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Critical Thinking, the additional objects in the reports

NAME

TUTOR

COURSE

DATE

INTRODUCTION

In my view, the additional objects in the reports found me to judging about the U.S. energy strategy. The strategy as accomplished here seems to smack and stagger along from one catastrophe to the subsequent. The recent soaring costs of energy have led to the conventional calls for demanding the overload income, abolishing levy breaks or grueling the price gougers. What is inadequately unstated is that, while I am chatting about enormous some of cash, when calculated alongside economic principles like return on capital engaged, the oil and gas commerce is a morsel of a straggler compared with several sectors of the wealth, (Mcphee, 1998).

I can see the reality is that a strong energy division requires a continuous attracting resource for its investigation and progressive vocation. Corrective procedures do more impairment to the general financial system than to the oil and gas factories, but in some way individuals just feel healthier. A resonance of energy strategy should do two relatively easy things in my observation. It should recover profitable competence, it should hold up a firm supply of energy and petrochemical feedstock here in the U.S. Of course, easy ideologies do not automatically indicate that the steps to hold these goals out will be simple or uncomplicated. Competence can be established in several spaces. Maintenance is one understandable illustration. Improved recuperation projects that incarcerate additional of the oil or gas in position are another. Lesser contamination and green house gas projections will also recover the largely U.S. country in the extensive run.

What is possibly a morsel fewer instinctive is the harm ended by the continual explosion and bust cycles. Several slightly dedicated proficiency sets are engaged in the oil and gas productions. Nevertheless, whilst we permit the vocation power to be demolished in a recession, then the aptitude to incline up once more is harshly compromised. We employ plenty of luxurious equipment, but it requires appropriately qualified and knowledgeable populace. The figure of well-paid energy jobs vanished in the mid-80s was an arrangement of degree more than in other sectors, so why was administration diminishing all over itself demanding to alleviate the soreness in other sectors while revolving a blind eye to us? These cycles are not only incompetent, they also work alongside an objective of fixed supply, (Mcphee, 1998).

Several economists have argued that fewer luxurious unfamiliar possessions are more proficient and this is definitely factual in the dumpy term. Nevertheless, over the extended tow one requires to feature in the costs of dependence on unfamiliar sources of oil. Those costs may comprise enlarged military expenditures and costs of a worsening global safety circumstances. It seems to me that a firm supply here is still a valuable ambition. Once more, the financial cycles work alongside this. The energy trade is all about danger, but the victorious companies are the ones who best alleviate those risks. We comprehend investigation risk, but economic risk can be even superior.

Anything I might imagine of the futures market, its purpose is an endeavor to moderate beside inauspicious price swings. Like others, Mcphee, (1998) states that monetary danger can be exaggerated by management policies, yet again, a fine energy strategy, is one that helps the business supervise those risks while letting people distinguish by themselves in areas such as investigation where we have the knowledge. Both politicians and commerce pay profusion of brim service to helping long-term goals, but more frequently than not, annual and periodical targets constrain nearly all of my decisions.

REFERENCE

Mcphee, John, (1998). Irons in the Fire. New York: Macmillan Publishers.

From <http://www.scribd.com/doc/8091250/Critical-Anaylitical-Essay-How-to-Write-One>.

Critical Thinking, Analysis, implication and Technique Answers

Critical Thinking, Analysis, implication and Technique Answers

Name

Affiliation

Critical thinking, implication and Techniques

Question 1

A statement of work is formal document that defines and captures the work, timeline and the deliverables a contractor or vender must execute all the performance of certain tasks for customers of clients. The statement of work abbreviated as SOW usually includes all the detailed requirements, standards, governance terms, and pricing conditions of a project. The Statement of work overlaps the concepts of contract and indeed the SOW are similar to contracts. One of the main sections of the SOW is the scope of work; this part of the SOW is a brief statement that indicates the results of project expected. While the deliverables are indicated in the work requirement section of the SOW, this one displays what the projects entails in broader terms (Blomquist, Hällgren, Nilsson & Söderholm, 2010). The main purpose of a statement of work is to elaborate more on the responsibility, work agreements and responsibility between the service providers and clients. A well-defined SOW will be able to define the scope of the engagement as well as the key performance indicators (KPIs). The format of a statement of work includes the scope of the project, the location of the project, the timeline, the delivery schedule, the standard, the acceptance, and mode of payments and contracts.

Question 2

Benefit of Monitoring to Managers

The most significant benefit of monitoring of a project to the manager is that the manager is able to get all the information needed to undertake the project. For example, a well-defined monitoring report is worth identifying the problems or challenges of a project thus, this information will be helpful to a project manager in that it will inform him/her of the changes that the project should be exposed (Kerzner, 2013). Secondly, project monitoring helps project managers to determine the nature or risks to the project. The last, benefit is that monitoring reports helps managers have reference to future projects. In addition, monitoring is also important as it ensures the audit report are undertaken in the best way possible hence it reduces the risk of insufficient audit report.

Benefits of Controlling to project managers

Controlling of projects offers a basis of learning and questioning of the project. For example, a project manager is able to understand more about the projects progress when he/she takes full control of the projects (Kerzner, 2013). The other benefit of controlling is that it adds development and retention of institution structure and memory. Project controlling is also one of the steps towards avoiding unnecessary costs. The advantage.

Question 3

One of the steps that a project manager can use to ensure that the project teams meets compliance levels is by ensuring that the organization and the team of experts have job satisfaction (Meredith & Mantel Jr, 2011). It has been researched that employee with outstanding job satisfaction rates are always compliant with organization or project vision and mission. The other way that the organization via the assistance of the project manager can ensure that the team of experts work in line with the vision and mission as well as comply with the goals of the organization is by ensuring that all the employee working as team are included in decision making. The other way that a manager can ensure that compliance is met is by first ensuring that the workers working in such projects are also competent enough to undertake their functions.

