Introduction To The Activity Based Costing Accounting Essay

Introduction To The Activity Based Costing Accounting Essay Traditional managerial accounting is at best useless, and at worst dysfunctional and misleading. (Shank, 1994) The Relevance Lost: The rise and fall of Management Accounting published by Theodore Johnson and Robert Kaplan in 1987 marked as the revolutionary criticism of the traditional costing system. Traditional Costing System was developed in early 20s when companies were almost 99% labour intensive (Kidd, 1994), no automation (Jan Emblemsvag, 2008) and production processes were austere. Significant changes in most manufacturers product market and production technology demand more accurate cost allocations (Krumwiede and Roth 1997) and focusing more on labour productivity may not be the best solution for the present day manufacturing and service organizations (Gunasekaran et al, 1999). It was hailed as the beginning of change for the better in the world of accounting (Sharman, 2003). In the notoriety book, their disparagement was centred on the passà © cost allocation technique that distorts production cost for decision-making purposes. Instead of providing solutions to management, traditional costing system had failed in predictable ways (Daly, 2010). Activity Based Costing In 1988, Cooper and Kaplan disseminated the Activity Based Costing (ABC) system to overcome hindrances and the peanut-butter spreading cost allocation of traditional costing system. Gunasekaran and Sarhadi (1996) (Vol 1_1_4) found that the development and endorsement of ABC had been stimulated and largely persuaded by Cooper and Kaplan especially in the manufacturing sector. It is arduous to find an academic or practitioner journal that does not talk about ABC in the accounting world and it soon it began to widely spread to the non-manufacturing sector. It was perceived to be the solution to the management accounting needs of organizations (Sharman, 2003). It was also said that Activity-Based Costing is clearly the most significant managerial accounting development (Harrison Sullivan, 1996). In fact some have portrayed it as cure-all for all kinds of problems (Doost, 1997). Since then ABC plays a significant role as a management tools and gained its popularity to the academicians, practitioners and industries. ABC was initially designed by George Staubus in the United States during the 80s. ABC was promoted as a system that would reduce the level of arbitrary cost allocations associated with traditional costing systems and result in more accurate product costs (Baird et al, 2004). Many authors often depicted ABC to one simple and powerful word which is accurate (Cooper and Kaplan 1988; Dugdale, 1990; Innes and Mitchell 1991; Morrow, 1992; Bhimani and Piggott, 1992; Turney 1996; Krumwiede and Roth 1997). Accuracy in product costing is vital particularly in making decision and also in alleviating organization in cost reduction and profitability purposes. Inaccuracies created by improper allocation of costs can lead disastrous pricing, product profitability and customer profitability management decisions (Hardy et al, 2002). (Working paper series 2004) The core of ABC is the activity concept (Turney 1991). According to Turney (1996), ABC is a process which assigns costs to product according to the activities and resources consumed or generally a method of allocating indirect costs to cost objects. Cost drivers and cost activities are the terms synonymous to ABC. ABC enhances cost allocation by using smaller cost pools called activities (Wegmann, 2010) and costs are then traced to these activities by keys called cost drivers (Cooper, 1990). Gunasekaran et al (1999) stated that the ultimate goal of ABC as a cost allocation system is to trace the production costs generated by the production of a good or service, as accurate as desired, to the causing activities. ABC is not only basis for computing accurate product costing, but it plays a vital role in management in managing costs. The 1980s is seen as the advent and widespread use of management philosophies such as Just-in-Time (JIT), Balanced Scorecard, Total Quality Management (TQM), and Theory of Constraint (TOC). Huczynski (1993) described it as the age of the management guru. The appetite for new forms of managing is strong and ABC is quickly recruited to feed it and soon after, ABC evolved from a cost allocation method to a management philosophy (Jones and Dugdale, 2002). Two reputable systems which was derived from ABC philosophy was Activity-Based Management (ABM) and Activity-Based Budgeting (ABB) (Cooper and Kaplan, 1998). Second Phase of ABC: Activity-Based Management Johnson (1988) argued that companies should manage activities alongside with the costs based on the relying principle of activities consume resources and products consume activities and this was supported by Ostrenga (1990). As discussed, ABC system was initially presented as new way to establish more accurate product costs compared to the traditional costing system. However, ABC soon began to enter its second phase, in which it became known as Activity-Based Management (ABM). The second phase of ABC is perceived to be the rational development of ABC, in which it focuses on the management of indirect activities, at various levels beyond direct productions and activities where it still continues to draw its back on the existing ABC. This development is regarded as an improvement to the value received by customer and the profit achieved. Johnson (1988) still maintained and applies the existing ABC rules where the activity-based information would focus managers attention on underlying cost drivers and profit unlike the distorted cost provided by traditional costing system. This influenced Turney (1992) where he voiced a similar opinion and suggested that ABM system seek two goals, which are common to organizations which can be reached by focusing on managing activities. The first is to improve the value received by customers and the second is to improve profits by providing this value. Activity-Based Budgeting In todays arduous economic environment with the growing inflation rates, shrinking sales volumes and rocketing business expenses, the Activity-Based Budgeting (ABB) system could be a safeguard in stabilizing and strengthening an organizations operation (Pockevi iÃ…Â «tÄ-, 2008). Countries worldwide then began to practice and implement such strategy into their organizations. ABB is developed based on the management philosophy of activity-based costing (ABC), which is considered to be similar to zero-based budgeting (Shane, 2005) and it measures how members of an organization allocate their effort among