Organisational Theory - Free Essay Example

Sample details Pages: 6 Words: 1722 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Compare and contrast essay Did you like this example? ORGANIZATION THEORY Introduction There are several myths in the business world such as saying the client is always right. As much as their opinion must be considered businesses should learn their boundaries and press for fair deals. The Myth exists to safeguard the customers. Don’t waste time! Our writers will create an original "Organisational Theory" essay for you Create order Another myth is that cheaper is expensive while in reality clients check several more factors like customer care, and after sales support. The business world has other issues such as how great ideas translate to great businesses when in real sense a tenable business plan is needed to keep the business above the water. Another misconception is that friends are the best business partners because of trust. It is also said that customers will come to the business when in true sense one needs to get out and inform the relevant people of the company and why it is the best. Others believe running oneà ¢Ã¢â€š ¬Ã¢â€ž ¢s own. This is a long way from reality as in the early stages owners frequently put in a lot of time and resources to get the business. The Profits are the business ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢s salary. Wrong. Though it may earn one more then the staff, it doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t mean one gets all the profits because some are reinvested and others paid out to shareholders. MB As are failing entrepreneurs. The reason for this being the skills that are required in building successful businesses are primarily different from those taught in the business schools. As much as best practices increase success chances, it is still partly art and part luck. So there is no one fool-proof formula that could be taught but the most crucial the most crucial aspects factors include luck, diligence, willpower, brute force and testing. What one gets from an MBA is just a toolbox of general management skills such as marketing, finance and operations on the high level. Aside from that, one gets to network with like-minded people. A lot of debate revolves around MBA focusing on potential earning power for the graduates. Recent statistics indicate it is decreasing (James, 2014). https://weblogs.sqlteam.com/markc/articles/4280.aspx MBA Myth Being an MBA means having a graduate-level degree that encompasses hard skills like Finance, accounting, marketing, operations, ma cro economics, human resource management, MIS and management. It also means having additional soft skills like leadership, teamwork, communication and firm work ethics. Though the co-topics are similar, the length, time, cost and admissions requirements differ. The Full-Time MBA takes two academic years of mostly full-time class work with having it during the day. Part-Time MBA is designed for working professionals where classes take place in the evenings and weekends taking three years or more to finish, depending on the student workload. The Accelerated MBA is for students who prefer to obtain the degree as soon as possible, often completed in a year or a little more. It requires that students have some business courses already as it can be somewhat a heavy course load. The other is the Executive MBA frequently intended for people with 10 years work in the business world. The last, Dual MBA, allows students to merge MBA with another degree, like an MSc in something or a Master of Public Health. It is mostly offered in 5-years when combined with a bachelors degree. One can achieve this standing by been admitted to and completing the MBA program that includes course work and a project/thesis. The cost is relative, some cases being four times as much as an average yearly salary in Canada. The tuition costs ranges between $5000 -$90,000 depending on the school and MBA program. Luckily, financial aid is available. https://www.huffingtonpost.com/ming-chen/5-myths-mbas_b_1069471.html Supporting information Some jobs need a minimum of a bachelors degree while various higher-level management jobs need MBAs. With experience, an average MBA earns far more than the BBA peers. There is a also a substantial difference for job opportunity. In a 2011 placement data by the School of Business, University of Texas McCombs showed that a BBA graduate was earning an average salary of around $54,151 while the typical salaries for its 2012 MBA graduates were alittle more than $107,000 so MBA graduates earn more than BBA holders considering factors such as experience level, prestige school, networking ability, area one lives in, the employer, MBA type and undergraduate field degree however narrowing the gap. On employers thoughts on if it matters to them for organizational success and if it is something they look for on resumes. Most of them usually call recruiting agencies to help identify people in upper and middle management ranks. When recruiting, most employers look first for employment experience, achievements and management style. For industries such as supply chain and manufacturing, an MBA with an engineering degree is favored sometimes for management roles over any technical field masters degrees holders while in information Technology, RD and engineering, the technical masters or doctorate degrees are highly preferred. Some companies just see an MBA degree as a trophy and not necessarily a key to organizational success, while others have precise beliefs of its value to selected departments finance, accounts, operations and management. In comparison to Canada, other countries in Asia, Africa, Latin America, Europe and the Middle East frequently regard an MBA holder as someone with a business outlook that is more modern or sometimes world-class business outlook. In countries where ancient/ hierarchical management styles have dominated countries, an MBA graduate is considered valuable not simply as a special window on a different way of doing business, but also of great value for top employers. https://www.atlanticresearch.com/media/businesstimes-singapore.htm The Bigger Picture One of the most vital skills that students learn is how to manage people. For students who seek an MBA, it teaches crucial ways to lead more effectively. It helps one function at executive level further opening doors. A bachelorà ¢Ã¢â€š ¬Ã¢â€ž ¢s degree has lately become the custom for many people and is a standard requirement for most entry level positions. But, it doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t stand out as boldly as before. The MBAs shine; not only setting them apart but indicating a certain commitment and enthusiasm level which is quite attractive to some potential employers. The future holds great career