Accounting Is The Language Of Business - 1286 Words

Accounting is a major that teaches the language of business, it opens doors to the business world all over the globe, the possibilities with a accounting major is endless in the business field. Whether you want to run your own business or become a certified public accountant majoring in accounting gives you the establishment. A major plus in having a career in business is the flexibility it offers. Many businessmen can make their own hours and handle their business at the comfort of their own home. With choosing a career in business you can go from owning your own building complex and simply making revenue by gathering rent from your renters to being a CEO of a business. The possibilities are nearly endless. Majoring in accounting is great path to entering the business world. It is well known that accounting is the language of business. Accountant majors may have the ability to run their own business or help other businesses run their business. Many professionals also chose to work with the government, auditing, accounting firms, and managerial positions at companies-big or small. This is no new news to people in this day in age. Accountants and businessmen and women have been active careers since the beginning of time. The background of businessmen and accounting goes all the way back to civilization. People have been recording their expenses and earnings since day one. Businessmen have been building buildings and establishing businesses since civilization. BookkeepersShow MoreRelatedAccounting : The Language Of Business913 Words   |  4 Pagesto Gaspar (2014), accounting can be viewed as â€Å"the language of business† as it records, summarizes and reports the financial activities and events of a business. The information that is generated from accounting is used by people to make important decisions, such as managers, stockholders, potential investors, and creditors. The income statement, balance sheet, statement of retained earnings and statemen t of cash flows are the most important reports generated by the accounting information systemRead MoreAccounting Is The Language Of Business4305 Words   |  18 PagesIntroduction Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activitiesRead MoreAccounting as a Language of Business6003 Words   |  25 Pages1. Define accounting? Answer to the Question no. 1 Definition of Accounting: â€Å"Accounting is an information system that identifies, records and communicates the economic events of an organization to interested users.† —Kieso, Weygandt, Kimmel-Accounting Principles. â€Å"Accounting refers to the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information.† —The American AccountingRead MoreAccounting Is Dubbed â€Å"Language† of Business Activities1153 Words   |  5 Pagesobjectives of business -----‘Accounting is dubbed â€Å"language† of business activities conducted by firms as it is used to communicate business transactions per se to all stakeholders’ According to Weygand, Kieso and Kimmel (2012, p.4), the main purpose of accounting is consists of three basic activities, identifying, recording and communicating the business events by users. These three activities help the firm to operate the business to make decision be meaningful. Business hasRead MoreHow Accounting Is Regarded As The Language Of Business1871 Words   |  8 PagesAccounting is regarded as the language of business to most of us . Who are the main users of this old ancient financial language and what do they look for and why do they look for these things? People interested in this language are normally looking for information where its creditors, bankers, financial analyst or even your good old fashion accountants. Preparing an income statement is not easy task I can become an integral part of communicating through numbers and explaining the financial transactionsRead MoreLanguage And Accounting Share Similarities1338 Words   |  6 PagesLanguage and accounting share similarities. Language has its own set of grammatical rules. Similarly accounting has its own symbols. Bloomfield (2008, p. 433) recognised that people communicate through written natural languages by selecting words from a standard vocabulary according to the rules of grammar, then organizing those words into sentences according to the rules of syntax and style. People communicate through accounting reports by selecting accounts from a standard vocabulary, combiningRead MoreWhat are the disadvantages of moving toward a set of global standards and what barriers need to be overcome to achieve the goal of standardization1104 Words   |  5 Pagesï » ¿Much of the world is moving toward a common set of global accounting standards. Discuss the benefits of having one set of accounting and financial reporting standards around the world, with particular reference to investors and multinational firms. What are the disadvantages of moving toward a set of global standards and what bar riers need to be overcome to achieve the goal of standardization? (ESSAY) As people need to speak the same language to understand each other while talking, participants onRead MoreAccounting Career Goals Essay1552 Words   |  7 Pagesthat I will have competitors. In this competitive business world, understanding what is truly valuable to me is a major step towards achieving my goal. My strengths are my languages, technology skills, education, work ethic and the ability to follow directions. My weaknesses are communication skill, lack of U.S culture and working experience. Increasing job demand, globalization and accountant role expanding are three major opportunities in accounting field. Information technology, uncertainty of recessionRead MoreLanguage and Culture in Business Essay881 Words   |  4 PagesAn article in the South Florida Business Journal on How Cultural, Language Differences Affect Business, explains the miscommunication in language and cultural in business transactions. And the article supports its statement by using real life examples . One example is the United States Latin American business endeavors which discovered that there can be a fine distinction in translations from English to Spanish or Portuguese. In the nineteen sixty’s the United State government found them selfRead MoreWhy Are Accurate Financial Statements Important for Outside Business Interests1432 Words   |  6 Pagesoutside business interests? Matt ACC 205: Principles of Accounting I Professor Kaplan Ashford University December 22, 2011 Accounting is specifically â€Å"a system by which economic information is identified, recorded, summarized and reported for the use of decision makers†; however, accounting involves interpretation and analyzing of all financial information, including taxing, personal financial information and investment (Alba, Bathija, Thonton, 2005). Accounting is defined