activities performed and effortless to design. Pockevi iÃ…Â «tÄ- (2008) conducted a study and tested ABB on the agricultural sector in Lithuania. With an ABB system in place, major constraints can be identified while maintaining the future operations of the organizations. It can measure the efficiency within an organization process with a clear picture and understanding by linking all the individual budgets and the department in the organization. ABB is also known for its exposure of non value costs where waste can then be eliminated to reduce cost. ABCs pitfall and Time-Driven ABC: A new ABC development? Despite much attention on the ABC model since the appearance in the 1980s, interest gradually decreased during the 90s (Gosselin, 2006). ABC slowly began to experience its pitfall. As the global competition increases, the need of efficient and effective tools to fit business strategy are greatly in demand and ABC gradually went into the accounting worlds slump. Gosselin (2006) argued that ABC failed to succeed in practical use in todays management practices; this was also supported by few authors such as ÃÆ'-ker and Adigà ¼zel (2010) and Velmurugan (2010). Gosselin (1997) began to argue that a so-called ABC-paradox existed. Despite the various articles published in journals, books, and its involvement in the academic world and also being endorsed by consulting companies, it is quite ironic of how implementation of ABC is still relatively low. Innes and Mitchell was the first few to conduct surveys on the implementation of ABC in companies in 1995, their studies showed that only 21% adopted ABC in the UK. Bjornenak (1997) followed their footstep by conducting surveys in Norway and found that 40% implemented ABC in their companies whereas in the other part of the world such as the Australia, Ireland, the US, Dutch and Italy reportedly to have 12.5%, 11.8%, 17.7%, 12%, 10% respectively (Nguyen and Brooks, 1997; Clark et al, 1999; Groot, 1999; Cinquini et al, 1999). Many large companies, which tried to implement ABC in the 90s, abandoned it due to change in competitive circumstances and the birth of new and develop management tools. Many of those who argued that ABC, although effective in allocating cost, it does not necessarily contribute to the overall effective of business decisions (Fladkjà ¦r and Jensen, 2011). The information provided by ABC may be extraneous and not as accurate as most users believe. ABC is also regarded as not necessary for most companies systems (Fladkjà ¦r and Jensen, 2011). Kaplan and Anderson (2007) brought up the case of Hendee Enterprises which is a Houston-based manufacturer of awnings where they argued that the ABC software took three days to calculate costs for the companys 150 activities, 10,000 orders and 45,000 line items (Wegmann, 2010). In 2003, Kaplan started to redesign the ABC system when many argued that it is too complex and time intensive to implement. This has led to the much anticipated new approach of ABC, the Time-Driven ABC (TD-ABC). He claims that the new ABC development, TD-ABC, reveals excess capacity, processes faster, able to provide high accuracy and can be well supplied from existing IT-systems, such as ERP (Kaplan and Anderson, 2007). Kaplan (2007) went again to argue that TD-ABC skips the activity-definition stage and hence the allocation of costs to multiple performed activities. They also argued that TD-ABC is a simplified version of the current ABC system at that time (Everaert Bruggeman, 2007; Everaert et al, 2008; Kaplan Anderson, 2004; Max, 2007; ÃÆ'-ker Adigà ¼zel, 2010). This was also supported by Demeere et al (2009) and Wegmann (2010) where TD-ABC is hail to be an improved activity-based costing system compared to its previous development. TD-ABC differs from the existing ABC system where the time estimates require to calculate driver rates can be obtained by direct observation or by surveying managers (Kaplan and Anderson, 2010). This saves time and is able to reduce the cost of implementation and updating the system. He further argued that managers are considered the more reliable source concerning accuracy of information on time consumption and activities compared to existing ABC system where information are derived from employees who tend to be bias. Consequently, with TD-ABC, managers are able to generate accurate information and encounter fewer blunders. Impact of the new ideas on both companies and consultant Soon after its establishment, TD-ABC began to receive a growing interest among academicians and a growing number from 9 to 67 in the period of 2003 to 2009. This was presented by Google Scholar and since then TD-ABC has shown a positive trend in the online world (Alsamawi, 2010). Demeree et al (2009) also began to notice the story behind TD-ABC and tested TD-ABC at an outpatient clinic. For instance, Demeree et al. (2009) implemented TD-ABC at an outpatient clinic. They have gathered data through direct observations and interviews with department heads and outpatient clinic managers. To register different time consumptions for relevant activities a stopwatch was utilized. This process was repeated 3 months later to ensure that consistent results were obtained. This data gathering method was recorded as a success. Other authors point out that TD-ABC brings conceptual shortcomings connected to the use of time estimates (Cardinaels Labro, 2007). Gosselin (2007, p.649) concluded that TD-ABC is the most recent development in the field of activity-based costing methods, but does not solve the conceptual problems inherent to ABC. Conclusion

Essay example --

In today’s society, people are debating whether or not gardening is beneficial to one’s health or just a waste of taxpaying dollars. By growing our own food, we know exactly what we are eating and its nutritional value. Gardening is used as an escape from the real world and can be rather relaxing. I, for one, found gardening to be fun. What I enjoyed most was sorting the vegetables to distinguish the good from the bad. There are many pros to community gardening. Some of them include the health benefits, bringing the entire community together, and economic growth. I would first like to point out the health benefits of growing our own foods. How foods are grown or raised can impact both your health and the environment. By growing our own foods, we become aware of how natural the crops are when they are free of pesticides and other chemicals deemed dangerous for the human population’s health. Organic fruits and vegetables are grown in safe soil and farmers are not allowed to use pesticides or harmful chemicals. The First Lady, Michelle Obama, is a leading force in the fight for better ...

