Message Of I Have A Dream Speech - Free Essay Example

Sample details Pages: 3 Words: 765 Downloads: 5 Date added: 2019/10/30 Category History Essay Level High school Tags: I Have a Dream Essay Martin Luther King Essay Did you like this example?   Ã¢â‚¬Å"I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.† This sentence from the Martin Luther King â€Å"I have a dream† speech which was delivered during peaceful demonstration of blacks for their civil rights in 1963.   Although Abraham Lincoln signed the Emancipation Proclamation and gave freedom to black people in 1863, black people had lack of rights one hundred years later in 1963. King’s dream was about that someday every nation: black and white, would have equal rights and opportunities in America. King’s hope was that Lincoln’s fight would become reality and black people would be granted all the civil rights that the Constitution promised them not just through paper and pen. It goes without saying, this situation has been accomplished King’s dream in great part. However, many more years will pass, and many changes will occur before societies will agree that no race or nation is less and everyone equal. After each society, King’s dream step by step will become near to reality. It will tak e time until person reaches conscious awareness and admit that no race is supreme over another. Don’t waste time! Our writers will create an original "Message Of I Have A Dream Speech" essay for you Create order In his speech King bringing up the injustices and inhumanities black people have been experiencing. â€Å"We can never be satisfied as long as the Negro is the victim of the unspeakable horrors of police brutality.† â€Å"We can never be satisfied as long as our children are stripped of their self-hood and robbed of their dignity by signs stating: â€Å"For Whites Only.† â€Å"Negro in Mississippi cannot vote, and a Negro in New York believes he has nothing for which to vote.† â€Å"We can never be satisfied as long as†¦Ã¢â‚¬  He uses this horrible phrase by which he wants to demonstrate the oppression and horridness which Negros have been experienced over 300 years. American society has made a significant progress since and King’s dreams become true in many ways. Americans behavior toward black people have changed beyond recognition in the past 50 years. Black people were deprived to vote, and even black people were lynched if they tried to vote. Black students had to go to separate schools because there was a law which segregated schools for black and white students. In addition, schools and textbooks for black students were used and old. They could not have high paying jobs: women usually were domestic servants and men were workers. Now, African Americans are elected and can become high-ranking official employees. Barack Obama was the first African American president, Patrick Deval was the first African American governor of Massachusetts. 50 years ago, there was a law which considered as a crime marriage between whites and blacks people. According to this law, if a white person married a black the couple would be jailed. According to statistics which was made in 2015, around 25% of newly married black men are intermarried. Today, there are around 50 black members in the U.S. House of representatives. Now African Americans not only earn more money than used to   50 years ago, but also   black people get paid equally with white people for the same occupation. In a great country America King’s dream has come true in many ways. One of his dreams was voting rights and equal opportunities for African Americans. His demands about racial segregation and discrimination are now satisfied. In 1954 most schools were separate by Jim Crow law for black and white students. Today, there are no longer segregated school, in America. Before black men mostly worked in the fields or farms and black women were domestic workers in rich people houses. Now, African-American can attend colleges and universities in the same base as white people and hold well-paying jobs. About 50 years ago, African-American people were not even allowed to vote, but now America had an African-American president. America has progressed a lot since King’s times. Since King’s journey no one could ever imagine that so many remarkable changes can occur in African-American people life. There is no doubt that great part of King’s dream become true. However, th ere will need to put more effort in order to fully erase eras last traces of racial bias embedded in unconscious minds of society in Americans and whole world. â€Å"America and the whole world have become more tolerant and ready to solve a issues regarding race throughout the world. Skin color is nothing like the big issue it used to be. But the â€Å"pursuit of happiness† is never easy and can never end.

The Classical Public Administrative Theory - 1158 Words

CLASSICAL PUBLIC ADMINISTRATIVE THEORY Most twentieth century scholars in sociology and the science of administration consider the classical public administrative theory as the early form of organizational theory and accompanied by three main types of management: scientific, administration and bureaucracy. All of these management ideas are linked to different academics. `The scientific management was developed by Frederick Winslow Taylor (1856-1915); the American engineer in his â€Å"principals of scientific management† (1911) tried to improve the industrial capability by creating the concept of â€Å"one best way† idea. The base of the scientific management or Taylorism, as it is called suggests increasing the output by simplifying jobs, pay by performed tasks, and create the alliance between the worker and manager. Thus, the workmen are the secondary concern in F. Taylors (1911) scientific theory. They are adjusted to the job and not the other way around. Although some researchers say F. Tayler’s (1911) theory is ignorant, incorrect and frequently just nonsensical, still most of its concepts are important today, especially in the industrial sphere. The most well-known idea about administration belongs to Thomas Woodrow Wilson (1856-1924), the 28th president of United States and renowned â€Å"father of public administration†. In his 1887 essay â€Å"the study of administration† Wilson observed the European including particularly French and GermanShow MoreRelatedThe Field Of Public Administration Essay1275 Words   |  6 PagesThe field of Public Administration is undoubtedly one of the most vast study fields there is. It is said that public administration is closely related to Management in terms of public management theories. After all Public Administration is the perfect management of people in a more vast public setting.According to Nigro and Nigro in their book Modern Public Administration, Public Administration is a co-operative group effort in a public setting which works in collaboration with the executive, legislatureRead MoreClassical Management Theory And The Classical Theory1503 Words   |  7 PagesThe Classical Management Theory entered the business world in the early nineteenth century, with an emphasis on increasing worker productivity. Developed by Frederick Taylor, the classical theory of management advocated a scientific study of tasks and the workers responsible for them. It was the foundation of many modern management theories and it aimed to improve operations within an organization. The Classical Management Theory was broken into three schools of thinking: Scientific management, whichRead MoreManagement Administrative Theory1585 Words   |  7 PagesORGANIZATION ASSIGNMENT 1 Mary Parker Follett has been described by Schermerhorn et al. as an Administrative Theorist within the Classical approach to management. However, others have seen her as ahead of her time, and have even described her as thoroughly modern . What were Mary Parker Follett s main contributions to management thought and practice; how do they relate to classical management theory and practice and how are they relevant to managers in contemporary organisations? Ever sinceRead MorePublic Administration1077 Words   |  5 PagesMidterm Essay: Classical Organizational Theory Liberty University February 5, 2014 Midterm Essay: Classical Organizational Theory Classical Organizational Theory deals with the systematic processes necessary to make bureaucracy more efficient and effective. Name three scholars that are credited with the development of classical organization thought that most correctly fit into this definition of Classical Organizational Theory. What were the basic arguments articulated by each in their contributionsRead MoreExamples Of Neoclassical Organizational Theory909 Words   |  4 Pagesperspectives that moved away from the mechanistic views of classical organizational theory in which human beings act as different parts to that machine to an approach that attempts to account for internal and external environments. This multi-dimension approach is considered an intellectual merger of most prior schools of thought beginning with neoclassical. Neoclassical organizational theory, a modified version of the classical organizational theory was developed at the end of WWII through the 1950s asRead MorePamd501 Paper704 Words   |  3 PagesClassical Organizational Theory deals with the â€Å"systematic processes necessary to make bureaucracy more efficient and effective.† Name three scholars that are credited with the development of classical organization thought that most correctly fit into this definition of Classical Organizational Theory. What were the basic arguments articulated by each in their contributions to the development of Classical Organizational Theory? Classical organizational theory evolved during the first half of thisRead MorePublic Sector Organizational Theory ( Postmodernism )1630 Words   |  7 PagesPublic Sector Organizational Theory Introduction This essay compares and contrasts the â€Å"Classical† and â€Å"Human Relations† approaches to management. It focuses on how these approaches are similar and compatible and looks at their differences and incompatibilities. It then explores how systems theory and contingency theory can reconcile the incompatibilities between the approaches. The question of authority in public administration has historically been a tacit one framed in terms of the public administrationRead MoreFour Main Theorists Of The Classical Approach To Public Administration738 Words   |  3 PagesClassical Approach The classical approach to public administration was focused on finding the best way to perform and manage tasks. This classical approach to Public Administration is often associated with Weber, Wilson, Taylor, and Gulick. Under the classical approach was four areas of focus which was the Bureaucratic, Scientific, Administrative, and Managerial approach. Each area represented the four main theorists that the classical approach was associated with. Max Webers bureaucratic approachRead MoreThe Rise of the Factory System during the Industrial Revolution1245 Words   |  5 Pagestwentieth, with a flourish of management theories ranging from classical theories of management to the Japanese management model. The present day management theory is the outcome of the many interdisciplinary efforts of a wide range of people. The rise of the factory system during the Industrial Revolution in Europe, where mechanization or automation and mass production were the pillars of productivity, was the start of the modern day organization. Management theory was, however, slow to evolve. ThereRead MorePeter Fayol And Max Weber1437 Words   |  6 PagesEarly management theories adopted by such proponents as Henri Fayol, Mary Parker Follett and Max Weber are relevant in todays’ world. In this essay I am going to discuss about all three theorists and how their theories are still relevant for managers in the 21st century in meeting the challenges. In the classical approach to management there are three branches under it. They are, scientific management, administrative principles and bureaucratic organisation. Henry Fayol and Mary Parker Follett developed