Women in Poverty free essay sample

An examination of studies performed in this field. This paper presents a detailed examination of women who live in poverty. The writer identifies the most significant independent variable as well as the dependent variable using several sources of research. Variables or cause factors examined are the differences in wages between men and women, the fact that single parent women are expected to raise children and support them and many others. Women in poverty have been a topic of study for many years. The women who live below the poverty level are often single parents and their children are suffering right along with them. There are several things that maintain the female gender as the poor gender in the world, some are controllable but must of the variables are not. Before one can understand the plight of the poverty stricken female one must first have an understanding of what things put them there and how they might be able to change other aspects to improve their situation. We will write a custom essay sample on Women in Poverty or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page

Oliver Essays - English-language Films, British Films,

Oliver Twist And Anti Semism Charles Dickens being anti-Semitic when portraying the character Fagin as "the Jew", in his classic story Oliver Twist, or was he merely painting an accurate portrait of the 19th Century Jew in England? Some critics seem to believe so. Though there are no indications of neither anti-Semitic nor racist slurs throughout the story, Dickens' image turned out to follow the path of his time and place in history. The result is an enlightened picture of Victorian England's image of the Jew. The attitude towards Jews and Jewishness in 19th Century England demonstrates that Dickens was a man of his time. His attitude reflected the common British belief that Jews were villainous thieves. Fagin, a thief, is described by Dickens as "a very old shriveled Jew, whose villainous and repulsive face was obscured by a quantity of matted red hair"(Dickens 87). This common depiction of the Jew was accompanied by the stereotype that they had big noses and lured orphaned children into their filthy dens and turned them into derelicts. He was a thief because he did not have any skills, nor was he welcome anywhere. On the other hand, to describe Fagin in any other light would have to give the impression that Jews just might be humans after all. In reading this story, I discovered Fagin to be somewhat likeable and misunderstood. Though revolting to look at, having a repulsive disposition, and having manners and hygiene left to be desired I could not help but to feel sorry for the old guy. All he wanted to have was security in his old age. For example, when Fagin sees Oliver looking at him while admiring his treasures, Fagin asks the boy if he had seen any of his pretty things. Oliver tells him that he did. "Ah!" said the Jew, turning rather pale. "They- are mine, Oliver; my little property. All I have to live upon, in my old age. The folks call me a miser, my dear. Only a miser, that's all" (Dickens 1961: 91). I also found Fagin to be very charming in instances, almost likeable and having some redeeming qualities. Another example of Fagin's humanity is seen in the way he treats Oliver. Although Oliver plays a totally utilitarian role to Fagin, he becomes protective of him, even though the motives are purely selfish. When not being watched, Fagin has great self-control, even under duress. He is always cautioning Sikes against violence. There are some signs that Fagin still has a shade of humanity left in his perverted character. Several times throughout the story he exhibits some kindness towards Oliver. He checks his motives before he acts. Though the reader is still at bay with his actions, he still seems to have some sort of a conscience. It could be argued that Fagin and Oliver are somewhat similar. Though the reader does not see this at first, more in depth reading reveals that Oliver and Fagin mirror each other in who and what they are. Oliver, a boy without a home, Fagin, "The Jew", without a country. Fagin, in fact, is not seen as an Englishman. He is Jewish, which is a race all its own. Fagin is the outsider, unlike Oliver. His Jewishness places him at even more a disadvantage than Oliver's orphaned status. Both characters echo each other in asking for more; they are placed in oppositions so that for Oliver to claim his rightful place in society, Fagin must die. Dickens' stereotypical association of Fagin with a class of criminal perceived by him as almost invariably Jewish is based on a particular awareness of the commonly accepted wicked practices of this kind of Jew. Dickens' stereotypical association of Fagin with a class of criminal perceived by him as almost invariably Jewish is based on a particular awareness of the commonly accepted wicked practices of this kind of Jew. In Dickens and his Jewish Characters, Dickens answers a letter from a Jewess woman who wrote him concerned with the fact that Dickens may be in fact an anti-Semitic and wanted to allow Dickens to reply as to why the characterization of Fagin. His response was that "Fagin in Oliver Twist is a Jew because it unfortunately was true, of the time to which that story refers, that the class of criminal almost invariably was a Jew" (Dickens 1918:9). Critical reviews have been inclined to argue that Fagin is only a Jew in no more than name. "His main claim to Jewishness", contends critic Harry Stone, "is the fact that

