Public Budgeting- Revenue Sources Free Essays

Three revenue sources in public budgeting Property Tax: Property tax can be defined as a levy that the government issues on a person’s property. The value assessed to the property is taxed. Revenue of local governments like cities and counties are derived from property taxes. We will write a custom essay sample on Public Budgeting- Revenue Sources or any similar topic only for you Order Now The revenue is used for administration in government and expenses concerning law enforcement, paramedics etc. ; and also to fund courts in local governments and helps for the payment of services which include civic centers, community programs, libraries, parks and recreation, and schools. Property taxes are also often used to pay some state programs such as Medicaid (in New York for example) and also to provide public assistance such as assistance to needy family (TANF), child welfare services and other social services such as supported employment, adult protective services, domestic violence and personal care assistance. This revenue can also be tracked in public safety like in juvenile detention, probation services and other mandates (corrections/ county jail, law library in county jail, staffing for state and county court, prosecution services, community colleges etc. ). Property tax revenue can be tracked in many ways, it depends on each state but all states generally use these revenues to fund almost the same programs. Intergovernmental Revenue: Intergovernmental revenue is the funds obtained from other governments. These funds usually include grants, taxes which are shared, and contingent loans and advances. Here, funding emanates from all governments (federal, state and local governments). â€Å"Financial arrangements for funding and delivering intergovernmental services can be complex according to the variability of government structure, organization, roles and responsibilities. For example, government support concerning elementary and secondary schools includes direct funds from the federal government that are passed through state and local governments to local educational agencies† (www. gao. gov). There are also funds allocated to cover costs for elementary and secondary education, these funds include the rent on school buildings for example. Charges for services: Charges for services are defined as customers’ charges and others charges coming from governmental and business activities. Charges for services within the governmental activities category include items such as licenses and permits (for example, business licenses and building permits), fines and forfeits, and operating special assessments sometimes charged for services provided outside the normal service area or beyond the normal level of services. Charges to other governments for services such as incarceration of prisoners also are reported in the Charges for Services column† (Kattelus Reck, 2007). These charges include various services rendered within the states for example park entrance fees, document fees, court-filling fees etc. It also implies any government which purchases, uses or benefits from goods and services provided. References Wilson, E. R. , Kattelus, S. C. , Reck, J. L. (2007). Accounting for governmental and nonprofit entities. (14th ed. ). Boston, MA: McGraw-Hill Irwin. http://www. gao. gov/special. pubs/longterm/state/intergovrevenue. html How to cite Public Budgeting- Revenue Sources, Essay examples

Blood Brother Essay Example For Students

Blood Brother Essay I am applying for the job of directing the new production of Blood Brother. I think that I would be suited to this position because I have a good understanding of the play. The story is based around twin brothers in Liverpool, separated at birth, as their mother cannot afford to keep them both, but later on an inevitable fall out between the boys leads to a sudden end. There are noticeable differences between the two twin brothers; Mickey and Eddie, as they are background and upbringings play a big part in their different characteristics. The first scene that I have chosen is the one in which Eddie returns from university to find Mickey looking very dejected. Eddie returns ready to party and have fun, but Mickey realizes that they are now very different and after a small fight with Eddie they part. To reflect Mickeys mode in the scene I would use dark lighting to get the mood across as quite depressed and dejected. Mickey would be sat on the street pavement, staring into space, as this would give the impression that he was bored, not knowing what to do. When Eddie turns up to surprise Mickey, he would come onto the stage with a spring in this step, almost skipping with excitement. The lighting would change as he walked across the stage until he reached Mickey where it would darken again to suggest to the audience just how glum Mickey is, so much so that its putting a dark cloud over everything. When Mickey first speaks in the scene, in response to Eddies guess who. He says Father Christmas he would need to say it a flat monotone to get the point that he is depressed across, and a t the same time keeping his head low and not looking at Eddie too deep in his own thoughts to do so. Further on the scene Mickey explains to Eddie why he no long her has a job, but Eddie does not seem to understand why it is a problem. Why.why I s a job so important? If I couldnt get a job Id just say, sod it and draw the dole, live like a bohemian, tilt my hat to the world and say screw you. So youre not working. Why is it so important? When Eddie says this it need to sound like ha has a carefree attitude to life, and that he does not really think of money and Mickeys situation. This can be done by Eddie opening his hand, like hes asking the whole stage why its a problem and spoken in a light hearted voice, almost chuckling like he doesnt give a care to the world, basically saying its not the end of the world, youre still alive. When Eddie is saying this to Mickey, he needs to turn away, like hes angry that Eddie doesnt understand his situation and that hed much rather be in eddies shoes, with money floating everywhere and not worrying how he was going to pay for his next meal. Over all the scene is quite gloomy with quite a tense atmosphere between Mickey and Eddie, but Eddie acting cheerfully not taking into full consideration Mickeys worries and being more bothered about the parties and alcohol. The next scene I have focussed on is where Linda, Mickeys girlfriend, visits him in prison. The atmosphere is again quite hostile as Mickey is taking the anti-depressants he has been prescribed by the doctor, but Linda is unhappy that he is taking them, pleading him to stop taking them but Mickey again ends the conversation, like in the previous scene by telling her to leave him alone. The scene would again be dark and dingy to try to recreate the colourings and mood of the prison and prisoners. When Linda meets him she greets him by saying, what are ydoin? She should say this in a very shocked and angry tone, almost disapproving at the fact that he is still taking them. But then her voice would change as she changes tack, now trying to beg Mickey to come off themlisten, Mickey. Ive told y. Theyre just junk. .u95971555b0201610b547472a3d40c58f , .u95971555b0201610b547472a3d40c58f .postImageUrl , .u95971555b0201610b547472a3d40c58f .centered-text-area { min-height: 80px; position: relative; } .u95971555b0201610b547472a3d40c58f , .u95971555b0201610b547472a3d40c58f:hover , .u95971555b0201610b547472a3d40c58f:visited , .u95971555b0201610b547472a3d40c58f:active { border:0!important; } .u95971555b0201610b547472a3d40c58f .clearfix:after { content: ""; display: table; clear: both; } .u95971555b0201610b547472a3d40c58f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u95971555b0201610b547472a3d40c58f:active , .u95971555b0201610b547472a3d40c58f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u95971555b0201610b547472a3d40c58f .centered-text-area { width: 100%; position: relative ; } .u95971555b0201610b547472a3d40c58f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u95971555b0201610b547472a3d40c58f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u95971555b0201610b547472a3d40c58f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u95971555b0201610b547472a3d40c58f:hover .ctaButton { background-color: #34495E!important; } .u95971555b0201610b547472a3d40c58f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u95971555b0201610b547472a3d40c58f .u95971555b0201610b547472a3d40c58f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u95971555b0201610b547472a3d40c58f:after { content: ""; display: block; clear: both; } READ: The Woman in Black Argumentative EssayHer voice would become sympathetic and quieter to try to make Mickey feel guilty about taking them in the hope that he will stop taking them. In the last comment that Mickey makes toward Linda, Leave me alone, will y? I cant cope with this. Im not well. The doctor said, didnt he? Im not wellI cant do things.leave me alone. He should make it appear like hes having problems just speaking, stuttering and then repeating the words gives the impression that hes unstable. Mickey should be looking around, not wanting to make eye contact with Linda or any of the officer in the cell, which will also give the impression that hes not mentally fit and finds everyday simple tasks a struggle. Over all this scene follows a similar pattern to the first one, being set in a dark and gloomy are and the atmosphere being tense between the two character and Mickey being very argumentative and refusing to stop taking the pills, even though Linda is very nearly on her hands and knees begging him not to take them any more. The final scene have chosen to look at is the very last scene in the play, where all the characters are in the town hall. Again the atmosphere is tense, so much so it could be cut with a knife. The two brothers are face to face, with about 10 metres between them, both holding a strong eye contact with each other to give the impression that Mickey is serious about shooting Eddie. But to give the impression that Mickey is still quite unstable and nervous at the fact that hes pointing the gun at what he does not yet know is his brother, he need s to be breathing quite heavily. In addition, with a wide-eyed expression on his face, in slight disbelief of what Eddie has done and what he is about to do. The surrounding character all need to be taken aback, with shocked expressions, almost as if they are holding their breath, but at the same time petrified at what Mickey will do, as they dont know what he is going to do with the gun. When Mickey first interrupts eddies speech and says stay where you are, to give the impression that hes unstable his voice need to be quivering and shaking slightly, just to give the idea hes not certain what is going top happen, that no one is. His facial expressions also need to be shocked, like a rabbit caught in headlights, still working out what he is doing. As the scene progresss and Mickey become angry the lighting need to be tinted red to reflect Mickeys anger in the scene. As Edward is stood up on stage, unable to move with Mickey point a loaded gun at him he also need to be shocked, speaking cautiously to Mickey just in case he decided to dire. So when he says yes I remember it need to be in a quiet voice, almost sounding like he is pleading. He also need to make the phrase sound like he remembers all the good times, so hes remembering all the good things and the exciting places they went together. Giving a slight glimmer of hope to the audience that the very worst is not going to happen. As the police arrive the scene should be as quite as possible, to create a sense that the tension is mounting in the room, that all eyes are on the twins. As the bang of dickeys gun goes, the scene need to break into an up roar, with gasping and howls from the crowds and his mother and then the fatal shot from the police that hits Mickey. When the shot is fired the lighting need to go dark and a flash happens, giving the impression of an actual gun shot. .ud5740515b8e295808e0465775db81bbd , .ud5740515b8e295808e0465775db81bbd .postImageUrl , .ud5740515b8e295808e0465775db81bbd .centered-text-area { min-height: 80px; position: relative; } .ud5740515b8e295808e0465775db81bbd , .ud5740515b8e295808e0465775db81bbd:hover , .ud5740515b8e295808e0465775db81bbd:visited , .ud5740515b8e295808e0465775db81bbd:active { border:0!important; } .ud5740515b8e295808e0465775db81bbd .clearfix:after { content: ""; display: table; clear: both; } .ud5740515b8e295808e0465775db81bbd { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ud5740515b8e295808e0465775db81bbd:active , .ud5740515b8e295808e0465775db81bbd:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ud5740515b8e295808e0465775db81bbd .centered-text-area { width: 100%; position: relative ; } .ud5740515b8e295808e0465775db81bbd .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ud5740515b8e295808e0465775db81bbd .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ud5740515b8e295808e0465775db81bbd .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ud5740515b8e295808e0465775db81bbd:hover .ctaButton { background-color: #34495E!important; } .ud5740515b8e295808e0465775db81bbd .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ud5740515b8e295808e0465775db81bbd .ud5740515b8e295808e0465775db81bbd-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ud5740515b8e295808e0465775db81bbd:after { content: ""; display: block; clear: both; } READ: Oedipus the king EssayOnce the bang takes place, the crowd need to move trying to cower away from the action. The only people that move towards the two characters and theyre mother and the police. However, the police beating Mrs. Johnstonne to the scene, shooting Mickey down before she can stop them. Mrs. Johnstonne should then break down, unable to believe what has happened the loose of both sons in one short space of time. In conclusion, the three scenes I have described in detail are all very dramatic and all have tension in the air. I think if my descriptions are followed for the three scenes they would work well as a mixture of different lighting and character movements will create a very intense and gripping play. I hope you have taken my application of director into account and I thank you for taking your time to read it.

Lyme Disease Essays (1202 words) - Rheumatology, RTT,

Lyme Disease Lyme disease is a tick-transmitted inflammatory disorder characterized by an early focal skin lesion, and subsequently a growing red area on the skin (erythema chronicum migrans or ECM). The disorder may be followed weeks later by neurological, heart or joint abnormalities. Symptomatology The first symptom of Lyme disease is a skin lesion. Known as erythema chronicum migrans, or ECM, this usually begins as a red discoloration (macule) or as an elevated round spot (papule). The skin lesion usually appears on an extremity or on the trunk, especially the thigh, buttock or the under arm. This spot expands, often with central clearing, to a diameter as large as 50 cm (c. 12 in.). Approximately 25% of patients with Lyme disease report having been bitten at that site by a tiny tick 3 to 32 days before onset of ECM. The lesion may be warm to touch. Soon after onset nearly half the patients develop multiple smaller lesions without hardened centers. ECM generally lasts for a few weeks. Other types of lesions may subsequently appear during resolution. Former skin lesions may reappear faintly, sometimes before recurrent attacks of arthritis. Lesions of the mucous membranes do not occur in Lyme disease. The most common symptoms accompanying ECM, or preceding it by a few days, may include malaise, fatigue, chills, fever, headache and stiff neck. Less commonly, backache, muscle aches (myalgias), nausea, vomiting, sore throat, swollen lymph glands, and an enlarged spleen may also be present. Most symptoms are characteristically intermittent and changing, but malaise and fatigue may linger for weeks. Arthritis is present in about half of the patients with ECM, occurring within weeks to months following onset and lasting as long as 2 years. Early in the illness, migratory inflammation of many joints (polyarthritis) without joint swelling may occur. Later, longer attacks of swelling and pain in several large joints, especially the knees, typically recur for several years. The knees commonly are much more swollen than painful; they are often hot, but rarely red. Baker's cysts (a cyst in the knee) may form and rupture. Those symptoms accompanying ECM, especially malaise, fatigue and low-grade fever, may also precede or accompany recurrent attacks of arthritis. About 10% of patients develop chronic knee involvement (i.e. unremittent for 6 months or longer). Neurological abnormalities may develop in about 15% of patients with Lyme disease within weeks to months following onset of ECM, often before arthritis occurs. These abnormalities commonly last for months, and usually resolve completely. They include: 1. lymphocytic meningitis or meningoencephalitis 2. jerky involuntary movements (chorea) 3. failure of muscle coordination due to dysfunction of the cerebellum (cerebellar ataxia) 4. cranial neuritis including Bell's palsy (a form of facial paralysis) 5. motor and sensory radiculo-neuritis (symmetric weakness, pain, strange sensations in the extremities, usually occurring first in the legs) 6. injury to single nerves causing diminished nerve response (mononeuritis multiplex) 7. inflammation of the spinal cord (myelitis). Abnormalities in the heart muscle (myocardium) occur in approximately 8% of patients with Lyme disease within weeks of ECM. They may include fluctuating degrees of atrioventricular block and, less commonly, inflammation of the heart sack and heart muscle (myopericarditis) with reduced blood volume ejected from the left ventricle and an enlarged heart (cardiomegaly). When Lyme Disease is contracted during pregnancy, the fetus may or may not be adversely affected, or may contract congenital Lyme Disease. In a study of nineteen pregnant women with Lyme Disease, fourteen had normal pregnancies and normal babies. If Lyme Disease is contracted during pregnancy, possible fetal abnormalities and premature birth can occur. Etiology Lyme disease is caused by a spirochete bacterium (Borrelia Burgdorferi) transmitted by a small tick called Ixodes dammini. The spirochete is probably injected into the victim's skin or bloodstream at the time of the insect bite. After an incubation period of 3 to 32 days, the organism migrates outward in the skin, is spread through the lymphatic system or is disseminated by the blood to different body organs or other skin sites. Lyme Disease was first described in 1909 in European medical journals. The first outbreak in the United States occurred in the early 1970's in Old lyme, Connecticut. An unusually high incidence of juvenile arthritis in the area led scientists to investigate and identify the disorder. In 1981, Dr. Willy Burgdorfer identified the bacterial spirochete organism (Borrelia Burgdorferi) which causes this disorder. Affected Population Lyme Disease occurs in wooded areas with populations of mice and deer which carry ticks, and can be contracted during any season of the year. Related Disorders Rheumatoid Arthritis is a disorder similar in appearance to

Performance Management Analysis

Performance Management Analysis Introduction In the recent past, there has been a shifting paradigm from Taylor’s model of organizational management to more productive methods of production. The new methods aim at increasing production through efficient management of human and capital resources. A number of scholars have conducted extensive research to establish the effects of various managerial techniques on the performance of employees.Advertising We will write a custom report sample on Performance Management Analysis specifically for you for only $16.05 $11/page Learn More Some researchers note that task formulation is the most notable aspect of management, whereas others observe that the availability of human resources is the crucial factor that influences the performance of the management team. However, scholars concur that three factors are essential as far as the best managerial practices are concerned. One of the factors is production management while the other is the organi zation of work. In addition, the relationship between various groups in the organization influences the performance of employees. Scholars agree that a new model of management should be applied in case the organization is to achieve high results. The new model must incorporate the tenets of neo-liberalism into its productivity structures. Currently, scholars focus on exploring the new management dynamics that relate to post-Ford model of production. Scholars in the UK and the US perceive that the model should be adopted in order to enhance productivity in organizations. However, changing the work structure has micro and macro implications. Scholars of political economy and ethnographic sociology have posted their findings on the topic given its importance in the performance of organizations. This paper reviews a number of articles in order to shed some light on the topic. Views of Various Scholars on Post-Ford Production Model As earlier noted, scholars have posted various views reg arding the management models in the current managerial systems. Their views can be categorized into a number of models. Under high performance work systems model, scholars such as Danford and Thompson have contributed enormously in enriching the topic. Handel and Gittleman are some of the scholars who have contributed to the development of high-performance work practices model. Ashton and Sung have conducted extensive research to establish the influence of high-performance work on organizations.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A number of scholars have also discussed the issue of high involvement in detail. Some have talked about high involvement work systems while others stick to high involvement work practices. Harmon is one such scholar who talks about high involvement work systems while Fuertes and Sanchez capitalize their study on high involvement practices. The issue of high involvement management is also of importance to scholars. Forth and Millward are some of the scholars who analyze the relationship between high involvement practices and the management strategies. Scholars such as Brown and Reich have postulated their findings regarding the relationship between high performance and employment systems. High commitment management is another model employed in analyzing the performance of employees. Baird, Whitefield, and Poole are some of the scholars who have posted their findings on commitment management model. Danford (2004) notes that the idea of high performance work systems is a mechanistic model that does not take into account the demands of human beings. He conducted a study on JetCo manufacturing company and came up with a number of suggestions. The company had a number of efficient practices at the start, but ended up with practices that were unpleasant to the workforce. The company had prolific initiatives aimed at improvin g the quality of production. The introduction of team leaders created tension among employees, which lowered the firm’s productivity. Employees perceived that their views were not given serious attention. On his part, Thompson (2003) notes that a significant factor regarding high performance work systems is reciprocity. In this regard, employers have a responsibility of ensuring that they develop trust and commitment towards employees. Therefore, the employer is charged with the responsibility of ensuring that the employee is provided with adequate training and efficient reward system. However, Thomson admits that employers in the neo-liberal economy are unable to fulfill the wishes of employees due to the challenges posed by the economy. On high performance work practices, Handel and Gittleman (2004) criticize the model by observing that it does not create a working relationship between workers and employers. The model is only known to increase wages. Therefore, the new mode l of high performance management is simply aimed at benefitting an individual, but does not increase productivity in the organization.Advertising We will write a custom report sample on Performance Management Analysis specifically for you for only $16.05 $11/page Learn More Ashton and Sung (2002) assert that it is proven scientifically that a strong relationship between human resource practices and improved performance exist. In particular, the relationship is strong in matters related to profitability and productivity. Therefore, the two scholars suggest that performance practices are closely related to the skills acquired by the employee. The relationship serves to strengthen the effectiveness and efficiency of the organization. However, the scholars caution that the model is only applicable to certain industries. This means that the model does not solve managerial problems in all scenarios. Harmon (2003) conducted a research to explore the efficiency of the American health care sector. In the study, a conclusion was drawn suggesting that a relationship between high performance management and employee efficiency existed. The study can be interpreted to mean that high involvement work systems are related to financial aspects. Fuertes and Sanchez (2003) extend the works of Harmon by observing that some factors motivate employers to adopt certain models. Employers calculate the benefits of the model before adopting it. Employers might prefer using less costly strategies, as opposed to using strategies that would drain their resources. Employers do not prefer some of the practices, such as rewarding employees with financial benefits because they eat up their profits. Employers prefer using non-financial rewards to appreciate their employees, such as awarding a promotion. Forth and Millward (2004) assert that high performance management is a concept that cannot be neglected given its effectiveness and influence on the performance of the organization. They further observe that all management practices are related to the high performance management model in one way or the other. Forth and Millward note that the high performance management model might be interrupted by deregulation of financial markets. Organizations in the modern financial markets go through a number of challenges that make it hard for employers to implement high performance management models.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Competition in the market is stiff implying that employers are concerned with sustaining market competition, not enhancing structural organization of firms. Brown and Reich (1999) conducted a study on one of the Australian manufacturing companies. The company formulated a number of strategies aimed at improving the performance of the organization. The firm emphasized on team building, development of staff, and training. The firm adjusted its policies that focused on Taylor’s model to reflect modern managerial practices. Efficient planning and role allocation were some of the new strategies employed by the firm. The new tactics improved the performance of the organization in a number of ways. Whitefield and Poole (1997) observe that high commitment management is a highly sensitive issue. Therefore, it must be handled carefully. The main concern of employers is to increase production and organize work. The scholars note that before talking about performance management, the caus es of perennial problems in the organization must be handled. The above scholars suggest that organizations utilize their competitive advantages in the market to formulate innovative practices. The researchers conclude that implementation of high performance managerial practices generate new techniques that improve the performance of the organization. High performance management strategies are extremely costly, but their outcomes are productive. In this regard, they observe that high performance management models must produce high results for them to be maintained. In a study conducted in Europe, it was established that organizations with comprehensive new work practices tended to have high training needs. Regarding high commitment management, Baird (2002) notes that all stakeholders in the organization must be consulted before formulating any policy. Through consultative forum, the organization utilizes its resources in the most cost effective way. Moreover, embracing dialogue help s the firm in achieving its competitive advantage in the market. The role of professionals in the organization is to ensure social bonding and commitment to the new techniques of production. Conclusions Model managerial theories suggest that the work place is the main learning institution that enhances the capacity of employees. Older models suggest that employees are expected to join organizations when they are already equipped with adequate knowledge from colleges and universities. Things have since changed in the modern society. For instance, the works of modern scholars suggest that teamwork is one of the most crucial aspects of management. Employees are expected to be given chances to explore their potentials in the organization. This implies that employers are expected to allow some flexibility that permits sovereignty. References Ashton, D., Sung, J. (2002). Supporting Workplace Learning for High Performance Working. Geneva: International Labor Office. Baird, M. (2002). Chan ges, Dangers, Choice and Voice: Understanding What High Commitment Management Means for Employees and Unions. The Journal of Industrial Relations, 44(3), 359-375. Brown, C., Reich, M. (1997). Micro-Macro Linkages in High Performance Employment Systems. Organizational Studies, 18(5), 765-781. Danford, A. (2004). High Performance Work Systems and Workplace Partnership: A Case Study of Aerospace Workers. New Technology, Work and Employment, 19(1), 14-29. Forth, J., Millward, N. (2004). High-Involvement Management and Pay in Britain’, Industrial Relations, 43(1), 98-119. Fuertes, M., Sanchez, F. (2003). High-Involvement Practices in Human Resource Management: Concept and Factors that Motivate their Adoption. International Journal of Human Resource Management, 14(4), 511-529. Handel, J., Gittleman, M. (2004). Is There a Wage Pay-off to Innovative Work Practices? Industrial Relations, 43(1), 67-97. Harmon, J., (2003). Effects of High-Involvement Work Systems on Employee Satisfa ction and Service Costs in Veteran Healthcare. Journal of Health Management, 48(16), 393-418. Thompson, P. (2003). Disconnected Capitalism: Or Why Employers Cannot Keep Their Side of the Bargain. Work Employment and Society, 17(2), 359-378. Whitefield, K., Poole, M. (1997). Organizing Employment for High Performance: Theories, Evidence, and Policy. Organization Studies, 18(5), 745-764.

Managerial accounting Essay Example | Topics and Well Written Essays - 1000 words

Managerial accounting - Essay Example Utilization of manufacturing overhead: over application or under application Under application or over application of manufacturing overhead is given by the difference between expected costs and actual costs. Expected overhead cost for December= $ 200000 Actual costs= number of machine hours *rate per machine hours =6000*30 =180000 Therefore Under application of manufacturing overhead = expected coast- actual cost =200000-180000 =20000 Under application of manufacturing overhead cost during December is $ 20000. Balance in finished goods inventory account on 31 December Finished goods inventory consist of the N11- 013 goods. The cost of finished inventory is therefore the total cost for N11-013. Total cost = direct materials+ direct labor+ overheads =8000+ 24000+ (1000*30) =32000+30000 = 62000 Therefore, closing finished goods inventory is equivalent to $ 62000. ... th ended 30 November Physical units materials conversion total Beginning WIP 1600 - 800 Units started and completed 34000 34000 34000 Ending WIP 2000 2000 1000 Equivalent units 37600 36000 35800 Manufacturing costs 265680 172320 438000 Cost per equivalent units 7.38 4.8134 12.1934 Assigned costs Completed and transferred 250920 163655. 6 414575.6 Ending work in progress 7380 2406.7 9786.7 Where the value of equivalent units is obtained from the formula Equivalent units = beginning WIP+ units started completed + ending WIP Cost of ending work in progress = unit cost*(*2000*50%) (Heisinger, p. 163) Question 3: Carvings for Cakes Pty Ltd Excel spreadsheet for calculating cost per unit of activity driver activity cost quantity cost per unit activity prepare annual accounts 5000 #DIV/0! process receivables 15000 5000 3 process payables 25000 25000 1 program production 28000 1000 28 process sales order 40000 4000 10 dispatch sales order 30000 2500 12 develop and test products 60000 #DIV/0! load mixers 14050 1000 14.05 operate mixers 45900 200000 0.2295 clean mixers 6900 1000 6.9 move mixers to filling 3450 200000 0.01725 clean trays 20000 16000 1.25 fill trays 16000 800000 0.02 move to baking 8000 16000 0.5 set up ovens 50000 1000 50 bake cakes/ pastries 130000 1000 130 move to packing 40000 16000 2.5 pack cakes/ pastries 80000 800000 0.1 inspect pastries 2500 50000 0.05 Bill of activities for Lamington bill of activities for Lamington cost rate cost drive level activity cost process receivables 3 500 1500 process payables 1 200 200 program production 28 100 2800 process sales order 10 400 4000 dispatch sales order 12 500 6000 develop and test products 600 load mixers 14.05 100 1405 operate mixers 0.2295 30000 6885 clean mixers 6.9 2000 13800 move mixers to filling 0.01725

Draft spatial framework for Perth and Peel Case Study

Draft spatial framework for Perth and Peel - Case Study Example According to John Day, Western Australian Minister of Planning, â€Å"Directions 2031 reconfirms the themes identified in previous strategic plans, which were to better use existing infrastructure and provide for a more sustainable city.† Sustainability is defined as meeting the triple bottom-line of economic growth, environmental health and quality of life. This more sustainable city will require â€Å"328,000 more dwellings to accommodate an additional 556,000 residents† as the population rises from 1.66 million to 2.2 million by 2031, Day writes. The region of Perth and Peel will have to grow in population while also becoming more compact and more sustainable. Gary Prattley, Chairman of the Western Australian Planning Commission says, â€Å"its purpose is to spatially define how we think the city should grow, identify structural changes necessary to support that growth, and identify planning and policy priorities for implementation.† The draft spatial framework is to include a concept of how we think the city should grow, the policies and plans to support that growth, and practical steps toward implementation. Prattleys Vision Statement contains a precise outline of the history of urban planning in the Perth and Peel Region. â€Å"Western Australia has an enviable history of metropolitan planning starting with the adoption of the Stephenson-Hepburn plan in 1955. The Corridor Plan followed in 1970, Metroplan in 1990 and Network City in 2004.† These first three urban planning documents â€Å"focused primarily on the identification of new urban growth areas to cope with rapid population expansion,† according to Directions 2031. They were from the era of suburbanisation and urban sprawl. They tried to guide the growth of the urban and suburban area. However, beginning with the Network City plan in 2004 a major shift in urban planning emerged. The Network City document is subtitled, A Milestone