I Am Legend Essay Free Essays

I’ve been asked to write an essay on a film. I have been asked to pick a five minute scene from my chosen movie, I will be explaining and talking about how camera shots, miss-en-scene, sound and lightening effects the audience, also what the director want the audience to feel and understand. The movie that I have picked to do my essay on is the 2007 science fiction film I AM LEGEND. We will write a custom essay sample on I Am Legend Essay or any similar topic only for you Order Now This film is based on RICHARD MATHESON’S 1954 novel under the same name and directed by Francis Lawrence. I AM LEGEND was distributed by the WARNER BROS. PICTURES. and released on DECEMBER 14TH 2007 in the USA. however the developing of the movie started way back in 1994 where several actors and directors were lined up to cast and produce the film, however due to financial and other problems the film was put on hold. NEW York City is where the movie was filmed and also included the BROOKLYN Bridge a $5 Million dollar scene which was the most expensive scene ever at that time. The movie begins with news broadcast where a scientist Dr. Alice Krippin played by Emma Thompson, who announce the invention of a new drug that could cure cancer saving millions of lives but does it all sound too good to be true? , then fast forwards three years later to the scenes of a post apocalyptic world where there seems to be no sign of human life. we hear car engine and from a birds eye view looking down on the city we see a moving car and then a close up inside the car that’s the first time the main character DR. ROBERT NEVILE played by WILL SMITH, and his dog SAM are introduced to the audience, through out the movie it becomes clear to the audience watching that the relation ship between ROBERT NEVILE and his dog is a very strong relationship and there are many scenes which showcase the bond between them non more than the scene I have chosen to do my essay on. And the story plays out to the myth that a dog is a mans best friend. The story line of the movie becomes very clear within the early moments of the movie and we see what the task ahead of the main character is. veryday he sends out radio message looking for survivors as well as trying to cure the mutated humans otherwise known as Darkseekrs. The death of ROBERT Neville’s dog Sam proves to be an emotional and a turning point in the film as ROBERT NEVILE loses his senses and retaliates with angry as he cannot bare the loss of his one and only companion and goes out looking for revenge at this point he is attacked by hundreds of d ark seekers and seems to be in trouble with his car flipped over all of the sudden a bright light nears and ROBERT NEVILE passes out as he is coming back around he is inside of a car and looks up with a shaky n unclear camera angle as if the audience is looking through his eyes. at this point he has been rescued by a women named ANNA and her son ETHAN who had heard his radio message and followed him, they take him home but his blood trail is left by the door as he was brought into the house next day the Dark seekers followed the smell of the blood and attacked them that’s when ROBERT NEVILE realises that he has to sacrifice himself to save humanity and becomes almost like a religious figure sacrificing his life for the sake of humanity. The scene that I have chosen to do my essay on is when ROBERT NEVILE and his dog SAM are chasing after the deer, as they make there way through the roads and cars the deer takes a turn and enters a dark building and Sam follows it, at this point ROBERT NEVILE is also running after them up until the door way screaming for SAM to stop. In this scene the unstable camera and fast scene and ROBERT Neville’s frightened tone of voice makes the audience fearful and worried for SAM. ROBERT NEVILE then cautiously goes after SAM into the building with a flash light and his gun locked and loaded ready to fire which adds more tension to the scene and makes the audience feel as if something horrible is going to happen, as he is slowly making his way inside the building with a frightened tone of voice whispering Sam’s name, At this point there is no music, the dark building and deadly silence becomes a perfect recpite for a scary scene, the silence and darkens makes this scene very intense and suspenseful which gets the audience on the edge of their seats waiting for something to happen. n the frightful darkness and science all you can here is the sound of his footsteps and water drops dripping down in the background and the frightening tone of ROBERT Neville’s as he raptly says â€Å"I shouldn’t be here† makes the scene that much more suspenseful and makes the viewer worried for both him and his dog. uring this scene the camera is very uns table as if the viewer was with him watching him from a corner and the other camera angle used is over the shoulder as if we are ROBERT NEVILE and we see through his eyes, this brings the audience much closer to the action and draws the viewers attention to the scene, especially as ROBERT NEVILE is making his way deeper into the dark building we see more tension building on the characters face as he is making his way round he looks down and there is blood on the floor which is a dangerous sign and gets the audience’s emotions started as we believe it could be SAM. s ROBERT NEVILE is making his way round a corner it appears on the ground the head of an animal which the audience see for a very short time and the camera looks up at ROBERT NEVILE as the tense looks on his face and him slightly whispering â€Å"SAM† its creates a very suspenseful moments as ROBERT NEVILE makes his way closer to the animal slowly revealing the head off the deer creates a moments sigh of reli ef for the character and the veiwer. this plays with the emotions of the audience as being very brightened and scared to the relief and the calming down. As he goes further into the building, over the shoulder shot is used as we see ROBERT Neville’s view as he point his gun and flash light into different parts of the room seeing nothing but old pipes makes the viewer anxious and worried to what might be in one of theses corners as the audience is looking from his point of view and changes in-between to a close up of his face which the viewer can see the frightened and fearful look on the characters face, all the way through it there is no music used just the sound of his footsteps, water dripping and him calling his dog the second time he looks up the viewer can see the Dark seekers from the characters point of view and the second shot is from the middle of the dark seekers looking back at him, an just as he raised his gun before and seen the you could hear a sound almost like a sward being drawn which with the camera angle and sight of the dark seekers and hearing them breathing and growling grabs the attention of the viewers. hen ROBERT NEVILE quickly looks this shows that he is very frightened and doesn’t want to be spotted and now the audience is very scared and worried for him and there attention is on the screen watching his every move as he slowly takes a few steps back his foot hits a piece of wood on the floor making sound causing the viewer to be on the edge of their seats and very worried this part of The scene is a very suspenseful. As he slowly escapes to the hall the audience is abet more relaxed believing it’s the end of it, As he is making his way though the hall, a whimper can be heard in the distance, echoing through the empty halls of the building. Robert takes a closer look following the sound to find Sam the viewer can see all this as the over the shoulder a very common shot and used a lot in the movie keeps the audience drawn to the action and can see from his point of view, Sam hiding under a desk and looks back at him for a second and we can see this through Samâ€⠄¢s punt of view. The relief on his face is short-lived as we can see from ROBERT Neville’s point of view as he is looking at Sam and from Sam angle ROBERT NEVILE notices that Sam isn’t looking at him, but staring at something behind him which creates a very scary a moment, He turns around just in time to see a â€Å"Dark seeker† jumping to attack him. Robert shoots the Dark seeker, killing it, and then he and Sam start running the camera angle that are used one is wide shot as ROBERT NEVILE is running the other is point of view (pov) shot as we can see from ROBERT Neville’s view and also a wide shot from behind watching him run as he is running towards a window a mid shot and close up are used to see the expression on his face. Also as he is running we see the point of view of the darkeners as they are chasing him getting closer and close. he way the end of this scene has been shot it creates a very exciting climax as the they are running the camera is unstable in a lot of it as its from a human or a dark seekers prospective the speed of the shots and the scene creates a very scary and exciting atmosphere which builds up the viewers emotions and excitement. Thought out the scene threes not much music used at the end as ROBERT NEVILE is running you can here really low but fast music almost like a clock countdown other sound affects used are footsteps running and breathing heavily also you can hearer the dark seekers growling and screaming at the running part of the scene. The reason why I picked this film and this scene to do my essay on because it’s a classic movie based on a classic novel. This scene in particular captures all viewer emotions from being frightened to being happy and scared. How to cite I Am Legend Essay, Essay examples