National Fabricators Essays

National Fabricators Essays National Fabricators Essay National Fabricators Essay Key Events/Case Synopsis National Fabricators Inc. is a company that specializes in the manufacturing of lockers, school furniture, toilet partitions, steel shelving, and is now currently owned by Tom Kruger after buying out $75,000 of shares from shareholders in 1992. The industry is very competitive as costs are rising and prices being cut while the economy declines at the same time. As the president of National Fabricators, Tom Kruger needs to bring the company back on its feet in order to generate profits and reduce its losses of $480,315 and outstanding bank loans of $784,000. Tom Kruger also predicts that sales would fall as much as 10% during the 1994 fiscal year due to government cutbacks on medical and educational spending as well as a sluggish level of consumer confidence. Tom Kruger is now faced with trying to get a 60 day extension for his temporary line of credit in order to get the company to start making profits again. Problem Statement and Objectives To save the company, Tom Kruger needs to get an extension of 60 days on his temporary line of credit so that he can keep losses to a minimum and start generating more profits. At the same time, the economy is declining, competitors are setting low prices, and the government is cutting back on educational spending. Tom Kruger realizes that his plant is not being utilized at full capacity and most of the operations were being primarily financed on bank credit due to insufficient cash at hand. To address these problems, Tom Kruger is now planning on developing a new plant layout for efficiency as well as requesting a line of credit extension in order to finance debt. Situation Analysis Porters As we can see from the case, the metal industry is not an attractive industry because of high competition with low bids, unstable economy, high bargaining power of buyers, and high start up costs. Since the buyers have very little suppliers to choose from to do business with, it can be concluded that suppliers have bargaining power in this industry. Buyers on the other hand only have power when they are specialized at what they do and offer a very low price. Substitution is quite limited due to different specifications offered by the major companies. Barriers to entry on the other hand are very high due to the huge amount of capital needed to get a foot in to the industry. All in all competition is very high in this industry and one must bid aggressively in order to gain a contract. However, this is hard when everyone is giving their lowest bid. SWOT Analysis Overall, for National Fabricators the weaknesses outweigh the strengths for due to its failure towards managing both finance and operations for approximately 10 years. The threats also outweigh the opportunities mostly due the intense competition whcih provides a negative trend towards profits for National Fabricators within the industry. Strengths: The company has kept all of their old employees at the management level and this will allow them to keep stability while the company is under new ownership. With a strong sales team being compenstated on a commission basis, this will isnpire each employ to work harder to make and close sales; which in the long run will increase company profits. National Fabricator has contracts from purchaser who are very unlikely to default on their payables, because majority of them come from the government. Mr. Kruger, is well experienced for this position mostly due to his education and qualifications Weaknesses: The company lacks in a sufficient inventory management and cost management system, which impacts profits. With a deficiency of cash flow it forced the company to purchase materials from more costly war ehouses other than Steelmills which is cheaper, which inreturn had increased manufacturing cost. Inproper scheduling and status reporting for work in progress caused a major ineffectiveness on plant capacity use, which had openly increased operating cost and reduced net profits. Opportunities: Buying from the Steelmills will result in an increase of operating profit while costs are being decreased. The company has the opportunity to grow in various markets and aquire new customers such as malls, hotels, offices, and motels not only in Canada but as well as the United States. Threats: Tremendous price and wage competition in a recurring industry will lead to additional losses in profits. The highest risk for National Fabricators is the three companies which are dominating the industry that have the investment ability to control industry standards and requirements, which could lead to a decrease in profits. Due to the long term contracts from the government it is impacting the com pany’s cash flow in a negative trend. Historical Financial Analysis Sales fluctuate due to the frequently cyclic nature of the industry but they aim to remain above 3 million annually. In 1993 cost of goods sold being 90% of sales and 9. 