Question 4

A project manager is mandated with the work of evaluating the performance of team members so that he/she could be able to note the best teams to complete the project as well as future projects of such nature or magnitude. Since each team is allocated different tasks, the project manager with the assistance of the quality assurance experts will evaluate the success of the task and after the project is considered a success marks will be awarded to the level of success. The evaluation will be based on the timeframe used to compete the project, the cost and the quality of the project based on the customers’ expectations. There are so many other ways, but the above is the best way to evaluate both simple and complex projects.

Question 5

The problem area of a project is an area that the project experts consider crucial and indicates serious problems towards the success of the project. Therefore, it is the obligation of the project manager to ensure noting such area on regular basis. The essence of this is to ensure that the project does not continue yet there is a problem somewhere. According to project, experts small problems cost the entire project hence good if such problems are managed as there are identified (Meredith & Mantel Jr, 2011). This are points that call for close monitoring and evaluation so that all can go well with the project. For example, cost is one of the problem areas of a project, therefore, for a project to meet its goals then it has to ensure that all the costs are under the project specifications. In addition, safety of the project is also a critical point that manager ought to not to ensure that workers are safe from injuries in the workplace.

Question 6

Projects owned are considered as projects with 100 percent success rates. Owning a project makes the project tangible to all the stakeholders. There are various factors such as decision making, project evaluation project controlling among other factors. With all the factors on board, ownership model of project management is the best model that project managers ought to employ since it encourages project harmony and communication while undertaking the project. This is ideal as its supports the ownership-model. Adherence to the model is a key step towards the success of the project. Thus, it is advisable that project managers adopt this model for proper adherence to their projects.

Reference

Blomquist, T., Hällgren, M., Nilsson, A., & Söderholm, A. (2010). Project‐as‐practice: In search of project management research that matters. Project Management Journal, 41(1), 5-16.

Kerzner, H. R. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Meredith, J. R., & Mantel Jr, S. J. (2011). Project management: a managerial approach. John Wiley & Sons.

Critical Thinking Question

ACC 206 Week Assignment

Name

Institution

Date

Critical Thinking Question:Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed?

Cash Flow statement represents the comprehensive statement that outlines the sources of cash funds and their application for an entity over a given accounting period. It is therefore an analytical tool that determines the liquidity position of a firm/entity. Its preparation is founded on the international accounting standards (IAS) 7. Cash flow statements provide a detailed analysis of the financial and non-financial transactions reported in the operations of an entity over a specified period of time. Both cash and non-cash transactions are included in the cash flow statements. The inclusion of the non-cash transactions is founded on the “cash and cash equivalents” principle of the cash flow statement. According to this principle, non-cash transactions that are highly liquid and convertible to known monetary amounts of cash are accorded the same accounting treatment as other cash transactions, hence their inclusion in the cash flow statements. Some non-cash transactions are included in the cash flow statement in the account that they constitute investing or financing activities that are not directly related to the firm’s operating activities. Non-cash transactions mainly fall under this category of financing or investing activities that have no effect on the firm’s cash outlay or inflows. However, these transactions involves long-term resources and owner’s equity, hence the justification for their inclusion in the cash flow statements. IAS (7) and the General Accepted Accounting Principles (GAAP) outlines the disclosure principle for these non-cash financing and investing activities. The two principles state that non-cash transactions should be disclosed in footnotes of the financial statements for the same accounting period. In most occasions, these financing and investing activities are disclosed in a separate schedule to enhance accountability during the preparation of financial statements.

Classification of activitiesClassify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.

________ Received $80,000 from the sale of land – Investing Activity

________ Received $3,200 from cash sales – Operating Activity

________ Paid a $5,000 dividend – Financing Activity

________ Purchased $8,800 of merchandise for cash – Investing Activity

________ Received $100,000 from the issuance of common stock – Financing Activity

________ Paid $1,200 of interest on a note payable – Financing Activity

________ Acquired a new laser printer by paying $650 – Investing Activity

________ Acquired a $400,000 building by signing a $400,000 mortgage note Non-cash Investing Activity

Overview of direct and indirect methods

Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.

Both the direct and indirect methods will produce the same cash flow from operating activities – False. This because direct method is not adjusted for other cash flow items including depreciation and exchange loss.

Depreciation expense is added back to net income when the indirect method is used – True.

One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported – True.

The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed – True.

The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used – False; exchange losses adjustment are common with indirect method rather direct method.

Equipment transaction and cash flow reporting

Dec. 31, 20X4 Dec. 31, 20X3

Property, Plant & Equipment:

Land $94,000 $94,000

Equipment 652,000 527,000

Less: Accumulated depreciation -316,000 -341,000

New equipment purchased during 20×4 totaled $280,000. The 20×4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.

Determine the cost and accumulated depreciation of the equipment sold during 20X4.

Determine the selling price of the equipment sold.

Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.

Workings

DR. Equipment Account As at 31st Dec. 2004 CR.

Bal. b/d 527,000

Purchases/Cash 280,000

Acc. Depreciation (2003) 341,000 Provision for Dep. (2004) 316,000

Sales/Cash 180,000

Bal. c/d 652,000

$1,148,000 $1,148,000

Disposal A/C

DR. As at 31st Dec. 2004 CR.

Equipment 180,000

Acc. Depreciation 41,000

Proceed from Sales 130,000

Loss on Disposal 9,000

$180,000 $180,000

Cost of the Equipment = $180,000

Accumulated Depreciation = $41,000

Selling Price = $130,000

Sample Cash Flow Statement

Cash Flow from Operating Activities

Net Profit before Tax xxxx

Adjusted for:

Depreciation $41,000

Loss on disposal of Equipment $9,000$50,000

Cash Flow from Investing Activities

Purchase of Equipment (280,000)

Proceeds from Disposal of Equipment 130,000

Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company’s current accounts:

20X5 20X4 Increase / Decrease)

Current assets Cash $55,400 $35,200 $20,200

Accounts receivable (net) 83,800 88,000 -4,200

Inventory 243,400 233,800 9,600

Prepaid expenses 25,400 24,200 1,200

Current liabilities Accounts payable $123,600 $140,600 ($17,000)

Taxes payable 43,600 49,200 -5,600

Interest payable 9,000 6,400 2,600

Accrued liabilities 38,800 60,400 -21,600

Note payable 44,000 — 44,000

The accounts payable were for the purchase of merchandise. Prepaid expenses and accrued liabilities relate to the firm’s selling and administrative expenses. The company’s condensed income statement follows.