advancement and a chance to secure upper ranks or ability to be successfully self-employed. The coursework and classes provide foundational knowledge of almost every aspect of business. Conventionally, MBA specialization was limited to finance, HR, marketing and management. This however has changed with programs (especially in Canada) having begun to offer more specialized options. GMAC statistics demonstrate the return on investment for MBA to be seen after four years. The continuing demand and significant remuneration confirms its gold standard in graduate management education. BBA Vs MBA Though they are both taught in Business schools, the MBA (master of business administration) and BBA (bachelor of business administration) degrees are distinct levels of education where BBA is a four-year undergraduate and an MBA a minimum one year advanced degree earned upon after completion of a bachelors degree. Coursework for BBAs includes basic lectures with students listening to professors share knowledge in an MBA, professors provide facilitating and mentorship. Some firms (top-tier consulting companies require an MBA for certain positions and also for promotion. Several people take advantage of exclusive MBA opportunities to teach colleges and universities. With experience, MBA grads earn more than their BBA peers. Due to the recessions effect on employmen t, numerous employers have to pick hence some get choosy in their hiring and graduate degrees may give that extra edge. MBA is a myth because they are in most top positions and the majority whether via business or enterprises want to change the world. MBAs not only think outside the box, but they redefining it. This is why the society has come up with all types of myths such as MBAs are greedier for being in top positions, they cant think outside four quadrants for leaning more on redefining the box, are also often called Masters of Bull for having the skill of packaging themselves and their products so they look good. Credibility is the value of being believable and worthy of trust. Establishing true credibility takes a lot of time; years of hard work together and consistent performance. MBAs help largely right from what the institutions require of the students. Same types of behavior lead to success later in the professional industry. Earning a brand-name degree does require ex cellence while correcting MBA myths require same top level performance even after graduation. Though the reputation of oneà ¢Ã¢â€š ¬Ã¢â€ž ¢s school can be an asset, individual performance throughout professional lives creates true Credibility. MBA graduates earn more than BBA holders. Other factors such as experience level, prestige school, networking ability, area one lives in, the employer, MBA type and undergraduate field degree however narrow the gap. MBA graduates Salaries in 2011 were higher than in 2010 based on responses from 6,877 people, of which 824 graduated in the 2010. The mean starting salary for 2010 survey was $78,820 and $94,542 for the entire respondents. The starting salary of 12% respondents exceeded their expectations while 58% stated that job offers did meet their salary expectations. BBA graduates mean starting salary was $38,949 but with 20 years of experience they get around about $76,218 per annum. In finance, management information systems industry and marketing, the entry-level salaries for BBA-holders workers are $48,500 around $51,900 and $41,500 in that order. The BBA holders mid-career pay for those same positions are around $8,000 higher than starting salaries of the 2010, MBA employees and $8,000 lower than starting salaries of the entire MBA survey respondents. The survey further showed that greatest demand for MBA holders is in industries such as finance/accounting, technology, consulting and healthcare/pharmaceutical. The GMAC survey of 2011 includes responses from about 1,509 employers that represent 901 companies in the US and 50 foreign countries. https://www.hbs.edu/recruiting/mba/data-and-statistics/employment-statistics.html References Atlanticresearch.com,. (2014). How Important is the MBA in Getting Top Management Jobs?. Retrieved 17 October 2014, from https://www.atlanticresearch.com/media/businesstimes-singapore.htm Caldwell, A. (2014). Top 15 Myths About Business. Weblogs.sqlteam.com. Retrieve d 17 October 2014, from https://weblogs.sqlteam.com/markc/articles/4280.aspx Chen, M. (2011). 5 Myths About MBAs. The Huffington Post. Retrieved 17 October 2014, from https://www.huffingtonpost.com/ming-chen/5-myths-mbas_b_1069471.html Hbs.edu,. (2014). Employment Statistics Data Statistics MBA Recruiting Harvard Business School. Retrieved 17 October 2014, from https://www.hbs.edu/recruiting/mba/data-and-statistics/employment-statistics.html

The Wars By Timothy Findley - 850 Words

According to Brandon Mull, the New York Times bestselling author of the Beyonoders series, â€Å"†¦heroism means doing the right thing regardless of the consequence† (Mull 39). In The Wars by Timothy Findley, the protagonist, Robert Ross, displays key characteristics of heroism throughout his struggle to maintain his morality. In the novel, Robert displays an admiration for the sanctity of life, a desire to achieve the greatest good, and a virtuous moral conscience which all contribute to him achieving heroism in the face of adversity. Throughout the novel, Robert displays his admiration for the sanctity of life of all sorts, whether human or animal. Robert shared a loving relationship with his sister Rowena, whom he cared deeply about. Early in the novel, we learn that Rowena â€Å"was the first human being [Robert] remembered seeing† (Findley 14) and that their relationship escalated through the years to the point where Robert â€Å"became her guardian† (14) due to the fact that she was immobilized by her hydrocehpelia. We see through Robert’s character that he has a heavy heart for his sister. Rowena’s sudden death early in the novel affects Robert’s mindset as he grieves for her as he continues on his life journey. In addition to human life, Robert shares an admiration for the sanctity of animal life as well. Most notably, are Rowena’s rabbits, which are set to be euthanized after her death which Robert objects to. 