6% gross profit of sales. Company’s lack of ability to manage inventory and lack of cash forced them to order from more expensive (12-15%more) warehouse than steel mills. Net profit margin has been negative and no major patterns over the 9 year period on net profit since the trend of the industry is based mostly on economic factors, and whether or not they secure contracts. Due to high percentage of COGS they are only left with a net profit of $980 or 0. 024% of sales in 1993. As a result, if the company lower the material cost, the profit margin will improve drastically. In 1984 current ratio went from 2. 07 to 1. 2 in 1993 which still is at an acceptable level, mainly due to the fact that operations were losing money in the past few years and there was a large cash drain on the company which resulted in the lowering of the current ratio. Operations were being financed by National Fabricators bank credit which resulted in outstanding bank loans of $784,000; this could cause serious problems on thei r credit rating from the local bank due to the worse intereage coverage ratio. Their average age of receivables in days is 78. 79 which had been steady around that number except in 1993 with 101 days mainly due to the holdback on large accounts. Since it is taking longer for them to convert accounts receivable into cash, the liquidity ability for the company is getting worse. | |1993 |1992 |1991 |1990 | |Liquidity | | | | | |Current Ratio |1. 12 |1. 34 |1. 32 |1. 58 | |Quick Ratio |0. 70 |0. 4 |0. 81 |0. 81 | |Profitability | | | | | |%Sales Growth |25. 7% |(17. 6%) |14. 4% | | |Gross Margin |9. 6% |10. 7% |7. 0% |7. 0% | |Net Margin |0. 02% |(1. 8%) |(5. 6%) |(6. %) | |Expenses/Sales |10. 0% |13. 3% |12. 8% |14. 1% | |ROE |0. 2% |(11. 4%) |(37. 8%) |(26. 3%) | |ROA |0. 04% |(4. 1%) |(12. 8%) |(11. 9%) | | | | | | | |Debt/Assets |75. % |64. 2% |66. 1% |54. 7% | |Debt/Equity |310. 4% |179. 4% |195. 0% |121. 2% | Recommendation and Analysis We have chosen to recommend alternative #1, which will focus on improving their profits because they will be reducing the cost of materials from purchasing directly from Steel Mills rather than buying from the warehouses. By doing so this will help them convince Confederation Bank. Purchasing from producers rather than the warehouses will significantly save us an approximate 12-15%. This can help drastically with their profits being made. Another way to improve profit is by increasing profit margins and to do so they need to cut the cost of materials, which will be approximately 68%. By having cut material cost by 13. 5% National Fabricators will have $314,600, which is the amount they saved from the materials and it would increase their gross profits by that amount. Having laid out this plan everything looks very convincing but there are a couple set backs, which need to be worked out. Delivery is three months once purchased from the producers directly rather than one-day delivery from the warehouses, this may cause problems for daily operations. National Fabricators now has to pay off their suppliers in 30 days payments. It used to be 60-90 days but the change requires the need for more cash on hand. Nationals Fabricators will require the financial support of Confederation Bank in order to solve these set backs that will take place if they dont receive the help financial help they require. Being able to execute this plan we believe that National Fabricators would be able to convince the bank to extend the loan. This will benefit the company because not doing so will increase the financial problems. The reason being we didnt choose alternative 2 was because it was just too risky and way too costly especially with the risk at hand. Yes it was to better their sales but factor in that their attempts to migrate in the U. S. market also have the risk of not being successful. Also the number of other companies already settled their will give a great competitive market and putting all this together would just show that there is much more risk at hand than reward. Exhibits and Analysis: Attached on next page