Ethics in Social Work

In psychology and social work, dual relationships and clinical boundaries are often common. They are often unclear and most times the professional has a difficult time noticing them developing. Ethical dilemmas are found in all professions, but are often different in type and solutions. They are hard to identify and even harder to make a clear decision. Dual relationships and clinical boundaries are one of the biggest ethical dilemmas social workers face because of the difficulties of finding the line between the professional role and the empathetic role a social worker plays.Social work is a profession that helps to solve complex human problems and create a more just and caring society. One of the foundations of social work is the focus on the strengths, as opposed to the shortcomings, of individuals, families and communities so that creative solutions for complex social problems can be found. The profession is characterized by a steadfast commitment to social justice in the service of empowering individuals, families and communities to meet their needs. Few professions offer many different types of employment opportunities.Social workers serve as counselors, in adoption, domestic violence, rehabilitation, hospice, mental health, youth, community development workers, public policy analysts, global rights workers; and in juvenile and adult justice systems, just to name a few. However, the main job of a social worker, however, is to help the client to reach a more stable environment, but to go about it a specific way dependent on the job the social worker held. Each job might come with different ethical problems, but social workers have to follow a strict code of ethics that have guidelines to help them make the correct decisions.The NASW, National Association of Social Work, is the largest group of professional social workers. It is the group that wrote the NASW code of ethics, which are followed by all social workers across the United States (NASW, 2008). Ethi cs are the underlying rules put in place to help society better function. Usually, they are hard to identify and can be interpreted in many different ways. Each person has their own ethical standards, which is why it’s necessary to have ethical codes that make it more general and help each professional make his or her own ethical decision.Ethics play a huge role into social work. Without an ethical background or a code of ethics it could harm not only a client, but also the social worker himself. The biggest struggle that comes along with ethics is the fact that each individual usually interprets them differently. Ethics is two things. First, ethics refers to right and wrong that advise what humans should do, in terms of rights, obligations, benefits to society, fairness, or specific virtues. Ethics can refer to those standards that make humans refrain from rape, stealing, murder, assault, slander, and fraud.Ethical standards also include ideals relating to rights, such as th e right to life, the right to freedom from injury, and the right to privacy. Secondly, ethics refers to the study and development of one's ethical standards. As mentioned above, feelings, laws, and social norms can deviate from what is ethical; therefore it is necessary to constantly examine one's standards to ensure that they are reasonable. The NASW Code of Ethics was written to serve as a guide to the everyday professional conduct of social workers. It includes four sections.The first section, â€Å"Preamble,† summarizes the social work profession's mission and core values. The second section, â€Å"Purpose of the NASW Code of Ethics,†Ã‚  provides an overview of the Code's main functions and a brief guide for dealing with ethical issues or dilemmas in social work practice. The third section,  Ã¢â‚¬Å"Ethical Principles,† presents broad ethical principles, based on social work's core values, that inform social work practice. The final section, â€Å"Ethical S tandards,†Ã‚  includes specific ethical standards to guide social workers' conduct and to provide a basis for adjudication.The Code of Ethics, as used today, was approved  by the 1996 NASW Delegate Assembly and revised by the 1999 NASW Delegate Assembly. (NASW, 2008) The NASW code of ethics is used to help guide social workers when it comes to making ethical decisions in the field. It is used to help give every therapist and client the same treatment and ethical decisions. Usually, each profession has a different code of ethics due to the fact that each profession has a diverse set of ethical issues that come with it.Dual relationships or multiple relationships are interactions in which a client is treating a patient, but is also interacting with them in some other way. It can also be if a therapist is in a professional role with a person and promises to enter into another relationship in the future with that person or someone closely related to the individual. Dual roles re fer to two different roles and multiple roles are when more than two overlapping roles exist. For example if a therapist is treating their child’s teacher, their child’s friend, having sexual relations with the client, or are close to the client in some way.Dual relationships are against the APA ethics code and can cause harm to the patient in some cases. A therapist should never work with people who he or she might have to interact with on a causal level instead of a patient-therapist level, not only for the patient’s confidentiality, but also to help keep the therapist from giving preferential treatment (Barnett, Vasquez, Moorehead-Slaughter, Johnson, 2007) Dual relationships can also allow a therapist to misuse their power and influence. The practitioner is in a position to exploit the client for his or her own personal gain.The problem of the dual relationships and the second relationship, the counselor is now susceptible to other interests (personal, financ ial, or social) that he or she may put before the best interests of the client. Problems that arise usually occur when the professional boundaries are not clear to begin with. Therefore, boundaries should be included as part of the intake paperwork. The wording should be clear and specifically state the therapist's intentions. The therapist-client relationship is one that does not permit contact in a casual manner outside the therapy session.This includes work relationships, social conversations or any type of romantic or sexual contact. † The therapist can state something about not giving personal information to a client, as there is no need for them to know this kind of thing. If the client signs the consent form, a contract is in effect and should not be breached by either party. Not only does the therapist have to gauge the client and the way he or she processes things, but also what the client could take inappropriate.Although it may seem appropriate in a therapistâ€℠¢s eyes it could be inappropriate in the client’s eyes and vice versa. (Syme, 2003) The therapist has to keep a close eye on their actions and make sure their client is not seeing it differently than they are. There are three factors that counselors should consider. First, there is a greater risk of harm when the expectations of client and counselor are mismatched. When clients have one set of assumptions about the ground rules of the relationship, and the professional has a different set of assumptions, there is an increased chance of susceptibility.Another factor is that there is potential for divided loyalties and an associated loss of objectivity. Counselors who have personal, social or business relationships with their clients, are at risk because their self-interest may be involved and thus compromise the client's best interest. Finally, by the very nature of the counselor/client relationship, clients are more dependent, have less authority and are vulnerable. Due to th is power differential, it is the responsibility of the professional to ensure that the client in the relationship is not harmed.One key feature of boundary issues is a conflict of interest that harms clients. Conflicts of interest occur when professionals find themselves in a relationship that could prejudice or give the appearance of prejudicing their decision-making. Thus a counselor who provides services to a client with whom he would like to develop a sexual relationship faces a conflict of interest; the professional’s personal interests collide with his or her professional duty to avoid harming his or her client. Zur, American Psychological Association, 2007) Social workers should be alert to and avoid conflicts of interest that interfere with the exercise of professional discretion and impartial judgment. Social workers should also inform clients when a real or potential conflict of interest arises and take reasonable steps to resolve the issue in a manner that makes th e clients’ interests primary and protects clients’ interests to the greatest extent possible. In some cases, protecting clients’ interests may require termination of the professional relationship with proper referral of the client (standard 1. 