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What is interestingRead MoreCritical analysis on The Wars by Timothy Findley.1710 Words   |  7 PagesThe Wars, written by Timothy Findley, is a story about World War I, and consists of many shocking images passed over to the reader. Findley accomplishes to pull the reader into the narrative itself, so that the reader manages to feel an impact upon him/her-self about what is read. If it was not for this specific skill, or can also be seen as a specific genre, the novel would not have been as successful as it is now. Also, something that helps the book be so triumphant, there is the fact that FindleyRead MoreReview Of Timothy Findley s The Wars 2531 Words   |  11 PagesThe Wars ENG4U Jose Soares My reading and note taking has allowed me to understand the book from a multitude of different contexts. I understand the book more so through the themes, each theme examines a different view of the book and when analyzed to an in-depth extent The Wars is no longer a novel, but a story about the history of World War I. The note taking has allowed me to develop my thesis, in which I will use the themes of animals, four elements of life and importance of life as the premiseRead MoreLoyalty And Betrayal : Timothy Findley s The Wars2158 Words   |  9 Pagescontrast, everything becomes one-dimensional and bland. In a traumatic experience, such as during a war, the very nature of it creates and amplifies these contrasts within the human spirit. Timothy Findley’s The Wars is an excellent example of how contrast is created. Some examples of these contrasts are kindness and cruelty, courage and cowardice, but the most important contrast created by Findley in the novel is the one be tween loyalty and betrayal. In our society today, loyalty is a trait that

Economic Immigration Free Essays

Chavez Department of Chicana and Chicano Studies at the University of California, Los Angeles. He has a Ph. D. We will write a custom essay sample on Economic Immigration or any similar topic only for you Order Now n political science from the University of Chicago. The thesis statement or main argument of this article is the following, â€Å"Comprehensive immigration reform that legalizes currently unauthorized immigrants and creates flexible legal limits on future immigration in the context of full labor rights would help American workers and the U. S economy. † Clearly the main goal of this Dr. OJeda writing this paper is shed light on the many economic benefits for the United States if a comprehensive immigration reformation law was passed. Some of the evidence used by the author to validate the his thesis is for xample this excerpt from the article, â€Å"The historical experience of legalization under the 1986 Immigration Reform and Control Act indicates that comprehensive immigration reform would raise wages, increase consumption, create Jobs and generate additional tax revenue. Even though the Immigration Reform and Control Act was implemented during a period that included a recession and high unemployment (1990-1991), it still helped raise wages and spurred increases in educational, home, and small business investments by newly legalized immigrants. Taking the experience of the Immigration Reform and Control Act as a starting point, e estimate that comprehensive immigration reform would yield at least $1. 5 trillion in added U. S gross domestic product (GDP) over 10 years. † (Ojeda, 2012, 176) I am an immigrant from Mexico myself and I know the struggle that goes on each and every day in the lives of illegal immigrants. I moved here when I was 4 years old and have been raised in a Mexican-American culture. I love this country and consider myself an American, this country has provided for me the path to live out my dreams and be whatever I choose to be in life, and for that I will always be grateful. Just last ear thanks to the Deferred Action law that was put into effect, more than 700,000 undocumented students qualified for a 2 year work/study permit, a chance to get a driver’s license and to finally have legal standing and documentation in this country. The effect it will have on the future of the United States is a positive one and will benefit the growth of the country in many sectors greatly. I strongly believe this article is crucial to the United States we live in today and to the future of the United States. It exposes a lot of myths and calms a lot of worries concerning whether or not comprehensive immigration reform would help the country at all. How to cite Economic Immigration, Papers

Communication and Information Management

Question: Discuss about theCommunication and Information Management. Answer: Introduction The memorandum that will cause retrenchment of workers due to shortages that the company is experiencing is as follows. Dear programmers I would have wished to continue working with you but the current conditions and the uncertainty of the software development department has been compromised. There will be no more working as starting from tomorrow because the company is undergoing through financials constraints. The resources available are only enough to maintain the managers like me in the head of software operations. I will inform you later in case there is vacancies for the former team members, yours sincerely, Felix software engineer at Tablet Company. The core objective of initiating polite communication because the budget cannot accommodate the employees is to inform or to persuade a person to leave the job without hurting the feelings and emotions. I would make a written statement warning the employees of their intended removal from the company prior the due date of being fire d. The Chicago branch is located in the central business district where the office is located of the city. At view park Hotel in Chicago make a right run after crossing the roundabout to branch towards the Monrovia street. Turn on your left and I assure you Dr. Daniel that you will see a billboard that advertises the venue of seminar. Communication is the process of interpreting the information and the meaning among the people working in n environment. This process is conducted with the help of symbols and signs hence the gestures are also utilized in an efficient way. The memorandum that will cause retrenchment of workers die to shortages that the company is experiencing is as follows. Dear programmers I would have wished to continue working with you but the current conditions and the uncertainty of the software development department has been compromised. There will be no more working as starting from tomorrow because the company is undergoing through financials constraints. The resources available are only enough to maintain the managers like me in the head of software operations. I will inform you later in case there is vacancies for the former team members Yours sincerely, Felix software engineer at Tablet Company. The core objective of initiating polite communication because the budget cannot accommodate the employees is to inform or to persuade a person to leave the job without hurting the feelings and emotions. I would make a written statement warning the employees of their intended removal. The company prior the due date of being fired.do ascertain activity or to engage in business where it is seemed that the individual be convinced by the message Development of group morale is very important aspect in the organization and this is only facilities