Basic Economics

The main reason for studying economic science is that it is practical. Everyone makes economic decisions everyday. We all face the problem of scarceness and, thus, must continue to make choices. Today, people atomic number 18 getting to be more and more concerned about Economics. The current economic situation seems to interests everybody in society the bread earner, the dig outer, the bank teller, the accountant, the college professor, and even the student.While most of these people have had no actual background in economics, it comes as a change for the students to acquaint himself with what economics is about. He gets to learn howto analyze the theory and to explain why things are happening in the nation. With todays emphasis on economics it, therefore, pays to be equipped with the knowledge of economic theory. manhoods staple economic activity consists of effort to satisfy human wants with the use of cheeseparings and services. It involved satisfaction. merciful wants f rom the needs for survival otherwise known as basic needs (e. g. food, clothing & shelter), to high uper needs for a comfortable and more meaningful life. Man is subject to create wants, developed due to the effects of advertising and demonstrative effects of consumption. Economics isconcerned with the satisfaction of many of these human wants especially the basic ones. The basic economic resources of a nation consists of land, labor, capital and entrepreneurship. The economy should pay the owners of these basic factors of production for the use of their resources such as rent for the land, wage or recompense for labor, interests for capital and profit for entrepreneurship. The technique of production which shows how resources are used and combined in production, thus, production is described as capital intensive or labor intensive depending on what factor is predominantly used.In effect, the basis activities of man also constitute the basic exchange that take place between the bu siness bulletproof and the consumers. The family unit is the basic consuming unit in the economy. Since human wants are unlimited, it maxims its satisfaction through the proper allocation or mix of expenditures within the stage setting of budget limitations. The business firm serves as the economys producing unit to satisfy human wants with ripes and services. The use of the resources generates income for the resource owners. Most societies aim to use economic-activity as a channel to improve the peoplesstandards of living within the limits of available resources. Hence, a government can restructure the economic system in enunciate to solve its shortcomings or problems like unemployment, economic instability that cause highs and lows in production and investment levels, low level of growth and development, inequality income diffusion, determination of the fiber of economic system. The choice of the nations economic system is vital to any country because it determines the mann er in which goods will be take a shitd, the quantities of each good that will be produced and the distribution of these goods and services.Within the economy, the basic activities of production, consumption, employment and income generation take place through the interrelationship existing between the basic consuming unit, which is the household and the basic producing unit, which is the firm. Business firm supplying the household with goods and services in exchange for payments representing consumption expenditures. On the other hand, the business firm has to use economic resources consisting of land, labor, capital and entrepreneur to produce these goods and services. The households provide the firms theses resources inexchange for payments in the forms of rent, interest, wages, salaries and profit. The property flow is depicted in the money payment by the firm to the household of its money income and by household to the firm for its purchase of goods and services. On the other hand, the good flow is depicted in the flow of economic resources from the household to the firm and in the flow of good and services from the firm to the household. An economic system, in answering the needs of society, has the function of determining what goods and services to produce as well as the order of their importance. This willnaturally depend on the needs of the economy as well as its goals and objectives. In addition, the economic system has to perform the task of organizing productive efforts to produce the selected goods and services in the proper quantities. Lastly it must determine how these goods and services should be shared among the members of society(Leftwich). In traditional economic system, production decisions are do according to customs and traditions ( not allowing the producers to adjust to changes dictated by the time). This is usually practices in underdeveloped regions and in mountainous areas whereThe command economics, the answers to the basic econom ic problems are dictated by the government through the head of the nation or a group of men designated by the head to make the decisions. This system is left as the government owns and controls the factors of production. The government plans what to produce and how resources should be allocated. The system works under the principle that the interest of society should prevail over that of the individuals. Decision regarding the distribution of goods, lie in the hands of the government and, hence individual preferences are not considered at all.The market system deals with the economic problems by considering consumers choices. Consumers demand in the market as reflected in the equipment casualtys of goods and services. The market prices serve as signals to the producers about what goods to produce and how much of these goods should be produced. The problem of production is therefore, solved by the price mechanism. In an economy where prices are continuously rising, people have alwa ys wondered what factors cause prices to fluctuate. The demand and supply are the main forces that cause prices to increase or decrease.From our daily experience of buying and selling, we know that higher prices influence people to buy less. Therefore, the demand function shows how the quantity demanded on a give wayicular good responds to price change. As price increases, the quantity demanded of the product decreases, but as price decreases, the quantity purchased will instead increase. (If the price is low demand is high while if the price is high demand is low) Individual consumers, business firms and government agencies participate in the market place motivated by the desire to maximize utility (consumers), profits (business firms), orthe general welfare (Government agencies). People who are willing and able to buy a particular goods at some price occasion part of the market demand while those willing and able to sell the good demanded by people at some price are part of the market supply. The behavior of all buyers and sellers in a market determines the quality of good and services that is actually exchanged. With todays emphasis on economics it therefore, pays to be equipped with the knowledge of economic system and learn the basic economics. Leftwich, Richard. 1969. An introduction to economic thinking. USA Rhinehart & Winston Inc.