Total Quality Management(TQM) at Tesco Free Solution

Questions: 1. TQM System Used By the Organization.2. Critique the Implementations and Development of the Use of TQM System.3. Successful Implementation and Development of TQM System.4. Evaluating the Impact on the Organization. Answers: Introduction Quality of the production and services are considered to be the major agenda of any business enterprises. This is the best weapon that every company has to compete in the market. A high quality product always pleases the clients or consumers, whose satisfaction is the key factor to win over market share. In this paper, total quality management (TQM) system of the, UK based company, TESCO will be analysed. Tesco is one of the leading retail sectors in the world. The company Tesco started with grocery retail in 1990s but diversified in areas of clothing, books, electronics, software, furniture. Tesco has spread its business globally and has stores over 12 countries (Clark, 2014). It is the largest grocery and general merchandise retailer in United Kingdom. This company has been successful over the years, as it has been successfully delivering low-cost items. Tesco is listed under London stock Exchange. The amount of market capitalization of Tesco was 18.1 Billion on April 2015 (Combe 2 014). This paper will critically evaluate how implementation and development of total quality management system. There will be an evaluation made to analyse the impact of this system. The discussion will end with a recommendation based on the findings. 1. TQM System Used By the Organization The continuous improvement process of a company is based on Japanese concept known as Kaizen. The philosophy of this theory involves instilling a sense of employee ownership of the process. Employee involvement plays a big role in continuous improvement in an organization (Garca, Maldonado, Alvarado and Rivera 2014). Another theory of Total Quality Management is Demings 14 Points. The core concept of this theory is to increase quality and productivity by setting fourteen management practices. By following these specific points, Deming argued that improvement in quality would lead to decrease in the expenses of the company and increase in productivity and market share (Goetsch and Davis 2014). PDCA (plan-do-check-act) has different approach for quality management. This reduces variability in processes and product by utilising statistical products. It helps to manage quality of a company on a day-to-day basis by keeping the process under control, encouraging development for innovative and breakthrough changes. This enables the company to improve its products and performance (Matsuo and Nakahara 2013). In a total quality management, benchmarking is the method of comparing cost; productivity; and other specific process that are widely considered as standard or best practice. This allows the company to develop plans on how to make improvements. The one of the successful supermarket chains, TESCO, always focused on improving efficiency and effectiveness in order to remain at its position. It has achieved this position and maintaining it due to its high product quality and services. Tesco continuously introduced new products and services in order to satisfy and meet the demand of its customers (Cushman and Burke 2014). As a part of the quality management, this company tries to provide product and services, which are defect-free, generates fewer wastes and free of accidents (Innovationleaders.org, 2016). Quality management has been always the prioritized aims above all other strategic goals of the business. Tesco uses various approaches to attain its goal of quality. It has employed dedicated workers and highly skilled human capital to continue with its high quality services and products, as also for the betterment of its product quality and product. Tesco arranges meeting every day, with the management of the company, whose m ain agenda is the total quality management (Haerifar 2013). The managers discuss and suggest how every single business function can be incorporated and adjusted in order to meet the desired quality. Tesco also has quality improvement team, who supervises and maintains the quality of each product that is sold by Tesco at every store (Cushman and Burke 2014). Moreover, they deal with the quality of services to its loyal customers. They also ensure to improve its services day by day, by identifying the way of improvement. Tescos quality control is achieved through two main methods, such as, inspecting and testing the goods. These methods are applied to the entire process of production. Even the selection of raw materials goes through this process (Goetsch and Davis 2014). Human resource management is another area that Tesco gives emphasis in terms of ensuring the quality of services. The company also focuses on maintaining quality relationship with its associates and employees, as they also take part in yielding companys general output. Therefore, Total Quality Management system of Tesco tries to achieve overall quality organizational culture. 2. Critique the Implementations and Development of the Use of TQM System From the above discussion regarding the Total Quality Management system of Tesco company, it can be stated that its capability of maintaining quality and meeting all requirements of the consumers has put the company one step ahead of its competitors. Moreover, its customer-centric approach has been criticized, but it has been found most beneficial after implementation of this system. The low pricing policy of this company has been proved to be ideal. Tesco has tried to provide wide range of products at low cost but it has not compromised its quality. However, there is a disadvantage related to this low price policy. The higher strata of the society can perceive that the low price comes along with poor quality. Hence, the might have lost some share of the niche market. Tesco have not considered psychological factors of all segment of the consumers. Moreover, this company has given importance to the delivery time; flexibility and speed as measures of assessing quality of services (Chan dra 2013). In all this respect, Tesco has the comparative advantage over its competitors. The quality of services of this company has been improved more as it has introduced online services. Hence, customers of Tesco can avoid wasting time queuing in the stores for payment. Quality checking at every step, from grower to finished product at stores, is highly appreciated by the critiques and it helps to occupy the faith of the customers (Oakland 2014). The quality concept of this company follows: prevention; zero defects; getting things right at first; quality involves everyone; continuous improvement and employee involvement. Hence, by following these ways, the company achieve total quality management objectives. Tesco involves it employees from senior management and manufacturing workers in its TQM system, as a result of which the middle manager feel unimportant (Zink 2012). This may affect the quality of their services. The concept of Total Quality Management at Tesco is not only r elated to the quality of the output, but also quality of the management in a sense that, how the quality of the work, working culture and efficiency of the employees including the senior management has been improving. The quality of the operations at Tesco has improved by incorporating speed while communicating with the subordinates or with the customers. Tesco has also focused on the quality aspect of its suppliers.It has to be admitted that, the Tesco always remained focus on the quality aspect of its product or services, along with the internal quality aspect be it the performance of the workers or efficiency of the senior management. However, implementation and development of the total quality management system into the organization was not that easy. Internal quality of the company can only be improved, only if commitment from the senior managers exists, along with the actual involvement of the employees from each hierarchical level. It has been seen that there is lack of commitment from the middle managers in improving their quality of services. Total quality management will be improved by removing barriers within different department; and by changing organizational cultural, so that everyone have the urge to meet the requirement of the company in order maintain quality of its product. So by implementing the quality achievement within the system, overall quality target can be met in terms of better quality of product and services. From the above discussion, it can be noticed that this company has mostly followed and implemented the Kaizan model; Demings 14 points and benchmarking practices while managing its to tal quality. 3. Successful Implementation and Development of TQM System The use Total Management System has been introduced in Tesco and this system has been implemented for the improvement of every department. In spite of having several drawbacks on implementing this system, it has been successfully implemented within the core of the company. Tesco has focused on delivering class quality products and services. Due to implementation of this system, the performance targets have also been adjusted during recession. The system was implemented to look after the needs of customers, and the implementation was successful. This is because, during the peak of the recession the consumption behaviour of the consumers were different, hence the company changed its market strategies to suit the market scenario (Dervitsiotis 2014). The management continued to analyse the regular market scenario. As a result of which, the company has also maintained its competitiveness in the market. Moreover, apart from considering the satisfaction level of the consumers, Tesco also fo cused on satisfaction of the workers regarding the quality of their job and quality objectives of their performance. In order to be successful in implementing the total quality management system, the company focuses on designing and manufacturing new products (Bon and Mustafa 2013). It has also developed electrical enclosures and customized programmable logic controller in a water treatment environment. To use this kind of product in the manufacturing method, training is crucial in order to make certain high quality control level. To improve the quality of its employee, the quality management has introduced training plan under Total Quality Management, such as, business plan; computer skills; manufacturing skill; management skills etc. By successful implementation of Total Quality Management, the company has improved its brand value. Moreover, as its primary focus was on delivering excellent products and services with high quality, the brand loyalty of this company has increased. Th e existing customers rarely buy any other brands and due to its reputation regarding the quality new customers are attracted. Implementation of TQM successfully, the company has also achieved sustainability. This is because, as a part of Total Quality Management, the management has focused on waste free production, in order to improve its quality of production process (Fernie and Sparks 2014). Due to successful implementation of Total Quality Management, the customers can interact with the employees directly and they can avail extra services surrounding by this organization (Macdonald 2013). The continuous enhancement has eliminated the non-value added activities of the firm. Effective leadership skill of the management has helped the successful implementation and development of Total Quality Management. Moreover, TQM has improved the consumers satisfaction level, which indicates successful implementation and development of this system. 4. Evaluating the Impact on the Organization Before Introduction of TQM System Though Tesco was growing over a consecutive years, but it faces a downfall at few years back. It has been found that the company overstated about its profit which triggered controversy. Eight senior executives were fired. Hence, overall quality of the work culture was not taken into consideration. The success of Telco was reversed under the chairmanship of Clarke (Malik 2015). In spite of previous success, the reputation of the company was at stake. Moreover, Tesco required an overall analysis of its own performance. Along with assessing the pitfalls of previous performance, the company felt it necessary to sustain and capture the largest market share. Before introducing total quality management system, the focus of the company was on the marketing strategy. However, it was not possible for the management to earn the faith of the consumers once again. Therefore, it was necessary to have some improvement in the internal part of the organization. However, Tesco had stable funding base to start new action plan such as introducing Total Management System into the company (Chae, Olson and Sheu 2014). Moreover, strong administrative system and experienced and efficient managerial skill were there to carry forward this agenda. The strong morale of the employees to execute the plan was necessary for the Total management system to become successful. Thus Tesco included its employees from each hierarchical level to suggest ideas and providing feedback regarding the successful implementation of this TQM strategy. Moreover, before implementing the strategy into the system Tesco still had sufficient market share to implement the strategy more successfully. During the Implementation of TQM System Implementation of Total Quality Management is one of the decentralized control methods. The company has to pay attention to the production process, because then only the customer will hardly get defective goods or problematic services. In order to implement TQM in the system the supervisory authority of this company strictly emphasized on overall quality of the products, its services and on it relationship with the customer. Tesco faced competitors like Sainsbury who gave tough competition in terms of quality (Felgate and Fearne 2015). Therefore, during implementing TQM system, the management of Tesco targeted a high standard to outperform others. Moreover, the management of this company also looks after the attitudes of the employees. The management wanted to incorporate responsibilities inside them. However, Tesco has crossed most of the barriers that were prohibiting the implementation of TQM system. The impact on the organization during implementing the Total Quality Management S ystem was positive. The quality standard of this company has improved. The morale of the employees also developed and they were emphasized on delivering class quality product. The implementation of this strategy has also improved the customers satisfaction and hence it created brand value of the company. During implementation of this system, the organization also attained sustainability in terms of environment. This is because; along with the quality of their produced goods, the company also focused on the less polluted production process and delivering less polluted products. This improves the quality of their production process that helps them to become more competitive in nature. Development and Potential Future The TQM system has helped the company to improve its product. The customer satisfaction also has increased, as a separate team is in the charge of looking after this matter. They quality of services increased its brand value. As a result of this the scope of the company has diversified and chances of growing in future can be visualized (Van Heerden 2014). Though Tesco is one of the worlds leaders in the retail industry, the company must continue to maintain and improve its quality to sustain in global market. Due to its consistency in terms of quality the companys sales is increasing and the business is expanding all over the world. It has already spread in various countries and it can be expected that it will open up more units within those countries and expand its business at few more countries. Tesco has always focused on maintaining hygiene, thus high class customers are also satisfied with the name of this brand (PilarMartnez-Ruiz et al. 2014). Due to business expansion, it is e xpected that there will be more job creation in the economy. Moreover, the implementation of TQM requires high skilled workforce, thus training was given to the existing workers, which in turn improved the quality of labours. The distrust developed among the customers during the downfall of the company has been retained by implementing total quality management system in the business. Tesco is strictly controlling its quality management as its most prioritise area to develop its business. This is the main weapon in which they have competitive advantage. It is believed that if it maintains its high quality consistently, then there is huge scope for Tesco to capture largest global market share. Recommendation From the above discussion, it can be said that Tesco has successfully implemented Total Quality Management and has developed by this process. It is recommended that the company should supervise its production process more rigorously to ensure that the every product that it delivers is defect-free (Bani Ismail 2012). To ensure overall quality of the management, it is recommended that the company should not throw away expiry food as a waste. It has to find some alternate process to use those items in some other purpose. Apart from the quality of the product, Tesco should focus on the customer relationship, thus a separate customer care team should be employed to communicate with them. Moreover, success of the TQM system mostly depends on how the employees are taking their actions, keeping in mind the quality issue (Kanguet al. 2013). The proper behavioural activity while handling customers should be the basic requirement of a staff at the retail stores. This will improve the quality of service that they provide. Overall, it can be concluded that even if Tesco has successfully implemented the Total Quality Management system into its business activity, the company must continue to control its quality management on a day-to-day basis. By this way, the Tesco will be able to advance its production process for further improvement in the quality of the goods and services they provide. References Bani Ismail, L., 2012. An evaluation of the implementation of Total Quality Management (TQM) within the construction sector in the United Kingdom and Jordan (Doctoral dissertation, University of Huddersfield). Bon, A.T. and Mustafa, E.M., 2013. Impact of total quality management on innovation in service organizations: Literature review and new conceptual framework. Procedia Engineering, 53, pp.516-529. Chae, B., Olson, D. and Sheu, C., 2014. The impact of supply chain analytics on operational performance: A resource-based view. International Journal of Production Research, 52(16), pp.4695-4710. Chandra, P.V., 2013. A Study on Implementation of Total Quality Management in Businesses.INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE AND INNOVATIVE TECHNOLOGY (IJESIT) VOLUME, 2, pp.440-446. Clark, T. (2014).A history of Tesco: The rise of Britain's biggest supermarket. [online] Telegraph.co.uk. Available at: https://www.telegraph.co.uk/finance/markets/2788089/A-history-of-Tesco-The-rise-of-Britains-biggest-supermarket.html [Accessed 13 Mar. 2016]. Combe, C., 2014. Introduction to management. Oxford University Press Cushman, D. and Burke, J., 2014. Introduction: Tesco PLCan Open Business. In The 10 Principles of Open Business (pp. 10-23). Palgrave Macmillan UK. Dervitsiotis, K.N., 2014. Cultivating total innovation for operational and adaptation excellence. Sinergie Italian Journal of Management, pp.19-31. Felgate, M. and Fearne, A., 2015.Analyzing the Impact of Supermarket Promotions: A Case Study Using Tesco Clubcard Data in the UK.In The Sustainable Global Marketplace (pp. 471-475).Springer International Publishing. Fernie, J. and Sparks, L., 2014. 1 Retail logistics: changes and challenges. Logistics and Retail Management: Emerging issues and new challenges in the retail supply chain, p.1. Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence.pearson. Haerifar, P., 2013. Knowledge management within Tesco. GRIN Verlag. Innovationleaders.org. (2016).Tesco | Company Profile. [online] Available at: https://innovationleaders.org/tes_company_profile.html [Accessed 12 Mar. 2016]. Kangu, M., Wanjau, K., Kosimbei, G. and Arasa, R., 2013. Customer relationship management practices as recipe for customer loyalty: A literature review. Macdonald, R., 2013. Global Corporate Social Responsibility of Tesco (grocery Retailer, Uk). GRIN Verlag. Malik, S.A., 2015. Optimising supermarket promotions of fast moving consumer goods using disaggregated sales data: A case study of Tesco and their small and medium sized suppliers (Doctoral dissertation, University of Kent, United Kingdom). Oakland, J.S., 2014. Total quality management and operational excellence: text with cases. Routledge. PilarMartnez-Ruiz, M., Ruiz-Palomino, P., Martinez-Canas, R. and Jos Blzquez-Resino, J., 2014.Consumer satisfaction and loyalty in private-label food stores.British Food Journal, 116(5), pp.849-871. Van Heerden, M.J., 2014. The effect of an integrated quality management system on a leading fish product manufacturer: a pre-implementation viability study. Zink, K.J., 2012. Total Quality Management as a holistic management concept: the European model for business excellence. Springer Science Business Media. Garca, J.L., Maldonado, A.A., Alvarado, A. and Rivera, D.G., 2014. Human critical success factors for kaizen and its impacts in industrial performance.The International Journal of Advanced Manufacturing Technology,70(9-12), pp.2187-2198. Matsuo, M. and Nakahara, J., 2013. The effects of the PDCA cycle and OJT on workplace learning.The International Journal of Human Resource Management,24(1), pp.195-207.

