Ifrs 10 Application to Hyundai and Kia

————————————————- ACCT333 Advanced Financial Accounting ————————————————- Group Project Assignment (IFRS 10) Cheong Wang Shen Gordon Prepared for: Prof Bernardine Low Prepared by: Gordon Cheong Wang Shen Jason Tan Zhu En Twain Teo Wei Ren Wee Huixiang (G4) Table of Contents Question 1: IFRS 10 flowchart3 Question 25 (a) Identifying ambiguity of control5 Background5 Control issues5 Co-owning of subsidiaries5 Inter-company director relations6 Same platform manufacturing6 b) & (c) Application of IFRS 10 flowchart to determine existence of control by Hyundai7 Step 1: Determine the purpose and design of investee (Kia)7 Step 2: Determine relevant activities7 Step 3: Determination of ability to direct relevant activities8 Step 4: Determine if exposed to variable returns9 Step 5: Determine if Hyundai is a principal or an agent10 Question 310 Identification of four requirements in IFRS 10 that are challenging to interpret and apply10 Considering the purpose and design of the investee10 Determining the relative size of voting rights11Considering related parties12 Determining if investor is a principal or agent12 References14 Question 1: IFRS 10 flowchart Question 2 (a) Identifying ambiguity of control Background The Hyundai Motor Company (hereafter referred to as Hyundai) is a multinational automaker based in Seoul, South Korea. Hyundai is one of the two best-known divisions of the global conglomerate Hyundai, the other being Hyundai Heavy Industries, the largest shipbuilder globally. A famous Korean businessman, Chung Ju-yung, founded Hyundai in 1974.Following the Asian Financial Crisis in 1997, Hyundai bought over Kia Motors Corporation (hereafter referred to as Kia) in 1998, which resulted in the formation of the Hyundai Kia Automotive Group (HKAG) . It consists of multiple affiliated companies related through complex shareholding agreements, although Hyundai is taken to be the de facto representative in transactions done with HKAG. During the acquisition of Kia in 1998, Hyundai out-bidded Ford motors to acquire 51% of the company’s shareholding. After a series of divestments over the years, the total ownership of Hyundai in Kia has been reduced to only 33. 5%. Hyundai and Kia are both listed individually on the Korean Stock Exchange. In 2008, Hyundai was ranked the 8th largest automaker in the world. It was also the fastest growing automaker globally for 2 consecutive years (2010 and 2011). The chairman and CEO of Hyundai is Chung Mong-koo, one of the surviving sons of Chung Ju-yung. Control issues Hyundai currently has a 33. 75% direct shareholding in Kia, with the remaining shareholdings being presumably widely dispersed. As such, it evidently has significant influence over the operations and running of Kia’s business.However, establishing direct control between Hyundai and Kia is not as straightforward. There are a number of issues that we have to look at. Co-owning of subsidiaries Hyundai and Kia co-own a large number of subsidiaries. As evidenced by the 2010 consolidated financials of Hyundai, the global branches of the Kia Motors Group are 100% held by Hyundai through Kia themselves. Both companies also have percentage ownership in Hyundai’s various component manufacturing companies like Hyundai HYSCO Company Limited and Hyundai Powertech Company Limited.Aside from this, they also have holdings in Autoever Systems Corporation, where their main Research and Development unit is located. Inter-company director relations The current Chairman and CEO of HMC is Chung Mong-koo. He took over Hyundai in 1992 when the Hyundai Group split into its various divisions. The Hyundai group itself follows a South Korean Business form of conglomerate known as chaebol, where the unique characteri stic is that it is usually a huge family controlled corporate group.As such, it is not surprising to see that many of the third generation members of Chung Ju-yung’s family are heading many of the different divisions of the Hyundai Group. Chung Mong-koo’s only son, Chung Eui-sun was a key operating officer in various corporate planning divisions in Hyundai-Kia before eventually heading Kia as its president from 2005 to 2009. Currently, he is the vice chairman of Hyundai and is on the internal board of directors for Kia. Aside from this, Chung Mong-koo also has a 5% shareholding in Kia. Same platform manufacturingBoth Hyundai and Kia co-own manufacturing subsidiaries that produce component parts to both companies. As a result, their production facilities get the similar component parts from the same suppliers. The companies also use the same power trains (engines and transmissions) all manufactured largely from the Hyundai Powertech Company Limited. A majority of the au tomobile electronic components from both brands also come from Hyundai MOBIS Limited. Both these companies are co-owned subsidiaries of Hyundai and Kia. Both Hyundai and Kia also share design studios.In fact, the vice president of design based in HMC actually oversees the design management of both brands. The family controlled heading of both Hyundai and Kia allows us to consider the possibility of Hyundai having a controlling influence over Kia, especially with Chung Eui-sun’s dual positions on both companies’ board of directors. Furthermore, given the fact that both companies virtually sprout from the same supply chain, and control over their research and development and design of the vehicles are headed by staff based in Hyundai, we can see hat these revenue generating activities greatly affect the business operations of both companies. Even though Kia is clearly not a subsidiary at first glance, given the meagre 33. 75% ownership by Hyundai, it would appear that Hy undai may be exerting more than just significant influence over Kia through the various factors mentioned. (b) & (c) Application of IFRS 10 flowchart to determine existence of control by Hyundai Step 1: Determine the purpose and design of investee (Kia) Hyundai purchased shares in Kia for 1. 18 trillion won in November 1998.The purpose of this acquisition in Kia is for Hyundai to gain significant foothold and widen its market share in the auto industry. By taking over Kia Motor, the Hyundai-Kia group was able to forge a solid position having over 70% of domestic market share and become the 7th or 8th global automaker by combining its affiliates’ production capacity into the total volume of 2. 9 million units in 1999. Step 2: Determine relevant activities Activities| Does it significantly affect investees’ returns –> relevant activities? | Example of decisions about relevant activities| How decisions about relevant activities are made? Research and development| Y es| Reduce the number of platforms to 718 by the end of 2005, in order to save the costs of product development and manufacturing and produce a variety of car models having differing external styling and interior options for the brands of Hyundai and Kia| Decisions are made by a joint R&D Division led by the Chief Technology Officer (for Hyundai and Kia combined)| Auto-assembly| Yes| Which type of vehicle that each plant should produce? Whether Hyundai and Kia should share power-train parts (i. e. engine and transmission) to be supplied to assembly plantsWhether Hyundai and Kia should share production technology| Decisions are made by top management of the Hyundai-Kia group, where the de facto representative is Hyundai| Auto parts supply| Yes| Which vendor should supply auto parts to the companies? How many vendors should they engage? | Decisions are made by Joint Material Handling Division that Hyundai and Kia set up| Marketing and competition| Yes| Whether to focus on price or non price competition such as customer service and product quality| Decisions are made by top management of the Hyundai-Kia group|Step 3: Determination of ability to direct relevant activities Hyundai owns 33. 75% of the shares in Kia Motors. In addition, Chung Eui-sun, the son of the Hyundai Motor Group Chairman, owns another 1. 73% of the shares. This presumably gives Hyundai control of 35. 48% of Kia Motors, which is significantly less than the 50% shareholding that would give Hyundai the majority of the voting rights. However, we are unable to find any evidence that anyone has control of a large proportion of the remaining shares, and thus we feel that the assumption that the rest of the shares in Kia are highly dispersed is a reasonable one.If that is the case, then it is almost impossible that all these shareholders will collectively outvote Hyundai when a decision needs to be made, so Hyundai can be said to have power over the relevant activities. Another factor to consider is t hat Mr Chung is both the vice chairman of Hyundai and an internal director of Kia. As Mr Chung sits on Kia’s board, he should have a certain amount of influence over Kia’s decision-making process. This factor, coupled with Hyundai’s holding of voting rights, lend much weight to the claim that Hyundai can direct the relevant activities.Last but not least, we notice from the table above that the Hyundai and Kia managements jointly make most decisions regarding relevant activities. In fact, Hyundai and Kia share almost the same supply chain. Many companies in the supply chain are subsidiaries or associates co-owned by these two parents. However, because Hyundai owns a larger portion of shares, and hence voting rights, in most of these entities, Kia is understandably at risk if it goes all out to oppose Hyundai in some way or another.It can be seen that when decisions are made, Hyundai is better represented because of both the presence of its management and its voti ng rights, and Kia would tend to concede ground to Hyundai when there are disagreements. So, even though Hyundai owns less than 50% of the shareholding in Kia, they probably still have enough power to direct the relevant activities. Step 4: Determine if exposed to variable returns If Hyundai has actual control of Kia, they will be exposed to returns, which can be positive, negative or both.Also these returns must be variable rather than fixed. The returns that Hyundai is exposed to can be classified into two categories: 1) Returns not available to other interest holders. This refers to cost savings and synergies that arise from Hyundai owning Kia, which other shareholders in Kia would not be entitled to. In this case, they are mostly in the form of cost savings, due to the similar operations of the two companies. Consolidation of R&D centres of Hyundai and Kia, sharing of R&D centres allowed both companies to lower costs by reducing number of employees in the R&D centres * Products share similar core platforms leads to savings and economies of scale * Sharing of factories leads to further specialisation, for example, Kia’s Kwangju plant was designated as a specialised assembly plant for small-sized commercial vehicles for both Hyundai and Kia, leading to cost reduction * Sharing auto-part suppliers to apply greater pressure on suppliers for cost savings on supplies 2) Dividends Kia paid out 96 billion won in dividends in 2010 * Hyundai’s ownership of common stock entitles them to receive dividends from Kia. Thus, it can be seen that Hyundai meets all our requirements that would allow it to classify Kia as a subsidiary. Our last step would be to ensure that Hyundai is acting in the capacity of a principal, rather than that of an agent, which is holding delegated power. Step 5: Determine if Hyundai is a principal or an agentIn determining whether Hyundai is acting as a principal or an agent, we need to consider four factors: 1) Scope of decision ma king authority * Unable to find information proving that Hyundai has any limits to the decisions it can make for Kia * Presumably, Hyundai can make most decisions for Kia 2) Rights held by other parties * No evidence of rights held by other parties 3) Exposure to variability of returns from investees * High cost savings due to economies of scale Many of Hyundai’s subsidiaries depend on Kia for revenue * Affected by dividends paid out by Kia 4) Remuneration * Almost solely dependent on dividends, which are highly variable * No actual fixed remuneration In consideration of all the four factors, Hyundai is most likely a principal and not an agent. Hence we can reasonably conclude, after thorough application of the framework, that Kia is a subsidiary of Hyundai. Question 3Identification of four requirements in IFRS 10 that are challenging to interpret and apply Considering the purpose and design of the investee Paragraph B5 of IFRS 10 explains that â€Å"when assessing control o f an investee, an investor shall consider the purpose and design of the investee in order to identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns from those activities†.Paragraphs B51-B53 then goes on to explain the factors to be considered when determining the purpose and design of the investee. However, IFRS 10 does not explain how the purpose and design of the investee can be used to â€Å"identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns from those activities†, which paragraph B5 suggested. A simplistic scenario is given in paragraph B6, whereby the investee is controlled by means of equity investments.Beyond this straightforward case, paragraph B7 directs readers back to the factors listed in B3 to determine control (relevant activities , ability to direct relevant activities, variable returns and ability to use power over investee to affect returns). Furthermore, the factors provided in paragraphs B51-B53 are hard to determine and require much professional judgment. For instance, paragraph B51 states that in the process of assessing the purpose and design, we â€Å"evaluate whether the transaction terms and features of the involvement (at investee’s inception) provide the investor with rights that are sufficient to give it power†.No conclusive elaboration is provided by IFRS 10, and it is uncertain whether being involved in the investee’s inception signifies control. This creates much ambiguity and inconsistent interpretation across firms. Rather than making it seem like an isolated step with little purpose, IFRS 10 should provide clearer guidance for the objective of determining the purpose and design of the investee. Clearer linkages, between the consideration of purpose and design of invest ee and the other factors to be considered when determining control, could also be provided to improve the flow of IFRS 10.Furthermore, more comprehensive and conclusive guidelines could be included to standardise the interpretation of the purpose and design of the investee. Determining the relative size of voting rights According to paragraph B42, an investor can consider the size of its holding of voting rights relative to the size and dispersion of other holdings of the other vote holders to determine whether its rights are sufficient to give it power. However, because relativity encompasses the use of personal judgement, this section may be open to manipulation.In Hyundai’s case, it holds around 35% of the voting rights, including those held by its vice chairman, Chung Eui-sun. If the rest of the voting rights are very widely dispersed, with nobody else holding more than 1%, Hyundai can say that it has control because it is very improbable that all the other parties will c ome together to collectively outvote Hyundai. On the other hand, Hyundai can also claim that there is still a possibility that the other shareholders will collectively vote against Hyundai if it introduces a policy that does not benefit them, so in that case, Hyundai does not have control.We notice that the voting structure remains the same, yet different interpretations can be derived. Paragraph B42 also says that other circumstances, such as voting patterns at previous shareholders’ meetings, can be considered, but it is hard to say if the historical patterns are able to predict the future. Shareholders might not have voted in previous meetings because there were no major decisions that affected them, but if Hyundai intends to propose something revolutionary, the voting situation will definitely change.IFRS 10 can provide more detailed guidance to ensure that this section is applied appropriately and consistently. For example, when determining how widely dispersed the rest of the voting rights are, an investor should consider only the next 10 largest shareholders. If their combined holding is larger than that of the investor, then the investor does not have control based on this requirement alone. When assessing previous voting patterns, the investor should only look at shareholders’ meetings where issues of similar impact were raised.If previous meetings did not encompass such issues, then the voting patterns for those meetings cannot be considered. Considering related parties Paragraph B18 states that an investor can consider whether the investee’s key management personnel are related parties of the investor when determining if the investor has the practical ability to direct relevant activities unilaterally. However, it does not specify how much influence the related parties must have over the investee, so this may not always be a good indicator of power.For example, Hyundai’s vice chairman, Chung Eui-sun, is also on Kiaâ€℠¢s internal board of directors. According to paragraph B18, this should provide evidence that Hyundai has power over Kia. But in order to determine whether Hyundai can direct relevant activities through Chung Eui-sun, we must also consider the amount of influence that he has over Kia’s decision-making process. Kia has 9 directors on its board, of whom two are also presidents in the company, so Chung Eui-sun may not always have his way. If the investor does not take this into consideration, then the determination of control would be flawed.In that sense, this requirement would be more complete if guidance on the influence commanded by related parties was given. Instead of only determining whether there are related parties in the investee’s governing bodies, the investor should also take into account the role and power of the related parties. If the related parties have the final say when it comes to decision-making over relevant activities, then this factor can conclusi vely determine that the investor has power. But if the related parties do not have the final say, then only a minimal weight should be placed on this factor.Determining if investor is a principal or agent Being able to determine if the investor is a principal or an agent is crucial to determining whether the investor has control over the investee. A principal would have power over the investee, but an agent would only have delegated power. Delegated power is held on behalf of a third party who ultimately controls the investee. The method prescribed in IFRS 10 for determining if a decision maker is an agent is the consideration of the factors listed in paragraph B60.Upon further elaboration of the factors, IFRS 10 provides certain cases where the investee is definitely a principal or an agent. For example, paragraph B70 states that â€Å"a decision maker cannot be an agent unless the conditions set out in paragraph B69 (a) and (b) are present. † However, if none of these extre me conditions are met, we must assume that we would have to take all five conditions into account when trying to decide if the investor is an agent. However, there is no prescription in IFRS 10 about how to consider these conditions.In a situation where some of the conditions point towards the investor being an agent and some point towards them being a principal, there is a certain amount of ambiguity in whether the investor should be classified as a principal or an agent. This gives the company some leeway in choosing the decision that would reflect a better financial position of the firm. This could lead to reduced accuracy of financial statements and less comparability among financial statements of different companies.To make this requirement easier to interpret and apply, IFRS 10 should clearly state the relative importance of each factor. For example, the factors which are given a higher relative importance would have a higher influence on whether the company is a principal or an agent, as compared to those with a lower importance. As such, in ambiguous cases, companies will know which factors should be considered first. Given this, all companies will have more similar definitions of principal/agent, thereby reducing the ambiguity and increasing comparability among different financial statements.References 1) Hyundai 2010 Annual Report http://worldwide. hyundai. com/company-overview/investor-relations/financial-information-Annual-Report-view. aspx? idx=13&&nCurPage=1&ListNum=11 2) Kia 2010 Annual Report http://www. kmcir. com/eng/library/annual. asp 3) Merger and Reconfiguring of Hyundai-Kia (Byoung-Hoon Lee, Sung Jae Cho) http://gerpisa. org/rencontre/9. rencontre/S13Lee-Cho. pdf 4) HYUNDAI MOTORS’ DE-CHAEBOLIZATION EFFECTS (Hyunjoong Jun) http://gerpisa. org/rencontre/9. rencontre/S13Jun. pdf