6[a]), NASW, 2008). The code goes on to say that â€Å"social workers should not engage in dual or multiple relationships with clients or former clients in which there is a risk of exploitation or potential harm to the client† (standard 1. 06[c], NASW, 2008). While treating someone in therapy, a counselor has to be careful about how their patient is going to interpret their actions and words. When a patient is in therapy, a lot of times they don’t have anyone around to support them and help them overcome their obstacles.That being said, it’s the job of the therapist to be that person for their client and help them to succeed. As a client gets closer to his or her therapist, sometimes the slightest of t hings can be taken in the wrong way. For example, as trust is built the slightest of things can trigger a client to see their therapist in a different light. As a counselor, a pat on the back, hand touch, ect can seem like nothing to you, but to the client can seem like a sexual advance. This an be detrimental to a client and can break all the trust the therapist had built up, putting the patient back to the beginning of the process (Smith, Fitzpatrick, 1995) When the psychologist and the patient develop an extracurricular relationship, this dual relationship can threaten the psychologist's ability to act impartially as a therapist and the patient's ability to receive proper treatment in their vulnerable state. If psychologists are not held accountable to prevent this type of behavior, they can harm the reputation of all clinical psychologists.Personal relationships imply a bias and the private relationship can cross over into therapy and treatment. The term â€Å"conflict of inter est† applies to dual relationships because no matter how objective a psychologist tries to be, their own emotions may taint their trained perceptions. Conflict of interest can be applied to a variety of situations, such as the psychologist should not treat a family member or close friend due to the possibility of favoritism or being non-objective, and could interfere with the treatment being given and received.The psychological ethical codes clearly prohibit the interaction of a personal relationship between the psychologist and the client. Dual relationships and clinical boundaries are one of the biggest ethical dilemmas social workers are faced with; trying to find the line between the professional role and the empathetic role a social worker plays. This being said, as a social worker it is important to distance the client, but also to build trust. It takes time to learn the boundaries and how to avoid crossing them.This is just one of the biggest challenges social workers h ave to overcome in their field. Reference Page: Barnett J, Lazarus A, Vasquez M, Moorehead-Slaughter O, Johnson W (2007) Boundary Issues and Multiple Relationships: Fantasy and Reality; Professional Psychology: Research and Practice, 38 (4) 401-410 doi: 10. 1037/0735-7028. 38. 4. 401 Herlihy, B and Corey G. (1992) Dual Relationships in Counseling. Alexandria, VA: American Association for Counseling Development Reamer, G. F. PhD (2011, October 13). Eye on Ethics Social Work Today, retrieved from http://www. socialworktoday. om/news/eoe_101311. shtml Smith, D. and Fitzpatrick, M. (1995) Patent-Therapist Boundary Issues: An Integrative Review of Theory and Research, Professional Psychology: Research and Practice, 26 (5), 499-506 doi: 10. 1037/0735-7028. 26. 5. 499 Syme, G (2003) Dual Relationships in Counseling and Psychotherapy: Exploring the Limits, London: Sage Publications Zur, O and American Psychological Association (2007) Boundaries in Psychotherapy Ethical and Clinical Explorat ions. Washington, DC : American Psychological Association http://www. socialworkers. org/pubs/code/code. asp

Costco mini case study Essay

1. What is Costco’s business model? Is the company’s business model appealing? Why or why not? Generating high sales volume and rapid inventory turnover by offering fee-paying members low prices on nationally branded and private-label products. Yes, it is appealing because the fees paid by members allowed for sufficient supplemental revenues while the turnover rates allowed Costco to receive cash for inventory before it had to pay many of its merchandise vendors. 2. What are the chief elements of Costco’s strategy? How good is the strategy? Pricing, product selection, treasure hunt merchandising, low cost emphasis, and growth are the chief elements of Costco’s strategy. It is a very good strategy because they offer the lowest prices no matter what. 3. Do you think Jim Sinegal has been an effective CEO? What grades would you give him in leading the process of crafting and executing Costco’s strategy? What support can you offer for these grades? Refer to Figure 2.1 in Chapter 2 in developing your answers. Yes, I do think Jim Sinegal has been an effective CEO. I would give him an A in crafting and executing Costco’s strategy because he has been excellent in developing a strategic vision of a no-frills and low-cost store, mission, and core values, along with setting objectives of fast inventory turnover and offering the lowest prices at Costco. He has also done a good job of crafting the strategy by finding out what works best while in charge of his first store, Price Club. He executes and monitors the strategy to achieve the objectives and vision by visiting his own stores and making sure that operations are running in the most smooth and cost efficient way possible for both businesses and individual members. 4. What core values or business principles has Jim Sinegal stressed at Costco? Sinegal’s five core values include: Obey the law, take care of our members, take care of our employees, respect our suppliers, and reward our shareholders. 5. What is competition like in the North American wholesale club industry? Which of the five competitive forces is strongest and why? Use the information in Figures 3.4, 3.5, 3.6, 3.7, and 3.8 (and the related discussions in Chapter 3) to do a complete five-forces analysis of competition in the North American wholesale club industry. Competition in the North American wholesale club industry is growing 15-20 percent faster than retailing as a whole. The three main competitors are Costco, Sam’s, and BJs Wholesale. Firms in other industries  offering substitute products is the strongest of the five competitive forces because companies like Wal-Mart or internet retailers are not in the retail wholesale industry but put increased pressure on Costco by selling many of the same types of merchandise at very low prices as well. All wholesale clubs (Costco, Sam’s Club, and BJ’s Wholesale) offer low prices to attract members and provide them with considerable cost savings enough cover or exceed membership fees. It is easy for a consumer to switch their membership from wholesaler to wholesaler, thus increasing rivalry, which is a strong force in this industry. The window to enter the warehouse club industry is relatively small, unless an outsider decided to acquire BJ’s Wholesale Club, intending to expand into places where there are no BJ’s stores. The barriers for a newcomer are high; therefor the threat of new entrants is weak. While a big percentage of manufacturers for these retailers or discounters are large, they aren’t always in a strong bargaining position that could allow them to dictate the terms or conditions by which they would supply their products to their respective warehouse clubs, thus making bargaining power of the suppliers weak. The bargaining power of the buyer is also weak because of the small influence that an individual buyer has in relation to the wholesaler’s total sales. The threat of substitutes is very high in this industry. There are many places that one could go to purchase the same item. The buyer is also often times more familiar with a substitute retailer. 