables quicker or longer on average.If a firm's debtor's turnover ratio is higher than the amount the firm normally gives people to repay their credit, then the firm is doing a poor job of collecting receivables. The term Debtor Collection Period indicates the average time taken to collect trade debts. Debtors collection period = 365 days/Debtor turnover ratio Year| 2005| 2006| 2007| 2008| 2009| 2010| 2011| 2012| Debtors collection period| 338| 351| 329| 384| 304| 354| 302| 358| Here the number of days shows how long it takes Square Pharmaceuticals to collect its receivables and we know that reducing period of time is an indicator of in creasing efficiency. Here we can see that there is a fluctuation in the ratio over the time period.It takes a lot of time for the company to collect the receivables. But the company should try to minimize the collection period to get more efficient performance. Export debtors: Due from export sales Realized amount Unrealized amount 2005 14,724,353 12,194,435 2,529,918 2006 26,490,877 10,330,471 16,160,406 2007 773,713,422 92,961,015 80,752,407 2008 33,874,927 13,852,927 20,022,000 2009 63,096,760 57,957,585 5,139,175 2010 31,693,422 16,089,143 15,604,279 2011 64,924,422 35,758,364 29,166,058 2012 98,568,421 62,347,054 36,221,367 From the above chart it is visible that the credit sales from export also have some uncollected receivable amount from the period of 2005-2010. The management needs to be more efficient in case of collecting the receivables from the debtors to ensure company’s profitability. In all those years there was no amount due by the directors, managin g agent, manager and other officers of the company and any of them severally or jointly with any other person. Also no amount is due by associate undertakings. Debtors and Working Capital As on 31st March ears| 2006| 2007| 2008| 2009| 2010| 2011| 2012| Debtors| 288,732,137| 360,245,646| 322,864,637| 477,562,002| 508,249,174| 772,421,345| 808,311,714| WorkingCapital| 1,770,929,474| 1,126,944,426| 910,991,333| 1,202,644,301| 2,557,566,793| 2,354,024,414| 2,492,572,163| As a % of W. C. | 16. 30%| 31. 97%| 35. 44%| 39. 71%| 19. 87%| 32. 81%| 32. 24%| There a fluctuation in the ratio over the time period and it has decreased from 2005 to 2006 then again increased in 2007, 2008 and 2009. Again it dropped in 2010 and again rose in 2011 and 2012. The lower the ratio is the better so management should try to manage their accounts receivables policy properly. RATIO ANALYSISCompany| MKT Size| Growth in 2011| Market Share| | 2011 2012| Square Pharmaceuticals | 15,725. 8 | 20. 5% | 18. 7% | 19. 2% | Incepta Pharmaceuticals | 7,851. 5 | 28. 6% | 9. 3% | 9. 0% | Beximco Pharmaceuticals | 7,415. 0 | 30. 5% | 8. 8% | 8. 4% | OpsoninPharma| 4,275. 4 | 27. 2% | 5. 1% | 4. 9% | Renata| 4,076. 8 | 26. 1% | 4. 9% | 4. 8% | Total Sector | 84,044. 1 | 23. 6% | Key Financial Highlights: Before going to the main part of the paper, which is financial ratio analysis of Square Pharmaceuticals Limited, some key financial data about the company can give deep understanding on the company’s financial positions and performance. Net Profit:Net profit also increased all over the last six years. In from 2006-2012 net profit increased by 6. 06%, 36. 76%, 10. 48% and 21. 26% respectively. But key point here is that the rate of increment from year to year is not so much consistent, although increment of turnover is very much consistent from one year to another. This also indicate that increment of expenditures were not consistent from these years. Asset Ratio Analysis Performance evaluation o f a company is usually related to how well a company can use its assets, shareholder equity and liability, revenue and expenses. Financial ratio analysis is one of the best tools of performance evaluation of any company.In order to determine the financial position of the Square Pharmaceutical Limited and to make a judgment of how well is the efficiency of Square Pharmaceutical Limited, its operation and management and how well the company has been able to utilize its assets and earn profit. We use ratio analysis for easily measurement of efficiency, liquidity position, asset management circumstance, investment condition, and profitability, market value and debt coverage situation of the Square Pharmaceutical Limited for performance evaluation. It analyzes that how the company uses of its assets and control