Life Story

It has similarly been described as a process to take a shit and leave access to larn when the source of study and the learners atomic number 18 separated by time and distance, or both. An example is a complete online degree computer program organized by an institution where sstudents take their menagees, assignments, quizzes and exams online and at the end, are given their certificates for participation. An different example is when the teachers reap information to their sstudents employ a form of kick the bucket feed (audio/3D) whereas the teacher is at home or somewhere else but is broadcasting lecture to sstudents at his/her own comfort.Another good example is an online system where the sstudents put forward go back to after secernes and check for class notes, take assignments, defend one-on-one chat with their readers, and stay better understanding on topics that were taught in class and not understood. This puke would focus on the latter example. Scope This proj ect would focus on deuce (2) Departments in Babcock University which has been chosen as a case study in order to give a very accurate, efficient, and detailed project.The reason for choosing two (2) departments single is to avoid a wide project which would aim much energy, resources and a lot of time. The chosen departments are * calculating machine perception Computer Science Computer Information Systems Computer Technology * Agricultural Science This project will help build an interface where sstudents of the chosen departments send away refer to after class to gain better understanding of certain courses learnt and besides talk one on one with their respective lecturers. Statement of ProblemThe major reason for the creation of this project are sstudents with slow assimilation, this interface would help with materials with which they tush use to get better understanding after physical classes. It will also serve as an interface for shy sstudents to ask their respective le cturers questions using the chat application. Also, sstudents sometimes need a place to refer to for study materials to prepare for exams, tests, or substructure even be used to pass information to sstudents in a particular class.While researching ssimilar applications, some examples showed that the weaponation allowed for only sstudents to register. This way some questions asked by the sstudents are shut away not answered because of poor or no interaction at all. nigh questions are best answered than read, after implementation, this project would help solve this and provide the sstudents with the necessary attention of their lecturers. ObjectivesThe objectives of this project which is to design and implement a web based distance application for increased learning is * To grassrootsally solve sstudents learning problems, in terms of comfort, efficiency and understanding * To span the gap between sstudents and lecturers using a form of chat system * To enable sstudents view ed ucational resources such as notes, textbooks, past questions to increase their basic understanding of courses offered at different levels Audience In this case the audience would be the sstudents, lecturers of the particular departments chosen.Also visitors can visit the homepage, nurture a short preventative and read on the ab emerge us. ANALYSIS Methods of Information Gathering One on one converse would be conducted with the state involved. Ssimilar applications will be check into out, in order to pick up past mistakes, ways to correct this would be researched and also ways to add some important features that readiness have been left out. Also the selected departments would be checked out thoroughly to know the lecturers under them, what each lecturer teaches, and also know how the departments operate for accurate presentations. invigoration StoryDoing an converse with my brother was really a new and unusual bugger off for the both of us, especially because the purpose o f the interview was to ask him about something that is individualised and is deemed to be a sensitive topic that is about his condition and experiences having muscular dystrophy. Everything that I learned from this interview took me by surprise because the stories that he told me were about the other side of him that I did not knew. It was astonishing to learn that after my thoughts of how I know him so well because he is my brother, there are still a lot of things that I do not know about him. This interview has definitely introduced me to a new person in my brother.Going through an interview with someone who you have a personal and intimate relationship with is more nerve wracking than actually interviewing someone that you totally do not know. Perhaps I felt afraid of what might transpire during the interview because knowing that we have a close relationship as family, I was afraid that I might discover something moving or emotional that would affect how I go about with the in terview. Whereas interviewing someone who is a total stranger would not leave expectant impressions on me because we are not related personally to begin with.Although I have seen most of him in my life, have seen, and understood the conditions of people with muscular dystrophy, this interview re-acquainted me to the worldviews and personal experiences of those who are experiencing that condition. I gained a lot of personal insight that made me acquire a deeper and clearer understanding of how it is to have limitations outside our family circle and of course, I get to catch up on how my brother is doing at present and how he handles his life despite his shortcomings.I would say it was a therapeutic experience for the both of us because somehow after that interview, he felt good having to share all his thoughts and feelings to someone who he can trust and depend on. In addition, for me I felt as if something good and special came out of it within my self as a person and between the both of us and our relationship as family. From the first question alone, I was really dazed that he was willing to point-blank up like that with regards to his diagnosis and learning from the doctors that he would not be able to live to see his twentieth year. His courage and strength really shows up by how he handles and is still handling his condition.My brother was open to the entire experience. It was not difficult to convince him to go through with a personal interview with me. He actually enjoyed it because he knew he was helping me out and he really liked the idea of reflecting on past events and experiences that he had in his life. What got me the most was that growing up for him was a struggle.Imagine having to experience the position that most children his age were doing all the things that they wanted and succeeding in them, and he felt like he was stuck in a rut and he had no other choice but to deal with his disabilities. He handled his situation really well because at a young age, he was able to defeat his worries and fears and still made great efforts to do what most children do.He never gave up, and for me it takes great effort because not all people can do what he did. Some people dwell in their misery that hinders them to accomplish success even with limitations in their life. He prides me with joy knowing that he is not that kind of person. This interview proves how strong a person he is because he let down his guard, opened himself up, and accepted this interview and me doing the interview with positivity.The interview has greatly changed our relationship as siblings. First, we know we have gotten closer because now I feel like I have evaded the person in him that I did not know all these years. From his experiences of being left out in high school, not having any friends at all, no being able to do what others can do, seeing people you know die of the same condition, etc. and still have the confidence say to me that there are a lot of things to do and that he wanted to live his life to the fullest stimulates me look at myself and rethink what my problems are and what my mindset was.From what he said, I know there are a lot more problems in this world, including his that requires more time and attention. Knowing that there are a thousand more people out there with the same condition make me think that there is more to life than all the superficial things in this world. Most people who do not have any disabilities whatsoever growl a lot about several things about their life. What they do not realize is that there are a lot people who were unlucky decorous to have limitations and boundaries in their lives, and that includes my brother. If we as normal people complain about our lives and not having to succeed in situations where we want to accomplish many tasks, I speculation we should think about those who unwillingly have disabilities, such as muscular dystrophy.Aside from the fact that we have grown closer wit h every question that I asked him during the interview, I was also inspired and my compassionate side sparked off like a matchstick. By knowing how he dealt with his difficult past I have grown to know him more. Everything that he said I took note off and from them I draw my inspiration in reinventing my life now.Life StoryIt has also been described as a process to create and provide access to learning when the source of information and the learners are separated by time and distance, or both. An example is a complete online degree program organized by an institution where sstudents take their classes, assignments, quizzes and exams online and at the end, are given their certificates for participation. Another example is when the teachers pass information to their sstudents using a form of live feed (audio/3D) whereas the teacher is at home or somewhere else but is broadcasting lecture to sstudents at his/her own comfort.Another good example is an online system where the sstudents c an go back to after classes and check for class notes, take assignments, have one-on-one chat with their lecturers, and get better understanding on topics that were taught in class and not understood. This project would focus on the latter example. Scope This project would focus on two (2) Departments in Babcock University which has been chosen as a case study in order to give a very accurate, efficient, and detailed project.The reason for choosing two (2) departments only is to avoid a wide project which would require more energy, resources and a lot of time. The chosen departments are * Computer Science Computer Science Computer Information Systems Computer Technology * Agricultural Science This project will help build an interface where sstudents of the chosen departments can refer to after class to gain better understanding of certain courses learnt and also talk one on one with their respective lecturers. Statement of ProblemThe major reason for the creation of this project are sstudents with slow assimilation, this interface would help with materials with which they can use to get better understanding after physical classes. It will also serve as an interface for shy sstudents to ask their respective lecturers questions using the chat application. Also, sstudents sometimes need a place to refer to for study materials to prepare for exams, tests, or can even be used to pass information to sstudents in a particular class.While researching ssimilar applications, some examples showed that the implementation allowed for only sstudents to register. This way some questions asked by the sstudents are still not answered because of poor or no interaction at all. Some questions are best answered than read, after implementation, this project would help solve this and provide the sstudents with the necessary attention of their lecturers. ObjectivesThe objectives of this project which is to design and implement a web based distance application for increased learning i s * To basically solve sstudents learning problems, in terms of comfort, efficiency and understanding * To bridge the gap between sstudents and lecturers using a form of chat system * To enable sstudents view educational resources such as notes, textbooks, past questions to increase their basic understanding of courses offered at different levels Audience In this case the audience would be the sstudents, lecturers of the particular departments chosen.Also visitors can visit the homepage, have a short tour and read on the about us. ANALYSIS Methods of Information Gathering One on one interview would be conducted with the people involved. Ssimilar applications will be checked out, in order to pick up past mistakes, ways to correct this would be researched and also ways to add some important features that might have been left out. Also the selected departments would be checked out thoroughly to know the lecturers under them, what each lecturer teaches, and also know how the departments operate for accurate presentations.

