Monday, September 30, 2019
Katherine Anne PorterÃ¢â¬â¢s Ã¢â¬Å"HeÃ¢â¬ In Katherine Anne PorterÃ¢â¬â¢s short story, Ã¢â¬Å"HeÃ¢â¬ , Mrs. Whipple has the misfortune of a mentally retarded son. While struggling to feed and clothe the hungry mouths of her family, Mrs. Whipple tries to camouflage hatred toward her son by putting up a facade of love and concern for him in an attempt to look like a better individual. Mr. Whipple and Mrs. WhippleÃ¢â¬â¢s neglect toward their son is evident right from the start by his lack of a name. He is only acknowledged as Ã¢â¬Å"HeÃ¢â¬ or Ã¢â¬Å"HimÃ¢â¬ . Nance explains that this, Ã¢â¬Å"failure of the boyÃ¢â¬â¢s parents to recognize his personality, symbolized by their failure to give him a name, is the root of their error and sufferingÃ¢â¬ (Nance 19). If Mr. and Mrs. Whipple would take the time to understand their son as a person and recognize his abilities, they would be able to accept his situation more easily and Mrs. Whipple could be less concerned with what people say. The distortion of Mrs. WhippleÃ¢â¬â¢s concern for her son is first evident when she says, Ã¢â¬Å"I wouldnÃ¢â¬â¢t have anything happen to Him for all the world, but it just looks like I canÃ¢â¬â¢t keep Him out of mischief. HeÃ¢â¬â¢s so strong and active;HeÃ¢â¬â¢s always into everything; He was like that since He could walk. ItÃ¢â¬â¢s actually funny sometimes, the way He can do anything; itÃ¢â¬â¢s laughable to see Him up to His tricks. Ã¢â¬ (Porter 493) The truth is that Mrs. Whipple fails to put any considerable effort into keeping Him out of trouble in the first place. Mr. and Mrs. Whipple give the boy more chores because they say that He is bigger than average, and wont think twice about taking some of his blankets if the other children get cold in winter. On more than one occasion she intentionally puts Him in harms way. After receiving a letter saying that her brother and his family is coming for a visit, Mrs. Whipple insists on sacrificing a baby pig that would be worth a substantial amount of money by Christmas. With the mama pig being a great fighter, Mrs. Whipple asks Adna to retrieve the piglet. After Adna refuses the challenge, Mrs. Whipple believes it would be a great joke to make Him do it. After the boy manages to steal the pig, with the sow raging at His heels, Mrs. Whipple takes the pig from the boy without showing gratitude for the great favor He did. On another occasion, Mr. and Mrs. Whipple allow the boy to lead a full grown bull home. Both knowing that the bull could easily tear the boy to pieces, they still allow him to bring the animal three miles home. She mustnÃ¢â¬â¢t make a sound nor a move; she mustnÃ¢â¬â¢t get the bull started. The bull heaved his head aside and horned the air at a fly. Her voice burst out of her in a shriek, and she screamed at Him to come on, for GodÃ¢â¬â¢s sake. He didnÃ¢â¬â¢t seem to hear her clamor, but kept on twirling His switch and limping on, and the bull lumbered along behind him as gently as a calf. Mrs. Whipple stopped calling and ran towards the house, praying under her breath: Ã¢â¬Å"Lord, donÃ¢â¬â¢t let anything happen to Him. Lord, you know people will say we oughtnÃ¢â¬â¢t to have sent Him. You know theyÃ¢â¬â¢ll say we didnÃ¢â¬â¢t take care of Him. Oh, get Him home, safe home, safe home, and IÃ¢â¬â¢ll look out for Him better! Amen. Ã¢â¬ (Porter 497) Without concern for the boys safety Mrs. Whipple cries out at the boy to hurry up knowing that her actions could startle the bull. She then runs inside, not waiting to make sure her son made it all the way safely, and prays. Her prayers to get Him home safely bear more on what people will say about her if he does not make it. Ã¢â¬Å"[This] is a prime example where Mrs. WhippleÃ¢â¬â¢s superficial mask of love and concern is taken over by her abhorrence toward Him because of her personality flawÃ¢â¬ (Makoid). Year after year the WhippleÃ¢â¬â¢s condition slowly dwindles. Adna and Emly move to the city for jobs, and He gets more chores placed upon his shoulders. One winter the boy slipped on some ice and fell over and started having convulsions. From then on He had to stay in bed. His legs swelled up and his condition didnÃ¢â¬â¢t improve. With the Whipples on their last legs, the doctor suggested they put the boy into the County Home. Mrs. Whipple, still worried about what people will say, refuses to see the boy go. She thinks that with Adna and EmlysÃ¢â¬â¢ help the family will be able to get back on their feet by next summer and take care of the boy. Eventually Mrs. Whipple understands what has to be done. Her neighbor and the doctor drive Mrs. Whipple and Him to the hospital. On the ride to the hospital He starts to cry. This is when Mrs. Whipple realizes that He is going away forever. His tears signify that maybe He knew that He was going away and He was finally happy; Happy to get away from the distortion and confusion of his parents. Mrs. Whipple understands her err, and is now truly concerned about his feelings. Mrs. Whipple and her family are poor southerners struggling to feed and clothe their children. With the addition of a mentally retarded second son, situations become more complicated for the family. Mrs. Whipple tries to mask the neglect of her disabled child by showing false love and concern for him. Only if she could grasp reality and accept her situation, would she be able to overcome her position and truly be happy. Instead Mrs. Whipple insists on hiding her conditions and doing whatever is possible to appear as a great family that is better off than they actually are. Works Cited Makoid, Terence. (2003, April 23). Katherine Anne Porter: Analysis of Mrs. Whipple in Ã¢â¬Å"HeÃ¢â¬ . Retrieved April 24, 2011, from University of North Carolina website: http://www. unc. edu/home/tmakoid/english/he. html Nance, William L. Katherine Anne Porter & the Art of Rejection. University of North Carolina Press. Chapel Hill , 1964. 18-23. Porter, Katherine A. (1927). He. In L. McDougal, American Literature (pp. 493-498). Evanston, IL: McDougal.
Sunday, September 29, 2019
The internet, this great invention that leads our world these days, is taking a great place in our daily life. Social networks, blogs, and wikis is a few example of what the internet network include. In managerial perspectives, a lot of research found that the internet is the key role in business world. It has a lot of cause and effect on the strategies of the companies. It is the mean to the company for competing in the market, gaining competitive advantage in the mind of the customers, and organizing the company structure in general. Recent research reveals that, the increased number of employee in companies is lead to a great conflict in their task. So that, the first cause of using internet network inside the companies is to organize the employee task, making sure that everyone complete his/her job, and increased the degree of controlling the employee by their top managers. Companies can do all that by using work flow system leading by intranet connecting inside the company. Although, increased number of employee is one of the causes using internet in business, On the other hand, there are a lot of another causes justify using it. For example, increasing competition in market and the want of companies to be market leader is a great issue in new business world. The first cause of using internet in business is the increase of competition. It is one of the threats the make weak companies close. By applying internet inside firms, the managers will integrate the work of all its' employee. That will result in gaining competitive advantage, increase productivity of employee, and earn more profits. So that it will make the company that do this entire thing, one of the strongest company in the market. The second cause is information overload. Imagine that when any employee inside the company needs any information, he/she is search in large quantities of paper and files to find it. That's will cost the employee a lot of time and reduce the work and cycle time. So that, in new business world, using internet permits the employee inside the company to share information. This great advantage make the work faster, increase the cycle time that reflect in making the whole company integrate together and increase of employee satisfaction and happiness when doing their job. There is a lot of effect of applying internet in the business. The goal of any company when it enter the market is making profit and it can't achieve this goal without good management , following what is new in the business, and continuous improvement. It is the only way for competing in market these days. So that, when using the net, in addition of all that, the company will achieve its goals, serve its' customer, and gaining a profit the help it in capture the opportunities in the business environment and change it to a competitive advantage for it, In my opinion, without using the internet in the business world these days, no company can compete, no company can do its' job well. So that, a key role for success in job is to improve the work system inside the company, by using new technologies that help the business achieve the company big missions and goals.
Saturday, September 28, 2019
Information Searches - Research Paper Example Level of involvement is used to reflect how personally important somebody is in consuming product and how much you need to make the decision. The involvement of purchasing a product varies by consumer not the product. Low involvement decisions are decisions that are made by consumers on typical products that do not pose high risk to them if they purchase those products. The consumers in this level make automatic purchase decision based on limited information they have gathered on the product. Middle involvement purchase is the in which consumers donÃ¢â¬â¢t rush in making purchase decisions but rather they gather information that enables them think and make appropriate decisions regarding the product. They choose the product of middle classes and not ones that are expensive in nature. High involvement purchases are that which carries a higher risk to consumer if they fail to buy the complex, with higher price tags of goods. Buyers donÃ¢â¬â¢t engage in in routine response when purc hasing high involvement products. The purchasing power of consumer in this level of purchase is determined by the price of the product to be purchased. Consumers in this level of purchase only consider purchasing goods of high prices or luxurious goods. Discussion Marketing action planning helps producers to market their product and services effectively. The best way to plan for your market action is by one researching about their customers so that they can understand how best their products and services can hit the market target. The scheduling system one uses doesnÃ¢â¬â¢t matter as long as it is consistent and it can work better for your purchasing plan. For one to actual be successful in purchasing strategy he/she should consider the following three marketing actions: The on-going marketing ;action The one-time marketing actions The idea generation actions The on-going marketing action The on-going marketing activities are that which deals with normal day-day business actions. Examples are; Advertising, direct mail activities, writing blog posts, networking on a social network such as twitter. The main purpose of marketing actions and strategies is to result in making the required product available and can satisfy customers need and interest while making profit for those companies. The daily actions taken by the business does not give customers to find enough time to research about the products they want to acquire, but through the channel of advertisement and mailing they can have some recommended knowledge about the product he wants to consume. The one-time marketing action This is an action that is done by business on need basis. They are always carried out once in a while especially when there is a development of a new product or an introduction of a new product in the market. Example of such actions is; developing a workshop, creating a new product or service, setting up an affiliated program. This kind of action gives the customer/consumer a rough i dea but one that can be relied upon when buying the upcoming product. This action is always more appropriate to the medium level involvement purchasers who require some rough ideas about the product to be consumed. Idea generation action Is organising and scheduling some safe time for cropping new ideas that is relevant to your market and the influence of consumable products. This provides you with additional opportunities to increase your income. The action is always considered by big investors such as the real estate
Friday, September 27, 2019
African Americans - Essay Example In the short story Ã¢â¬Å"Drinking Coffee ElsewhereÃ¢â¬ , Dina is an African American student admitted to the Yale University, which by itself is a great achievement considering her neglected upbringing. Her metamorphosis is evident from the way she is portrayed in the beginning of the story as a somewhat timid character, while towards the end of the story, she is characterized as an independent minded person who is willing to speak her mind freely. Initially, even though life seems to be going well for her, she is battling to cope with her white elitist environment as a young African American. The story is able to highlight DinaÃ¢â¬â¢s ongoing struggles and her self-discovery process. It is seen how throughout the story, Dina has to put up a fight to maintain her integrity in the face of racial discrimination and finding a name for herself. In a world where racial equality is unheard of, she still manages to admit herself into Yale. Additionally, towards the end, she even befrie nds Heidi, who is a white lesbian young woman. This is proof of her growth. The short story Ã¢â¬Å"Every Tongue Shall ConfessÃ¢â¬ , also highlights the metamorphosis of another young African American woman known as Sister Clareese. Just like Dina, she is struggling with her own life experiences which eventually shape the way that she perceives herself and others. Sister Clareese is not only a devout member of her Pentecostal Church, but she is also a nurse which makes her stand out above the ordinary women in her community.
Thursday, September 26, 2019
International business law - Essay Example A contract and an agreement do not have equal status in the eyes of the law because the former is used in a legal context whilst the other is normally employed in a generic, non-legal sense. A contract is a term used to refer to the coming together of the minds (in other words, an agreement) of two or more parties, the terms of which are binding upon them, and is enforceable in a court of law. It necessarily denotes accompanying obligations and duties of the parties. An agreement, on the other hand, is not legally enforceable and does not create binding obligations on the part of the parties.1 The word Ã¢â¬Å"contractÃ¢â¬ indicates a much deeper and broader implication than an agreement because of the requirement of certain essential and formal elements to constitute, features not required in an agreement. To legally constitute a contract, the elements of offer and acceptance, consideration, legality of subject, intention to create legal relations, form, and definite terms, among others, must be present.2 An agreement, which necessarily refers to offer and acceptance, is only a part of a contract, but does not make up all of it. An agreement does not need consideration, definite terms, relevant form, and an intention to create legal relations for its formation. ... Moreover, the implication of a contractÃ¢â¬â¢s legal enforceability is that whenever one of the parties to it have breached any of its terms, the other can seek recourse in a court of law to recover remedies in accordance with law. Thus, an injured party to a contract can apply for damages, discharge, specific performance, injunction, rescission and reformation.Ã¢â¬ 4 Since agreements are not legally enforceable, the aforesaid remedies are not available to it. B. Kingsley Limited PaulÃ¢â¬â¢s dilemma falls into fitness of the goods for the purpose for which they were bought. This topic is dealt both by the Convention on International Sale of Goods (CISG hereinafter) and the Sales of Goods Act 1976 (SOGA hereinafter). The CISG, however, is applicable to contracts of sale of goods that take place internationally, or between a buyer and seller who live in different countries, which are contracting states of the Convention.5 The condition stated in the present problem does not seem to contemplate multi-jurisdictions, but is purely domestic, which makes the CISG inapplicable. Nonetheless, the relevant CISG is discussed without taking into consideration this particular aspect. Article 35(2) of the CISG enumerates the four specific instances when a seller delivers good, which do not conform to CISG. It is understood that non-conformity occurs under the following conditions: the goods are not fit for the purposes of their ordinary use; the goods do not fit the purpose made known to the seller by the buyer at the time the contract was concluded, except when the buyer did not rely, or it was not reasonable for him to rely, on the judgment or skill of the seller; the goods do not possess the qualities they are supposed to have as indicated by the seller, and; they are not adequately
Wednesday, September 25, 2019
Democratic Socialism and Comparative Advantage - Research Paper Example Democracy focuses on the political aspect. It entails political sameness, the rights of all people to participate in the governance of which they are subject (Busky 312). Conversely, socialism highlights material fairness. It is not stern parity, but an end to the enormous discrepancies of earnings and affluence noticeable to the imbalances of rights of ways of production. Democratic socialistsÃ¢â¬â¢ opinionated that both the economy and community should be ruled democratically to satisfy public needs and not fulfill wishes of a few (Busky 310). To acquire a more fair society, many compositions of governments and economies must be fundamentally changed through immense profitable and social equality so as the common persons can equally partake in making decisions that affect their lives. Socialism was first used in publications devoted to organizations in Great Britain. It was used to refer to a culture in which citizensÃ¢â¬â¢ work collectively for the benefit of everyone. Sociali sts have always believed that people are equal by natural rights and this was considered their highest value of people. Socialists hold democracy in high esteem. People in an independent socialist society have the right to express themselves and given due consideration. In a socialist society, people vote in the government. The government is formulated through legitimate, fair and free elections. However, sometimes democratic socialists are mistaken with governments that are dictatorial and authoritarian. True socialism lives in a democratic society. Democratic socialism is based on humanistic ideals with the eventual objective of allowing each person the prospect and way for their personal development and satisfaction. This is made possible in a society where self-realization turns into a reality in a supportive, non-competitive social situation. Several countries in the world employ this form of governance. They Include China, the second prevalent economy in the world after the U. S and Russia a superpower as well as Scandinavian countries and France. Other third world countries embracing the concept involve Venezuela and Bolivia. They also include Burma, Vietnam, Cuba and North Korea. For instance, preceding the Russian Revolution in the 1920s there were existences of socialist countries anywhere as well as fully grown democracies. During those times, women rights were still curtailed, and women were barred from voting. The prevailing capitalist states supervised in undemocratically customs over their colonial domains. The Russian revolution changed this equation significantly. As many people engaged in questioning the link between socialism and democracy, the existing socialism turned out to be anything but democratic. Socialism obliges an entity according to (Harrington 288), into societal collectives contrasting capitalism, which promotes individualism. People are deemed as social animals that reside in a society that has regulations to guide it. These ru les demand a lot from an individual but as well gives the individual self-government, total control of their work freedom from poverty and freedom to pursue a better life. This contrasts the capitalist American concept that promotes separation from family and community as well as subjects an individual to high stress. The supposedly free individual in the concept is instead conformist and conventional.
Tuesday, September 24, 2019
Diplomatic Challenges of the Arabian Peninsula - Case Study Example In addition, Bahrain has come to be recognized as one of the most politically influential states in the Middle Eastern region and it is predicted that it is going to be one of the most influential states in the world in the near future. The influence gained by this kingdom in the region is largely based on the fact that it is an ally of the western powers namely Britain and the United States, and this has created a situation where it has been able to host the naval fleets of these two countries (Radsch, 2013). In fact, it is because of its strategic importance in the Persian Gulf region that Bahrain has come to be considered by western countries, such as the United States, as being one of their most valuable allies. This consideration has made this island kingdom, which would normally have been just another weak state in the region, confident in its development since it is protected from external threats through the presence of a naval fleet of the United States. The fact that Bahrai n is among the most stable states in the Persian Gulf region and that it is one of the staunchest allies of the United States has made it most attractive to both potential investors as well as economic planners from already developed countries who are attempting to have a stake in the future of Bahrain. While this has been the case, it has been observed that the kingdom of Bahrain has continuously attempted to remain independent of outside political influence, especially in recent times when it has resisted attempts to allow for democratic reforms within it and it has instead opted to make its own influence felt in the region. Despite the fact that Bahrain is one of the emerging... The popular opinion in many countries in the west is that Bahrain is an authoritarian state whose people do not have the political freedom to determine their own destiny. In addition, because it is in the Middle East, the common perception in the west is that this authoritarianism is based on the Islamic religion. While this is the case, most of the individuals in this country are surprisingly very liberal in matters concerning religion and they only appear to be fanatical because of the stereotype that ha been developed concerning Middle Easterners. The royal family of Bahrain is a Sunni dynasty ruling over a majority population of Shia Muslims, which has created a situation where there is a lot of tension in the country. The fact that the royal family is still in power can be attributed to the efforts of diplomacy that it has managed to undertake to secure itself from the threats against from within. it is a fact that the people of Bahrain do not always follow the lead set by Iran on religious matters and in fact, very few people in Bahrain share the same religious point of view as that which is propagated by the religious establishment of Iran. This has created a situation where they are extremely conscious of their identity as Arabs first before being Shia Muslims.
Monday, September 23, 2019
Discuss the ethical implications for soldiers who operate unmanned weapons systems - Essay Example Its human nature to fight, and there are no two opinions about the fact that as long as this human race is on the earth, wars will be fought. But perhaps the way wars are fought have changed from time to time. People generally do not agree with the fact that robots should be given that much space in the warfare as they do lack human emotions. When it comes to the debate concerning unmanned systems and who operates them, the British secretary of state has given a very appropriate description by saying that, Ã¢â¬Å"We risk continuing to fight a twenty first century conflict with twentieth century rules.Ã¢â¬ (Singer, 382), the reason for him to say this is that now wars do not have any place for emotions, mostly they are fought on the basis of Ã¢â¬Ëkill or be killedÃ¢â¬â¢(Atkin, 81). There are great number of rules which are set before a war is commenced, these rules are formed using holy books to conventions and treaties among countries. Mostly these rules try to specify distinc tion between murders and self-defense actions. The ICRC is the only organization which has a voice when it comes to wars and its weapons and what are the humane ways to apply these weapons in wars. There are four basic rules which are applied on weapons used in wars, which are as follows: First nations have to choose the methods and means to fight which is rather very limited (Singer 384). If this rule is not applied by the nations serious consequences would be implied to the whole world. As when in WWII Japan experienced nuclear bombings on Hiroshima and Nagasaki it was clear that such lethal weapons needed to be banned (Bidwai, and Vanaik, 142). Secondly weapons which cannot discriminate between civilians and warriors are strictly prohibited (Singer, 384). This is the most serious problem which is affecting the morality code when it comes to using any kind of weapons not just unmanned ones. Weapons causing unnecessary suffering are not allowed either (Singer, 384). Again a war is not meant to hurt commoners, and it is also not meant to put any one in a position where the suffering gets unbearable, as everyone knows that in Hiroshima and Nagasaki physically disabled children were born for years due to the after effects of nuclear radiations (Sahu, 189). Lastly any weapons that the international community decides are objectionable for any reason are forbidden (Singer, 384). A great number of weapons have been disallowed to be used in wars, especially weapons of mass destruction (Langford, 4). Unmanned weapons in the warfare have been introduced to save man force from major suffering when battle field is rather intense, but sometimes it looks like these weapons are serving the reverse purpose, by committing innocent livesÃ¢â¬â¢ massacre. The second rule of not letting weapons in to the war which cannot differentiate between commoners and enemy soldiers usually prohibits weapons of mass destruction but still these rules could not be properly implemented when w ars are fought. Even today drones are being used to find terrorists, and in the midst innocent people are being killed (Sheehan, 113). So the unsolved query is whether the ethical implication are getting applied in their true spirit, in todayÃ¢â¬â¢s era when every country is trying to prove its mettle by letting others know what they have in terms of
Sunday, September 22, 2019
Experiments in Art and Technology Essay The new interface I will define is one in which the artist makes active use of the inventiveness and skills of an engineer to achieve his purpose. The artist could not complete his intentions without the help of an engineer. The artist incorporates the work of the engineer in the painting or the sculpture or the performance. what a perfect synergy! Introduction Ã¢â¬ËExperiments in Art and technologyÃ¢â¬â¢ (E. A. T. ) is an aged non profit making and tax exempted organization instituted as far back as 1966 by renounced engineers and artists. The engineers included the persons of Billy Kluver and Fred Waldhauer, while the artists, the persons of Robert Rauschenberg and Robert Whitman. Experiments in Art and Technology was pioneered from the experience of a popular work titled Ã¢â¬â Ã¢â¬Ë9 Evenings: Theatre and EngineeringÃ¢â¬â¢. The notable event was of the 69th Ã¢â¬ËRegiment Armory in new York City, United State of AmericaÃ¢â¬ (October 1966). About 40 engineers and 10 popular artists symbiotically worked together to put up an engineered and equally artistic performances. With the works of E. A. T. , artists and engineersÃ¢â¬â¢ relationships have received huge boost, thereby stimulating the willingness and participation of industries in artistic events. CompaniesÃ¢â¬â¢ cooperation through sponsorship is one of the achievements of E. A. T. There was fast expression of interest in the group over the space of time. Three years after the inauguration of Experiments in Art and Technology, the organization recorded over 4,200 memberships of diversified artists and engineers all around the United States of America, South America, Japan, Canada and every other interested industry all over the world. Through the process towards achieving the aim of E. A. T. , there was a local program within the group named the Technical Services Program. This program enhanced the effective collaboration of artists working hand-in-hand with engineers on a specific assignment/project. This was made possible by a deliberate effort at pinning suitable artists with appropriate engineers for synergic results. The program also assisted the collaborators in reaching out to industries and corporate-business communities in meeting the needs to accomplish outstanding project. Furthermore, E. A. T. commissioned inter-field projects and events which were anchored by artists involving the use of new technological woks. Some of the projects included the earlier mentioned Ã¢â¬Ë9 Evenings: Theatre and EngineeringÃ¢â¬ in 1966Ã¢â¬â¢, Ã¢â¬ËSome More Beginning in 1968Ã¢â¬â¢ Ã¢â¬â the later happened to mark the start of Ã¢â¬Ëexhibition of art and technology. The exhibition was held at a museum in Brooklyn. Included in the list of the project was the Ã¢â¬Å"artist-engineer collaborations to design and program the Pepsi Pavilion at Expo 70 in Osaka, Japan. Ã¢â¬ Picture showing First meeting of E. A. T. in November 1966 The Story of Experiments in Art and Technology When Andy Warhol was trying to create floating light bulbs, he asked Billy Kluver for his kind assistance. Kluver, who was an engineer working at Bell Laboratories in New Jersey, rejected the plea but instead promised to offer him a wrapper usually use to wrap sandwiches, the material is silvery. Warhol fashioned the material into a rectangular object called Mylar today. Injecting Helium into this Mylar created a floating funhouse mirrors in 1966. This example of collaboration between artists and scientists was a motivation to forming Experiments in Art and Technology (E. A. T. ). The artist-engineer collaboration in E. A. T. was formalized at the event of Ã¢â¬Å"9 Evenings; Theatre and EngineeringÃ¢â¬ , (Oct. 1966, in New York). The program exposed audience to Ã¢â¬Å"state-of-the-art performances and musicÃ¢â¬ from about 50 artists and engineers. Technology electrified things in an appreciable ways, e. g. Ã¢â¬Å"Dancers tripped light switches by moving their legs past photo-cells, and a tennis game was amplified through microphones in the rackets. The compliment received was overwhelming reflecting the need for engineers in artistic works. E. A. T. was then established in November, and by the early 70s it had already absorbed networks of over 6,000 members. Ã¢â¬Å"Throughout the lifespan of E. A. T. , affiliated groups produced over 500 artworks; most common was the body-oriented performance or supercharged minimalist sculpture. One of the most memorable projects commissioned was the Pepsi Pavilion of Expo 1970 Osaka. There, over 60 artists and engineers contributed to the interactive exhibits inside the futuristic domeÃ¢â¬ The Pepsi Pavilion at Expo 70 Osaka with Fujiko Nakayas mist shroud Aims and objectives of E. A. T. The non profit making organization was vibrant primarily within the two decades of its institution in 1966 by Billy Kluver, Fred waldhauer, Robert Rauschenberg and Robert Whitman. It was carved out of the need to Ã¢â¬Ëmobilize the ingredients of arts, industry and science around collective projects, calling the participation from different disciplines. E. A. T. also aimed at encouraging the technical harmony towards the realization of new means of expressing arts using modern technological equipment such as computer-made images, sounds, video, (audiovisual), manufacturing materials and robotics. To start with, Ã¢â¬ËExperiments in Art and TechnologyÃ¢â¬â¢ brought artists and engineers together to enlighten the participants in order to accustom them with Ã¢â¬Å"tele-writing and satellite transmission using telecommunication technologyÃ¢â¬ . In addition, E. A. T. aimed at giving the developing countries around an ease of Communication Bridge through certain project assignments. In pursuance of these goals, E. A. T. began opening annexes in the US, Canada and Japan. Other Projects Projects realized at the advent of interdisciplinary included: The Anand Project of 1969, this project aided educational television whereby public spaces were linked together to facilitate interactions irrespective of the distance apart. Through this, different countries all around the world can exchange disturbing questions even about a common uncertainty. For example, Ã¢â¬Å"Anand Dairy Cooperative in Baroda (India); Telex: QA (1971), which linked public spaces in New York (U. S. ), Ahmadabad (India), Tokyo (Japan) and Stockholm (Sweden) by telexÃ¢â¬ Still among the projects is the Ã¢â¬ËChildren and Communication in 1972Ã¢â¬â¢this particular project piloted the enabling of children within the suburb of New York City, to exchange conversation with telex, telephone and fax machine. Also, in El Salvador is a project to fashion out methods for storing culture and tradition in the region (1973). Collection of E. A. T. Ã¢â¬â¢s Published Documents Detailing the activities of Experiments in Art and Technology in 1980; over 400 documents were stored in archive ranging from information bulletins, exhibition catalogues, periodicals, photocopies of press clippings, proposals, lectures, announcements newsletters reprints of major articles, among others. The archive was deposited at major libraries in New York, Moscow of Russia, Washington in U. S., Paris in France et cetera. The archive was aimed at monument the reflection of E. A. T. Ã¢â¬â¢s wide geographical tentacle with technical and artistic diversity. Technical Service Program (1966-1973) Technical service program (TSP), founded as a subgroup in mid 60s, permits specialist in art and engineering to collaborate with the aim of meeting the artistÃ¢â¬â¢s technological needs without interruption in the team projected design and developmental stages. Highly technical projects were accomplished with this partnership. This collaboration was publicized when E. A. T. group came up with EAT News that announced projects at different stages of completion. Still, was the periodic public forum held on upcoming technologies such as Ã¢â¬Ëlasers and holography. Ã¢â¬â¢ The TSP came to an end in 1973 Technical Information (1966) This program provided consulting services for artists. The service provisions included Ã¢â¬Ëtechnical librariesÃ¢â¬â¢ for artists in New York and telephone assistance line operated by engineers from E. A. T. offices. The library collection features documented activities of EAT from Ã¢â¬Ë60s to Ã¢â¬Ë80s. More on Ã¢â¬Å"9 Evenings: Theatre and EngineeringÃ¢â¬ (1966-2005) These were series of events that catapulted performances of artists and engineers working in unison as an E. A. T. group. The performances broke down inter-relationship barrier. It went does: Billy kluver and Robert Rauschenberg requested the working relation of 30-man engineer at Bell Laboratories, seeking their involvement in an inter-disciplinary project where avant-garde theatre, dance and new technologies were blended together. The artists involved were John Cage, Lucinda Childs, Oyvind Fahlstrom, Alex Hay, Deborah Hay, Steve Paxton, Yvonne Rainer, Robert Rauschenberg, David Tudor and Robert Whitman. These artists were paired with engineers to produce technical components on the podium used by the participants. It was indeed a break through adventure in the field of Art and technology. Billy Kluver, farther of Ã¢â¬ËExperiments in Art and technologyÃ¢â¬â¢ Reference http://www. fondation-langlois. org/html/e/page. php? NumPage=306 The Man Who Made a Match of Technology and Art
Saturday, September 21, 2019
The impetus that has kept me on the art track Essay Some people think that art taught in schools (middle and high school) is sufficient to keep one in this creative world. While one cannot deny the overall importance of learning art in school, there is a bigger aspect to all this that can never be passed from the class teacher to the art student; this aspect comes from the artist himself/ herself. My impetus I have an artistic personality as art is my way of expressing myself; this is why I spent almost all my time drawing. When someone annoys me, then I will vent out this anger through art, when someone makes me happy, art is my only way of showing that feeling, when am sad, art is my only solace. The beauty about art is that it is platform for expressing myself. It allows me to be blatantly honest with myself as am not struggling with pretentiousness; this is who I truly am. Because my art work creates positive responses in others, then I have built a sense of confidence about my work. It makes me feel secure because I know that there is something I am good at. Given the above sentiments, then my definition of art would have to deviate from the norm. I do not consider art as just another major, neither do I think that art is something that was merely handed down to us from history; I believe that art is jut part of who I am. It took a long time for me to admit this; but I finally got the revelation while staying at my country. I realized that everything I did revolved around art and I learned to enjoy what I was good at. My passion for art began when I was fifteen. At that time, I attended an exhibition known as the 2003 WomenÃ¢â¬â¢s International exhibit Jeddah. My role during that exhibition was not a passive one as I was part of the companyÃ¢â¬â¢s marketing department. For a period of on month, I created the companyÃ¢â¬â¢s website. I was also able to design commercials for them. This was the point in my life where I realized what I could become through art. I was lucky to work with a supportive team from the company; they encouraged me and taught me how to improve my work. Additionally, my mother and my cousins saw what I had done for the company and they were astounded by it. They couldnÃ¢â¬â¢t believe that I was responsible for what they saw. Nothing can compare to the look on their faces; they were so proud of me. Right there and then, I knew that this was what I was meant to do. Thereafter, I began exploring the wonderful world of art. To me, art is a universal language that can be understood by people all over the world. This is a concept that I understood in high school. At that time, I was part of a club that specialized in art forms from different cultures. Not only were we looking at the conventional aspects of art, but we also learnt about the Japanese language, their food and other cultural aspects. Through this club, I got an insight into the Japanese way of life consequently, learning their language. The epitome of this inter-cultural experience occurred during a school bazaar held at the end of the year. We were expected to inform the public about our club through a small stand. My task was to create flyers and commercials. I was also supposed to establish a mission for the team and the overall color theme for the event. These activities shaped my leadership skills and led to a self discovery on what I was truly capable of doing. The most touching and important thing about this particular occasion was that I learnt about other peopleÃ¢â¬â¢s cultures. The Japanese way of life was completely unfamiliar to me, but through art, I understood them. Art was my window into the life and times of the Japanese. From that moment on, I began appreciating other peopleÃ¢â¬â¢s uniqueness. Art is a unifying force; I can speak to others and they can speak to me even without saying a word. To me, no other forte can achieve such an effect. If the world would embrace art a little more, then we would all live together in harmony. My stay in the United States has been equally enriching. This year, I attended a training competition know as Boston Phoenix. The major theme of the event was Japanese animation. Through this event, I met art enthusiasts like myself. We were able to exchange ideas in at equal levels and I was amazed at their work. These young people used simple tools around them to create brilliant art pieces. I also began collecting and designing my own supplies. It was so fantastic to know that there are youth out there who are as inspired by art as I am. ConclusionÃ The latter experiences have helped to shape who I have become toady. Being artistic is just part of my personality. Through art, I can be a leader, I can be creative and I can express my innermost sentiments. Art has given me an insight into other cultures thus making me respect and comprehend other their way of life. I have therefore become a versatile and multi-cultured individual. Because of these reasons, I felt that I should make art part of my professional life. This was why I joined the university and I believe that through my college education, I can become a better artist than before.
Friday, September 20, 2019
Yee Lee Corporation Bhd group Financial Study Yee Lee Corporation Bhd group (YLC) is a holding company which is the edible oil repacker in Malaysia in 1968.Through its subsidiaries, it operates in four segments which are manufacturing, plantation, trading and others which related to tourism services and investment holding. YLC not only manufactures cooking oils and also as a marketing and distribution company which helps to do marketing on beverages and distributing to customers. Its direct subsidiaries are Yee Lee Trading Co.Sdn.Bhd., Yee Lee Palm Oil Industries Sdn.Bhd., Yee Lee Edible Oils Sdn.Bhd., South East Asia paper Products Sdn.Bhd., Canpac Sdn.Bhd., Intanwasa Sdn.Bhd. and Yee Lee Marketing Sdn.Bhd. In 1993, YLC was listed on the KLSE. PEST analysis Political Factors In order to increase the demand of using palm oil, Malaysia government provides subsidies for that domestic use only since the cooking oil crisis in January 2008. This situation encourages more Malaysian to use cooking oil that produced by palm oil. During the shortage time, government negotiates with cooking oil manufacturers to increase their production capacity by using palm oil to produce cooking oil. Because of this, it encourages those housewives who prefer palm oil than others. Therefore, this has created an opportunity for Yee Lee Corporation Berhad to produce cooking oil in low cost. This also beneficial to YLC Berhad because using palm oil to produce cooking oil can reduce the cholesterol in the food while cooking. Hence, their products are the first choice for those who want cook with low fat oil. Economic Factors Malaysia had gone through two recessions and two sharp slowdowns since 1970s. Each had its own causes and characteristics. The first downturn was in 1975 triggered by the 1973-74s oil shock, followed by the 1985 recession, which was dragged down by a sharp slowdown in global growth. The third was a steep recession in 1998 which caused by the Asian currency crisis, followed by the downturn in 2001, which was hit by the bursting of the dotcom bubble and terrorist attack on the US. The GDP also dropped about 45% since the crisis. So, in order to encourage more people to use palm oil cooking oil, government launched a campaign Palm Oil Reduces Cholesterol to encourage people to use more cooking oil that made by palm oil. Besides, government also provides the subsidies for those low income families who are using this cooking oil. By doing this campaign, people can learn about the importance of the GDP growth and also the economy will be recovered as a whole. Social Factors Malaysia is considered one of the most developed among the developing country. There are many exported goods originated from Malaysia, especially palm oil. Palm oil is one of the worlds most popular vegetable oils. In Malaysia, almost 80% palm oil is exported to other country. Recently, there are some issues about the oil industry which resources are limited. Due to the limited oil, local government encourages Malaysian buy the cooking oil which is made by palm oil. Therefore, YLC produces the cooking oil by implementing the concept of palm oil-made cooking oil. Besides that, producing cooking oil with palm oil are more cheaper than those are not using palm oil. So, YLC also uses this opportunity to target those housewives who want to buy cheaper cooking oil. Technological Factors Due to the improvement of technology, oil industry in Malaysia has used the most and efficiency machinery to produce cooking oil. Therefore, YLC has introduced AUM cooking oil machinery which is suitable to extract and produce cooking oil. Besides that, one of the YLC subsidiaries products which are gloves, are produced with multiple uses together with the state-of-the-art technology and stringent in-house quality assurance procedures. By using this new technology, the gloves that are produced are non-sterile, ambidextrous, and disposable. PORTERS 5 FORCES The rivalry between existing sellers in the market In todays industry, many companies have increased their sizes in order to competitively fit. When they are competing among each other in term of sizes, they are still competing in term of their brands image, product quality, pricing or market share. This would result in a high rivalry and threats Lee Yee Corporation Bhd. Since LYCs competitors like Lam Soon Group and PPB Group have a well-established brand names, so YLC has to provide good services and good pricing strategy in order to reduce the rivalry and threat as well as increase their market share in Malaysia. The power exerted by the customers in the market The switching cost for Yee Lee is low because their products price doesnt have big differences compared with their competitors. Cooking oil is concern about how good quality it has and how useful it is. Therefore, Yee Lee has to do more RD and put some new raw material in order to increase the usage. The impact of the suppliers on the sellers The power of suppliers has influences in all the industries. It also can affect the cost of producing a product for particular firm. Lam Soon and PPB has own suppliers so they can control the cost and get a good price to buy the raw materials. So Yee Lee has to establish its own suppliers in order to lower the cost of production. Purchasing raw material from other suppliers is difficult to get lower prices because they are selling based on market price and the prices also affected by the demand-supply customers. The potential threat of new sellers entering the market The degree of barriers entry is important to a firm in a market share. It can restrict other firm to come into this market. In order to maintain a market share, Yee Lee, Lam Soon and PPB has established a well know brand name. This brands also recognized by all the people in Malaysia. Besides that, they also have a good relationship with their suppliers and the most important is their product differentiation. So this is very difficult for a new firm to come into this market The threat of substitute products becoming available in the market The threat of substitute products is one of the concerns for all the industry. It can help to keep a product in long time in a market. If the level threat of substitute product is high, means the products easily to substitute by others product. Like nowadays, many cooking oil industries are using palm oil to produce cooking oil. Palm oil is easily to get and it has many usage for us. Not only palm oil, some firm also use corn to produce cooking oil. All of this materials are healthy to people. So the threat of substitute product in this industry is low. Strategic Group Map Competitors Lam Soon Group Lam Soon Goup is a group of companies which operates in plantations, detergent and soap manufacturing, marketing and distributing branded consumer product. It was incorporated in August 1950 by Ng Keng Soon. In 1995, his sons Whang tar Choung and Whang Tar Liang took over the management after his death. Its operations not only in Singapore and also in overseas like Malaysia, Vietnam, Thailand and Hong Kong. However, its main operation is in Singapore which operates in manufacturing of cooking oil and laundry soap. Lam Soons cooking oil has about 40 % to 45% market share in Malaysia. It also has its own factory in Malaysia which produces cooking oil and soap. The strengths possessed by Lam Soon are it has a well design and strong value on its brand like Knife was awarded as the best brands in consumer cooking oil in 2010. Besides that, Bio Home, one of the Lam Soons brand, was awarded as a good design in household care categorys brand. PPB Group Berhad PPB Group Berhad starts its core business with the initial business of sugar cane cultivation and refining in 1968. It also includes in manufacturing edible oil, marketing and distributing consumer packaged goods, as well as be a dominant player in the grains trading, flour and animal feed milling processing. PPB Group has its operations in China, Vietnam, Indonesia, Myanmar, Thailand and Singapore. The strengths of PPB Group Berhad are it has well-established brand names like Neptune for cooking oil and Seri Murni food processing as well as a stable market for food industry in Malaysia. It also becomes a leader in sugar refinery, flour milling and film exhibition. However, the weaknesses of PPB Group Berhad are the earnings are affected by the prices of CPO, raw sugar and wheat. Since the sugar and flour are controlled items in Malaysia, it is very difficult for PPB Group Berhad to sustain the increasing of cost in those controlled items. This will has some impacts during the econom y downturn. Based on the strategic group map, we can know that Lam Soon has a high market share in the industry because it has highest level of brand awareness among these three brands. So, the prices for Lam Soons cooking oil are also very high. For PPB, it has moderate brand awareness compared with Lam Soon and Yee lee. Therefore, the prices of PPBs cooking oil are cheaper than Lam Soon. However, Yee Lee has lowest brand awareness in the industry so the prices for its cooking oil are lower than Lam Soon and PPB. Recommendations and conclusion The one of Key Success Factors (KSFs) of Yee Lee are its products quality. Yee Lee manufactures cooking oil with good quality and it was awarded Certificate Excellent by International trade and Minister Industry. For example, Red eagle was voted as a Trusted Brand Gold by the readers of Readers digest because it is more stable compared to others brand and is able to withstand high heat when after the food is heated and it can be remained safe and healthy when consumption. Red eagle is considered as healthy cooking oil which is cholesterol-free and naturally rich in Vitamin E. Another factor that Yee Lee can successful in its business is its pricing strategy. Many housewives like to buy Yee Lees cooking oil is because the price is cheaper than others brands and customers can have similar functions by using their cooking oil. Besides that, Yee Lee has a good advertising in its own product. For example, Lee Yee has its own marketing and distributing channel in its business. By having own marketing and distributing channel, Yee Lee can save a lot of cost in term of finding advertising company or hiring salesman to promote its products. Furthermore, the innovation of technology brings a lot of benefits for Yee Lees company. This technology helps the company to produce its product in efficiency and effectively way and at the same time it can help in cost reduction. By having these benefits, Yee Lee can compete with its competitors in the business.
Thursday, September 19, 2019
The 1929 Stock Market Crash Ã Ã Ã Ã Ã In early 1928 the Dow Jones Average went from a low of 191 early in the year, to a high of 300 in December of 1928 and peaked at 381 in September of 1929. (1929Ã¢â¬ ¦) It was anticipated that the increases in earnings and dividends would continue. (1929Ã¢â¬ ¦) The price to earnings ratings rose from 10 to 12 to 20 and higher for the marketÃ¢â¬â¢s favorite stocks. (1929Ã¢â¬ ¦) Observers believed that stock market prices in the first 6 months of 1929 were high, while others saw them to be cheap. (1929Ã¢â¬ ¦) On October 3rd, the Dow Jones Average began to drop, declining through the week of October 14th. (1929Ã¢â¬ ¦) Ã Ã Ã Ã Ã On the night of Monday, October 21st, 1929, margin calls were heavy and Dutch and German calls came in from overseas to sell overnight for the Tuesday morning opening. (1929Ã¢â¬ ¦) On Tuesday morning, out-of-town banks and corporations sent in $150 million of call loans, and Wall Street was in a panic before the New York Stock Exchange opened. (1929Ã¢â¬ ¦) Ã Ã Ã Ã Ã On Thursday, October 24th, 1929, people began to sell their stocks as fast as they could. Sell orders flooded the market exchanges. (1929Ã¢â¬ ¦) This day became known as Black Thursday. (Black ThursdayÃ¢â¬ ¦) On a normal day, only 750-800 members of the New York Stock Exchange started the exchange. (1929Ã¢â¬ ¦) There were 1100 members on the floor for the morning opening. (1929Ã¢â¬ ¦) Furthermore, the exchange directed all employees to be on the floor since there were numerous margin calls and sell orders placed overnight. Extra telephone staff was also arranged at the memberÃ¢â¬â¢s boxes around the floor. (1929Ã¢â¬ ¦) The Dow Jones Average closed at 299 that day. (1929Ã¢â¬ ¦) Ã Ã Ã Ã Ã On Tuesday, October 29th, 1929, the crash began. (1929Ã¢â¬ ¦) Within the first few hours, the price fell so far as to wipe out all gains that had been made the entire previous year. (1929Ã¢â¬ ¦) This day the Dow Jones Average would close at 230. (1929Ã¢â¬ ¦) Between October 29th, and November 13 over 30 billion dollars disappeared from the American economy. (1929Ã¢â¬ ¦) It took nearly 25 years for many of the stocks to recover. (1929Ã¢â¬ ¦) Ã Ã Ã Ã Ã By mid November, the value of the New York Stock Exchange listings had dropped over 40%, a loss of $26 billion. (1929-1931) At one point in the crash tickers were 68 minutes behind. (1929-1931) An average of about $50,000,000 a minute was wiped out on the exchange. (1929-1931) A few investors that lost all of their money jumped to their deaths from office buildings.
Wednesday, September 18, 2019
In the text, Ã¢â¬Å"The American Cultural ConfigurationÃ¢â¬ the authors express the desire of anthropologists to study their own culture despite the difficulty that one faces attempting to subjectively analyze their own society. Holmes and Holmes (2002), use the adage Ã¢â¬Å"not being able to see the forest through the treesÃ¢â¬ (p. 5) to refer to how hard it is for someone to study something they have largely taken for granted. The Holmes' article focuses predominately on paradoxes within our own culture, many of which we don't notice. In a paradox, two contradicting statements can appear to be true at the same time. This essay looks at two paradoxes commonly found in everyday life: the individual versus the family and religion. When you think about family, what is the first thing that comes to mind? If you only thought about your parents or close relatives then you may have been caught in an Ã¢â¬Å"individual vs. familyÃ¢â¬ paradox. Nearly every culture considers family important, but Ã¢â¬Å"many Americans have never even met all of their cousinsÃ¢â¬ (Holmes & Holmes, 2002, p.19). We say we are family oriented, but not caring to meet all of our extended family seems to contradict that. Individual freedoms, accomplishments, and goals are all American ideals that push the idea of individualism. What's important to note is that family or even the concept of family itself doesn't appear in any of those ideals. Holmes and Holmes (2002), observed that Ã¢â¬Å"The family reunions of yesterday are now rare, and when they occur they are often a source of stress.Ã¢â¬ (p. 19) That quote solidifies one reason why family interaction today is : it's just too stressful, so we avoid it. Where does marriage fit i nto our culture of individuals? Marriage itself may be less of a family unifying event than a way for two individuals to obtain personal happiness; the climbing divorce rate alone seems to suggest the devaluation of commitment in a relationship. Likewise, the Holmes and Holmes (2002) state Ã¢â¬Å"marriage is in effect a continuation of courtshipÃ¢â¬ (p. 19) In my opinion, I would have to agree with the authors on family and marriage, considering the above-stated facts and trends. If we, as a nation, can place the individual so far above our own relatives, are we not creating a future of selfishness? Religious views are virtually unquantifiable on their own, but the effects of those views are very much measurable.
Tuesday, September 17, 2019
Thousands of Muslims were becoming followers of Guru Hargobind Sahib Ji. Khawaja Raushan was a very respected Muslim Faqir with thousands of people visiting him to pay him respect and get boons. However Khawaja RaushanÃ¢â¬â¢s own mind was restless, he was in search of a true Guru. Once a friend told him about Guru Ji, Khawaja Raushan reached Kiratpur and met Guru JI. When he heard Guru JiÃ¢â¬â¢s he was so impressed that he decided to stay at Kiratpur. He became an admirer of Guru Sahib; he started doing Seva of Guru JiÃ¢â¬â¢s horses. One day Guru Ji went out for riding his horse, Khawaja Raushan ran behind Guru Ji in Bairag. See more: Sleep Deprivation Problem Solution Speech Essay He ran more than a mile after Guru Ji, who then dismounted his horse and embraced Khawaja Raushan with great love. Guru Ji then gave Khawaja Raushan Charan Amrit and Naam as well as spiritual Gian and sent him to Doaba to preach Sikhi.Khawaja Raushan was going from one village to another for preaching Sikhi, one day he met Sayyad Jaani Shah who was wandering in search of bliss. Jaani Shah had met many Sadhus and Faqirs but could not get spiritual Gian from anyone. Khawaja Raushan told him he should go to Kiratpur to achieve your aim. Firstly Jaani Shah did not believe him but when Khawaja Raushan told his story he was determined to go. When he reached Kiratpur and sat in front of the door of Guru JiÃ¢â¬â¢s house and cried loudly Ã¢â¬Å"Janni Ko Jaani Milaa Do (Let Jaani meet his dear one )Ã¢â¬ .
Monday, September 16, 2019
Week One: Introduction to Finance and Analysis Objective: Define basic financial terminology. 1. Which of the following reasons is most responsible for corporations being the most important form of business organization in the United States? 1. Corporations have limited life. 2. Stockholders have unlimited liability. 3. Corporations are subject to less government regulation than the other forms of business organization. 4. Corporations have the ability to raise larger sums of capital than the other forms of business organization. Objective: Explain how financial markets work in the United States. . Which of the following is NOT an advantage of a private placement (as compared to a public offering)? 1. Greater financing flexibility 2. Lower flotation costs 3. Lower interest costs 4. Quicker availability of funds Objective: Assess the role of ethics and compliance in the finance environment. 3. Which of the following is a characteristic of an efficient market? 1. Small number of indivi duals. 2. Opportunities exist for investors to profit from publicly available information. 3. Security prices reflect fair value of the firm. 4. Immediate response occurs for new public information.Objective: Evaluate financial performance using financial ratios. 4. Which of the following is included in the denominator of the times-interest-earned ratio? 1. Lease payments 2. Principal payments 3. Interest expense 4. Gross profit Week Two: Financial Planning Objective: Describe the relationship between strategic planning and financial planning. 5. Which of the following statements is true? 1. The future value of an annuity would be greater if funds are invested at the beginning of each period instead of at the end of each period. 2.An annuity is a series of equal payments that are made, or received, forever. 3. The effective annual rate (APR) of a loan is higher the less frequently payments are made. 4. The future value of an annuity would be greater if funds are invested at the end of each period rather than at the beginning of each period. Objective: Prepare a cash budget. 6. A company collects 60% of its sales during the month of the sale, 30% one month after the sale, and 10% two months after the sale. The company expects sales of $10,000 in August, $20,000 in September, $30,000 in October, and $40,000 in November.How much money is expected to be collected in October? 1. $25,000 2. $15,000 3. $35,000 4. None of the above Objective: Perform a break-even analysis. 7. Potential applications of the break-even model include: 1. replacement for time-adjusted capital budgeting techniques. 2. pricing policy. 3. optimizing the cash-marketable securities position of a firm. 4. none of these Objective: Calculate present value and future value of cash flows. 8. If you invest $750 every six months at 8% compounded semi-annually, how much would you accumulate at the end of 10 years? 1. $10,065 . $10,193 3. $22,334 4. $21,731 Week Three: Working Capital Management and Cap ital Budgeting Objective: Evaluate effective working capital management techniques. 9. According to the hedging principle, permanent assets should be financed with _______ liabilities. 1. permanent 2. spontaneous 3. current 4. fixed Objective: Evaluate alternative capital projects. 10. Consider a project with the following cash flows: After-Tax After-Tax Accounting Cash Flow Year Profits from Operations 1 $799 $ 750 $150 $1,000 3 $200 $1,200 Initial outlay = $1,500 Terminal cash flow = 0 Compute the profitability index if the companyÃ¢â¬â¢s discount rate is 10%. 1. 15. 8 2. 1. 61 3. 1. 81 4. 0. 62 Objective: Analyze risks associated with capital projects. 11. Aroma Candles, Inc. is evaluating a project with the following cash flows. Calculate the IRR of the project. (Round to the nearest whole percentage. ) Year Cash Flows 0 ($120,000) 1 $ 30,000 2 $ 70,000 3 $ 90,000 . 18% 2. 23% 3. 28% 4. 33% Objective: Identify the decision-making factors in lease versus buy. 12. A machine cost s $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest $10. ) 1. $490 2. $570 3. $900 4. -$150 Week Four: Long-Term Financing Objective: Identify the impact of financing strategies on cost of capital. 13.When calculating the average cost of capital, which of the following has to be adjusted for taxes? 1. Common stock 2. Retained earnings 3. Debt 4. Preferred stock Objective: Calculate the weighted average cost of capital (WACC) of a firm. 14. Armadillo Mfg. Co. has a target capital structure of 50% debt and 50% equity. They are planning to invest in a project which will necessitate raising new capital. New debt will be issued at a before-tax yield of 12%, with a coupon rate of 10%. The equity will be provided by internally generated funds. No new ou tside equity will be issued.If the required rate of return on the firmÃ¢â¬â¢s stock is 15% and its marginal tax rate is 40%, compute the firmÃ¢â¬â¢s cost of capital. 1. 13. 5% 2. 12. 5% 3. 7. 2% 4. 11. 1% Objective: Compare and contrast initial public offering (IPO) and mergers & acquisitions growth strategies. 15. Lever Brothers has a debt ratio (debt to assets) of 60%. Management is wondering if its current capital structure is too aggressive. Lever BrothersÃ¢â¬â¢s present EBIT is $3 million, and profits available to common shareholders are $1,440,000, with 228,571 shares of common stock outstanding.If the firm were to instead have a debt ratio of 20%, reduced interest expense would cause profits available to stockholders to increase to $1,680,000, but 457,143 common shares would be outstanding. What is the difference in EPS at a debt ratio of 20% versus 60%? 1. $-1. 76 2. $-2. 63 3. $-3. 14 4. $-4. 37 Week Five: International Finance Objective: Describe the factors that con tribute to foreign exchange risk. 17. I. T. Canwait, Inc. , a U. S. -based multinational, has just sold cans to a Japanese company, I. C. Spots, Inc. Spots will pay for the order in 60 days. I. T. Canwait is now exposed to which kind of risk? 1.Transaction 2. Translation 3. Operating 4. Financial Objective: Compare and contrast methods to mitigate foreign exchange rate risk. 18. The rate that a subsidiary or parent of the multinational corporation charges other divisions of the firm for its products is called a(n): 1. forward price. 2. transaction price. 3. transfer price. 4. exchange price. Objective: Analyze the impact of globalization on financial decisions. 19. A wide bid/ask spread could indicate which of the following? 1. The presence of arbitrageurs 2. Large-volume transactions are taking place 3. Frequent trading of a currency 4. Infrequent trading of a currency
Sunday, September 15, 2019
Education is normally regarded to be one of the things that remain as relatively permanent in this world. Thus, from my personal experiences, it is seen as a solid foundation that is made of sturdy and solid bricks, which it as well serves a obliging partner in attaining my personal and career goals. Although, there are already definite stepping-stones that I have started with regard to my educational growth and development, I still see the need for pursuing an educational program in Economics as an addition to the ones that I already have. It is of great certainty that there are far greater heights to which I am compelled to achieve and persistently pursue these goals by submitting myself to an educational program in Economics Major as a partner in attaining for the said endeavor. The list of reasons for pursuing such objectives includes influences from personal growth requirements. First, it has been my life-long dream to achieve the highest echelon of learning, which is that of a Major in Economics. Thus, this is seen as a constant quest for learning everyday as I feel the great prerequisite to take further steps into the field to which I am most passionate and dedicated about. As such, it is my career goal to be in the said industry as one of the most reliable and reputable practitioners in the field of Economics and established a great career a head. Likewise, achieving such career goal in the said field is also my own way of preparation in facing the challenges of the future. Moreover, as one of the aspirants in such line of business, it has come to my understanding that such endeavour will never be an easy task but is rather a long road of travel filled with several challenges. Likewise, I truthfully comprehend the significance and meaning of Education as the foremost key towards the achievement of my dreams in the field of Economics. In this regard, I truthfully believe that receiving formal studies with that of Major in Economics Major would make me more equipped and prepared for my future career and personal goal. With the current work experiences I have, my future has become more defined and is guided towards achieving success in the particular field I am most passionate about. Thus, with the employment that I have been through, I would say that my qualities and capabilities as an individual has improved that has made me more all set to undergo educational program in Economics. With my experience as a Marketing Manager in Moxie Company on behalf of Hong Kong Information Security Group in which I have worked for three months, this particular experience has gave me a brilliant opportunity to work in a world class environment wherein I get to witness actual progression of business. As such, the same experience has also helped me understand the cultural differences around the world through the chances I got in communicating with different people coming from diverse cultural background. In this regard, my passion and interest to financial matters has been further enhanced and empowered that the whole experience has made more decided to further reach for my personal and career endeavors. Although, the my stint as a Marketing Manager has been through a minimal amount of time, the experience and the learning are indeed essential as well as helpful for me in pursuing a Major in Economics wherein I get the chance to have a grasp of actual business actions and has the opportunity to be more familiar the actual proceedings in the real world. Nonetheless, through these actual work experiences as a Marketing Manager, I am able gain positive traits and characteristics in which I have learned to be more professional and committed to the tasks I have to do and adhere to the duties as well as to the responsibilities that I am compelled attend in the most optimistic and effective manner I could in order to attain the most positive outcome. In addition to this, the chance of being involved through various volunteer works is also seen as relevant in pursuing my dreams and having a major in Economic as these experiences have helped me become more committed in all the things that I do and acquire positive traits in terms of personal and professional capabilities. As such, through this social works, I have learned to be more devoted and passionate not just to my own personal goals and objective but as well as being as equally dedicated to help the society and the people in facing the challenges of life together. In Hong Kong, I have participated in the fund raising event of Ã¢â¬Å"Lifeline Express Dance for SightÃ¢â¬ wherein my involvement is to help restore the sense of sight for the blind cataract patients that are living in the remote areas of Mainland china. In here, I just do not solely enjoy the feeling of helping other people but at the same I am also able to learn more about Financial Matters, as seen essential in my goal of pursuing a Major Economics, which this said volunteer work is about fund raising. Nonetheless, it is really my happiness to be involved to different volunteer works. Aside from the fact that I am helping other people through such involvement, the entire experience for me is also helpful personally wherein in every social task that I do I am able to acquire new things and learning that are all helpful in pursuing my dreams and having a Major in Economics. Prompt II Every individual has his/her own personal characteristics that serve as the defining factor for the different goals intended to be achieved. In my academic and professional career, I see that my personal qualities, achievements, and experiences that have given me the chance to see a better future ahead of me. First, I am family-oriented and always have within me the gratefulness of my parents, especially my mother. Every decision I make, the behavior I exhibit, and the ideas that I carry out have their corresponding impact to my family that is why I am always cautious of the path I take. In this endeavor, I consider my family to be a factor and inspiration towards the success that I want to achieve. With them being the supporting framework of my goals, I have the confidence that I am standing on more stable grounds than if I am all alone. Likewise, the values that are provided to me by my family have defined the person that I am now. Being the first set of social group I get to interact with in my early days up to now, they have given me enough training in establishing and maintaining valuable relationships both within the family and in the external environment. I see this as a valuable factor in my success in the academic setting because there is a bigger social sphere that is present within the university and this affects the academic performance of people. No man is an island is a rule that applies to this and the ability to relate well to other people within the school serves as a good factor for the achievement of several goals. In addition to this, the gratefulness that I have within my heart serves as a positive driving force for me to do well in every activity that I intend to accomplish in the school. Compared to other motivating factors that last only for a short period of time, this level of gratefulness and the need to reciprocate the kindness my mother has shown me is on a futuristic perspective that has the strength to last. Second, I consider myself as an enthusiastic, optimistic, active, and resourceful person especially in school activities. The enthusiasm that I have provides me with the courage to deal with difficult undertakings. While some may seem hard to achieve as it entails gargantuan tasks, I never gave up because of the determination and enthusiasm I have over studying and doing far more than what is expected of me. Likewise, I always opt to look at the brighter side of things that make it easier for me to accomplish goals. Instead of dwelling over the difficulties I face in school, I look for the things which could help me accomplish the things I need to do and this has worked for me over the years. Moreover, the activities I join in have given me the chance to socialize and learn through it. I realized that not all of the things I need to learn in life are found within the four walls of the classroom. Rather, learning could also occur in the extracurricular activities I engage into such as the volunteer works, past work experiences, sports, and dancing activities that helped me learn more than what is taught of me in these programs. There are values such as collaboration, sportsmanship, perseverance, hard work, diligence, and will that I have derived from the training that is received out of these activities. Third, the volunteer activities I completed have also given me a sense of pride and honor and have added a piece to my lifeÃ¢â¬â¢s puzzle. I have connected with the purpose of the programs and activities that are at the center of our goals and this has built within me the ability to relate to the larger social sphere which I am in. Not everyone is given the chance to understand critically the society, especially with the problems that beset it today. This is important to me because it has given me the chance to get a preview and a taste of how it really is in the world outside the university. This is the practical side of life and aside from the theories found within the pages of the books, it is important for students to be able to understand the life beyond what is being considered by the experts and theorists in the different fields. This is carried with the belief that there is no single theory which can hold true for the present-day scenario. There is really the need to immerse in the areas where problems exist in order to find out the theory that is suitable for it. Fourth, I have earned several accomplishments during my school years. I have been given Honors Award for the year 2004-2005 for the Schools Dance Festival (Hong Kong) and Commended Award for the year 2002-2004 in the same respect. Likewise, I received certification for the Hong Kong Cultural Centre Education Series in 2003 and serves as a team leader for the Contemporary Dance Team. Lastly, I have also participated in the Grace House Committee. All of these personal and academic accomplishments serve as my proof that I could achieve several things if there is patience and hard work. I learned that the effort that I exert would be commensurate to the outcome that I will achieve out of the activities I engage in. Indeed, I have been able to achieve several things during the length of time I stayed within the university. This has taught me several valuable insights that lead me to become better in achieving things. Likewise, my family, most especially my mother, has shaped me to become the person that I am today and this is one thing that I am most grateful for. Personally, I could say that the right mix of determination, enthusiasm, optimism, and resourcefulness brought success to the intentions I have.
Saturday, September 14, 2019
Overview of the case study The business environment is very competitive. Consequently, companies need to offer customers proficient and reliable service. If they do not, customers will switch to more consumer efficient companies. Furthermore, as companies grow in size, it becomes harder to keep track of the growing amount of sales and customer information. If a company does a poor job by not focusing and maintaining customer satisfaction, it can result in problems for both the company and the consumer. This study will focus on the Minnesota Mining and Manufacturing Company, more commonly known as 3M, and how it empowered its employees, improved its growth rate, customer service and sales by introducing a new approach to growth. This study also provides critical interrogation on the approaches and strategies applied by Minnesota Mining and Manufacturing Company in its efforts to turn around the company after the loss of profit despite the reputable strong tradition of innovation culture. Firstly, the study provides critical elements of innovative methods applied in order to exploit the profitable gains from the excellent research practise. This is done by explicating innovation process that has been applied at the 3M CompanyÃ leading to innovative strategic thinking coupled with the work done on the ground. It then identifies the curative recommendations in addressing the major problems that have been identified throughout the case. The fundamental problem of the 3M Company was the inability to exploit profitable improvements by exploiting its excellent and reliable research practice to the advantage of the company. Consequently, the company could not diversify its products in relation to the demands of the fast changing and sophisticated markets at a worldwide level. The company needed to embark on a major example change without compromising its excellent research tradition but to seek turn around strategies in order to maximise its profits. Recommendations and conclusions are clearly defined and they reveal what the author thinks about being an innovative leader who is able to support employeesÃ¢â¬â¢ in their new ideas by implementing the company culture which is supportive to all of them to produce successful projects. QUESTION 1: What are the main elements of the innovative process at 3M? Is it possible and desirable for other companies to emulate them? Ã¢â¬Å"Richard Lynch defines Innovation as the generation and exploitation of new ideas. Furthermore it also provides organisations with the ammunition to move ahead of the competition. He states that innovation can deliver three priceless asserts to strategic management: 1. Substantial future growth 2. Competitive advantage 3. Ability to leapfrog major competition, even dominant competitors The innovative process at 3M has usually been a focus area for the top management. The company adopted a get out of the away approach towards the product developers in return worked accordingly towards innovation, together with technicians each team had a process engineer to ensure that the product was efficiently made. Ã¯ ¶ The whole team did not face any risk if the product has failed. Ã¯ ¶ The product developers should pay visits in the factories and workplaces to talk to the workers to get ideas for products. Ã¯ ¶ The developers were not given the share of product royalties as the company believed that innovation was driven by sheer love of it. But the developers were encouraged by various means like rewards for innovation and grants for innovative projects. Ã¯ ¶ There was also a dual ladder approach that provided the senior technical persons with great career opportunities to advance without switching over to management. Some of the elements of an innovative process at 3M is a free frame, people are able, capable and freed from any restrictions. Nevertheless someone should judge, review the Innovation Process. Stage stones should be set up otherwise it is no real process. Furthermore the consistency and the success factor should beat a specific period extremely revised and reconsidered regarding implement capability. In todayÃ¢â¬â¢s competitive industry, cost plays a big role. Innovation is perhaps one of the most words that are over used in the business world today, and some of the organisations blow the innovation trumpet preach but donÃ¢â¬â¢t necessarily practice. But there are organisations like 3M that do practice innovation which gives hope to the organisation as they are using innovation in their daily lives through ground breaking products & services which made the company to be in the top ten of Fortune magazineÃ¢â¬â¢s most admired US Company. 3M Company sticks to its innovation, If we take a step back from the Innovation process, for the process to be successful it needs an environment to encourage Innovation, below are the points of what the environment characteristics needs to be: Ã¯ ¶ Organizations eager to take measured risks. Ã¯ ¶Ã Business leaders being able to understand technology and the application of it. Ã¯ ¶ An organization that is exposed to change. Ã¯ ¶Ã An organization that is brave enough to see beyond the financial benefits is not made visible that quickly. Ã¯ ¶ Processes and structures to encourage brave thinking business leaders that are able to see what tomorrow will look like The Innovation Process: (Tidd et al., 2005). States that Ã¢â¬Å"the ability to manage the innovation process is an essential competence of any organization, but members must first understand the workings of the process to be successfulÃ¢â¬ Figure 1.1 Adapted from: OÃ¢â¬â¢Sullivan (Innovation Process) Ã¢â¬â 5/29/2008 Ã¢â¬Å"O, Sullivan further explains thatÃ¢â¬ Idea generation The first stage in this perspective of the innovation process relates to the creative activity of generating an opportunistic idea. This stage involves the continuous scanning of the internal and external environment for threats and opportunities that might be developed into an innovation by the organization. This stage involves mining the sources of innovation for new ideas and evaluating solutions to identified problems. An organizational culture that encourages creativity and empowerment can significantly support this phase of the process; this is exactly the similar culture that functional at 3M Company. The input typically stems from a technical insight into a product or process. This is evident in the case of 3M, when Fry had an idea of taking a peelableÃ adhesive that had been developed some yearÃ¢â¬â¢s earlier at the 3M research laboratories and spreading it to marketers, it is further mentioned in the case study that it worked well. Opportunity Recognition The second stage of the process is opportunity recognition, in which the opportunity of developing the idea into a new product, process, or service is assessed and evaluated relative to other opportunities. This phase of the process involves deciding which innovative ideas will be pursued by the organization and which are deemed outside its interest. The undertaking of innovative actions is both expensive and resource intensive for any organization, and even large organizations such as 3M. Development If an opportunity is recognized as appropriate for the organization, then the idea moves to a new stage where it can be developed further. This phase involves the development of the idea or solution into a potential innovation that is ready for launch to its internal or external market. The development of an innovation can be highly resource intensive for any organization. It also applies to Fry when his ideas worked well and requested permission to develop the product commercially and he was given an opportunity to develop a manufacturing process. Realization This phase of the innovation process relates to the launch to the market, which is where the customer makes the final evaluation of the innovation. Understanding customer needs is essential to ensure that the eventual offering to the market meets these needs. Competitive Advantage: A superiority gained by an organisation when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation which results from matchingÃ core competencies to the opportunities. They had strong innovation and research foundation at 3M Company that has ability of adaptability, although they experienced loss before but they managed to turn around the situation. It appears that they do not have a competitor in the world with the same level as they are. Instead, there appears to be several competitors in each sector or industry in which 3M offers its products and services. Frequently, as companies grow, they tend to become more bureaucratic and less able to adapt to changes in the market or industry. To conclude I would say that 3M CompanyÃ¢â¬â¢s existing controls are very good and support their strategy. However, they should also incorporate the other missing controls to ensure greater innovation power and profitability. Looking at todayÃ¢â¬â¢s Industries and competitions amongst them, in my opinion ,I would suggest other companyÃ¢â¬â¢s follow the steps of 3M, the have made some mistakes but were able to turn around the situation due to their elements of innovation process. QUESTION 2: What do you think of Six Sigma? Can other companies do the same? Firstly Six Sigma is defined as a Ã¢â¬Å"program that is used to improve processes within the organization be it in manufacturing or production processes. Six Sigma is usually prepared at defining goals and problems, measuring existing data and processes, analysing problems and goals, improving processes or tasks and controlling how the problems will be resolved in the future. According to the research I have identified three traits from Six SigmaÃ¢â¬ I.Ã The advantages Ã¯ ¶ The benefits of Six Sigma contain the improvement and development of operating processes to ensure quicker response time, quality products and services and better monitoring of performance and work outputs, which I think it is the best approach to growth for 3M since they have dropped their sales. Ã¯ ¶ This type of an approach or model surely and possibly saved 3M Company to come up with the said results and benefits because it provides a formula in which an existing processes is checked for consistency, efficiency and effectiveness, if it fails to measure to the existing industry standards it is revised and redesigned to match the best practices . I would advise other companies to do the same because it is the model that guides the company. II.Ã The costs Ã¯ ¶ The Six Sigma model also ensures that costs will be dropped because there will be limited time spent in the process and more time to work on the actual tasks which is already handy at 3M. Ã¯ ¶ It appears time its cost is huge and that an organization has to appoint or hire a person that would guide and train top management and middle management in the principles of Six Sigma which is wise for all the companies like 3M than running their businesses at a lot, dropping sale, losing profit. Ã¯ ¶ Furthermore Six Sigma will also empower the employees to gain knowledge as it is the model that will require trainings, yes it will be costly but with productive results at the end. III.Ã The risks Ã¯ ¶ Six Sigma might also have its own risks, some organisations might not be patient but looking at its approach, it had a positive impact on the 3M Company; it also developed leadership skills and focused on customer satisfaction. Furthermore, even though the approach does wonders in the company, not allÃ companies of the 3M embraces Six Sigma some of these reasons are very costly training of human force, only applies to the manufacturing industry, and it is just a trend. Other companies might think that, main issue that have to challenge with is if the Six Sigma really benefits the company orÃ it cost the company to sacrifice the innovative and creative culture for the sake of continuous improvement of products to satisfy the customers and accelerate the financial performance. Nevertheless it proven worth it by 3M because of the rescue it has done to the company while it was falling behind. Organisational Culture: In terms of its organization culture, 3MÃ¢â¬â¢s Company culture is promoted to be freedom and full of excitement and anticipation. Employees enjoy being heroes. 3M Company is being innovative in its cultures and company growth, so the focus needs to be on how innovation in 3M, including working cultures and people management etc. can be replicated and benefits different areas in our daily applications Goldman, Maritz, Nienaber, Pretorius, Priilaid and Willliams (2010:94) referring to Roger HarrisonÃ¢â¬â¢s model of organisational culture mentions that Ã¢â¬Å"it has various attributes with four types of culture that could be easily observed at 3M Company although one called power culture seemed to be more dominant than others. Goldman et al., (2010:95) continue their notion by saying that a person whose personality is suitable for the culture of the organisation will be more likely to succeed than the person who does not naturally fit within the organisationÃ¢â¬â¢s culture. The table below reveals all these cultures and their attributes. Culture Attributes Achievement culture Competence, growth, success and distinction Power culture Strength, direction, decisiveness, determination Role culture Structure, order, stability, control Support culture Relationships, mutuality, service, integration Figure 2.1: Adapted from: Goldman et al., (2010:95). Organisational cultures and their attributes. This case study has stressed some of the key activities and principles that contribute to 3M CompanyÃ¢â¬â¢s performance. Most of these are not new and are certainly used by other companies. In 3M CompanyÃ¢â¬â¢s case they may be summarized as an effective company culture that nurtures innovation and a range of management techniques and strategies that together have delivered long-term success. Most of companies pay lip service to the organisation values and practice set out in this case study. There is evidence that 3M Company supports these words with actions. 3M Company hire good people and trust them; this will bring about innovation and excellent performance. 3M Company ensured that introducing Six Sigma is a good move than at other companies. Moreover, the success of the approach is due to the continual reinforcement of its objectives. Indeed, also the performance of individuals is partly judged on whether they are able to achieve the objective. Marketing pull and Marketing push technology According to Lynch (2009:283) market pull is one of the principal sources of innovation which is customer needs analysis. Baker in Lynch (2009:293) emphasize by suggesting that innovation takes place when companies identify new market opportunities and this is how 3M Company attempted to employ market pull by introducing Six Sigma and this exposes that they had ability for creating innovation. The 3M Company business area was completely different from what Six Sigma specialised on so they were necessary forced to encourage creativity, develop leadership skills, customer satisfaction, and exploration and focus where new ideas can come from a wide variety of sources. According to Lynch (2009:283) Technology Push is technology development analysis whereby other industries are being surveyed for their technology developments and assessment of their relevance to its own. 3M Company joined forces with external companies as mentioned above in trying to introduce new approach to growth and link the internally controlled culture of technology push even though they assumed that it was market pull. Their main challenge at 3M Company is that they need to know what technologies to push so that they do not dissolve their establishments. The diagram below illustrates how the two sources of innovation should be exploited by organisation without distinction. Figure 2.2 Adapted from Lynch (2009:283) Two major drives of innovation. QUESTION 3: To what extent, if at all, does innovation matter in setting the purpose of an organisation? Yes innovation does matter in this case because; many organizations invest in innovation in order to change. Organizations put aside a percentage of turnovers to change products, processes, and services. In particular, theÃ objectives should be achieved because of this investment. Yet, a very large amount of innovation activities does not meet these objectives. The motives behind failure provides clue regarding how to avoid such failure in the future. In this case study the process by which the companies should apply innovation has been examined. It has been examined by making sure that employee understands the process by which innovation takes place in the work place and then improving. In this case study 3M organizations has tried to lower their innovation failure rates and move faster with the process of growth as mentioned previously above about Six Sigma, the approach to growth. Looking at the process of innovation from idea generation, through evaluation, and on to realization, you will also find customers who become evaluators of the success of anÃ innovation in the company and by concluding there is also key ways to improve the ability of the company or organisation by monitoring the following innovation processes: Ã¯ ¶ Goals, Actions, Teams, Results. Goals of Innovation The principal goals required by an organization in return for this investment vary between organizations. The following have been found across a large number of manufacturing and service organizations and ranked in order of popularity, with the first goal being common to most organizations (European Commission, 1996): Ã¯ ¶ Improved quality Ã¯ ¶ Creation of new markets Ã¯ ¶ Extension of the product range Ã¯ ¶ Reduced labour costs Ã¯ ¶ Improved production processes Ã¯ ¶ Reduced material Ã¯ ¶ Reduced environmental damage Ã¯ ¶ Replacement of products or services Ã¯ ¶ Reduced energy consumption Ã¯ ¶ Conformance to regulations Following are the critical factors that managing technical innovation in 3M Company: a) Organization culture b) Communication and c) Management The causes of failure can vary widely depending on the individual innovation. Some causes will be external to the organization and outside its influence of control. Others will be internal and ultimately within the control of the organization. Some of the more common causes of failure in organizations can be distilled into the following five types (OÃ¢â¬â¢Sullivan, 2002): Ã¯ ¶ Poor goal definition It means that organizations find it difficult to define their goals. Poor goal definition requires that organizations decide on appropriate goals for their environment and define these goals in terms that are understandable to everyone involved in the innovation process. Ã¯ ¶ Poor alignment of actions to goals Means that organizations find it difficult to continuously link the ideas and projects they are pursuing with their goals. This is perhaps even more acute if goals are difficult to define in the first place. It also influences effective management of the portfolios of projects that the organization is undertaking to ensure they are balanced appropriately. Ã¯ ¶ Poor participation in teams It refers to the behaviour of individuals and teams, latent knowledge of the organization, and the particular skills of individuals to contribute to the achievement of innovation. It also refers to the payment and reward systems that link individuals to goals. Ã¯ ¶ The poor monitoring of results It refers to sharing of the status of goals, actions, and teams involved in the innovation process within the innovation team and its main stakeholders. Ã¯ ¶ Poor communication and sense of community It relate to ineffective channels of communication and collaboration that constrain knowledge sharing and the ability of employees to participate as a broader community in the innovation process and make informed decisions when needed. Steyn, Schmikl and van Dyk (2010:66) state that knowledge delivers sustainable competitive advantage as illustrated below Leading to> Resulting to> Increased revenue Knowledge creation Technology development Experimental and emergent purpose Innovation Enhanced value added Stronger sustainable competitiveadvantage Figure 3.1: Adapted from Lynch 2009:261- An emergent approach to purpose According to Palmer and Kaplan (2007:2) Strategic Innovation is the creation of growth strategies, new product categories, services or business models that change the game and generate significant new value for consumers, customers and the corporation. According to Lynch (2009:282) innovation is the generation and exploitation of new ideas. This has helped the 3M Company to gain strength in applying lessons learnt from previous experiences like the one of losing the sales and profit. This has made them to be able to deliver what refers to as the priceless assets to strategic management such as the following: Ã¯ ¶ Substantial future growth: The process of improving some measure of the organisationÃ¢â¬â¢s success which can be achieved either by boosting the top line or revenue of the business with greater product sales or service income. 3M Company able to restructure by introducing the approach to growth. Ã¯ ¶ Ability to leapfrog major competition, even dominant competitors: Ability to conquer competition focusing on extensive promotions to highlight the distinctive benefits or features of products. 3M Company had employees who are strong in making sales and come up with high successful product Ã¢â¬Å"Post-it notesÃ¢â¬ . In terms of the competition, it started internally. Ã¢â¬Å"Every company seeks the keys to innovation, but few find them. Over the decades, 3M learned how to be innovative and today the company uses that skill to great competitive advantage.Ã¢â¬ Ã¢â¬â Jerry I. Porras, Co-author, Built to Last Ã¢â¬Å"Innovation is more than just a bright idea; it is an idea that gets implemented and has a real impact. In other words, somebody has to make it happen.Ã¢â¬ Ã¢â¬â Ernest Gundling, Author, The 3M Way to Innovation: Balancing People and Profit 2.Ã CONCLUSION It is advisable that, organisation should have its own database in order to fix or limit the problems in the company rather than running at a loss. 3M Company created their database and spent about $20 million, it in an integrated database, which stores information on customers, products, sales, inventory, and finance from all divisions and geographies. If all the organisations of the same nature can follow what 3M Company did, access can be gained to the database through a user-friendly website. Strong search which bring together related products and services from across the entire 3M Company can be easily accessed. Personnel and partners can also access latest information on product prices, availability, specifications and reviews of customer accounts. Ã¢â¬Å"The profitability of customers and products and the performance of partners can also be analysed across the entire company allowing better allocation of company resources. This allows 3M Company to take advantage of market opp ortunities and cross-selling opportunities and at the same time meet and customize the needs of customer segments. Ã¢â¬Å"(Some of the information is adapted from Harvard Business Review) 3.Ã BIBLIOGRAPHY Ã¯ ¶ Ernest Gundling, Author, The 3M Way to Innovation: Balancing People and Profit Ã¯ ¶ (European Commission, 1996): Goal Innovation Ã¯ ¶ Goldman, G., Maritz, R., Nienaber, H., Pretorius, M., Priilaid,D. & Williams, D.2010.Strategic Management: Supplement for Southern Africa. (1st Edition) South Africa: Pearson Education. Ã¯ ¶ Havard Business Review. Vol 75 (6): 102-103 Ã¯ ¶ Jerry I. Porras, Co-author, Built to Last Ã¯ ¶ Lynch, R. 2009. Strategic Management. (5th Edition). England; Pearson Education Limited. Ã¯ ¶ McQuarrie, E.F. 1993. Customer visits. Building a better market focus. California: SAGE Publication. Ã¯ ¶ OÃ¢â¬â¢Sullivan (Innovation Process) Ã¢â¬â 5/29/2008