Planning and Implementing Financial Management Approaches Essay

Planning and Implementing Financial Management Approaches - Essay Example The company is a family business, and has enjoyed brisk sales for the past three years. Team: Store management. Briefly described, the team is in charge of the conduct of day-to-day operations of the store. Team members ensure the shelves are well-stocked, put out the order for deliveries when inventory runs low, adjust prices according to promotional campaigns, and attend to the general maintenance of store equipment and facilities. Type of team budgets: Monthly cash budgets One of the financial plans the team is guided by is the monthly cash budget, a short-term planning and monitoring tool which aids in the planning of cash flows, predicting short-term shortfalls, and monitoring the collection of accounts receivables. Forecasted cash shortfalls enable store management to make the decision as to whether it could draw down on its credit facility with the bank, to cover short-term cash needs when cash at hand is unable to meet the cash needed to cover the month’s obligations. Task 2: A sample of the monthly cash budget used by the store management team at Vital Essence is shown at the end of this report. The purpose of the cash budget is to guide the store manager’s decision as to enhancing store cash sales as well as credit sales, collecting accounts receivables, and disbursing cash in payment of expenses; it is the aim of management to ensure that sufficient cash is available to settle the month’s obligations, thereby avoiding penalties and surcharges associated with past-due accounts. The prompt settlement of fees is also important to maintain the company’s good credit standing among its suppliers and financiers. Achievability – The cash budget shown is considered achievable, because while shortfalls are expected at the beginning of the year, this is seen to be diminishing within the first quarter, and the store is able to attain positive cashflow in the fourth month of the year. Short-term cash inadequacy can be supplement ed by a short-term bank loan which may be resolved by the second quarter of the year. Accuracy – The cash budget plan is not entirely accurate, since it is essentially a forecast and much of the bases for arriving at the amounts are speculative. There are also events during the year which may affect the sales, cash flow, and disbursements in ways which cannot be foreseen at the time the budget was being prepared. It is reasonably accurate, however, for the purpose of observing how any variations in cash flow may affect the activities of the store, and may inform concerning contingency measures that may be taken; therefore, it is also a risk-management tool. Comprehensiveness – The cash budget is not very comprehensive, because there are items which it may have failed to take into consideration because the likelihood of their occurrence in indeterminate. What are usually included in a forward-looking budget are those which are recurrent and have occurred regularly in th e past, or at least with predictability if not regularity, so that the planner has sufficient bases upon which to value the possible cash receipt or disbursement. Task 3 Contingency plan Consequences if the situation or event occurred If only a minor deviation in the plan occurred, then there are no serious consequences foreseen, only an equally minor adjustment may be involved. However, a number of serious consequen

Terror Risk Assessment and Counter-Terrorism Strategy Essay

Terror Risk Assessment and Counter-Terrorism Strategy - Essay Example A quick strategy that many governments adopt when confronting terror is one of deterrence. However, one academic’s discussion points out that deterrence is hardly an effective strategy, although it still is a crucial part of any comprehensive plan. Deterrence, in the case of Israel for example, requires extreme, â€Å"Draconian† measures for success and thus defies justice. Overall, the most effective form of deterrence may be an all-out assault on the leadership structure of a traditional terrorist organization, but little else can be done. (Radlauer) That said, the best counter-terror strategy is a readiness for a response after the movement of the attack begins, but before it can be effectively carried out. In a sense, this can be compared to structuring a vehicle to be durable and ensure the safety of its passengers in the case of an unavoidable accident.One of the most devastating possible terrorist attacks is the use of a biological weapon, as chemicals and diseas es are a threat to human life that can arrive undetected and cause massive loss of life from a small source. For potential terrorists, biological weapons present a method of destruction that requires a lower level of infiltration and effort with a high-yield result. A research fellow from the Center for Non-Proliferation Studies describes how the Israeli government’s counter-terror efforts in the realm of biological and chemical attacks present a model for the US government to follow when making policy.... Deterrence, in the case of Israel for example, requires extreme, â€Å"Draconian† measures for success and thus defies justice. Overall, the most effective form of deterrence may be an all-out assault on the leadership structure of a traditional terrorist organization, but little else can be done. (Radlauer) That said, the best counter-terror strategy is a readiness for response after the movement of the attack begins, but before it can be effectively carried out. In a sense, this can be compared to structuring a vehicle to be durable and ensure the safety of its passengers in the case of an unavoidable accident. One of the most devastating possible terrorist attacks is use of a biological weapon, as chemicals and diseases are a threat to human life that can arrive undetected and cause massive loss of life from a small source. For potential terrorists, biological weapons present a method of destruction that requires a lower level of infiltration and effort with a high-yield re sult. A research fellow from the Center for Non-Proliferation Studies describes how the Israeli government’s counter-terror efforts in the realm of biological and chemical attacks present a model for the US government to follow when making policy. He describes how the Israeli government provides a kit to all citizens, free of charge, consisting of a gas-mask and sterilization tools. This is part of an overall strategy that recommends keeping a â€Å"sealed body in a sealed room† during the event of a biological attack, and also recommends that citizens set the radio to a station playing only static while sleeping—this station is used by the government to broadcast warnings. However, these strategies may not be practical in the US, where society is not so