SIGN GRAPHICS INC.

Income Statement

for the Year Ended December 31, 20×5

                 

Sales $713,800  

Less: Cost of goods sold 323,000  

Gross profit $390,800  

   

Less: Selling & administrative expenses $186,000  

Depreciation expense 17,000  

Interest expense 27,000 230,000  

   

Add: gain on sale of land $160,800  

  21,800  

Income before taxes $182,600  

Income taxes 36,800  

Net income $145,800  

                 

Other data:

Long-term investments were purchased for cash at a cost of $74,600.

Cash proceeds from the sale of land totaled $76,200.

Store equipment of $44,000 was purchased by signing a short-term note payable. Also, a $150,000 telecommunications system was acquired by issuing 3,000 shares of preferred stock.

A long-term note of $49,400 was repaid.

Twenty thousand shares of common stock were issued at $5.19 per share.

The company paid cash dividends amounting to $128,600.

Instructions:

Prepare the operating activities section of the company’s statement of cash flows, assuming use of:

The direct method.

The indirect method.

Prepare the investing and financing activities sections of the statement of cash flows.

Sign Graphics, Inc.

Cash Flow Statement

As at 31st Dec., 2005

Cash Flow from Operating Activities

Cash Receipts from customers $713,800

Cash paid to suppliers ($323,000)

Cash Generated from Operations $390,800

Interest Paid (27,000)

Income Tax Paid (36,800)

Depreciation Expense (17,000)

Net Cash Flow from Operating Activities $310,000

Indirect Method

Sign Graphics, Inc.

Cash Flow Statement

As at 31st Dec., 2005

Cash Flow from Operating Activities

Net Profit before Tax $182,600

Adjusted for:

Depreciation expense 17,000

Gain on Sale of Land (21,800)

Interest Expense 27,00022,200

Operating Profit before changes in Working Capital 204,800

Increase in Cash (20,000)

Increase in Account Receivable (4,200)

Increase in Inventory (9,600)

Increase in Prepaid Exp (1,200)

Decrease in A/c Payables (17,000)

Tax Payable decrease (5,600)

Increase in Interest Payable 2,600

Accrued liability (21,600)

Increase in Notes Payable 44,000(32,000)

Cash Generated from Operating Activities 172,200

Critical Thinking on Legal Issues

Critical Thinking on Legal Issues

Name

Institution

Scenario 1

The National Construction has a cause of action against WV Steel Company. Under the common law of negligence, the manufacturer has a responsibility to ensure that its products that are sold to consumers are not defective. As such, manufacturers are liable for any injuries or harm sustained by the consumers due to the defectiveness in the design or manufacturing process of its products. On top of this, the manufacturer is responsible for giving effective warnings of dangers involved in the use of the product. The manufacturer is liable for the injuries caused by a failure to give effective warning regarding the use of the product (Best & Barnes, 2007).

In the current scenario, the steel cable sold to the National Construction was not defective in either the design or manufacturing process. However, WV Steel did not give effective warnings regarding the use of steel cable. WV Steel ought to have given effective warnings regarding the weight that the steel cable could withstand. The warning would have led National Construction to seek for a better option. In this regard, WV Steel is liable for injuries and harm that occurred during the incident. If WV Steel had given a warning, the National Construction would not have a cause of action against it. The legal issue sends a message to both small and large businesses that on top of ensuring that the products they manufacturer are effective, they should give effective warnings regarding the use of their products. Otherwise, they are liable for any injuries or harm sustained by the users for lack of such warnings.

About the second issue, the passengers have a cause of action against WV Steel. However, they do not have a cause of action against Jessica. Using the common law of negligence, the employer is held responsible for the wrongful acts of an employee, which occur while performing job duties (Best & Barnes, 2007). Therefore, WV Steel is liable for the injuries and harm that occurred during the incident. In this case, the accident occurred when Jessica was performing job duties for WV Steel. In the case Jessica was doing her own activities, and not the job duties, she would be personally liable for the injuries and harm. The legal implication of the issue to small and large businesses is that they should be aware that they are to be held responsible for injuries or harm caused by the negligent acts of their employees when they produce work that leads to injuries to the victims

Scenario 2

In the second case, the defendants are not strictly liable to Johnson. Under the strict liability rule, the defendants, manufacturers, dealers and retailers have a responsibility to ensure that any product that is passed on to the consumer is not defective (Dunham, 2011). As such, they are liable to the consumer for any injuries occurring because of the defectiveness of the product. In the current case, GMC, Chevrolet and the dealership are liable for Johnson for injuries caused by the inadequate seatbelt. For the strict liability rule to apply, Johnson must prove that the seatbelt was defective during the time when the car was sold to him. Secondly, Johnson must show that the defendants expected the car reach him without any changes to the seatbelt. Lastly, Johnson must show that injuries that occurred during the accident were caused by the defectiveness of the seatbelt.

Johnson managed to provide the above proofs to support his case for strict liability. However, strict liability rule does not apply if there is evidence that the plaintiff carelessness contributed to the injuries. During the time of the accident, Johnson’s actions involved carelessness; he was texting his girlfriend while still driving. In other words, Johnson’s careless actions contributed to the injuries sustained during the accident. In this regard, the rule of strict liability ceases to apply. If Johnson were not involved in careless driving, the law could have applied. Such an issue has an impact to both small and large businesses. In particular, all businesses (including manufacturers, retailers and dealers) need to know that they are liable to consumers for any injuries caused by defective products they sell. However, they can also defend such cases in case the consumers’ careless actions contribute to the injuries (Dunham, 2011).