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After Wwi East Asia and North Merica Ap World History Essay Example for Free

After Wwi East Asia and North Merica Ap World History Essay ? After world war one East Asia and North America responded similarly to economic growth and social structure, while taking opposite decisions concerning politics and international relations. Both countries grew economically due to industrialism and their standard living improved by opting for western lifestyle. But japan was involved in war and with no thoughts of stopping while the United States was remaining out of it. To start with, United States and japan had similar ideas regarding their social structure. As the united stated was evolving in improving standard living, japan was moving towards western cultural values. In the United States woman’s rights and labor was beginning to be a normal idea and even birth control comes into the picture. While in japan gender equality, freedom of expression and dignity of the individual where being embraced. All of this because allot of men had to fight in war and people where needed to do work, women took a step and did it becoming not only efficient for working but also economically independent. In other words countries standard living was rising with more people being comfortable with their way of living and not rebelling because of having more rights. Moreover United States and japan had their difference regarding their international political position. While japan gets involved in war, the United States opts for isolationism. Although world war was over and japan had seen the deaths and devastation they decided to invade Manchuria a city in china and one year later invades Shanghai because of a minor conflict but also because Japanese where waiting for an excuse to conquer china for resources, after the battle of Shanghai 22 major battles followed. Meanwhile the United States stayed in their side provoking little problems. Not forgetting to mention that Japan and war one. Like that the United States and japan where in opposite sides of the war after The Great War, japan inside and the united states outside. In addition United States and japan both grew economically after world war one because their industrialism. Both of them got involved in the war very late that gave them more advantage because they had more weapons. Also their industry grew allot making more weapons to export and also they had more manufacturing. As well the United States was giving out loans to countries that where in a bad shape after war. These made both countries economically grow and become economically superior from other countries. In conclusion the United States and japan where similar regarding social structure and economics, they had their differences in their decisions to enter war again. Even more important is what would happened next and that despite their similarities they would end up as rivals and fighting against each other. Was that really the right choice? After Wwi East Asia and North Merica Ap World History. (2018, Nov 09).