Globalization And Its Effect On Poverty Essays - Economic Geography

Globalization And Its Effect On Poverty Globalization and Its Effect on Poverty Globalization has helped raise the standard of living for many people worldwide. It has also, however, driven many deeper into poverty. Small businesses and third world countries are not capable of updating their technology as often as their larger, wealthier counterparts. Unable to compete with multinational firms and wealthy nations, small businesses and third world countries and forced to do business locally, never growing and reaching their full potential. Technological advances are made daily throughout the world. However, it is expensive to rapidly make and transport these advances globally. This high production cost causes the consumers price to be unnecessarily high. Today, there are many countries in the world that cannot afford to pay such a high price for the latest technology, and by the time they can afford to pay, newer, more advanced technology exists. The democratization of technology benefits mainly the wealthier countries. - 2 Technological advances not only benefit wealthy countries, but also wealthier companies. Technological advancements allow countries and their companies worldwide publicity when they are successful. Because investors are able to easily invest on the Internet, on the telephone, and through facsimile machines, the profits of companies have increased greatly. Currency traders all over the world have also been able to update exchange rates and notify the public of the updates more rapidly. This has led to more desire to finalize deals because companies are able to be sure that they are receiving competitive exchange rates. Swissair, an airline based in Switzerland, even moved its entire accounting division from Switzerland to India simply because the accountants in India are among the best in the world. They were able to do this because all of the information from their new office halfway around the world was transmitted through the use of technologically advanced devices. Because labor i s cheaper and the workers are more skilled in India, the company benefited in two ways. For the same reasons as in India, Thailand has moved from being primarily a rice-producing nation, to the worlds second largest producer of pickup - 3 trucks and fourth largest producer of motorcycles (In Class Handouts). As far back as the invention of the telephone, the countries with the best economies were the most technologically advanced. The invention of the telephone by Alexander Graham Bell in 1876 allowed information to be sent around the world considerably more rapidly than ever before. Before the invention of the telephone, it might have taken days, weeks, or even months to courier documents around the world. Today, however, Selectronic, a company in Delhi, India takes doctors dictation from a toll-free number in the United States, transcribes the recordings, and sends the text back to a U.S. HMO (In Class Handouts). With the invention of the telephone and its spread to the worlds wealthier countries also came increased growth in the wealthier countries economies. The global marketplace is based on a winner take all system. The wealthy, winning companies and countries are able to sell their goods and services to a global market, while the losing, poorer countries and businesses are limited to their local markets. Massive global markets also create huge incentives for businesses and nations to market products internationally. The National Basketball - 4 Association, for example, in 1998 sold more than five hundred million dollars in licensed merchandise worldwide. The NBA owes this huge source of income to advances in technology. Basketball organizations in other countries that cannot afford to market their organizations globally, however, are forced to sell licensed merchandise only in their countries, substantially lowering potential profits. In the past fifty years, global capitalism has raised the living standards of more people higher and faster than the previous five hundred years. Increasing the number of haves in the world has also dramatically increased the number of have-nots. It has also driven the poor further into poverty making it more and more unlikely that they will ever recover. Globalization creates tensions, especially within nations and companies, between those who have the skills and resources to compete in the global market and those who do not. When the Internet was first introduced to the public, the wealthier countries in the world were able to

Often parents get divorced 50 percent of the time Essays

Often parents get divorced 50 percent of the time Essays Often parents get divorced 50 percent of the time in the United States according to Mckinley Irvin family law. Having parents that are divorced may or may not still affect their children who are eighteen and older. There is a 50 percent chance that married couples get divorced when their children are younger then eighteen years old according to children divorce statistics. Usually parents that get a divorce affects their children and it may or may not affect them the older they get. According to divorce usu, some children grow up living productive lives after divorce occurs with their parents, but they are at greater risk for emotional and physical problems. Some children are more emotionally affected than others and experience serious, long-term emotional problems while others don't. Some people who are older than eighteen expressed how they felt with their parents being divorced, and how it may or may not still affect them. Britteny Richards who is 21 years old from Miami, Florida parents got divorced when she was three years old. She was asked with her parents being divorce does it still affect you? Why or why not? Richards says, " Personally my parents divorce does not ever had any affect on me. If it has had a affect it would actually be a positive one because I live having divorced parents. My parents got divorced when I was very young so I don't even remember them together. My mom lives in California and my dad lives in LA so being a child of divorced parents has allowed me travel and given my parents the opportunity to be happy, so all in all it was a good thing," Lauren Infante who is 22 years old from San Francisco, CA parents got divorced when she was three months old. Even though her parents got divorced when she was so young, it still affected her. Infante says, " My parents got divorced right after I was born, so that's all I've ever known. When I was younger, having divorced parents used to affect me much more than it does now. While it can still be annoying to split my vacations between both parents every year, it's not more difficult than it was to switch houses every month up until college. Infante continues saying," When I was younger, I always used to wish my parents were still together and wanted to have a picture perfect nuclear family, but now that I'm older I realize there's a reason that things are the way they are. My parents divorce was out of my control and there's nothing I can do, but accept it." Daniel O'har who is 22 years old from Birmingham, Alabama parents got divorced when he was five years old. O' hara says, " It doesn't affect me anymore because I'm more mature than I was when it first happened. I have also come to realize that there was nothing I could do to change the outcome. I have learned throughout life to accept things for the way they are and try to stay positive in rough situations." Alex Coleman who is 23 years old from Atlanta, Georgia parents got divorced when she was nine years old. She says, " My parents got divorced when I was in elementary school and even though I am 22 now it still affects me, but not as much as it used to. I used to go back and forth in court because they both were fighting for custody of me. I hated going back and forth with them. My parents always communicated through me, when they needed to communicate with each other. I know now that it was best for them to get a divorce because they never really got along. I'm just scared to get married and have kids in the future because I don't want my kids to go through what I went through." Parents get divorced often and it may or may not affect their children the older they get. Even though getting a divorce may have a huge impact on the child, it's not good seeing two people together who aren't happy. "Divorce is a life-transforming experience. After divorce, childhood is different. Adulthood with