References

Best, A. & Barnes, D. W. (2007). Basic Tort Law: Cases, Statutes, and Problems. New York,

NY: Aspen Publishers Online

Dunham, B.W. (2011). Introduction to Law. New York, NY: Cengage Learning

Critical thinking Lurking Variables

Critical thinking: Lurking Variables

Name:

Professor: Institution:Course:

Date:

Quiz. 7.

Critical thinking: Lurking Variables Over the past few years, there has been a strong positive correlation between the annual consumption of diet soda drinks and the number of traffic accidents.

Do you think increasing consumption of diet soda drinks causes traffic accidents? Explain.

No; soda is a soft drink which does not cause any type of mental malfunctioning or drunkenness that is likely to cause a driver to lose control or cause traffic accident in any way. In addition to that, there has been no indication that the chemical components of soda cause blindness or blurred vision over long-term usage (Brase & Brase, 2011). In addition to that, the research studies following traffic accident increase have not in any way linked its causes to soda consumption. Therefore, the two variables cannot be said that are lurking variables.

What lurking variables might be causing the increase in one or both of the variables? Explain.

The lurking variables that cause the increase in both of them are different and not linked in any way. The lurking variable that is causing the increase in soda consumption is the low cost of soda and reduction of alcohol consumption. Soda is a soft drink whose price has remained unchanged for a long time as other the price of other soft drinks increase therefore; there has been an increase in preference of soda to other drinks due to the price level. This is one lurking variable that has led to the increase in soda consumption over few years that have past (Brase & Brase, 2011). The second likely lurking variable that has led to the increase in soda consumption is the fact that most people have realized the negative effects of hard drinks such as alcoholic drinks and therefore, they are shifting from consuming alcoholic drinks into drinking soda which is a soft and dietary drink that goes at a lower cost and has no negative effects to the consumer.

The lurking variable that has led to the increase in the rate of traffic accidents over few years that have past is the ignorance of drivers to traffic rules and regulation. The first traffic rule in any given country is that in order for any individual to drive in public, that person must have a driving license. This driving license is only given to an individual on confirming through test after training that that particular individual is aware of all the traffic signs and rules and is able to operate within their requirement. Most people have hid a deaf ear to this and this is the first reason why over the past few years, the traffic accidents have increased. Secondly, the traffic rule provides that any individual should only drive when sober and not when under the influence of any drug. Therefore, it can be concluded that the two variables above; the increase in soda consumption and the increase in traffic accidents are not in any way related.

Quiz. 8.

Critical thinking: Lurking Variables Over the past decades, there has been a strong positive correlation between teacher salaries and prescription drug costs.

Do you think paying teachers more causes prescription drugs to cost more? Explain.

No; Teachers are in no way linked to the drug production and therefore, it would be out of sense for one to insinuate that paying teachers higher salaries causes an increase in the cost of drugs over the past few decades. The rise in the salaries of the teachers is caused by the rise in the general economic state of the globe. On the other hand, the rise in the global economy is the same reason that has led to the increase in the rise in the prices of drugs over the past few decades.

What lurking variables might be causing the increase in one or both of the variables? Explain.

The lurking variable that has caused the increase in both the teachers’ pay and the cost of drugs is the rise in the general global economy. The teachers teach as a career and job and therefore, their earning has to be worthy enabling them to live a life that is worthy a class of people who integrate knowledge in the society (Brase & Brase, 2011). The rise in the economic state has led to the rise in the general prices of both primary and secondary needs which they have to acquire for survival. Therefore, their pays have to be raised in order for them to be able to buy those basic and secondary needs.

On the other hand, the prices of drugs have increased because of the very same reason of rise on the global economy. The cost of the raw materials that are used in the production of drugs have increased in price due to the rice in the general global economy as well as the payment of the medical employees which results in the increased input in the drug production. The firms that deal in drug production are profit oriented and therefore, would in turn increase the prices of the drugs in order to get reasonable returns on capital invested. Therefore, it can be concluded that the two variables are no linked directly in that one has caused an increase of another but they are affected by a similar or single lurking variable which is rise in the global economy.

Quiz. 14.

Health Insurance: Administrative Cost

The following diagram provides a representation of the relationship between administrative cost against the number of employees within a health insurance plan.

The correlation between the average administrative cost and the number of employees as indicated in the diagram can be said to be moderate; with the administrative cost reducing as the number of employees within an insurance health plan increases. The mode of correlation can be termed to be inversely proportional though not in a linear way and this is a negative correlation (Brase & Brase, 2011).

The statistical computations of the tabulated figures from excel are as follows;

x y xy x^2 y^2

3 40 120 9 1600

7 35 245 49 1225

15 30 450 225 900

35 25 875 1225 625

75 18 1350 5625 324

Σ135 148 3040 7133 4674

The computations are accurate as they are in line with the automated calculations in the excel spreadsheets as indicated above. The value of r is 0.77 and it indicates that as the values move from 3 to 75, the value of Y ought to decrease due to the economies of scale associated with minimizing costs for registering or covering a pool of many employees within the health insurance plan.

Quiz. 17.

The diagram below shows a scatter diagram showing the correlation between batting average and home run percentage.

The correlation is positive and high as the scatter dots are aligned close to the trend line or the line of best fit. This has an implication that there is a positive correlation s the line is positively sloping (upwards).

The value of the figures is accurate as indicated from the computations and the value of r is 0.948 meaning that the two variables under consideration are highly correlated.

References:

Brase, C and Brase, C (2011). Understanding Basic Statistics, 6th ed. Cengage Learning.