Personal Journey Essay Example | Topics and Well Written Essays - 1250 words

Personal Journey - Essay Example The time we are kids, we have our own choices and preferences about anything we come across without containment parts imposed by elders in the family or the peer group we live in. As Erikson says, at each stage, there must develop an ego capability for the further development of personality (Slee 2002, p.53). I remember the days which I was always free from entrustments of heavy burdens or ethical values to be added to my life unlike now. I had my schooling done in a comparatively small town with not many things to speak great bout those days. I can never say that I was at compromise with anything I longed for. I used to have good and fashionable clothes and lots of fun with very good friends. I must say, they should be the real gift of God. We had resourceful teachers to guide us through the high school education where the school was rated one of the top ten schools in the state. Since my physique was quite athletic, I was directed to join various training campaigns to get trained for competitive events at different levels. At times I was successful, but never did I have the feel that I would ever become a sports man. It may be the case because; I was much concerned about the humane elements of life. As an innate nature, I always liked to be of some help to people around me. Even today, I feel puzzled when I try to consolidate my present life with what I expected myself to be. It is for sure, my being a doctor was not an overnight affair. It took me several years of study and researches to become at lest what I am now. A clear – cut study of evolutions happened in me may get you the idea about how people change themselves through different ages. I would never like to accept that I have done something to change myself; therefore, I can say that life changes on its way with condition pertaining to stages of life. According to Erikson, â€Å"the adulthood stage focuses

Peer To Peer File Sharing Essay Example | Topics and Well Written Essays - 1000 words

Peer To Peer File Sharing - Essay Example People like it ‘free’ when it comes to downloading from the internet. As internet is normally meant for sharing of information, the concept is hardly hit as the copyright material are also made available online by various file sharing websites inflicting huge monetary losses to the companies. Hummel, Lechner and Eikemeier (n.d. p.1) mentioned that peer to peer (p2p) seems to be synonym for the popular sharing of music and other kinds of digital data and the concept is definitely liked by the consumers which is evident from the fact that Napster, one popular p2p application, reaching 50 million user marks quicker than any technology. It is further stated that p2p technologies have become subject of many controversial discussions and red rag to the media industry because the technology is often used for the unauthorized distribution of copyrighted material (Aichroth, Hasselbach, Thommes and Ullrich, n.d., p.47). The music industry is suffering huge losses due to decrease i n their sales of record labels which has given rise to legal sanctions ordering the closure of websites indulging in file sharing activities.

Mind and Consciousness Essay Example | Topics and Well Written Essays - 500 words

Mind and Consciousness - Essay Example Syntactic knowledge is, to much an extent, dependent upon the system. The same action may have various commands with the change of the machine. â€Å"Also conventions can be a source of difficulties, for example using â€Å"S† for saving or for sending a file can produce confusing experiences† (Dursteler, 2011). Semantic knowledge, on the other hand, points towards the understanding of meanings that are not linked with particular experiences. It is the conscious recollection of knowledge about our surroundings and the whole world in the broader context irrespective of the context. For example, it is because of my semantic knowledge that I am able to differentiate between the meanings of individual words in language. The form and content of knowledge are two entirely different areas. Forms of knowledge can be classified into three types, namely the intellectual knowledge, knowledge of stats, and the knowledge of reality. Intellectual knowledge is an assemblage of facts which can be used to derive intellectual conclusions. Knowledge of states is basically emotionalism, in which an individual is occupied by extreme thoughts. The knowledge of reality enables a man to identify the ultimate truth. This form of knowledge is commonly retained by Sufis and spiritual people. The content of knowledge, on the other hand, is all that shapes an individual’s vision and opinion. The form of knowledge is more concerned with the state of mind whereas the content of knowledge is what is displayed in the form of knowledge. Machines have limited knowledge. When assessing machine intelligence, it must be ensured that the form of knowledge is consistent with the content of knowledge stored in it. Human brain and computer are so different structurally that they are almost incomparable (Scaruffi, 2001). The fundamental difference between thinking power, consciousness and knowledge of human intelligence and machine intelligence is the fact that the former is

Reading Reflection In Mixed Company (Rothwell) Essay

Reading Reflection In Mixed Company (Rothwell) - Essay Example Rothwell (2007) says that every group member should first generate their own list and then for the group to come together so everyone’s ideas can be ranked in order of importance. This helps group meetings function smoother because it cuts down on ideas that are of no relevance. However, this only works as long as everyone in the group can come up with their own ideas. From a personal perspective, I can incorporate this concept with my father’s appliance repair business. I live in San Diego and he lives in Orange County, so it is really important that on the occasions when we can meet that we have prepared ideas first. This will make our decision making more efficient because we will already have a list of ideas to work from the moment we begin our discussion. Identify an idea from the reading that connected with other things you already knew. How can you connect it to your present job or life circumstances? Please use pages 273-275 from In Mixed Company and expand on m y responses Thank You. Brainstorming is something that I am already familiar with because I do it often in my daily life without realizing it. There are some days when I wake up and don’t know what to do, so I think of a few options and pick the one that appeals to me the most. Rothwell (2007) tells of nine different ways how brainstorming can function during a business meeting. After reading these few pages, I realize that already use many of these nine techniques when I’m brainstorming. Perhaps that one that I use the most is that our ideas stay focused on the topic. It is, however, still important to promote creativity, so I will make sure that these guidelines are followed when I’m working in my father’s appliance repair shop. Identify an Idea from the reading that something you already know or read about make much more sense; this would be an idea that created an â€Å"ah-hah† moment for you. How can you connect it to your present job or life circumstances? Please use page 273-275 from mixed company My â€Å"ah-hah† moment once again came during when I was reading the nine things to avoid or carry out while brainstorming in a meeting. This made me realize that many of my failed meetings in the past have been due to not following the nine techniques. Now that I understand how to brainstorm properly, I will make sure that I remain on track while still encouraging creative thoughts. I hope to apply these techniques not only in my work setting but also in my personal life because brainstorming is one of the basic things that we do in life. Based on the reading for this week, what is one thing you could do differently in your job tomorrow to improve your work performance? Identify specific behaviors you would perform. Please use page 278 in mixed company The one thing that I could do differently in my job tomorrow to improve my work performance is to expand the pie or use the bridging technique. In my father’s b usiness, we work in groups of three to sell appliances. Sometimes the groups are competitive and wish to only sell the best appliances at all times. The problem is that only one or two groups ever sell anything because they have the best appliances and leave the other groups with the poorer quality machines. One way to solve this would be to give an equal amount of each machine to each group so there would be no complaining. This way, it would be left up to the marketing techniques of each individual group to sell more products than the other groups. Discussion question for

The Strength of Harley Company Essay Example | Topics and Well Written Essays - 2000 words

The Strength of Harley Company - Essay Example SWOT Analysis; is another framework that can be used in external analysis and it looks at the strengths, weaknesses, opportunities, and threats in the market. These factors are used for determining the growth or decline of the market, the position of the business, direction, and potential for operations. The strength of Harley Company included customer loyalty and good reputation that they enjoyed in the local market, the dominance of super heavyweight motorcycle segment, state of art technological equipment for production, excellent workforce due to good treatment of employees and good strategies and organizational leadership. And the main threat was competition which was very stiff in the motorcycle market as well as an entrant of cheap products into the market. This analysis shows that Harley was in a greater position of making use of its opportunities and strengths to create strategies that would help it improve sales and gain a competitive advantage over its competitors. The creation of Harley Owners Group further saw an improved and close relationship between the company and the consumers because they were involved in social and charity events in the community. This delivered an atmosphere and the kind of emotions where the consumers felt an experience like they had never felt before linking with the Harley-Davidson Company. This help the company improved its sales and gain customer loyalty as well as competitive advantage in the market. Traditionally the majority of Harley consumers were blue-collar men aged the 20s and 30s but the demographic profile shifted and in 2002 the age group rose up from 30s to 40s. The company also recorded a 9% increase in female consumers down from 2 percent in 1987. The introduction of baby boomers into the market also improved their sales and as the prices rose up, the middle-aged professionals became the demographic targets and as they were the most attractive for the company.