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World religion - Essay Example Since there are many versions of the holy text, there are various underpinning of the concept of Karma in Hinduism. The common grounds on which the concept of Karma is accepted and practiced in Hinduism are the life hereafter. It is stated that the life after death depend upon the deeds of a person. The role or the body that the person will enliven would depend on the actions that include animal, bird or human etc. In order to successfully obtain a peaceful second life, one needs to go through the process of Moksha. The process of karma is also known as process of samsara in Hindu religion (Plate). Karma is considerably a physical substance in the religion of Jainism. It is stated that the deeds and words that are uttered by humans make them live the life they are living. It is important to utter good words so that the substance of karma remains alive and is not affected. The present life of an individual is basically dependent upon the life they spent before. The presence of karma, being a physical substance, is present in the universe around us. The substance is carried from one life to another is by the soul that is also known as Jiva. There is an avid possibility of expiry of the particles if the individuals intend to cause any damage to others. It is considered that the followers of Jainism try to get away with the cycle of re-birth for which they try to take care of their karma or particles of karma that would tag along their soles in the next life as well. The definition of physical particles has been remarked over and over in the religion of Jainism. The concept of kar ma remains strict and firm unlike Hinduism. The concept of karma remains similar in Buddhism, Jainism and Hinduism. It is state by the followers of Buddhism that the impact of the deeds in the present life directly impacts the next life. The present time is also a product of the previous lives. For

Why are International Boundaries so Frequently the Source of Conflict Essay

Why are International Boundaries so Frequently the Source of Conflict between States - Essay Example Boundaries define a geographical or a political entity or a legal jurisdiction that is entitled to a nation and in this regard a government, state or any other administrative divisions. Borders can be defined as a buffered zone that separates between two or more geographical regions. Some of the borders are fully or are partially controlled and crossing from one point to another can be legal or illegal. Therefore boarders can be termed as anything the separates between two geographical entities which may be defined by a political entity or which can be defined by any other term that can distinguish between two regions. International boundaries are therefore areas that separate two or more nations and defined that legal jurisdiction of any state or any government. (Glassier, 1999) Unlike in the modern times when we are having some more defined border regions, borders in the past were not clearly marked or clearly defined and were just placed as neutral zones which were known as marchlands. Marchlands were, therefore, natural zones which were considered to be under no authority of any other legal entity but were sometimes placed under the authority of the international community. For example, the border conflict between Saudi Arabians border with Kuwait and Iraq was set up as a buffer zone or no man zone and placed at the and of the international community but they have recently been abolished and clear partitions created. Therefore there has been a trend in which the marchlands have been replaced by clearly defined and demarcated borders although there are still some marchlands especially in the long-standing border conflicts like between Ethiopia and Eritrea. (Taylor, 1995) Therefore as countries take a legal stance to protect their borders, there are some restrictions that are placed on the border for those who want to come in and out of the border geography. Therefore there is some border control that is given to each legal entity and which is extended to access for the region ethics through land, air or through seaports. Under the internals law, every country is given the right to put in place its own border definition laws that restrict or puts in place the conditions that have to be met by a person or animal that is entering or leaving that boundary region. In most practice password and visas are used as entry documents to border regions. These are legally abiding documents that are used to restrict the entry of people or animals in or out of these regions. This is meant to regulate the flow of immigration in a region especially when it comes to economic aspects of this immigration. The issue of immigration has apparently been one of the major caus es of conflict between nations. (Vinokurov, 2005) Therefore we can say that boundaries are persistent elements that define political geography in the world. It is very well reflected in the political, economic and social makeup of different legal entities in the world which define nations and states. A national boundary is one of the key areas that are given a lot of security by the armed forces of any nation or state and the reason behind the formation of the modern military might and personnel is to protect the boundaries of these regions. (Minghi, 2001) Â  

Access to Higher Education Essay Example | Topics and Well Written Essays - 1000 words

Access to Higher Education - Essay Example 33).Accessing the institutions of higher learning has however been a challenge even to the developed countries and this article tries to show why this is so and why in some countries it has been successfully implemented. This paragraph explores cost as a factor for access to higher education. One challenge that makes higher learning hard to achieve for everyone is the cost implication that comes with it. The cost of acquiring a degree is very high that not everyone in the society can be able to match. This poses a challenge to those in those in the lower class in the society (Harmon 2010, p. 75). Very often, you will find needy students that are very bright but cannot afford to further their studies. The only hope for these students is either to find a sponsor or the government loans and grants provided by governments especially in the developing world. To overcome such a challenge, countries like the Scandinavian countries have made tertiary education to be free for all its citizens regardless of their performance in the secondary school (Harmon 2010, p. 79). What this does is that it ensures no one is denied a chance to further his or her studies.Therefore, cost is really an issue. Next let us explore the loan factor in details.How is loan a factor? Loan as a helping factor to access to education involves the government offering to finance the education of its university population and recover the money once the student has graduated and found employment. The prohibitive factor in this case, however, is that not all students who complete their degrees do find jobs immediately or even at all and thus it is common to find a lot of defaulters and thus the government might not be able to offer enough funds to future deserving cases (White 2008, p. 19). What other governments do to avoid this is that they subsidize the cost of education for all students in public institutions of higher learning to a level where it is affordable to almost everyone. In Kenya for exa mple, the cost of degree courses in public universities there is averagely $300 a year. Such subsidies are however putting a strain in the overall running of the universities and most of them have been forced to look for funds from other sources to run the universities (Thomson 2009, p. 22). This brings in another element in the access to higher learning; inequality. How about exclusivity as a factor? Exclusivity definitely denies everyone access to the best tertiary institutions of choice but the good thing is for those who make it to these institution is the demand they will get in the job market. Here is a look at both sides of this discussion. There are some high end universities that are so sought after that they have to put extra requirement to be accessed. The so-called Ivy League Schools like Oxford and Yale are so expensive to the ordinary person that only the well-off do go there. While these universities actually deserve to be there, it is the inequality that exists that is the problem. You will find that there are different registration numbers for different student with one being for the self-sponsored and another for the government sponsored (Rubin 2012, p.35). This brings about favoritism as the self-sponsored tend to be more favored than the other students because of the amount of money that they bring in to the University. Graduates from these

Landmarks in Humanities Second Edition by Gloria K. Fiero Research Paper

Landmarks in Humanities Second Edition by Gloria K. Fiero - Research Paper Example The irony of the beginning and the end of the end of Rome is that the mythic man who built Rome, Romulus, is the name of the last emperor to rule over the state of Rome. Romulus Augustulus was the last emperor of Rome, his reign ending in 476 BCE when Flavius Odoacer deposed the emperor in the name of Constantinople (Illustrated History of the Roman Empire). This change is most often considered the moment that marks the end of ancient Rome and the beginning of the Western European Middle Ages (Schafer and Cohen 100). According to what is known about the last emperor, he was merely a teenager when his empire fell and was allowed to live, retired to the region of Naples with an annual pension. The power of the emperor had run so low that the new regime felt no threat from his living presence (Sass, Weigand, Pearson and Hattikudur 111). The problem with considering the ‘Fall of Rome’ is in determining exactly when Rome fell. If Rome is considered a concept more than a place, the fall of the empire might not have actually occurred until 1453 when Constantinople fell. If it is considered a place, the fall happened much earlier than the date of the deposing of Romulus Augustulus and occurred when Emperor Constantine moved the capital from Rome to Bosporus in Constantinople in 330CE. The only reason that it is considered to have fallen in 476BCE is because the line of emperors was broken during that event, but the fall of the Roman Empire can be considered through a vast number of events which makes the Empire either a short event in history or a very long event in history, spanning more than a millennia (Cunningham and Reich 108). Rome was a phenomenon that has yet to be truly rivaled since its time. At its height, the empire of Rome was spread from Hadrian’s Wall in Briton to the River Euphrates in Western Asia. According to Heather â€Å"interconnected fortress systems, strategic road networks, and professional, highly trained armies both