Critical Thinking essay

Critical Thinking

Author

Institution

Developing a team-based compensation system is vital for a company because it helps in increasing productivity because a good compensation system motivates employees in a company. In developing a team-based compensation system, it is critical to consider various fundamental factors. One such factor to consider is the national culture (Pascarella, 1997). A national culture is vital to consider since it helps in determining whether the compensation system will pay emphasis on individuals in a team or will consider the collective team during compensation; different nations have varied ways of looking at compensation. For example, while some nations take emphasize on individuals, others consider a collective contribution.

Another critical factor to consider is who gets what. In deciding who gets what, teams should be given the responsibility of distributing recognition awards. Besides, project managers should be given rewarding powers from the onset of a team activity (Pascarella, 1997). This is crucial since team members will always be dedicated to their work because they fear giving up a task knowing that there is a reward before them. By making the project manager as the person who have rewarding powers will eliminate confusion on who to reward since every team member will need to be rewarded.

In addition, recognition of team output should be at the core of the compensation system. Both non-monetary and monetary recognition is critical since different team members have varied ways of appreciating their efforts. Furthermore, it is critical to consider rewarding both individuals in a team and the entire team (Pascarella, 1997). This motivates team members to continue showing their efforts in a company since they feel that their efforts have been appreciated. The team spirit is also maintained through rewarding a team for their efforts.

References

Pascarella, P. (1997, February). “Compensating Teams”, Across the Board.

Should we revoke drivers licenses for students who drop out of school or earn low grades

Name

Professor

Course

Date

Should we revoke driver’s licenses for students who drop out of school or earn low grades?

The country is currently facing a number of situations that determine the growth and sustainability of the economy. One of the issues that have played a significant role in influencing the rate of development is the increase in college dropouts. Education is essential for the success of any economy. The 2008 recession affected the dynamics of the job market due to the loss of a vast number of jobs. The living standards of the entire country dropped making families cut down on their annual expenses. These statistics alone display the economic situation Americans are experiencing to date. The cost of living continues to rise which in turn, places pressure on authorities to turn the situation around. One of the ways that this can happen is by encouraging more high school students to acquire a college education (Elliot, Andrew and Dweck, p. 251).

College is a significant aspect of any individual’s life. The college experience plays a vital role in teen’s ideologies, growth, confidence, maturity, friendships and most of all career choices. This is therefore an opportunity that all children should have the privilege of experiencing. Another essential issue regarding the outcome of college is the extra edge a student’s has over their peers when they enter the job market. Having a college degree is an ideal choice in that it displays responsibility, knowledge and drive when looking for employment. A college degree gives a student higher chances of getting a white collar job as opposed to a minimum wage job. This as a result exposes an individual to better living standards such as a better welfare, secure living conditions and a reliable healthcare plan.

A look at the results of a having a college education showcase the merits that come with the trade. This comes with a big sacrifies in terms of time, finance and hard work. Most high school graduates choose to take the shorter route by getting a job in an alternative place that does not require a college education. Some of them turn out to be considerably successful owing to their determination and street smart qualities. The majority however become part of the population who live on minimum wage and highly depend on the government for welfare.

The government intends to reduce these statistics by forcing high school students to take on a college education. This has proved to be unsuccessful in that students who remain in school end up with low grades. The low grades are not ideal for the student in that they risk failing their courses and not graduating with the rest of their classmates. One of the proposed solutions is revoking of drivers licenses from students who choose to forego college or earn low grades while in college (Newman and Newman, p. 314).

The driver’s license is an essential accomplishment in the life of a teenager. Students live for this time so that they can gain their first form of independence. Owning a license allows a teenager to take on more responsibilities that improve their status in their social circle. Having a license is thus vital for the reputation of any teenager. Taking away their license privileges takes all these opportunities away making them vulnerable to the loss of their freedom. As a student who places high emphasis on the vitality of a college degree, I am in support of this proposed law. The law proves to be controversial due to the challenges people face when attempting to get a college education. It also seeks to infringe on the rights and privileges of students in that it creates an imbalance that can be compared to segregation (Elliot, Andrew and Dweck, p. 231).

The reason that I am in support of the suggested law is that educating the society is one of the main solutions for eradicating the high rates of poverty, unemployment, insecurity and inequality that the country continues to face. When a child misbehaves, a parent is inclined to change their environment so as to change their reaction or approach to a certain situation. This as a result gives rise to a different consequence that should be positive to the life of the child in the end. A close look at the stated advantages of owning a drivers license displays the significance of the item to a teenager. Taking away the drivers license, through drastic will force a considerable number of students to work towards meeting these requirements so as to have access to this independence. This measure is thus the only form of action that can improve the way students perceive school and the advantages that they get. Despite my support of this notion, the government should take responsibility by financing a majority of the college expenses so as to cater for less fortunate families. This will take away the excuse of the lack of financial capabilities that parents present as a barrier to higher education (Newman and Newman, p.189).

In conclusion, it is difficult to imagine the infringement of the rights of an individual. This however applies in some special circumstances when the end result brings forth positive to the community as a whole. I am thus in support of the proposed law making me an advocate for the future success of the country.

Works cited

Elliot, Andrew J, and Carol S. Dweck. Handbook of Competence and Motivation. New York: Guilford Press, 2007. Print.

Newman, Barbara M, and Philip R. Newman. Development Through Life: A Psychosocial Approach. Belmont, Calif: Wadsworth/Cengage Learning, 2012. Print.

Sales in marketing. The most appropriate customer retention strategy that Omnico Inc should adopt.

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Sales in marketing. The most appropriate customer retention strategy that Omnico Inc should adopt.

Introduction

In contemporary times, marketing is among the foundational disciplines of effectual management. Marketing is vital in all facets of a company, and customers form the rationale as to why the companies exist. Indeed, marketing efforts, including innovative services such as promotion as well as distribution usually account for approximately 50% of the product’s price. Based on the eminence of marketing, it entails deliberate exchange relationship whereby both sides ought to be willing parties. These parties should be able to communicate effectively with each other through diverse mechanisms (Brodie 381).

