Human Resources & Labor Unions

The Impact of Labor Unions in the Hospitality IndustryAbstract Labor Unions in the United States have protected employee rights and benefits for several decades. Human Resources play an essential role in the work place in dealing with labor unions. Unions represent thousands of workers and employees throughout the nation in an effort to fight for human rights and equality in the work force. Negotiations are then met through the dedication of these unions that allow for a company to provide higher wages, adequate benefits, and better working conditions to employees around the world.This document will explain the importance of unions and the role they play in today’s economy and work force and how a business can remain union free. Introduction When deciding on which career path to take and what corporation to work for doing substantial research on benefits, wages, and the working conditions of that particular company is essential. What most people do not realize is what it took for those benefits to be created. History reflects the changes in employee benefits and working conditions back to the 19th century.During this time farm workers began working in mines and factories facing terrible working conditions and health risks. Women and children also worked under the same conditions with lesser wages. In an attempt to fight against these working conditions, workers would gather to strike and protest for change and to be a voice for their communities. The effects of these protests and strikes in the work force made way for the Industrial Revolution allowing for the birth of labor unions.Labor unions are organizations formed by employees and workers around the world from various industries. The unions unite in an effort to bargain and protect employee benefits, wages, and fight for better working conditions. Today, several unions are in existance in mutliple industries to protect employee rights and work hand in hand with human resources managers. One union, f or example, is the Hotel Employees and Restaurant Employees International Union (HERE), that united with the Union of Needletrades, Industrial, and Textile Employees (UNITE) to create UNITE HERE.UNITE HERE is an organization that protects members in the hospitality industry and is in conjunction with The American Federation of Labor and Congress of Industrial Organizations, also known as AFL-CIO. The ALF-CIO is the largest federation of unions representing workers in the hotel, gaming, food service, manufacturing, textile, distribution, laundry, and airport industries. UNITE HERE has fought to create jobs and change low-wage jobs to higher paying jobs within these industries. (â€Å"Unite here, 2012†) Human resources practices have advanced since workers began to unionize.Managers were now challenged with the demands of labor unions and were forced to face union representatives rather than dealing with employees directly about issues such as wages, benefits, and grievance. Th e struggle between labor unions and companies still continues and it is in the convenience of both unions and corporations to have an understanding and functional relationship with one another for peace and equality within working quarters. The History of Labor Unions â€Å"Workers in the United States are facing a number of difficulties,† said Daniel J.B. Mitchell, a professor emeritus of public policy at UCLA. â€Å"Job security, healthcare, retirement funds — we haven't seen such levels of uncertainty since the Great Depression. † (Lazarus, 2012) Dating back to the 19th century, this is when businesses began to change from household agriculture into the mining industry and machine operated labor factories. Due to the changes and intense job conditions labor unions began to form in an effort to bargain for better rights. Strikes took place, resulting in conflict between workers and employers.The most influential of the unions being created at the time was the American Federation of Labor union due to its focus on higher wages and improved working conditions for its members. Miners in the mining industry were faced with long working hours, unsafe working conditions and were poorly paid. Most lived in company towers where doctors, schools, and law enforcement were provided by the actual companies in an effort to control the workers. â€Å"Companies maintained an oppressive working environment, prohibiting workers from talking or gathering, to discourage the creation of unions. (Habashi, 2011) In 1890 the Unite Mine Workers of America was founded representing workers in the mining sector that fought for collective bargaining. During 1933 and 1936, President Franklin Roosevelt’s â€Å"New Deal† was created protecting the rights of labor unions and prohibited employers from firing workers who took part in union activities. Labor Unions Today The work force has become extremely competitive over the past decade due to the drop in the economy. Union members are found to be in an advantage being that in some cases they earn a higher wage than a non-union worker.But this higher salary does not mean regular pay raises. (Sherk, 2009) The Hilton Hotel in Glendale, California is one prime example of the impact unions can have on workers today. For over a year a group of 30 or more employees from the hotel met in secrecy in an effort to form a union against the hotel’s low wages, overworked staff, and unorganized labor. This would become an almost four year battle against the Hilton Hotel. In 2005, with the help of UNITE HERE, the Rising Workers Campaign was launched against the hotel.Hilton attempted to soften the matter and come to an agreement by offering 50-cent pay increases and a promotion to a cook to become a kitchen key leader. This was not enough for the workers. What Hilton in Glendale did not know was that UNITE HERE had signed a national neutrality agreement with the Hilton Corporation in 2006, but it only applied to sites Hilton actually owned and operated. Because the Hilton in Glendale was a separate entity owned and operated by Eagle Hospitality, which ran 12 other hotels across the country, UNITE HERE went in for a boycott of Eagle Hospitality properties instead.Picketers targeted Eagle Hospitality hotels across Los Angeles weekly for 18 months until a settlement was agreed upon. â€Å"From that day on the whole hotel changed,† [Angela Reid – a bartender at the Hilton] said. â€Å"It wasn't even the same hotel anymore. † (Gaus, 2008) Another example of how unions impact the work force is with the Industrial Workers of the World Union (IWW) and it’s involvement in supporting all industries. Industrial Workers of the World believes in organizing all workers by producing the same goods or providing the same services into one union, rather than dividing workers by skill or trade. â€Å"About the IWW,† 2011) Industrial Workers of the Worl d began organizing Starbucks Workers Union (SWU) in 2003. Starbucks Workers Union unlike other unions is an example of solidarity unionism, meaning they take direct action against Starbucks Company without involvement from the government or a union representative. The Starbucks Workers Union has done just that successfully. (Tanyeri, 2011) â€Å"Working together, we have won improvements in wages and working conditions and remedied individual grievances with management. (â€Å"Starbucks workers union,† 2012) Labor Unions and Their Impact in the Hospitality Industry A major labor union impacting the hospitality industry is UNITE-HERE. This is the Needle Trades Union (UNITE) and the Hotel and Restaurant Employees Union (HERE) that merged together to fight for the rights of the workers in the hospitality industries. The hotels and casinos, and restaurants, etc. , in hospitality industry argue that UNITE HERE is unlawful at times. They claim that some of the UNITE HERE actions r ange from harassment to criminal.The invasion of private property and increased noise level by picketers is something the companies argue against. â€Å"Union representatives can come to the office and demand to see the higher-ups. No law says they have to be let in. † (Howe, 2012) UNITE HERE’s ultimate goal is to help as many people as possible. D. Taylor, Secretary-Treasurer of the Nevada Culinary Workers Union and executive committee member of UNITE HERE, interviewed with Casino Journal about his outlook for the economy and the hospitality industry during the ongoing recession the United States has faced.He touches on health coverage and agrees that every individual can surely pay for their own private health coverage given they were employed. With the amount of workers being laid off though, how are they supposed to manage these costs he asks. Also, with the amount of workers being laid off in an effort to save on labor costs, how are businesses supposed to offer a dequate customer service. â€Å"It’s a real dilemma,† says Taylor. (Taylor, 2009) On the other hand, UNITE HERE not only supports workers in fighting for their rights, it also launched a public website in an attack against Motel 6 franchises.UNITE HERE stated that Motel 6 was falling short of service standards and accused them of not having the ability to survive in this industry. Motel 6 replied in defense of their corporation stating that they have good standing relationships with their franchisees and will continue to grow in the years to come. They feel attacked by UNITE HERE and even stated having opened 50 new franchises in the year 2008. (â€Å"Unite here raises,† 2009) The impact that unions can have in the hospitality industry as any industry can range from positive impacts for workers and negative impacts on business.How to Remain Union Free â€Å"The time to communicate openly and treat employees the right way is every day,† says Rick Van Warne r, senior partner and principal at Parquet Public Affairs in Orlando. Warner’s theory is quite simple and direct. He states if union laws and agreements are automatically followed companies do not risk attacks from workers and unions. His advise on remaining union free is to establish an open communication with management and employees. He advises to never assume all management is treating staff fairly. Observation is key and constant communication.Explaining employee costs and benefits regularly is also essential because again assumption that the staff knows this type of information is not recommended. Opportunities for job advancement within a company and offering safe and non-intimidating working conditions will keep employees happy and allow them to feel that they also have a voice at their work place to discuss any matters that may arise. (Tanyeri, 2011) Summary Labor unions throughout the course of history have played an integral part in the business world and protectio n of employee rights.Beginning with the 19th century and the worker strike forces, the progress in employee rights over the past century has drastically improved. Labor unions are here to protect the rights of workers and be a voice so there is not any wrong doing on behalf of a business. Maintaining a clear understanding and functioning relationship with union representatives is in the best interest of the business and human resources management. By having an established understanding and abiding by union labor law companies avoid accusations from unions and workers.Employees will remain happy and grow productively with the help and support of their employer, which usually results in a flourishing business. Conclusion I believe that unions offer a positive balance in the business world. Without unions the exploitation of workers would still exist. It takes a higher force to fight for protection of human rights and see results. The progress of employee benefit packages and wages has come a long way just in the past decade alone. As an active employee in hospitality for the past 10 years wages alone have risen.The history in labor unions set a stepping-stone for our society in creating confidence amongst our generation to protect our rights as workers. In my research, I found it very devastating to learn the living and working conditions workers had in the 19th century. It made me feel extremely fortunate to be a part of this generation and have the opportunities given to me in our society. Companies still have a long way to go, but as Van Warner mentioned in my last article section, the time to treat employees right is everyday.If businesses would stop the ultimate focus on the worth of a dollar for profit only and put some of that effort into staff and working environments it would only result in an employee taking pride of their job. A happy employee means excellent customer service, which brings in returning customers and increased revenue. The earlier case with the Hilton Hotel in Glendale, California is a result of faulty practices by management. The staff was not happy. They did not feel well compensated or valued for their work. And with the case of theMotel 6, they received bad media for not following through with the service standards they are required to abide by. Remaining union free may take effort and even money, but in the long shot is only in the benefit of the business’ longevity in the work force. Overall, in the years to come there will be new laws and hopefully more improvements to our working industries and especially the hospitality industry. References * About the iww. (2011, July 3). Retrieved from http://www. iww. org/en/about * Taylor, D. D. (2009). Keeping up the Fight. Casino Journal, 22(6), 28-29 * Gaus, M. 2008, After four years of struggle: Hotel workers rising campaign pays off in L. A. Labor Notes, (352), 5-5. http://ezproxy. fiu. edu/login? url=http://search. proquest. com/docview/203683040? accoun tid=10901 * Habashi, F. (2011, February). Social problems in the mining industry – a historical essay (part 1). CIM Magazine, 6(1), Retrieved from http://www. cim. org/bulletin/bulletinlive/articles_print. cfm? Issue_ID=992&Type=1&row=2&Segment_ID=46&hide=1 * Howe, J. T. (2012, March). When your venue faces union trouble: peaceful gatherings are the ultimate goal for all.Meetings & Conventions, 47(3), 26. Retrieved from http://go. galegroup. com/ps/i. do? id=GALE%7CA283705823&v=2. 1&u=flstuniv&it=r&p=PPTH&sw=w * Lazarus, D. (2012, April 27). As its power wanes, is there a future for organized labor? . Los Angeles Times . Retrieved from http://www. lexisnexis. com/hottopics/lnacademic/ * Sherk, J. (2009, May 21). What unions do: How labor unions affect jobs and the economy. Retrieved from http://www. heritage. org/research/reports/2009/05/what-unions-do-how-labor-uni ons-affect-jobs-and-the-economy * Starbucks workers union. (2012). Retrieved from http://www. tarbucksunion. or g/about * Tanyeri, D. (2011). How to stay union-free. Restaurant Business, 110(11), 50. * Tanyeri, D. (2011, November 1). Unions rising. Retrieved from http://web. ebscohost. com/ehost/pdfviewer/pdfviewer? [email  protected]&vid=1&hid=24 * Unite here. (2012). Retrieved from http://www. unitehere. org/about/ * UNITE HERE Raises Questions About the Competitiveness of Accor's Motel 6 Franchise. (2009, January 13). Business Wire. Retrieved from http://go. galegroup. com/ps/i. do? id=GALE%7CA191957986;v=2. 1;u=flstuniv;it=r;p=PPTH;sw=w

Comparison of Reliance Mutual Fund with Others

A PROJECT REPORT ON â€Å"COMPARISON OF RELIANCE MUTUAL FUND WITH OTHERS† UNDERTAKEN AT INDIA INFOLINE LTD. BARDOLI [pic] SUBMITTED BY: DIMPLE M. SHARMA (10BBA52) GUIDED BY: Mr. NAVIN H. SAPARIYA BBA PROGRAMME (Year 2012-13) [pic] VIDYABHARTI TRUST COLLEGE OF BBA & BCA, UMRAKH I DIMPLE SHARMA from Vidyabharti Trust College of BBA & BCA, Umrakh hereby declare that the project report work entitled â€Å"Comparison of Reliance Mutual Fund With Others† submitted by Ms. DIMPLE M. SHARMA Id no. 0BBA52 during December 2012 to February 2013 has been undertaken as a part of 6th Semester of BBA syllabus of Veer Narmad South Gujarat University, Surat. I declare that this report has not been submitted to any other university or institute for any other purposes. DIMPLE M. SHARMA (10BBA52) This Project work is written in accordance with the Bachelor of Business Administration course prescribed by Veer Narmad South Gujarat University for two month project work.I am greatly thankful to India Infoline Ltd. , Bardoli for giving me an opportunity to work on this project at their company. I wish to express my sincere thanks to Mr. Viral Chauhan, I/c Principal of BBA College who gave me the chance to do this project report under India Infoline Ltd. , Bardoli. I wish to express my deep sense gratitude to my guide Mr. Navin H. Sapariya; whose constant help and support at all stages of this project has enable me to complete it. I am thankful to my company guide Mr.Parag Khatri, for providing his valuable suggestion and guidance which has given final touch to the report and also for sharing his rich experience for the contents of this report without whom this project would not have been completed successfully. Last but not least, I am also grateful to my parents, colleagues whose continuous support has always boosted my moral towards working on this report. DIMPLE M. SHARMA (10BBA52)As a partial fulfillment of BBA Programmed all students are required to undergo training for 2 months with respected to this I have prepared a project report on Comparison of Reliance Mutual Fund with Others. The project is based under the assumption that, As Mutual Fund being a new investment avenue in the market people likes to get some information about Reliance Mutual Fund. I want to measure the performance of Reliance Mutual Fund Schemes compared to others. In the duration of 8 weeks, I studied various Mutual Fund Schemes of Reliance & Open – Ended Fund like Equity Fund.In order to compare the schemes of Reliance Mutual Fund & Others, I collected weekly net asset values of Reliance Mutual Fund Schemes & Open – Ended Fund Schemes for the period of 2007 to 2012. I compare schemes by calculating risk & return thereby to measure the performance of different schemes of Reliance Mutual Fund & Open – Ended Fund in equity schemes. In the Equity Fund Schemes, the years from 2009, 2010 & 2012 Reliance Mutual Fund is well performing among others. |Ch. No. |Topic | |Page No. |1. |Introduction | | | | |About Company Profile | | | | |About Topic | | | | |About Reliance Mutual Fund | | | |2. Research Methodology | | | |3. |Data Analysis and Interpretation | | | |4. |Findings | | | |5. |Conclusions | | | |6. |Recommendations | | | |7. References | | | | |Bibliography | | | CHAPTER: – 1 [pic]Introduction [pic] COMPANY PROFILE INTRODUCTION OF INDIA INFO LINE PVT. LTD. |VISION OF THE COMPANY | |â€Å"Vision is to be the most respected company in the financial services space. | | | | | | | | | |INTRODUCTION | |5 paisa is the trade name of the India Infoline Securities private limited, a wholly owned subsidiary of India Infoline ltd. paisa | |holds membership of both the leading stock exchange of India viz. the Bombay stock exchange (BSE) and National Stock Exchange and is | |also a Depository Participant with NSDL and CDSL. It has tied up with the leading banks for funds transfer facilities Viz. City Bank, | |Centurion Ba nk, ICICI Bank and UTI bank the group has a membership of a Multi Commodities Exchange (MCX), National Commodities and | |Derivative Exchange of India (NCDEX) and the Dubai Gold and Commodities Exchange (DGCX). |India Infoline Ltd was founded in 1995 by a group of professionals with impeccable educational qualification and professional | |credentials. India Infoline is listed on BSE and NSE with a market capitalization of over $ 150 million. | |The India Infoline group, comprising the holding company, the India Infoline Ltd. And its wholly owned subsidiaries offers the entire | |gamut of investment products ranging from Equities and Insurance ,Fixed deposits ,GOI bonds , Loan products and other small saving | |instruments. It also owns and operates web sites, www. indiainfoline. om and www. 5paisa. com. | | | |India Infoline is a forerunner in the field of equity research. India Infoline’s research is acknowledged by none other than Forbes as | |â€Å"The best of the webâ₠¬  and â€Å"a must read for investor in Asia†. India Infoline’s research is available not just over the internet but | |also on international wire services like Bloomberg (code: ILL), Thomson first call and internet securities where it is amongst the most| |read Indian brokers. The India Infoline group has a significance presence across the country with over 500 branches in over 300 cities | |across India.All these offices are networked and connected with the corporate office in Mumbai. The group has invested significantly | |in technology and research, the result of which are there for everyone to see. The 5 paisa trading interface is one of the most | |advanced platforms available to retail investor in India. The group has membership on BSE and NSE for equities trading. It has a SEBI | |license for Portfolio Management under which, various schemes are offered, which have been continentally beating the benchmark indices | |since inception. | |THE INDIA INFOLINE LTD. |India Infoline Ltd, being a listed entity, is regulated by SEBI (Securities and Exchange Board of India). It undertakes equities | |research which is acknowledged by none other than Forbes as Best of the web must read for investors in Asia'. Its various | |subsidiaries are in different lines of business and hence are governed by different regulators. The subsidiaries of India Infoline Ltd | |are: | |India Infoline Securities Private Ltd. |India Infoline Securities Pvt. Ltd. is a 100% subsidiary of India Infoline Ltd, which is engaged in the businesses of Equities broking | |and Portfolio Management Services. It holds memberships of both the leading stock exchanges of India viz. the Stock Exchange, Mumbai | |(BSE) and the National Stock Exchange (NSE). It offers broking services in the Cash and Derivatives segments of the NSE as well as the | |Cash segment of the BSE. | |India Infoline Commodities Private Ltd. | |India Infoline Commodities Pvt.Ltd is a 100% subsidiary of India Inf oline Ltd, which is engaged in the business of commodities | |broking. Our experience in securities broking empowered us with the requisite skills and technologies to allow us offer commodities | |broking as a contra- | |Cyclical alternative to equities broking. We enjoy memberships with the MCX and NCDEX, two leading Indian commodities exchanges, and | |recently acquired membership of DGCX. We have a multi-channel delivery model, making it among the select few to online as well as | |offline trading facilities. |India Infoline Distribution Co. Ltd. | |India Infoline. com Distribution Co Ltd is a 100% subsidiary of India Infoline Ltd. and is engaged in the business of distribution of | |Mutual Funds, IPO’s, Fixed Deposits and other small savings products. It is one of the largest ‘vendor-independent' distribution houses| |and has a wide pan-India footprint of over 232 branches coupled with a huge number of ‘feet-on-street', which helps source and service | |custom ers across the length and breadth of India.Its unique value proposition of free doorstep expert advice coupled with free pick-up| |and delivery of cheques has been met with an enthusiastic response from customers and fund houses alike. Our business has expanded to | |include the online distribution of mutual funds, wherein users can view and compare different product offerings and download | |application forms which they can later submit to the product provider. | | | | | | |India Infoline Insurance Services Ltd. | |India Infoline Insurance Services Ltd is also a 100% subsidiary of India Infoline Ltd and is a registered Corporate Agent with the | |Insurance Regulatory and Development Authority (IRDA). It is the largest Corporate Agent for ICICI Prudential Life Insurance Co Ltd, | which is India's largest private Life Insurance Company. | |India Infoline Investment Services Ltd. | |India Infoline Investment Service Ltd is also a 100% subsidiary of India Infoline Ltd. It has an NBF C license from the Reserve Bank of | |India (RBI) and offers margin-funding facility to the broking customers. | |India Infoline Insurance Broker Ltd. | |India Infoline Insurance Brokers Ltd. is a 100% subsidiary of India Infoline Ltd and is a newly formed subsidiary which will carry out | |the business of Insurance broking. We have applied to IRDA for the insurance broking license and the clearance for the same is awaited. | | | | | | | | | | | | | | | | |OPERATIONS | |This is where the 5paisa subsidiary of the India Infoline group, comes in. They operate their functions through their domain knowledge | |and database on in depth research of complex paradigms of commodity kinetics, offers their customers a unique insight into behavioral | |patterns of these markets. Their customers are ideally positioned to make informed investment decisions with a high probability of | |success | |India Infoline commodities private ltd. offers the investors the opportunity to participate in this market by facilitating trading in | |commodities futures.They are the members of Multi commodity Exchange of India (MCX) and National Commodity Exchange of India | |(NCDEX). Their main function is to provide the investor with the complete range of commodities for trading, in both the morning as well | |as evening sessions. | |Trading can be online, over the phone or at their branches. Highly qualified, well trained relationship managers are available at their| |investor points across the country, to help the investor make the best of commodities trading! | |Besides all the above functions, they also leverage their skills in research, investments in cutting edge technology and understanding | |of investor’s requirements to ensure that their needs are taken care of.Thus, they perform the function of adding value to the | |investor’s money. | | | | | | | HISTORY & MILESTONES |Year | | |2011 |Launched IIFL Mutual Fund. | |2010 |Received in-principle approval fo r membership of the Singapore Stock Exchange | | |Received membership of the Colombo Stock Exchange. | | | |2009 |Acquired registration for Housing Finance | | |SEBI in-principle approval for Mutual Fund | | |Obtained Venture Capital license | | | | |2008 |Launched IIFL Wealth | | |Transitioned to insurance broking model | |2007 |Commenced institutional equities business under IIFL | |Formed Singapore subsidiary, IIFL (Asia) Pte Ltd | | | | |2006 |Acquired membership of DGCX | | |Commenced the lending business | | | | |2005 |Maiden IPO and listed on NSE, BSE | | | | |2004 |Acquired commodities broking license | | |Launched Portfolio Management Service | | | | |2003 |Launched proprietary trading platform Trader Terminal for retail customers | | | | |2000 |Launched online trading through www. 5paisa. com Started distribution of life insurance and mutual fund | | | | |1999 |Launched www. indiainfoline. om | | | | |1997 |Launched research products of leading Indian compani es, key sectors and the economy Client included | | |leading FIIs, banks and companies. | | | | |1995 |Commenced operations as an Equity Research firm | | | | PRODUCT & SERVICES Equities our core offering, gives us a leading market share in both retail and institutional segments.Over a million retail customers rely on our research, as do leading FIIs and MFs that invest billions. IIFL has rapidly emerged as one of the premier institutional equities houses in India with a team of over 25 research analysts, a full-fledged sales and trading team coupled with an experienced investment banking team. Private Wealth Management services cater to over 2500 families who have trusted us with close to Rs 25,000 crores ($ 5bn) of assets for advice. Investment Banking services are for corporates looking to raise capital. Our forte is Equity Capital Markets, where we have executed several marquee transactions. |IIFL’s investment banking division was launched in 2006.The business leverage s upon its strength of research and placement | |capabilities of the institutional and retail sales teams. Our experienced investment banking team possesses the skill-set to | |manage all kinds of investment banking transactions. Our close interaction with investors as well as corporates helps us | |understand and offer tailor-made solutions to fulfill requirements. | | | |IIFL Mutual Fund made an impressive beginning in FY12, with lowest charge Nifty ETF. Other products include Fixed Maturity | |Plans. | | | | | | | | | | | | | | Credit & Finance focuses on secured mortgages and consumer loans. Our high quality loan book of over Rs. 6,200 crores ($ 1. 2bn) is backed by strong capital adequacy of approximately 20%. IIFL offers a wide array of secured loan products. Currently, secured loans (mortgage loans, margin funding, loans against shares) comprise 94% of the loan book. The Company has discontinued its unsecured products. It has robust credit processes and collections mec hanism resulting in overall NPAs of less than 1%.The Company has deployed proprietary loan-processing software to enable stringent credit checks while ensuring fast application processing. Recently the company has also launched Loans against Gold. Life Insurance, Pension and other Financial Products, on open architecture complete our product suite to help customers build a balanced portfolio. IIFL entered the insurance distribution business in 2000 as ICICI Prudential Life Insurance Co. Ltd’s corporate agent. Later, it became an Insurance broker in October 2008 in line with its strategy to have an ‘open architecture’ model. The Company now distributes products of major insurance companies through its subsidiary India Infoline Insurance Brokers Ltd.Customers can choose from a wide bouquet of products from several insurance companies including Max New York Life Insurance, MetLife, Reliance Life Insurance, Bajaj Allianz Life, Birla Sunlife, Life Insurance Corporatio n, Kotak Life Insurance and others. |Commodities | |IIFL offers commodities trading to its customers vide its membership of the MCX and the NCDEX. Our domain knowledge and data | |based on in depth research of complex paradigms of commodity kinetics, offers our customers a unique insight into behavioral | |patterns of these markets. Our customers are ideally positioned to make informed investment decisions with a high probability of| |success. | IIFL (India Info Line Ltd) – Corporate Structure [pic] [pic] ABOUT THE TOPIC COMPARISON OF RELIANCE MUTUAL FUND WITH OTHERS† What are Mutual Funds? |A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus | |collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned | |through these investments and the capital appreciation realized are shared by its unit holders in proportion to the number of | |uni ts owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest | |in a diversified, professionally managed basket of securities at a relatively low cost.The flow chart below describes broadly | |the working of a mutual fund: | |[pic] | | Mutual Fund Operation Flow Chart | | | | | | | | | | | |ORGANIZATION OF A MUTUAL FUND | |There are many entities involved and the diagram below illustrates the organizational set up of a mutual fund: | | [pic] | | Organization of a Mutual Fund | | | |ADVANTAGES OF MUTUAL FUNDS | |The advantages of investing in a Mutual Fund are: | |Professional Management | |Diversification | |Convenient Administration | |ReturnPotential | |Low Costs | |Liquidity | |Transparency | |Flexibility | |Choice of schemes | |Tax benefits | |Well regulated | | | | | | | | | |TYPES OF MUTUAL FUND SCHEMES | |Wide varieties of Mutual Fund Schemes exist to cater to the needs such as financial position, r isk tolerance and return | |expectations etc. The table below gives an overview into the existing types of schemes in the Industry. | | | TYPES OF MUTUAL FUND SCHEMES BY STRUCTURE †¢ Open – Ended Schemes †¢ Close – Ended Schemes †¢ Interval Schemes BY INVESTMENT OBJECTIVE †¢ Growth Schemes †¢ Income Schemes †¢ Balanced Schemes †¢ Money Market Schemes OTHER SCHEMES †¢ Tax Saving Schemes †¢ Special Schemes – Index Schemes – Sector Specific Schemes | | | | | | | | | | | | | |FREQUENTLY USED TERMS | |   | |Net Asset Value (NAV) | | | |Net Asset Value is the market value of the assets of the scheme minus its liabilities. The per unit NAV is the net asset value of | |the scheme divided by the number of units outstanding on the Valuation Date. |   | |Sale Price | | | |Is the price you pay when you invest in a scheme? Also called Offer Price. It may include a sales load. | |   | |Repurchase Price | | | |Is the price at which units under open-ended schemes are repurchased by the Mutual Fund? Such prices are NAV related. |   | |Redemption Price | | | |Is the price at which close-ended schemes redeem their units on maturity. Such prices are NAV related. | |   | |Sales Load | | | |Is a charge collected by a scheme when it sells the units?Also called, ‘Front-end’ load. Schemes that do not charge a load are | |called ‘No Load’ schemes. | |   | | | | | High Risk, High Return Many investors purchase a particular stock with the intention of making a big profit over a short period of time. However, this action is not investing, but a pure gambling. The reason for this is that you are never guaranteed that you will get the high returns you hope for over such a short period of time.There may be times in which stocks have put a record on short-term growth, but these occurrences are very rare. On average stocks have returned from 10% to 12%. However, thi s doesn't mean that all stocks return at these rates. The stock market is characterized by the trade-off between risk and return. The higher the risk the investor is willing and able to take, the higher the potential rewards from the investment. Therefore, if a particular investment offers you high returns, it is an indication that it will come with a high risk burden. As part of the selection process, you should determine the risk level of the stock as well as your risk tolerance. If you are looking for high returns you should be able to meet high potential losses as well.Many investors prefer young technology-oriented companies over blue chip companies, because the first provide higher returns than the latter. However, the latter provides its shareholders with regular dividends to compensate for the modest growth. So, the next time you are offered a stock that is expected to triple in value over a short time period, think carefully whether to invest in it, because the chances of i t failing to reach this level of return is extremely high. Risk : Return (finance) the financial term for profit or loss derived from an investment. Return is the benefit distributed to the owner. A person making an investment expects to get some return from the investment in the future. But as the future is uncertain, so is the future expected return.It is the uncertainty associated with the returns from an investment that introduces risk in to an investment. Standard Deviation: For the more technically-minded, Standard Deviation is â€Å"the basic statistical measure of the dispersion of a population of data observations around a mean†. In trading language it’s an indication of price fluctuation; it measures how far the closing price is from the average closing price over a set period. The greater the difference between the closing prices and the average price, the higher the standard deviation will be. The closer the closing prices are to the average price, the lowe r the standard deviation . he relative rate at which the price of security moves up and down. Risk is found by calculating the annualized standard deviation or daily changes in the price. Risk = standard deviation of closing price [for n periods] / average closing price [for n periods] [pic] The variance and standard deviation measure the extent of variability of possible returns from the expected return. Several other measures such as a range, semi-variance and mean absolute deviation have been used to indicate measure risk but standard deviation has been the most popularly accepted measure. The standard deviation or variance however provides a measurement of total risk associated with security.Total risk comprises of two components namely systematic risk and unsystematic risk. Variance: The variance of a random variable is a measure of its statistical dispersion, indicating how far from the expected value the variance is the average of squared deviation about the arithmetic mean f or a set of numbers It describes how far values lie from the mean. In particular, the variance is one of the moments of a distribution. [pic] Risk and Beta: As far as an investor is concerned, the systematic risk is no very important as it can be reduced or eliminated through diversification. It is an irrelevant risk. The risk that is relevant in decision making is the systematic risk because it is undiversifiable.Hence the investor seeks to measure the systematic risk of security. Systematic risk is the variability in security returns caused by changes in the economy or the market. All securities are affected by such changes to some extent, but some securities exhibit greater variability in response to market changes. Such securities are said to have higher systematic risk. A higher variability would indicate higher systematic risk and vice versa. The systematic risk of security is measured by a statistical measure called â€Å"Beta† the input data required for the calculati on for beta are the historical data of returns of the individual security as well as the returns of a representative stock market index.For the calculation of beta, the return of individual security is taken as dependent variable, and the return of the market index is taken as the independent variable. Beta is a score that measures a market stock’ volatility or risk against the rest of the market. It is calculating using regression analysis. â€Å"The Beta of an asset, ? , is a measure of the variability of that asset relative to the variability of the market as a whole . Beta is an index of the systematic risk of an asset†. Risk also implies return. Stocks with a high beta should have a higher return than the market. If you are accepting more risk you should accept more reward as beta measures the Risk of a securities return relative to the market the larger the beta, the security is more risky. A beta of 1. indicates a security of average risk a stock with beta great er than 1. 0 has above average risk. Its returns would be more risky than the market returns. A stock with less than 1. 0 would have below average risk. A security can have betas that are positive, negative or zero. It is a historical measure of systematic risk of systematic risk. In using this beta for investment decision making, the investor is assuming that the relationship between the security variability and market variability will continue to remain the same in future also. Investor can find the best use of beta ratio in short term decision making, where price volatility is important. Beta shows sensitivity of Stock market with that of index. If positive than moves with market. And if beta is negative it has inverse relationship. † Correlation: The correlation is one of the most useful statistics. A correlation is single number that describes degree of relationship between two variables. Correlation is a statistical technique that can show weather that how strongly pairs of variables are related. For example height and weight are related taller people tend to be heavier than shorter people. The relationship isn’t perfect. People of the same height vary in weight and you can think of two people. You know where the shorter one is heavier than the other taller one.Correlation can tell you just how much of the variation in people’s weight is elated to their heights. Compute the correlation value, the formula for correlation are: [pic] Covariance: Intuitively, covariance is the measure of how much two variables vary together. That is to say, the covariance becomes more positive for each pair of values which differ from their mean in the same direction, and becomes more negative with each pair of values which differ from their mean in opposite directions. In this way, the more often they differ in the same direction, the more positive the covariance, and the more often they differ in opposite directions, the more negative the covariance.The covariance between two real-valued random variables X and Y, with expected values E(X) = ? and E(Y) = ? is defined as: [pic] [pic] About Reliance Mutual Fund Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settler/Sponsor and Reliance Capital Trustee Co. Limited (RCTCL), as the Trustee. RMF has been registered with the Securities & Exchange Board of India (SEBI) vide registration number MF/022/95/1 dated June 30, 1995. The name of Reliance Capital Mutual Fund was changed to Reliance Mutual Fund effective 11th March 2004 vide SEBI's letter no. IMD/PSP/4958/2004 date 11th March 2004.Reliance Mutual Fund was formed to launch various schemes under which units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities. The main objectives of the Reliance Mutual Fund are: †¢ To carry on the act ivity of a Mutual Fund as may be permitted at law and formulate and devise various collective Schemes of savings and investments for people in India and abroad and also ensure liquidity of investments for the Unit holders; †¢ To deploy Funds thus raised so as to help the Unit holders earn reasonable returns on their savings and †¢ To take such steps as may be necessary from time to time to realise the effects without any limitation.Our Schemes Equity The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time. Diversified Large Cap |Diversified Theme Based | |Diversified Multi Cap |Sector | |Diversified Mid Cap & Small Cap |Tax Saver | |Index |Arbitrage | |Banking |Balanced | DebtThe aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations. Ultra Short Term |Money Market Funds (Liquid Funds) | |Short Term Funds |Long Term Funds | |Monthly Income Plans | | Gold Gold is seen as a symbol of security and a sign of prosperity. Indian consumers consider gold jewellery as an investment and are well aware of gold’s benefits as a store of value. Gold is also recognized as a form of money in India, a tradable liquid asset. It is one of the foundation assets for Indian households and a means to accumulate wealth from a long term perspective. Gold investment has been in the culture of Indian tradition and has been on rise amongst the modern investors as well due to the financial uncertainty and inflationary pressures. Gold Exchange Traded Fund |Gold Savings Fund | [pic]Chapter – 2 research methodology RESEARCH METHODOLOGY Problem Statement: â€Å"Comparison of Reliance Mutual Fund with others. † Scope of Study: The scope of the project is mainly concentrated on the different categories of the mutual funds such as equity schemes, debt fun ds, balanced funds and equity linked savings schemes etc. Research Objectives: Primary Objective: †¢ To know the best scheme of Mutual Fund by different parameters. Secondary Objectives: †¢ Understanding the attitude & behavior of the distributors towards Reliance Mutual Fund (RMF). Understanding the competition for the schemes provided by different Mutual Funds Company. †¢ Finding out ways & means to improve on the services by RMF. †¢ To evaluate investment performance of selected mutual funds in terms of risk and return. †¢ Also to analyze the performance of mutual fund schemes on the basis of various parameters. Importance of The Study: This study provides the good comparison to Reliance Mutual Fund for improving in their services and takes a sound decision regarding it. Reference Period: Reference period is 1st January 2007 to 30th December 2012. Research Design: I have selected Descriptive Research Design. Data Collection: Collect data with the help of distributor (INDIA INFOLINE) and Internet.Sample Size 5 schemes of Reliance Mutual Fund & 5 schemes of Open – Ended Funds. Plan for Data Analysis: By stepwise like: †¢ Checking †¢ Editing †¢ Tabulating through Table, Charts & Graphs. LIMITATION OF STUDY: †¢ Data is collected from secondary sources which may not be as reliable as primary data so sometimes it may be lead wrong prediction about future. †¢ Data giving a prediction of market condition but other factors also affect to it so perfect suggestion may not be predicted. DIRECTION FOR FURTHER RESEARCH: The study is held for direct Company and research department head. [pic]Chapter: – 3 Data Analysis & Interpretations DATA INTERPRETATIONThe study is based on the weekly scheme returns of Mutual Fund as well as the weekly return of NIFTY INDEX. The series of scheme returns computed from weekly scheme prices of the nifty index for the period of 5 years from 1st Jan 2007 to 31st Dec 2012 and tak e top 5 Open – Ended Schemes to measure risk and return. Risk is measured by standard deviation, beta, etc. Performance of Reliance Banking Fund & Other: [pic] |Funds Name | Beta |Standard Deviation |Correlation |Covariance |Return | |ICICI Prudential Discovery Fund- |1. 03% |4. 7% |0. 86 |0. 0018 |110. 8% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 92% | |ICICI Prudential Discovery |1. 03% |4. 7% |0. 86 |0. 0018 |110. 8% | |Fund- Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 92% | |ICICI Prudential Discovery Fund- |1. 03% |4. 7% |0. 86 |0. 0018 |110. 8% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 92% | |ICICI Prudential Discovery Fund-|1. 03% |4. 7% |0. 6 |0. 0018 |110. 78% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 77% |3. 9% |0. 93 |0. 0014 |82. 2% | |ICICI Prudential Discovery Fund-|1. 03% |4. 7% |0. 86 |0. 0018 |110. 78% | |Growth | | | | | | |UTI Pharma & Health Care Fund- |0. 78% |4. 7% |0. 65 |0. 0014 |98. 41% | |Growth | | | | | | |TATA Balanced Fund- Growth |0. 7% | |ICICI Prudential Discovery Fund- Growth |1. 03% | |Reliance Banking Fund- Growth |0. 98% | |Reliance Diversified Power Sector Fund- Growth |0. 90% | |Reliance Equity Opportunities Fund- Growth |0. 86% | |UTI Pharma & Health Care Fund- Growth |0. 78% | Standard Deviation: Here, are the top 5 schemes that has moderate & low deviation which is somewhat good. Funds Name |Standard Deviation | |Reliance MIP (Monthly Income Plan) Fund- Growth |3. 10% | |Reliance Pharma Fund- Growth |3. 30 % | |Reliance Equity Opportunities Fund- Growth |3. 50% | |SBI Magnum Balanced Fund- Growth |3. 80% | |TATA Balanced Fund- Growth |3. 90% | Correlation:Here, are the top 5 schemes whose Correlation is High & Highly Moderate. |Funds Name |Correlation | |SBI Magnum Balanced Fund- Growth |0. 95 | |TATA Balanced Fund- Growth |0. 93 | |Reliance Equity Opportunities Fund- Growth |0. 92 | |Reliance Diversified Power Sector Fund- Growth |0. 91 | |ICICI Prudential Discovery Fund- Growth |0. 6 | Covariance: Here, are top 5 schemes who has moderate to low variation compared to others. |Funds Name |Covariance | |Reliance MIP (Monthly Income Plan) Fund- Growth |0. 0004 | |Reliance Pharma Fund- Growth |0. 0008 | |Reliance Equity Opportunities Fund- Growth |0. 0011 | |ICICI Prudential FMCG Fund- Growth |0. 012 | |SBI Magnum Balanced Fund- Growth |0. 0013 | [pic] Chapter: – 5 Conclusions Conclusion Every investor wants to maximize his returns at the lowest possible risk or he tries to minim ize his risk keeping his returns equivalent, both gives him higher profits. In evaluating mutual funds, investors usually consider only the past returns generated by the fund without considering the risk associated with it. From the project, I conclude that, After analysis of all the schemes of reliance mutual fund & open – ended funds, there are 5 schemes that as high risk involved but there is also high return accumulated with it. These schemes are Reliance Banking Fund,Reliance Diversified Power Sector Fund, Reliance Equity Opportunities Fund, ICICI Prudential Discovery Fund & UTI Pharma & Health Care Fund. Theory says that risk and return go hand in hand. And we can see that in these 5 schemes. Considering all the factors, the best scheme is Reliance Pharma Fund & Reliance MIP (Monthly Income Plan) Fund compare to all other schemes. [pic] CHAPTER – Recommendation †¢ After analyze the Risk and Return of all the schemes of Reliance Mutual Fund & Open – En ded Funds, I recommend that the Reliance Pharma Fund & Reliance MIP (Monthly Income Plan) Fund for the low risk takers and Reliance Banking Fund & ICICI Prudential Discovery Fund for the high risk takers.These schemes gives the highest return but there is also high risk compare to other schemes included in Reliance Mutual Fund & Open – Ended Funds. Those people invest in this schemes who believes that â€Å"High Risk, High Gain†. †¢ I also recommend that the SBI Magnum Balanced Fund and TATA Balanced Fund schemes are providing less return & having high risk so; there is highest risk to invest in these two schemes. [pic] Chapter: – 7 Bibliography ? www. mutualfundsindia. com/rankfund. rpt. asp ? http://www. personalfn. com/tools-and-resources/mutual-funds/nav-history. aspx ? http://www. indiainfoline. com/Aboutus/ ? http://www. reliancemutual. com/NAV/NAVDownload. aspx [pic] ———————– DECLARATION ACKNOWL EDGEMENT EXECUTIVE SUMMARY TABLE OF CONTENTS

Human Resource Trend Essay Example | Topics and Well Written Essays - 1250 words

Human Resource Trend - Essay Example Technology has phenomenally changed the way the businesses operate around the globe and bringing them closer in the process. Globalization is one of the major products of rapid onset of technology due to which the world is changed into a global village. Now one organization can share important information and details with its other teams scattered around the world in a few seconds. Now automating many HR processes through the use of technology is also becoming a frequent practice which is basically to leave abundant time for HR professionals to â€Å"concentrate on defining processes, creating measurements, and affecting the bottom line† (Little, cited in Guadagno, 2012). Now, identifying trends in technology can form a task of critical importance for the HR department in any organization. Some of such technologies are continuing to prove how beneficial they can be for an organization in terms of reducing costs, saving money, and making optimum hiring choices through accuratel y measuring the hours worked and ensuring multiple online mediums for collaboration with other teams located far away. Technology has enabled many organizations to gain huge advantages which is why it is considered to be such a huge HR trend. According to Martin (cited in Gray, 2012) who works as a consultant in a New York-based consultancy firm, technology has proved to a potential enabler of significant efficiency gains like monitoring employee information, curbing costs, and enhanced collaboration. Consultants like Martin say that their customers are intent on buying new HR information systems which have proper and useful controls incorporated in them. Organizations everywhere are intent on maximizing the benefits obtained from technology in such a way that constructive HR processes and workforce could be generated consequently which could together help them in obtaining diverse business goals and improve market reputation. Businesses are largely focused on technological perspect ive of HR processes as the employers want different business objectives to be obtained in time without encountering any hassle irrespective of whether a business is growing internationally or recovering from an economic breakdown. It is claimed regarding how technology relates to HR processes that â€Å"it helps firms improve their HR tech strategies and those without an existing framework construct strategies from scratch† (Martin, cited in Gray, 2012). To maximize benefits from technology, organizations everywhere should focus on portal integration when working on any problematic project to ensure a safe working environment and ease for the employees. Also they should focus on using technology in such a way that attendance, leaves, absence, promotions, payments, and meetings all are recorded. HR should make sure how all of the services are shared and convey information regarding how they should be governed by the employees. Committees should be formed charged with the respo nsibility of monitoring technology and determining in what way they should be used. Without efficient HR information systems, organizations have to design HR tech strategies from scratch which results in a wastage of a lot of valuable time. Transforming HR through technology can influence businesses profoundly and others also who work across the world. HR professionals can assist and monitor processes of the organizations growing internat

Is it fair, just and reasonable to allow the police to escape Dissertation

Is it fair, just and reasonable to allow the police to escape liability from a breach of duty - Dissertation Example This research will begin with the statement that tort is not something new. In fact, the law of tort is a very old legal concept, even older than the notion of crime. In the ancient period, the discourse on law is not on the laws of crime per se; rather it was more on the law of wrongs. By 1300’s, the English common law developed procedural mechanisms that was used to bring an action to court. During this period, writ system was developed and one of the most original writ was the writ of trespass. However, it should be noted that the writ of trespass was not a demand for right but it was a rectification for wrong done. Then, by 1400’s, sense and appeal to justice was integrated in the actions and responses to cases. By late 1700’s concept of negligence was developed and by 1800’s there was a shift from causation to fault for actions on cases. Meanwhile, the search for principles or theories that would explain further the concept of negligence became a prim ary concern in tort. This brief historical tracing of tort highlights the fact that early in the evolution of tort, the idea of remedies for wrongful acts was already perceived as a powerful tool in keeping public order, security, and peace within the society. However, despite the historical progression of tort and a common belief that tort implies compensation for injuries, there is an observed difficulty in coming up with a universal definition for tort. This is because there are different kinds and structures of torts, with different purposes and aims, variegated interests and different kinds of interferences. 11 Working on the premise that tort covers a wide scope, this research will deal with one of the controversial â€Å"legal wrong for which the law provides remedy†,12 - police negligence and liability. The police are significant public group in the society that has been mandated by law to protect and preserve the peace. 13. Police are in a unique position as they ful fil their specific function that is mandated by law, which is to protect and keep the peace not just of one person, but also of the entire society. 14 However, this unique function is not a guarantee that police will never commit a civil wrong. 15 In fact, just like other members of the society, they are also susceptible to negligence as they perform their functions. Cases show that police negligence is a reality, but because of ‘public policy immunity’, they have not been held accountable for their negligence. In other words, they enjoy immunity from their negligence to the extent that police immunity from liability is the general rule. 16 However, Osman v UK17 demands a re-appropriation of police immunity from liability. Current experiences question police immunity and as such, mar the logic of the law itself. Since, its logic is the experience of the law. 18 In this scenario, matter of justice and fairness, in lieu of police immunity is raised.19 Tort and Negligence: The Rise of Tort of Negligence The term tort is derived from the Latin word tortus, which means twisted. In French, it means wrong. 20 Tort, in the English tradition, connotes the idea of a â€Å"legal wrong for which the law provides remedy†.21 In this purely technical and legal sense, tort falls under the civil law because â€Å"

Profit and loss account and balance sheet Essay

Profit and loss account and balance sheet - Essay Example This means that the financial status of the organization can be known by simply looking at these accounts. The users of these final accounts include the owners of business, managers, shareholders, government, creditors and the directors amongst other stakeholders of the business. These are mainly the people who are directly affected by the performance of the business, which is a significant factor in regard to credit worthiness of a business. On the other hand, government taxation is usually levied depending on the profitability and size of the organization. These aspects can be known through the final accounts (Dyson 2001 p 45-48). This essay is a critical evaluation of the purpose of the Profit and Loss Account and Balance Sheet to the various users or stake-holders. This is a critical component of an organization's financial report that provides information regarding capital, the long and short term assets as well as long and short term liabilities. This means that the owners of the business can get information regarding the possessions as well as the debts of the business by simply looking at the balance sheet. It is significant in avoidance of losses in the business operations. It indicates whether assets match with the liabilities hence it is useful in setting up the business strategy. This is mainly because a business will try as much as possible to ensure that the liabilities are checked in order for them not to go beyond a certain level whereby the debts may be more than the assets, a situation that may lead to insolvency of the business, which according to Berman (2008 p 11) is referred to as balance sheet insolvency. The wise use of the balance sheet can help in avoiding bankruptcy. The balance sheet is also significant in the evaluation of expenditures as well as the debts incurred by the business. The total spending by the business in a trading period is reflected in detail on the liabilities section. This gives the managers an opportunity to understand the items which significantly reduce the assets of the business. This knowledge is important in helping the managers to develop strategies for reducing the expenditures especially on the needless items. Expenses can be reduced through the use of inexpensive materials as well as the expenses that the business can do without. Strategies can also be developed to leave the assets that are not very necessary to the organization in order to pay the owing debts. (Weekman 2003 p 45- 51). Most of the time a business will be anticipating income which needs to be tracked in order to ensure that it is not lost before it is acquired. The balance sheet helps in tracking these receivables. It gives a detailed list of these receivables which indicates the payments owed to the business by customers. These payments are usually apparent in the balance sheet, which makes it possible for the managers to make a follow up in regard to their clearance. It is also significant in helping the managers to make a critical analysis of the inclination of the receivables and the amounts owing (Dyson 2001 p 56). They are able to identify whether the anticipated income is taking longer than expected and whether there is anything that can be done to facilitate

Teamwork. Organization Structure and Design, and Organisation Culture Essay

Teamwork. Organization Structure and Design, and Organisation Culture - Essay Example 3). Employees have a lot of impact on the tendency of an organization to be innovative and competitive (Bakker and Schaufeli, 2009, p. 147) which imparts need for the leaders to keep the employees motivated. Different organizations have different strategies of developing teamwork and also have different organization structures and designs, and organizational cultures. Factors that control these elements include but are not limited to the nature and scope of business, and the socioeconomic and political conditions prevalent in the areas where the business is established. There is no hard and fast rule which can be applied to all organizations. While there are numerous theories of teamwork, organization structure and design, and organizational culture, yet they have to be customized to suit the individualistic needs of different organizations. This paper draws a comparison and contrast between the teamwork, organization structure and design, and organizational culture of two organizati ons; Biogenia and Sleepeasy. Comparison of approaches to teamwork and teamworking Teamwork is the work accomplished by interdependent employees in a group to achieve a goal of mutual concern (Parker and Wall, 1998). Teamwork encourages employees to collaborate with one another (Salas and Gelfand, 2012) and allows employees to be more included in the decision-making process (Mat and Razak, n.d., p. 218). Teamwork is essential to the success of both non-profit and profit-oriented organizations (Rapur and Rapur, n.d.). â€Å"As â€Å"no man is an island,† the positive effects of productive teamwork can energize an entire organization, just as the negative effects of a lack of teamwork can cripple an organization† (Slechta, n.d.). Biogenia places a lot of emphasis on the development of teamwork among the employees. This is achieved by interchanging their roles which is an essential component of teamwork (Griffin, Patterson, and West, 2001, p. 537; Tannenbaum et al, 1996). This has a two-way effect on the employees that increases their tendency to be better team members. Firstly, every employee gets an opportunity to work in a different position for some time during which, the employee gains exposure to the job responsibilities associated with that position so that whenever required, other employees can be invited to do certain tasks that are different from the tasks they normally do in their respective positions. This provides Biogenia to incorporate multi-tasking in its employees which in the long run is in the best interest of Biogenia as well as its employees as they would be equipped with diverse experiences. â€Å"Moving to multi-skilled teams will alter the range and style of working† (Acas, n.d.). Secondly, when an employee gets to work in some other position for some time, it enables that employee to gain an insight into the potential issues and challenges encountered by the employee who regularly serves in that position. This not only increases the employees’ knowledge of the challenges faced by all departments of the organization, but also increases their tendency to cooperate with employees from other departments in the hour of need as they know that the cause is genuine as they personally had had an opportunity to experience the issues while they served in other departments for some time. â€Å"To perform the task better, individuals depend on knowledge from other units or departments†

Application of Financial Statement Essay Example | Topics and Well Written Essays - 2250 words

Application of Financial Statement - Essay Example The Income Statement The income statement is â€Å"a financial statement listing all revenue and expenses for a fiscal period leading to net income or net loss: a statement that describes the operations of a business over a period of time (fiscal period)† (Kravitz, 1999 p63). The income statement is therefore a financial statement that shows the results of the operations of a business. This involves financial information about the income that a business makes and the expenditure that the business incurs over a given period of time. In effect, the income statement matches the revenue of a business with its expenses and provides the net income or net loss. In other words, the income statement provides an insight into the kind of revenue inflows and outflows that were incurred during the normal trading activity of the business. Another aspect of the income statement is that it is a period statement. In other words, it captures the financial picture of a business's trading activit ies over a defined period of time. This means that the income statement is mainly concerned with how a business performed in trade over the specified period of time. Tracey (2009) identifies that the main purpose of the income statement is to identify the profit or loss made by a business in a given period of time (p13). This means that the income statement identifies the performance of a business in terms of how much profits or losses that the business made over the specified period for which the accounts were prepared. This shows clearly that the income statement is mainly a tool for the measurement of the financial viability or otherwise of a given business in a stated period of time. â€Å"The income statement summarizes the sales revenue and expenses of a business for a period, usually 1 year† (Tracey, 2009 p13). This indicates that most businesses prepare their income statements over a period of 12 months. The GAAP and other legal statutes require businesses to prepare financial statements once every 12 months. However, in some instances, a business might opt to prepare an income statement for periods that are less or more than the 12 month period. If a business began trading in the middle of they year, they many prepare income statements for a period that is less than 12 months. Such a financial statement might be pro-rated for taxation and other financial purposes. This means that the number of months for which the accounts were prepared will be identified and divided by the 12 months period to find out the true worth for certain statutory purposes like tax. Typically, the tax rate that is invoked on such a business is calculated by identifying the number of months for which the accounts were prepared and dividing it by 12 before the figures are multiplied by the annual tax rate. The main motive is that income statements must be prepared over a given period and there should be definite cut offs within which the income and expenditure captured ar e compared. Tracey (2009 p13) identifies four main steps in the preparation of income statements. In the first step, the sales revenue is matched with the cost of goods or services that were sold. In other words, this involves the matching of income or payments made by customers to the business against the cost the business incurred in producing the goods sold.

Business Process Change Assignment Example | Topics and Well Written Essays - 250 words

Business Process Change - Assignment Example They have the original concept of a product. The inputs are the resources needed for successful production. Inputs include information or materials used by the process to produce the desired goods. The inputs are subjected to a process of value addition. The outcome or the completed product is the output delivered to the consumers. The product or output is the result of a combination of inputs and the process. Consumers initiate the process by ordering products. They are responsible for stimulating demand for the product. The situation implies that consumers are the most important part of the process. Customers buy the final products and thus finance the whole process. In essence, the business cannot exist without customers. It is thus important to maintain healthy relationships. In conclusion, a business process outlines the basic steps that are taken from the time a customer makes an order to the time the order is supplied. As noted, the process has five basic entities that include suppliers, inputs, process, output and customers (Harmon, 2007). The customers usually initiate the process through demand; hence, the business must strive to ensure that the customers.

Managing Internationally Essay Example | Topics and Well Written Essays - 750 words

Managing Internationally - Essay Example Tomboy can be analyzed as a company that operates internationally due to its system of production, subcontracting and distribution where the entities involved are situation in different locations typical of international companies. Production of a simple mechanical pencil may be simple, but in the case of Tombow, the process seems to be complicated. Tombow was founded by Harunosuke Ogawa in 1913 and operating its main headquarters in Tokyo (Mishina 1993). It has pursued modifications and innovations to make its product line-up competitive and the company profitable. Communication is one of the essential elements in the effective management of an organization. There seems to be a communication problem with Tombow. For instance, Yohei Ogawa (president of Tombow) said, when the stockouts of its products have been increasing, that the company’s subcontracting system had not efficiently performed its functions. He is at a loss on what is happening in the subcontracting level. He is wary on what the problem could be, or how would he know the problem. Late deliveries had also been a perennial problem of the sales department. Keitaro Ogura (head of sales promotion department), expressed dissatisfaction with the way the production people had been doing their work (Mishina 1993). Selling the products is easy he said, but the late deliveries are causing uneasiness in the sales department. As in the case cited above, Mr. Ogura is unaware of what is happening at the production level. In fact, he seems be disgusted with the way the production people had been doing their job. He said that, â€Å". . . we can’t tell if they’re just not trying hard enough,† referring to the production sector (Mishina 1993, p. 4). During meetings, the problem with late deliveries are not discussed and threshed out. Definitely, when problems are presented to the higher level of management and not settled or attempted to be settled, this would affect the morale of the m iddle level managers. Communication is the process of sharing and exchanging information within a common interpretative framework so that the information can be useful and meaningful (Booth 2008). Without the established communication channels and protocols, there will be a breakdown in communication (Patterson 2009). Appropriate communication channels must be formed within the organization and between the organization and the suppliers, vendors, retailers, dealers and sales agents. Regular meetings can help in threshing out business and management issues. However, issuance of memoranda and letters are sufficient to share information. At present, the advanced information technology can help a lot in bridging the gap in information among the different components of the organization. The information system has been contributing much to the changes in the organization (Mills 2005). It is clear in the case study that the use of computers and information technology has not been utilized by Towbow in any of its processes. A computer system must be set up to facilitate communication among the components. IT can also help in one of the main problems of Tombow – inventory control and tracking. As expressed by the head of the sales department, there had been delays in the deliveries and he was not aware of what was happening. The problem of uncertainty can be solved by a global inventory system for all stakeholders of Tombow, each component with specific access to the database. For instance, the orders of retailers, dealers of sales agents will be posted by the sales department in the database. The sales department will inform the main headquarter of the orders through letter or email. The sales department will post in the global inventory

Pennsylvania Sovereign Immunity Statute Essay Example for Free

Pennsylvania Sovereign Immunity Statute Essay Rooted in the history of common law in England was the immunity of the sovereign from the processes of the law (Christie and Meeks, 1990). However, this idea of some man or body of men above the law was said to be objectionable to the English concept of justice (Christie and Meeks, 1990). â€Å"The King can do no wrong† was often the explanation for the said immunity but denoted more the lack of adequate redress at law than absence of capacity to violate the law (Christie and Meeks, 1990). Thus, the agitation for the availability of tort remedy against the sovereign, or the state to any considerable degree led to the mature development of the law (Christie and Meeks 1990, page 1202). Because of the increase in the scope of governmental activities and the expanding activities of the Federal Government which touch upon the life of every citizen in such an intimate manner, pressures to either abolish the state’s immunity from suit or to have a waiver of the sovereign immunity in limited situations, increased (Christie and Meeks, 1990). The Pennsylvania Sovereign Immunity Statute has been one of those which hoped to address the increasing dissatisfaction with the concept of sovereign immunity from suit (Christie and Meeks, 1990). This paper hopes to explain the Pennsylvania Sovereign Immunity Statute and the exceptions provided for under the said statute. The paper would also present the particular Constitutional provision which provides support for the exception to the Sovereign Immunity. Finally, the paper hopes to present case laws, the venue, process and limitations, in order to explain further the exception to the said immunity statute. Pennsylvania Sovereign Immunity Statute Over three-fourths of the states in the United States of America have either totally abolished the doctrine of sovereign immunity or substantially modified it (Christie and Meeks, 1990). One such example is Pennsylvania which provides for exceptions to the doctrine of sovereign immunity. 42 Pa. C. S.  §Ã‚ § 8521-8528 provides for the Sovereign Immunity in general, the exceptions and the limitations on damages. 42 Pa. C. S.  § 8522 (b) provide for acts which may impose liability which include: Vehicle Liability or the operation of any motor vehicle in the possession or control of a Commonwealth party; Medical-professional liability or acts of health care employees of Commonwealth agency medical facilities or institutions or by a Commonwealth party who is a doctor, dentist, nurse or related health care personnel; Care, custody or control of personal property in the possession or control of Commonwealth parties, including Commonwealth-owned personal property and property of persons held by a Commonwealth agency; A dangerous condition of Commonwealth agency real estate and sidewalks, including Commonwealth-owned real property, leaseholds in the possession of a Commonwealth agency and Commonwealth-owned real property leased by a Commonwealth agency to private persons, and highways under the jurisdiction of a Commonwealth agency; Potholes and other dangerous conditions of highways under the jurisdiction of a Commonwealth agency created by potholes or sinkholes or other similar conditions created by natural elements; The care, custody or control of animals in the possession or control of a Commonwealth party, including but not limited to police dogs and horses and animals incarcerated in Commonwealth agency laboratories; the sale of liquor at Pennsylvania liquor stores by employees of the Pennsylvania Liquor Control Board created by and operating under the Liquor Code, if such sale is made to any minor, or to any person visibly intoxicated, or to any insane person, or to any person known as an habitual drunkard, or of known intemperate habit; National Guard activities or acts of a member of the Pennsylvania military forces; and finally, the administration, manufacture and use of a toxoid or vaccine not manufactured in the Commonwealth under conditions specified by the statute (42 Pa. C. S.  §Ã‚ § 8522 (b)). Under the Pennsylvania Constitution, all courts shall be open and every man for an injury done him in his lands, goods, person or reputation shall have remedy by due course of law, without sale, denial or delay, and suits may be brought against the Commonwealth in such manner, in such courts and in such cases as the Legislature may by law direct (Pa. Const. Art. I,  § 11). Hence, under this provision the general assembly waives sovereign immunity which is a bar to an action against commonwealth parties where damages would be recoverable under the common law or statute creating a cause of action if the injury were caused by a person to whom the defense of sovereign immunity is not available (Westlaw, n. d. ). Exceptions to the Sovereign Immunity The first exception to sovereign immunity is the vehicle liability or the operation of any motor vehicle liability in the possession or control of a Commonwealth party (42 Pa. C. S.  §Ã‚ § 8522 (b)). Motor vehicle means any vehicle which is self-propelled and any attachment thereto, including vehicles operated by rail, through water or in the air (42 Pa. C. S.  § 8522 (b)). In Harding v. City of Philadelphia, 777 A. 2d 1249 (Pa. Cmwlth. 2001), the Court held that bicycles are not motor vehicles (Governor’s Center for Local Government Services, 2003). In determining whether the vehicle is in operation, the Supreme Court held that the dispatcher’s directions do not constitute operation under the vehicle exception (Regester v. Longwood Ambulance Company, Inc. , 797 A. 2d 898 (Pa. Cmwlth. 2002)). In another case, the Court held that citys negligent maintenance and repair of fire departments rescue van was â€Å"operation of motor vehicle† within meaning of motor vehicle exception to governmental immunity (Mickle v.  City of Philadelphia 550 Pa. 539, 707 A. 2d 1124 (1998)). The Court further explains in the case of Vogel v. Langer, 569 A. 2d 1047 (Pa. Cmwlth. 1990), that â€Å"operation necessarily entails momentary stops due to traffic and communication with other drivers, or such acts which are an integral part of the operation itself (Vogel v. Langer, 569 A. 2d 1047 (Pa. Cmwlth. 1990)). The second exception provides for the medical-professional liability or acts of health care employees of Commonwealth agency medical facilities or institutions or by a Commonwealth party who is a doctor, dentist, nurse or related health care personnel (42 Pa. C. S.  §Ã‚ § 8522 (b)). In Williams v. Syed, No. 431 C. D. 2001, the Court held that Dr. Syed has no privilege to claim sovereign immunity as a defense because as Chief Medical Director of State Correctional Institute at Pittsburgh, he falls within the medical professional liability (Williams v. Syed, No. 431 C. D. 2001). In the case of Stack v. Wapner, 368 A. 2d 292 (Pa. Super. 1976), patients successfully sued physicians for their negligent failure to monitor the patients after administering certain drugs (Stack v. Wapner, 368 A. 2d 292 (Pa. Super. 1976)). The third provides for the personal property exception, which is under the possession or control of the Commonwealth. The Court held that personal property must directly cause plaintiff’s injury not just facilitate it (Dept. of Environmental Resources v. Myers, 581 A. 2d 696 Pa. Cmwlth. (1990)). In this case, a helicopter pilot brought an action for injuries incurred when, under contract with the Department of Environmental Resources (DER), his helicopter ran into power lines while spraying for gypsy moths (Dept. of Environmental Resources v. Myers, 581 A. 2d 696 Pa. Cmwlth. (1990)). The pilot alleged that DER negligently placed the balloons marking the boundaries of the area to be sprayed as well as negligently providing him with a typographical map that failed to show the power lines (Dept. of Environmental Resources v. Myers, 581 A. 2d 696 Pa.  Cmwlth. (1990)). Because of the negligent placement of the balloons and the incorrectly marked map, the pilot contended those items of the Commonwealths personal property directly caused his injuries (Dept. of Environmental Resources v. Myers, 581 A. 2d 696 Pa. Cmwlth. (1990)). Rejecting that argument, the Court held that the placement of the balloons did not cause the injury, but merely facilitated another kind of negligence which is professional incompetence (Dept. of Environmental Resources v. Myers, 581 A. 2d 696 Pa. Cmwlth. (1990)). The fourth provides for the real property exception which is under the care, custody or control of the agency. The Court in a case held that the scroll saw was realty, taking into account the nature of the saw, the status of it with respect to the realty, the manner of annexation, and the use for which the scroll saw was installed (Cureton ex. rel. Cannon v. Philadelphia School District, 798 A. 2d 279 Pa. Cmwlth. 2002). In Collins v. City of Philadelphia 227 Pa. 121, 75 A. 1028, Pa. 1910, the Court held that the hole, six inches square, near the middle of a narrow sidewalk and in the direct line of ordinary travel, was more or less dangerous to all persons passing, whether walking or on skates (Collins v. City of Philadelphia 227 Pa. 121, 75 A. 1028, Pa. 1910). Thus, the girl whose foot went into the opening which resulted in permanent injuries, is within the exception provided by the statute (Collins v. City of Philadelphia 227 Pa. 121, 75 A. 1028, Pa. 910). The fifth exception provides that a dangerous condition of highways under the jurisdiction of a Commonwealth agency created by potholes or sinkholes or other similar conditions created by natural elements, shall be an exception to the sovereign immunity but the claimant must establish that the dangerous condition created a reasonably foreseeable risk of the kind of injury and that the Commonwealth agency had actual written notice of the dangerous condition of the highway a sufficient time prior to the event to have taken measures to protect against the dangerous condition (42 Pa. C. S.  §Ã‚ § 8522 (b)). In Litchfield, 22 D. C. 4th 123 (C. P.  Clinton 1994) in that the Pennsylvania Department of Transportation has the responsibility to make a highway under its jurisdiction safe before it can transfer that jurisdiction, and that whether the highway was safe at the time of transfer is a factual issue for the jury (Litchfield, 22 D. C. 4th 123 (C. P. Clinton 1994)). The sixth exception provides for the care, custody or control of animals in the possession or control of animals in the possession or control of a Commonwealth party to which the Commonwealth may be held liable (condition (42 Pa. C. S.  §Ã‚ § 8522 (b)). In a case, the Court held that the City of Philadelphia was not in control of a stray dog that attacked the plaintiff under the exception because a stray dog was not within the possession and control of the City (Jenkins v. Kelly, 498 A. 2d 487 (Pa. Cmwlth. 1985). Furthermore, the Court also held in another case that the fact that a township had investigated prior attacks by a dog, owned by a private citizen, and had even temporarily quarantined the dog on one of the occasions, did not create â€Å"possession or control† of the dog, when, at its owner’s premises, the dog attacked her guests (Lerro ex rel. Lerro v. Upper Darby Tp. , 798 A. 2d 817 (Pa. Cmwlth. 2002). The seventh exception provides that liquor store sales at Pennsylvania liquor stores by employees of the Pennsylvania Liquor Control Board if such sale is made to any minor, or to any person visibly intoxicated or to any insane person, or to any person known to any person known as a habitual drunkard or of a known intemperate habit then, Commonwealth cannot use as a defense, sovereign immunity (42 Pa. C. S.  §Ã‚ § 8522 (b)). Acts of members of the military forces are also included in the exception from the sovereign immunity statute (42 Pa. C. S.  §Ã‚ § 8522 (b)). In a case, the Court held that the proposition that the Supreme Court held that the supremacy clause of the United States Constitution prevents a state from immunizing state acts from liability imposed under federal holding that because the Pennsylvania Sovereign Immunity Act does not immunize the unnamed defendants from a cause of action created under federal law, the action cannot be foreclosed merely because the conduct of the defendants does not fall within any of the exceptions to immunity (Heinly v. Commonwealth, 153 Pa. Cmwlth. 599, 621 A. 2d 1212, 1215, 1216 (1993)). Finally, the last exception provides that the liability may be imposed on the Commonwealth for a toxoid or vaccine not manufactured in Pennsylvania and Pennsylvania must take responsibility for it (42 Pa. C. S.  §Ã‚ § 8522 (b)). The statute provides for the following additional guidelines, that the toxoid or vaccine is manufactured in, and available only from, an agency of another state; the agency of the other state will not make the toxoid or vaccine available to private persons or corporations, but will only permit its sale to another state or state agency; the agency of the other state will make the toxoid or vaccine available to the Commonwealth only if the Commonwealth agrees to indemnify, defend and save harmless that agency from any and all claims and losses which may arise against it from the administration, manufacture or use of the toxoid or vaccine; a determination has been made by the appropriate Commonwealth agency, approved by the Governor and published in the Pennsylvania Bulletin, that the toxoid or vaccine is necessary to safeguard and protect the health of the citizens or animals of this Commonwealth; the toxoid or vaccine is distributed by a Commonwealth agency to qualified persons for ul timate use. Hence, the Court held that to apply this exception, there must be a strict interpretation based on the legislature’s intent (Jones v. Southeastern Pennsylvania Transportation Authority 565 Pa. 211, 772 A. 2d 435 (2001)). Venue, Process and Limitations As provided in 42 Pa. C. S.  § 8523, actions for claims against a Commonwealth party may be brought in and only in a county in which the principal or local office of the Commonwealth party is located or in which the cause of action arose or where a transaction or occurrence took place out of which the cause of action arose (42 Pa. C. S.  § 8523). The statute adds that if venue is obtained in the Twelfth Judicial District (Dauphin County) solely because the principal office of the Commonwealth party is located within it, any judge of the Court of Common Pleas of Dauphin County shall have the power to transfer the action to any appropriate county where venue would otherwise lie (42 Pa. C. S.  § 8523). The service of process in the case of an action against the Commonwealth shall be made at the principal or local office of the Commonwealth agency that is being sued and at the office of the Attorney General lie (42 Pa. C. S.  § 8523). Limitations on damages is also stated in 42 Pa. C. S.  § 8528 wherein damages arising from the same cause of action or transaction or occurrence or series of causes of action or transactions or occurrences shall not exceed $250,000, in favor of any plaintiff or $1,000,000 in the aggregate (42 Pa. C. S.  § 8528). Furthermore the types of damages recoverable are those damages recoverable only for: Past and future loss of earnings and earning capacity; Pain and suffering; Medical and dental expenses including the reasonable value of reasonable and necessary medical and dental services, prosthetic devices and necessary ambulance, hospital, professional nursing, and physical therapy expenses accrued and anticipated in the diagnosis, care and recovery of the claimant; Loss of consortium; Property losses, except that property losses shall not be recoverable in claims brought pursuant to section 8522(b)(5) which relates to potholes and other dangerous conditions (42 Pa. C. S.  § 8528). In all these, suits against an agency of Pennsylvania may prosper once the plaintiff provides that his claim is under one of the exceptions provided for under the statute. The sovereign immunity therefore under the Pennsylvania Sovereign Immunity Statute is not at all absolute and persons may file suits if their cla ims fall under one of the exceptions provided.