Role of Derivatives on Financial Products

Role of Derivatives on Financial Products Title: Derivatives are now a well established part of every financial institutions financially engineered products. Discuss, in depth, the role that derivatives are playing in financial products/portfolios and the risks that they remove (and create) Introduction Past three decades have witnessed an expansion in global trade and continuing technological developments. This has resulted in an increase in market volatility and enlargement of business and financial risks and has led to an increase in demand for risk management products. The types of risks faced by corporations today have not changed; rather, they have become more complex and interrelated. The increase in demand for risk management products and the complexity of risks is reflected in the growth of spectrum of financial contracts called derivatives. Derivatives are now a well established part of every financial institution’s financially engineered products. Derivatives have become an integral part of the financial markets because they can serve several economic functions. Though there has been an incredible growth in the derivative market, there has also been an increase in reports of major losses associated with derivative products. For example, derivatives led to a collapse of Barings Bank (the Queen of England’s primary bank), bankruptcy of Orange County California and also had a role in the fall of Enron. All this has resulted in a great deal of confusion about effectiveness of derivatives in risk management. What are Derivatives? Derivatives are complex instruments that have become increasingly important to the overall risk profile and profitability of organisations throughout the world. Broadly defined, derivatives are contracts that primarily derive their value from the performance of underlying assets. Derivatives contracts are entered into throughout the world on organised exchanges and through over-the-counter (OTC) arrangements. Types of Derivatives Derivatives come in various shapes and forms such as futures1, forwards2, swaps3, options4, structured debt obligations and deposits, and various combinations thereof. __________________________________________________________________________________________________________ 1Futures are contracts to buy or sell specific quantities of a commodity or financial instrument at a specified price at a specified time in the future. 2A forward contract obligates one party to buy the underlying at a fixed price at a certain future date from a counterparty, who is obligated to sell the underlying at that fixed price. (Source: Demystifying Financial derivatives, Rene A Stulz) 3A swap is a contract to exchange cash flows over a specific period. 4An option can be a call option or a put option. A call option on a stock gives its holder the right to buy a fixed number of shares at a given price by some future date, while a put option gives its holder the right to sell a fixed number of shares on the same terms. Benefits of Derivatives Derivatives are put to three key uses: Hedging by entering into derivatives transactions for offsetting existing risks. The existing risks could be an investment portfolio, price changes of a commodity or perhaps investments in a foreign country. Derivatives make it possible to hedge risks that otherwise would be not be possible to hedge. Speculating through hedge funds to generate profits with only a insignificant investment, essentially by putting money on the movement of an asset. Exploiting Arbitrage opportunities throughout the world markets. Thus, risk management is one of the primary purposes of derivatives. Role of Derivatives in Risk Management As indicated above, derivatives are important tools that can help organisations meet their specific risk-management objectives. Derivatives allow organisations to break up their risks and distribute them around the financial system through secondary markets. Thus, derivatives help organisations in risk management. Risk management is not about the removal of risk but is about its management. An organisation can manage its risks by selectively choosing those risks it is comfortable with and minimising those that it does not want. Through derivatives, risks from traditional instruments can be effectively unpackaged and managed independently. If managed properly derivatives can help businesses save costs and increase returns. In addition, derivatives make underlying markets more efficient. Derivative markets produce information which at time is the only reliable information available to base critical business decisions on. For example, reliable information about long-term interest rates can be obtained from swaps, because the swap market may be more liquid and more active than the bond market. Using Derivatives Many organisations use derivatives conservatively to counterbalance risks from fluctuating currency and interest rates. Individuals and firms use derivatives to achieve payoffs that they would not be able to achieve without derivatives, or could only achieve at greater cost. Derivatives are used by both financial and non-financial institutions and organisations. Financial organisations use derivatives both as risk management tools and also as a source of revenue. From a risk management perspective, derivatives allow financial institutions to identify, segregate and manage separately the market risks in financial instruments and commodities. Cautious use of derivatives provides managers with effective risk reducing opportunities through hedging. Derivatives may also be used to reduce financing costs and to increase the yield of certain assets. In addition, derivatives are a direct source of revenue through market-making functions, position taking and risk arbitrage to most of the financial organizations (source: http://www.bis.org/publ/bcbsc211.pdf). Derivatives are used by non-financial organisations for hedging and for minimising earnings volatility. For example, derivatives are used to hedgeinterest-rate risks. If the company strongly believes that interest rates will drop between now and a future date, it could purchase a futures contract. By doing so, the company is effectively locking in the future interest rate. Similarly, companies that depend heavily on raw-material inputs or commodities are sensitive, sometimes significantly, to the price change of the inputs. For example, most airlines use derivatives for hedging against crude-oil price. Some firms use derivatives to reduce tax liability and at times to speculate. Risks Associated with Derivatives Although derivatives are legitimate and valuable tools for hedging risks, like all financial instruments they create risks that must be managed. Warren Buffett, one of the worlds most wise investors, states that â€Å"derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.† (Source: Gabriel Kolko, Weapons of Mass Financial Destruction) On one hand derivatives neutralise risks while on the other hand they create risks. In fact there are certain risks inherent in derivatives. Derivatives can be dangerous if not managed properly. Numerous financial disasters such as Enron can be related to the mismanagement of derivatives. In the 1990s, Procter Gamble lost $157 million in a currency speculation involving dollars and German Marks, Gibson Greetings lost $20 million and Long-Term Capital Management, a hedge fund, lost $4 billion with currency and interest-rate derivatives (Source: Ludger Hentschel and Clifford W. Smith, Jr., Risks in Derivative Markets) . It is key to consider that it has not been the use of derivatives as a tool which has led to the downfall of these companies but the misuse of such instruments. The kinds of risks associated with derivatives are no different from those associated with traditional financial instruments, although they can be far more complex. Different derivatives have different risk profiles. For some derivatives though the risk may be limited, the profit potential may be unlimited. For example, the risk of loss with a derivative contract which grants a right to buy a particular asset at a particular price is limited to the amount paid to hold that right. However, profit potential is unlimited. On the other hand there are certain other derivatives that exhibit risk characteristics in which while potential gain is limited, the losses associated with the derivative is unlimited. For example, a derivative contract which grants the right to buy a particular asset at a particular price may have the associated potential profit limited to the amount received for giving that right, but because the asset has to be delivered to the counterparty at expiry of the contrac t, the potential loss may be unlimited. Most of the risk of derivatives is due to the complexity of the structure of the derivative instruments. Apart from the structure of the instrument itself, the source of a lot of the risk associated with derivative contracts arises from the fact that they are leveraged contracts. Derivative products are ‘leveraged’ because only a proportion of their total market exposure needs to be paid to open and maintain a position. Thus, the market exposure with derivative contracts can be several times the cash placed on deposit as margin for the trade, or paid in the form of a premium. Derivative contracts also have the ability to create artificial wealth and this creates additional risk. The artificial wealth skews the values of underlying assets considerably. Fundamentally, risks from derivatives originate with the customer and are a function of the timing and variability of cash flows. Types of Risks Associated with Derivatives In general, the risks associated with derivatives can be classified as credit risk, market risk, price risk, liquidity risk, operations risk, legal or compliance risk, foreign exchange rate risk, interest rate risk, and transaction risk. These categories are not mutually exclusive. Credit risk Derivatives are subject to credit risk or the risk to earnings or capital due to obligor’s failure to meet the terms of a contract. Credit risk arises from all activities that can only be accomplished on counterparty, issuer, or borrower’s performance. Credit risk in derivative products comes in the form of pre-settlement risk and settlement risk. Derivatives are exposed to pre-settlement credit risk or loss due to failure to pay on a contract during the life of a transaction by the counterparty. This credit risk exposure consists of both the replacement cost of the derivative transaction or its market value and an estimate of the future replacement cost of the derivative. Even out-of-the-money derivative contracts have potential pre-settlement credit risk. Derivatives are also subject to settlement risk or loss exposure arising when an organisation meets its obligation under a contract before the counterparty meets its obligation. Settlement risk generally exists for one to two days from the time an outgoing payment instruction can no longer be cancelled unilaterally until the time the final incoming payment is received and reconciled. This risk is due to the fact that it is almost impractical to arrange simultaneous payment and delivery in the ordinary course of business. In the case of international transactions settlement risk may arise because of time zone differences. This risk is usually greater than pre-settlement risk on any given transaction. Market risk Derivatives are also subject to market risk Market risk or risk due to unfavorable movements in the level or volatility of market prices. Market risk results from exposures to changes in the price of the underlying cash instrument and to changes in interest rates. Though market risk can be created or hedged by derivatives such as future or swap in a clear-cut manner, it is not so simple in the case of options. This is because the value of an option is also affected by other factors, including the volatility of the price of the underlying instrument and the passage of time. In addition, all trading activities are affected by market liquidity and by local or world political and economic events. Price Risk Price risk is an extension of the market risk. Price risk is the risk to earnings or capital arising from changes in the value of portfolios of financial instruments. The degree of price risk of derivatives depends on the price sensitivity of the derivative instrument and the time it takes to liquidate or offset the position. Price sensitivity is generally greater for instruments with leverage, longer maturities, or option features. Price Risk can result from adverse change in equity prices or commodity prices or basis risk. The exposure from an adverse change in equity prices can be either systematic or unsystematic risk. As equity markets can be more volatile than other financial markets equity derivatives can experience larger price fluctuations than other derivatives. Commodity derivatives usually expose an institution to higher levels of price risk because of the price volatility associated with uncertainties about supply and demand and the concentration of market participants in the underlying cash markets. Price risk may take the form of basis risk or the risk that the correlation between two prices may change. Liquidity risk All organisations involved in derivatives face liquidity risks. Liquidity risk is the risk to earnings or capital from an organisation’s inability to meet its obligations when they are due, without incurring unacceptable losses. This risk includes the inability to manage unplanned decreases or changes in funding sources. An organisation involved in derivatives faces two types of liquidity risk in its derivatives activities: one related to specific products or markets or market liquidity risk and the other related to the general funding of the institution’s derivatives activities or funding risk. Market Liquidity Risk Market liquidity risk is the risk that