Therefore, in the contemporary highly competitive business environment, companies require to precisely understand their clientele. This would be particularly in regard to which customers are the most beneficial, and the most appropriate way to retain them. Studies reveal that it costs a company ten times more in generating new customers than it would cost in maintain the existing one. In the event that a company has a small customer base, losing a small number of customers would cripple the company. Alternatively, if the company has a broad customer base, a diminutive increase in the customer retention rate ought to dramatically increase the company’s profits. This paper posits to investigate the most appropriate customer retention strategy that Omnico Inc should adopt.

STATEMENT OF THE PROBLEM

In regard to Omnico Inc, the company is depicted as one that has enjoyed substantial success in the industry to an extent that it has lost track of its customer retention ratings. It is evident from the case study that the company requires to improve on customer retention. This is seen from the different opinions expressed by Buddy and Laura in regard to the strategy that Omnico should implement.

Summary of the Facts. In regard to the market research report, Omnico Inc had neglected its relationship with its customers. This is evident in that, the market report depicted Omnico’s customer retention ratings as below the industry’s average. This type of a scenario materializes if, the customers do not usually have alternative suppliers, or in the event that the rival supplies were equally poor in services and quality. It may also be caused by rapid market growth to the extent that the company takes customer satisfaction for granted. A company may loose a hundred customers per week, but acquire another one thousand customers in the same duration, and thus evaluate its sales as acceptable. This kind of a company operates on a leaky bucket theory of business (Brodie 389).

Q. 2 A company such as Omnico may believe that an adequate number of customers will always be available to replace those who leave. Omnico requires understanding that customer retention is essential to all companies since the cost of gaining a new customer surpasses the cost of preserving a relationship with an existing customer. For many companies, customer profitability may be skewed in such a manner that dropping the major profitable customers causes serious effects. For instance, in the banking industry, a bank’s the top 30% percent of customers, when rated by profitability, may constitute 100% to 150% of the entire customer profitability. This would mean that, the bottom 70% of customers may offer no profitability or, even destroy 50% of the bank’s profitability (Meindl 105).

Over and above saving the profitable customers, retention programs facilitate companies in collecting pertinent data concerning their customers. This data may be utilized to understand the target market as well as in communicating with customers. The data may also be utilized in customizing future interactions with customers. Retention programs may be a comparatively inexpensive approach of making the company’s clientele feel special, boost their purchases as well as recommend prospects (Brodie 389).

Analysis. The perspective illustrated above meets through diverse channels such as customer relationship management (CRM). This kind of information presents the company with critical competitive differentiation in order to gain market share and minimize operational costs as the company retains its customers. On the other hand, the universally accepted rationale of CRM is to facilitate a business to serve its clientele in a better way. This is through the introduction of dependable processes and interaction with customers. It is a methodology employed to learn more concerning customers’ requirements and behavior in order to develop concrete relationships with them (Meindl 162).

In the perspective of Mr. Buddy, Omnico requires to appreciate the significance of relationship selling. This perspective is informed by his follow-up strategy whereby he maintains personal relationships with his customers by playing golf with them. However, according to Laura, Omnico requires more that just the buddy-buddy relationship strategy of Mr. Buddy. With this in mind, it is important to bring the two divergent opinions into the perspective of contemporary marketing strategies. This is because both parties have similar underlying intentions, which are to improve the company’s customer base and hence increase the profitability of Omnico. In the opinion of this paper, the company requires to strike a balance between the follow-up, buddy-buddy strategy, employed by Mr. Buddy and the strategies suggested by Laura.

Although marketing is based on relationships, Relationship Marketing (RM) is considered as a new phenomenon in the marketing arena. The dawn of mass marketing as well as mass production obscured the concept of RM for a long time. Vicious competition, erosion of brand loyalty, dirty price war amongst competitors and heightened customers’ expectations have been helpful for the recent prominence of RM. conversely, RM as a marketing technique that still unclear to numerous practitioners. Accordingly the general rationale of relationship marketing is to facilitate as well as maintain durable customer relationships. This leads to modification of focal points as well as adjustments in regard to the marketing management process. The common objectives of all customer retention strategies are enduring distinctive relationships with customers, which would be replicated by competitors and hence present sustainable competitive advantages. One particular notion regarding relationship marketing is that, it is the expansion of basic transaction marketing or simple seller-buyer-relationship. However, relationship marketing supersedes the transaction marketing theory, although several scholars consider relationship marketing as the reverse of transaction marketing (Brodie 390).

Transactional marketing emphasizes on focuses on distinct, point of sale transactions. The focus in this strategy is on capitalizing on the volume and efficiency of individual sales instead of developing relationships with the client. This is the perspective of Laura in the case study. The transactional marketing methodology is based on the four conventional elements in marketing, usually known as the four P’s. The four P’s are product, pricing, promotion and placement. Product in this case represents generating a commodity that meets the needs of the customer. Pricing refers to the establishment of a commodity price that would be profitable even as it attracts customers. Placement refers to the establishment of an effective distribution chain for the commodity. Promotion refers to the creation of a visible product profile that makes it attractive to customers (Taylor 62).

It is appropriate to draw a comparison between some available customer retention strategies in order to draw an appropriate balance between Mr. Buddy and Laura’s perceptions. This is in regard to the most suitable customer retention strategy that Omnico should employ. ,

A comparison between the two concepts is presented in the table below:

Comparison between relationship marketing and transaction marketing and some implications

The strategy continuum

Relationship marketing

Transaction marketing

Time perspective.

Focuses on the long-term. Focuses on the short-term.

Dominating marketing function. Interactive marketing that is supported by activities of the marketing mix. Marketing mix.

Price elasticity.

Customers are usually less price sensitive. Customers are usually more price sensitive.

Dominating quality dimension.

Quality of interactions. The functional quality dimensions develop in significance and may become dominating. Quality of output. The technical quality dimension is usually dominating.