by providing sufficient information that will be adopted by planners and in strategic management of the group. The email has been criticed because it has some content that are not informative in a way that they stars the conversation by, Sorry to bother you. This is unsuitable method of initiating conversation over the email because the person being addressed is aware of the fact athat the job is to be undertaken. The alternatves that could be used are such as: Dear sir this is to inform you pertaining to the job you have been assigned that there are specific requiremensts and amendments needed, Kindly submit the solution and the work on time. The alternative of pharaisng the email in formal way such as revision of work undertaked is more appliocable. The email conversaiton criticims is untimely because most ogf the workers do not check their inbox texts. This issue could be sloved by using the telephone converstion to replace the email that only result to junk in the client device. Social media has been detriment al and a big problem in organisations,the wide usage of he platform is altering the communicaiton between organisations given that people re always glued on theeri devices . The non verbal communicaiotn is the reason why people in the working environment have become reluctant ato tair their grievances and talk with communities and individula. Thomas said that Opinions and ideas relayed by use of social media platform by teenagers (Richard, 1999, p.455) The sender of the message in business is the manager or the higher hierarchy person who issues instruction s to the receiver the junior staff. The subordinates can be the recipient of the information which may be instructions or order delivery. Alex said that corporate governance and strategic management among the entities in management field where everyone knows what their coworkers have on their plate (Erick, 2007, p.3345). Communicating and sharing the same goals in case where the company works to develop strong bonds with each other. The unity is enhanced and visions of the entity spread to each and every one by keeping in touch with the customer base. The channels and media used in this process may be blogging for one to connect with the customers and reaching them in their geographical location. The message is supposed to be concise and straight t the point for quick response and feedback to be obtained. Feedback is where the open environment facilitates talking comfortably with each other by expressing the ideas through many directions. The feedback is important to the employees in regarding to how the company instituted policies and procedures are working. When the customers feel that they are listened to and attention is paid to them the reputation of the business will grow and generation of more profit. The informal communicaiton is usein grapevines where peoole interact with the formal system to accommodate their social and phyycological needs. Richard argues that elevating the attitudes of employers in the companies by human resources management (Sarah, 1999, p.677). The factors that hinder communication include the deversity in skills which affect the todayss environmenrt and this greatly affects oness success. The barriers to intercultural communicaion include the stereotyps etnocentrism , personal spce requirement and the interpretaiton of time. There is need to improve the employees relationship by learning how to read the body language to better enhance undersanding what those around you are portraying or saying even when they are silent. Cooperation will show itelsef in increased areas where productivityis experienced throughout the company. Gilbert said that Communication process in the organization dealing with training and induction of employees (Thomas, 2001, p.234) Global intelligence is required to enhance success by encompassing the intellectual capacityof indivisuals in theperspective of knowledge, motivaiton, and adaptability of the behavious. The aspect of telecommuting reduces the time spent bofore communicaiotn reaches the raret and thus increading eh work flexibility Works Cited Gilbert, K. (2001). Communication process in the organization dealing with training and induction of employees, New York: Herman press. Thomas, H. (2003). Opinions and ideas relayed by use of social media platform by teenagers. Sydney: Austria press. Richard, J. (1999). Elevating the attitudes of employers in the companies by human resource management . Journal of efficient transformation in the organizations. 34. 233-454. Alex, C. (2007). Corporate governance and strategic management among the entities in management field, Hungary: Austria press. Source: The MetLife Survey of the American Teacher (2011, May)

Heirloom Essay Example

Heirloom Essay Heirloom Solutions Seed Catalog Summary: Heirloom Solutions is a company dedicated to provide the World with seeds that have not been tampered with and of Gods original creation. They are a company that takes its responsibility of protecting the seeds from changing in the structural design that God created the seeds in. Beyond their main focus to keep the seeds pure, is to also combat large and powerful companies from taking complete control and ultimately making pure seeds extinct by the use of hybrid or genetically modified seeds. Analysis: My analysis of Heirloom Solutions is a company that is not only protecting Gods reaction but is also looking out for the well-being of mankind by providing a product that is healthier and will keep producing results for the customer. I find it intriguing how this company has been able to prevent the interference of seed manipulation and have been able to fight the larger companies from buying them out or blocking them to where their profits are too low to maintain operations. We will write a custom essay sample on Heirloom specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Heirloom specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Heirloom specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Heirloom Solutions has not only found a niche but has been able to find a way to give back to society by providing unaltered seeds for food production. Their not only preserving Gods reaction but are also helping people to lower grocery bills, provide better food, and are providing education for those that wish to become a do-it-yourself gardener. The way the seeds are packaged allow for them to be stored for later use and since these seeds are not genetically modified, the food will produce seeds which means you no longer have to buy more. This article has made me reevaluate the food that is provided to my family and has opened my eyes to gardening. My wife and I will attempt to build a garden of our own next year and we plan to use Heirloom Solutions to provide us with the seeds to accomplish our goals.

