The Causes of World War One and Two Essay Example | Topics and Well Written Essays - 1250 words - 1

The Causes of World War One and Two - Essay Example He then maintained a non-aggression and cordial relationship pact with Russian. However, Kaiser Wilhelm 11, his successor, dismissed him in 1890. Kaiser Wilhelm 11 could not renew the pact arguing that it was logically inconsistent with Germany’s commitments to Austria Hungary. The Russian foreign affairs ministry maintained friendly relations with Germany. However, the Russian military insisted that a new alliance with France was more important for Russia’s national security. Consequently, the Tsar military aid opened direct talks between the French and Russian generals of staffs. Despite the reservations of professional diplomats, the generals persuaded Tsar Nicholas 11 and the French cabinet to sign the pact. The secret military convention was signed in 1892 and later ratified in 1894. There was the crow memorandum of 1907. This treaty gave rise to the Anglo-Germany antagonism. Influential career diplomat Sir Eyre Crowe spearheaded this treaty in 1907. This was brought about by the fact that Great Britain considered France as the most serious threat to its African and Asian interests. However, under a strong fear of Germany in 1904, the British concluded the â€Å"entente cordiale† with France. This was a friendly resolution of differences in Africa. The British inspired this resolution after they stood firmly beside France against Germany in the first Morocco crisis. Germany had protested forcefully against the creation of a French protectorate in Morocco. In the memorandum, Crowe sought to persuade the British foreign secretary, Sir Edward Grey, to conclude a similar agreement with Russia. This led to† Anglo Russian entente† of 1907 that paved way for diplomatic cooperation and joint military planning between France, Russia, and Great Britain. Crowe considered Germany as the greatest peace threat in Europe. There were four major diplomatic crises in Europe from 1905 to 1913.

Analyzing Geoff Moore's Chasm Model Research Paper

Analyzing Geoff Moore's Chasm Model - Research Paper Example This group needs to be first taken into consideration for they would help in endorsing the new technology being introduced. The second group relates to such people who are known as the early adopters. These people tend to identify the benefits related to a technological innovation and thereby tend to increasingly link such benefits to the operations conducted in their firm or organization. Further these people tend to work more based on the level of their intuition and thereby does not tend to depend on any referred source of study or knowledge. The third adopter segment identified in this model is referred to as early majority. Like early adopters these people also work on their level of intuition in regards to decision making or purchase actions. However unlike early adopters these people work in a pragmatic fashion such that they measure or evaluate their actions against referred or authentic sources of information. Hence they not only successful into entering new territories but also can gain high amount of revenue and profits. Another adopter group in the fourth category relates to late majority people. These people however tend to avoid being drawn to new technologies or innovations. Rather they tend to depend on standardized and well recognized sources to gain resources for their business. Thus gaining over this source helps the research and development team to counter the loss of profits and rather meet the expenses incurred. The final group of adopters in the fifth category relate to a population known as laggards that do not go for new technology products. Rather they tend to depend on other products for their survival. Moore’s Chasm thus refers to the difference between the two segments of technological diffusion relating to the early adopters and the groups known as the early majority. The first group is understood as potential visionaries that tend to bring about new thoughts and ideologies while the latter are held to depend on pragmatic id eas (Dams 88; Moore 12-13). The Chasm Model in Regards to Consumer Behavior The Chasm theory of Moore’s when dealt in regards to consumer behavior identifies early adopters as those people that rush over to the market place in sight of new technology or products being introduced. In other words the early adopter group of consumers tends to take to higher purchase risks in that they go for untested products that have been introduced in the market. However it must also be understood in here that the early adopters also endeavor to look for specific value in regards to the products they ought to procure from the market. Thus a separate culture needs to be developed where the consumers would be introduced to the values and benefits they ought to obtain from the product or service. Unlike the early adopters the early majority consists of such population groups that would not go for rightly procuring a product or service unless and until they have rightly evaluated such to satisfy their needs and aspirations. Henceforth these people need not be introduced to values and benefits of the products. Rather they endeavor to conduct a market research on the people who have been using such product or service. The process through which the behavior pattern of the early adopters can be infused to look for proper benefits and positive experiences before procuring such can be held as a means to earn a breakthrough in

The Eight Principles Of Total Quality Management Information Technology Essay