6. How well is Costco performing from a financial perspective? They are doing very well from a financial perspective. Some of the numbers do not look good to the traditional investor, but that is because Costco is not a traditional company. The current ratio shows that Costco can meet all current liabilities, while liquidity is also high (which means the company can quickly convert assets into cash). Profit is also constantly increased by not having to store inventory. 7. Based on the data in case Exhibits 1, 5, and 6, is Costco’s financial performance superior to that at Sam’s Club and BJ’s Wholesale? Costco is turning in much higher numbers for total revenue than BJ’s and higher sales than Sam’s. Costco holds 57 percent of the market share while BJ’s has 8 and Sam’s has 35 percent. 8. How well is Costco performing from a strategic perspective? Does Costco enjoy a competitive advantage over Sam’s Club? Over BJ’s Wholesale? If so, what is the nature of its competitive advantage? Does Costco have a winning strategy? Why or why not? They are performing very well from a strategic perspective. No, Costco does not enjoy a clear competitive advantage over Sam’s. It does however enjoy a competitive advantage over BJ’s. the nature of this competitive advantage includes the fact that BJ’s has too many products, which makes rapid turnover harder to achieve. I think that Costco has a winning strategy because they are selective with the products they choose to sell, they treat their workers well (which in turn creates higher productivity), and they are able to sell a big volume of products, keeping prices down, along with expenses and overhead costs. 9. Are Costco’s prices too low? Why or why not?  Many would argue that their prices are too low, with only 14% markup. I do not believe that they are. If the prices weren’t so drastically low, the company would not attract so many interested buyers. These prices are what set the company apart from many other competitors, and are therefor necessary for the company’s success. 10. What do you think of Costco’s compensation practices? Does it surprise you that Costco employees apparently are rather well-compensated? Better compensated than employees at Sam’s Club or BJ’s? I think that Costco’s compensation practices are once again, smart. When employees are happy, they are productive. When they are productive, they get more done. When they get more done, it eliminates the need for excess employees to do what could be done by productive employees in the workplace. It would slightly surprise me that they are so well compensated (better compensated than Sam’s Club of BJ’s) before reading the entirety of this case because of the â€Å"no-frills† policy that Costco has obviously adopted, but it also makes sense after reading this case study that the employees are so well cared for. It saves and earns Costco excess money in the long run through rising productivity and encouraging positive word-of-mouth. 11. What recommendations would you make to Costco top executives regarding how best to sustain the company’s growth and improve its financial performance? I would tell Costco’s top executives to try and acquire BJ’s wholesale, thus acquiring their 8 percent market share. I would also encourage the implementation of self-checkout in stores for ease and convenience of the  individual consumer. Other than that, I think that Costco has a strong business strategy and is implementing strategies currently to sustain the company’s growth and improve financial performance.

Greek Literature and Archetypes Essays

Greek Literature and Archetypes Essays Greek Literature and Archetypes Paper Greek Literature and Archetypes Paper Essay Topic: Literature They next arrived at the country of the Cyclopes. The Cyclopes were giants who inhabited an island of which they were the only possessors. The name means round eye, and these giants were so called because they had but one eye, and that placed in the middle of the forehead. They dwelt in caves and fed on the wild productions of the island and on what their flocks yielded, for they were shepherds. Ulysses left the main body of his ships at anchor and with one vessel went to the Cyclopes island to explore for supplies. He landed with his companions, carrying with them a jar of wine for a present, and coming to a large cave they entered it, and finding no one within examined its contents. They found it stored with the richest of the flock, quantities of cheese, pails and bowls of milk, lambs and kids in their pens, all in nice order. Presently arrived the master of the cave, Polyphemus, bearing an immense bundle of firewood, which he threw down before the caverns mouth. He then drove into the cave the sheep and goats to be milked, and, entering, rolled to the caves mouth an enormous rock that twenty oxen could not draw. Next, he sat down and milked his ewes, preparing a part for cheese, and setting the rest aside for his customary drink. Then, turning round his great eye, he discerned the strangers, and growled out to them, demanding who they were, and where from. Ulysses replied most humbly, stating that they were Greeks, from the great expedition that had lately won so much glory in the conquest of Troy; that they were now on their way home, and finished by imploring his hospitality in the name of the gods. Polyphemus deigned no answer, but reaching out his hand seized two of the Greeks, whom he hurled against the side of the cave, and dashed out their brains. He proceeded to devour them with great relish, and having made a hearty meal, stretched himself out on the floor to sleep. Ulysses was tempted to seize the opportunity and plunge his sword into him as he slept, but recollected that it would only expose them all to certain destruction, as the rock with which the giant had closed up the door was far beyond their power to remove, and they would, therefore, be in hopeless imprisonment. Next morning the giant seized two more of the Greeks, and dispatched them in the same manner as their companions, feasting on their flesh till no fragment was left. He then moved away from the rock from the door, drove out his flocks, and went out, carefully replacing the barrier after him. When he was gone Ulysses planned how he might take vengeance for his murdered friends, and effect his escape with his surviving companions. He made his men prepare a massive bar of wood cut by the Cyclops for a staff, which they found in the cave. They sharpened the end of it, and seasoned it in the fire, and hid it under the straw on the cavern floor. Then four of the boldest were selected, with whom Ulysses joined himself as a fifth. The Cyclops came home at evening, rolled away the stone and drove in his flock as usual. After milking them and making his arrangements as before, he seized two more of Ulysses companions and dashed their brains out, and made his evening meal upon them as he had on the others. After he had supped, Ulysses approaching him handed him a bowl of wine, saying, Cyclops, this is wine; taste and drink after thy meal of mens flesh. He took and drank it, and was hugely delighted with it, and called for more. Ulysses supplied him once again, which pleased the gia nt so much that he promised him as a favor that he should be the last of the party devoured. He asked his name, to which Ulysses replied, My name is Noman. 