Cyber Schooling in Education Essay Example | Topics and Well Written Essays - 750 words

Cyber Schooling in Education - Essay Example Because of these drawbacks, Boards of Education should place limitations on the extent of cyber schooling. One of the biggest problems with cyber schooling is that there are not many opportunities for students to interact with others on a daily basis. This interaction plays a large part in student completion of school, as those who feel that university is not offering them anything is likely to drop out. Students want a "sense of belonging to a larger university community, rather than simply being ... a statistic" (Lee & Chan, 2007). Several surveys have reinforced these suggestions, and have attributed the fact that "distance learners have the highest risk of dropping out ... to the isolation experienced by these students" (Lee & Chan, 2007). In addition to contact with other students, people who are enrolled in online courses miss another vital interaction: communication with their teachers. Because teachers cannot see their students, they cannot pick up on whether their students are interested in the class or losing interest. Since face-to-face interaction can reveal emotions related to learning in a traditional classroom setting, this gives distance students a disadvantage (Lee & Chan 2007). Especially in classes where some students are learning online and others in person, there can be "serious concerns of fairness and equity" (Lee & Chan, 2007). So it can be seen that cyber schooling does not give students equal footing with other students learning in person because they cannot be getting the same kinds of attention as those other students. This means cyber schooling is linked to dropout rates. Furthermore, there is mixed evidence that cyber schooling can be effective as a method of education, especially when compared to more traditional face-to-face methods of teaching students.  