The Eight Principles Of Total Quality Management Information Technology Essay Total Quality Management is a process that ensures continuous improvement for an organisations future. It is a management system with customer satisfaction as a continual goal. It is TQMs goal to integrate a sense of quality into the culture of how an organisation is run. It hopes to merge different internal branches of an organisation (finance, Communications, RD etc.) and link them all with quality being their main goal, with a view to continual customer focus. This system of management contains 8 principles which are vital in implementing this strategy into an organisations culture. These principles combined with effective leadership should result in a company doing The Right Things Right, First Time. TQM stems from the principle that It is easier to control systems than it is people. Companies depend on their customers to keep them in business. It is essential that a company can keep their customers happy by ensuring that the products received are fit for their intended use. It is also very valuable if a company can foresee future customer needs to ensure they keep the customer base in the future. Here the company can ensure that all its new objectives are customer satisfaction based and can later apply measuring techniques to see if their approach is effective (customer surveys etc.) Leadership Total quality should be adopted into the culture of the organization so proper leadership should create an environment where this is possible. The objectives should be clearly laid out with an emphasis on customer satisfaction. A leader should ensure that all employees are fully aware of their importance to the organisation and should eliminate fear and promote trust. Involvement of People Every person within the organisation must be utilized for their specific skills so everyone is contributing to the organizations goals. This helps create a sense of unity and purpose and leads to a better working environment. This leads to people being accountable for their work and serves as a baseline for quality. It involves people sharing ideas and practices and leads to better trouble shooting. Process Approach The objectives should be clearly outlined and all personnel should be aware of hoe the process will be managed and undertaking. This removes the waste of resources and ensures all efforts are placed on defined essential tasks. This helps increase the rate of work and processes are finished faster. If the process has been properly defined and it has to be repeated, the exact same system can be used as it has been documented and this will further increase efficacy of the work in the future. Systems Approach to Management If you can define interrelated systems, they can be correlated and run under one management guise. Running these various operations under one system leads to more effective work and allows the system to be monitored more easily and have data compiled on the systems efficacy. Through this monitoring continual improvement can be scored and documented. By aligning different departments within an organisation, more focus can be placed on key goals and confidence in the work will be widespread. This can lead to greater results faster. Continual Improvement This is to be a permanent goal for every process undertaken within the organisation. By training staff to use the various continual improvement tools available, a company can leap on an improvement opportunity before others. This could possible open up a new customer market that was previously unavailable. Factual Approach to Decision Making Decisions should be made based on analysis of sound data and intensively researched information. This removes poor decision making from an organisation and sets a baseline for decision making in the future. This can also help the ability to demonstrate how effective past decisions were by checking factual data. The factual data can help access the outcome of the decision and help removes decision making based on intuition alone. Mutually Beneficial Supplier relationship A relationship based on mutual benefits is very healthy and ensures that both parties have each other interests in focus. This will help create value for both companies if some parameters are set correctly. Open communication must be maintained and key objectives and future plans must be known to both parties. If both parties can pool their resources and both have a strong view towards customer satisfaction then waste of resources can be minimised and activities can be improved on both sides. Implementing TQM: TQM is a complex management system that will require a lot of input from all people involved in the company. However, the most important initiating step is to get full commitment from the companys senior management. Without this a proper plan cannot be devised and TQM will not work. A quality team or quality council must be set up among senior managers. Here ideas can be exchanged and improvements to specific parts of the company devised. Here it will also be decided who is to implement certain changes and a system of quality reporting must also be set up. There should be a quality improvement team and also a quality planning team set up. These teams should contain people who represent all areas of the organisation and have a high standard of knowledge of their individual departments. It is essential that the individual department are not run separately, but rather as one large system to ensure full communication remains and key objectives can be achieved faster. Once senior management have become involved the next step is to make middle management aware of the transition. This will involve meeting between middle management and the personnel who report to them. Here all staff will be educated about the forthcoming move to TQM and a series of plans will be set in motion. Here the staff should constantly retrain and each department should develop new experts to keep a focus on continual improvement. A