French Architecture Not to Be Missed

French Architecture Not to Be Missed Touring France is like time traveling through the history of western Civilization. You wont be able to see all the architectural wonders  on your first visit, so youll want to return again and again. Follow this guide for an overview of the most significant buildings in France and a look at historic architecture you wont want to miss.   French Architecture and Its Importance From medieval times to modern days, France has been at the forefront of architectural innovation.  In Medieval times, Romanesque designs signaled pilgrimage churches, and the radical new Gothic style found its beginnings in France. During the Renaissance, the French borrowed from Italian ideas to create lavish Chateaux. In the 1600s, the French brought exuberance to the elaborate Baroque style. Neoclassism was popular in France until about 1840, followed by a revival of Gothic ideas. The Neoclassical architecture of public buildings in Washington, D.C. and throughout capital cities across the U.S. is in large part because of Thomas Jefferson in France. After the American Revolution, Jefferson served as Minister to France from 1784 to 1789, a time when he studied French and Roman architecture and brought them back to the new American nation. From 1885 until about 1820, the hot new French trend was Beaux Arts - an elaborate, highly decorated fashion inspired by many ideas from the past. Art Nouveau originated in France in the 1880s. Art Deco was born in Paris in 1925 before the style moved to Rockefeller Center in New York City. Then came the various modern movements, with France solidly in the lead. France is a Disney World of Western architecture. For centuries, students of architecture have made a point of traveling to France to learn historic design and construction techniques. Even today, the Ecole Nationale des Beaux Arts in Paris is considered the best architecture school in the world. But French architecture began even before France. Prehistoric Cave paintings have been stumbled upon throughout the world, and France is no exception. One of the most popular sites is Caverne du Pont d’Arc, a replica of the Chauvet Cave in the southern France area known as Vallon-Pont-dArc. The real cave is off limits to the casual traveler, but Caverne du Pont dArc is open for business. Also in southwestern France is the Và ©zà ¨re valley, a UNESCO Heritage area containing over 20 prehistoric painted caves. The most famous is the Grotte de Lascaux near Montignac, France. Roman Remains The Western Roman Empire in the 4th Century A.D. included what we now call France. Any countrys rulers will leave their architecture behind, and so did the Romans after its collapse. Most of the ancient Roman structures are, indeed, ruins, but some are not to be missed. Nà ®mes, on the southern coast of France, was called Nemausus thousands of years ago when Romans lived there. It was an important and well-known Roman city, and, so, many of the Roman ruins have been maintained, such as the Maison Carrà ©e and Les Arà ¨nes, The Amphitheater of Nà ®mes built around 70 A.D. The most spectacular example of Roman architecture, however, is the Pont du Gard, near Nimes. The famous aqueduct carried springwater to the city from the mountains about 20 miles away. Within two degrees latitude of  Nà ®mes is Vienne near Lyons and another area rich in Roman ruins. In addition to the 15 B.C. Grand Roman Theatre of Lyon, the Roman theater in Vienne is just one of many Roman ruins in a city once occupied by Julius Caesar. The Temple d’Auguste et de Livie and the Roman Pyramide in Vienne have been more recently joined by the newly discovered little Pompei a couple of miles across the Rhone River. As excavation for new housing was underway, intact mosaic floors were unearthed, which The Guardian described as remarkably preserved remains of luxury homes and public buildings. Of all the Roman ruins that remain, the amphitheatre may be the most prolific. The Thà ©Ãƒ ¢tre Antique in Orange is particularly well-preserved in southern France. And, of all the French villages that have so much to offer, the cities of Vaison-la-Romaine in southern France and  Saintes or Mà ©diolanum Santonum on the west coast will lead you through time from Roman ruins to Medieval walls. The cities themselves are architectural destinations. In and Around Paris La Ville-Lumià ¨re or the City of Light has long influenced the world, as a center of the Enlightenment and a canvas for western art and architecture. One of the most famous triumphal arches anywhere in the world is the Arc de Triomphe de lÉtoile. The 19th century Neoclassical structure is one of the largest Roman-inspired arches in the world. The spiral of streets emanating from this famous rotary is the Avenue des Champs-Élysà ©es, the road that leads to one of the most magnificent museums in the world, The Louvre, and the 1989 Louvre Pyramid designed by Pritzker Laureate I.M. Pei. Outside but near Paris is Versailles, whose popular garden and chateau are rich in history and architecture. Also just outside Paris is the Basilica Cathedral of Saint Denis, the church that moved Medieval architecture to something more Gothic. Further afield is Chartres Cathedral, also called Cathà ©drale Notre-Dame, that takes Gothic sacred architecture to new heights. The cathedral in Chartres, a day trip from Paris, should not be confused with the Notre Dame Cathedral in downtown Paris. The Eiffel Tower, a New Seven Wonders of the World finalist, can be seen down the river from the gargoyles of Notre Dame. Paris is filled with modern architecture, too. The Center Pompidou designed by Richard Rogers and Renzo Piano revolutionized museum design in the 1970s. Quai Branly Museum by Jean Nouvel and Louis Vuitton Foundation Museum by Frank Gehry continued the modernization of Paris. Paris is also known for its theaters, most notably the Paris Opà ©ra by Charles Garnier. Integrated within the Beaux-Arts-Baroque-Revival  Palais Garnier is LOpà ©ra Restaurant by the modern French architect Odile Decq. Pilgrimage Churches of France A pilgrimage church can be a destination in itself, such as the pilgrimage church of Wieskirche in Bavaria and Tournus Abbey in France, or it can be a church along the route pilgrims take. After the Edict of Milan legitimized Christianity, the most popular pilgrimage for European Christians was to a place in northern Spain. The Camino de Santiago, also called the Way of St. James, is the pilgrimage route to Santiago de Compostela in Galicia, Spain, where the remains of Saint James, Apostle of Jesus Christ, is said to be. For European Christians who could not travel to Jerusalem during the Middle Ages, Galicia was wildly popular. To get to Spain, however, most travelers had to move through France. Camino Francà ©s or the French Way are the four pathways through France that lead to the final Spanish route to Santiago de Compostela. The Routes of Santiago de Compostela in France are historic, with historic architecture created to accommodate the REAL Middle Age tourist! These routes became part of the   UNESCO World Heritage site in 1998. Look for preserved, historic buildings and monuments along these routes. The symbolic use of the shell (an item given to pilgrims who completed the journey to Spains coast)   will be found everywhere. The architecture along these routes does not attract the large crowds of modern tourists, yet much of the historic significance is similar to more touristy structures.. Architecture Beyond Paris France has not stopped growing. Ancient Roman structures may stand near 21st century modern architecture. France may be for lovers, but the country also is for time travelers. Sarlat-la-Canà ©da en Dordogne, La Cite, the castle city of Carcassonne, Popes Palace in Avignon, Chà ¢teau du Clos Lucà ©, near Amboise, where Leonardo da Vinci spent his last days - all have stories to tell. The work of 21st century architects abound throughout up-and-coming French cities: Lille Grand Palais (Congrexpo), Rem Koolhaas in Lille; Maison Bordeaux, Rem Koolhaas in Bordeaux; Millau Viaduct, Norman Foster in Southern France; FRAC Bretagne, Odile Decq in Rennes; and Pierres Vives, Zaha Hadid in Montpellier. Famous French Architects The writings of Eugà ¨ne Viollet-le-Duc (1814-1879) are well-known to the student of architecture, but his restoration of Medieval buildings throughout France  - most notably Notre Dame in Paris  - are better known to the tourist. Other architects with French roots include Charles Garnier (1825-1898); Le Corbusier (Swiss born in 1887, but educated in Paris, died in France 1965); Jean Nouvel; Odile Decq; Christian de Portzamparc; Dominique Perrault; and Gustave Eiffel. Sources France: archaeologists uncover little Pompeii south of Lyon, The Guardian, August 1, 2017,  https://www.theguardian.com/world/2017/aug/02/france-archaeologists-uncover-little-pompeii-south-of-lyon [accessed October 29, 2017]