Give a concise description of how AZN is financed, with reference to the different sources of capital and gearing levels Essay Example

Give a concise description of how AZN is financed, with reference to the different sources of capital and gearing levels Essay Example Give a concise description of how AZN is financed, with reference to the different sources of capital and gearing levels Essay Give a concise description of how AZN is financed, with reference to the different sources of capital and gearing levels Essay Analysis of AstraZenecas (AZN) 2001 annual report1 reveals that the company is financed by all the traditional methods. The sources of finance which are employed to fund AZN operations comprise of; ; Creditors due within one year (short-term). ; Creditors due after more than one year (long-term). ; Capital and reserves (Capital and Reserves). : A detailed break down of the sources of finance employed are detailed below in Table 1 AstraZenecas Sources of Finance. and Diagram 1 Ratio Analysis of AstraZenecas Financing. à ¯Ã‚ ¿Ã‚ ½m à ¯Ã‚ ¿Ã‚ ½m à ¯Ã‚ ¿Ã‚ ½m % % Sources of Finance 2001 2000 Variance Variance Total Financing Creditors due within one year Short term borrowings 150.7 88.7 62.0 41.1% 1.3% Current instalments of loans 75.4 62.0 13.4 17.8% 0.6% Other creditors 4,337.3 4,706.3 -369.0 -8.5% 36.0% 4,563.4 4,857.0 -293.7 -6.4% 37.9% Creditors due after more than one year Loans 447.2 444.4 2.8 0.6% 3.7% Other creditors 107.0 208.5 -101.4 -94.7% 0.9% 554.2 652.8 -98.6 -17.8% 4.6% Capital and reserves Called-up share capital 307.0 311.3 -4.2 -1.4% 2.6% Share premium account 235.2 165.5 69.7 29.6% 2.0% Capital redemption reserve 6.3 2.1 4.2 66.7% 0.1% Merger reserve 304.9 304.9 0.0 0.0% 2.5% Other reserves 1,035.2 1,021.8 13.4 1.3% 8.6% Profit and loss account 5,002.8 4,899.3 103.5 2.1% 41.6% Shareholders funds equity interests 6,891.5 6,704.9 186.6 2.7% 57.3% Minority equity interests 25.4 14.8 10.6 41.7% 0.2% Shareholders funds and minority interests 6,916.9 6,719.7 197.2 2.9% 57.5% Total Financing of AZN 12,034.5 12,229.6 -195.1 -1.6% 100.0% Table 1: AstraZenecas Sources of Finance Diagram 1: Ratio Analysis of AstraZenecas Financing Creditors due within one year. Creditors due within one year are individuals or companies to whom AZN owes sums of money to within one year. For AZN these include goods and services2, taxes and short-term loans (includes bank overdraft). Further analysis3 shows that AZN have à ¯Ã‚ ¿Ã‚ ½150.7m of short-term borrowings from the bank, the break down is shown in Table 2. à ¯Ã‚ ¿Ã‚ ½m à ¯Ã‚ ¿Ã‚ ½m à ¯Ã‚ ¿Ã‚ ½m % Short term borrowings 2001 2000 Variance Variance Bank borrowings Fixed securities 15.5 14.8 3.7 4.5 Secured by floating charge 5.6 7.7 -2.1 -37.5 Unsecured 128.9 64.1 64.8 50.3 Total 150.0 86.6 63.4 42.3 Other borrowings (unsecured) 0.7 2.1 -1.4 -200.0 Total 150.7 88.7 62.0 41.1 Table 2: Detail of Short-term borrowing. Examination of Table 1 and Table 2 shows that short term borrowing makes up 3.3% of all creditors due within one year. Current instalments of loans make up 1.7% and other creditors 95% of creditors due within one year. In relation to the overall financing of AZN creditors due within one year made up 37.9% of total financing. Creditors due after more than one year (long-term). Loans and other creditors make up AZN due after more than one year. Loans make up 80.7%, whereas, other creditors make up 19.3% of creditors due after more than one year. Table 1 shows that creditors due after more than one year accounts for only 4.6% AZNs total financing. Shareholders Funds The scrutiny of Table 1 makes obvious that AZN is financed 57.3 % by Shareholders funds. The relationship between ordinary shares to other forms of long term financing can be extremely important. It is advisable to establish the ratio/percentage for this relationship as will show the level of debt that is currently financing the AZN, see table 3. Table 3: Relationship between ordinary shares to other forms of long-term finance. It can be suggested that AZN is a low-geared company; this assumption is based on the 6.1% outcome of the gearing ratio equation, table 3. The ratio of 6.1% reveals that AZN are financed by 6.1% debt and long term finance. The low gearing ratio means that AZN have a higher dependence on equity finance. A low rate of debt means that at bad times AZN will still have enough left over for ordinary shareholders after payment of interest on debt items. Another way of analysing debt would be to establish the interest cover of interest4 to be paid by AZN on their loans. The interest cover equation would show how many times AZN would be able to cover the interest to be paid with AZN profit before interest and tax5. Table 4: AstraZenecas Interest cover. The interest cover equation reveals that AZN are very comfortable, as they are able to cover interest payable 47.3 times. b) Has the companys financial structure changed significantly during the year. AZN have done well to reduce their long-term creditors from à ¯Ã‚ ¿Ã‚ ½208.5m in 2000 to à ¯Ã‚ ¿Ã‚ ½107m in 2001, this is a 94.7% reduction of AZN creditors. Additionally, AZN have reduced short-term creditors by 8.5% from à ¯Ã‚ ¿Ã‚ ½4,706.3m in 2000 to à ¯Ã‚ ¿Ã‚ ½7,337.3 in 2001. However, with further analysis of AZN balance sheet6 unveils that the reduction in short-term and long-term creditors may have been to some extent financed by current assets and an increase in long-term loans. The balance sheet shows that AZNs current assets have reduced by à ¯Ã‚ ¿Ã‚ ½466.2m from 2000 to 2001. The 6.7% reduction in current assets is due to a 10.0% decrease in short term investments from 2000 to 2001 and a 