mission statement of the organisations quality policy is a great way to start. From here a series of plans and a systematic approach can be developed to convert the companys operations to one of total quality. This change is very serious and without full commitment and proper planning can fail easily. The first thing a company must do is assess their current state. Here a management audit is a valuable tool and can easily identify the companys health. If the company is in poor health (quality standards low, reactive decisions, and poor managerial skill) then TQM will be near impossible to implement. However, if a company can agree that its current level of management, organisational culture and work ethos are suitable to TQM, then the process can develop from here. Benefits of TQM: Once an organisation has been converted to a system of total quality management, the organisation may be able for ISO 9000 accreditation. This is an internationally recognized standard of quality that has a major impact on how your organisation itself and the process that are undertaken are viewed by the public/possible customers. Having this accreditation will also greatly benefit the organisation from a financial point of view. Getting insurance for large companies can a massive financial burden and being ISO 9000 approved means you are more likely to be insured. This will help protect the organisation from possible liable action. The main benefits internally are a new streamlined system for operations. Increased workmanship due to work ownership/accountability and this leads to constant quality. Increased readiness for the future market and a removal from a reactive decision making process and overall improved stability within the market and increased staying power. Disadvantages of TQM: A main concern of implementing total quality management is the initial set up cost. Here employees will have to attend training that will take away from their usual duties and cause a dip in productivity. Due to all the changes implementing TQM will cause, there is a school of thought that thinks employees will doubt the security of their positions. This may lead them to becoming resistant to change and as a result, slow down the implementation stages and the efficacy of TQM. The results which are desired from TQMs implementation may also take years to see, this can lead the employees feeling that their input was of little use and the project was a waste of time. TQM can also tie a business to a certain set of plans that may span years. This can lead the company down an inflexible route when it comes to future prospect and developments. Instead of the company continually focusing on the goals TQM was supposed to tackle, the main focus in put on finishing the implementation stage. As a result, the company ends up with a major organisation change but the highlighted problems still exist and more time will have to be delegated to solving these at a later time. This again all leads to a drop in current productivity and the business retains its previous efficacy with no notable improvements being recognisable.

The Unjust Execution Of Socrates :: essays research papers

The Unjust Execution of Socrates In the vortex of life, many evils have transpired. Vices such as plagues, unforeseen deaths, and corruptness. Among the tragic acts of malefic proportion was the death of the Greek philosopher, Socrates. He tried to prove and invalidate many theories through reasoning, and he was murdered for his beliefs. His execution was not justified because the charges that were brought against him were false and unfounded. The fist crime that Socrates was charged with was that of impiety. This charge was invented primarily to discredit him and make him unpopular with the citizens. The charge was that of not acknowledging the same gods that the state believed in. Throughout the book, Socrates refers numerous times to the fact that it is because of the gods that things are as they seem to be. "Do you suggest that I do not believe that the sun and moon are gods, as is the general belief of all of mankind?" (57). The fact that Socrates did not publicly speak about the gods attributed to the fact that the charge was heresy. Socrates maintains that he is not like other philosohers. He is a free-thinker, and his beliefs are those of private and intimate thoughts of Gods. Socrates also states that he is not a teacher, however he was not at all happy with the analogy, but took it as a compliment and used it in his defense. He used these accusations to his advantage by saying that he never charged charged anyone for believing or listening to them. The combination of these arguments should have cleared Socrates of the charge of heresy. The second charge brought against Socrates was that of corrupting minors. Socrates battled this charge through the use of the same arguments. The argument that he did not consider himself a teacher, the fact that he never accepted any money for talking or listening to people, and the fact that he believes in gods are what Socrates used to defend himself. By confronting the accusation that he was corrupting the minors, Socrates tried to clear himself by manipulating his arguments so that Meletus, Anytus, and Lycon (the men who brought both charges against Socrates) had to answer questions about these charges. When the questions of Socrates were placed before Meletus, his answers seemed to have proven that Socrates was innocent. However, when the verdict was announced, it demonstrated the opposite. Upon hearing the verdict, GUILTY, it was plain to see that the Greek assembly was like every other political assembly, corrupt. "I should never have believed that it would be such a close thing; but now

What Do You See as Some of the Crucial Roles of Informal Language in Contemporary Australia?

Informal language has a variety of functions in Australian society. What do you see as some of the crucial roles of informal language in contemporary Australia? Informal language has a variety of functions in Australian society. The main function of informal language has to do with Australia’s culture. Slang and informal language gives a sense of belonging, pride, mateship, informality and laid-backness, which is an accurate description of a typical Australian. In Australian society slang is a common feature of spoken and written conversation. The expletive bloody is very common in Australian language. Bloody is quite typical of Australian language that it can be used as a hyphen in many various words and phrases, for example â€Å"fan-bloody-tastic†. The suffix on the end of bloody is another feature worth noting as it does emphasise the Australian accent. Bloody has now become an important indicator of Australianness and of cultural values such as friendliness, informality, laid-backness, and mateship (Kate Burridge, Gift of the Gob, ABC Books 2012). The word mate, which is another way of saying friend, is typical Australian slang and it is mainly used in an informal context. The word mate suggests openness, at least to a relationship of equals (Richard Castles, The Big Issue 4-17 November 2008). The openness created from using the word mate is a positive face feature possibly leading to build rapport. There are right and wrong times to use slang and with the word mate for example, calling a woman mate runs the risk of offence, as it's an ambiguous word and in a formal situation like a job interview, using the word mate especially referring to if it is your boss, is not something that is acceptable depending on the relationship with the person.

Into the Wild Reaction Paper - 1289 Words

Into the Wild Reaction Paper Dawn MB Nyberg COLS-100 Ever wonder what it would be like to be snow-bound, scared, alone, cold and hungry out in the wilderness of Alaska? Christopher McCandless knew and he knew it well; he knew that feeling so well, that he died. I don’t think he was a man with a mental illness or any personality disorders; even though Jon Krakauer states that,†it’s not clear that much of values is learned by reducing Chris McCandless’s strange spiritual quest to a list of pat psychological disorders.†(184) I do, however think Chris lived a life according to his parent’s wishes up until he graduated from Emory University when he decided to become â€Å"his own person† and venture out on his own â€Å"sabbatical†;†¦show more content†¦I also need companionship and love from another human being. I am not able to live without human contact, as he was. I would literally die of depression. Maybe he died of depression, even though as Jon Krakauer states,â₠¬ that the final journal entry of Chris McCandless where he penned a final adios â€Å"I HAVE HAD A HAPPY LIFE AND THANK THE LORD. GOODBYE AND MAY GOD BLESS YOU ALL!† (199). I enjoyed reading about Chris McCandless, though I did not care to read so much about Jon Krakauer and what his ventures were. It was like he was trying to â€Å"one-up† Chris, and this book was supposed to be about Chris McCandless, so I thought. I thought Krakauer was Arrogant and self-centered and we â€Å"little people† seemed beneath him. I may choose to read another book of his to see if Krakauer puts himself as much in that book too. He did keep me interested and I guess that is what is intended by authors. Chris is another story. It is hard for me to say that I don’t like him having five children of my own and three of them being boys each of them having their own strong personalities. 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Recommend Analyze Range Of Plans And Budgets Roberta Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3845 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Those are available to Roberta to enable her to monitor and control all of her business activities. Also to discuss the external and internal factors that may influence the establishment of Robertas plans and budgets. 2. Don’t waste time! Our writers will create an original "Recommend Analyze Range Of Plans And Budgets Roberta Finance Essay" essay for you Create order Analyze the viability of an investment of an investment proposal: Will describe the proposal and the technique and will show that in-depth calculations of the viability of the investment plans available to her and also evaluate the impact of the proposals on the business and provide her with the best investment plan available for her at the end of this part. 3. Undertake research of two large public limited companies (PLC) and in that transport companies- with a view to understand the business better a performance audit of two companies have been taken and we also took the financial statements and other relevant information. We will also discuss the potential limitations of the analysis. Part 1 Roberta Kelly is currently going through the expansion period or we can say the business is growing rapidly and as the business is increasing the handling of the business is also getting tougher for Roberta. As she is the only one who has to stand there and solve all the problems t hat are coming up, though each of the business is having the manager but she fights with the problem herself. Whenever the business is in the growing period or in a starting period we actually plan things and we divide the work of the organizations into different departments. And where in which we need to recruit people. The range of plan that Roberta can look up to are as follows 1} to manage her financial data what she can do is she can create the departments within the organization and allocate the work accordingly to the department they belong. With the help of this the work would be distributed properly amongst the people and the organization and she can get the data of everything very quickly. In this case she need not take care of all the things. Like if she needs the information of the cash availability in the organization she can just ask it to the cash collection department and can see the available balance if she wants to see the sales of the company with in a peri od of time she can get that information from the sales department. Hence we will discuss all the departments that are necessary for her and the budgets that are necessary for Roberta to take care of her expanding business. A budget is an important tool of planning, controlling, motivation, and coordination. Budgets can help in Identifying the problems in business and promotes forward thinking by planning. A Distinction is made Between short-term planning and a long term planning, alternatively known as strategic or corporate Planning. There are number of purposes of budgeting, which include: 1. Planning 2. Coordination 3. Control 4. Communication 5. Resource Allocation 6. Motivation 7. Performance Evaluation BUDGET IMPLEMENTATION As we have noted, an organizations controller plays a vital role is designing and coordinating the budgeting process. A budget may have to go through many corrections and changes in it before it has the approval of the budget committee. Once the committee approves the budget the periodic report from all the different managers of the concern department will allow the committee to keep the eye on the companys progress and attaining budget targets. Successful budget implementation depends on two main factors clear communication and the support of the top management. In general, budgets can be classified into two primary categories (Cohen, Robbins, Young,1994, p. 171): 1) Operating budgets: Operating budgets consist of plans for all those activities that make up the normal operations of the firm. The main components of the firms operating budget include sales, Production, inventory, materials, labor, overheads and RD budgets. 2) Financial budgets: Financial budgets are u sed to control the financial aspects of the business. In effect, these budgets reveal the influence of the operating budgets on the firms financial position and earnings potential. They include a cash budget, capital expenditures budget and Performa balance sheet and income statement. Service revenue budgetO P E Service overhead budget Labour Budget Selling and administrative expense budgetR A T I N G Budgeted income statement F I N Cash budget Budgeted balance sheetA N C I A Capital expenditure budgetL James Oscar mckinsey 1922 budgetory control With the help of the above figure we can clearly understand how an organization does depends on the budgets. It is indeed very necessary to allocate the funds appropriately to all the departments in the organization. The normal departments that an organization need or have are the sales department, purchase department, collection department, research and develo pment, production department. And the budgets that are necessary for Roberta are the sales budget, production budget, capital expenditure budget, cash budget, administration budget, stock budget. The above mentioned are few budgets that are basically needed in any organization. The problem Roberta is facing in her organization is that the work is not being allocated properly and she has to handle each and every thing with oneself. And to solve this she has to create the departments and for them she has to design the budget and allocate funds accordingly. Let us now go ahead and see how these departments work 1} sales department- this department takes care of the sales and with the help of that we can see whether the business is making profits and are the sales are increasing or decreasing and will help us to take the necessary steps. Ex- with the help of this department the information of the sales of the company it would be easy for Roberta to pull it up and she can have the record of the sales of the company quarterly, half-yearly, and yearly. This will help her to improve the performance of its company. 2} Accounts department- in this department all the transactions that have taken place will have an entry and this department maintains all the records of the cash inflows and outflows. Incase if there is some problem in the organization with the payment made or payment received we can just contact this department and we will get the relevant information. In this the employees do not go to the Roberta and discuss this problem they can themselves cross check it with the accounts department. In this way Roberta is not being disturbed much with such small things. Ex- if Roberta has to see the balance sheet of the organization and check the performance of the organization. This department will provide her all the information. 3} Marketing department- this department takes cares of all the marketing plans that have being designed by the company for the particular year. This is one of the important departments as all the sales of the company depends directly or we can say it as indirectly on how we market our products and services. If we have marketed our products and services in a very good manner we can gain the goodwill and we can also increase our market share as the sales increase and the people are kept aware about the products that we offer to our customers and services which we render to our customers. This departments main job is to look onto our marketing strategies and how it is being affecting on our customers as well as our competitors. Ex- If the marketing strategy that has being approved and implemented to increase the performance of the company in the current year and is not performing well we can make it out with the help of this department and hence we can design another strategy and can implement it. We can also see the cost efficiency of the strategies and choose one amongst them which will give maxim um outputs with minimum inputs. OUTSOURCING OF WORK The other thing that the Roberta can do is she can outsource the work to some other company where the other company takes care of all the transactions on her companys behalf and she can concentrate on her own business and try expanding it. She can pay the nominal amount to other company and in return they will handle its business. The main thing over here is to look for the company which is very well known in the market and has goodwill in the market. Part 2 Capital investment may be considered to be a part of capital budgeting process. It involves both the selection of long-term investments and financing of them. And these 4 different methods of capital investment will surely help Roberta in understanding and can further plan if she wants to take the project or not. Below mentioned are the 4 different types of method of capital investment. They are as follows 1. Payback period. 2. Accounting rate of return {ARR}. 3. Internal rate of return {IRR}. 4. Net present value {NPV}. These methods helps us to know whether our money has been invested properly and can get the return on investment {ROI} with the desired time and with the help of these methods we will also be able to know which type of project is beneficial for our company for instance if we have 2 or more than 2 projects to invest in .with the help of these investment methods we can check the profitability of our organization in the near future and can measure the t hreats or benefits if we have any in long run and in the short run as well .. Now I will go in little depth of all the four methods and explain it individually which make a clear picture about how these methods are different from one another and which one is best suitable for the particular organization. 1. Payback period the number of years it takes the cash inflows from a capital investment project to equal the cash outflows {Corina Pentland, course material 2010} Payback period is measured in term of the net cash flows. We take the total cost of investment which we call it in a financial management language as capital. In this method our basic concern and the main information we need is to see the cash inflows and the cash out flows. In other words we see the amount that has been recovered in a particular year and how much more is yet to be recovered. If we have two or more than two projects we can measure when we can recover the amount invested in the project with the help of payback period and we can which of the two projects is beneficial of our organization and which one is suitable for us to invest our money into . THe earlier the payback period from the project or the business is supposed to be the better to invest into. And in the context of Roberta getting the proposal of overtaking its one of the suppliers business and the amount she is expected to invest in this project is 1300000 and as per the calculations done according t o the payback period method she will start making profits after fourth year and before the start of sixth year that is somewhere in fifth year. In fifth year she will get back her money that she has invested in the project. So according to me if Roberta has been thinking about the future and she is more concern about running the business and investing the money into that project in respect of the long run basis then it is good enough. Because whenever a business is been started the person who starts the business or the organization who starts the business knows very well that they cant get the immediate profits and they plan their strategies of the business accordingly and which helps them to serve better over a period of time . As per the question the Roberta had been approached by Sunil Patel to sell his transport maintenance business and he asked Roberta if she is interested in an acquisition. As the Initial Cost is being given  £1.3m and she is going to save  £200,000 per annum and Sunil has provided a five-year budget i.e. Year 1  £80,000 Year 2  £90,000 Year 3  £100,000 Year 4  £110,000 Year 5  £120,000 Therefore as the Roberta is going to save  £200,000 per annum Then the cash flow for the five years is Years Cash Flow Cumm. C.F Year 0 1,300,000 1,300,000 Year 1 280,000 1,020,000 Year 2 290,000 730,000 Year 3 300,000 430,000 Year 4 310,000 120,000 Year 5 320,000 200,000 Therefore the Pay Back period is in the 5th year Cumm. Cash Flow is 200,000 If assume that cash=profit Average Profit =  £200,000/5 =  £40,000 Capital Employed =  £1,3 00,000 2. Accounting rate of return Accounting rate of return compares the profit of a project with the capital invested in it. {Corina Pentland course material 2010} The