an organisation may not be able to exit or offset positions easily at a reasonable price at or near the previous market price because of inadequate market depth or because of disruptions in the marketplace. In dealer markets, market depth is indicated by the size of the bid/ask spread that the financial instrument provides. Similarly, market disruptions may be created by a sudden and extreme imbalance in the supply and demand for products. Market liquidity risk may also result from the difficulties faced by the organisation in accessing markets because of its own or counterparty’s real or perceived credit or reputation problems. In addition, this risk also involves the odds that large derivative transactions may have a significant effect on the transaction price. Funding Liquidity Risk Funding liquidity risk is the possibility that the organisation may be unable to meet funding requirements at a reasonable cost. Such funding requirements arise each day from cash flow mismatches in swap books, the exercise of options, and the implementation of dynamic hedging strategies. The rapid growth of derivatives in recent years has focused increasing attention on the cash flow impact of such instruments. Operations risk Like other financial instruments, derivatives are also subject to operations risk or risks due to deficiencies in information systems or internal controls. The risk is associated with human error, system failures and inadequate procedures and controls. In the case of certain derivatives, operations risk may get aggravated due to complexity of derivative transactions, payment structures and calculation of their values. . Legal or compliance risk Derivative transactions face risk to earnings or capital due to violations, or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards. The risk also arises when the laws or rules governing certain derivative instruments may be ambiguous. Compliance risk exposes an organisation involved in derivatives to fines, civil money penalties, payment of damages, and the voiding of contracts. Besides, legal and compliance risk may adversely affect reputation, business opportunities and expansion potential of the organisation. Foreign Exchange Rates Risk Derivatives traded in the international markets are also exposed to risk of adverse changes in foreign exchange rates. Foreign exchange rates are very volatile. Foreign exchange risk is also known as translation risk. Foreign exchange rates risk in derivatives is the risk to earnings arising from movement of foreign exchange rates. This risk is a function of spot foreign exchange rates and domestic and foreign interest rates. It arises from holding foreign-currency-denominated derivatives such as structured notes, synthetic investments, structured deposits, and off-balance-sheet derivatives used to hedge accrual exposures. Interest Rate Risk Interest rate risk is the risk to earnings or capital arising from movements in interest rates. The magnitude of interest rate risk faced by derivatives from an adverse change in interest rates depends on the sensitivity of the derivative to changes in interest rates as well as the absolute change in interest rates. The evaluation of interest rate risk must consider the impact of complex illiquid hedging strategies or products, and also the potential impact on fee income that is sensitive to changes in interest rates. When trading is separately managed, this impact is on structural positions rather than trading portfolios. Financial organisations are exposed to interest rate risk through their structural balance sheet positions. Transaction risk Another risk associated with derivatives is transaction risk. In fact transaction risk exists in all products and services. Transaction risk is the risk to earnings or capital arising from problems with service or product delivery. This risk is a function of internal controls, information systems, employee integrity, and operating processes. Derivative activities can pose challenging operational risks because of their complexity and continual evolution. Thus, derivatives are subject to various technical risks. The problems surrounding the use of derivatives in recent years have primarily been due to difficulty in understanding these risks and thus using appropriate derivatives for risk management purposes. Derivative use is sometimes misunderstood because, depending on the terms of derivative it may be used to increase, modify, or decrease risk. In addition to the technical risks highlighted herein, there may also be a fundamental risk that the use of these products may be inconsistent with entity-wide objectives. Conclusion Derivatives will continue to be an important business tool for managing an organisation’s risk management. In fact the significance of derivatives is expected to increase with the development of new derivative products that refine and improve the ability to achieve risk management and other objectives. However, it is important that organisation’s using derivatives for risk management completely understand the nature and risks of derivatives. This requires effective control is critical to any well-managed derivative operation. References: Aristotle, Politics, trans. Benjamin Jowett, vol. 2, The Great Books of the Western World, ed. Robert Maynard Hutchins (Chicago: University of Chicago Press, 1952), book 1, chap. 11, p. 453. Bodie, Cane and Marcus (2005), Investments (6th Edition), McGraw Hill. Bodie, Cane and Marcus (2005), Investments (6th Edition), www. highered.mcgraw-hill.com/sites/0072861789/student_view0 [Accessed 30 December 2006] Corporate Use of Derivatives for Hedging http://www.investopedia.com/articles/stocks/04/122204.asp [Accessed 30 December 2006] Frank A. Sortino Stephen E. Satchell, Managing downside risk in financial markets: Theory, Practice and Implementation Gabriel Kolko, Weapons of Mass Financial Destruction, http://mondediplo.com/2006/10/02finance [Accessed 31 December 2006] Internal Control Issues in Derivatives Usage www.coso.org/publications/executive_summary_derivatives_usage.htm [Accessed 31 December, 2006] Kenneth A. Froot, David S. Scharfstein, and Jeremy C. Stein, A Framework for Risk Management, Harvard Business Review, November-December 1994, pp. 91-102. Ludger Hentschel and Clifford W. Smith, Jr., Risks in Derivative Markets, http://fic.wharton.upenn.edu/fic/papers/96/9624.pdf [Accessed 30 December 2006] Market Risk Derivatives, Hedge Funds Challenge Financial Regulators, http://www.ieca.net/news/story.cfm?id=13754 [Accessed 30 December 2006] Rene A Stulz, Demystifying Financial Derivatives, www.cornerstone.com/pdfs/Cornerstone_Research_Demystifying_Financial_Derivatives.pdf Risk Management Guidelines for Derivatives, http://www.bis.org/publ/bcbsc211.pdf [Accessed 31 December 2006] Thomas F. Siems, Financial Derivatives: Are New Regulations Warranted? Financial Industry Studies, Federal Reserve Bank of Dallas, August 1994, pp. 1-13. Thomas F. Siems, Derivatives: In the Wake of Disaster, Financial Industry Issues, Federal Reserve Bank of Dallas (1995): 2-3 Brief 191916Page 1 of 9