Measurement of customer Satisfaction. Managing the clientele base. Utilizes a direct approach. Monitoring the market share. Utilizes an indirect approach.

Customer information

Systems.

Customer feedback systems are real-time. Utilizes ad hoc customer satisfaction surveys.

Interdependency amongst

operations, personnel and

Marketing. Interface of considerable strategic importance.

Interface of no or limited strategic significance.

Role of internal marketing. Internal marketing of considerable strategic significance to success. Internal marketing of no or limited significance to success.

(Meindl 201).

RECOMMENDATIONS AND CONCLUSION

Building on these postulations, Omnico must emphasize increasingly on retaining the existing clientele than attracting new ones. With time Omnico will realize that relationship marketing is the appropriate approach for the 21st century. However every business has its distinct characteristics. Therefore, drawing on the comparison between relationship marketing and transaction marketing, Omnico requires to exploit the strong points in each methodology as befits its characteristics. This approach would provide the key in establishing the success of enterprises in the contemporary highly competitive business environment.

Works Cited

Coviello, Brodie. “Contemporary marketing: Developing a Classification Scheme”, Marketing Management, 9. 4 (2009). 381-93. Print.

Meindl, M. Supply Chain Management, Upper Saddle River, NJ: Pearson Education, 2007. Print.

Taylor, R. Operations Management: Quality & Competitiveness in an International Environment, New Jersey: John Wiley & Sons, 2009. Print.

Room Movie Erickson’s Theory

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Room Movie: Erickson’s Theory

Room is a movie that teaches us a few things on psychology. The plot of the movie revolves around a mother and son that are confined in a space for years. The two are in a claustrophobic shack which is located in a suburban backyard. The woman who is Ma and his five-year-old son Jack were imprisoned by a man who had constructed a shack so that the two stayed there locked up like his personal possession. Jack is so profound of the movie characters including Dora the Explorer and Bob from Bob the Builder and although the characters are actually not real, he believes that they actually are real. One can pick up his naivety as he narrates the book because he has never been outside the room. This paper uses Erickson’s theory of psychosocial development to analyze the movie.

Erickson’s theory of psychosocial development is among the most discussed theory when it comes to child development. He argued that during child development, a personality had to be established in the early life of their child and this personality would be established in their whole life. He also argued that the conflicts that we encountered in our lives during development were not all unconscious rather, most were conscious because of the development process. His argument on the child development was based on the fact that a child’s development was contributed by social relations. His theory had eight stages of development that concentrated on series of development and the conflict occurring through the lifespan (Sokol, pg. 14). The crisis that occur in each stage, one ought to be resolved as it helps one get psychological strengths. The eight stages are; trust vs. mistrust, autonomy vs. shame, initiative vs. guilt, industry vs. inferiority, identity vs. role confusion, intimacy vs isolation, generativity vs. stagnation and integrity vs. despair.

Trust vs. mistrust begins from birth to around the age of 12 as infants begin to realize if adults can be trusted. If a child is able to meet their basic needs of survival, then they know that they can trust the adult. In the movie Room, this stage is completely evident as we see Jack completely in love with her mother. He is angle to identify his mother’s true love and knows that the mother would do anything to protect him. For most infants if the feel they are being treated cruelly then they may decide not to trust the adult in their life.

We can also see the autonomy vs. shame from the movie as we see Jack developing a preference on certain cartoon characters that he feels he can interact with and also feel that they are his friends. This stage begins when a child is 1-3 yeas as children begin to learn how they can interact with the environment and begins to develop preferences on certain elements such as toys and food. Her favorite characters are Dora and Bob (Hunt). At this stage, a child often tries to create independence and this stage is often referred to as the “me do it” stage. In the movie we can see Ma letting Jack be independent and be his own person. If a child is denied the opportunity to be their own person and make their own decision a sense of doubt and shame may develop in them. This at a later stage in life may contribute to self-esteem issues. When Ma is able to escape from his captor, we see Jack able to catch up in the outside world pretty easily because her mother had established confidence in him.

The next stage in Erickson psychosocial stages of development is the Initiative vs. Guilt and occurs in children around the age 3-6 years. During this stage the children can be able to initiate activities and assert a control over their world by social interactions such as play. Ma plays with her child from time to time including doing exercises. During play time Jack appears to be a very happy girl. Her mother also engages her in her cooking for example breaking the egg and cleaning the dishes after they are done. She is however not in a position to interact with other school going children because she is locked up.

From the movie, the eight stages of Erickson theory only go until the third stage because Jack is five in the movie. Despite this we are able to witness child’s development even in a situation that is quite traumatic. It is evident that a mother’s or guardian love is important in helping a child grow. A child’s understanding of a traumatic situation at a young age is also completely different, with reassurance from the parents that they are okay then they believe that they are okay. The only attachment that Jack has in his life is his mother and the objects around him. One way that people deal with seclusion is creating imaginary friends. Jack has an imagination with inanimate objects that surround him including wardrobe, chairs and skylight and tries to make sense of them (Klickstein).

In conclusion, Jack’s development can be seen throughout the movie The movie looks into the life of a child who does not really seem to understand the meaning of trauma as the mother as shielded him. This portrays the understanding that most children tend to have had the trust they put on their parents for most children they knew that with a parent who loves and care for them is around, then they have nothing to worry about as everything will be okay. Age is an important factor in how we react to adversity. Jack who is 5 does not understand the situation he is. The doctor actually recommends Ma for being able to escape while Jack was only plastic and thus becomes easier to recover from the trauma.

Works Cited

Hunt, Nate. “‘Room’ Is an Excellent Study of Human Psychology.” Calvin University Chimes, https://calvinchimes.org/2015/12/13/room-is-an-excellent-study-of-human-psychology/.

Klickstein, Mathew. “What Room Teaches Us About the Psychology of Fandom.” Wired, Conde Nast, 3 June 2017, https://www.wired.com/2016/02/room-fandom-psychology/.