4.8% reduction in cash from à ¯Ã‚ ¿Ã‚ ½719m in 2000 to à ¯Ã‚ ¿Ã‚ ½496.5m in 2001. In addition, there has been a 0.6% increase in the value of long-term loans AZN have, from à ¯Ã‚ ¿Ã‚ ½444.4m in 2000 to à ¯Ã‚ ¿Ã‚ ½447.2m in 2001, this may have been used to fund the payment of long term creditors. However, the release of cash and short-term investments and the increase in the long-term loans may have been a consequence of a 2.6% increase in fixed assets and a 12.4% increase in stock. AZN in 2001 increased tangible fixed assets by 8.4% to à ¯Ã‚ ¿Ã‚ ½3,809.2m and increased fixed asset investment by 52.2% to à ¯Ã‚ ¿Ã‚ ½16.2m, this accounts for the 2.6% increase in fixed assets. The 12.4% increase in stock from à ¯Ã‚ ¿Ã‚ ½1,482.4m in 2000 to à ¯Ã‚ ¿Ã‚ ½1,691.5 in 2001 is a result of AZN purchasing 31.8% more raw materials and consumables in 2001 and the 10.4% increase of finished goods and goods for resale. Table 5 reinforces that AZN have a higher level of stock in the warehouse in 2001 in comparison to 2000 because the acid test ratio reduced by 6.1% in 2001 from 2000. In addition, AZN have repurchased à ¯Ã‚ ¿Ã‚ ½756.3m shares in 2001 which is mostly likely done because AZN had a high level of cash they wished to dispose of. However, the one weakness of AZN in 2001 is that debtors have decreased by 9.2%, hence, this illustrates that working capital in 2001 is weak in comparison to 2000. The decrease of debtors from à ¯Ã‚ ¿Ã‚ ½2,7887 in 2000 to à ¯Ã‚ ¿Ã‚ ½2,554.9 in 2001 indicates that customers of AZN are taking more time to pay their debts. In addition, AZN are paying creditors (short and long term) 9.6% quicker in 2001 in comparison to 2000. Liquidity ratios would be able to show how effectively AZN are able to pay its creditors, expenses, loans falling due etc. at the correct times. Failure to ensure the payments are covered effectively could mean AZN would have to close down. The current7 and acid test8 ratios will illustrate how liquid9 AZN is in Table 5. 2001 2000 Variance Variance % Current Ratio 1.52 1.52 0.00 0% Acid Test Ratio 1.15 1.27 -0.07 -6.1% Table 5: AstraZenecas liquidity comparison from 2000 to 2001 The rule of thumb for the current ratio is that the figure should always be above 1, otherwise the company does not have enough assets to meets its liabilities, therefore, insolvent. Table 5 shows that AZN has a desirable current ratio, it shows that AZN is able to cover its liabilities 1.52 times with its current assets. The current ratio has remained consistent between 2000 to 2001. However, the current ratio also includes AZNs stock and this could distort the ratio. The acid test ratio takes into account. Table 5 shows that there was a 6.1% decrease in the acid test ratio from 2000 to 2001. This indicates AZN in 2001 have more stock that is piling up in the warehouse. In relation to Table 3 AZNs gearing level in 2001 was 6.1% compared to 6.2% the previous year, see Table 6. Table 6: Relationship between ordinary shares to other forms of long-term finance. The reason why AZNs gearing level has decreased by 0.1% in 2001 is due to the revaluation of reserves which accounted for a negative à ¯Ã‚ ¿Ã‚ ½348.6m. c) Do you consider the level of financial gearing to be appropriate for a company of this type? AZNs level of financial gearing stands at 6.1, this is considerably low in comparison to the industry sector average10, which stands at 38.65. A comparison of gearing levels of AZN to other companies in the pharmaceutical industry is shown in Table 7, Company 2001 Gearing British Biotec 2.96 Johnson Johnson 3.16 Pfizer Inc 3.87 Celltech Group PLC 5.43 Astra Zeneca PLC 6.49 Merck Co., Inc. 9.84 Shire Pharmaceutical 10.54 Drew Scientific Group PLC 13.89 Eli Lilly and Company 15.10 Industry 38.65 Table 7: Industry Gearing level analysis. The level of gearing is at an inappropriate level taking into consideration the nature of the pharmaceutical industry whereby large sums of finance are required to undertake business activities, however, AZN like other pharmaceuticals are money rich companies, hence, requiring less external borrowing. It can be assumed that AZN is a money rich company because in 2001 AZN repurchased à ¯Ã‚ ¿Ã‚ ½756.3m shares, which suggests that AZN has a high level of cash that they wished to dispose of. As it has been suggested that AZN have and inappropriate gearing level according to the industry average, but, when the gearing of AZN is compared to the other companies in table 7, the level of gearing is seen as being appropriate. The average gearing of companies in table 7 is 7.92, hence, AZN is 22% below the average, however, it can be suggested the level of gearing is seen as being appropriate in comparison to the average of table 7 and because it is able to cover interest payable 47.3 times. Diagram 2: Industry Gearing Level comparison. 