accounting rate of return is very much similar to ratios. The main benefit of using the accounting rate of return is that is very easy to understand and to calculate as well. In ARR we take all the installments and then calculate the profits i.e. average annual profit. In this all the cash flows are used and taken into consideration. The ARR mainly focuses on profit. And higher the ARR the higher are the profits of the organizations. The main disadvantage of ARR according to me is that it doesnt take the time value of money. Because money value depreciates over a period of time it always needs the return of the investment continuously for example if I would have saved the money 1000 GBP in 2000 and now if I take it out and spend that 1000 GBP on purchasing something I would get only few things when compared to the money if I have spend it in the year 2000 so what is happening here the value of money id depreciating. And in ARR it also doesnt take much of time into consideration and if Roberta is ready to invest her money for a long period of time then it is useful for her. As in the case mentioned Roberta doesnt have any other projects as an option if she wanted to invest in. if she had any then we could have calculated the ARR of both the projects and suggested her with the best one between the two . In this project the average annual profit according to the calculations made is 40000 and the calculated ARR percentage is 3.0769 and which may increase over a period of time. A.R.R = Average Profit/Capital Employed x 100 Average profit = 200,000/5 = 40,000 Therefore, A.R.R = 40,000/13, 00,000 x 100 = 0.0307692100 A.R.R = 3.0769% 3. Internal rate of return {IRR}- an alternative method of investment appraisal based on discounted net cash flow is known as internal rate of return. However, instead of discounting the expected net cash flows by a predetermined rate of return, the IRR method seeks to answer the following question: What r ate of return would be required in order to ensure that the total NPV equals the total initial cost? In theory, a rate of return that was lower than the entitys required rate of return would be rejected. In practice, however, the IRR would only be one factor to be taken into account in deciding whether to go ahead with the project or not. {Accounting for non-Accounting students 5th edition 2001 from J.R.DYSON pg no 409} The rate of return on an investment seeks to determine the rate of return needed to ensure PV equals the initial cost: NPV = 0. {Corina Pentland course material 2010}. The internal rate of return basically gives you the rough idea of the return that we get on our investment. But it helps you compare the data and which is very helpful for the organization. With the help of IRR we can take effective decisions for our organization. In this case we use more than two discount rates to get the better picture for our returns on our investment. This is called trial and error method. In the case of Roberta investing in the project and the project is expected to be 1,300,000. If the company expects the rate of return of 5%, the project will not be accepted as its NPV is negative however the required rate of return is 4%, the project will be accepted, because the NPV is positive. The project will be profitable provided that the company does not require a rate of return in excess of 4%. In this we assumed another different percentage and then we are going to calculate, I am going to take 4% difference. Years N.C.F 4% diff. P.V Year 1  £ 280,000 0.962 269,360 Year 2  £ 290,000 0.925 268,250 Year 3  £ 300,000 0.889 266,700 Year 4  £ 310,000 0.855 265,050 Year 5  £ 320,000 0.822 263,040 Total 1,332,400 Less Cost 1,300,000 (32,400) I.R.R = +rate+ (+NPV/the two NPVs added together x range of rates) Therefore, I.R.R. = 4 + (32,400/32,400+5,200) x 1 = 4 + (32,400/37,600) x 1 = 4 + 0.861 x 1 I.R.R. = 4.861 4. Net present value {NPV} the Net present value method recognizes that cash received today is preferable to cash receivable sometime in the future. {Accounting for non-Accounting students 5th edition 2001 from J.R.DYSON pg no 407} In NPV method we calculate the annual net cash flows expected to arise from the project. With the help of NPV method we will be in a position to know whether the business is going to make profits with the given figures and the given time or not. And if the NPV is positive we can accept the project and can go ahead and invest the money in that project and if the NPV is negative then it risk investing in that project as it will not give to profits in the given period and you might have to wait for some more time. And NPV also undertakes the time value into consideration which is very beneficial for the organization. And in the above project Roberta should not take this project according to the NPV method the NPV is negative and she has to wait for the some more time to cover her invest and start earning the profits. Years N.C.F 5% diff. P.V Year 1  £ 280,000 0.952 266,560 Year 2  £ 290,000 0.907 263,030 Year 3  £ 300,000 0.864 259,200 Year 4  £ 310,000 0.823 255,130 Year 5  £ 320,000 0.784 250,880 Total 1,294,800 Less cost 1,300,000 (5200) As per the N.P.V is (5200), which is not good for the company because it is negative. Company is not going to repay their cash in the 5-year period. PART 3 RATIO ANALYSIS Company Name British airways A PROFITABILITY RATIOS 2009 2008 1 Net Profit Margin {net profit(before tax and interest)/turnover}X100 4.46% 10.53% 2 Return on Net