Sokol, Justin T. “Identity development throughout the lifetime: An examination of Eriksonian theory.” Graduate journal of counseling psychology 1.2 (2009): 14.

Role of Governments in Assuring that Developing Countries Obtain a Fair and Adequate Share of the Benefits of International G

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Role of Governments in Assuring that Developing Countries Obtain a Fair and Adequate Share of the Benefits of International Grade

Developing countries have often been overlooked in terms of having a decisive role in international trade and benefits associated with the process. It is obvious that such policies have an effect on trade volume between the developing countries. The movement of goods and services from the domestic to the local market necessitates the participation of the government to ensure protection of both the good sad services. The international trade sector has seen many governments in the developing countries experience artificial obstacles and challenges against free trade between them and other countries. The difficulties and obstacles in the international trade are the import duties together with tariffs imposed on the flow of goods and services, which enter the international market. Other issues are quantitative restrictions in terms of the amount permitted to enter the market, industrial safety, health, safety, and certificates of origin. Systems characterization because of administrative imposition has resulted to commodities becoming expensive. In most instances, the products are produced locally and sold expensively in the local market. Other barriers to trade in the international market for instance are the quota system, which determine the quantity to be imported. Presumably using such a system the importer mostly has to acquire a license before any government is given permission to export any commodity to o another country.

There is a need for developing countries governments embracing policies to ensure an increase of rates of economic growth to protect the international markets or the import substitution policy. It is obvious that domestic savings are inadequate thereby an adoption of aid such as foreign loan from foreign countries to developing countries has been implemented to achieve growth in the international market (Abbott, 234). Any system that is implemented has to serve two main purposes which are the ability to encourage more imports and limited financial resources. Conversely, the economic policy, which depended on import substitution, has failed to attain growth, therefore, necessitating the need for replacement of policies that promote exports. The adoption of such a policy is essential in terms of eradicating the segregation and discrimination in international trade and non-application system protection. Developing countries governments have to establish an integrated financial system and implement prudent economic policies (Reinhart, 250).

Developing countries effectiveness can be enhanced with better coordination among the various governments. The coordination exercise need to begin from the identification interests stage to positions and stands formulation. There is a need for smaller groups in the informal Group of Developing Countries associated with the WTO based on certain issues as well as interests (Narlikar, 267). The formation of such a group is helpful in encouraging full transparency and communication with the other developing countries who are a member of an informal group. At the same time, there might be sharing of the burden in specific areas and information exchange, which will curb efforts duplication and ensure proper utilization of scarce resources. There is a need for coordination, linkages besides networking among the various developing countries governments to ensure active participation in relation to the challenges in the international trade, which involves burden-sharing arrangements among them. Government efforts of developing countries have to be coordinated with those of multilateral central assistance strategies. Such policies and procedures will lead to exports increase to GDP in relation to comparison of economic growth rates. Countries, which have applied the policy’s economy, have achieved economic growth because of the openness’s of the entire process (Abbott, 345). Perhaps the latest trend towards globalization has contributed to the attainment of such policies transparency.

The global level, which is the international trade, has to embrace openness and investment as the main factors to ensure economic growth. It is obvious that the trade barriers often results to a reduction of goods prices trade exchange volume between the developing countries, which has increased consumers goods prices. The aspect has often been a barrier for such countries to take full advantage of trade exchange benefits between them. Despite this, many developing countries often place many barriers and obstacles among themselves for varied reasons such as inefficient companies, which are local producers producer competing with the commodities from other countries associate with high efficiency( Narlikar,345). Such a scenario puts pressure on governments of developing countries to protect goods produced locally from foreign competition.

Developing countries need to endeavor to embrace changes in the process of negotiation in the internal trade to bring greater transparency and extensive participation for them during the process. Various governments from such countries need to come together ad discuss proposals by international trade market and persuade other countries to take into consideration their views to encourage a healthy trade. At the same time, there is a need for wider participation in discussion of barriers and obstacles experienced by developing countries in the international market. Although, there can be challenges negotiating in large groups balance has to work out to embrace efficiency and complete direct participation by developing countries in the negotiating process. Developing countries may deliberate on this issue and make specific proposals for an improved method of negotiations in the WTO (Reinhart, 310). The international trade agreements have a profound impact on developing countries’ economies hence imperative for them not to remain indifferent, but actively take part in negotiations as well as other activities in the forum and ensure they are efficient in the decision-making process.

Conclusion

The developing countries seem to be in a very weak position in terms of negotiations in the international trade market. The weakness has been manifested in different ways, such as them getting less equal treatment in different areas. Developing countries have made noteworthy concessions to developed countries without any benefit with important provisions touching on special and differential treatment not properly implemented. These WTO agreements have manifested larger propositions for the financial system of the country. There is a need for developing countries governments to play a key role in the internal trade process because of its significant effect on the production process. Developing countries need to exhibit political determination and not allow other countries to push them around during WTO forum. At the same time, they need to be resolute and make usage of the forum serve their interests and reduce impacts on them. The countries have to confident, identify their negotiating strengths, and apply them effectively. The biggest negotiator strength in a multilateral negotiation is based on enjoying of full support of their countries in relation to the stance taken by them. Developing countries have to enhance and strengthen their machinery of decision-making and change their negotiation strategy to prepare them comprehensively in the WTO negotiations. Conversely, they need to fight for a total change in terms WTO negotiating process.

Works Cited

Abbott, Philip C. Developing Countries and International Grain Trade. , 1976. Print.

Narlikar, Amrita. International Trade and Developing Countries: Bargaining and Coalitions in the Gatt and Wto. London: Routledge, 2003. Print.

Reinhart, Carmen M. Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries. Washington, D.C.: International Monetary Fund, 1994. Print.

Trends in Developing Countries: Economic Growth, International Development Finance, and International Trade. Washington: World Bank, 1968. Print.