2. a) By reference to the companys five-year record describe the companys earning per share history. Earnings per share (EPS)11 is frequently used to view performance. It indicates how much of AZNs profits can be attributable to each ordinary share. EPS can be seen as a better comparison of performance rather than profit. This is because acquisition or the issue of new shares does not effect EPS, hence, providing a more true reflection of AZNs performance. AZNs EPS12 for the last five years 13can be seen in Table 4 and in Diagram 2. à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ 2001 2000 1999 1998 1997 EPS à ¯Ã‚ ¿Ã‚ ½ 1.25 1.24 1.08 1.01 1.02 Variance à ¯Ã‚ ¿Ã‚ ½m 0.01 0.15 0.07 -0.01 0 Variance % 0.6% 12.5% 6.5% -0.7% 0 Table 8: AstraZenecas Five-year earning per share history. The five-year EPS history of AZN as shown in Table 6 shows that EPS took a à ¯Ã‚ ¿Ã‚ ½0.01 loss from 1997 to 1998 to à ¯Ã‚ ¿Ã‚ ½1.01 from à ¯Ã‚ ¿Ã‚ ½1.02. Nevertheless, since 1998 AZN has seen an in crease in EPS in each year from 1998. The biggest increase in EPS was in 2000 when EPS increased à ¯Ã‚ ¿Ã‚ ½0.15 (12.5% on 1999 EPS) from à ¯Ã‚ ¿Ã‚ ½1.08 in 1999 to à ¯Ã‚ ¿Ã‚ ½1.24. Finally, there was a slight increase in EPS on 2000 in 2001, AZN EPS saw an increase of à ¯Ã‚ ¿Ã‚ ½0.01, taking EPS to à ¯Ã‚ ¿Ã‚ ½1.25 in 2001. According to Merrill Lynch, Morning Meetings Notes 4th February 2002, state that AZN is estimating EPS midway between à ¯Ã‚ ¿Ã‚ ½1.06 to à ¯Ã‚ ¿Ã‚ ½1.17 range for 2002 and Merrill and Lynch14 estimate à ¯Ã‚ ¿Ã‚ ½1.11 EPS for AZN in 2002. Diagram 3: AstraZenecas earning per share year on year comparison. The EPS of AZN are compared to other companies in the same industry in the table below. EPS à ¯Ã‚ ¿Ã‚ ½ 2001 à ¯Ã‚ ¿Ã‚ ½ 2000 GlaxoSmithKline 0.72 0.69 Drew Scientific -0.06 -0.04 United Drug PLC 0.41 0.34 Table 9: Pharmaceutical industry EPS comparison. Table 9 shows that AZN have overall a better EPS in comparison to other companies in the same industry. AZNs EPS in comparison to GlaxoSmithKline is 42.4% higher in 2001 and 44.0% higher in 2000. b) Similarly, review the companys five-year dividend policy. A shareholder in AZN obtains their reward in the form of a share of the profits, known as a dividend. A five-year record of AZN dividend payment to shareholders can be examined in Table 4 AstraZenecas Five-year dividend history. à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ 2001 2000 1999 1998 1997 Dividends à ¯Ã‚ ¿Ã‚ ½ 0.49 0.49 0.49 0.55* 0.51* Variance à ¯Ã‚ ¿Ã‚ ½m 0.00 0.00 0.06 0.04 0 Variance % 0.0% 0.0% -11.6% 7.3% 0.0% Table 10: AstraZenecas Five-year dividend history15. It would be unfair to compare the dividend payments for the years 1997 and 1998 as Astra AB and Zeneca Group PLC merged to form AZN and as a result would give a distorted picture of AZNs dividend payments per ordinary share, as shown in table 10 and diagram 4. Table 10 shows that AZN from 1999 to 2001 have kept dividend payments at à ¯Ã‚ ¿Ã‚ ½0.49 per ordinary share. The possible explanation why AZN may have kept their dividend consistent is because if the payments were increased in one year, investors would expect an increase in dividends every year. Diagram 4: AstraZenecas dividend year on year comparison. Dividend cover compares the amount of profit earned per ordinary share with the amount of dividend earned, hence, illustrating the proportion of profits that could have been distributed to what was distributed. Table 11 shows a three-year dividend cover comparison. 2001 2000 1999 Dividend Cover 2.4 2.1 0.9 Variance 0.3 1.2 0 Variance % 12.5% 57.1% 0 Table 11: AstraZenecas three-year Dividend cover year on year comparison. The dividend cover of AZN shows that there has been an increase from 1999 to 2001. The dividend cover increased 57.1% from 0.9 times in 1999 to 2.1 times 2000. Once again, there was a 12.5% increase on 2000 figures in 2001 taking the dividend cover to 2.4 times. Investment analysts regard a high dividend over as a reassuring measure of the safety of the current dividend levels. Dividend yield seeks to assess the cash return on investment earned by shareholders; this enables comparisons to be made with other investment opportunities available to shareholders. The dividend yield for AZN at close of Friday 16th March 2002 was 1%, this suggests that investors would get more return on their money in a bank or building society or maybe investing in a different company. c) Obtain the companys PE ratio from the Financial Times. Asses how the PE ratio reflects the historic performance shown in points 2. a) and 2. b). The Financial Times website reported the P/E ratio for AZN as 34.04. This ratio indicates that the price of the shares is 34.04 times the earnings (i.e. profits). In other words, it gives an idea a to the number of years it would take to cover the price out of the companys earnings. The price-earning ratio (P/E ratio) reflects the relationship between the share price and EPS of AZN. Like EPS the P/E ratio is considered to be a key ratio by stock market analyst. The P/E ratio is calculated as seen below. A good P/E ratio is vital for a firm because it gives an indication of the confidence of investors in the expected future performance prospects and quality of earnings of the company. The P/E reflects the historic performance as discussed above with the increase in the year on year earnings per share. As the company merged in 1999 the overall prospects of the company evolved further, hence, investors were confident with the future earnings of AZN. A breakdown of AZNs average P/E ratios in previous years is shown in table 12 2001 2000 1999 1998 1997 1996 1995 1994 AZN 26.8 29 66.6 30.8 25.1 22 16.8 13.7 Table 12: Average P/E ratio analysis 1994-2001 A share price with a high P/E ratio is one that has a high price compared with its earnings. AZNs average P/E ratio in 2001 was 26.8, with EPS of à ¯Ã‚ ¿Ã‚ ½1.25 and dividends of à ¯Ã‚ ¿Ã‚ ½0.49, this indicates that investors confidence of the companys ability to maintain and improve earnings in the future is strong. d) How does the PE ratio compare to other companies in the same industry sector? Can you suggest reasons for your companys comparative level of PE ratio? The Financial Times16 reported the pharmaceutical industry P/E ratio to be 33.31. AstraZenecas P/E ratio at present is above the industry average, as seen in table 13. Company Name Company P/E Ratio Industry P/E Ratio Drew Scientific Plc -3.90 33.31 Merck ; Co Inc 20.90 33.31 Eli Lilly and Company 23.00 33.31 Johnson ; Johnson 24.40 33.31 Shire Pharmaceuticals Plc 25.40 33.31 GlaxoSmithKline Plc 33.23 33.31 Astra Zeneca Plc 34.04 33.31 Pfizer Inc 34.20 33.31 Table 13: 15th March 2002 P/E ratio industry comparison. Comparing the P/E ratio over a period of time, table 14, shows that AZNs P/E ratio has been stronger in comparison to the companies, and these P/E ratios are reflected in AZN dividend payments and EPS. Company 2001 2000 1999 1998 1997 1996 1995 1994 AZN 26.8 29 66.6 30.8 25.1 22 16.8 13.7 JOHNSON JOHNSON 27.5 25.3 31.3 32.2 24 22.5 20.1 15 DREW SCIENTIFIC GROUP PLC -19.6 -33.4 -27.1 -64.3 0 0 0 0 BRITSH BIOTEC -6.9 -8.2 -7.3 -23.5 -57.6 -34.2 -8.7 0 PFIZER INC 33.1 67.2 49.7 68 35.1 25.2 21.1 16.2 ELI LILLY CO, 32 29.2 34.4 39.8 0 23.9 19.5 14 MERCK CO., INC. 24.2 25.6 30.3 30.6 24.9 22.6 19.6 14.4 CELLTECH GROUP PLC -48.6 -7.3 21 -65.5 -28.4 161.1 0 0 Table 14: P/E ratio 1994-2001 industry analysis. Diagram 5 illustrates the statement that AZNs P/E ratio has been strong in relation to others in the industry. Diagram 5: P/E ratio industry comparison 1994-2001. AZNs P/E ratio is the second highest in the industry behind Pfizer at the moment in comparison to other companies in the Pharmaceutical Industry. As a whole the main players in the industry such as GlaxoSmithKline Plc and Pfizer also have similar P/E ratios. The P/E ratio is higher in comparison to other companies in the same industry. This is due to many reasons, firstly AZNs dividend policy has remained consistently high for a number of years and as a result the citys assessment of AZNs quality of earnings and business prospects has an impact on the P/E ratio. Secondly, the company as a whole has endured consistent growth and the companys previous track record has again impacts the companys P/E ratio. Thirdly, the pharmaceutical industry as a whole has been less affected by the recent economic downturn in comparison to other industries, thus AZN has been able to maintain the level of share price and P/E ratio. Fourthly, another reason for the P/E ratio is also related to the companys balance sheet gearing whereby AZN has a low level of gearing in comparison to other companies. This low level of gearing has made the company more attractive to investors as less of their money is used to finance interest and debt repayments. Finally, since the merger of Astra Zeneca the average P/E ratio overall has increased this has been due to the upturn in company fortunes and prospects since the merger becoming one of the leading pharmaceutical companies in the world with a established senior management team committed to continuing success.

Asian American women before 1950 Essay Example | Topics and Well Written Essays - 1000 words

Asian American women before 1950 - Essay Example Prior to this the community endured a century of hardships that mitigated their integration into mainstream American socio-culture. If racial prejudice was a sizeable challenge on its own, the issues were compounded for womenfolk. The rest of this essay is an overview of the Asian American experience prior to 1950. Sociological theories on ‘gender’ and ‘intersectionality’ were perused as were classic literary works and essays pertaining to the subject. It is instructive to look at theoretical perspectives that make lucid the Asian American women’s experience before 1950. During much of the evolution of sociology, studying history and society through the axis of gender was not common practice. Race, ethnicity, age, class and nation were the common definitive parameters for groups that were studied. Understanding socio-history from the perspective of gender was mainly an offshoot of feminist movements of mid-twentieth century. The second wave feminist m ovement was especially instrumental in introducing this approach. The relational identities of women of 19th century as either someone’s daughter, husband or mother is fully applicable to Asian American women. ... .the goal is to discover the range in sex roles and in sexual symbolism in different societies and periods, to find out what meaning they had and how they functioned to maintain the social order or to promote its change†. (Scott, 1986) Seen in the backdrop of this theoretical framework, it is fair to claim that Asian American women had a decidedly more arduous century prior to 1950 than their male counterparts. This is evident in the literary works of the time, especially that of Jade Snow Wong’s ‘Fifth Chinese Daughter’. The short novel is filled with real life events of the author as she lived through the transition from a native Chinese culture steeped in tradition and the more liberal outlook afforded in America. The book shows the patriarchal familial set up among the Chinese and how this can be a hindrance for immigrant women looking to avail of opportunities for personal and professional growth in the New World. ‘Intersectionality’ is ano ther useful theoretical basis for studying Asian American women’s experience, for it brings the core problems from different domains to the analysis. It helps the studied group to â€Å"invent and inhabit identities that register the effects of differentiated and uneven power, permitting them to envision and enact new social relations grounded in multiple axes of intersecting, situated knowledge.† (Chun, Lipsitz, and Shin, 2013) The theory is seen in action in Jew Law Ying’s ‘Coaching Book’ - a touching historical document that brings out the extent of Asian American women’s struggle for citizenship in the USA. The work is a translation of the ‘coaching book’ which the author’s father sent to her mother prior to the latter’s long voyage to America. The book