A Socio Cultural Analysis of Singapore

A Socio Cultural Analysis of Singapore 1. Introduction 1.1 Singapore Singapore is an island country which is one of the four Asian tiger countries. Singapore is regarded as one of the worlds most prosperous countries with strong international trading links and its per capita GDP is equal to leading nations of Europe. (https://www.cia.gov/library/publications/the-world-factbook/geos/sn.html). According to the singstat.gov.sg, Singapore had the population of 4,987,600 people in 2009 and 3,200,700 were Singapore citizen. The rest 2 million were other nationalities. These nationalities are Chinese, Indonesians, Indians, Malays, Vietnamese, Myanmar, Laos, Cambodians and so forth. These nationalities settle in Singapore for various purposes. Thus, Singapore is regarded as the multicultural country. 1.2 Socio-Cultural Analysis of Singapore According to Geert Hofstedes five cultural dimensions, following cultural dimension indexes are indentified. Power distance index 74 Individualism index 20 Masculinity index 48 Uncertainty avoidance index 8 Long-term orientation index 48 Table1. Five cultural dimensions of Singapore Therefore, Singapore is collectivism country due to the individualism index of 20. As it is a high collectivism society, less powerful number of people accepts the unequal power distribution among the family or organization which is common in high collectivism society. Masculinity index of 48 proves both female and males in Singapore have equal opportunity for their lives. The most interesting index is uncertainty avoidance index which is 8. Therefore, Singaporeans are regarded as risk takers who prefer changes and challenges. As for the long term orientation index, Singapore has the index of 48 which is normal, neither long-term nor short-term oriented. In order to relate, Geert Hofstede five cultural dimension indexes and the impact on marketing, following facts are indentified. Firstly, as power distance index of Singapore is 74 which is high, therefore, marketing luxury items, global brands, high quality and innovative products works in Singapore as in high power distance culture, one social status must be clear to be respected by others. Marketing products in Singapore should focus on needs of a society, family and group rather than individual due to the individualism index of 20. Moreover, products in Singapore should be continuously innovative, value added and features are to be improved as the uncertainty avoidance is very low, 8. As Singapore is normal in long/short term orientation index, products can be either long term or short term purposes. Similarly, masculinity index of Singapore is 48 that mean balance in values of both masculinity and femininity. From the marketing perspective, products that are marketed to masculin e culture should be status products as masculinity refers to achievement, success and recognition. 1.3 Economic Analysis Economy of Singapore depends heavily on exports, which are consumer electronics and information technology products. Singapore practised successful free market economy with corruption free environment. Per-capita GDP of Singapore is equivalent to that of four largest West-European countries (www.nationmaster.com). GDP per capita of Singapore in 2009 was approximately 50,300 USD. In 2008 and 2007, it was 52,200 USD and 52,300 USD respectively according to CIA world facts book. Based on the World Banks doing business 2010 and 2009 report, Singapore is ranked #1 in ease of doing business. Moreover, Singapore is also ranked #1 in employing workers and trading across borders. As for the closing business Singapore is ranked #2. As for the low corruption rate, Singapore is ranked #1 in Asia and #4 in the world. In order to increase the growth of Singapores economy, government decided to create the two integrated resorts with casino licenses. Marina Bay Sands was awarded the first license which is a more business focused integrated resort. Second license was awarded to Resorts world at Sentosa, a family oriented integrated resort. These integrated resorts are expected to produce 35,000 jobs. The Singapore government attracts large scale of foreign investment by enforcing two policies which are pro-foreign investment and export-oriented. According to economywatch.com, United States is the leading investor in Singapore. There are a number of factors influences the economic development of Singapore. The main reason is due to the increasing demand of electronic products around the world which benefits the Singapore as it is the major producer of electronic goods. Other industries contributed in economic growth of Singapore are pharmaceuticals, financial services and manufacturing.The 2. Product According to socio-cultural analysis using by Geert Hofstede five cultural dimension model, furniture products made of teak are decided to market Singapore. These products are manufactured by Myanmar Teak Company limited is using precious teaks from Myanmar. Most of the furniture in Singapore is made of leathers, fibre, iron, plastics, recycled woods and so forth. Although there is some furniture made from wood, it is very difficult to find furniture made of teak. 2.1 Relative Advantage Furniture made from teak is usually expensive and regarded as luxury furniture because teaks are expensive as it takes decades to get teak trees and its advantages. Furniture made from teak is durable, strong, and resistant to moisture, fire, acid and alkalis. Moreover, it is highly resistant from rotting, sun, rain, frost or snow. Once it is bought, it can be used for many decades. Furniture made of teak is easy to clean from spilled drinks and food while others are hard to remove the stains. Although the natural colour of the teak is golden brown, it can be changed to reddish brown or dark brown. Therefore, the colour of the teak is easy to alter and colour will sustain for a long time. Another advantage of teak is producing natural oils that prevent termites and wood damaging insects. This natural oil maintains the solidness of the wood, life span and strength which therefore unnecessary for the user to apply chemicals. Resistant to weathers, rotting and wood damaging insects make teak furniture to be ageless. Teak is easy to shape and craft. 2.2 Compatibility Teak furniture is compatible for Singapore, according to high power distance index (74) of Hofstede. Having teak furniture show the high status and wealth of that person comparing to other furniture made of fibre, plastic, and recycled woods. In Singapore, decorating home with arts, sculptures, furniture, lighting and latest electronic products are found in house of wealthy people. Teak furniture is mainly used in International hotels, high-class restaurants, and furniture of international companies especially for meeting tables. International hotels and high-class restaurants have furniture made of teak because westerners and Europeans value teak furniture and handicraft products. 2.3 Trialability Furniture showrooms in Singapore allow customers to try before purchase. For example, customer can sit on the couch or sofa to test the comfort of the products. In Singapore, furniture showrooms are decorated with its product. Decorating furniture show rooms with its products enable customers to test the product, understand the convenience of the product, and get the idea how products can be designed in particular location. For example, in IKEA all furniture is shown to try and test before the purchase. Customers are allowed to use the tables, sit on chairs and sofa and lie on bed. 3. The Market 3.1 Geographical Region Singapore is located at the South East Asia which is surrounded by Malaysia and Indonesia. Singapore is also known as an island Nation which is 3.5 times size of the Washington DC according to nationmaster.com. It has total area of 692.7 km that had a population of 4,987,600 people in 2009. Singapore has smaller islands which are Jurong, Pulau Tekong, Pulau Ubin, and Sentosa. Among them, Sentosa is the largest one. Highest point of Singapore is Bukit Timah which is 166m above sea level whereas the lowest point is Singapore Strait 0m which is a major shipping route of South East Asia. In Singapore, climate is hot, tropical, humid and rainy. There are two distinct monsoon seasons which are North-eastern monsoon starting from December to March and South-western monsoon takes June to September. 3.2 Transportation Public transportation is the major source of transportation heavily used by people for daily purposes. Public transportation includes MRT, LRT, and Buses. SMRT Corporation Ltd (SMRT) is Singapores multi-modal transport service provider offering integrated island-wide transport services including trains, buses, and taxis. SBS transit started its operation in 2003 which is North East Line, a highly advanced fully automated new underground heavy rail system. This NEL had a daily user of 325,433 in 2009 which is 20 kilometers long and include 16 stations from punggol to Harborfront. According to data of Civil Aviation Authority of Singapore and Changi Airport Group Pte Ltd, number of aircraft arrivals and departures were 120,184 and 120176 respectively for both passengers and parcel/mail. Aircraft is major transportation for arriving and departing Singapore, according to data of passenger arrival/departure by using aircraft. In year 2009, passenger data of arrival and departure was recorded as 18,026,000 passengers arrival and 18,063,000 departures. As for the parcel/mail incoming and outgoing by aircraft in 2009 were 12113 and 14945 tonnes. By looking at the Data of Maritime and Port Authority of Singapore, ships are the major source of transporting cargos and containers. According to data, in 2009, 130575 vessels arrived in Singapore by shipping 1784669(000) giga tonne. Air cargos were mainly used by North East Asian Countries due to discharged tonnes of 377,184 in year 2009. These North East Asian Countries include China, Hong Kong, Republic of Korea and Taiwan. Total air cargo discharged tonnes by various countries and regions in 2009 were 846,671. Table1. Describes the number of population using vehicles in 2007-2009 Table.1 the number population used of vehicles in year 2007, 2008 and 2009 were as follows 2007 2008 2009 Car 505,987 540,455 566,608 Rental Cars 11,054 12,391 12,763 Taxis 24,446 24,300 24,702 Buses 14,530 15,327 16,023 Motor Cycles Scooter 144,340 146,120 147,215 Goods Other Vehicles 150,979 156,089 158,207 Total 851,336 894,682 925,518 Adopted from Land transport Authority 3.3 Communication There were 1.857 million fixed telephone users in 2008 whereas 6.375 million users were mobile cellular users. Presently, there are three communication service providers that are SingTel, Star hub and M1. 3G wireless service was launched in February 2005. As for the internet service, most of the people use broad band internet service provided by three internet service providers. According to data of Infocomm Development Authority of Singapore, Media Development Authority and Singapore Post which were collected at April 2010, there were 2046.7(000) of broadband internet users including xDSL, cable modems, leased line internet and other broadband internet access methods. Dial-up internet users were only 75.1(000) users. As for the mobile phone users for both 3G and 2G, there were 6920.2(000) users while the fixed mobile users were unknown. There is Sing post postal service which delivers mails and parcels to most of the countries around the world. 4. Consumer Buying Habits 4.1 Product use pattern In Singapore, furniture is one of the essential products for buildings. People use furniture for daily purposes. Furniture is essentially indeed products in Singapore due to the increasing number of residents, international students, employees from around the world, Singapore requires more housings, schools and universities, hotels and restaurants. Therefore, furniture is required for those housings, universities, schools, hotels and restaurants. In Singapore, 76.8% are Chinese according to nationmaster.com. Chinese usually value arts and handicraft. Moreover, Chinese buy new furniture for their houses after Chinese new-year because Chinese belief that if they can buy new products in this New Year and they believe that they will enable to buy in next New Year. 4.2 Product preference In general, Singapore prefers light, small and cheap furniture because most of the Singaporean lives in condominium and flats. As for the restaurants and international hotels, teak furniture is preferred most, in order to show their status and position. Tastes and preferences can vary among customers. 4.3 Shopping Habits According to the study of (Neilson, 2009) Singapore had changed shopping habits due to current financial crisis. This study shows that 70 percent of the consumer spent only on essential products. However, latest Nielsen Global consumer index shows that Global consumer index of Singapore in second quarter of 2010 increased to index of 112 that is nearly as 114 in third-quarter of 2007. Therefore, percentage of consumers who believed that Singapore was in recession had declined from 28 percent to 17 percent in Q2 2010. According to the survey conducted in 2006 to 22,000 internet users in 42 markets, it was revealed that 74% of consumers admitted that shopping as form of entertainment. Similarly, in Singapore shopping was considered as a form of entertainment due to nine out of 10 respondents replies. 7% of Singaporean went shopping twice a week or more often although others went shopping with lesser extent. 22% of Singaporeans did it weekly while 32 percent shopped once a month. 29% sh opped more than once a month and 10 percent never shopped. Moreover, Singapore was the only Asian country which made it through to the global top 10 which agreed with the therapeutic effect of clothes shopping. According to the data, following pie chart is identified. Source: adopted form www.acnielsen.com.sg/news/20060719.shtml 5. Distribution of the product In Singapore, furniture can be bought from either from retailers or manufacturers. Some Furniture manufacturers place products both on retail shop while others sell by own showrooms. Furthermore, there are countless of small furniture shops and showrooms in Singapore. The largest furniture retail store in Singapore is IKEA which is followed by Courts. 6. Advertising and promotion As for the advertising, if it is to reach international hotels and restaurants, sending product catalog is the best way to get attention. Advertising on television by targeting on restaurants and international hotel is also considered effective way of advertising. In advertising on television by showing elegant and modernized teak furniture can attract the attention of high-class customer. Similarly, as for the advertising high class society, same media can be used to attract customers. Direct marketing can be also used to for both high-class society and hotels and restaurants. Moreover, participating in furniture shows held by Singapore Furniture Industry Council will also draw the attention of respective customer. According to (Russell, 2006) Singapore market drew 17,838 visitors from 112 countries which was the largest ever. Additionally, according to the press release of international furniture fair Singapore, the fair held in March 2010 attracted the 17,277 visitors from 112 countries. This fair was held for 4days from 9 to 12 March 2010. In Singapore, furniture is discounted by percentage in some seasons. Sales discount depends on furniture. Some furniture may be discounted 20% while others are discounted 10% only. 7. Compare and contrast with competitors products 7.1 competitors products Mozaic is a Singapore brand that is integrated by successful Singapore furniture companies which satisfy the needs and wants of customers by providing specially crafted products. Combination of West and East business practices, designs, availability of resources, Singapore Mozaic fulfils the satisfaction of customer around the world. Wholesale Teak Company manufactures furniture with highest quality. Wholesale teak company furniture includes teak furniture, resort furniture and antique furniture of Chinese, Tibetan, Mongolian, classic French, classic English, Italy sofa and Italy furniture. Wholesale Teak Company have achieved the following reputations, the best whole sale teak furniture, antique furniture, classic furniture, Italy sofa and Italy furniture specialist. http://news.bbc.co.uk/2/hi/business/8189661.stm http://www.warc.com/news/topnews.asp?ID=25256 http://www.furnituresingapore.com/ http://www.acnielsen.com.sg/news/NewsReleaseJuly212010.shtml http://www.acnielsen.com.sg/news/20060719.shtml http://www.iffs.com.sg/press_20012010.asp http://www.asiaone.com/Business/News/SME%2BCentral/Story/A1Story20080310-53515.html http://www.singaporemozaic.com/mozaic_cms/index.php?option=com_contentview=articleid=4Itemid=4 http://www.wholesaleteakcompany.com/html/about_us__teak_furniture.html