of its expenses. It determines the greater the coverage of liquid assets to short-term liabilities and it also compute ability to pay. It measures overall efficiency and performan ce of Square Pharmaceutical Limited.It determines of share market condition of Square Pharmaceutical Limited. Square Pharmaceutical Limited is the most famous company in Bangladesh. It was established in 1958 but their converted into public limited company in 1991. It is the first among all national, multinational, private and public of pharmaceutical company of Bangladesh. Their mission is to produce and provide quality healthcare relief of people, maintain strongly ethical standard in business operation also ensuring benefit to the shareholder, stakeholder, and society. Their vision is social wellbeing of the investors, employee and society at large, wealth financial and moral gains as a part of the process of the human civilization.Their objectives are to conduct transparent business operation based on market mechanism within the legal and social frame work. Financial ratios are useful indicators of a firm's performance and financial situation. Financial ratios can be used to ana lyze trends and to compare the firm's financials to those of other firms. Financial ratios can be classified according to the information they provide. The following types of ratios frequently are used: 1. Liquidity ratios 2. Asset management ratios 3. Debt management ratios 4. Profitability ratios 5. Market value ratios Interpretation and Analysis of Financial Ratios LIQUIDITY RATIOS Liquidity ratios are the first ones to come in the picture.These ratios actually show the relationship of a firm’s cash and other current assets to its current liabilities. Two ratios are discussed under Liquidity ratios. They are: 1. Current ratio 2. Net Working Capital 3. Quick/ Acid Test ratio. 4. Cashflow to Total Debt 5. Cash Cycle 6. Cash Turnover 7. Net Liquid Balance Liquidity Ratio| 2006-2007| 2007-2008| 2008-2009| 2009-2010| 2010-2011| 2011-2012| Current ratio| 1. 44| 1. 26| 1. 46| 2. 15| 1. 50| 1. 59| Net Working Capital| 1126945| 910991| 1202644| 2557567| 2354025| 2492572| Quick rati o| 0. 84| 0. 68| 0. 66| 1. 05| 0. 96| 1. 58| Cashflow to Total Debt| 0. 81| 0. 60| 1. 30| 2. 21| 1. 04| 1. 51| Cash Cycle| 138. 33| 145. 63| 140. 4| 158. 5| 142. 39| 114. 9| Cash Turnover| 2. 63| 2. 50| 2. 6| 2. 30| 2. 56| 3. 18| Net Liquid Balance| 17906710| 18117139| 71456952| 65071270| 75554041| 259448647| 1. Current Ratio: It is the ratio of current assets to current liabilities. Interpretation: * In 2012, Square Pharmaceuticals current assets were 1. 59 times of its current liabilities. Current ratio increased steadily from 2006 to 2010 except for the year 2007 when it decreased compared to previous year and then finally it settled to 1. 59. * According to the industry average Squares current ratio is far above at 1. 59 times, were as the industry average lies at 1. 8 times, so indicates a good performance by Square. The current ratio figure of Square indicates that their proportionate increase in assets has been more than their proportionate increase in liability because of wh ich the ratio figure increased over the period. 2. Quick Ratio: It is the ratio of current assets, excluding inventory, to current liabilities. Interpretation: * In 2012, Square Pharmaceuticals current assets, excluding inventory, was 0. 96 times of its current liabilities. * Quick ratio did not follow the same upward trend of increasing, it fell from 0. 84 (2007) to 0. 68 (2008) and 0. 66 (2009) and it increased in 2010, again taking a fall and landing on 0. 96 times in 2011. Again, it slightly falls in 2012 to 0. 95. * The company’s quick ratio was below the industry average unlike current ratio, which appears to be a negative sign. Comparing the current ratio and quick ratio, we can conclude that the company had a high amount of inventory, which lead to a high current ratio but a low quick ratio. Net Liquid Balance: | 2011-12| 2010-11| 2009-10| 2008-09| 2007-08| 2006-07| NLB| 17,906,710| 18,117,139| 71,456,952| 65,071,270| 75,554,041| 259,448,647| Net liquid balance for th e square pharmaceuticals limited is increasing in the recent years 2011 and 2010. In 2006 company got the highest NLB of Tk. 259,448,674. Holding too much idle balance is bad as company lose investment opportunity. Thus the company invested in short term loan in the following years. In recent years, company holding some handsome amounts of NLB. So the NLB position of square pharmaceuticals is good in recent years.ASSET MANAGEMENT RATIO ASSET MANAGEMENT RATIOS Asset management ratios are the financial statement ratios that measure how effectively a business uses and controls its assets. Below are discussed five types of asset management ratios: 1. Inventory turnover ratio 2. The days sales outstanding 3. Average payment period 4. Fixed asset turnover ratio 5. Total asset turnover ratio Asset management ratio| 2006-2007| 2007-2008| 2008-2009| 2009-2010| 2010-2011| 2011-2012| Total Asset Turnover| 2. 76| 2. 40| 2. 70| 2. 97| 3. 03| 3. 25| Inventory Turnover Ratio| 2. 76| 2. 39| 2. 70| 2. 97| 3. 03| 3. 25| Days in Inventory| 132. 27| 138. 98| 132. 05| 152. 34| 135. 04| 122. 8| Average payment period| 89 days| 174 days| 207 days| 199 days| 120 days| 112| Days sales outstanding| 13 days| 13 days| 15 days| 14 days| 18 days| 20 days| Total Asset Turnover Ratio: It is the ratio of sales to total assets. Interpretation: * In 2012, the company’s every 1-taka worth of Total Assets generated 0. 15 taka of sales. * Overall the total asset turnover improved over the years, except for the years except for 2008 when it felled to . 14 times, but it gradually increased throughout 2009 to 2011 and stood at . 14 times at 2011. This is a good sign of utilization of assets. * The company’s performance seems to be very satisfactory as total asset turnover is far above the industry average of 0. 33 times.Overall, the performance is very good. Inventory Turnover ratio: It is the number of times a company sells and restocks its inventory. Interpretation: * In 2012 the comp any sold and restocked its inventory 3. 41 times. * Inventory turnover ratio for Square has been fluctuating between the period 2007 and 2010 very insignificantly rising to a level of 3. 03 times in 2011. * The company’s rate of inventory turnover is higher than the industry average of 2. 2 times, so we can conclude that the company is efficiently and quickly selling off and restocking its inventory. The company’s balance sheets show increase of inventory with declining turnover every year.Declining inventory turnover commonly indicates that the company is not being able to flush its inventory very well as it was doing in the previous years. A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. High inventory levels are unhealthy because they represent an investment with a zero rate of return in addition to the increased cost associated with maintaining those inventories. It also opens the company up to tr ouble should prices begin to fall. However, in some instances a low rate may by appropriate, such as where higher inventory levels occur in anticipation of rapidly rising prices or shortages. In order to improve Inventory Turnover ratio, at first an end-to-end view in addressing inventory needs to be looked at.Supply chains need to be optimized, production processes should have to be efficient as well, so that the suppliers become able to produce and deliver materials in a timely, low cost fashion that allows the company to minimize their inventory and cost of materials. Collaborative relationships with customers can allow them to make their demand for products more predictable thereby allowing to minimize finished product inventory without failing to meet their needs for volume and timeliness. Discount-driven sales may generate a boost in sales. Such discounts can erode the company’s profit margins but will boost revenue and rate of inventory turnover. The company might look like it is becoming leaner, when in fact it may simply be pushing products into the marketplace using artificial low pricing. However, before it can be done, the gross margins reported by the business needs to be analyzed carefully.If gross margins decrease as a percentage of sales in spite of an increase in inventory turnover, they should not apply this policy. Supplier-financed inventory may reduce inventories and show improved inventory turnover by forcing suppliers to carry the inventory for the company. The suppliers assume the cost of maintaining inventory and passes that cost on. Alternatively, the company may reduce inventory by the use of express shipment or other costly means of delivery to ensure the availability of materials and supplies when needed. Solutions of maintaining inventory that simply shift cost to suppliers return the cost in added mark-ups to the materials and supplies purchased. This results in a rise in unit product unit cost.Days in Inventory: It shows the time taken by the company to sell out its inventory. Interpretation: * In 2012, the company held onto its inventory for 123 days before selling it out. * In 2011, the company held onto its inventory for 120 days before selling it out. * Days in inventory rose dramatically in 2008 to 152 days in it slowly climbed down to 120 days in 2011. The company is improving in quickly selling off its inventory rather tying it back and arising cost. * In 2010, however its value was below the industry average, which shows its good position among competitors. Square has the lowest days in inventory. Average Collection Period: It shows the time taken by the company to collect its account Interpretation: For Square Pharmaceuticals, it took an average of 18 days to collect its accounts receivables from its customers in 2011. * The ACP started to peak up after 2008 with 15 days (2009) and then falling to 14 days ( 2010) and then it gradually increased to 18 days in 2011 and stood there. The compan y seems to be inconsistent in collecting its debt and it is increasing which is a bad sign cause it will lead to a scenario of funds being tied up. * The company’s figure is really below the industry average, which is a good sign for the company as it indicates that they at least more efficient in collecting their funds then their competitors. They will have more cash available at hand by elongating the payment periodSince the DSO was the highest in 2004-05 that indicates that customers were taking longer times to pay their bills, which may be a warning that customers were dissatisfied with the company's product or service, or that salespeople were making sales to customers that are less credit-worthy, or that salespeople have to offer longer payment terms in order to seal the deal. Long credit policy might be used deliberately to boost sales temporarily. Of course, it could also mean that the company has an inefficient or overtaxed accounts receivables department. However, t he significant improvement in 2005-06 signifies that the company collected its outstanding receivables quicker than the previous years and that the credit terms are getting more realistic.It also connotes that the company had greater control over quality of its customer relationship management (CRM) during the following year. Average Payment Period: It shows the time taken by the company to pay off its accounts payable. Interpretation: * In 2011, it took an average of 120 days for the company to pay its accounts payables. * The company’s average payment period started to rise from the period 2008 and continued to rise till 2009 amounting at 207 days and then it started to decline in 2010 and stood at 120 days in 2011. * The company’s payment period was below the industry average which shows the company might be at lack of fund due to paying off its creditors early, than its competitors .The underlying reason for the ratio to go up is the significant increase of company ’s debt; especially short and long term bank loans (which made the current portion of long-term loans high). Each year this amount is getting higher than the previous years. Furthermore, in 2004-05 there was a huge sum trade credits unpaid. All these played key role for the payables to increase. A long payment period at first improves the company's liquidity, but may also be an indicator for liquidity problems. Therefore, it is important to keep the value equal or close to the average value. Since the company’s payment period is getting longer, i. e. the company pays too late, then it means the liquidity problem of the company.The company probably lacks of the money to pay its liability. Hence, questions may arise on the company's credit worthiness and paying habits. It has long been recognized that late payment of business debt is a serious problem for suppliers of goods and services. Late Payment can make it necessary for a company to increase borrowing and to extend overdraft facilities. Time and resources can be taken up on maintaining and collecting late payments instead of being devoted to other areas of business. PROFITABILITY RATIOS Profitability is the net result of a number of policies and decisions. Profitability ratios show the combined effects of liquidity, asset management and debt on operating results.There are four important profitability ratios that we are going to analyze: 1. Net Profit Margin 2. Gross Profit Margin 3. Return on Asset 4. Return on Equity 5. Earnings Per Share Gross Profit Margin: It is calculated by dividing gross profit by sales. Interpretation: * In 2012, for every 100-taka worth of sales, Square Pharmaceuticals earned 43. 