Vaccine and Medicine Essay Example for Free

Vaccine and Medicine Essay According to Company Spotlight, GlaxoSmithKline (2011), GlaxoSmithKline (GSK) is a renowned UK-based pharmaceutical and healthcare company. GSK is rated as the second largest among the biggest pharmaceutical and healthcare companies in the world. This company engages in a range of business activities including manufacturing of pharmaceutical products such as the anti-infectives, medicines used for central nervous conditions, respiratory conditions, oncology issues and gastrointestinal conditions. GSK is also famous for producing vaccine products. In addition, it is concerned with the management of the consumer healthcare operation. This service is mainly focused on the production of nutritional drinks, over the counter drugs and other healthcare items (Weise, 2013). GlaxoSmithKline (GSK) SRL (2012) reports that this company had been formed after unity between Glaxo Well come company and SmithKline company. Since its inception, GSK has remained a pertinent player in the pharmaceutical industry where it has researched on medicines and vaccines that have been rated as the top priority by the World Health Organization. This company owns 7% of the total global pharmaceutical products. It has penetrated many countries including developing the world where its products sell cheaply. Noteworthy, this company enjoys the strongest global presence, as it is available in 70 countries. GSK sells its products in three distinct categories such as consumer healthcare, prescription medicines and vaccines (GlaxoSmithKline (GSK) SRL, 2012). Therefore, this report has focused on medicines and vaccines business unit in GSK. Both internal and external business environment affecting the company is also considered, with reference to appropriate theoretical frameworks. In addition, the current strategies deployed are also considered. Eventually, this report gives proposed strategies, vital in enhancing the business unit’s performance. 2. External Environmental Analysis on Vaccine and Medicine Production2.1 PESTLE  AnalysisPESTEL analytic tool is a model used in conducting analysis on a business organization in regard to the external environmental factors. This tool helps the business organizations in identifying some of the potential environmental aspects that affect their operations and performance. The factors of analysis in this framework include Political issues, Economic issues, Socio-cultural issues, Technological issues, Legal issues and the Eco-Environmental issues (Pestle Analysis, 2014). Figure 1: PESTEL Model Figure: PESTEL model Source: Arnold Oakley, 2013 2.1.1 Political FactorsGSK depends on the UK-government legislation on production and trade. Although the government of United Kingdom is one of the stable governments, GSK has experienced significant political challenges that have affected the rate of operation. For instance, the implementation of GSK marketing strategy depends on the trade laws in the UK (Andersen, Denrell Bettis, 2007). It has been noted that some of the trade regulations on the pharmaceutical products, mainly introduced by China and India affect the competitive nature of the company. Introduction of legislation by the government of UK has also affected the operations of GSK in manufacturing of vaccines and medicines. Ideally, UK laws that focus on consumerism, taxation, environmental issues, health and safety measures and consumer protection laws have influenced the activities of the company (Arnold Oakley, 2013). 2.1.2 Economic FactorsThe biggest economic challenge to GSK Company is the trend in international trade on pharmaceutical products. The high rate of economic growth in countries such as China and India remains a bigger challenge to GSK in UK (Datamonitor: GlaxoSmithKline Plc, 2011). This is because India and China have both joined the market with highly competitive ambition. In addition to this, the current economic changes in the UK that have affected GDP continue to suppress the performance of GSK on their production of drugs and vaccines. On the other hand, high inflation rates have affected the sale and production of pharmaceuticals. For instance, while China and India are enjoying a robust economic growth, UK experiences an economic slump. This makes the UK-based companies such as GSK less competitive when it comes to manufacturing of vaccines and medicines (Shakhshir, 2014). 2.1.3  Social-Cultural FactorsSocial, cultural issues include consumer lifestyles, shift in the consumer attitudes towards a particular product as well as consumer opinions. Since the UK-population comprises of the aging majority, the choice on pharmaceuticals is greatly affected. One of the major problems that GSK faces is the issue on the large profits that they have made from sales of their medicines and vaccines. Customer resentment by GSK is a major social problem that a ffects the performance of GSK despite the fact that it is one of the major pharmaceutical companies in the UK. On the other hand, availability of the other pharmaceutical products has also influenced the competitiveness of the company (Bass, 2008). 2.1.4 Technological FactorsThe trends in technology used in the pharmaceutical industries affect the operations of GSK in producing vaccines and medicines. Due to the unwavering changes that occur in drug manufacturing plants, GSK meets stringent regulations that in turn, influence their performance. On the other hand, GSK experiences hard time when it comes to licensing and patenting of newer drug production technologies. The government also ensures that the levels of developing the industry technologies meet the standards that are required. This major hurdle affects the development of the industry technology for GSK (Shakhshir, 2014). 2.1.5 Environmental FactorsSince GSK is a manufacturing company, it faces the challenges that most of the industries face. For example, GSK faces the challenges of global warming as well as the challenges attached to industrial waste disposal. One of the main problems that this company faces is the reaction of the stakeholders on the impact of wastes produced by GSK (Ienciu, 2012). 2.1.6 Legal FactorsLegal issues affecting GSK include the direct and indirect regulations and laws that affect the company’s operations as well as the local markets where this company sells its products. The European and international trade rules, regulations and agreements affect the operations of GSK in production of medicines and vaccines (Robson, 2013). 2.2 Porters 5 ForcesPorter’s Five Forces model is a tool used by various companies to study the external forces that affect a company’s competitive position. Porter’s five-force diagram is shown below in figure 2. Figure 2: Porter’s Five-Force Model Source: Koo, Koh Nam, 2004 2.2.1 Threat of New EntrantsGSK enjoys competitiveness since the costs of producing vaccines and medicines are too high for most of the companies in the UK. This phenomenon has made entrants into the pharmaceutical industries too small. It has been noted that development of newer medicines and drugs, involves painstaking research and investment that most of the companies in UK may not afford. The action of the federal laws together with the influence of Food and Drug Administration (FDA) have also created barrier for most of the companies that intend to join pharmaceutical industry. In addition to this, new entrants avoid the recurrent renewal of the patents that expire after every 20 years. Since GSK is an old player in the pharmaceutical industry, it has garnered insurmountable trust and connection with the customers on its brand names. This makes it hard for newer entrants in the market to compete against GSK (Azadi Rahimzadeh, 2012). 2.2.1 Threat of SubstitutesThe introduction f many generic drug medicine has been a threat to GSK medicines and vaccines. Such generic drugs have substituted some of the GSK products thus creating replacement for the medicines produced by GSK. Complimentary Alternative Medicine (CAM) is also considered as a reliable substitute for the GSK medicines. Given individuals in UK, believe that the effects of the medicines and vaccines produced generically are similar to the GSK medicines; people often prefer the generic products whose costs are relatively cheaper (Koo, Koh Nam, 2004). 2.2.3 Bargaining Power of CustomersAlthough GSK is one of the pharmaceutical companies that produce vaccines and medicines, it does not rely much on the power of buyers. This is because GSK has a large customer base that translates to lower bargaining power. Noteworthy, vaccines and medicines have lower number of customers. This makes GSK to experience high customer bargaining power. GSK focuses on research and development of newer vaccines and medicines, which are then consumed, by the doctors, patients, pharmacists and other healthcare facilities (Azadi Rahimzadeh, 2012). 2.2.4 Bargaining Power of SuppliersGSK supply market comprises of labour, raw material suppliers, trial staff, patients in clinical trials, investigators and other marketing distribu tors. Contrary to customers, the suppliers have strong bargaining power that can affect the operation of the company. Whenever the suppliers withhold the supplies or change the quality of the supplies that they trade to GSK, the company risks losing the quality  of its medicines and vaccines. This will in turn affect the competitiveness and the performance on the company in the pharmaceutical industry (GlaxoSmithKline Plc SWOT Analysis, 2012). 2.2.5 Intensity of RivalryPharmaceutical industry has many players leading to increased rivalry. Since there is unending patterns of newer products in the pharmaceutical industry, firms and companies forced to thrive competitively for market shares. Product differentiation has also led to introduction of alternative products that are cheaper. This has led to competitive advantage for certain firms. This trend propagates competitive rivalry that leaves only the strongest and adherent company in the market. However, reports indicate that GSK uses an accurate forecast that helps it in positioning itself at a point where it can sustain rivalry in production of medicine and vaccines from the other companies for a long time (Juliano, 2013). 3.0 Value Chain AnalysisGlaxoSmithKline value chain is a resourceful tool that is applied by the managers to identify major activities that are operational within the firm. The primary activities that are undertaken at GlaxoSmithKline have potential capabilities of defining the firm competitive advantages (Griffin, 2012). The competitive advantage of the company lies within the capability to undertake some of the vital activities that are carried across the value chain with the aim of being better that the business rivals. Figure3: Value Chain Analysis Model Source: Ienciu, 2012 Firstly, GlaxoSmithKline value chain has been able to combine values of the firm key activities with the functional parts. The assessment that is undertaken in the principal activities defines the organization overall additional values that are created. Under its value chain, the company has been able to differentiate its main primary activities that are directly related to the production and the supporting activities that are directly related to effectiveness and efficiency of GlaxoSmithKline operation. GlaxoSmithKline primary and support activities are discussed in details (Shakhshir, 2014). The company has taken a consideration of its inbound activities. Inbound activities in GlaxoSmithKline are concerned with the process of receiving materials from suppliers that are used in the  production of drugs and medicines. As well, storing of these raw materials in the warehouse and handling them within the company is an art of the essential activities that play a crucial role in the va lue chain. In addition, GlaxoSmithKline has a consideration of operation activities. This incorporates all activities that have direct relationship with production, services and product that are within the firm. Outbound logistic is another primary activity that the company has highlighted its concern. These activities involve distribution of the medicines and vaccines (final product). This has been entailing the manner at which the company has been distributing its products to the customers, distributors, chemists, hospitals and other business-related areas (Juliano, 2013). Additionally, GlaxoSmithKline has a functional area that relate to sales and marketing. This is a crucial area that analyze all the need and wants if the clients. As well, this operational are is wholly responsible for the creation of awareness of the firm product among the target group. The company has been using some marketing techniques such as advertisements and sales promotion to ensure they attract more customers to use their products (Koo, Koh Nam, 2004). Finally, GlaxoSmithKline has undertaken a vital supporting activity that considers the function of procurement. Procurement incorporates functions that are directly accountable for purchases of materials that are significant for the production. GlaxoSmi thKline has an efficient procurement department that is capable of obtaining the highest quality raw materials at the best prices that are favourable for the company (Shakhshir, 2014). 