Introduction to Quantitative Management Essay Example | Topics and Well Written Essays - 2000 words - 1

Introduction to Quantitative Management - Essay Example at in deed the company can be able to utilise its un used crude oil to meet up the needs of the new contract which promises to be buying the Hi-Grade petrol and one which happens to be the most profitable. This means that maximising on the Hi-grade petrol which has the largest profit margin would that the company would be able to make the largest profit margin. The new contract on the other hand promises $1,336,500 from just making 14850 barrels of Hi-Grade petrol. This is at a slightly higher profit per barrel for the new contact with is standing at $90 as opposed to the $85.98average per barrel for the first contract meaning that the company should continue with the new contract. To determine the cost of a barrel of each grade of the petrol produced, this is done by determining cost of the component barrel. For example standard grade of petrol is produced by mixing 14% of crude type A. this means that14% of the standard petrol grade consist of type A crude. This is equal to 14% of one barrel of a type A which is cost14% of the cost of 93.5.this results to the following figures With a total expect profit margin of $2.3456 million, then the company can go ahead and initiate the project since there are positive expected cash flows from the projects. Building a medium park of 180 units however, remains to be the best contributor to the positive expected cash flows from the project. This means that were the projections determined to be true and fair then setting out such a plan would be best option. This would thus mean if the company decided not to purchase perfect information from the market experts at the cost of $200,000 then going as per P2 would be the better option. So if the company for its own reason decided not to commission the expert market research, its best bet to the contribution on the expected returns would be the plan P2 which has the highest expected returns’ contribution which stands at $ 1.0336 million. This is almost half of the total

Critically discuss the ways in which technology has made globalization Essay

Critically discuss the ways in which technology has made globalization possible - Essay Example Therefore we can integration perspective to define globalization as a process of integration, which can take international form depending with the stakeholders and the purpose of integration, which arises from interchange and/or exchange of ideas, views and aspects of culture and socialization, products and the holistic human development in relation to the external world (Boudreaux, 2008, 2). Technology on the other hand can be defined as implementation of an idea, thought or invention in the process of making, modifying and using of techniques in relation to knowledge of tools and machines in order to solve a prevailing problem or condition. Technology seeks to improve existing tools, crafts or machines to a new set of efficient ones; systematically analyse the methods of organization to achieve a certain predefined goal, and/ or evaluate an applied input/ output model relations in order to perform a specific function (Macintosh, 2011, 4). The diversity of human knowledge and the ne ed to solve emerging issues in daily activities has necessitated techno-progressivism, a stance of active support for the convergence of technological change in a bid to merge it with socio-economic changes. In addition the need by the human species to convert natural resources into simple tools and applications was followed by the innovations and critical thinking that was necessitated by the need for â€Å"leisure class† and to control the environment that one is in. From this we can deduce that globalization has been propagated by the need to human species to understand; control, comprehend, integrate and to some point analyse the external environment with an aim of being part of it. In this paper we shall critically analyse the ways in which inventions, innovations and technological/industrial revolutions have made globalization possible; evaluation of its impacts on cultures and cultural exchange, international trade, health, and global workforce, and evaluate drawbacks of technology. Innovations and Industrial Revolution Industrial revolution in this sense can be viewed in form of rate at which innovations in science and technology have helped in transition to new manufacturing processes; mechanization of traditional methods of production from manual to machinery, the effects of global output as a result of this increased productivity, and the analysis of major turning points in our daily activities. For instance, innovations to improved efficiency of water power and new chemical manufacturing in industries have improved textile production, improved economies of scale in blast furnaces in smelting and production of iron related commodities through substitution of coke by coal which is cheaper and more effective, and advancement from steam engines to petro-driven and atomic energy sources that have revolutionized industrial operations. This has led to increase in output due to economies of scale, increased profitability and expansion of firms which has necessitated international trade; a prerequisite for integration and globalization through exchange of ideas, goods and skills across nations. Technology and Communication As discussed earlier, globalization involves exchange of ideas,