2 taka * In 2011, for every 100-taka worth of sales, Square Pharmaceuticals earned 42. 8 taka. * Over the period of five years, Square Pharmaceuticals had an inclining trend leading to a stable rate of 42. 8% over the past three years. This is an indication of consistent and stable performan ce. The cross sectional analysis shows that the company has been maintaining its profit well enough as it is far above the industry average of 27. 2% The Gross Profit Margin has remained pretty much stable throughout the whole three years. It increased slowly each year. It indicates that Square Pharmaceutical is managing its Sales and Cost of Goods Sold very well. Operating Profit Margin: It is calculated as the ratio of operating profit to sales. This shows the amount of operating profit earned relative to sales. Interpretation: * In 2012, for every 100-taka worth of sales, Square Pharmaceuticals earned 20. 9 taka of operating. * In 2011, for every 100-taka worth of sales, Square Pharmaceuticals earned 20. 4taka of operating. The operating profit figures show that Square Pharmaceuticals had a fluctuating trend over the period, with O/P margin being highest in 2007 and then it followed an up and down trend while gradually declining to 20. 4% in 2011. * Perhaps proportionate increase in sales was greater in the proportionate increase in operating which lead to a gradual decline in the figures. While the company had an inconsistent and declining figure for O/P margin, it still managed to catch up with the industry, with the industry average being at 19. 8%. Net Profit Margin:It is calculated by dividing net profit by sales. Interpretation: * In 2011, for every 100 taka worth of sales, Bangladesh Lamps generated 18. 8 taka worth of net income. * The Net income has deterioted over the years but still is being somehow consistent. The company has the highest industry average, so it shows their performance are way better than their rivals. The main reason that the profit margin declined is high cost. High cost, in turn, generally occurs due to inefficient operations. Profit margin also declined because in 2005-06 Square Pharmaceuticals used a lot of long-term debt. This invariably resulted in more interest cost, which brought the Net income down. Return on Asset: It is the ratio of net income to total assets. Interpretation * In 2011, Square Pharma generated 13 taka worth of net profit from its 100 taka worth of total assets. * The company has an improving trend of ROA. In spite of this the company’s ROA is below industry average. Return on Equity Interpretation: We can see that the ROE of Square Pharmaceuticals is stable and having a good number which is a good indication cause the higher the ROE, the higher the rate of return. Earnings per share: Over the years Square Pharmaceuticals’ earning per share has been increasing. For 2009-10 to 2010-11 EPS of Square Pharmaceuticals increased by 21. 42%. As its’ EPS is also higher than the industry average (presented at the later part of the paper), it can be said that Square Pharmaceuticals could use it equity efficiently in generating profit. MARKET VALUE RATIOSThe final group of ratios, the market value ratios relates the firm’s stock price to its earnings and book valu e per share. These ratios give management an indication of what investors think of the company’s past performance and future prospects. In this section, we are going to have a discussion mainly on two types of ratios: 1. Price/ Earnings ratio 2. Market/ Book ratio Price/ Earnings ratio: The Price/ Earnings ratio (price-to-earnings ratio) of a stock is a measure of the price paid for a share relative to the income or profit earned by the firm per share. P/E ratio – Price per share / earnings per share Market/ Book ratio: The ratio of book value to market value of stocks.Market/Book ratio (M/B) = Market price per share / Book value per share Following table shows the P/E and M/B ratios of Square Pharmaceuticals in different years: Year| 2006-07| 2007-08| 2008-09| 2009-10| 2010-2011| 2011-12| P/E Ratio| 10. 