Economic Repercussions of the Clean Air Act Essay

Economic Repercussions of the Clean Air Act - Essay Example In the public discussion over legal obligations versus economic rewards, there is a very limited knowledge of the fundamental economics concerned. If the goal is to regulate the discharge to an accurate, predictable level, direct quantitative regulations are apt to be most successful in attaining the social objective. If they can be checked and implemented, direct regulations will be effective in lessening pollution to a predictable level. It is far from evident that legislators must aspire for a definite pollution level. Being aware or predicting the right pollution level demands costs and benefits information that could be indecisive at best. Devoid of this particular knowledge legislators might prefer a technique that reduces the social costs stemming from the inaccurate costs or benefits information. This is likely to entail economic rewards instead of obligatory standards. While there are various views regarding the suitable objective of environmental policy, this paper supposes that environmental legislators pursue to take full advantage of the economic interests emerging from their policy decisions. The problem is that they are trying to exploit an indecisive ‘net benefit stream’, which is identified as the â€Å"difference between the health, aesthetic and material benefits of reducing air pollution and the costs of achieving this reduction† (Crandall, 1983, 59). There are critical setbacks of indecisiveness in approximating the costs of benefits of regulation. The importance of future health effects, the link between ambient quality of air and discharges from point-sources, the significance of reduced mortality or morbidity rates, and the regulation costs across various sources are the primary providers of this indecisiveness (Freedman & Jaggi, 1993). For each of these important connections, subjective or objective approximations should be performed by

Change of Management - OH&S Essay Example | Topics and Well Written Essays - 3750 words

Change of Management - OH&S - Essay Example In the entire process, stakeholders and those affected by change normally have to absorb the simple elements that define and make up the change process. As a result, time, effort and resources are required in order to make the process of change adoption more smooth and possible. Moreover, change is complex, which requires planning, organization, and implementation. Throughout the entire process of change, communication remains the critical aspect that glues the entire process of change. The concept of change as it is applicable in the organization has two major components; that of organizational change itself, and the change of people within the environment where people affected with change are perceived to be crucial to the success of change process. The understanding here is that successful application of change management should integrate the people within the organization and more so the entire process need to be inline with the values of the corporation or organization involved. The University’s Occupational Health and Safety Risk Management (OHSRM) system was established in 2002, in consultation with academic and administrative groups, as a practical mechanism to assist managers and staff at all levels to systematically manage OHS risks in their work areas. It is a key element in promoting the health, safety and well being of staff, students and visitors, and enabling compliance with NSW OHS legislation. As part of the OHSRM, an OHS Audit was undertaken in late 2010. The Faculty of Health Sciences which currently employs approximately 350 staff and educates 5,500 students, scored 20%, the lowest Faculty score within the University. The Faculty will be re audited in November 2011 and it is expected to achieve a minimum of 70%. The survey results portrayed an initial diagnosis of staff being unaware of safety procedures, evacuation plans, who to report incidents and hazards to. However, it was unknown if this was all staff or only

Mystic Monk Coffee SWOT Analysis Case Study Example | Topics and Well Written Essays - 1000 words

Mystic Monk Coffee SWOT Analysis - Case Study Example The vision of the company was declared to be: â€Å"acquiring a large parcel of land - a new Mount Carmel – and building a monastery with accommodations for 30 monks, a retreat center for lay visitors, a Gothic church, a convent for Carmelite nuns, and a hermitage† (Turnipseed 2011, 237). While this vision clearly defines the goal of the monastery for the next year or several years, it needs some improvement as it sounds more like a strategic plan than a vision statement. In order to achieve the above listed strategic objectives, the monastery needs to have an appropriate strategy and business model. At the present moment, the monastery does not have clearly identified strategy. Current business model is based on the sales of roasted coffee beans to Catholic visitors, wholesale shops, and churches. The monastery purchases fair trade Arabica beans at $2,99, roasts it, packages, and resells at $9,95 per 12-ounce bag. The sales are carried out mainly online, via the corporate website of the monastery. If customer purchase three coffee bags or more, they are granted free shipping service. Also, there exists a â€Å"coffee club†, whereas customers are offered to a monthly delivery of one to six bags of preselected coffee (Turnipseed 2011, 237). All these elements make up the current business model of the Wyoming Monastery Coffee business operations. Before recommending any improvements on the strategy and business model, it is necessary to analyze t he key internal strengths and weaknesses of the monastery and evaluate major threat and opportunities. The first initial strategic option was to consider Mystery Monk Coffee operations as a potential source for funding the project. For implementing this strategy it is necessary to produce a calculation of the monastery’s production capability.  

The Purpose and Objectives of Annual Reports

The Purpose and Objectives of Annual Reports The literature review section talks about the background of research being undertaken. It provides an illustration about the importance of the different sections of the annual reports and the qualitative characteristics of information that make it useful for users of accounting information. Hence, it outlines on the previous research done on the study of annual reports and the importance of annual reports to users who have a reasonable knowledge in business, economics and accounting. The main purpose of annual reports The purpose of the annual report is to inform shareholders as to the financial status of a company. Coy and Pratt (1998) conclude that the annual report serve as a communication tool and determines the reality of the organization in the public mind. However for this reality to be recognized, it depends on the quality of information provided in the annual reports. Annual reports are extremely significant sources of company information (Stanga,1976). Furthermore studies by Chang and Most (1985) and Hawkins and Hawkins (1985) concluded that even though individual investors do not find the annual report useful in decision making and do not meet their information needs, still the annual report is the document used as reference for investors and managers. Though annual report is not the only source of information for a company, as in New Zealand newspapers and magazines were also found as a source of information, nevertheless the annual report is considered to be an important resource due to its large reporting and availability. Therefore the fundamental aims of preparing financial reports are for decision making and accountability. Accountability Annual reports are considered as the main accountability mechanism. In 1975, the American Accounting Association (AAA) defined the purpose of accounting as to provide information for making useful economic decisions and which, if provided will increase social welfare. Thus annual report can be one tool for communicating economic information to allow update decisions and judgements by users. According to Stanton and Stanton (2002) the annual report uses the tools of management, marketing and communication theory to construct a picture of the organization. Thus, annual report is a tool for a firm to classify its accountability for managing and controlling business activities. Moreover, a number of researchers (Winfield, 1978; Chang and Most, 1985; Boyne and Law, 1991), have noted the importance of annual reports as a vehicle releasing accountability. Furthermore accountability is involved in the monitoring, evaluation and control of organizational agents to make sure that they perform in the welfare of shareholders and other stakeholders (Keasey and wright,1993). It can be classified as a requirement for one party to another party for its performance over certain time. In short, accountability is simply a must to report upon as it gives an extent to which an entity has met its responsibilities towards its owners and to fulfill this role, financial reports should reflect the nature and extent of performance that are related to the entity. Moreover accountability requires broadening the capacity of disclosure beyond the financial focus to ensure that adequate and meaningful qualitative information is also contained in the annual report. Besides, the owners of the companies, the shareholders, have a right to know what actions and what developments are taking place within the organization. Thus, the organizations are accountable to its shareholders and the annual report plays a great role in conveying the firms performances to them. Decision making As per IAS 1, the financial statements objective is to offer and inform the performance and the evolution of the financial situation, that could be helpful to a wide range of potential users for evaluating and making economic decisions .It is further claimed that, when the general purpose of financial reports meet this objective, they will also enable entities to discharge accountability. Consequently the first aim of the Trueblood Report is the provision of information for economic decision making is being interpreted as being the primary function of financial statements. Hence financial reports should seek to satisfy the information needs of users. In 1989, the Solomons Report, commissioned by the ICAEW (1989) reaffirmed that decision usefulness is the fundamental aim of financial reporting. Financial reports should provide information that will be accommodating to several users who have interest in financial performance and making decisions about investing and lending. Gray (1994, pp9), have proved that accounting literature is presently dominated by the idea of decision usefulness which mean that financial reporting will have to be maintained in order to meet the need of all users of accounting information. It is seen that nowadays there has been a rise in the users of accounting information for decision making hence objectives of annual reports are regarded as the major means by which companies distribute information to the external users (Firth, 1979). OBJECTIVES OF ANNUAL REPORTS According to FASB the main goals of annual reports can be classified in three parts: Objectives for making potential economic decisions; Objective of providing information about the financial position, performance and changes in financial position of an entity; Objectives for presenting and disclosing of information. Hence it is the attributes of the qualitative characteristics that make accounting information to be useful in annual reports. Characteristics of accounting information The quality of the information provided in annual reports determines the usefulness of those reports to users. FASB and the IASB propose that if Financial Statement setters study the standards and qualitative features in the process of preparation of financial statements only then the financial station would give the true and fair view. Many researchers like (Alford et al. 1993, Amir et al. 1993, Banyopadhyay et al. 1994, Harris et al. 1994, Joos and Lang 1994, Barth and Clinch 1996, Joos 1997, Lewitt 1998 and Pope and Walker 1999) had conduct studies with the aim to identify higher quality as it is related to the ability of financial statements to pass useful information to the users. Hendriksen and Van Breda (1992, P.123), has described qualitative characteristics as components of accounting information which lean to improve its usefulness. The Corporate Report of the Accounting Standards Steering Committee, Institute of Chartered Accountants in England and Wales (ICAEW), (1975) has identified seven qualitative characteristics viewed as desirable to make the annual reports useful: relevance; understandability; reliability; completeness; objectivity; comparability; timeliness. Relevance Relevance refers to the capacity of information to influence the decision making process of users. The Solomons Report (1989) has emphasized on this point: Relevance must come first, for if information is irrelevant, it does not matter what other qualities it has. FASB Concepts Statement 2,says in paragraph 27, to be relevant accounting information must be able to make a difference in a decision by facilitating users to form predictions about the result of past, present and future events. It also proposed that there is a trade-off between relevance and reliability that is accounting information should be both relevant and reliable. A number of research by Stanga (1980), and Mores and Duncan (1988) have already been conducted to deal with the issue of relevance and reliability and that optimistic association exists between the two, with minimum levels of reliability necessary to achieve relevance. UNDERSTANDABILITY Understandability is viewed as a user-specific property in the FASB model. Information cannot be useful to decision makers who cannot understand it, even though it may otherwise be relevant to a decision and be reliable. Information is understandable when users will be able to reasonably grasp its meaning. Thus useful information should be capable of being understood by users with reasonable knowledge of business and accounting and the way information is presented in annual reports. In addition, researchers like Subramanian, Insley, and Blackwell (1993), had evaluated the relationship between the performance of companies and the readability of their annual reports, concluding that the annual reports of companies that done well were easier to read than those of companies that did not perform well. RELIABILITY Reliability involves the completeness of information. Information is reliable when it is free from material error and bias and can be depended upon by users to signify faithfully. FASB has also concluded that verifiability is a major factor of reliability. Verifiability is the ability through consensus among measurers to guarantee that information represents what it purports to represent. It also focuses on whether a particular basis of measurement is properly pertained, rather than on whether it is appropriate. While Lev and Thiagarajan (1991) , got proof that the market does not retort to certain balance sheet information results of other studies suggested that it may wait until the balance sheet information shows up in future earnings which make accounting information more verifiable and reliable. COMPLETENESS Good Accounting information is complete when it provides all its potential users with all the required information that are vital to fulfill their needs and requirements. Moreover reported information in annual reports should provide a complete image of the activities of the organization. Completeness is also when all transactions and events that should have been recorded have been recorded and classified properly. It also assumed that there will be no error of omission in the information. Thus information in the financial reports must be complete within the bounds of materiality and cost is a vital element of faithful representation. OBJECTIVITY According to Hines (1991), it is in the benefit of accounting profession to publicly produce information that is objective. Financial information being objective means it should be free from bias in accounting decisions and shall be a measurement of having supporting proof. In other words together with objectivity, information should be both reliable and uniform. COMPARABILITY Comparability is the quality of information that allows users to identify similarities in and differences between two sets of economic phenomena. Moreover compliance with accounting standards helps to attain comparability. Thus, information about an entity gains more importance if it can be contrasted with similar information about other entities and with similar information about the same entity for some other period or some other point in time. Comparability is different from consistency because comparability is the goal while consistency is a means to achieve that goal. Users must be informed of the accounting policies used in the preparation of financial statements, any changes in those policies and the effects of those changes. However it is argued that any consideration of comparability must come after relevance and faithful representation. As noted by Sterling, Robert, R (1985), Comparability alone cannot make information relevant. TIMELINESS Timeliness is considered an ancillary aspect of relevance. Timeliness is about having relevant information available sooner before it loses capacity to influence decisions. Kross and Schroeder, (1984), indicated that the timeliness of annual reports is relative to the abnormal return around the release date of reports, corporations that released their annual reports earlier held higher cumulative abnormal returns than that of later releases. Researchers like Dyer Iv, and McHugh (1975),Whittred (1980) and Dwyer, and Wilson (1989), found that timeliness is affected by factors reporting lag such as auditing opinion, profitability and company size. Therefore the use of technology may enhance position of all users and improve regularity of timeliness with which information is received. In addition to the qualitative characteristics mentioned above, there is two more qualities proposed in the accounting literature which is essential; they are faithful representation and materiality. FAITHFUL REPRESENTATION Faithful representation is attained when information is representing faithfully the transactions and other actions it either claims to represent or could reasonably be expected to represent. However faithful representation does not mean total freedom from error in the representation of an economic phenomenon because economic phenomenon presented in financial reports is normally evaluated under conditions of uncertainty. Thus, to attain a faithful representation, it sometimes may be essential to clearly disclose the degree of uncertainty in the reported financial information. MATERIALITY Materiality does not involve only relevance but also faithful representation. Information is material if it could persuade users decisions taken on the basis of the annual reports. Materiality depends on the nature and amount of the item in case of omission or misstatement. It forms the threshold for recognition of information and only material information is contained in the annual reports. According to SEC (1999), is a symmetric in emphasizing that small misstatements may be material for qualitative reasons but SAB 99 is silent on whether, and when, a quantitatively large error could be immaterial, (Taub 2007). Thus, many registrants and practitioners consider that this guidance prevents judging quantitatively large misstatements to be immaterial. COMPONENTS OF ANNUAL REPORTS The annual report encloses a huge amount of information about a company. As formal communication documents the annual reports also contains quantitative information, narratives, photographs and graphs. There have been several survey-based studies in accounting conducted that the annual reports is useful source of information (e.g., Briggs, 1975; Lee and Tweedie, 1975, 1976,1981; Anderson and Epstein, 1995; Abu Baker and Naser 2000; Ho and Wong 2004). Ho and Wong (2004) conducted a research in Hong Kong and concluded that annual reports are consisted of high value of information in comparison to other sources, even though the respondents are not fully satisfied with the amount of information disclosed. Thus in Mauritius, the section 221 of the CA 01 specifies the contents of an annual report. Hence it includes the following: Chairmans Report Lee and Tweedie (1975), Barlett and Chander, 1997, p.246 found that the most common read sections of the annual reports is the chairmans statement .This was attributed to the simplicity of the chairmans report, which clarifies the more technical information, contained in other parts of the report. On the other hand, Wilton and Tabb(1978) surveyed about 300 shareholders and concluded that the chairmans report was the most widely read followed by the income statement. However, Barlett and Chander have also disclosed that the majority of respondents in their sample desired less information in the form of a summary report rather than the annual report itself. Directors Report The Directors report supply useful information to investors about the activities of the company, the dividend policy and information about the decision makers of the company. Anderson (1998) spot out that despite majority of investors found the basic financial statements to be most valuable, the most thoroughly items read in the annual report are the directors report. Lee and Tweedie (1975) found that the executives report was of great to less importance, over one-third of the respondents believed the directors report to be of no value. Corporate Governance Report Corporate governance (CG) has been a foremost policy issue in developed market economies for more than a decade. Hashim (2009) defines CG as a combination of processes and structures conducted by the board of directors to authorize, direct and oversee management towards the achievement of the organizations objectives. The Report on Corporate Governance for Mauritius, states that companies that are listed on the Stock Exchange of Mauritius shall abide to all provision of the code and there should be a separate corporate governance section in the annual report. Dividend policy, Directors profile and going concern of the corporate governance report might be useful to user of accounts. Shareholders will attain valuable information about the amount and timing for payment of dividends declared by the company. On the other hand the disclosure of the qualifications and experience of the board members is useful to investors as such information specify that people with required experience, qualifications and integrity are managing the company hence it boost up the confidence of shareholders. Cohen, Krishnamoorthy and Wright (2004) recommend that CG can be one of the main functions in ensuring the quality of financial reporting. Auditors Report The auditors are required to report to the shareholders of the company as to whether in their opinion the financial statements have been prepared accordingly with the accounting standards and whether they give a true and fair view of the transactions of the company. The fundamental aspects of an Auditors report are set by ISA 700-The Auditors Report on Financial Statements. This ISA gives guidance on the type and content of the auditors report as a result of an audit carry out. The auditors report was the most understandable section of the annual report while the balance sheet was the forth (Nasser and Rutherfords 1996). Hence it is useful to users of accounts as it offers assurance that the users are making economic decisions based on reliable information. However, Bartlett and Chandler (1997) found that the auditors report was read the least by individual shareholders. Corporate social responsibilities (CSR) CSR can be described as the process of communicating the social and environmental effects of organisations economic actions to particular interest groups within society (Gray et al 1996 p.3). Corporate social disclosure is referred as the provision of financial and non financial information that intend to discharge social accountability of an organisation (Gray et al 1987).Gelb and Strawser (2001) states that CSR disclosure is a form of socially responsible behaviour, thus by providing more information to the public will help companies to meet their responsibilities towards their stakeholders in a better manner. However research studies have shown that most users use the information of financial statements for financially based decisions. IAS 1, of IASB, 2004: (para.7) states that the objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. So the financial statements are made as follows: Statement of financial position Statement of comprehensive income Statement of changes in equity Statement of cash flow Notes to the accounts Statement of financial position This statement provides a snapshot summary of what a business owns or is owed-assets-and what it owes-liabilities-at a particular date thus it is referred as a statement of net worth. It shows how solvent a business is, how liquids its assets are and how much capital is being spent. It also consists of non-current assets, current assets, capital and reserves, non-current liabilities and current liabilities. The non-current can be classified as assets that are not quickly and easily realizable, and current assets are assets that can be readily convertible into cash within a short time. Furthermore share capital represents amount receives in respect of shares issued by a particular company, non-current liabilities and current liabilities are obligations that are not aimed to be liquidated within a year and one that are expected to be settled within one year respectively. Statement of comprehensive income The main purpose of the comprehensive income statement is to report a companys earnings over some pointing period of time. This statement reflects the companys revenues, expenses and earnings; it gives information about the financial performance of a company. Users of accounts who are concerned about the profitability can obtain relevant information in the comprehensive income statement and they can make use of ratios to take out information they need therein. Statement of changes in equity IAS 1 requires that companies should prepare a statement of changes in equity to be presented with the same value as the other primary statements. According to Barry and Jamie Elliot this statement is vital because a quantity of gains and losses are required by law or accounting standards to be managed through directly with reserves, so as to prevent the financial statement from being incomplete. The shareholders acquire more information about any changes made to share capital, retained earnings, revaluation reserves, share premium other reserves and to proposed dividends. Sometimes gains and losses may be easily traced by reserve accounting, which permits items to bypass the income statement. Hence the statement of changes in equity provides more transparency in reporting these gains or losses. Statement of cash flow Section 217 of the CA 01 requires all companies to include in their annual report a statement of cash flow and the latter should be prepared in accordance with IAS 7. The purpose of IAS 7 is to include the provision of information about the historical changes in cash and cash equivalents of a company by means of a statement of cash flow. Cash flow statement has become useful sources of information for users (Day (1986) and Yap (1997)). Thus cash flows are classifies during a period from: operating activities-the cash effects of transactions concerning trading activities; investing activities-cash flows from the purchase and sales of non-current assets and short term investments; financing activities-involve receipts from or refund to external providers of finance in respect of the primary amount. Notes to the accounts Notes to the accounts can be refers as explanatory notes that accompany the financial statements. These are intended to give further detail of the items appearing in the financial statements, to provide surplus information, to represent attention of related party transactions and to give existence of interest to stakeholders, other than the shareholders. It includes the IAS, concepts, depreciation policies and methods of valuation that an entity has used. Furthermore studies conducted by Anderson (1981), found that the most readable sections of the annual report were seen to be the balance sheet, profit and loss account, notes to the accounts, and the chairmans statement respectively. The comprehensive income statement, however, was seen to be more essential than the balance sheet. However this author failed to carry out any test whether there are major differences between the users usage of annual reports sections and on the other hand observed its importance of those sections. Epstein and Pava (1993) has developed on the work of Epstein (1975) and found that there has been an increased in the importance of annual report as a source of information. Furthermore, they found that the importance of the balance sheet had extended, and that over the same period the perceived usefulness of the income statement had declined. Anderson and Epstein (1995) argued that in Australia they found that the comprehensive income is more useful in making an investment decision rather than the directors report. In this respect the respondents had also demand for simplification and more explanation of the balance sheet, statement of cash flow, and the income statement. In another study by, Abdelsalam (1990ÂÂ ­) it was highlighted that the comprehensive income and information about the future of the company as well as information about directors was seen to be important part of the annual report. Ba-owaidan (1994) also found the profit and loss account to be the most influential part of the annual report followed by the balance sheet but has also concludes that some respondents faced some problems in understanding the contents of the annual reports. The Kruskal Wallis test revealed that the cash flow section was the only section of the annual report that the user groups have significant differences regarding its value. This is not surprising as the findings reported by Lee and Tweedie (1975), Wilton and Tabb (1978) and Yap (1997) for developed countries disclosed that individual and institutional investors have little interest in the cash flow statement and may not rely upon, as they are not a sophisticated group. In New Zealand, Chang and Most (1985), disclosed that newspapers and magazines were the preferred source of information and the comprehensive income statement was found as the main statement in the annual report for decision making. Moreover, Anderson (1979) and Courtis (1982) also found that the balance sheet and the profit and loss statement were regarded as the two most essential statements for decision-making. In addition, Anderson and Epsteins (1997) study revealed that in Australia, New Zealand and US, the comprehensive income and financial position statement were ranked as the most essential items but the cash flow was less important to New Zealand and Australian investors than to US respondents. Moreover, Stephen L.Buzby carried a research in 1974 on the usefulness of annual reports and his aim was to find the perceptions of professional financial analyst on selected items in the annual reports. To summarize Daniels and Daniels (1991) found that information present in financial statements is important and very useful but not sufficient enough to evaluate the financial condition of a company. USERS OF ACCOUNTS According to IASB, financial information is prepared for users, presuming that they have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence. The different users and their needs are identified below: Investors Investors need information to decide whether they should continue to invest in an entity, to assess whether that particular organization will be able to pay out dividends as well as how the enterprise has been managed. The investors require information about profitability, volumes, sales, amounts invested, assets owned, share price and information about competitors. Epstein and Pava (1993) document that individual investors demand for more financial and non financial information in the annual reports. Shareholders Shareholders are the owners of the company. Thus, they have the right to receive dividends from the companys profit. Information in annual reports is very important to shareholders as profit acts as an indicator of the amount of dividends they ought to obtain. According to Cook and Sutton (1995), companies should prepare summary annual reports based on information requirements of shareholders in order to satisfy their needs. Thus, companies should disclose essential piece of information in a clear and understandable format that will enhance the relevance and value of annual reports in communicating company information to shareholders. Lenders and Financial institutions Lenders such as insurance companies, pension funds use FS information to decide the loan amount, the interest rate and security needed for business loan and they should also make sure whether the company would be able to repay back both the principal amounts and the interests payments. The key accounting information for lenders is therefore: Cash flow Investment requirements in business Thus such information required by lenders is available in the annual report. Employees Employees demand annual report for the stability and profitability of the business. They are interested in information about employment prospects, security of their jobs and retirement benefits. Furthermore, Clark and Craig (1991) conclude that relevant information for investors is also relevant for employees. Government The government group makes use of an annual report for tax purposes. The tax authorities such as the Inland Revenue needs information on the profitability of an entity to levy corporation tax and custom and excise make use of information to check VAT returns. Hence tax authorities use FS information as a source for enhancing social welfare by establishing tax policies. Public The public are usually considered as stakeholders and businesses form part of society at large and as a result create much public interest. Marston and Shrives (1991, pp196), found annual report as the main document available for the public thus is being regarded as the main disclosure vehicle. Moreover despite some improvements has taken place in reporting in recent years, the users groups of annual reports wish to have more information than is currently provided (Abu-Nassar and Rutherford, 1996; Hatif and Al-Zubaidi, 2000; Naser and Nuseibeh, 2003). On the other hand, Dye and Bowsher (1987) concluded that most users seek an annual report to include other information that will enhance their understanding. Hay and Antonio (1990) found that users demand for highly detailed disclosures in annual reports. In addition users want information on future prospects, company products, publication of quarterly reports and management audit reports (Anderson 1981). Furthermore Benston (1976) reported that annual report were the least important source of information compared to financial press and newspaper reports. In summary, results from preceding studies shows that users believed that annual reports is the main sources of information; though each section was not considered as of equal significance. The results also disclose a necessity to establish some changes to the annual reporting that allow the information to be more understandable and sufficient for potential users.

Wedding Toasts †Perhaps Others Have Said it Best Essay -- Wedding Toa

Wedding Toasts – Perhaps Others Have Said it Best To the Bride From her Groom Never above you. Never below you. Always beside you. To the bride and groom (before the wedding) Here's to the bride that is to be, Here's to the groom she'll wed, May all their troubles be light as bubbles Or the feathers that make up their bed! Anonymous To the bride from her groom "Drink to me only with thine eyes, And I will pledge with mine; Or leave a kiss within the cup, And I'll not look for wine." Ben Jonson "Grow old with me! The best is yet to be, The last of life, For which, the first is made." Robert Browning I have known many, Liked not a few, Loved only one I toast to you Irish toast "Wherever I roam, whatever realms I see, My heart untravelled fondly turns to thee." Oliver Goldsmith Because I love you truly, Because you love me, too, My very greatest happiness Is sharing life with you. Every day you look lovelier and lovelier, and today you look like tomorrow. To quote John Keats's immortal line, "A thing of beauty is a joy forever." Here's to you, my beautiful bride." "Were't the last drop in the well, An I gasp'd upon the brink, Ere my fainting spirit fell, 'Tis to thee that I would drink." Lord Byron The world is happy and colorful, And life itself is new. And I am very grateful for The friend I found in you. Anonym... ... Here are some words to live by: Love to one, friendship to many, and goodwill to all. May you live to learn well, and learn to live well. Remember that if you ever put your marital problems on the back burner they are sure to boil over. Unkown "Marriage is our last, best chance to grow up." Joseph Barth "A happy marriage is still the greatest treasure within the gift of fortune." Eden Phillpotts "Happy marriages begin when we marry the one we love, and they blossom when we love the one we married." Sam Levenson "Seek a happy marriage with wholeness of heart, but do not expect to reach the promised land without going through some wilderness together." Charlie W. Shedd

Negotiation and Conflict Management Final Report Essay

â€Å"It’s time to go to the next level of my career,† I told myself a few months ago. Life and life experiences have put me in the right place at the right time to make my daydream a reality. As a natural born citizen of another country and as a newly-married person, I have a unique perspective as well as a set of obstacles and opportunities on the road ahead as I pursue my Executive MBA while being in transition. GOALS My current short-term goal professionally is to find a job that not only fulfills my current ambition of being technical leader but also a management leader in the IT world, where as my long-term goal is to start my own business (Repurposing and creatively painting old leather products into house decor) along with my life-partner in the next 3-4 years. My personal goal is to again relive my artistic side, paint and be creative and get my spouse involved in the artistic world that I like. I am at a juncture of my career where in both my personal goal of working with my life-partner coincides with my ambition of starting up a new business and apply whatever knowledge I gathered during class. My goal as far as EMBA classes is to actually be able to not only learn Finance and Accounting but actually try to master it is as much as possible because when my goal of opening up my business becomes a reality, I want to make sure I have command over that. NEGOTIATIONS In my previous company, I had the opportunity to be a part of some important negotiations which helped me as well as the project understand the various aspects that we had predominantly neglected at the start of some of these negotiation. One such negotiation was when a rival vendor was trying to sell their new software to our client which they claimed would be doing the same kind of work that we were doing for past few years. When the time came to negotiate the new contract for our project, the clients asked us to come up with a plan as to why they should consider our software v/s the rival vendor’s proposed software. When I tried to analyze the whole negotiation process that we went with the end clients and even though we managed to extend the contract, there were a lot of issues that were not par with the 3D negotiation which are as follows: We didn’t set up the right negotiation  as the right party and right interests were not set up. We never considered the No-De al option. Never paid attention to the six basic interpersonal skills that are essential for negotiation. My short term goal of being a technical as well as managerial leader in IT would require me to be a part of similar negotiations that I mentioned above. Right from extending contracts, to getting funding for maintenance and development of software, getting more business from different set of end clients which might be interested in similar software. Here are some of the important factors that needs to be considered while making these kind of negotiations. My long-term goal of opening my own business with my spouse is something that would require a lot of negotiations that needs to be done be it with the bankers or venture capitalists who might be interested in funding it, real-estate people who might be interested in selling or renting their property and the end clients/customers who would be interested in buying my end products. These are the three key area of people that I have to get involved with in-order to start my business successfully. While dealing with the Bankers/VC, one thing that we need to keep in mind is that we might have issues with one of them, so we need to keep more options and try to find the right new parties who might be interested (right players). With the Real-Estate people, you need to address the Twin tasks, namely, Learn about the true ZOPA and Shape your counterpart’s ZOPA perceptions to your advantage. New customers are more interested in creating and claiming value like discounted cash flows, creating relationships, reputation and being fair. We need to think long term for creating and claiming value as none of the parties should feel that they have been exploited or dealt with unfairly as the reputation would be at stake. All conflict management processes i.e. consensual negotiations, are based on information sharing and learning. In the process of sharing information, a party seeks to alter the knowledge, attitudes, preferences and strategies of its opponents. There are some conflict s that I might have to overcome during my business negotiations that can be summed up as: APPRAISAL As a successful negotiator the six basic interpersonal skills are utmost important but initially when I started negotiating in my previous company, I never paid real attention to some of those skills. The contract extension negotiation example above was finally approved but we had a lot of things that were not correct and that almost cost us the deal. Here are some of the key aspects of that deal: a) My company had this contract for past 9 years without any competition and hence I never expected a rival vendor to just come up with another proposal with the end client. b) I never really dealt with the topic of creating and claiming value as part of the negotiation. c) Had an incomplete/blurry information on the rival vendor and their product hence before proposing the deal, we never dug deep to rectify it. d) Never pressed on the issue of Your Interests / Their Interests. As this was a contract that was being extended every single year, this thing never came to my mind. The reason we got the extension on the contract was due to some of equally compelling strength that as a negotiator we had and they were as follows: a) Our ability to make sure the end clients understand their No-Deal option. Even though we weren’t aware that it was called the No-Deal option, we certainly went that route when we presented our merits in front of them and made sure they understood what they were losing in-case the contract was not extended. b) Even though we didn’t do our homework on the rival contractor, we made sure that we had all our facts and data right once we were in front on the clients. The data showed all the current savings that we were providing to the end clients and this was a major factor that earned us the good point. My Strengths Reasoning The quality and extent of my preparation The better you understand your interests (why you want what you want); and the better you understand the interests of other parties (why they want what they want), the greater the chance you will be able to reach an elegant solution which leaves the parties feeling as if each has achieved the major portion of their goals People walk away thinking they would be pleased to  negotiate again with me A negotiator’s relative strength can be measured by whether people walk away thinking they would be pleased to negotiate again with him/her. If people leave a negotiation with you thinking they never want to see you again, then you are a poor negotiator Good communication to other parties so they understand my top priority A negotiator needs to understand that different issues should be treated as having different priorities in different negotiations. Sometimes the relationship is most important; other times creativity is the measure of how well one negotiates; and it is always true that good communication is a fundamental measure of a negotiator’s strength. A good negotiator makes her/his points clearly understood by other parties. A better negotiator makes understanding other parties her/his top priority. In Moms.com case study, I was Terry Schiller and as my role was to sell the program, I made sure that for my preparation for the case, whether finding the right balance between the no. of re-runs v/s the licensing rate and making sure that this balance would give me as well as other party the max value. I had already calculated this before the negotiation started so that I knew what value would affect me as well as the other party. In Viking Investments case study, I was the person that run Viking investments and even though bankruptcy was the option for the other party, I not only made sure that it won’t happen but provided the other party with 3 different options and gave her the choice to choose which ever suited her bill. I believe in maintaining relationships and making sure that the other party feels the same way, hence when the other party walks away after the negotiation, they would want to do more business with me going forward. In Biopharm-Seltek case study, I repres ented Biopharm and my main goal was to make sure that the other party understood that I was not only interested in their company but was not interested in buying their patent. My Weakness Reasoning Dealing with negative emotions from the other side of the table Are my standards of fairness being violated? Is the common bias operating about my being cooperative and fair while the other party is hostile and competitive?  What rule or assumption that I hold is being violated by the other’s behavior? Controlling your emotions — commanding reasonable authority, managing your temper, etc. Has something been raised that questions what I tell myself I am or hope to be, such as Am I competent? Am I fair? Am I a good person? Knowing when to step away from the negotiation table — and being able to really do it No negotiator wants to enter into a poor agreement. But similarly, every negotiator should want to walk away from an unsatisfactory agreement towards a clearly defined, satisfactory BATNA In Viking Investments case study, there were times I couldn’t control my emotion because as per my own belief I was trying to go all the way out to help the other side not file for bankruptcy but in the middle I thought that I was fighting the battle alone. I was emotionally drained out to make the other understand the consequence of bankruptcy and helping them more than I should as a result of which I questioned my own self whether I am competent enough. This to me is a sign of weakness because I let my emotion take over the negotiation process. In Biopharm-Seltek case study, I was overwhelmed by the negative emotion from the other side as they were not ready to part away with the company without me buying the patent. It was their major walk away reason for them which I was not able to understand as they were being very hostile without being reasonable. I saw a very different take on this which was against my own personality and it was something I couldn’t overcome and need to work upon that. I still have a hard time to understand that you should never accept a proposal that is worse than your BATNA. Hence I couldn’t understand when to step away in case it didn’t work out. In the Moms.com, I didn’t get the proposal that I prepared so confidently before the negotiation started and I couldn’t find the courage to walk away from the table even though I knew the value created was not as much as what I had initially proposed. PLAN Here are the negotiation skills that I plan on improving and dealing with short term as well as my long term goals: 1. Do your research. Clarify your own objectives and make sure you understand what your opposite number wants from the deal. For example, by doing some basic research into a potential supplier, you can work out how valuable your custom is to them. 2. Plan your strategy in writing and decide what approach you will adopt before beginning negotiations. Be clear about the type of deal you want, set clear goals and work out where you will draw the line and walk away from the deal. 3. Ask questions and listen closely to answers. Asking questions will help you understand what your opposite number wants to achieve. You may be able to get them to reveal how flexible they are on certain issues. 4. Decide what is negotiable. Before you start to negotiate, draw up a list of factors that are most important to you. Decide what you are (and aren’t) prepared to compromise on. Key factors might include price, payment terms, volume or delivery dates. The key is to establish your preferred outcome, but remain realistic, because if you’re not prepared to compromise some negotiations won’t last long. 5. Don’t reveal your negotiating position and avoid making unnecessary concessions. If you have to make concessions – look for reciprocation. Concessions should only be made to help you get the things you value. You should also avoid appearing too keen to do a deal. Consider what offer the other party in the negotiations is likely to make and how you’ll respond. 6. Select the best team. Once you’ve decided on your strategy it is essential that you get your negotiating team right. Make sure it has skills in all the required areas and, where necessary, use a specialist to negotiate in areas outside your expertise 7. Drawing up a contract. Once all the points have been negotiated and a deal has been agreed, it’s best t o get a written contract drawn up and signed by both parties. While verbal contracts are legally binding – they are difficult to prove in court. 8. Choose the right time and place for negotiation. Ideally select a time and place where you are not under pressure to close the deal. My plan of being successful in negotiations Mapping the parties I would like to start with private talks with various individual parties  (bankers, customers, etc.) before bringing everyone together for public negotiations, or it may be better to immediately begin negotiation with all stakeholders. When developing the process, it is important to consider the role of third parties, special procedures and specific negotiation systems. This will likely require an understanding of the cultural norms and individual personalities of the parties involved. Further important considerations relevant to the process include how the process is to be determined and how it could be modified. The set up essentially ensures that the scope, sequence and process of a negotiation is consistent with my desired outcome for the negotiation. I need to ensure that the right parties have been involved, in the right sequence, to deal with the right issues that engage the right set of interests, at the right table or tables, at the right time, under the right expectations , facing the right consequences of walking away if there is no deal.