1. Identify the archetypal situation represented in the excerpt from The Odyssey. Support your decision with details from the story. 2. which archetypal character fits the character of Polyphemos *best*? 3. identify the archetype represented by the character of Ulysses. Support your decision with details from the story. 4. What is the *best* choice to describe the purpose of this myth? 1. This passage is an example of the battle between good and evil. Ulysses and his men represent the good. They are weary travelers simply looking for a place to rest and expect the hospitality required by the gods. Instead, they are eaten and imprisoned by the villain, Polyphemus, who represents the evil in the world. He ignores the laws of the gods. 2. the Villain 3. Ulysses is an excellent example of the Hero archetype. He is brave, cunning, and risks his own life to save his men. 4. history The influence of ancient Greece can be seen in all of the following fields *except* religion Which archetype fits the character of Arachne *best*? the Outcast Identify the purposes of myth found in the story of Arachne and explain how it illustrates each purpose. The story of Arachne illustrates several purposes of myth. First, it demonstrates the power of the gods and the consequences of angering them, so one purpose is religious. It also illustrates a code of behavior that is acceptable in Greek society. They looked down upon those who have too much pride (hubris), so this myth illustrates the danger of that fault. Another purpose illustrated by Arachne is explaining natural phenomena. It tells the story of how spiders came to weave their webs. Finally, it is an entertaining story that fills the purpose of early literature. The Quest is a situational archetype found in many stories. Choose a story you know that is an example of this kind of archetype. Explain how it illustrates the Quest archetype. In the Quest archetype, a person or group is searching for someone or something. Generally, finding that person or thing will restore order in the society or cure someone. One example of a quest is illustrated by the story of Jason and the Argonauts and their search for the golden fleece. It was said to heal any wound and bring pece to the country that owned it. Which archetypal character is the enchantress in the story Rapunzel? the Wicked Witch *The Metamorphosis of the Dnieper, the Volga, and the Dvina translated by M.A. Ralston and W.R.S. Ralston* Which purpose of mythyology does this story fulfill? explanation of natural phenomena The story of Arachne, as told in the lecture, illustrates which of the purposes of mythology? ethics and behavior Homers, The Odyssey, is an ancient Greek poem about a man who goes on an epic journey home after years in captivity. This classic work *most likely* influenced the film O Brother, Where Art Thou?, about a man who escapes prison to find a treasure and reunite with his family. William Shakerpeares, Hamlet, *most likely* influenced the animated film The Lion King. *Read the myth of Hero and Leander.* 1. Which situational archetype fits the story *best*? 2. Which archetype fits the character of Hero *best*? 1. the Star-Crossed Lovers 2. the Ingenue *Hansel and Gretel* 1. What archetype fits the wife of this story *best*? 2. Which character represents the archetype of the Hero *best*? 1. the Wicked Stepmother 2. Hansel :

Stock Market and Genentech Essay

Stock Market and Genentech Essay Stock Market and Genentech Essay Case Study 1. Why is Roche seeking to acquire the 44% of Genentech it does not own? From Roche’s point of view, what are the advantages of owning 100% of Genentech? What are the risks? Roche already had 56% of shares of Genentech and now it seeks to acquire rest of the 44% shares so as to get the benefits of synergies. The pharmaceutical companies have been unable to introduce new products lately, and their only way to remain profitable is by mergers and acquisitions. Roche also used this method. Acquisition will help the firm compete in the market and thus will help it grow. Advantages of owning 100% of Genentech’s shares: The merger will lead to formation of the world’s largest biotechnology company. Value of total benefit from synergies will be $5billion. This will be a result of M&D, manufacturing, development and administrative costs reduction. Complete ownership will give the company complete access to technology and R&D projects. It will also give the company access to its cash amounting to $9.5billion, which can also be used to make payment for debt raised for acquisition. The company can also create a contract allowing it to distribute Genentech’s best selling drugs. Risks of owning 100% of Genentech’s shares: The acquired company’s minority shareholders are mostly its employees. The company’s culture is like a family environment where all the employees work in cohesion. Acquisition may destroy this culture. The culture of Genentech will have to be matched and combined with the culture of Roche. This may create problems for the human resources which may even lead to high employee turnover. There is a chance that the company pays higher than the premium required for the benefits of synergies. Such a situation may lead to drop in the prices of Roche’s shares. For the deal, Roche has to borrow around $30 billion. The ongoing financial crisis could make the debt financing even more difficult to obtain as well as more expensive. The contract gives Roche the right to sell Genentech on non US markets, but only till 2015. After that the company faces a high risk of losing the right. Genentech’s cancer drug, Avastin, may not be successfully tested and may be banned from sale. This risk of loss of revenue will also have to be borne by the company. New competitors may come with competing best selling drugs, which will again lead to a risk of reduction in growth prospects. 2. As a majority shareholder of Genentech, what responsibilities does Roche have to the minority shareholders? The affiliation agreement signed in 1999 stated the obligations to minority shareholders, which are as follows: Board approval is sufficient in case of a friendly bid. Roche can buy all shares for same price When the takeover is hostile, in which Roche would get at least 90% of shares and would hold them for at least 2 months, it will squeeze out the existing shareholders and will merge the company. It is an optional measure and not a necessary one, as per Delaware law. As explained earlier, minority shareholders are majorly the employees of the company. It is Roche’s duty to explain the benefits of merger to them and retain them. 3. As of June 2008, what is the value of the synergies Roche anticipates from a merger with Genentech? Assess the value of synergies per share of Genentech. Please use a 9% weighted average cost of capital in your analysis. Synergies are given in an exhibit. Value of synergies: WACC 9% 2009 2010 2011 2012 2013 and thereafter FCF $138.05 $362.36 $436.47 $475.58 $488.81 Terminal Value $5,431.22 Discounted $3,529.92 Shares 1052 NPV $1,423.28 Shares to buy 463 Total value $4,953.21 Value per share $10.70 2013 cash flows are treated as a perpetuity (ignoring 2% long term growth rate). 4. Based on DCF valuation techniques, what range of values is reasonable for Genentech as a stand-alone company in June 2008? Please exclude synergies from your valuation and

Is the ACT Easier Than the SAT