4. SWOT Analysis Some of the internal strengths and weaknesses affecting GSK can be analysed using the SWOT analysis tool. This tool will identify and analyse some of the internal environmental opportunities as well as the strengths that GSK has. This SWOT analysis will ensure that GSK’s maximum strength and opportunities are highlighted. However, this analysis will minimise on the threats and the weakness that the company has. This analysis will help in explaining GSK’s position in the market, the reason for its position and the possible plans and strategies that can be used to improve the company’s position in the market (GlaxoSmithKline Plc SWOT Analysis, 2014). Below is a diagram of SWOT analysis. Figure 4: SWOT analysis Source: GlaxoSmithKline Plc SWOT Analysis, 2014 4.1 StrengthsGSK being a large company has robust resources and funds that can fuel both the sales, as well as strong marketing mechanism. GSKs strong marketing and sales mechanism has placed it at an accessible ground for the customers. This company has richly invested in both tele-visual and printed media to promote its products. This has placed GSK on top of the other smaller pharmaceutical companies. GSK is rated as the biggest financier of most of the research and development projects in the UK. This places it at a dominant position in the pharmaceutical industry. It has also ensured proper resource utilization with over 97,000 employees who help in the exploration of newer markets. 4.2 WeaknessDespite being a pharmaceutical major in the UK, GSK also has weaknesses that affect its operations. With its robust production of medicine and vaccines, this company make losses due to expired pharmaceuticals. In addition, some sporadic cases of safety affect the company’s image in relation to their customers. The research and development issues have also affected the quality of some pharmaceuticals that this company produces. Ideally, some cases of poor quality, expiry dates and quantity of products have affected the production of medicines and vaccines. Therefore, these weaknesses continue to dent the image of this big company in the UK (GlaxoSmithKline Plc SWOT Analysis, 2012). 4.3 OpportunitiesGSK has the opportunity of engaging into the production of oncology products, biologics as well as the preparation of various antibodies. Through its robust existence, it can facilitate productive mergers, as well as acquisition using its influential financial stance. On the other hand, the increase in demands for healthcare products such as medicines and vaccines has placed GSK at a greater opportunity ground. With its resources and significant fund, GSK has better laboratories that give them the opportunity for expanding and leveraging the production of medicines and vaccines (GlaxoSmithKline Plc SWOT Analysis, 2014). 4.4 ThreatsIn as much as GSK thrives to be a pharmaceutical major in the UK, reports have indi cated that this company faces threatening situations. Ideally, the risks involved in the introduction of newer products affect the ability of the company to maintain its image. With the introduction of more regulations, this company  finds it hard to maintain precision in its operations (Research, 2012). On the other side, slowdown in the European markets remains a serious threat in the marketing of the medicines and vaccine products from this company. In addition to this, the availability of conventional medicines has affected the demand for the medicines produced by this company. Overall, the cases of complacency, subject to the marketing leadership that the company has earned in the past years have placed it under thorough scrutiny by the UK government. This makes it difficult for this company to be able to follow all the stringent rules and regulations (BBC, 2012). 5. Current StrategyGSK is a large business that relies on the strategic priorities such as increasing the growth of the company, reducing the risks as well as increasing the long-term financial performance. This company has focused on growth of the company as their main idea of improving their performance. This large company has ensured their second place in the pharmaceutical industry. It has managed to leverage its p roduction where it produces up to 7% of the global pharmaceutical products. Their large scales and resources have provided them a robust growth in the pharmaceutical sphere. With their growth strategy, GSK has created balanced businesses and product portfolio that have leveraged their sales growth mainly centred on vaccine and medicines in United Kingdom (Azadi Rahimzadeh, 2012). GSK has also relied on the successful commercialising and launching of newer products. They have targeted the emerging markets for vaccines and medicines. GSK have improved their performance in developing newer oncology medicines, antibiotics as well as vaccines. GSK has increased investments in emerging markets for Medicine and vaccines as a strategy to remain viable. Moreover, this company seek further opportunities for optimisation of the product value (Shakhshir, 2014). Additionally, GSK has managed to improve the research and development organisation making it able to handle robust products whose effects have changed lives. Their efforts have injected newer medicines and vaccines that have also increased the rates of return. GSK also uses its resources to invest in many parts of UK to improve their returns and penetration of the markets. Responsibility remains a central strategy in GSK, making them able to ensure success in delivery of vaccines and medicines (Juliano, 2013). 5.1 . Proposed StrategyIn their future strategy, GSK could employ Bowman’s strategy to leverage its  competitiveness. Ideally, this approach helps companies to be able to identify its competitive edge by meeting their customer’s needs. In this case, the strategy allows a company to be competitive against other companies in the same market. For instance, GSK should consider that many pharmaceutical companies sell medicines and vaccines with negligible differences from their pharmaceuticals. Therefore, GSK should focus on the prices and degree of success in their products so that they may become more competitive than the other companies may (Arnold Oakley, 2013). GSK should rely on generic strategies, which are, cost leadership, product differentiation and market segmentation. The strategies will help GSK to ensure that their pharmaceuticals are low-priced, useful and provided with the customers’ specifications. Whenever their vaccines and medicines will sell lower than the other companies will, GSK will become more competitive Price and value of pharmaceuticals is a major concern when it comes to competitiveness in the pharmaceutical industry. GSK should ensure that their products meet the recommended value specifications demanded by the customers (Morrow Jr. Sirmon, Hitt Holcomb, 2007). Using the Bowman’s strategy, one can adjust the three porter’s positions to eight while explaining the benefits of value and cost of the products. Therefore, GSK should embrace Bowman’s strategy in improving their competitiveness in the pharmaceutical industry (Koo, Koh Nam, 2004). 6. ConclusionGlaxoSmithKline remains the leading pharmaceutical and healthcare company in the sector of Vaccines and Medicines in United Kingdom. This company enjoys a robust growth despite the dynamism in the pharmaceutical markets. Despite its successful performance in production of vaccines and medicines, GSK has also faced several challenges such as competitive pharmaceutical companies, stringent political issues and economic downturns. GlaxoSmithKline is a renowned pharmaceutical company whose products are common in the pharmaceutical industry. The primary goal of GSK is to achieve a competitive nature. However, this will require improvement of the quality and value of the products as it eliminates the weaknesses and threats. GSK must utilize its opportunities with the aim of delivering first-class safe and quality drugs and vaccines. On the other hand, GSK has a task of pioneering safety of medicine and vaccine use through the media. This company should focus on production of quantities that can feed the markets without unnecessary surpluses that  affect the returns to the company. Growth of market all over the world is also a good idea that should be embraced by the company. Idyllically, GSK remains one of the largest pharmaceutical companies whose products are distributed throughout the world. Noteworthy, GSK has a strong position in the pharmaceutical industry.   References Andersen, T. J., Denrell, J., Bettis, R. A. (2007) ‘Strategic responsiveness and Bowmans risk–return paradox’, Strategic Management Journal, 28(4), pp. 407-429.Arnold, D. G., Oakley, J. L. (2013) ‘The Politics and Strategy of Industry Self-Regulation: The Pharmaceutical Industrys Principles for Ethical Direct-to-Consumer Advertising as a Deceptive Blocking Strategy’, Journal of Health Politics, Policy Law, 38(3), pp. 505-544. Azadi, S., Rahimzadeh, E. (2012) ‘Developing Marketing Strategy for Electronic Business by Using McCarthys Four Marketing Mix Model and Porter’s Five Competitive Forces’, Emerging Markets Journal, 2(2), pp. 46-58. Bass, A. (2008) Side Effects: A Prosecutor, a Whistleblower, and a Bestselling Antidepressant on Trial, Chapel Hill, NC: Algonquin Books of Chapel Hill. BBC, (2012) GlaxoSmithKline to pay $3bn in US drug fraud scandal [Online]Available at: http://www.bbc.co.uk/news/world-us-canada-18673220[Accessed : 29 October 2014]. Company Spotlight, GlaxoSmithKline (2011) ‘PharmaWatch: CNS’, 10(5), pp. 27-34. Datamonitor: GlaxoSmithKline Plc. (2011) ‘GlaxoSmithKline, PLC SWOT Analysis,’ pp. 1-8. Dykeman, D., Abramson, D. (2011) ‘Patent strategies for life sciences companies to navigate the changing patent landscape’, Journal of Commercial Biotechnology, 17(4), pp. 358-364. doi:10.1057/jcb.2011.30 GlaxoSmithKline (GSK) SRL (2012) ‘SeeNews Research Profiles (Company Profiles)’, pp. 2836-2839. GlaxoSmithKline Plc SWOT Analysis (2014) ‘GlaxoSmithKline, PLC SWOT Analysis’, pp. 1-10. GlaxoSmithKline Plc SWOT Analysis. (2012) GlaxoSmithKline, PLC SWOT Analysis’, pp. 1-8. GlaxoSmithKline Plc SWOT Analysis. (2014) GlaxoSmithKline, PLC SWOT Analysis’, pp. 1-10. Griffin, R. W. (2012) Fundamentals of management.6th ed. Mason, OH: South-Western Cengage Learning. Ienciu, I. (2012) ‘Environmental Reporting and Corporat e Governance for Ftse 100 Listed Companies,’ Annals of The University Of Oradea, Economic Science Series, 21(2), pp. 681-687. Juliano, R. L. (2013) ‘Pharmaceutical innovation and public policy: The case for a new strategy for drug discovery and development’, Science Public Policy (SPP), 40(3), pp. 393-405. Koo, C., Koh, C, E, Nam, K. (2004) ‘An Examination of Porters Competitive Strategies in Electronic Virtual Markets: A Comparison of Two On-line Business Models’, International Journal Of Electronic Commerce, 9(1), pp. 163-180. Morrow Jr., J. L., Sirmon, D. G., Hitt, M. A., Holcomb, T. R. (2007) ‘Creating value in the face of declining performance: firm strategies and organizational recovery’, Strategic Management Journal, 28(3), pp. 271-283. Pestle Analysis, (2014) ‘Poland Country Profile’, pp. 14-46. Research and, M. (2012) Research and Markets: GlaxoSmithkline Consumer Healthcare Ltd.: Company Profile and SWOT Analysis. Business Wire (English). Robson, K. (2013) Service-ability create a customer centric culture and gain competitive advantage. 1st ed. Chichester, West Sus sex, United Kingdom: Wiley. Shakhshir, G. (2014) ‘Positioning Strategies Development’, Annals of the University of Oradea, Economic Science Series, 23(1), pp. 979-988. Weise, K. (2013) ‘Company News: Apple, GlaxoSmithKline’, Alibaba Group, Starbucks, U.K. Internet Operators. Businessweek.Com, p. 24

Benefits of Multiple Intelligences

Benefits of Multiple Intelligences As there is no standard definition of intelligence, it remains one of the most controversial subjects in psychology as well as education. While some researchers suggested that intelligence is a general ability; other believe that it is a combination of various ranges of skills and talents. Based on the theories of seeing intelligence as a general ability, IQ (Intelligence Quotient) tests which evaluate abilities as problem-solving, memory, learning, and pattern recognition have been widely popular in diagnosing learners abilities and potential, especially among young learners. However, some indicated that the tests were disputable and limited, as non-cognitive factors such as emotions also play an important role in peoples lives, which the IQ tests do not include. Also, the IQ tests were unable to reflect on how people learn and acquire knowledge. A successful language learner requires a wide variety of abilities which an IQ test is unable to diagnosis. (Lightbown Spada, 2002) It wa s until the introduction of Multiple Intelligences (MI) by Howard Gardner in 1983 that emotional intelligences were formally acknowledged and intelligences were seen as a range of interconnected abilities and talents (Gardner, 1983). Gardners theories revolutionize the intellectual world, brought new insights into education as MI theories seek to help students identify and develop their strengths; discovering more effective ways of teaching as well as learning. This article gives a brief introduction on the development of intelligence theories and MI theories. Then it focuses on the benefits of MI theories and how it could be accommodated with English language teaching methods. 2 Theories of Intelligence According to the Merriam-Webster Dictionary, the word intelligence means: the ability to learn or understand or to deal with new or trying situations or the ability to apply knowledge to manipulate ones environment or to think abstractly as measured by objective criteria (Retrieved May 18th, 2010, from http://www.merriam-webster.com/dictionary/intelligence). Historically, the first people who studied intelligence were neither psychologists nor educators but philosophers such as Plato who linked peoples intelligence to blocks of wax, differing in size and purity (Cianciolo Sternberg, 2004). It was in the early twentieth century that Charles Spearman, a British psychologist proposed the theory of general intelligence (or the g factor) which brought light into modern theories of intelligence. Spearman compared a number of mental aptitude tests and found similarities in the results. Therefore, he concluded that intelligence is a general cognitive ability which could be measured and anal yzed (Spearman, 1904). Later on, the French psychologist Alfred Binet invented the first intelligence test, known as todays IQ (Intelligence Quotient) test (Cianciolo Sternberg, 2004). However, as scholars began to realize that the general intelligence theory emphasized only on cognitive aspects such as problem-solving, the need for a new intelligence emerged. In the 1920s, Edward Thorndike described the term social intelligence as the ability to manage and understand people and to act wisely in human relations (Matthews et al., 2004). Similarly, in 1940, David Wechsler argued that conative non-intelligent factors which contribute strongly to intelligent behavior are essential to success in life and that the intelligence model would not be complete unless such factors are included (Boyatzis, 2007). In 1983, Gardner introduced the theory of Multiple Intelligence which included both Interpersonal intelligence (the ability to understand the inner feelings of other people) and Intrapersonal intelligence (the ability to understand oneself) which deals with emotions (Gardner, 1983). Gardner believed that the general intelligence was unable to fully explain cognitive ability and performance outcomes, and that intelligence is too complicated to be restricted in one concept. 3 The theory of Multiple Intelligences Originally, Gardner identified seven types of intelligence in 1983, which includes: Verbal/linguistic, Logical/mathematical, Musical, Bodily/kinesthetic, Spatial/visual, Interpersonal and Intrapersonal intelligence (Gardner, 1983). The first two have been highly valued in schools; the next three are often associated with arts; and the final two are what Gardner referred to as personal intelligences, dealing with feelings and emotions. An eighth intelligence, naturalistic, was added latter (Gardner, 1999). In Frames of Mind, Gardner pointed out that the traditional intelligence which school systems normally emphasis on is mainly based on a narrow range of verbal/linguistic and logical/mathematical skills. As though such skills are important to an individuals studies and future career; other types of intelligences, especially the personal intelligences are also essential to human development and almost impossible to live without (Gardner, 1983). Good interpersonal skills are of significant value to an enjoyable social life. For many children, the strongest skills lie in the other areas than verbal and logical intelligence, which tend to be frequently neglected according to the traditional intelligence theory. MI theories provide students an opportunity to learn through their strengths, become more successful at learning all subjects and even improving the traditionally highly valued basic skills. According to Gardner, the eight intelligences are separate and independent. Each individual possess a basic set of intelligences which develop at different times to different degrees (Gardner, 1999). However, Gardner also stated that the intelligences are closely related to each other and rarely operate independently. They are used at the same time and tend to complement each other (Gardner, 1983). For example, a dancer requires musical skills to follow the rhythm, but also kinesthetic skills to move properly and interpersonal skills to attract the audience and intrapersonal skills to express her emotions. As the different intelligences are closely connected; when proficiency in one area develops, another area or even the whole constellation of intelligence may be enhanced (Gardner, 1983). Therefore, it is important to encourage students to explore and exercise all of their intelligences. Gardner also emphasized that there is not one intelligence superior than the other; all the intelligences are equally important and essential to an individuals development (Gardner, 1983). Most people tend to neglect kinesthetic intelligence and limit it to athletes. However, many highly professional occupations require people with good kinesthetic skills, such as electronics, mechanics and surgeons. A surgeon must acquire the ability to control his muscles very finely. As Gardner stated, the eight intelligences are amoral; which could be put to constructive or destructive use (Gardner, 1999). Therefore, it is important for teachers to understand MI theories and use it positively in their classes. 4 The benefits of MI theories Though there are certain criticisms concerned on Gardners theory of MI, it received positive response from many educators and has been widely applied to schooling. On first thought, the idea of teaching different intelligences sounds impossible for formal education; teaching one is hard enough already, let alone eight. Gardner responds to this by clarifying that psychology does not necessarily dictate education; it helps to understand its conditions instead (Gardner, 1999). Also, eight types of intelligence could be seen as eight ways of teaching instead of one; which could be more accessible to learners one way or another. On a general basis, MI theories have three benefits: Self-development and formation. MI theories can help students and teachers better understand their abilities. It helps students to build up confidence as it demonstrates how they can use their strengths to address their weaknesses. It motivates students to find where their interest and strength lies and push their abilities further. A broader choice of schooling. All intelligences are required for an individual to live a full life. Therefore, teachers need to attend to all intelligences, not just the ones that the traditional intelligence focuses on. MI theories are suitable for differentiated and individualize learning; providing teachers the potential to develop new and flexible programs which might better meet the learners needs. Teachers could also redesign old courses to suit new requirements (Green Tanner, 2005). A variety of activities could be included in the new curriculum, which would easily motivate and attract learners. MI theories also look into morality. Gardner once considered adding a moral intelligence to the MI theories. But he later came to the conclusion that Morality is a complex concept combined with numerous psychological aspects such as personality, will and character. Therefore it is not an intelligence in itself (Gardner, 1999). But he did not give up on the idea of moral intelligence and stated that we must figure out how intelligence and morality can work together to create a world in which a great variety of people will want to live (Gardner, 1999). Sometimes teachers unconsciously adapt MI theories into their teaching program such as using visual support or playing a song. When they fully understand MI theories and its benefits; it could be more beneficial to them in their teaching process. Therefore, it is essential to include MI theories in teacher education. 5 Accommodating MI theories in ELT MI theories have the potential to be adapted into all teaching methods, although there are three main approaches which collaborate with MI theories constructively. They are the Communicative Language Teaching Approach (CLT), Task-based Learning (TBL) and the SAFER model. The Communicative Language Teaching Approach (CLT) The definition of CLT differs among different people; a narrow interpretation of is that it is a teaching approach used in second or foreign language education which sees communication as the method and the goal of learning a language. Activities in CLT typically involves student making conversations, role-plan and simulation being popular ones (Harmer, 2007). CLT considers learners needs and different requirements just as MI do, also being flexible in nature. CLT is a typical approach which combines different intelligences together. By making conversations, students have the opportunity to practice their verbal and logical skills. When talking to each other, they also practice their interpersonal skills. By asking students to make a conversation regarding a picture or ones own experience, visual and intrapersonal skills could also be developed. Students could also be asked to sing or dance along songs to practice their musical and kinesthetic skills. Task-based Learning (TBL) TBL is a teaching approach of making meaningful tasks the focus of the learning process. It is formed on the assumption that students will naturally acquire the language focused on tasks instead of language forms (Harmer, 2007). Willis (1994) suggested that TBL usually contains three stages: Pre-task, the Task cycle and the Language focus (cited from Harmer, 2007). Like CLT, TBL also frees the students from limited language control. In all three stages students are encouraged to use their own language rather than practicing one pre-selected item. The language explored arises from the students needs which are personalized and relevant to them. They will be exposed to a wide range of phrases, collocations as well as language forms. A TBL class also gives the students plenty of opportunities to communicate, bringing a large variety of enjoyable and motivating activities which could be combined with MI theories into the classroom. The SAFER approach Unlike the previous two, the SAFER approach is less popular and used by teachers. SAFER was proposed by Berman, indicating that this model is an alternative to the traditional ELT classroom pedagogy. Berman stated that the SAFER model incorporated former models such as PPP (Present Practice Produce) and TBL; combining educational kinesiology and Suggestopaedia techniques (Berman, 1998). The steps in SAFER includes: S: Setting the scene A: Authenticity F: Focusing on main features of each intelligence type E: Error correction R: Review (Berman, 1998) Berman believed that the SAFER method could help to create better learning conditions and enhance the learning process through revision. However, his approach is considered quite specified and not widely adapted. But Berman has indeed made a great effort in applying contemporary pedagogical thought to ELT, brining new insights to the application of MI theories. 6 Conclusions Among the two main theories of intelligence: general and multiple intelligence; MI theories have been generally considered more scientific, including non-cognitive factors such as emotions. Gardners MI theories brought new insights into education, helping students to identify and develop their strengths and discovering more effective teaching methods. Gardner stated that all the eight intelligences are equally important and essential to an individuals development. As though the intelligences are separate, they seldom operate independently. Therefore, development in one area often increases the development of another (Gardner, 1983). The intelligences could work positively and negatively, consequently, it is important for teachers to understand MI theories and how to apply it to their teaching methods. MI theories have the potential to be adapted to all teaching methods; although there are three main approaches which collaborate with MI theories constructively. Which are the Communica tive Language Teaching Approach (CLT), Task-based Learning (TBL) and the SAFER model. MI theories are of wide adaptability and flexibility, to use MI theories effectively, teachers should always remain open-minded and creative, prepared to make changes in their teaching methodology.

Housekeeping Operations In A Hotel Unit Operated Marketing Essay

Housekeeping Operations In A Hotel Unit Operated Marketing Essay Corinthia Hotels International Ltd (CHI ltd) was established in 2000. This Maltese management company provides a full range of technical assistance and managerial service to hotel owners. CHI is the exclusive operator and developer for the luxury Corinthia Hotels brand as well as the Wyndham and Ramada Plaza brands in Europe, Africa and The Middle East. The current Portfolio amounts to twelve luxury and upscale properties in city and resort locations with products ranging from boutique to conference hotels. Total room capacity of the current portfolio amounts to 6000. In line with the companys expansion strategy, there are another eleven hotels currently under development in various locations worldwide. Therefore increasing capacity levels by 25 % upon their completion. Head Office and each respective hotel unit have fully functional administrative departments such as Sales Marketing, Human Resources, Stores, Information Technology, Finance and Administration. Additionally, each hotel unit also operates the following service departments:- Housekeeping, Front Office, Engineering , Food Beverage and Kitchen. The various hotels forming part of the company portfolio are able to serve the needs or the demands of different categories of travellers. Notwithstanding the diversity of each unit, be it location, structurally or market arena in which they compete, the primary function of a hotel is to provide accommodation for those away from home, and to supply travellers with their basic needs. Therefore, each hotel unit requires basic components of hotel products, which can be categorised into two key areas which are sleeping accommodation and food and beverages. For the purposes of this assignment I will be concentrating one specific operational departmen t, namely Housekeeping. Irrespective of the total size of the property in square metres, or the total bed stock capacity the main objective of the housekeeping department is to provide a quick and thorough servicing of rooms and pubic areas to a consistently high standard and with little inconvenience to the guests as possible. Therefore, until such time that there are machines that can make beds, service and replenish hotel bedrooms and public areas, the housekeeping department will remain an essential service function in any hotel. Due to the high element of manual work, this department is highly dependant on manpower to produce its outputs. Hence, the key resource utilised is employees. In order to establish adequate manpower levels the total departmental requirements are primarily calculated on maximum capacity of three factors :- The total number of hotel bedrooms. The total land area of the hotel. 100% Occupancy levels. However, from the day to day operations perspective, manning levels are predominantly calculated on forecasted business levels. Tasks for room attendants are individually assigned using the management information systems Fidelio Opera, whereas Public Area Cleaners have fixed work type schedules which differ according to the various shifts. Being a unionised environment, the collective agreements define maximum output levels within an eight hour shift, which in the case of a room maid, a maximum of sixteen rooms to service can be allocated. Outputs over and above this quota must be produced after the eight hour period, which in turn impacts costs based efficiency levels. Other parameters exist which encompass a Total Quality Management perspective :- The company has established a systematic ten step work process for the cleaning of bedrooms. The process has been designed in such a way as to establish standard operating procedures, define desired quality levels and to promote ergonomic work practices. The best work practice is communicated through training and supervision on the ten step cleaning process , which if followed correctly will prevent repetitive strain or manual handling related injuries, ensure safe materials handling and the attainment of desired quality levels. Guest expectations relating to the quality and type of intangible services are constantly changing, this in turn brings about regular shifts in customers needs. Therefore, to remain an attractive alternative to the competition, customers requests have become the catalyst for departmental diversification. Nowadays most housekeeping departments also co-ordinate laundry and dry cleaning services, inventories, staff uniforms, floral services, baby sitting services and seasonal hotel decorations displays. Q.2.3.4 Subsystem Function Model Structure Objective Housekeeping Function Service C SCO Maximum Customer Service through minimizing completion time. Consistent levels of cleanliness leading to high quality perception of service level. Minimized customer queuing. High resource productivity In-house Laundry Service C SQO Consistent levels of quality leading to customer satisfaction. High levels of productivity. Dry Cleaning Service/ Transport C DQO Hassle free door to door service. Minimum Customer Waiting Time. Consistent Quality of service provided Cost Effectiveness Q5. Key : C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png= Very Important X = Relatively Unimportant C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png = Relatively Important X = Unimportant Sub- System Resource Utilisation Customer Service Materials Machines Labour Specn Cost Housekeeping C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png X C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png X X Laundry C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png X C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png Dry Cleaning X X C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png X C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png Q5.1 Housekeeping The primary resource utilised is manpower The secondary resource is materials e.g. detergents, cloths, brooms etc Minimal amount of machinery is utilised to perform cleaning processes Customers expect to find the public areas and guest bedroom clean at all times. The customer does not pay directly for the service as it forms part of the room rate tariff. Q5.2 Laundry All laundry processes are highly dependant on the use of machinery e.g. washing machines, folding machines, pressing machines. All inputs and outputs are handled physically by the linen keeper. This includes ensuring that par levels are maintained to prevent stock outage, distribution of linen to room attendants and quality control. Cleaning materials amount to a small percentage of the running costs within this subsection of the housekeeping department. Time taken to supply the service is imperative to the customer. Two levels of service exist these being next day service and same day service. Customers pay directly for the service rendered. Customers are willing to pay premiums for express services. Q5.3 Dry Cleaning All dry cleaning is outsourced to Swan Laundry and therefore the only resource required by the hotel is labour. As the hotel operates its own laundry, the same personnel are used to co-ordinate guest dry cleaning requests. Items are delivered directly to the room by the Linen Keeper. Primary factor for the customer is to receive cleaned garment in the shortest possible time frame. Customers will be willing to pay a premium for an express service. Q61. Industrial Unrest The general union has one hundred percent recognition within the hotel property. Negotiations with the management have reached a deadlock which has consequentially resulted in the union issuing an advice of Industrial action to the management and a strike directive to its members. Therefore, during the period of time that industrial action persists, both cleaning and laundry services have been paralysed and hence these two functions are now required to be outsourced to a private contractor until such time that that conciliation can be reached. Subsystem Model Structure Objective Housekeeping Function C DQO Continued uninterrupted service to the customer Loss of business is minimised Quality of service remains constant In-house Laundry C DQO Continued uninterrupted service to the customer Loss of business is minimised Quality of service remains constant Sub- System Resource Utilisation Customer Service Materials Machines Labour Specn Cost Housekeeping C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png X C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png X X Laundry x X C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png X C:Documents and SettingsmbunyanLocal SettingsTemporary Internet FilesContent.IE5MKANX3AFMC900432530[1].png Q61.1 Housekeeping Function Manpower still remains the primary resource utilised due the nature of the work involved. Payroll costs will substantially increase as in addition to payroll, additional sums will have to be paid to the contractor for services rendered. Thus impacting profitability due to manpower. As the same tasks are required to be performed by the contractors quantities of materials and machine usage remain unchanged. Customers expectations in terms of services provided and time factors remain unchanged. Q61.2 Laundry Function Linen keeper function will be taken over by a member of the housekeeping management team. Thus ensuring that inventories and control of services are monitored internally. Therefore, no additional cost in terms of labour as management grades are not paid overtime for extra hours worked. Machinery and materials are provided by contractor therefore, there will be little or no impact in terms of resources. Major consideration is that extra costs will be incurred to pay contractor however, the reduction in consumption in utilities such as water and electricity will to contribute towards balancing the additional costs incurred. Q7a Concepts where Ceterus Paribus was used The daily operation for the housekeeping department performs same tasks at similar times of the day. Rooms are serviced between the hours of 0800 hrs until 1700 hrs, Internal Laundry operates from 0700-1900 hrs and Public Areas are serviced from 0600hrs until 2300hrs. These timings are covered providing the person scheduled turns up to do their duties and there are no large shifts in demands due to unexpected group arrivals or delayed departures due to flight cancellation. Linen inventory levels are well stocked on a 3 par level thus providing sufficient availability of linen for more than one day. An emergency situation doe not arises in the hotel. This may lead to hotel evacuation or redeployment of housekeeping team members to assist in a clean up process. All machinery in the laundry section is working to maximum out put levels and there are no interruptions to utility services provided by any of the following:- Technical problems. Preventative maintenance. General Power Failure in area. Back up Generator is able to sustain the emergency lighting system until such time that power supply is resumed. Reverse Osmosis System is operating efficiently. External Laundry and Dry Cleaning Service operates seven days a week, for next day service garments have to be submitted to the Housekeeping department prior to 0900hrs of the previous day. The same applies to express cleaning services. The unit is highly dependant that the service provider delivers the garments at the contracted times. Shortfalls in service by the contractor would lead to customer dissatisfaction. Although the contingency plan during industrial action would be to outsource both the housekeeping and laundry function to a third party contractor, it may be the case that the entrance to the loading bay may be barricaded thus impeding contractors to enter the building to perform the tasks required. Or indeed that contracted staff may sympathise with those who are picketing. Q7b Strategic Choices CHI owns and operates a total of three hotels on the island. All of which are unionised and hence seeking manpower from sister hotels would not be possible in the event of industrial action. The company has a contract with Bad Boy Cleaning Organisation who in return for a fixed fee supply additional cleaners upon the request of the hotel management. Therefore, any influxes in demand can be addressed on a real time basis by the supply of additional manpower through the oursourced company. Should the action occur when it is forecasted that the hotel will have lower occupancy levels, rooms or floors could be closed and the cleaning of the said rooms could be postponed until such time they are required. The current late booking trend could be advantageous for the hotel management to counteract additional last minute bookings by closing all room type availability. Although this measure would result in loss of room revenues it would limit the burden on the operation and safeguard the reputation of the company. Additional manpower could also be attained through management personnel, who could temporally abandon their roles and assist in the housekeeping department in order to maintain housekeeping services. In the worse case scenario, whereby industrial action is paralysing the operation, arrangements to relocate guests to other hotels in the vicinity would be the only option available. Q7b Capacity Management Capacity Management in terms of the service industry can be categorized in terms of facilities, labour and equipment. Unlike manufacturing operations, in the service industry the success of a hotel operation is linked to its use of room capacity and the rates charged per room. Matching of capacity and demand is a challenge for any hotel operation. This is partly due to the fact that most hotel services cannot be stored in the form of inventory. Occupancy levels vary according to seasonality and can vary drastically from one day to the next in terms of excess or insufficient demand. When a hotel room is not sold on a particular day the revenue lost can never be regained, this is referred to as perishability factor. The maximum capacity will be defined by the total number of bedrooms whereas the optimal capacity will relate to the maximum number of clients that can be served at the desired level of service. Capacity management therefore involves certain trade-offs between the objective s of profit maximisation and operational cost efficiency. The housekeeping department has little to no input into maintaining business levels, as this area is covered by Yield departments, namely Sales and Reservations. Therefore, the primary objective for the Housekeeping department is to ensure that all vacant rooms are serviced in preparation for an eventual sale. Additionally, on high demand days, procedures allow quick turnarounds to allow room to be sold more than once thus maximizing revenue. Labour is the most variable source of a service provider. Business levels and activities within the hotel will be a defining factor as to how much staff are required each day. Therefore, the housekeeper will use business forecasts when preparing working schedules for her department. As mentioned previously maximum output levels within an eight hour day are governed by a maximum number of rooms that can be allocated to each team member. Concessions to the 16 room allocation are :- New team member has joined the company and is undergoing training on the ten step process. The three month probationary period for new team members whereby number of rooms allocated is less until they are able to work productively at the required levels of cleanliness. Following scheduled maintenance when deep cleaning process is conducted in rooms, a time span of 2 hours per room is calculated. Equipment As the hotel has its own laundry par levels of bath and bed linen is set at three. Stock takes are conducted on a monthly basis to monitor and control stocks and re-order levels. When items in stock reach the minimum levels and requisition is submitted. All requisitions are channeled through a computerized inventory management system. Consumable items : Centralised purchasing department Par levels are set according to seasonality.