3 times| 17. 5| 18. 3| 17. 8| 16. 5| 15. 3| M/B ratio| 1. 78 times| 1. 77 times| 2. 36 times| 2. 41 times| 2. 94 times| 3. 26 times| The P/E ratio was 8. 43 times in 2 006-07. However, in 2007-08 it declined to 9. 70 times which is an alarming signal for the potential investors. The M/B ratio was 1. 78 times in 2006-07 and increased further to 2. 92 times in the following year which was excellent to draw the attention of investors.The main reason behind the declination of P/E and M/B ratio is the fall of price per share. Price of share may fall for several reasons. Failing to meet market expectations is one of the main reasons for the market to lose interest in a share. Shares are usually valued according to what investors reckon the company will do in future. Therefore, when a business fails to meet those expectations then it is not unreasonable for investors to reconsider their position. We can see this fact applicable for this company too. As the company was doing well in 2000-05, the share price was higher than among the three years. Interestingly, the impact on shares depends to a large degree on the influence that they have on the market as well.During 2005-06 financial year the capital market situation deteriorated to the level that the DSE General Index fell by 14. 91%. The overall hostile market situation put a negative impact on Square Pharmaceutical’s stock price too. Therefore, the investors should not be concerned much about the particular company’s P/E and M/B ratio. Debt management ratio Risk and Return Standard deviation derived from the monthly returns of Square Pharmaceuticals Ltd. over the last 5 years, is 14. 32% and the average rate of monthly return is 2. 56% Standard deviation is a measure of total risk of this stock. Thus this 14. 32% indicates the fluctuation of the 60 monthly returns of Square Pharmaceuticals stock from its mean.Thus, compared to the average monthly return of the stock which is only 2. 56%, the stock seems to be volatile. Coefficient of Variation = RiskReturn = 14. 32%2. 56% = 5. 60 Consequently, the coefficient of variation of this stock is quite high. The risk per un it of return is 5. 60. This means that the investors of Square Pharmaceuticals have taken only 5. 60 units of risk for every unit of historical return. Beta of Square Pharmaceuticals Limited The following scatter plot shows the relationship between the market returns (DSE) and Square Pharmaceuticals stock’s return. The scatter plot of Square Pharma stock’s price change against DSE general-index shows the movement pattern of these 60 data.Plot also demonstrates fairly positive correlation between Square Pharmaceuticals Ltd’s return and market return. The slope of this regression line is Beta which is a standardized measure of systematic or market risk of the stock. The beta of the stock of Square Pharmaceuticals has a value of 0. 623 which indicates that the stock has market risk which is not very close to the average market risk. The beta of the market or average market risk is always 1 Working Capital Requirements: | 2011-12| 2010-11| 2009-10| 2008-09| 2007-08| 2006-07| WCR| 2,077,569,872| 888,936,561| 685,445,639| 966,839,517| 1,433,895,492| 890,228,553| WCR for square pharmaceuticals ltd. shows an increasing trend over the years 2001 to 2010.This is happening because sales for square pharmaceuticals is increasing during those years. Net sales reflects the change in WCR. As we see from year 2001 to 2003 sales falls as a result WCR also falls. Again in year 2004 sales increased and thus the WCR also increased. Working Capital Requirements/Sales (WCR/S): | 2011-12| 2010-11| 2009-10| 2008-09| 2007-08| 2006-07| WCR/S| 0. 16| 0. 08| 0. 07| 0. 11| 0. 20| 0. 14| WCR/S is more or less same in the early years 2006, 2009 and 2010. Then we see an increase in 2008 and fall in 2007 and falls continues till 2011. Then increase in 2012 again. This ratio shows company’s dependency on external funds and also talks about firm’s liquidity.Thus we can see in the year 2006, 2007, 2008 and 2009 this ratio is higher, as a result WCR is high in th ose year indicating company’s OC needs a higher fund. DIH, DSO, DPO, OC, CCP: | 2011-2012| 2010-2011| 2009-2010| 2008-2009| 2007-2008| 2006-2007| DIH| 122. 78| 135. 04| 152. 34| 132. 05| 138. 98| 132. 27| DSO| 13. 97| 15. 34| 13. 75| 13. 53| 14. 87| 15. 75|