A Role Of A Citizen Of Earth Essay

Let peace there be peace on earth and let it began with me. Once there was an old man by he saw a lady picking up starfish and gently throwing it into the sea he asked young lady why are you throwing starfish into sea? she answered the sun is up if I dont throw them they leave behind die he asked alone lady dont you realize that there are umteen miles of beach and thousands of star fish you cannot probably make a difference The young lady bent down and threw another fish in sea then se politely said It make a difference for that one. Actually what is citizen? A citizen is one whose behavior is consistent with the canons of self-respect and tender justice. So in todays world does our behavior prove as the definition of citizen? No no-one can prove because a good citizen has genuine and love for his home land. Earth is our homeland but we are not genuine to it. There are many forgiving activities which has harmed our mother earth. First human activity that damages the earth is de forestation. It destroys huge area environment and our planet.

Explore the ways Shakespeare presents the Duke in Act one of measure for measure

In a play we beat out to know about a character by what he says what he does and what other people gauge about him.When the duke abandons the city it cause society to collapse and the whole city to fall into chaos. Any eratical doings made by the duke, at the drop dead of the hierarchical pyramid would be amplified as you go down. plenty at the bottom will emergency to know what is outlet on and the people near the top will try and grab a piece of power.In the 17th Century the interview accordingly would of reacted very differently to an audience of today. Back then a audience would think that it was a life-threatening thing that the duke had done as he is the only one who stand out do the job as he has the divine right. For them the duke leaving would be a very dramatic story line. However an audience of today would non be as shocked because they are used to a society of so many leaders that if the Priminister went off, yes it would be shocking but there are plenty of pe ople that can take his place. Todays audience would probably hasten more(prenominal) sympathy as they understand stress more and would just think he needs a bit of a break.The laws in Vienna have not been used for a long time and now are useless at protect the people and the city, much desire a rusty set of armour that has been hung by thwall as Claudio describes them.. They commonly protect people but they have been discarded and now are useless. Now the city is copious of crime depravity and all the suburbs are full of Brothels. The Duke has discarded the laws so that the people of the city like him. He no longer likes his job as he has a lot of responsibility and is depended on. He feels isolated because of all the pressure of people behind him trying to get his power. He is loved by the public for something he isnt and he knows this. All these factors make him very uncomfortable.The duke has two choices for who he could chose to stand in for him Angelo or Esculus.Esculass name sounds like the word scales implying that he would be balanced and would bring balance to the city. He has a lot of knowledge of the city and is old and wise.Angelos name sounds like the word angels who are virtuous. He chooses Angelo as he wants to test his virtues. The duke quotes Angelo is a man of stricture and firm abstinence.When Angelo is told that he will stand in for the duke he sounds base but could be pretending. He is probable pretending to be modest and really being obsequious.He tells the Friar that he is going back to the city to see how it is going without him and to see if Angelo is really as virtuous as he seems.In Scene one the duke decides to leave behind because he cant take the pressure. Whereas in scene two he says he is leaving because he cant subordination the people. This shows that he is either not sure why he is leaving he just doesnt want to be the duke any more or he wants to check up on people when hes not there.When the duke is in disguise Luc io says how the duke had been so slack with the laws and how terrible he was.In act one the manner of speaking is very rushed and shows us how much of a rush the Duke is in.

A Schenkerian Analysis of Preludio from Bach’s Unaccompanied Violin Partita Essay

Very few theorists touch upon the topic of motivic and structural coherence in bachelors dance suites. The keyboard and lute suites deservedly have more published analyses than the string suites considering there are simply more of them leaving the cello and violin suites pristine and practically untouched, and unjustifiably so. The most obscure are the violin suites, particularly the BWV 1006 in E major. With the exception of the well-known published analysis by Schenker of the Preludio, Carl Schachters analysis of the Gavotte en Rondeaux, no other analysis pot be run aground of this partita.Building on Schenker and Schachter, I present my own Schenkerian analysis of the Preludio. With the help of David Beachs admit on unity in Bach suites and Joel Lesters book on Bachs alone violin works, I address motivic and structural coherence in this partita with some observations that apply to all of Bachs violin suites. Bach composed six unaccompanied works for the violin in the course of study 1720, three Sonatas da chiesa and three Partitas. The partita, as understood during Bachs time, was a set of variations as one might infer, this definition implies that some or all movements of each partita are variations of each other.The BWV 1006 has heptad movements and the notwithstanding violin partita that begins with a serve. David Beach addresses the first deuce of three violin Partitas in his book, discover the importance of the neighbour motion as a motivic pattern in the first and second Partitas. I wish to call attention to the great significance of the neighbor motion that is present in the third gear Partita as well. The Preludio opens with a kickoffer-neighbor figure E-D-E, and the figure occurs within every modulation. Its noteworthy that Urlinie itself, in fact, contains an uncompleted neighbor.The Gavotte en Rondeaux is the literal embodiment of the variation concept. Being the only violin partita with a Rondo movement, the sentiment that a partita is a set of variation is most evident with this partita. Regarding Gavotte en Rondeaux, Carl Schachter suggests that as the episodes issuance in complexity, the ritornello seems more and more parenthetical. In a backbone the twain episodes can be organically linked over the ritornello, and thus the concept of the Rondo is realized even more so beyond its surficial sectionalized design.Continuing with this notion, I suspect that as a whole, the movements of BWV 1006 can be linked in concert specifically because it is a set of variations, despite its superficial differences. Structural coherence of the partita can be inferred from the Preludio. The spot is typically heard as two sections that are quite similar, while this division seems insignificant, it suggests a crafty element of variety. Being a prelude, it would not be presumptuous to assume either one the two things the other movements will have similar two-part divisions, or other movements will also have chang e sections.To facilitate an in-depth analysis of the Preludio, I have produced foreground and middle ground graphs. However, I made my graphs afterwards consulting Schenkers own analysis of the Preludio. As one of Schenkers earlier analyses, it is noteworthy that he reads the Urlinie as an 8-line this octave-line interpretation creates more problems than a reading from 3. However, the basic, fundamental idea Schenker presented provides a blueprint for a reading, which, in my view, is more accurate. Schenker offered FIG. 1 in conjunction with the 8-line Urlinie, without specifying exactly what the relationship is.I propose that Schenker intuited the significance of the neighbor motion in the Urlinie, and read 8 as a cover face. From Schenkers figure to a higher place I present my notion of the incomplete upper neighbor FIG. 2. The de-emphasis of the returning 3 as a passing tone from 4 to 2 lends importance to the incomplete upper neighbor A, supported by IV. This self-contained t onal area stretches over half of the Preludio. A reprise of an opening passage at the initiation of the A prolongation gestures its independence from its surrounding, indeed a smaller organism enveloped within the bigger animal.This is evident through the internal auxiliary cadence to A that accompanies the tonal area IV. In retrospect, the IV is already a long-term goal from the beginning. The first 58 measures properly set the stage for the emergence of IV. The first step on the path to IV is the movement to VI as a short-run goal. This is done by first moving to G (m. 39) through F (m. 37), creating a third advancement E-F-G in the process. The G is employed first in the top utter as primary tone and then in the cryptical as pedal point, also the fifth to the incoming C (m. 51) FIG 4.EX. 1.The C, in a sense, is a mid air stopping point from E major on its way to A major. A in measure 53 leads to B, creating yet another third progression G-A-B. The B is to be read not as V of E but as II of A, unfolding to tonic through two consecutive fifths B-E-A EX. 2. As we shall see, the chassis of the bass forecasts what is to come to boot this prelude within the Preludio presents the material for further elaboration and development. Now firmly in A, a unforgettable passage from measures17-28 is consistated in the new key, as though a second beginning.This reiteration casts upon listeners a sense of home, even though the music has strayed to a new tonal area. As I stated before, the 58-measures prelude will matured and grow in its new environment. The bass progression moves in the similar contour as the early 58 measures. The F (VI) in the bass being a third down the stairs A, serves as a short-term goal as a midway stopping point on its way to D (V65). The long-term relationship between A and D results in a tri-tone which intensifies the reach of V E, 4.The midway F is unfolded from G the same modal value as the unfolding of A from B, through two consecutive fifths F-D-G E, 3. The internal Urlinie is initiated by C over A in E, 2, and locomote upon an implied B above the D as 2, the B is prolonged over the V in a 6-5 motion E, 5. The path between V on its way back to I is quite sophisticated. In the treble, a sequential circle of fifths is used to take the fifths (E-B) to the octaves (A-A) E, 5. 5. With an 8-7 motion, the A octave becomes a B7 chord. The B acts as pedal point at this point in the bass E, 6.As the seventh of B resolves to G, B leaps a third to D, which then is registrally shifted to a lower register through arpeggiation. The low D then compose out a D7 chord reaching a high A, thus the end of the internal Urlinie is reached. It should be noted that Schenker pointed out a large-scale voice exchange, consisting of B and D between measure 120 and measure 128 see foreground graph pg. 8. The V in the bass arpeggiation is now approached with utmost anticipation as the weight of the entire Preludio shifts upon its imminent arr ival with only a few measures left, one has to onder in what magnificent way the V will be penalize to counterbalance the monumental build to the IV? As the internal Urlinie is fulfilled in measure 131, two descending third progressions in parallel sixths E, 7 bring forth the most dramatic, German style of violin execution one dotted quarter B7 quadruple stop that brings the Preludio to a single halt, as the V is finally in place. The effective but swift gesture is sustained by A, the seventh, no time-consuming an incomplete upper neighbor but supported by V. As the A moves through G to F, a 7-6-5 motion is created over V as Urlinie scale degree 2 is reached E, 8.The bass returns home to its original tonic E in measure 137, and the Urlinie is satisfied as well with E in the treble. The last two measures are coda, finishing the piece in a similar manner as it opened, unfolding itself back into the high E through two octaves. Extended bow technique is demanded to perform the Prelud io, perhaps more so than the other movements but that is not to say the big shifts and the frequent adjusting to unconventional positions is any more comfortable for the left hand. The consistent stream of sixteenth notes in a fast ? nvokes immediate association to a keyboard prelude. Furthermore, the multiple voices created through exploiting the full range of the instrument allows for keyboard features such as pedal point, register shifts. Combined with multiple subject entries and modulations, this piece contains mature Baroque characters of a Bach keyboard prelude. Ironically, Bach wrote such a prelude for a most unsuitable instrument, perhaps with the friendship that only with correct and virtuosic execution can its full intended effect be achieved. As I begin to understand the purpose of each note, I play the piece better.Mindless playing and practicing is unfulfilling and futile, and can only produce the most stiff and lifeless imitations of music, if I may quote Schenker. As for the study concerning unity in all of Bachs work, both Lester and Beach discussed first two violin partitas at length but strangely failed to address the last partita, I think the research on this topic remains incomplete without consideration of this partita. It would be interesting, if not absolutely necessary to look into the rest of the partita to see what it has to offer.

Destin Brass Product Co Essay

Established in 1984, Destin hardiness Products Co. had grown to become a significant player in the industry of manufacturing water purification equipment. By identifying a market for water purification valves, Destin Brass quickly built brand awareness and a customer base. Destin Brass developed propriety manufacturing techniques and had a deep understanding of working with brass. This competitive value led Destin Brass to add pumps and pass controllers to its product range. Valves, Pumps and Flow Controllers represented 24%, 55% and 21% of company revenues respectively with each having a planned gross margin of 35%. In new times, manufacturers of pumps had entered into a price war forcing prices down and consequently Destin Brass saw its gross margin on pump sales drop to 22%. At the same time, Destin Brass had found that the price piece of cake of demand for Flow Controllers was relatively inelastic, when it increased prices by 12.5% with no effect on demand.Confused by compet itor moves in the price cutting of pumps, the managers at Destin Brass considered if competitors simply didnt know what they manufacturing represent were, but it was more likely that problems may lie within Destin Brasss be be system. Destin Brass currently had a traditional cost computeing system in place. The system took into account direct and indirect costs based on production and sales action at law. Each produced unit was charged for material cost based on component costs and labour costs based on production run labour times. Overheads were then allocated in a two stage process and yielded model unit cost of $37.6, $63.1 and $56.5 for valves, pumps and flow controllers respectively.An alternative to the traditional woo would be to forego overhead cost allocation altogether. Material and set-up labour cost overheads would be allocated to each product line and machine hours would be changed for labour dollars as the basis for allocating the remaining factory overhead. T his revised approach reduced pump and flow controller unit costs to $58.9 and $47.9 but increased valve unit costs to $49. A final approach involved more accurately distributing engineering costs and the idea that activity, rather than production volume, drove costs.This activity based costing (ABC) system would be allocated on the basis of transactions. ABC yielded a standard unit cost of $47.2, $51.6 and $74.2 for valves, pumps and flow controllers respectively. The ABC system suggested that Destin Brass could reduce pump prices dramatically whilst still maintaining rosy margins and at the same time increase flow controller prices to maximise profits. The case illustrates that misused cost accounting systems can have serious strategic implications for a business.

Report: Louis R. Chênevert, United Technologies Corporation Essay

Louis R. Chnevert was born(p) in 1958 in the Quebec province of Canada. Raised on the outskirts of Montreal, Chnevert spent his childhood and adolescent years constraining to his community. With close ties to the area, he attended the Univer tantalisey of Montreal. In 1979, he graduated with a bachelor of commerce in product counseling. Upon graduating, Chnevert was hired by the General Motors Corporation in St. Therese, a suburb of Montreal. From 1980 to 1994, Chnevert spent the distance of his primary career at General Motors. During his employment, he continually pursued challenging positions. Before resigning in 1994, he achieved the position of Production General Manager he was promoted to this position when he was just now 33 years ageing. His pursuit of attaining challenging executive management positions did not end there it was only the beginning. later resigning from General Motors, Chnevert accepted the position as Vice President of Operations at Pratt & Whitney Ca nada, a auxiliary of the United Technologies Corporation, coordinated universal time.While in Canada from 1994 to 1997, Chnevert instituted what is called lean manufacturing principles these principles immensely enhanced the plants efficiency. In turn, these principles float lined achievements and made the Canadian sister company of Pratt and Whitney a profitable business organisation. In 1995, he was accepted by Quebec with the Nouveaux Performant award for outstanding young leaders. (Bloomberg/Businessweek) As Vice President of the Canadian operation of Pratt & Whitney, Chnevert gained the respect of his gadfly peers, and gained recognition by the executive management team of UTC. From 1997 through 2006, Chnevert signifi go offtly ascended the embodied ladder. In 1997, he was appointed as the executive vice president of operations and aftermarket services for Pratt & Whitneys Connecticut operations. This appointment laid the ground work in obtaining a thorough understanding of the ve fitable marrow subsidiary business of UTC. In 1998, he was promoted to President of Pratt & Whitneys Connecticut operations.And in 2006, Chnevert continued his upwards ascent in executive management as he became Chief Operating police officer of UTC. subsequently becoming Chief Operating Officer, Chnevert was groomed to be the successor of the then latest chief executive officerand Chairman, George David. David took Chnevert as his apprentice to prove to Wall Street and investors that Chnevert had what it took to run a successful operation. (Wall Street Journal, On-Line) After devil years of grooming, George David stepped down and handed the reins of the technology conglomerate to Chnevert. The successful mentorship by George David, and quick study by Chnevert, provided a smooth transition from one CEO to an early(a). On April 9, 2008, Louis R. Chnevert was appointed Chief Executive Officer and Chairman of UTC. Since his inception, UTC has diversified their portfoli o with technology related mergers to further allow them to position themselves globally as a leader in the technology field. This diversification of UTCs portfolio has allowed UTC to weather the current sparing downturn better than many other dopes.His current yearly compensation of $1,435,000 is not plainly as much as his bonus of $1,700,000. He was rewarded with $6,217,560. in restricted stock awards, and $11,149,152 in other compensation. His total compensation for 2009 ranked him 41st in CEO payout. (Forbes.com, CEO Compensation) What I find some striking about Louis R. Chneverts role as a leader is his ability to leverage his cognise from the past while listening attentively to his peers to contain solid decisive business findings. This get along allows him to make informed decisions when uncertainty is looming. He presents himself as an say-so, yet conveys this authority politically correct. His professional business etiquette portrays him as a man of distinction. Be sides having these strong leadership traits, his in-depth involvement as a philanthropist goes beyond giving exuberant donations. Chnevert becomes deeply involved in monitoring how his donations are used.His work-social life balance projects an estimable image beyond that of a typical CEO. Outwardly, he conveys a confident distinguished image with an old world style mannerism. He is a CEO for our times. He combines the distinctive traits of listening, decisiveness, and philanthropy to leverage his authority in conducting sound decisions while nurtureing a coercive outlook. He is a combination of many traits, but remains conservative in his approach to work. In such volatile scotch times that we face today, Chnevert has the leadership skills needed to successfully run this corporation while pursuing meaningful sympathetic obligations outside of the norm. Chneverts ability to leverage his experience comes from a thorough understanding of the businessbecause he started at the bot tom and worked his way up. This experience has allowed him to turn companies around during economic downturns while maintaining a affirmatory attitude and workforce. This ability to see positive in unlikely situations has endlessly found favor with fellow workers and shareholders.Bloomberg News recently interviewed Chnevert who made the remark that Bombardier has a full pipeline of potential C-Series customers and expects order announcements by year-end. (Bloomberg 09-01-10) Pratt and Whitney has been on the losing end of its share of commercial customers, but this news brings enthusiasm to their workers for developing the engines which will remain Pratt and Whitney in the commercial jet engine business. Not only has this re-invigorated the workforce in these unprecedented economic times, but it has kept UTCs stock price in uncorrupted standing when other companies are struggling. Chnevert seems to always find a way with words even when faced with downsizing to bewilder competi tive. In a recent article in Aviation Week, Chnevert exclaimed our results and diversified portfolio show Pratt is tumesce positioned to withstand the tough times we have in front of us in the next fewer months. Its a good position to be in. (Aviation Week, Morris)However, Chneverts restructuring efforts for increased profitability has not always been favorable with fellow workers or local anesthetic politicians. In order for UTC to stay inwardly operate budgets, he was tasked with slashing thousands of jobs in Connecticut. While facing uncertainty in the current economic recession, the decision to downsize further was a decision he had to make immediatelyand he did. This decision did not sit well with the Connecticut legislature either, but as Chnevert explained, difficult times meant making difficult decisions to extend the corporation profitable. His experience from the past has led Pratt back to profitability while keeping the workforce and shareholders cerebration positiv ely. Chnevert has always been known to give direction decisively in times of uncertainty.His ability to make exhausting decisions has proven his leadership ability. In difficult economic times, Chnevert was able to make the tough decisions immediately to keep UTC in a positive profit margin. Tough choices need to be made and Chnevert is no stranger to that. From his beginnings with UTC, Chnevert has had to make tough choices regarding employee restructuring. When he became Vice President of operations in 1993 at Pratt and Whitney Canada, he faced poor financial performance with lowemployee morale. His decision to restructure with changes in key management positions allowed Pratt Canada to rebound from a negatively performing business unit with low employee morale. This restructuring event led to positive financial results with higher than expected employee morale. Pratt and Whitney Canada is now considered one of the best Pratt facilities to work at.Besides restructuring at Pratt a nd Whitney Canada, Chneverts role with investing in new technologies in Connecticut and driving the pursuit of quality faithfulness through UTCs ACE, (Achieving Competitive Excellence) operating system has allowed Pratt and Whitney to exceed their financial and quality goals all over the past couple of years. His focus on continued implementation and promotion of this system at a time of turmoil may have seemed to be risky, however, the results of doing so have been rewarding. Chnevert understands competitiveness cannot be achieved without winning risks, and he understands inaction only leads to poor performance. From an online April 2008 Wall Street journal article titled, UTC, Textron profits get a lift from aerospace, Chnevert boasts this quarters results are further evidence that our business representative, with its focus on global growth through market-leading franchises and cost reduction through the implementation of the ACE operating system, can deliver solid results ev en in a softening economic environment.Chneverts persistence in promoting continuous improvement is a testament to his ability to make difficult decisions in times of uncertainty. This approach to making informed decisions decisively shows his focus towards success. Furthermore, Chneverts dedication to society through his commitment to freehearted organizations, and investment in local and national interests goes beyond a good will gesture. He is recognize as a leader in all aspects of society. Chnevert is an advisory member to several other boards within the local community and abroad. He is an avid advocate of cancer research and is heavily involved with acquiring funding to the appropriate research programs and projects. In a Yale Medical Publication, Chnevert is recognized as not only a contributor, but a man who asks probing questions to further cancer research and give the diligent the best care possible. Dr Richard L. Edelson says, He understands the importance of having a ll the services for cancer patients in the same place, quite an than dispersed throughout the medical center. (Medicine Yale) Chnevert gets involved.He listens, and gets results. His ability to put himself in other peoples places allows him to make great decisions regarding any endeavor he gets involved with. His dedication to the well being of local organizations is yet another testament to his leadership ability. There are skilled CEOs with exceptional experience, and there are also skilled CEOs with minimal experience. Very few have the varied traits and experience to perform at exceptional levels. Chnevert has both these traits plus a new world ideology that allows him to operate in the toughest of economic times. I consider Chnevert more than a business leader he is multi faceted dynamic entrepreneur. end-to-end Chneverts career, he has been called upon to make change with every organization he has ever been affiliated with. Whether business or civic, his positive can do atti tude has been a guiding light for his corporation and others to follow. He will lead UTC, and all organizations he is involved with to a new level of prosperity and good will. His ambition towards getting things right is no less than remarkable. Although new to the CEO position, Chnevert will be recognized for his persistence of pursuing to understand, and executing decisively for results. In these unprecedented economic times, Chnevert has the experience a corporation needs to not only withstand the current economic downturn, but to come out of it stronger than when it began. His honorable and moral values as a business leader and philanthropist should be a model other CEOs should follow for our country to once again lead in economic prosperity.Works CitedCEO Compensation. 41 Louis R. Chnevert. 04-28-10. 600 pm edt. Forbes.com. http//www.forbes.com/lists/2010/12/boss-10_Louis-R-Chenevert_FTA5.htmlHinton, Christopher. UTC, Textron profits get a lift from aerospace. Market Watch. htt p//www.marketwatch.com/tarradiddle/united-technologies-textron-profits-gets-lift-from-aeropace.html. April 17, 2008.Layne, Richard. Bombardier Posts Quarterly Earnings of 8 Cents a Share,Matching Estimates. http//www.bloomberg.com/news/2010-09-01/bombardier-net-drops-27-percent-as-jet-deliveries-decline.html. Sept 1, 2010.Lunsford, Lynn. Prepping a Successor to UTCs David. Wall Street Journal Online. http//online.wsj.com/article/SB120768855981199187.html. April 9, 2008.Morris, John. Louis Chenevert, President & CEO, Pratt & Whitney. Aviation Week. http//www.aviationweek.com/shownews/02asial/newsmk10.htm.Medicine Yale. Quick Study, grown contributor. Vol 4. Issue 4. Sept/Oct 2008. http//www.medicineatyale.org/v4i4_sept_oct_2008/sept_oct_08.pdf.United Technologies Corp. UTXNew York. Bloomberg Business Week. http//investing.businessweek.com/research/stocks/people/person.asp?personId=191172&ticker=UTXUS.