Assets or Capital Employed {net profit (before tax and interest)/capital employed(net assets)}x100 21.72% 28.26% 3 Gross Profit Margin (gross profit/turnover)x100 2.45% 10.03% B LIQUIDITY RATIOS 4 Current Ratio Current assets/current liabilities 0.566 0.890 5 Quick Ratio or Acid test Ratio Current assets stock/ current liabilities 0.535 0.858 C EFFICIENCY RATIO 6 Debtors turnover (debtors/turnover)x365 21.51 24.42 7 Stock turnover Ratio Cost of sale/average stock 73.40 70.35 8 Creditors turnover Ratio (creditors/turnover)x365 113.49 119.82 D GEARING OR LEVERAGE RATIOS 9 Total debt Ratio total liabilities/total assets 0.823 0.711 10 Debt Equity Ratio total debt/total equity 2.437 1.391 11 Gearing Ratio Long term liabilities/equity shareholders fund 2.733% 1.482% E INVESTEMENT PERFORMANCE RATIOS 12 Earnings Per Share Net profit(after tax and preference dividends)/no of ordinary shares 32.6 61.9 RATIO ANALYSIS COMPANY NAME EASY JET A PROFITABILITY RATIOS 2009 2008 1 Net Profit Margin {Net Profit (before tax and interest)/Turnover} x 100 2.051% 4.664% 2 Return on Net Assets or Capital Employed {net profit (before tax and interest)/capital employed(net assets)}x100 4.18% 8.62% 3 Gross Profit Margin (gross profit/turnover)x100 2.25% 3.85% B LIQUIDITY RATIOS 4 Current Ration Current Assets/Current Liabilities 1.39 1.54 5 Quick Ratio or Acid Test Ratio Current Asset Stock/ Current Liabilities 1.326 1.326 C EFFICIENCY RATIOS 6 Debtors turnover (Debtors/Turnover) x 365 33.09 36.59 7 Stock turnover ratio Cost of sales/Average Stock 19.44 11.65 8 Creditors turnover Ratio (Creditors/Turnover) x 365 102.74 100.87 D GEARING OR LEVERAGE RATIOS 9 Total debt Ratio Total liabilities/total Assets 0.644 0.587 10 Debt-Equity Ratio Total Debt/Total Equity 0.997 0.709 11 Gearing Ratio Long Term Liabilities/ Equity Shareholders Fund 0.997% 0.997% E INVESTEMENT PERFORMANCE RATIOS 12 Earnings Per Share Net profit(after tax and preference dividends)/no of ordinary shares 16.9 19.8 Profitability ratios: Gross profit margin and net profit margin ratios are used to make sure that managers, owners, employees and potential investors know the profitability of the above mentioned two companies. According to the calculations net profit margin of British airways for 2009 is 4.46% and in 2008 it was 10.527%. As the economic recession that has hit many countries in the world UK is one of them and many business have being facing losses but it was not with the easy jet its net profit margin was not effected too much, in 2008 it was 4.6639% and in 2009 it was 2.051% . Both the companies have faced losses due to the economy slow down but easy jet managed to incur less losses than British airways. Liquidity ratios:- liquidity is the one of the key factor for any business. As the need of money may occur any time so the business owners should be in a positio n to get the money and should have the availability of money. The current ratio of British airways for 2009 is 0.566%and that of easy jet is 1.39% and the current ratio of British airways in 2008 it was 0.89% and that of easy jet is 1.54%. According to the percentages derived we can see that easy jet has more cash availability than British airways. Efficiency ratios: The British airways debtors turnover in 2009 was 21.51% but in 2008 it was 24.42% and the creditors turnover in 2009 was 113.49% which is too high and that of easy jet the debtors turnover ratios was 33.09% and their creditors 102.74%. If we make the comparison of the ratios of easy jet and British airways the ratios of easy jet are very good. Gearing ratios: The gearing ratios for British airways were 2.73% in 2009 and in 2008 it was 1.482%. And for easy jet it was 0.997 and 0.709. According to the ratios the British airways is highly geared and it would very difficult for them to borrow money from the potentia l market. And for the easy jet it is very good because they still have people and institutions in the market to borrow money from. Investment performance ratios: The earning per share ratio of British airways in 2009 was 32.6 per share and that of easy jet shares are 16.9 per share. The earnings per share ratio of British airways is good. But after the hit of economic slowdown the British airways were struck badly because the earning per share ratio for them in 2008 was 61.9 per share and that of easy jet shares it 19.8 per share . Hence the easy jet didnt got struck too badly in the economic slowdown and have managed to incur less losses. CONCLUSION Looking at the above profitability shets we can say that easy jets performance is better than the British Airways. Easy jet has a safer capital structure than British Airways. Both to creditors and the debtors it has a strong debt paying ability and low debt risk in the long run. British Airways can improve its ratio by reducing its long term borrowing. However, we should also be aware of the limitations of the ratio, such as price changing, window dressing, lack of qualitative information, etc and make adjustments necessary. REFLECTIVE STATEMENT From the above assignment of financial management given by Corina Pentland i have learned how to analyze the companys profitability and also how to use the accounting tools and techniques to analyze the profitable project suitable for the particular organization. It has being a wonderful experience to read various books of financial management to complete this assignment and have learned many things about accounting which i was not aware of.