Is the ACT Easier Than the SAT SAT / ACT Prep Online Guides and Tips Because all US colleges accept scores from either the ACT or SAT, picking the test on which you’ll perform better is critical to your admission chances. But when parents and students ask whether the ACT is easier than the SAT, it can be hard to give a good answer. You might not know how the tests compare with each other or which one you're more likely to do better on. There aredifferences between the SAT and ACT that can make one or the other legitimately easier or harder for test takers. So how do you know whether the SAT or ACT is easier for you? Keep reading to learn the eight key factors that'll help you determine whether the ACT or SAT is easier. Although theACT and SAT differ in a lot of ways, only a few are really important to understanding whether the ACT or SAT is a better fit for you. Each student is different in each of the below factors. As a result,one testwill be easier for you depending on your own strengths and weaknesses. We’ve broken down our analysis into two major sections: content-related and format-related. ACT and SAT Content-Related Abilities: 6 Factors Before we get into specific content-related abilities, let's quickly go over the structures of the two tests. The SAT contains three sections: Reading Writing and Language (hereafter Writing) Math By contrast, the ACT contains four sections: English Math Reading Science Both tests also have an optional essay.Each section has a different format on the ACT than on the SAT, but only some of these differences really matter. Here are the most crucial factors to consider as well as our tips on what these might indicate about which test is easier for you. Factor 1: HowBroad Is Your Mathematical Knowledge? While the SAT and ACT both emphasize algebra questions in their math sections,the ACT's Math section typically tests a wider range of mathematical concepts- such aslogarithms, graphs of trig functions, and matrices- that the SAT doesn't cover. The ACT also has significantlymore questions dealing with geometry and trigonometrythan the SAT does.On the ACT's Math section, about a quarter to a third of the questions will be about geometry or trigonometry, while less than 10% of the SAT's math questions will focus on either of these topics. More SAT Math questions will focus on algebra, along with some other topics such as data analysis and modeling. In addition to testing a wider range of math topics,the ACT doesn't give you any math formulas at the beginning of the Math section, so you’ll need to have them all memorized. On the contrary, the SAT will give you most of the major math formulas you'll need for the test. Here are some key questions to ask yourself: Can I memorize all the formulas I'll need to know? Do I have strong geometry and trigonometry skills? Would I prefer to have primarilyalgebra-related questions? Bottom Line:If you’re more comfortable with algebra than you are with geometry and trigonometry, SAT Math will likely be easier for you than ACT Math will be. Factor 2: How Confident Are You Without a Calculator? Students are not allowed to have a calculator for part of the SAT Math section. The SAT Math section has two parts: a No Calculator part (20 questions) and a Calculator part (38 questions). By contrast, the ACT allows you to use a calculator for all math questions. Every question on the SAT No Calculator subsection is solvable by hand; however, these problems will sometimes require complicated calculations. If you aren't comfortable solving these questions without having a calculator to help you out, this part of the SAT might be challenging for you. Bottom Line:If you prefer always having access to a calculator on math problems, you might find ACT Math easier. Factor 3: Are You Comfortable With Scientific Terminology for ACT Science? Lots of people make a big deal out of the ACT Science section, but the truth is thatit's not actually about science. It doesn't test much knowledge of actual scientific facts, such as freezing points or solubility rules, but it does use a lot of scientific language. The Science sectionalso uses charts and graphs that will be familiar to students with strong science backgrounds. While the SAT incorporates some of these concepts into its three sections, you'll still be answering more questions like thison the ACT. The sample data below is typical of the ACT Science section: Source: Official ACT Practice Test 2005-06 You can answer questions about this information without knowing thatMg means magnesium, or that mol stands for the unit of measurement mole, or that˚C means degrees Celsius. That said, it's a lot faster and easier if you do know these things. And because your Science score factors into yourACT composite score, if you don't know Science well, the Science section can lower your overall score. Bottom Line:Comfort with scientific terms and experience gathering scientific data from charts and graphs will give you a greater advantage on the ACT. While you don't need experience in a lab, you should have some basic science knowledge for the ACT. Factor 4: Can You Remember the Location of Details in Reading Passages? An often-overlooked aspect concerning whether the SAT or ACT is easier for a student is the detail questions on the Reading sections of each test. In short, the SAT gives you more information to work with than the ACT does. Look at it like this: after you read about two pages of an academic book, do you tend to remember where the different pieces of information are located in that reading? Or do you need to go back over it to find specific details? Your answer to these questions canmake adifference between your SAT and ACT Reading scores. This is because one big, somewhat odd difference between the SAT and ACT is their treatment of details in their respective Reading sections. While both tests have questions about small, specific details from the readings,the SAT will usuallytell you what line they're referring to, whereas the ACT frequently does not. Here's a simple example from an ACT Reading section: This kind of question (we call it "fact-finding" at PrepScholar) isn't a challenge if you have the line numbers where the information is located. During the ACT, though, it can be difficult and time-consuming to skim a passageto figure out which specific parta question is referring to. On the SAT, most questions have a line number. Even if they don't, SAT Reading questions always proceed in chronological order. This means you'll have a general idea of where the key information is even if you're not given an exact line reference. If you can easily remember where information is located in a passage, these ACTquestions will be a piece of cake and give you extra time for the harder ones. If you don't, ACT Readingwill frustrate you and simply suck up your precious time. Bottom Line:The ability to remember the locations of details in reading passageswill give you a greater advantage on the ACT. Factor 5: How Easily Can You Cite Evidence for Your Answers? On Reading, the SAT has questions calledevidence-support questions, whichthe ACT doesn't have. These are two-part questions: thefirst question will ask you something general about the passage, whereasthe following question will ask you to cite the specific evidence that supports your answer to the previous question. Here's an exampleof one of these question pairs on the SAT: Source: Official SAT Practice Lesson Plans for Teachers by Teachers As you can see, these questions can be tricky because theyrequire higher-level thinking and strong reasoning skills. If you're stuck on the first question, you likely won't get the second one right either. Take the ACT, though, and you won't have to worry about Reading questions like these. Bottom Line:If you aren’t used to finding evidence to support your reasoning, SAT Reading might be more challenging for you than ACT Reading. Factor 6: Which Types of Writing Questions Do You Prefer? Both the SAT and the ACT Writing/English sections have passage-based questions, but the topics these questions focus on differ between the two tests. ACT English is slightly more focused on grammar, punctuation, and sentence structure. This sectionalso includes big picture questions thatask about the main idea of the passage, whereas SAT Writing doesn't include these types of questions. On the other hand,the SAT focuses more on questions about writing style. It also includes what are known as precision questions; these require you to select the most appropriate word or phrase. Because of precision and other similar questions, the SAT tends to test vocabulary a little more than the ACT does. Bottom Line:The Writing/English sections for both testsare highly similar. However, if you have a solid knowledge of grammar and sentence structure, youmight find ACT English easier, whereas if you prefer questions aboutwriting style and vocabulary,SAT Writing might be easier for you. Instead of flipping through a dictionary to learn vocab, why not check out our SAT vocab list? ACT and SAT Format-Related Abilities: 2 Factors For this section major section, we look at format-related abilities. Unlike content-related abilities, which deal with the content of the ACT and SAT, format-related abilities deal with the overall structures of the two tests and the testing requirements of your state. Below are the top two format-related factors to consider as well as our advice on whether the ACT or SAT might be easier for you. Factor 7: Are You Able to Avoid Getting Stuck on Challenging Questions? Especially in the Math sections of both tests and theSciencesection of the ACT, it's easy for many students to get wrapped up in trying to figure out a particularly challenging problem. This can turn into spending four or five minutes on a single question and missing other ones as a result. Why is this important? The ACT gives much less time per question. Here is a chart showing the time per question on both tests, for reference: Test Section Total Time # of Questions Time per Question ACT English 45 minutes 75 36 seconds Math 60 minutes 60 60 seconds Reading 35 minutes 40 53 seconds Science 35 minutes 40 53 seconds SAT Reading 65 minutes 52 75 seconds Writing 35 minutes 44 48 seconds Math No Calculator: 25 minutes Calculator: 55 minutes No Calculator: 20 Calculator: 38 No Calculator: 75 seconds Calculator: 86 seconds As you can see from this comparison chart, in all sections the ACT offers less time per question than the SAT does.While the ACT English and SAT Writing sections only differ by 12 seconds per question, the two tests' Reading sections differ by 22 seconds- that's almost half a minute more per question! With the Math sections, too, the ACT offers far less time per question. On the SAT Math Calculator subsection, you'll get about 86 seconds per question; however, you'll get 26 seconds less on each ACT Math question. Bottom Line:The ability to move on from difficult questions and work quickly will give you a greater advantage on the ACT. Factor 8: Do You Live in a State That Requires ACT or SAT Testing? This last factor is pretty cut and dried: if your state requires you to take one of the two tests, you'll likely find that test easier. The following 15 states use the ACT as part of their statewide testing regimen: Alabama Hawaii Kentucky Louisiana Mississippi Missouri Montana Nebraska Nevada North Carolina North Dakota (students must take ACT or WorkKeys) South Carolina Utah Wisconsin Wyoming And the following eight regions use the SATas part of their testing regimen: Colorado Connecticut Delaware District of Columbia Illinois Maine Michigan New Hampshire Having a required test can help you be more prepared for that exam. For example, if you live in a state that requires you to take the ACT, you'll likely receive significant in-school preparation for that exam, and yourteachers will be more familiar with how the ACT is formatted and what skills it tests. Even though you can still take the test your state doesn't require, you'll likely be less familiar with it and won't have had as much exposure to it as you did with the one required by your state. Bottom Line:Living in one of the states where the ACT or SAT is requiredwillgive you a slight advantage on that test.That said, if you’re committed toprepping seriously, you’ll get so much exposure to whichevertest you choose that this initial boost won’t make much of a difference in the end. What's your move: ACT or SAT? ACT vs SAT: How Do I Decide Which Test to Take? In this article, we’ve listed tons of important factors to help you figure out whether the ACT or SAT will be easier for you. But is there a quicker way to determine which test you should take? We recommend using the chart below to help organize your thoughts. For each question, answer yes or no (by marking it with an X or check mark) in accordance with your own personal strengths and weaknesses. Once finished, tally up your yes marks and give yourselfonepoint for each yes. For example, if you answered yes to the first question about trigonometry, you'd get one point. However, if you answered no, you'd earn zero points for that question. Question Yes No Are you good at applying trigonometry and geometry skills? Do you like being able to use a calculator on math questions? Are you good at memorizing lots of math formulas? Are you comfortable with scientific terms? Can you easily remember the locations of details in passages? Do you have strong grammar and punctuation skills? Can you work quickly and efficiently? Do you live in one of the mandatory ACT testing states? Are you OK with answering questions that arenot in chronological order? Is it difficult for you to find evidence in passages to support your answers? Do you struggle to answer questions about writing style? Do you often have trouble with vocabulary questions? Once you've tallied up your points, find your score below to learn what it means about which test will be easier for you: 1-4 points: The SAT's got your name on it! If you answered mostly "no" in the chart above, then you'll likely find the SAT easier than the ACT. With the SAT, you don't have to worry about as many geometry questions or a science section, and you'll get more time per question. 5-8 points: You can take the ACT or SAT If you answered "yes" and "no" an equal (or nearly equal) number of times, you can take either test. In other words,the SAT and ACT will be roughly the same difficulty based on the combination of strengths and weaknesses you noted above. 9-12 points: The ACT's the one for you! If you answered mostly "yes," then the ACT will be the easier test for you. With the ACT, you'll get to flex your science and trig muscles. You'll also get to focus more on grammar and punctuation knowledge and less on vocab and writing style. What's the Best Way to Figure Out Whether to Take the ACT or SAT? The above factors we covered are just general principles to guide your thinking. In the end, the best gauge of which test fits you better is to take a full-length practice test of each test and compare your scores on them.You can access all officialSAT practice tests and ACT practice testsfor free on our blog. We’ve also written guides on how to figure out what your target SAT score and target ACT score should be. Knowing this can help you determine how far you'll have to improve on each test. If your practice test score for one test is higher than it is for the other in relation to your target score, you'll likely have a better shot at getting into your target colleges using that test! What's Next? If you're aiming for a top ACT or SAT score, check out our guides togettinga perfect SAT scoreand a perfect ACT score. Both were written by our resident full scorer! Not sure when to take the ACT or SAT? Figure out the best test dates to take the SAT or ACT, and learn how to create an ACT/SAT study schedule for yourself. Whether you decide to take the SAT or ACT,youhaveto know what your target score is. Figure this out using ourSAT target score guideandACT target score guide. Want to improve your SAT score by 160 points or your ACT score by 4 points? Check out our best-in-class online SAT and ACT prep classes. We guarantee your money back if you don't improve your SAT score by 160+ points or your ACT score by 4+ points. Our classes are entirely online, and they're taught by experts. If you liked this article, you'll love our classes. Along with expert-led classes, you'll get personalized homework with thousands of practice problems organized by individual skills so you learn most effectively. We'll also give you a step-by-step, custom program to follow so you'll never be confused about what to study next. Try it risk-free today: