HEALTH PROMOTION AND THE DETERMINANTS OF HEALTH Free Essay Example, 1000 words

Nurses play a fundamental role in health promotion; their role branches out to caring for fit people, as well as the ill (Mikkonen education, as well as availability to the clients, has proven effective. Long-term relation with mothers by working even in their homes has encouraged mothers to take advantage of their strength and achieve their goals (Public Health Agency of Canada, 2010). Nurses act as advisers to mothers from child birth to parenthood (Hartford, 2012). Their support, through deliverance of healthy babies to becoming confident parents and encouragement to pursue a better future for themselves and their children, has proven most effective. Such roles manifest themselves like: Helping mothers practice preventive health procedures and good parental skills. These include diet improvement and reduction of stimuli and other drugs for instance tobacco, alcohol among others. We will write a custom essay sample on HEALTH PROMOTION AND THE DETERMINANTS OF HEALTH or any topic s pecifically for you Only $17.96 $11.86/pageorder now Moreover, such roles help the mother to be prepared emotionally during delivery and nurturing of the baby. Provision of awareness of specific child development skills through education and better ways of child care for the child and the mother, as well as encouragement to use more cuddly techniques rather than harsh methods. Through coaching of the family and mothers to be self reliant and encourage them to be visionaries helps the plan for future pregnancy, manage employment as well as pursue academic avenues. Everyday interaction of nurses with clients can be an educational platform where health promotion can be done (Hartford, 2012). An example is in a situation where a cancer patient being nursed a wound is informed of ways of treating the cancer through therapy and other forms of treatment. A different scenario is if the mother has brought the child for vaccination, then the nurse can use such an opportunity to explain to the parent better feed ing practices for the child as well as best vitamin supplements for the child. Such acts promote health significantly. Nurses believe that they promote health all through their profession. That is what they advise patients whenever they encounter with them (Kozier, 2009). However, even though a lot of nurses are available to promote health, the determining factor in effective health promotion is narrowed to the individuals where their knowledge is necessary.

Morality in Education Essay - 1962 Words

In the realm of IPods, text messaging, video chatting, online video games, and email, what does the average teen think about morals? Are the students of this generation receiving the moral support they need from their parents, schools, and community members? Should these entities even be involved in helping to develop students morality? How should morals be defined and whose are right? These are all questions that a professional school counselor (PSC) will face and need to ask themselves regularly. Morality in education is an emotionally-charged issue and one that has many facets, creating numerous challenges for the PSC. To begin, the idea of morality needs to be defined and some assumptions made. According to the Stanford†¦show more content†¦Media, parents, and peers have twisted the idea of morality, causing the younger generation to suppress their morals in exchange for personal gain and acceptance. A student would cheat on their test, in order to be accepted by their p arents and better their chances of getting into college, without considering it immoral or wrong. This mindset has created, according to Sandhu et al., a spiritual emptiness that leaves the student without love, meaning, hope, belonging, empathy, and completeness (Rayburn, June 2004). Data has expressed the concrete need for some sort of moral intervention in the youth of today. The Josephson Institute of Ethics reported that in 2002, twelve thousand students were surveyed and seventy four percent admitted to cheating on an exam, forty three percent believed they needed to lie to get ahead in life, and ninety five percent thought trustworthiness is important (Britzman, 2010). While the students believe that it is important to be trustworthy, the false impression that they need to lie to get ahead and the desire to be the best at all costs, causes almost three-quarters (if we extrapolate the numbers onto the whole population) of all students to cheat. Cheating is a perfect example of one of the lesser morals. People often try to justify cheating by stating you can only hurt yourself. While part of thatShow MoreRelatedEducation And Morality On Their Lives1118 Words   |  5 Pageswhen they put together sometimes education and morality on their lives. Success is the way where people reach their goals toward something specific that they desire in their lives. I choose Freire and Nietsche because they talk about Education and Morality as anti-Nature and they fit on my idea of success. I consider education as an important part on my way to success in this world. Education gives me knowledge that I require to overcome the problems every day. Morality as Anti-Nature helps me not toRead MoreRelationship Between Faith, Morality, And The Faith Based Education Programs1337 Words   |  6 PagesStudies in recent years have shown that, the faith-based education programs have provided deep opportunities to establish rehabilitation to the offenders.This study is an attempt against the gap in this field which is the defiency of such a programs over the Muslim inmates in the corrections center. With an organised staff, this study will bring datas through testing, observating, evaluating and collecting after its finished. 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It will analyze the role a moral education (the generalRead MoreTheory Of Morality As A System Of Hypothetical Imperatives Essay1540 Words   |  7 PagesCircular Reasoning in Foot’s Moral System In â€Å"Morality as a System of Hypothetical Imperatives†, Philippa Foot argues against Immanuel Kant, that morality exists in hypothetical imperatives rather than categorical imperatives. For Kant, categorical imperatives alone serve as moral commands, and it would be impossible for a moral system to be based on hypothetical imperatives because such imperatives serve as means to ends and result from maxims that cannot be universalized into perfect duties. DespiteRead MoreTheories And Research Of Educational Psychology1615 Words   |  7 PagesThis essay will discuss how helpful, or not so helpful, research and theory has been in dealing with problems found in schools such as morality and understanding how children learn in order to create a rounded curriculum. Piaget was the first to create a systematic study of cognitive development, and although he did not specifically relate his theory to education others have gone on to do so. This has had many implications in schools, especially in the United Kingdom. One key idea of his is the conceptRead MoreEthical Education Is Essential For A Functioning Society And Helps Students Realize Their Life Value1148 Words   |  5 Pages Ethical education is essential for a functioning society and helps students realize their life value. â€Å" The Unacknowledged Ethicists on Campus†written by David Hoekema, discusses moral education in universities. â€Å" Mind over Mass Media† written by Steven Pinker, writes how technology has changed students’ critical thinking, but students still need to accept the challenges and experiences presented by new technologies .Both articles talk about the effectiveness of ethical education in the differentRead MoreImmanuel Kants Labors on Defending the Rights of Women1226 Words   |  5 Pagesfaced much opposition and resistance. Recently I happened upon a curious work by Immanuel Kant, which, perhaps unintentionally, perfectly illustrates my main point that women must be treated differently a nd must be allowed equal opportunities and education as men. We are human beings and as such we are rational beings. Our rationality should enable us to obtain a character, a virtue, and to improve, just like a man can; there is nothing different about the character or soul of a man that women lack

Toyota International Expansion in Iran

Question: Describe about the Report for Toyota International Expansion in Iran. Answer: Background of the Study Internationalization is not an overnight process; it is a gradual process that starts from committed management who see the potential of a company and its unlimited expansion possibilities. For a company to be able to open operations in a foreign country a lot of considerations need to be made some of which act as proactive motivators others which act as discouragers. Toyota Motor Corporation based in Japan is a multinational company which is in the automobile industry and also provides financial services to its customers. Toyota is the largest auto company in Asia and aims to become a global leader in the automotive industry. Toyota has its operations all over the world; some of the countries where it operates include the USA, Pakistan, India, and South Africa among others. In these manufacturing plants, there is the assemblage of automotive parts, and the automobiles are sold to local and international markets. Most of the market is concentrated in Europe, and the USA Toyota has ma intained an excellent reputation for its products as it believes quality is what creates and build the trust of its market; this has led to its local and international prosperity. A recent interest to expand has emerged targeting Iran for the expansion. For Iran to be qualified some considerations had to be made, the risks and the potential of the venture to bring benefits to the company. Toyota needs to develop a localized strategy and business approach that will drive its success in the country; stay integrated with the countries culture and still is in line with its objectives and goals (Clohosey, 2007). Theories and Key Events Affecting International Business The Uppsala model is a line of thought that attempts to explain the growth of companies in the foreign markets. The theory states that firms need to first intensify their activities locally and create a local market first before moving on to a foreign market the firms first learn about the local markets or the markets that are culturally and geographically nearby then move on to more distant areas and cultures (Chia-Chi, 2013). Once the firms move to a new country, they start with the traditional products and then move on to the more sophisticated products once they have created a name for themselves. The model has contributed to firms getting knowledge of their markets and thus making it possible to meet their needs and has also made the internationalization process follow a systematic process. Internationalization is a process that requires a step by step implementation, and this theory suggests the same, a company guided by this theory avoids rushing into the global market without having enough knowledge of his local market needs. The theory, however, has received criticism over past years. The theory places no value on management and does not provide a good framework for a companys entry into a foreign country (Fleck, 2001). The theory of foreign direct investment is another theory discussing aspects of the globalization of business. John Dunning is the majority contributor to this theory. The theory attempts to explain the benefits a company received by multinational companies by having their physical presence in various countries (Allman, 2003). The theory assists firms interested in globalization. The theory is sometimes called the eclectic paradigm and transaction cost analysis theory. To Dunning not only the organizations structure is important. The competitive advantage of a company which refers to how a firm is endowed and how well it can compete in the market also boosted the companys performance both locally and internationally. Location of a firm advantage was another boost to a company if the location was favorable; this was regarding political environment and also the economic policies of its location. The theory helps the companies choose their locations and ownership correctly so as to get maximum returns from their investments. The theory is criticized because it assumes that geographical locations and ownership contribute directly to production which they do not (Schulte Jackson, 2007). Comprehensive Business Model of Foreign Market Entries Toyota Company entry in Iran is based on seeking an appropriate entry strategy into a foreign market as well as the considerations on the positive impact of the choice about the disadvantages. The company must make decisions regarding the location, mode of entry into a foreign market and the timing of the venture. Underlying each is a group of strategic approaches drawn from the three major decisions. Industry based considerations- are the strategies the company will employ to survive. The company is likely to face competition from already established companies like the Khodro and LG companies based in Iran. Firms, especially in the oligopoly market structure, usually match, and so Toyota needs to develop some form of uniqueness to stand out from all the rest of the companies. Toyota needs to analyze the economic barriers of Iran and access if they are favorable for its operations. Iran economic activities are centrally planned, and thus there is a lot of government involvement in the economy, plans are however underway to make it market oriented but still if Toyota is going to choose its venture timing to be soon then they need to consider the economy and how it operates. The market potential of the Toyota products is also another industry based decision under consideration. Toyota needs to look at the use of automotive sin Iran and sustainable in the country. It would be useless to produce something that the Iran people do not use (Ziegler, 2004). Resource-based consideration-Toyota is a very rich company; the value of a company and its resource capabilities plays a major role in its success anywhere in the world. If Toyota is going to start operations in Iran, then it needs to have the economic capabilities and resources to do so. Also if Iran has a history of expropriation and dissemination, then Toyota needs to watch out in order not to put its assets and property at risk about property rights. Toyota needs to access its value and thus know the risk they will be getting themselves into. The recourse base of a company favors and enhances its capabilities and encourages them to venture into new countries (Amaio, 2009). Institutional based considerations- these refer to informal considerations that a company needs to make. This may be the most important one of them. For a company to be part of culture, then it needs to live the culture. This makes them part and parcel of a countrys people. The institutions may act as a barrier or may enhance a companys operations. Cultural distances are a barrier for example. Iran is a Muslim-dominated state, and so if Toyota is going to survive its life in the country, then it needs to respect the Muslim cultural practices about dressing, etiquette, and trade customs among other practices that make up the Muslim culture. Cultural practices are both material and abstract (attitudes).For Toyota to make a good base for its operations, it needs to look favorable to the citizens of Iran (Muralidhar, 2010). Some of the things to do are to embrace the local culture, build friendly relationships with the local companies and citizens, employ the local people, build the understanding of the employees, adapt products that the locals prefer and also coordinate its activities in an orderly manner. The company also needs to access the regulatory risks put by the government of Iran such as the tariffs and non-tariff barriers. Also, there are the local requirements that are required to be met by a new company seeking residence and market in Iran. The general tariff in Iran is 15.2 percent, and new companies are allowed to start residence and do their businesses after the government assesses the economic benefit of the venture to the country (Wariboko, 2006). Toyota also needs to consider the currency risks it will be facing in the country; currency risks are a product of economic uncertainties and political instability that bring about fluctuations in the exchange rate of the currency causing uncertainties in the value of the investment. When the domestic currency depreciates against the foreign currency, then there is a change in the decrease in the value of the investment and this may lead to losses. It becomes hard to speculate future trends in the individual company, and so it leads to uncertain future. Iran currency is not stable and has a history of fluctuating from time to time compared to the Japanese Yen which is more stable the company needs to have an insurance against such uncertainties. Again to avoid the losses from the currency fluctuations then the company can hedge where there is a spread of activities in some countries in different currency zones offsetting the currency loss in another country (Wariboko, 2006). Market Entry Strategy The way in which the Toyota Company establishes itself in the country will not only enhance its operations but will also create friendly relations with the local members of the automobile industry like the LG company. There are equity and non-equity modes of entry into a market. The most appropriate one for Toyota is the equity mode where it can establish its operations through a joint venture with one of the companies or agree to share its profits with another. It is not obvious that the company will receive overwhelming support in the beginning, so a good entry strategy is important. A joint venture with an already established company will enable the company to not only share its initial costs and risks but also access the partners knowledge and assets (Jurse Vide, 2010). The ethical considerations of the new environment will not be easy to learn but with the help of a partner, the Toyota Company will learn ethics and social requirements. Apart from that, it will be politically ac cepted as it will not look like an attempt to kill the local industries. However by a joint venture the company will suffer from divergent goals and interests of the company and also sharing of the profits (Ziegler, 2004). Iran and Its Business Environment Iran is a country in Asia that has in the past years been a victim of terrorism and political wars. The government of Iran cannot be said to be stable and starting a business venture here can be a hazardous endeavor. The economy of the country is recovering from the effects of terror attacks and unstable governments. Its population is seventy-eight million, and the countrys GDP is recorded as growing at a 3.0% rate. This shows positive growth thus it is favorable for investment despite the terror and currency fluctuation risks. The annual foreign direct investment inflow amounts to about 2.1 billion showing a lot of potential for investors as those already there are making profits. Inflation is set at 15.5% and is said to go down if the current market and government situation continues (Ziegler, 2004). Military from foreign countries has been sent to the country on a peacekeeping mission thus the issue of insecurity may be a thing of the past in future. References Allman, M. J. (2003).A thick theory of global justice: Participation as a constitutive dimension of global social justice(Order No. 3101631). Available from ABI/INFORM Collection. (305324530). Retrieved from https://search.proquest.com/docview/305324530?accountid=45049 Amaio, T. E. (2009).Exploring and examining the business value of information security: Corporate executives' perceptions(Order No. 3351834). Available from ABI/INFORM Collection. (305171897). Retrieved from https://search.proquest.com/docview/305171897?accountid=45049 Chia-Chi, L. (2013). Business service market share, international operation strategy and performance.Baltic Journal of Management,8(4), 463-485. doi:https://dx.doi.org/10.1108/BJM-02-2013-0020 Clohosey, S. (2007).Transmitting sustainability from an international discourse to a local context: The case of the bosque modelo chilo(Order No. MR26836). Available from ABI/INFORM Collection. (304789804). Retrieved from https://search.proquest.com/docview/304789804?accountid=45049 Fleck, D. L. (2001).The dynamics of corporate growth(Order No. NQ75632). Available from ABI/INFORM Collection. (304767174). Retrieved from https://search.proquest.com/docview/304767174?accountid=45049 Jurse, M., Vide, R. K. (2010). Strategic thinking as a requisite management tool for managing international marketing in turbulent times. Paper presented at the 1151-1173,8. Retrieved from https://search.proquest.com/docview/734617707?accountid=45049 Muralidhar, K. (2010). Enterprise risk management in the middle east oil industry.International Journal of Energy Sector Management,4(1), 59-86. doi:https://dx.doi.org/10.1108/17506221011033107 Schulte, W. D., Jackson, G. (2007). Project-Based International Business Strategies: The Case of the International Construction Services Industry.Advances in Competitiveness Research,15(1), 54-70. Retrieved from https://search.proquest.com/docview/211421305?accountid=45049 Wariboko, N. (2006).Money and relations: Toward a triune model of the global monetary system(Order No. 3231368). Available from ABI/INFORM Collection. (305264485). Retrieved from https://search.proquest.com/docview/305264485?accountid=45049 Ziegler, C. (2004).Favored flowers: Culture and markets in a global commodity chain(Order No. 3119689). Available from ABI/INFORM Collection. (305052347). Retrieved from https://search.proquest.com/docview/305052347?accountid=45049

Role of Hrm in Manufacturing Company Essay Example

Role of Hrm in Manufacturing Company Essay ASSESSMENT 2: ESSAY This essay will evaluate the role of Human Resource Management in a manufacturing company. This will include a critical assessment of three functions being Recruitment, Selection and Employee Turnover function which are vital to the achievement of estimated goals. Being appointed as the Head of HRM by the General Manager of ABC company, certain problems are to be addressed such as poor matching of new personnel to their job and rising levels of staff turnover. This essay will also point out certain aspects and changes which may be required by the company to retain employees reduce cost and increase profitability if considered. The main aim of recruitment is to ensure that the organization is adequately and effectively staffed at all times. The next step involves matching the suitable applicants to the jobs in the organization followed by the selection function. It is mandatory for Organizations to make the best of their recruiting practices because, in today’s increasingly market-based human resource management (HRM), effective recruitment is likely to be the ‘most critical human resource function for organizational success and survival’ â€Å"(Taylor and Collins 2000: 304). Another definition that throws light on the essence of Recruitment can be quoted as ‘those practices and activities carried out by the organization with the primary purpose of identifying and attracting potential employees’(Barber 1998 : 5). We will write a custom essay sample on Role of Hrm in Manufacturing Company specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Role of Hrm in Manufacturing Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Role of Hrm in Manufacturing Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This definition highlights the important difference between two HR functions that are difficult to distinguish, namely recruitment and selection. An Overall recruitment policy and a number of processes need to be in place to determine overall outcomes for the organization before effective recruiting can take place. Recruiting should always involve analyzing the position to be filled, the person to fill it, writing a job description and person specification, and analyzing the organization’s short, medium and long term needs and goals. It is essential that the requirements of the job are thoroughly understood through the process of job analysis. The success of recruitment can be measured in terms of diversity. For example, Bola M. Ogun (2004) examined the positive effect of encouraging diversity in the workplace wherein the best would be recruited not only to complete the task in hand but also add to the competitive advantage of the firm. In order to sustain long term profitability and growth, the firm should invest in assessment and retention of personnel. Authors have argued that organization-employee fit is a two-way street and thereby understanding, effective communication and rewards are the important issues to be addressed here. Another type of explanation is the positive effect of recruitment on the profitability of a firm. For example, Terpstra and Rozell (1993) argues that the firms that analyzed recruiting sources for their effectiveness in generating high-performance applicants had greater annual profitability especially in manufacturing industries. They suggest that this in depth analysis has a positive effect with generating profit in the industry. It would appear that Terpstra and Rozell’s explanation cannot be accounted for the cost involved in taking a decision to choose among the recruiting sources in consideration of the performance, culture and diversity. There is however, a positive relation between the annual profit and the budgetary cost to be incurred in the analysis. Another type of explanation is one that produces no connection between recruitment function and a Profitable organization. For example, Rynes and Cable( cited in Recruitment Strategy,2007) argues the absence of any studies investigating the effect of the fit between recruitment and organizational effectiveness and descriptive research can be used to speculate about the possibly strategic imperative of such context-aligned recruitment practices. The problem with this argument however, is that it does not consider the fact that recruitment process is part of the cycle of an effective and efficient organization in terms of tapping into the market for qualified personnel. In addition, Barber and her colleagues (1999) argues that the organizational size determines recruitment success. This may be due to the fact that the Recruitment and Selection function would be scrutinized from the beginning as re-hiring and re-training of new employees can be costly and ineffective for large industries. It is safe to point out that the work in large especially manufacturing industries does not require exceptional skill. However, Job security might be an issue if legal requirements are not fulfilled. It is worth pointing out that human resource management supports goals pre-determined by the organization by providing crucial services for the benefit of the personnel in the organization. This can be explained by an example, Koch and McGrath (1996) argued how the capital intensity of a firm might positively interact with HR (including recruitment) planning to bring about increased labor productivity. Koch and McGrath are right; however it is necessary to stress the importance of recruitment planning and assessment in capital-intensive industries. Prior to recruiting, the company should ensure that labor laws, laws on dismissal and legislation are complied with. In HRM, the Selection function is by far the most challenging task to be carried out on the basis of effective principles. Human Resource function can provide value to an organization in cognition to the objectives of staffing and personnel placement and making available specific human resources guiding principles, processes and techniques, directed towards the accomplishment of these objectives. In order to determine the extent of ‘fit’ of personnel in the organization, provide standards to base and evaluate the capabilities of applicants and scrutinize the selection process clear and specific objectives for selection and personnel placement are required. The company image can play a major role during the selection process. An applicant’s view point of the firm also matters during the procedure as a positive or negative image of the Firm becomes viable. Final selection can be made more reliable by regularly reviewing the recruitment procedure. In order to deal with problems during the process, Reference and credential checking are effectively carried out. To select the right person considered fit for the job, HRM is required to conduct a Job Analysis which refers to the identification, collection, synthesizing, understanding and application of job related data. The job analysis process has three pivotal components based on its outcome for both the manager and employee. These elements include Job profile, Job requirements and People relations. The key to achieve consistent quality and productivity is to provide a feasible working environment to the employees. The overall culture of the organization is connected to its employee satisfaction, performance and turnover. Turnover includes both Voluntary and Involuntary Turnover. The main cause of voluntary turnover or the need to quit can be due to the receipt of negative feedback in informal performance check by the management or threat to job security. Involuntary instances occur when the employee has no say in the termination of his duties. Although it is unrealistic to achieve a turnover of zero percent however, a high turnover can have a negative effect on the organization as it is the case of ABC company. There can be a number of causes to a high turnover, although in this case it can be on the grounds of the existence of a communication gap between the manager and the newly hired personnel. For example, Mushrush (2002) argues that causes of turnover are varied which may include, â€Å"high stress, working conditions, monotony, poor supervision, poor fit between the employee and the job, inadequate training, poor communications, and organization practices† . As a result of this, the manager has a duty to ensure proper training and development and a feasible working environment is provided. Moreover, an Overview of Employee Turnover Research (2006) indicates that there are costs involved in replacing existing employees, recruiting replacements, new-hire training and unemployment insurance which can be of a prime concern here. Although our main focus is to retain new employees, there is a possibility of employees abandoning their jobs due to a time lag between identifying the appropriate role of the employee and re-training him. Retention, not only includes re-training and analyzing roles but also reassuring the employees of the company. As illustrated by Levine, fear of losing one’s job can be categorized as another cause for turnover wherein constant encouragement and support from the management is necessary to prove that â€Å"their career is not at risk by staying with the company† (n. d) A company that understands the needs and reasons of its employees are more likely to reduce turnover and save cost on re-hiring. However, it can be argued that the high staff turnover may be a product of the conduct of the employees as well. For example, Meyer, Stanely, Herscovitch, Topolnytsky, (2006) argues that an individual can have an impact on the turnover rates by putting forward â€Å"unrealistic expectations† or lack of performance. Meyer et al. (2006) offers a valid explanation in terms of examining every aspect of the abnormal rise. The obvious way to reduce turnover would be to instill flexibility, training and reducing the communication gap within the organization. Employees are to be reassured and retrained in this case to fit their qualities with their roles. There is a strong requirement for investment in training which is supported by Zig Ziglar who emphasizes that â€Å"When an employer invests in employees with training, they return with more productivity and more loyalty† (Love, 1998). As a result of this, the organization along with its personnel grows in a productive manner. Being the HR manager, for ABC Company a solution is to be sought out to deal with the HR functions at a policy level and actual HR level. Human Resource strategies are required to ideally suit the needs of the manufacturing company. Inconsistent application of HR policies can leave the organization open to legal challenges, increased costs and turnover along with reduced morale. There is evidence of poor matching of skills of new employees with their work roles. To face this problem head on, an accurate account of employment data for all the employees in the organization is to be maintained. This can be owed to the unawareness of the entity of its current staff needs and skills. At a Policy level, a strategic change outlining the objectives of the organization and consequential imbalances in skills to job of personnel is to be identified wherein at an actual level, maintenance of promotion potential, experience information and career data of personnel would act as a source for identifying shortages and surpluses in the operational plans of the organization. Action plans that include training and development, relocation and time frame for implementation are devised. These Action plans are then required to be monitored to ensure achievement of pre-described goals. The Recruitment function would help in attracting the qualified personnel considered ‘fit’ for the job in the organization. At a policy level, internal versus external recruitment and agencies can be considered to find the right personnel to match the job requirements. At an actual HR level, cost of further recruitment might be unnecessary however, effective communication of the recruiting function to the authorized persons of the organization can provide a strong foundation to avoid future problems. Identification of the roles of the current personnel along with a written description of the job process, duties, terms and conditions is to be documented and filed. At the policy level, Selection function plays a fundamental role in identifying the key attributes required from a person recruited to fit the job/duty efficiently. Selection can be effectively executed based on the qualities, type and level of work needed to achieve perceived goals of the organization. In regards to the Actual level, the selection function would be based on the documented description of the requirements of personnel available to the recruiters. At the policy level, Employee turnover function can be reduced by the provision of extensive training and development program, fair working environment, incentives and bonuses. At the Actual level, effective communication with the personnel is essential along with providing a feasible and flexible working condition. Rising Staff turnover can be owed to the fact of poor fit of employee with job, poor guidance and ineffective communication of tasks. An extensive training and development program can hone the skills of the required personnel to fit their job It is difficult to offer a stipulated time period wherein the policy goals can be achieved due to an uncertain outlook of ABC Company. However, a written documentation with complete data, qualifications, availability, experience of the personnel and all other relevant data can be completed within a time span of 3-4 months. Moreover, training of the new personnel to acquaint them with the required duties is to be carried out immediately which can be assumed to span once every 3 weeks for a period of 2 months. Extensive re-training can then be provided every 6 months to keep up with technology and development in the market. Apart from framing policies, there is a need to understand the behavior and total outlook of the company. In reference to Labor Mobility in Australia(Refer Appendix 1) Manufacturing Industry has less than 12% of employees shifting from the Industry as compared to Mining which has the highest Labor Mobility of 21. 6%. Keeping this in mind, voluntary turnover might not pose an issue in this company. Employee turnover is beneficial in some companies, however in the manufacturing industry stability in terms of Job performance and Employee satisfaction is beneficial. Finally it is worth pointing out that, according to research, Management must understand the value of quality staffing throughout the organization, and proper care is taken to ensure an individual fit their roles in the organization to ensure long term productivity. This essay also illustrates the importance of HRM to bring about a balance in the organization by increasing staff satisfaction, reducing turnover and increasing organizational productivity. Each policy level and actual level goal has a timeframe for execution which can be accurately estimated after consultation with the Management of ABC Company. REFERENCE LIST Beach,R, Brereton,,D, Cliff,D,2003, ‘Workforce turnover in FIFO mining Operations in Australia: An Exploratory Study’, Retrieved on 24th Oct 2010 from: www. csrm. uq. edu. au/docs/TURN_FINAL. pdf Cable, DM, Turban, DB, 2001, Establishing the Dimensions, Sources and values of job seekers’ Employer Knowledge during Recruitment, ‘Research in Personnel and Human Resource Management’ , Vol 20,pg115-163. Khan, S 1991, Selection and placement, Volume 1,Issue 4 Retrieved on 20th October 2010 Levine, T, 1998, ‘How to Reduce Employee Turnover’ Retrieved on Oct 23rd, 2010 from: http://www. nettemps. com/employers/hrcorner/printer. htm? id=21pf=1 Love, T. 1998, ‘Training can Relics [sic] Employee TurnoverReducing employee turnover’. Retrieved on Oct 23rd 2010 from: http://findarticles. com/p/articles/mi_m1154/is_n8_v86/ai_20934425 Meyer, J, Stanely, D, Herscovitch, L, Topolnytsky, L, 2006,‘Overview of Employee Turnover Research’, SIGMA Assessment Systems. Retrieved on Oct 23rd, 2010 rom: http://www. sigmaassessmentsystems. com/articles/empturnover. asp Morley,MJ,2007, Person Organization fit, ‘Journal of Managerial Psychology’ Vol 22,No. 2,pp109-117. Retrieved from: www. emeraldinsight. com/0268-3946. htm Mushrush, W. ,2002, ‘Reducing Employee Turnover’-Creating Quality Newsletter, 11(5). Retrieved on Oct 23rd 2010 from: http ://www. missouribusiness. net/cq/2002/reducing_employee_turnover. asp Orlitzky,M. 2007,’Recruitment Strategy’,Oxford Handbook of Human Resource Management,Boxall,P,Purcell,J,Wright,P,Oxford University Press,New York,pp273-299. Tipper,J, 2004, How to increase diversity through your recruitment practices, Vol 36, No. 4 pp 158-161. Retrieved on 23rd Oct 2010 from: www. emeraldinsight. com/0019-7858. htm Zeffane,R. 1994,’Understanding Employee Turnover: The Need for a Contingency Approach, vol 15,no. 9. Zimmerman, RD, Darnold,TC, 2007, ‘The impact of job performance on employee turnover intentions and the voluntary turnover process-A meta-analysis and path model’ retrieved on 23rd Oct 2010 from www. emeraldinsight. com/0048-3486. htm APPENDIX Figure 1: Labor mobility by industry, Australia www. csrm. uq. edu. au/docs/TURN_FINAL. pdf

Free Essays on Troy

The book the Iliad an epic by Homer which was later followed by the book the Odyssey is one of the most known stories in history. The myth was so historicized some historians believe that the events really did take place. The book the Iliad was recently made into a motion picture which made lots of money. While some critics say the movie was completely off from the book, but I say from whose perspective, a journalist or me a college student looking to see a cool movie with a girl on Friday night. The book the Iliad was an interesting book to read for the fact that it listed as many character as they could and unless you’re an intellectual person people don’t want all those details that teachers will only in the future use on exams and make it twice as confusing. For one the book named too many non important people and it made it three times as harder to remember the important people, unlike the movie which named the major characters like Hector and Achilles. But then another question rises in my head is to say that a man of lesser achievements in the movie wasn’t the main characters? To answer that one must first look at that person’s role and what was his purpose. I’ll start with Achilles, in the book he is rarely talked about only when major fighting happens and he is begged to help morale the men back to battle. In the book Agamemnon gives a speech to help boast the men courage and morale by saying â€Å"Has shackled me in chains of blindness, hard god! Once he promised me that I would sack the fence.† (Homer/Iliad p102) in the movie the morale was gained by Achilles himself and coming back into the war. Now Achilles in my opinion is the main character because I saw the movie before I read the book so in my mind the movie is the real version for me. Achilles has to be the main the character in that of a hero also because who wants hero to be someone that isn’t as strong or skilled as Achilles who for that ... Free Essays on Troy Free Essays on Troy The book the Iliad an epic by Homer which was later followed by the book the Odyssey is one of the most known stories in history. The myth was so historicized some historians believe that the events really did take place. The book the Iliad was recently made into a motion picture which made lots of money. While some critics say the movie was completely off from the book, but I say from whose perspective, a journalist or me a college student looking to see a cool movie with a girl on Friday night. The book the Iliad was an interesting book to read for the fact that it listed as many character as they could and unless you’re an intellectual person people don’t want all those details that teachers will only in the future use on exams and make it twice as confusing. For one the book named too many non important people and it made it three times as harder to remember the important people, unlike the movie which named the major characters like Hector and Achilles. But then another question rises in my head is to say that a man of lesser achievements in the movie wasn’t the main characters? To answer that one must first look at that person’s role and what was his purpose. I’ll start with Achilles, in the book he is rarely talked about only when major fighting happens and he is begged to help morale the men back to battle. In the book Agamemnon gives a speech to help boast the men courage and morale by saying â€Å"Has shackled me in chains of blindness, hard god! Once he promised me that I would sack the fence.† (Homer/Iliad p102) in the movie the morale was gained by Achilles himself and coming back into the war. Now Achilles in my opinion is the main character because I saw the movie before I read the book so in my mind the movie is the real version for me. Achilles has to be the main the character in that of a hero also because who wants hero to be someone that isn’t as strong or skilled as Achilles who for that ...

What to do with a Bad Book

What to do with a Bad Book Weve all read them. The books not edited well enough. The books that probably shouldnt have been published. The books that made you scratch your head wondering what the author was thinking. â€Å"Life is too short to read books that Im not enjoying.† ~Melissa Marr â€Å"Be as careful of the books you read, as of the company you keep; for your habits and character will be as much influenced ~Paxton Hood Many of my friends say they cannot put a book down without reading it all the way through, in hopes the book redeems itself. Others say they read at least half the book, giving the author the chance to find the story. Sorry, I dont have the time. It frustrates readers when we spend our hard-earned spare time, as well as the money, only to feel weve wasted both. Thats why we often wait until someone we trust has vetted it, or it hits some best-seller list because we invest. Its why we read the sample pages on Amazon or Kindle. But I have a suggestion. If you indeed are a writer with goals to improve, if you hope one day to publish a story of your own, then next time a bad book falls into your lap, read it anyway. And as you go, mark it up. You dont care if you write in a bad book. You wont pass it on anyway. Note the bad dialogue, lack of internal monologue, poor flow, shallow characterization. Cross out the character that really didnt propel the story, and embellish the setting. Add scent where there is none, and chop out the words that stood in the way of a crisp point. Highlight, write, cross out, bend pages. The book is no good anyway, right? This is where you learn more about how to edit . . . and how to write. You take this piece of crap and you make it worthy. Its difficult to edit your own work, so why not hone your skills We learn from good writing, but we can learn from the bad if we take the time to understand the reasons the bad did not make the cut.

Contemporary Chinese Law in Context Essay Example | Topics and Well Written Essays - 3000 words

Contemporary Chinese Law in Context - Essay Example 4). Traditional Chinese Laws were practiced in China even during the latter half of twentieth century. The traditional laws were highly influenced by philosophical and political doctrines propagated by Confucius. Thus, the traditional Chinese laws, government regulations and penal code had Philosophical influence (The Spirit of Traditional Chinese Law n.d., p. 2-3). This paper deals with some of the Chinese laws which were revised and those which have kept pace with the changes brought about by economic globalisation. While some of the existing laws were amended like the Competition law, social law, Property laws, some new laws like Food and Beverages Law, Antimonopoly Law, etc were introduced. This paper reviews some of those laws by focusing on the circumstances which required introduction of new laws, components of new laws, their implementations and effectiveness in the Chinese Society. At the same time, this paper also examines categorization of laws basing upon their formation as well as their limitations or drawbacks. Chinese laws after 1976 to 2013: Contemporary laws: westernization Chinese legal system got modernized only after the country earned its Republic status, and especially after the reign of Qing dynasty. The effects of Cultural Revolution necessitated the requirement for formulation of some new laws and reformation of some. It has been observed that, during the last thirty years China has put most efforts in implementing legal provisions. Not only this, China has also achieved significant amount of success in redefining its legal norms, development and innovations in institutions and systems pertaining to laws and regulations. Modern day Chinese laws are meant for serving long term goals. Some of these include modifying public behavior, family planning policies, proper functioning of social systems, and above all making up for flaws that were committed by Chinese legal systems before modernization (Dingjian 2010, p. 40). Over time, the legal reforms in China have been results of direct influence of legal systems of developed Western countries. However, China has blended them with their specific problems and has customized the laws to create a system which would best serve its purpose. In order to introduce a new behavioral model, China had to introduce new legal standards. Thus, modern Chinese legal concepts are aiming at shaping up a large- scale, proper and consistent legal- structure for China (Dingjian 2010, p. 41- 42). The Chinese legal system can also be divided into two broad categories- the state made laws and the non- state made laws. State made Law All the formal acts and regulations that are formulated and implemented in recent times are classified under this category. The state laws consist of standard legal provisions and procedures and in every aspect are held superior to non- state laws. Chinese laws are regulated by multiple authorities, and the division of power is centralized. Thus, China has a well de fined law and regulations for its citizens, thereby promoting equality and peace (China's Current Legislation Structure). Non- State made law The non- state laws refers to those codified and un-codified laws and regulations that are practiced in a nation without maintaining any international convention. Numerous such laws could

HISTORY Bachelor Essay Example | Topics and Well Written Essays - 2000 words

HISTORY Bachelor - Essay Example As far as Goldhagen's infamous chapter eight, "Police Battalion 101: Assessing the men's motives," the main point of argument with this chapter has to do with the accusation that many ordinary Germans had motivation to participate in the Holocaust, and had several motives for doing so. Many people have felt that the book's lacking cannot defend the attacks against it or, on the other hand, that the book's accomplishments do not explain its successful sales. However, this consideration of the book is shortsighted; focusing on Goldhagen tacks attention away from his important claims, and to examine the central points of the book itself. The book's thesis is quite familiar; its central claim reflects on a refutation of fifty years examination and research regarding the Holocaust. The important focus of chapter eight's concepts actually argues against the idea that the mass genocide of the Jewish people happened based on logic and the upper echelons of government. The mass murder of the Jewish people would have presented the Nazis with several difficult problems when planning how to approach the killings (Hilberg). However, the government planning was extremely complex, as well as the killing, which was very critical to the initial success of the extermination. The process by which the genocide was organized removed everyday individuals psychologically and morally from the actions of the government. This would mean that either the everyday individuals who took part in German society were unaware of the genocide, or may have even perhaps had some kind of resistance to the entire concept. However, Goldhagen does not ag ree with this concept; he feels that even ordinary Germans possessed anti-Semitic beliefs that allows them to somehow participate in, or overlook, the actions of the government. Goldhagen states that it was the "cognitive and value structures" of ordinary Germans--namely their virulently anti-Semitic beliefs--that constituted the "central causal agent of the Holocaust" (67-68). When first examining this concept, it really seems that Goldhagen's claim is perhaps more obvious than most would want to accept. If the everyday citizens of Germany were opposed to the mass extermination of the Jews, why would the Nazis have attempted so flawlessly to kill the millions they did murder Wouldn't the everyday German citizens make more attempts, personally and publicly, to assist the Jews The Anti-Semitism in Germany, therefore, was not an offshoot of the Nazis' own personal vendetta, but part of the social construct of all citizens of Germany. Therefore, Goldhagen feels that the Nazis cannot be blamed solely for the extermination of the Jews; the entire German people should be considered, as this seemed to have been more of a nationwide attempt. Hitler's leadership and conquering of Europe may have opened the door to mass killing; however, the media depiction of the Jews as subhuman and Hitler's control of the German people were not enough to undertake such a large pr oject of genocide. Instead, Goldhagen feels that the hating of the Jewish people by the German people came far before this, and predated Hitler's control of Germany. Rather, it seems to have been a part of the German culture for quite some time. Goldenhangen's proof comes not on the focus of the extermination camps present in Germany and

Supply chain management Essay Example for Free

Supply chain management Essay In this final paper for Managerial Finance I will attempt to show how the supply chain inventory management method can be affected depending on the situation of the retailer. Studying the control method for problems in inventory, which would include both, excesses in inventory as well as shortages, and hoping to minimize loss. Use of SCM as a Method of Inventory Control I have decided to do the final for Managerial Finance on the use of the SCM method as a form of inventory control, because I have worked in a business that has used many different forms of inventory control. As a manager it was one of my responsibilities to maintain inventory and observe any losses as a loss prevention issue that must be discovered. The ordering responsibility for inventory was one of my most important duties as a manager. â€Å"Supply Chain Management is a set of synchronized decision activities, utilized to effectively integrate suppliers, manufacturers, transporters, warehouses, retailers customers so that the right product or service is distributed at the right quantities, to the proper locations at the appropriate time, in order to minimize system wide costs while satisfying customer service level requirements. (Misra, 2010) Finding different options for inventory choices as well as finding prices that reflects a profit for the company was primary reasons for me to research the available possibilities in inventory. Deciding a price for acquiring inventory is an important aspect of making a determination in product for any company striving to make a profit. An important aspect of inventory is the amount of inventory that needs to be ordered, as over ordering or under ordering can be just as problematic for a company. A company that over orders does ot receive profit, because they have put out too much money without a return on that investment, will not make a profit. A popular product may sell very well for a company, but an overabundance of product means that the remaining product after sales may end up being a loss if sales do not again pick up. Under ordering can be just a big of a problem for a company because when customers start coming in for products that are not on the shelves it leads them to find alternate sources for their purchases. Under ordering can also create problems when it comes time to do a secondary order. The initial under ordering of product can lead even the most cautious of managers to second guess their ordering process. The initial under order leads a manager to think that they need to order more of the product to compensate for future sales of the product. The main problem that comes from this common over reaction is that the company lost out on sales on the initial order so tried to compensate by ordering more of the product on their new order. There may have been an increased demand on the first day of sales that may not (usually not) return when the manager orders more stock. The ability to make an initial determination as to the proper inventory can be a deciding factor on a profitable business and an unprofitable one. SCM or supply chain management is a process that refines the process in which managers make their decisions for the products and services that the company offers. SCM is a way for a company to find the products that they offer to their customers. â€Å"The Supply Chain management (SCM) is defined by the Supply Chain Forum (SCF) as the integration of key business processes from end user through suppliers that provide goods, services and information that add value for customers. (Assey, 2012) Supply chain management takes the production of a manufacturer and presents it to a supplier; the supplier then presents those products to the retailers which in turn provide those products to the customers. Choosing the supplier that gets the best deal from the manufacturer is going to give the most profit for the retailer selling the product to their customers. The process of supply chain management can actually merge retailers with supplier just as suppliers merge with the manufacturers. Some companies choose to use various different suppliers for their products while other companies choose to use a single supplier for their product. Personally I worked for a video game company called FuncoLand which was purchased by a company called Babbages, which merged with Electronics Boutique. After the merger the name of the company was changed to GameStop which is now the largest video game retailer in the United States. The thing that makes this important to this paper is that when FuncoLand was purchased by Babbages the supply chain changed. The change in the supply chain meant that all orders must be relooked at to insure the same profit levels for products that GameStop enjoyed. The single supplier for GameStop was replaced by the numerous different suppliers of Babbages. Every item of inventory needed to be checked to make sure they reflected a price that was going to produce profit for the merged FuncoLand and Babbages stores. Inventory charts were created and every store of both needed to inventory all items listed so that they could be compared with the new companies overall stock as well as profit ratios. Once the inventories of both companies were done there was a coordinating effort by upper management to determine prices of available product as well as the suppliers that were going to deal which each stores location. The numerous different suppliers made each location different in their ordering and inventory procedures. As could be expected this made it very difficult for these merged companies to be individually managed by the district and upper management. Each individual store was looked at by the store managers and was expected when issues arose to contact headquarters immediately. The buyout of these two merged companies by Electronic Boutique turned out to be a blessing in disguise for all involved. Electronic Boutique used a single supplier had dealt with the same supplier for years and had already worked out their profit ratios (including the purchase cost of the two companies) and store management once again needed to inventory their entire product for the new owners. The name was changed to GameStop and all store locations now used the same supplier and the prices for each store location were set by upper management. Ordering was done automatically based on the initial stores inventory counts and the new POS systems. While I understand there is an alternate definition for POS in this instance it refers to â€Å"point of sale†. The point of sale system was built using the store’s inventory, and orders for products were made, when the sales reached a certain level. Once a product reached a certain level of sales and did not continue to sell the item was automatically removed from the automatic reorder listing. The product would not be reordered into that store location unless it was a pecial order done by the stores management and usually had to be presented with a reason for the order to be made. In the four years that I worked for GameStop I only ever had to use this feature one time. A customer wanted Final Fantasy 7, new and unopened, and this was well over a year after the initial release of the game. The suppliers notified the upper management that they could do this, and I placed an order for the product as a full pre-sale, which means that the money was available to GameStop before the product was available to the customer. Being the only time this issue ever arose for me while working at GameStop it was an interesting learning experience about how a supply chain management process works. â€Å"The descriptive model presented is useful in settings where organizational structure and the supply chain are needed to support sustainable products and processes and whose success is facilitated by establishing strategic partners, especially those that make possible economies of scale†. Pullman Dillard, 2010) Since one of the primary reasons for using supply chain management is to reduce inventory and cost for a company, GameStop has achieved what neither FuncoLand nor Babbages were able to because their use of a single supplier made achieving profit that much more possible for the mangers making their store orders. â€Å"Most of the decline is due to more efficient cash and inventory management†. (Ross, Westerfield, Jaffe, Jordan, 2010) The main purpose of examining the supply chain management method is insuring that the retailer gets the best uses of their supplier(s). Minimizing shortages, while acquiring profits, in an attempt to optimize the proper supply for each location, is another purpose of using supply chain management. The strategy can be difficult to implement for those unaware of the procedures. I must admit that I did not realize the purpose (or the concept) of supply chain management, at the time I worked for GameStop. Looking back at my time at GameStop has led me to a new appreciation for the business that was built off of the back of FuncoLand.

The Scarlet Letter :: essays research papers

The Scarlet Letter According to the New England Primer, a basic textbook used during Puritan times, in Adam’s fall, â€Å"we sinned all†. This quote very much applies to Nathaniel Hawthorne’s characters in The Scarlet Letter. The main characters, Hester Prynne, Arthur Dimmesdale, Roger Chillingworth, and the Puritan society represented by the townspeople, all sinned. This story is a study of the effects of sin on the hearts and minds of Hester, Dimmesdale, and Chillingworth. Sin strengthens Hester, humanizes Dimmesdale, and turns Chillingworth into a demon. Hester Prynne's sin was adultery. This sin was regarded very seriously by the Puritans, and was often punished by death. Hester’s punishment was to endure a public shaming on a scaffold for three hours and wear a scarlet letter â€Å"A† on her chest for the rest of her life in the town. Although Hawthorne does not pardon Hester’s sin, he takes it less serious than those of Dimmesdale and Chillingworth. Hester’s sin was a sin of passion. This sin was openly acknowledged as she wore the â€Å"A† on her chest. She did not deliberately mean to commit her sin or mean to hurt others. Hester’s sin is that her passions and love were of more importance to her than the Puritan moral code. This is shown when she says to Dimmesdale, â€Å"What we did had a consecration of its own. We felt it so! We said so to each other!†(Hawthorn pg. 48) Hester fully acknowledged her guilt and displayed it with pride to the world. This was obvious by the way she displayed the scarlet letter. It was elaborately designed as if to show Hester was proud. Hester is indeed a sinner, adultery is no light matter, even today. On the other hand, her sin has brought her not evil, but good. Her charity to the poor, her comfort to the broken-hearted, he unquestionable presence in times of trouble are all direct results of her quest for repentance. Her salvation also lies in the truth. She tells Dimmesdale of Chillingworth’s real identity, keeping it a secret before, to aid in her salvation. Her pursuit in telling the truth is evident in the lines, In all things else, I have striven to be true! Truth was the one virtue which I might have held fast, and did hold fast, through all extremity save when thy good--the life--they fame--were put in question! But a lie is never good, even though death threaten the other side! Even though Hester’s sin is the one the book is titled after and centered around, it is not nearly the worst sin committed.

Minicase Raines and Warren Finance Essay

The disadvantage of using company collateral to back the bonds is, the asset used as collateral cannot be sold during the term of the bond and must maintain its value. 2. Seniority of the bond. The seniority of the bond is the order in which bonds will be paid in the event of bankruptcy. The more senior the bond, the higher priority of being paid if there is a bankruptcy, and the lower the coupon rate because the risk to the bond owner is lower. 3. The presence of a sinking fund. A sinking fund is an account set up by the trustee of the bonds. The trustee saves and pools money to purchase, pay off, or call bonds early. Setting up a sinking fund will lower the risk, thus lowering the coupon rate. The risk to the company is not having available funds to feed the trust. 4. A call provision with specified call dates and call prices. A call provision could be included to call the bonds if interest rates drop substantially. The call provision will raises the coupon rate but protect you from paying a high rate for a long period in the event rates drop. 5. A deferred call accompanying the call provision. A deferred call accompanying the call provision would give the bond purchaser a protection period where the bond could not be called. Adding this provision will prohibit you from calling the bond for a set time (call period), and puts you at risk of paying a high interest rate for the deferred period. Therefore, you have a lower coupon rate than a call provision with no deferral period but still higher than a bond with no call provision at all. 6. A make-whole call provision. A make-whole call provision is the safest call for the investor and a lower coupon rate for you. The discount rate is based on the current Treasury rate plus a small-specified percentage. The investor is protected by being made whole if there is a call. 7. Any positive covenants for purchaser and some S&S might consider. Positive covenants on bonds are proactive and reduce the coupon rate. Applying positive covenants to the bond makes it more attractive and secure to the investor by applying conditions that protect the investor’s interest. You may wish to consider a covenant to furnish your audited financial statements to the investors. This is something you already do and it would decrease the coupon rate. If you choose to secure with assets (see number 1), including a covenant to assure that the asset is in good working condition would lower the coupon rate. 8. Any negative covenants for purchaser and some S&S might consider. Negative covenants on bonds are restrictive and reduce the coupon rate. Applying negative covenants to the bond makes it more attractive to the investor but may hinder the operation by putting limitations on your business actions. You may want to consider a clause that you will not merge with another firm and that you will not issue any additional long-term debt. 9. A conversion feature. A conversion feature allows a bond to convert to stock and unless your company is planning to go public, this would not apply to you. If S&S has any plans to go public, you should consider a conversion feature. This feature would benefit the bondholders if the company did go public and if included could lower the coupon rate. 10. A floating-rate coupon. A floating-rate coupon is much like an adjustable rate loan. The coupon rate, tied to a published rate such as the Treasury bill interest rate over a set period, is adjusted per a set schedule such as every six months. There is a disadvantage of doing this when rates are low but will be more attractive to the investor, thus a lower margin. A cap on how much the rate can be increased or decreased would be a good addition if you choose this option. This would be a consideration if you choose not to have a call provision.

Should there be separation of church and state?

Ancient Greek civilization and culture continues to be one of the landmarks of world history because of the invaluable contribution that the Greeks have made in virtually all areas of human endeavor. However, civilization is not static and Greek society was swept into the same historical process that led all societies to the modern world of capitalism. What is distinct about Greek society today is the direct role that the church plays in the realm of politics, where most other countries have developed forms of government that excluded the direct participation of religious entities. What is the church’s role in the Greek state of affairs? Should there be a separation of powers of church and state in the context of Greece? The Orthodox Church in Greek Society The Orthodox Church traces its roots to the Orthodox Church based in Constantinople. It is the most dominant religion in Greece, claiming influence over 90% of the country’s population, a very wide political base that could determine the winner in national elections.   The subsequent nationalization of the Church further institutionalized its political power and created a culture/national identity where traditional church values are the core (Geographic 2004). Like most church hierarchies, the Greek Orthodox Church has always played as a conservative political force. It supported the monarchy and also aligned itself with the right wing military junta in the 1960’s in order to wage a common battle against a common threat – communism (Maniatis 2002). It also perceives pluralism and other liberal ideas as a challenge to its monopoly in the cultural sphere and has vigorously opposed such influences. It’s involvement in politics resulted in factionalism but nevertheless, it has undeniable influence over government policies and programs (Geographic 2004). Currently, Orthodox Church officials are actually employed by the government through the Ministry of National Education and Religious Affairs which incidentally, also manages the properties of the church (BBC 2005). Recently, scandals rocked the Orthodox Church with allegations of embezzlement, smuggling and bribing of judges. On the Separation of Church and State From the perspective of a person outside looking in, I believe that there should be a separation of church and state. This position is based on the premises that the Church (or religion in general), especially if it is conservative promotes an ideology that preserves the traditional way of life and the status quo in society. If the church is part of governance, naturally it ensures the consistency of laws, policies and programs with the tenets of the church. For instance, because homosexuality and divorce is contrary to Church teachings, it leaves out the agenda of women and gay’s rights. Because the Orthodox Church opposes multi-culturalism, it promotes religious and cultural discrimination to governance. Because science is contrary to church teachings, how then can scientific study be actively promoted by government institutions? As such, government can not effectively respond to the breadth of social issues first through objective study followed by the institution of measures appropriate with empirical evidence if there is no actual separation of church and state. Finally, if the church also functions as part of Civil Society, or as a check and balance to government, it can not do so if it is employed by that institution with its officials actually receiving salary from it. It would be a case of conflict of interest and undermines the interest of the public. List of References Geographic (2004) Greek Church and State.  [18 February 2008] BBC One Minute News: Europe (2005) Greek Church Plans Scandal Summit. Available   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   from

Vietnam War project. (life in the states during the war essays

Vietnam War project. (life in the states during the war essays The Impact of the Vietnam War on the People of America The Vietnam War was one of the most tragic wars in American history. The affects it had on the American people were tremendous. Even today many Americans have the frightening, unforgettable memories of the war. The war was accounted to be over in 1973, but Americans still suffer the aftershocks of a national trauma that has left the nation bitterly divided and estranged from its ideals. Although the painful memories will be eased, they will never be fully healed. Today I will have the pleasure of interviewing a close friend of the family. He has been a friend of the family for about fifteen years and Ive personally known him for about ten of those years. Off course his identity will be kept confidential. I will be asking him many questions on his views and opinions of the Vietnam war. I will also be asking him questions about life at home during this painful time in American society. The aftershock left from the war and how life went on after this horrible experience. During the 1960s my subject was a young eighteen year old with a bright future ahead of him. He was growing up in a small town just north of Corpus Christi Texas. Life at home was comfortable in his words. His family wasnt poor or wealthy. But some how they always managed to get what they needed or asked for. From the very beginning he was worried about the war. Being a young teenager he was still confused about all the drama surrounding the war. Reason for protesting and why or why not to enter the war was all confusing. Why they were fighting in this war was also another question he wondered. All that he knew was that he should volunteer for the war because that was the right thing to do. When he would talk to his mom and dad about volunteering for the war his family was fine with his decision to try to volunteer for the war. So he and his best friend would make a little trip up no...

College Essay Topic #4 7 Essay Tips for Writing a College Application Essay About a Fictional Character

College Essay Topic #4 7 Essay Tips for Writing a College Application Essay About a Fictional Character How can you write an essay about a character from a novel, play or movie without ending up with a book report instead of a college application essay?   Follow these guidelines and you will demonstrate your ability to think critically about literature, film or theater, as well as about yourself. 1.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Choose a character who truly inspired you, repulsed you, or otherwise moved you. Demonstrate that you know the character well.   Re-read the book or watch the movie again if you have to! 2.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Ask yourself, â€Å"How am I like this character?   How am I different? Write about it. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Write about the lessons you learned from the character.   How have you applied those lessons in your life? 4.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If the character is from the past or the future, or from a different town, country, or even planet, inquire as to how you would fare in the character’s world. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Similarly to #4, how would the character fare in your world?   What if the character had to babysit your brother or do your science fair project? 6.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Share just enough information about the character and the character’s situation to allow us to understand how you are similar to or different from that character.   Keep the â€Å"story† to a minimum. 7.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Make sure the essay is at least 75% about you!   If you find yourself writing more than 25% about the character, step back, ask yourself question #s 1-5, and change the balance. Remember, just because you’re writing about a character doesn’t mean you have to re-tell the entire life story of the character.   Keep it personal and reflective and you’ll write a winning essay. For examples of successful college essays, The Essay Expert recommends Accepted!   50 Successful College Admissions Essays by Gen and Kelly Tanabe. Still not sure how to write a great college application essay about your sport?   Contact The Essay Expert for a FREE 15 minute consultation.

Applying concepts Essay Example | Topics and Well Written Essays - 500 words

Applying concepts - Essay Example To address this question, managerial economic concepts and socio-political tools need to be taken into consideration. From the video Can the U.S. Maximize the Benefits of Chinese Foreign Direct Investment? It is evident that Chinese companies operation in United States has proved to be economically beneficial to the locals and the national economic performance at large. The firms like offer employment opportunities to the United States citizens and this has helped reduce unemployment rate with significant boost in overall national income level (Moran,2013). Comparative wage rate between China and United States indicates significant gap with the later having higher rate and more skilled personnel. It is therefore economically feasible to the United States allow Chinese firms operate locally and offer minimum wage rate. This reflects outsourcing of jobs that has seen states like South Carolina boast higher employment level. It is also important to note that United States do not experience exploitation as most of the Chinese firms outsource other factor input from other countries with value creation a ctivity as the central activity in United States. The socio-political framework of the United States is strongly hinged on American way of doing things including workplace practices and that has placed them at vantage point. Take the case of Haier which was compelled to hire an American executive manager in an effort to effect America-style human resource practices. This means that united States have substantial participation in the Chinese foreign direct investment entities hence increased gain to the local economy. United States firms have a competitive edge against other multinationals of foreign origin and for China to penetrate and establish its production plants, there is increased level of productivity and revival of dead industries. The case study of Top-Eastern Group which specializes in making drill bits gives a picture of gains made so far by

Importance of prenatal care Essay Example | Topics and Well Written Essays - 1250 words

Importance of prenatal care - Essay Example So it is mandatory for every pregnant woman to receive prenatal care to have an healthy and secured pregnancy period. Prenatal care is the care provided to women during the period of pregnancy, this involves offering medication and nursing care to the women to experience a safe pregnancy period. Prenatal care is even known as antenatal care and is a regular provision of medical and nursing to pregnant women. It is a prevention care where pregnant women are protected from diseases and illnesses while being pregnant. It includes regular check- ups and midwife related services to introduce a healthy life style to pregnant women. The main objective of prenatal care is the health and wellness of mother and baby from conception to birth. The prenatal care is an important aspect of pregnancy and every women benefit from it throughout their pregnancy period (thesis). The prenatal care allows the mother and baby to be in better health. It gives psychological and physiological advantages to the mother and the baby. It have has been revealed with the help of survey that women who receive prenatal care has baby with perfect weight. According to (Schmitt,2009) â€Å"Babies of mothers who do not get prenatal care are three times more likely to have a low birth weight and five times more likely to die than those born to mothers who do get care†. When pregnant women get prenatal care, the doctor checks every problem arising with the health of mother and baby. There are cases where, mother and baby die due to the ignorance and the absence of prenatal care. Doctors can detect problems or complications in the health of baby and mother only if prenatal care occurs. Prenatal care is a kind of care which is recommended to every pregnant woman in order to have a healthy motherhood and baby. Healthy pregnancy is a want of every mother and prenatal care helps in having a healthy mother and healthy

Acinetobacter baumannii Killer Hospital Bacteria Essay

Acinetobacter baumannii Killer Hospital Bacteria - Essay Example Further, it provided a means of warning to the potential patient to be wary of the symptoms that such bacteria could exhibit. In terms of additional questions that could be asked as a means of understanding the information represented to a further and more complete degree, it is the view of this reviewer that the article should have discussed mortality rates in terms of the bacteria in question. This would have provided the reader with a baseline of understanding as to how dangerous it truly is. Finally, information provided by the CDC as well as a litany of other health related websites is beneficial in understanding this particular type of bacteria and its level of danger to a more specific level and degree. Further, the information can in fact be related to ongoing information that is represented within the news; as it is quite common for local news stations or newspapers to report on individuals that have gone into the hospital for a relatively minor issue or operation and then become infected with a very strong strain of bacteria or even staph infection.

What is Religion?

What is Religion? Religion is a special form of awareness of the surrounding world, which is based on the belief in the existence of one (or more) of the gods. It includes a set of moral and ethical conduct, which are usually reflected in the sacred texts. Religions emerged in the form of different beliefs, that appeared almost simultaneously with the emergence of mankind. Despite lacking a clear organization like modern religions, it has always played a prominent role in different societies.[1] Even though, we usually see religion as the belief in one or more gods, this is not always the case. In Buddhism, for example, there are no deities. However, like other religions, Buddhism strongly asserts the existence of a spiritual reality, which is separated from everyday life of the material world. Consequently, perhaps, those who, by their own assurances, believe in the existence of the spiritual world should be called religious people. However, this is not necessarily true: religion, at least partially, can be institutionalized gathering in the shadow of their communities of those who join similar or common beliefs. However, the presence of the community is only one side of religion. Among others lay faith personal beliefs and feelings of reverence and veneration; the cult rites and church premises, collective prayer, and so on, norms moral rules and prohibitions, as well as notions of sin and holiness. However, this does not make religion an ideology. Like religion, ideology such as Nazism or communism require their followers absolute loyalty and direct follow of dogma, but do not need gods or special spirituality. Religion is not magic either. Magic fans believe, that certain rituals produce the desired changes in the material world without interfering with what is happening on the part of a deity. Religious people, on the contrary, pray about something, believing that only God is able to help put their prayers into reality. Religion can also be viewed as a cultural phenomenon, characteristic of various human societies with their system of values and fundamental myths. Some religions, such as Christianity or Islam, affirm their universality, and insist on their own exceptionalism and its special position in the world. Nevertheless, even Christianity and Islam can be seen as a product of historical development under certain conditions.   People throughout the ages have tried to answer the question about the essence of religion. Theologians, base the definition on the value of the word religion, that in Latin means connection. It is about the relationship between God and man. One of the Orthodox dogmatic teachings asserted that religion is a contract or union between God and man.[2] But, to agree with this explanation of religion is impossible, as it is impossible to agree with the simplistic interpretation of the fact, that religion is a fraud and a charlatan. Marxism suggests a scientific definition of religion. Exploring the laws of development of human society, the classics of Marxism-Leninism revealed the social essence of religion. We have convincingly shown that religion   is, for example, politics, law, morality, science, art is a form of social consciousness.[3] Each of the forms of social consciousness reflects a certain aspect of the life of society. Politics, for example, reflects the relations between classes, states, nations, morality the moral qualities of people. In other words, peoples consciousness reflects the objective world. However, this may be a reflection of true and false. Religion is a specific form of social consciousness, which always reflect objective reality as false, ugly, distorted. As Engels pointed out, All religion, however, is nothing but the fantastic reflection in mens minds of those external forces which control their daily life, a reflection in which the terrestrial forces assume the form of supernatural forces.[4] This is manifested in the peoples faith in the real existence of God, as well as different kinds of spirits, angels, demons, faith in supernatural connection between the real existing material objects and their properties. The definition of religion also includes representations, a system view of the world, expressed in the so-called holy books containing various myths, regulations and instructions, as well as by word of mouth of the mythical images, visions, paintings, based on a belief in the supernatural. Another element of religion are the sentiments of the faith. Religion can possess not only thoughts but also feelings of people. Theologians argue that man is born with the religious feelings, that is, with a ready ability to communicate with the supernatural, to feel the power of God, to see and feel his actions. Science denies the allegations and says religious ecstasy, fanaticism, and feelings of believers perversion of healthy human psyche that occurs under the influence of religious beliefs. Specificity of religious feelings is that, they are directed at the fictional, supernatural objects, rather than actually existing ones. The third element of religion is actions. Theologians say that the supernatural world cannot be known by human reason, it is necessary to believe in it, despite the arguments of science and reason, reject the existence of God. Therefore centuries elaborated and corresponding patterns of human behavior, customs and traditions passed down from generation to generation, performing religious rites and rituals following different regulations. All these actions are called worshipping.[5] When talking about religion, the existence of specific groups of people clergy should also be considered. Together with the faith, they constitute a special community or religious organization called the Church. For example, the Catholic Church, the Orthodox Church, and so on. The clergy is promoting beliefs and worship. However, the existence of the clergy cannot be regarded as an indispensable element of religion: there are religious organizations, that do not have a permanent priesthood.[6] Thus, religion and belief is what connects the human with the divine world and gives the person a special state of inner warmth, tranquility and confidence because he does not feel alien to the divine forces that surrounds it. He does not feel thrown out in front of the meaninglessness of life. Life becomes meaningful with its purpose to union with God. It becomes clear and positive. We can say, that religion is one of the universal cultural mechanisms of regulation of human activity, it is through the actions of religious system organizes daily life, with the help of the development of doctrine structures the world, that makes us think about the basics and the meaning of our own life. [1] Kucheman, Cark, Religion, Culture, and Religious Socialism, The Journal of Religion, Jul 1972 [2] Holy Bible [3] Bauer, Andrea, The Marxist view: In the beginning was the World, Apr 2006 [4] Engels, Frederick, Anti-Dà ¼hring, Part III: Socialism, Ch. 5, 1877 [5] Wellman, James, Religon, Ideology, and Belief, Oxford Scholarship Online, Sep 2008 [6] Ibid

Upton Sinclairs The Jungle - Chicago Will Be Ours Essay -- Upton Sin

The Jungle - Chicago Will Be Ours "Their home! Their home! They had lost it! Grief, despair, rage, overwhelmed him - what was any imagination of the thing to this heart-breaking, crush reality of it ... Only think what he had suffered for that house - what miseries they had all suffered for that house - the price they had paid for it!" "The Jungle", by Upton Sinclair, gives a heart breaking portrayal of the hardships faced by the countless poverty stricken laborers in the slaughter houses of Chicago. As in the quote above, a struggling family underwent months of back breaking labor only to loose their house at the drop of a hat. It was a desperate and unmerciful time when an accidentally fractured ankle cost a man his job and his family food and shelter. In the early 1900's, strikes, riots, labor unions, and new political parties arose across the country. The government, with its laissez-faire attitude, allowed business to consolidate into trusts, and with lack of competition, into powerful monopolies. These multi-million dollar monopolies were able to exploit every opportunity to make greater fortunes regardless of human consequences. Sinclair illustrates the harsh conditions in Packingtown through a Lithuanian immigrant family and their struggles to survive. Ona, a young and frail woman, and Jurgis, a hardworking and strong man and the husband of Ona, come to America with some of their family to find work and to make a new and better life for themselves. With everyone finding employment right away, the family begins their lives in America with optimism, enthusiasm, and ignorance. Taking a huge risk, they purchase a small rickety house. Slowly, they awaken to the harsh realities of their surroundings. There's the mortg... ...workingman is common ownership and democratic management of production. Schliemann, a socialist, explains that "anyone would be able to support himself by an hour's work a day." Sinclair goes even further by referring to socialism as the "new religion of humanity" to oppose the "jungle" in which the workingman slaves. Finally, Sinclair tries to convert his readers to socialism and reject capitalism by using numbers. At the end of the novel, he shows the increasing popularity of socialism as the number of votes increase. In Chicago, the number of votes for socialism started at next to nothing and, by the end of the book, there were nearly fifty thousand votes. Leaving the reader with a sense of optimism that socialism may one day triumph, Sinclair ends the novel with hope for the workingman as he zealously writes, "Chicago will be ours! Chicago will be ours!"

The Olympus Scandal

The Olympus Scandal Hot Potatoes and Flying Funds Summary This paper describes the case of Olympus, a Japanese manufacturer of optic equipment, at which in early 2012 a scandal was uncovered which was soon dubbed to be one of the largest loss-concealment schemes of Japan. In the 1990’s, Olympus incurred significant losses on financial investments made. These were subsequently hidden with the aid of investment companies by shifting the investments around. In the 2000’s, these losses were to be repaid by paying exorbitant merger and acquisition fees to these investment companies.After newly-appointed CEO Michael Woodford blew the whistle on these frauds, the company got into trouble. Our research into the events leading to this scandal, as well as an observation of the internal control environment led to some interesting insights regarding possible improvements Olympus might implement. However, we also note that a collusion of board members cannot be prevented by any leve l of internal control, and a renewal of the entire board might be appropriate in order to establish proper internal control within the Olympus Corporation. Table of ContentsTable of Contents2 Chapter 13 1. 1Description of the organization of Olympus3 Organization3 Strategic Analysis3 Management Structure4 1. 2The Olympus Scandal5 Background6 Tobashi Schemes6 Whistleblower7 Legal Actions9 1. 3Analysis of the events9 Chapter 211 2. 1Evaluation of and recommendations for the control environment11 Organizational Structure11 Board of Directors and Audit Committee12 Management Philosophy and Operating Style13 Assignment of Authority and Responsibility15 Human Resource Policy and Practices16 Integrity and Ethical Values17 Commitment and Compliance18 . 2Recommendations for control activities19 Chapter 320 3. 1Conclusion20 Literature Used21 Appendix23 Chapter 1 1. 1Description of the organization of Olympus The organization which we will be discussing in this paper is Olympus, which is a Jap anese company specialized in optical and digital products. Most people will know Olympus from the cameras they make, but they produce a lot more different type of products. This chapter will cover the background of Olympus and a strategic analysis of the company. Organization Olympus was established in 1919 in Tokyo, Japan.At first they specialized in microscopes and thermometers, but in 1936 they introduced their very first camera, the so-called Pen. It is this product for which they are well-known to the public. Nonetheless, it is not their primary product. Olympus is extremely specialized in microscopes and optics. Most of these are used in professional environments, like research centers and hospitals. This links also to another specialty product of Olympus, namely medical equipment. Olympus is an important manufacturer of endoscopic, ultrasound and disinfection equipment.These medical instruments are used worldwide (Olympus Corporation, 2012b). Olympus is even market leader in the endoscopy market, with a market share of almost 70%. Of the net sales of Olympus, 42% are from the medical systems segments. According to the annual report, Olympus operates worldwide, with about 46% of the 2011 fiscal sales from Japan. Other main areas are North America (21,5%), Asia (not including Japan) with 11,5% and Europe with 18,2% (Olympus Corporation, 2011a). Strategic Analysis It is clear that Olympus is a multi-business entity which follows a related diversification strategy.They operate in several markets, namely ‘medical’, ‘life science and industrial’, ‘imaging’ and ‘information and communication’. All these areas require a lot of research and development, but there sure are operational synergies between these markets. Logically, the lenses they use in cameras are also very useful for the medical equipment. In the Annual Report of 2011, Olympus states that the two businesses it wants to focus on most are the †˜endoscopes’ and ‘surgical and endotherapy devices’. Olympus is already market leader in the first category, creating unique, high-resolution equipment.For the second category Olympus is still broadening its market share. An important step in this process was the acquisition of Gyrus, plc in 2005. Later on we will see that the acquisition of this U. S. endoscope company has played a very important role in the fraudulent activities of Olympus. In 2011, Olympus had about 34,391 employees. This number had been decreasing for a while, since in 2009 they had 36,503 employees. But not only the number of employees has decreased in the last few years. Net sales declined in 2011 to ? 847,105 million (about $10,589 million).Operating income declined to ? 35,360 million, about $442 million (Olympus Corporation, 2011a). The development of the results of Olympus in the past few years are shown in these three graphs below: [pic] Figure 1: Olympus Financial Results (Source: Ol ympus Annual Report 2011) Management Structure In the Annual Report of 2011, it is stated that Olympus values an appropriate corporate governance structure from a global perspective. They adopted a corporate structure with an auditor system based in the Japanese Corporation Law.The corporate governance systems consists of a Board of Directors of 15 members, which audits and supervises the performance of directors, and a Board of Auditors consisting of 4 members, which are independent from the Board of Directors and audit the performance of the directors. Two external auditors are members of the Board of Auditors, and also of the Special Committee, which gives advice to the Board of Directors. An interesting fact about the composition of the Board of Directors is that is has always fully consisted of Japanese directors, until April 2011, when the first non-Japanese director was appointed.Because there are a few important and recurring people in this scandal, it is important to know t heir names and position in the company. Tsuyoshi Kikukawa – Chairman of the Board of Directors and CEO Michael Woodford – President of the Board of Directors and COO Hisashi Mori – Director, Executive Vice President Hideo Yamada – Standing Corporate Auditor This is how the positions of the main actors were halfway April 2011, right before the suspicions of the fraud would rise (Olympus Corporation, 2011a). The management structure of Olympus can be visualized as follows: [pic]Figure 2: Olympus Management Structure (Source: Olympus Annual Report 2011) In the Corporate Governance Structure Chart above, some aspects of the Internal Control System can be found. We will discuss this explicitly in Chapter 4. But for now it is enough to know that Olympus has a CSR Commission chaired by the president to set up and evaluate targets with regard to CSR activities. They also have an internal employee code of behavior the so-called Olympus International Standards, and they established a Compliance Department which in case of compliance problems has to report the problems to the Board of Directors and the Board of Auditors.For the Risk management system, the company has established a Risk Management Committee which helps to decide on risk management policies and the evaluation, verification and procedural standards to respond to such risks. In order to reduce the risk of takeovers, they have introduced a plan to prevent large-scale purchases of the company’s shares. The anti-takeover measures are advised on and evaluated by the Special Committee, existing of the two outside auditors and one outside director (Olympus Corporation, 2011a). 1. 2The Olympus ScandalThe scandal surrounding Olympus became known on October 14th, 2011, when Micheal Woodford was fired as the CEO of Olympus. He had been the CEO of Olympus for only two weeks. He was the first non-Japanese person to become a member of the Board. In a press statement, Olympus announced t hat they had fired Woodford because of differences in management style. But according to Woodford, that was not the actual reason. He stated that Olympus had fired him because he questioned some prior acquisitions. This was not something of the most recent years, in fact, the scandal even goes back to the nineties. BackgroundIt all started in the beginning of the nineties. A decade earlier, the dollar was almost worth ? 250 (Board of Governors of the Federal Reserve System, 2012). Due to this undervalued yen Olympus suffered from an enormous operating loss, as imported resources were incredibly expensive. To solve the problem of the extremely undervalued yen, a few countries decided devaluate, and after the implementation of the Plaza Accord in 1987, a dollar was worth about ? 121. The Japanese export market was still expanding, though one can wonder whether it even was a real market, it was actually more a bubble.In the final four years of the 1980’s the stock prices tripled . Many Japanese companies, like Olympus, used speculative investments to boost their income, which was very welcome because of the declining income from normal business due to declining exports. These risky investments worked until 1990, when the Japanese markets collapsed. In that year, Olympus decided to cover the loss of ? 100 billion ($730 million). The reason why such an enormous loss could be hidden was because of the accounting rules in Japan around that time. Investments could be carried at costs.Olympus simply did not write down on the investment, which was worth nothing anymore. They hoped that they could make up for the losses by doing more risky investments. But after a few years, instead of making up for it, the losses only got worse. And then in 1997, the accounting rules changed. Investments had to be marked to market and Olympus now actively had to do something to solve the problem of the losses. And it is this very moment when the real fraudulent practices of Olympu s started, to cover the losses of the last decade of the twentieth century.Tobashi Schemes It was much more difficult now to hide the losses for the public. Hideo Yamada, in that time a former full-time auditing officer at Olympus, was the chief of Olympus’ general affairs and financial department. He consulted, together with his subordinate Hisashi Mori, two officials of an consultancy firm. Together they decided to hide the losses with a Tobashi scheme. They transferred Olympus’ losses to some funds they had established right before March 1998 at the Cayman Islands, named Quick Progress and Central Forest.These companies were not consolidated with the Olympus’ financial statements, so such assets transferred there would not show up on Olympus’ balance sheets. By moving the assets for only short amounts of time, right before the financial year ended, they managed to keep these assets hidden for several years, including the losses they were incurring on t hem. Additionally, rumors are that Olympus reported several non-existing foreign bank accounts in order to conceal it’s usage of fake transactions. Additionally, several of these loss-incurring investments were moved to Axes America and it’s Cayman Islands-based subsidiary AXAM Invest Ltd.Signs of the fraud came to light when Olympus wanted to pay back these losses to AXAM by hiring them as consultants for the takeover of Gyrus. For this takeover, AXAM was paid an exorbitant fee totaling $687 million. This consisted $67 million in cash and another $177 million in preferred shares, which Olympus repurchased two months later for $620 million. This repurchase of shares also increased the goodwill on Olympus’ balance sheet by $435 million (Woodford, 2011). Gyrus was not the only dubious acquisition of Olympus.Throughout the years they had acquired many companies, most of the time for a very high price or by paying exorbitant fees to consultants. Another example is t he acquisition of Altis, Humalabo and News Chef. Between May 2006 and April 2008 Olympus acquired the majority controlling interest in these three companies. They paid approximately $773 million for the companies (? 73,419 million). The purchases were completed in April 2008. In the same fiscal year, ending in March 2009, the investment in these three companies was written down as follows: [pic]Figure 3: Altis, Humalabo and News Chef impairments (source: Letter from Woodford to Olympus Board, 2011) So the total investment in Altis, Humalabo and News Chef was almost $800 million, but within a year is was written down with almost $600 million to only 25% of the original value. This is of course an extraordinary goodwill impairment for such a short amount of time (Woodford, 2011). Whistleblower In April 2011, Michael Woodford became the first ever non-Japanese president and Chief Operating Officer (COO). October 1st 2011 he also became CEO of Olympus, replacing Kikukawa in that positio n.But within two weeks, October 14th, he was fired as CEO of the company. The Japanese Board stated that is was because of the differences in management style, that Woodford as an Englishman could not really understand the Japanese business culture. Woodford himself stated that the story told by the board was not true. According to him he was fired because of the fact that he investigated the M&A fees of several acquisitions, especially the acquisition of Gyrus (Voigt, K. , January 2012). Woodford started questioning some of the M&A fees paid after he read an article in FACTA on July 30th about a dubious acquisition by Olympus, namelyGyrus. Upon this he contacted Kikukawa and Mori and demanded answers about the fees paid. He wrote several letters, explaining his concerns about the governance issues, but he never got any real answers. He threatened to resign if he did not get an explanation about the M&A fees. Little later, he was named the new CEO of the company. Understanding quick ly that this promotion was only done to silence him, he hired PwC to investigate the fees without informing the board about this investigation. After the report of PwC was completed, Woodford sent the report to the Olympus Board and to Ernst&Young, auditors of Olympus.On an emergency board meeting on October 14th he was dismissed (Bacani, 2011). The directors of Olympus denied the accusations of Woodford for a few weeks, even blaming him for the decline of the stock price. On October 26 Kikukawa resigns as CEO and president, and he is replaced by Shuichi Takayama. In the week of 6 November 2011 president Takayama made public that he had been informed by the now-dismissed Mori about the cover-up schemes. He explained that he had known absolutely nothing about these schemes and that Kikukawa, Mori and Yamada were not responsible for the initial losses, but had only tried to hide the losses.Yamada, the auditor of Olympus, had resigned a week earlier. One week after Woodfords firing, on October 21st, the stock price of Olympus had fallen from $32 to $16. The chart below makes clear that the stock price would drop much further. In the week of 6 November, when Olympus admitted the fraud, the stock price declines to $6. 3 per share. The scandal caused the stock price to drop with almost 80% (Yahoo Finance, 2012). [pic] Figure 4: Olympus Stock Price (Source: Yahoo Finance) Legal Actions Of course, these types of fraud with such an impact cannot go unpunished.In February 2012, seven men were arrested for the fraud, including Kikukawa, Mori and Yamada (CNN Voigt, February 2012). They were arrested on suspicion of filing false financial statements to cover up the enormous losses from the past in 2006 and 2007. Kikukawa is seen as the main suspect in this case. Separately from these accusations, the company Olympus as an entity is also charged for the falsification of the financial statements. Later on, four of the seven men were rearrested for falsification in other year s, namely 2009, 2010 and 2011 (Hasegawa, 2012).Japanese lawyers have said that the executives can face up to ten years in prison or a fine of about $125,000. If found guilty, the firm faces a fine of almost $9 million. The trial of the Olympus officers has not started yet, so it cannot be said what the final judgment will be (Reuters, 2012). On April 20th 2012, investors approved of a complete new Board of Directors, hoping that the company now can start with rebuilding its image and shareholders’ trust, and that they can finally leave these rumorous years behind (Olympus Corporation, 2012). 1. 3Analysis of the eventsAlready in 1986, the then-CEO said to press that â€Å"in difficult times, companies will have to use financial engineering in order to make a profit†, referring to the use of Tobashi-schemes to hide incurred losses or even inflate profits. In the Japanese investment climate at the time, there was little regulation on this â€Å"flying away† of loss es incurred on bad investments, and it was in fact even popular in the ‘80’s, with certain production companies come to be nicknamed banks because their financial incomes exceeded their operational incomes (Dymski & Isenberg, 2002).This was made possible by the so-called zaitech (literally: financial engineering) system which was caused by the extremely low interest rates and high accessibility of credit, which made it easy for companies to raise money to invest in speculative market activities. This led to an upward spiral of increasing stock prices, enabling companies to obtain more capital, perform more risky investments, which again led to a increase in stock value enabling the companies to report more (speculative) profits, which closes the circle by increasing the company value and enabling them to obtain more capital (Haramis, 2007).Another factor contributing in this was that a lot of these securities issued were convertible bonds. Japanese investors customarily did not take into account the possible dilution of shares caused by convertible bonds, and thus the emission of convertible bonds did not cause a decline in the price of shares (Smith, 1994). Even if the zaitech would lead to a loss, the system of Tobashi would make it possible for firms to hide the losses. With Tobashi, the investment houses could reimburse the losses to their clients in loan-like constructions which would eventually need to be repaid.These loans often involved moving the loss-giving assets into special purpose vehicles (SPV’s). These SPV’s had non-synchronous financial year-ends, allowing the losses to be kept off the books by moving around the assets. The feeling of being unable to lose was also reinforced by investors. This is described as follows:â€Å"[†¦] the Banking Bureau instructed firms to postpone the introduction of lower cost accounting until April 1, 1988. Because of this, companies did not need to write down the loss and life-ins urance companies did not have to sell stocks in mass quantities.In this way, the MOF succeeded in preventing share prices from declining. After that, stock prices surged remarkably. This was because these measures by the MOF to contain the markets made investors believe that the ministry would never let stock prices slump. † (Kamikawa, February 2010) It was not until the end of 1989 that the Japanese government interceded in this bubble by raising the interest rates, which ultimately led to the collapse of the zaitech-bubble and eventually even the 1990’s recession in Japan (Smith, 1994). Olympus partook in this as well in the 1999’s by hiding the ? 0bn ($241mln) losses incurred while investing in a venture capital fund in 1999 owned by investment house Nomura. One of the owners of Nomura was Nobumasa Yokoo. This loss never showed up in the financial statements, but was uncovered during investigation by external audit firm PwC, which was hired by whistle-blowing director Woodford. ‘Coincidentally’, Yokoo was also shareholder in 3 companies (News Chef, Altis and Humbalabo) which Olympus acquired in the 2007 – 2010 period for ? 73. 4bn. Only 6 months later, these were impaired by ? 55. bn (75%) because â€Å"the business prospect diverged from the assumption at the time of investment†. Investigation into these investments is yet to be launched officially, but suspicions are that this is also another attempt at repayment for a Tobashi scheme. Chapter 2 2. 1Evaluation/recommendations for the control environment The control environment is an essential part and basis for the internal control system within a company. A firm may have enhanced control activities and monitoring procedures but without properly established control environment all the control component would be futile.In 1992 COSO released their Internal Control – Integrated Framework, which states that control environment â€Å"sets the tone of an org anization, influencing the control consciousness of its people† (COSO, 1992), provides foundation for other components of internal control. Control environment includes integrity and ethical values, commitment and competence of the company’s personnel, Board of Directors and Audit Committee participation, management philosophy and operating style, organizational structure and human resource policies, assignment of authority and responsibility by management.In 2004 COSO published Enterprise Risk Management – Integrated Framework, which expands on internal control and focuses more on enterprise risk management. Framework contains definition of internal environment, which â€Å"encompasses the tone of an organization, and sets the basis for how risk is viewed and addresses by an entity’s people† (COSO, 2004). We will address the elements of the control environment and internal environment to the Olympus case under investigation using the seven principl es for control environments as guidance (Streng, 2011).Alongside an evaluation addressing these elements, we will give our recommendations for improving them. Organizational Structure Evaluation The Olympus Corporate Strategic Plan slogan which is actively promoted within the company is â€Å"Advancing to the Next Stage of Globalization† (Olympus Corporation, 2010). Based on this slogan the company rejuvenated its management structure in April 2011 by introducing new management rules, restructuring information-related operations and administration, shifting focus to overseas operations and reviewing the cost structure.These changes can suggest the considerable flexibility of the organization in following the chosen strategy. The overall organization structure described in the part about â€Å"The Board of Directors and Audit Committee† seems quite elaborate for such kind of company as Olympus. Information about the key managers’ responsibility cannot be found in the public sources; therefore we cannot evaluate how adequate they are and whether managers have a proper understanding of them.Nevertheless, this organizational structure which seems to be thoroughly established did not prevent the fraud, because of the involvement of almost all top officials in it – 19 people were sued in covering-up losses and some of them are still the part of the firm’s management (Buerk, 2012) Recommendations The basics of internal controls are all there in Olympus, with collusion being the main reason why the fraud could continue for so long without any detection. The new management rules which were implemented in 2011 were a good start, were it not for that the board did not follow the newly implemented rules themselves.Best would be to completely remove any ties between the internal auditors and the board, so that the internal auditors can audit the board more effectively and without interference by executives. In a construction like this, th e internal audit department would only have their responsibility to the general meeting of shareholders, preventing possible future collusion. Board of Directors and Audit Committee Evaluation The corporate governance structure of Olympus consists of two organs.The first of these is the Board of directors, which meets frequently and is tasked with supervising and auditing the performance of executives and internal auditors. The second is the Board of auditors, tasked with the audit of the performance of the executives and advising the board of directors. The division between executive and non-executive directors is an important internal control procedure in enhancing the separation of duties for monitoring and decision-making, and should increase independence between the board and management.The general meeting of shareholders has the final decision on the appointing of directors, internal and external auditors and remuneration, ensuring a separation of duties. The remuneration of d irectors is based on their performance, which is measured by the balance score card (BSC) system on the degree to which the goals are achieved in four dimensions (financial, customer service, business operation process, growth potential). Concerning the knowledge and expertise of directors, we can conclude that, based on the publicly available information, the directors of the company are highly qualified and experienced.Also this conclusion can be confirmed by the resumes of the directors, who have all been involved with the company for a significant number of years, often a majority of their lifetime. This can however also be a weakness, because they may miss a fresh view on the company. The Olympus scandal showed existence of strong ties and cooperation between the Board of directors, banks, investment bankers and accounting firms in conducting fraud and their attempts to hide it (Yasu, 2012). Proper control environment should include directors who are independent from management , trade partners and other parties (Maitland, 2012).Recommendations In the case of Olympus the chairman of the board of directors was the same man as the CEO. We think this is a part of getting a huge scandal like this one. The Board of directors should determine whether or not the CEO is independent in character and in judgment (Financial Reporting Council, 2010). But in Olympus, the chairman of the board would therefore be required to evaluate himself on his own independence, character and judgment. Seeing as this is impossible the UK CG code proscribes a segregation of duties between these two positions.Even though this would not directly apply to Olympus operating under Japanese law, it is very probable that the Japanese CG code also sports at least an advice for this. Thus we would recommend for Olympus to have two different independent people fulfilling these functions. Furthermore we think that the people within the board and people with other top functions were too long hold ing the same position at the company. This makes the board less independent and will make the chance of fraudulent actions higher, even when some executive people left they came back at the company in another function like Kikukawa did.Kikukawa was first the CEO and president of the board, and returned as an auditing officer after his dismissal. This led him to be able to review his own work as CEO. We recommend that Olympus reassigns its board members and that people within this board should not have other important functions for at least several years. The UKCG Code advises for board members not to stay on for longer than 9 years (Financial Reporting Council, 2010). This makes it harder to perform fraudulent actions because people can't rely on the new people to participate in the fraud. This will also more often give shareholder control over the actions of the board.Additionally, they cannot get â€Å"rusted into habits†. However, as the entire board, including non-executi ves, and the internal auditors were involved in the fraud scheme, we have doubts whether any amount of internal control could have prevented this fraud. Management Philosophy and Operating Style Evaluation In this section we will pay attention to the management philosophy, including risk attitude and management approaches. The Olympus Corporate Social Responsibility (CSR) Report 2011 gives us insight into which management insights considers the most important for the company.It is stated that for the company the main focus is not on the profit but on the â€Å"win-win relationships† with stakeholders based on mutual trust. Management philosophy in the company is based on â€Å"Social IN† through which company incorporate social values into the company’s activities. (Olympus Corporation, 2011b) The CSR Concept of the Olympus Group establishes the ways in which the company can make its contribution to society (through business and other voluntary activities) and s tates the company’s duties responsibilities to society through compliance with laws, regulations and business ethics.Olympus not only states their views on how the business should be conducted but also communicates them but means of policies. For example, to act on behalf of the customer the company established Protection Policy; with respect to human rights the Human Rights and Labor Policy was implemented. These policies and philosophies are incorporated in the daily business activities. All the means and processes mentioned above create an impression that the Olympus Company has a strong attitude towards corporate values and uses strictly stated procedures to bring them into everyday business life.Olympus established a system of committees to employ more comprehensive approach towards risks and to analyze, evaluate and manage them (see Figure 2: Olympus Risk Management System on the next page), such as a Risk Management Committee (to decide on the risk management policies and on proper responses for the risks faced by company, chaired by the president), a Risk Management Bureau (to collect and evaluate information regarding risks, to develop counter measures and ensure their effectiveness) and a Business Continuity Plan (to ensure devotion to its management policy in emergency cases, to be prepared to such cases).Recommendations However, despite all these internal controls, the fraud still managed to occur and persist through collusion of the board of directors. Not any amount of internal controls would be able to prevent such a fraud, as the board can always override these controls. This can especially be seen in Figure 6, where the president is depicted as the Risk Management Leader, all the while it was the president who was the center point of the fraud. However, one can limit the options for fraud by non-executive management significantly.The processes and policies established by Olympus already give a good head start, but key to success of them is support by management. Not in word, but also in deed. Every in-house department and affiliate company should establish its own risk management structure and all the uncovered significant risks should be immediately reported to the president and Risk Management Committee. [pic] Figure 6: Olympus Risk Management System (Source: Olympus CSR Report 2011) Assignment of Authority and Responsibility EvaluationThe company established a thorough corporate governance system with stringent monitoring, auditing, evaluating and reporting responsibilities. There are various committee structures ensuring compliance and effective internal controls in all the business activities and a lot of attention is paid to compliance with norms, laws and regulations. The Boards of directors plays an important role in establishing of company strategy, making decisions about main management issues and monitoring the fulfillment of decisions made and strategies established, while leaving the day-to-day manage ment to the company managers.A special Committee, consisting of outside directors and auditors, takes advisory responsibility concerning the most important deals. Public sources do not provide information about the employee job descriptions, therefore in it hard to evaluate thoroughly appropriateness of the responsibility assignment. The firm documents also do not contain the information regarding the number of people with respect to data processing and accounting functions, which also does not allow us to get a better grasp on the actual situation within the company. RecommendationsThe company already has developed a thorough corporate governance system with stringent responsibilities. There are still some recommendations like competency controls. This is a formal control since it verifies whether organizational activities are conducted in conformity with applicable procedures and requirements (Vaassen, Meuwissen, & Schelleman, 2009). So these controls can be used to prevent unauth orized employees gaining access to certain areas or assets they should not supposed to have access to. For these competency controls to work correctly strict procedures and requirements have to be well formulated and established.We therefore recommend Olympus to have strict procedures and have competence controls using these procedures. For responsibility we think it is important for Olympus to have clear function descriptions in which the responsibilities for that particular function are described. Human Resource Policy and Practices Evaluation The Olympus Corporate Social Responsibility Report 2011 states that human resource management systems are based on the belief that a company’s performance consists not only of its business results but also of the growth gained by each individual employee.The company established a thorough Human Rights and Labor policy stressing the most important issues in this area and developed a CSR Educational Cube (see right) to raise awareness o f compliance, CSR initiatives and enhance communication within the organization. The company introduced various initiatives concerning HRM including internal job-seeking, individual career planning, skill development, newly appointed executives trainings, occupational safety programs, physical and mental health consultations, and a so-called ‘Welfare Cafeteria Plan’.All of these activities serve the goals of enhancing employees performance and their commitment to the company. Concerning the reward systems, there are established procedures for annual paid holidays and bonuses. Company CSR Report states that salaries and bonuses reflect each individual’s activities and contributions; the bonus funds are linked to business results. Company also use a so-called Advanced Technician/Engineer Incentive System to ensure improvements of the technical and practical skills of engineers and serve the innovation basis for the company activities (Olympus Corporation, 2011b).Re commendations Vaassen et al, 2009, p. 203, Describes that Human resource management processes generally consists of recruiting and selecting employees, educating and training employees, assigning tasks to employees, evaluating employee performance, employee remuneration and employee termination. Some of these aspects can be found at Olympus but not all yet. An recommendation on this part is that for each employee there is a personnel file available.This file will consist of data of the employee right before starting at the company such as address, number and contract information, but it is also important to keep this file updated with the employee performance, evaluation, payroll and career advancements. Also when the employee participates in education and training programs this needs to be included. This file needs to be available to managers because managers can use this file to assign tasks to their employees. Another recommendation to Olympus is to evaluate their employees on a regular basis.This evaluation needs to provide feedback to the employee about their job effectiveness and career guidance, because this will motivate the employees. This evaluation needs to be done by the functional manager together with the human resources manager. Then finally it is important for Olympus to have procedures in place for terminating dysfunctional employees. When during the evaluations turns out that the employee is not performing as it should be, there needs to be a plan for improvement made by the superior of the employee and the human resource manager.This plan needs to be communicated to the employee. After this the two officers needs to monitor the employee to see if there is improvement. Integrity and Ethical Values Evaluation The Olympus scandal, and even more the scale of it, points out that ethical values are very important for companies. It is not enough to just have a code of conduct or an ethics committee. The company should also live to the ethical guide lines. And if even the directors do not behave ethically, how could they expect the employees to behave ethically? In theory Olympus has done a good job on the ethical part.They have got several codes on ethical behavior and moral values and there is a committee about this. But just the existence is not enough. It is clear that there was no correct ‘tone at the top’. It could be recommended to start at the top of the company, because once the directors show moral and ethical behavior and give guidance to what is right and wrong, the employees might act the same. Recommendations Part of the board of directors was replaced, but several key figures are still in place after the scandal, even though it is known that they were (or should have been) aware of the fraud going on right in front of them.We would therefore recommend that the remaining directors are also replaced, which would give a good signal to both shareholders and employees alike that it’s time for a fre sh start. It is also important that the attitude to mistakes or misbehavior is reasonable. Of course, the effects of a mistake may be huge, but the reaction to it must be reasonable. Otherwise, people will try to hide their mistakes. Especially in a business culture like the one in Japan, this may be very hard to implement, because it is considered discrediting the company if one makes mistakes or causes significant losses.As such there must be clear and reasonable consequences to misbehavior or overriding established controls in order to diminish the amount of secrecy around losses, mistakes or ethical misbehavior. Furthermore, the code of conduct and the ethical and moral values should be known and implemented. Not only the employees, but especially the directors should be aware of it and behave as demanded, to set an example and prevent scandals like this. Commitment and Compliance Evaluation Overall Olympus developed a thorough approach for recruitment and promotion.They establi shed company Human Rights and a Labor Policy and requires from all the employees high commitment to company values. To promote the company values, Olympus holds meetings with their employees and gives trainings to the employees. This can be seen in the Corporate Social Responsibility Report of 2011 which contains methods for developing a culture based on putting the customer first. To achieve this Olympus has chosen to instill the attitude of thinking from the perspective of the customer in every employee by providing special courses at all the levels in the company including newcomers.So Olympus facilitates skill development (Olympus college, Advanced Engineer Incentive System) to equip their employees with the skills they need to work successfully. At the company group level a Safety & Health and a Ethical Conduct Promotion Committee was established to enhance safety & health and to reduce ethical problems for all the employees within the group. Recommendation Olympus already does a lot to promote their company values as described above. Also by meetings with the employees the commitment will be better.For commitment it is also important to have good guidance by superiors, therefore our recommendations on this part are similar to the ones of human resource policies. Something that can be added in this part is that the education programs employees can perform are specially for those employees, so the programs needs to fit with the employee and their career changes. This will make the employee more committed to the company. 2. 2Recommendations for control activitiesIn this paragraph we will assume that all the recommendations for the control environment has been taken into account and that Olympus has implemented those recommendations. Now we will look at recommendations for the control activities. We first need to know what control activities are. According to Streng, 2011, p. 49: † Control activities are the formal policies and procedures that help an organization ensure that objectives are being achieved and are achievable. The scandal started with speculative investments which caused a loss of $730 million.Therefore Olympus should implement control activities to ensure that this cannot happen again. First of all the company should not invest in investments that are riskier (too speculative) than they prefer. They have to decide for themselves what their risk appetite is and cut out the investments that are too risky. To make sure that such investments will be left out, Olympus needs a risk assessment report for the investment. This report needs to be approved by the management which will make the investment, but also by the higher management of the company.This will make the chance of big losses smaller. Thereby comes the fact that segregation of duties is important. The scandal was caused because higher management approved or even initiated very risky investments, so there must be someone independent to check on the investment s. After having the investment approved the investment still needs to be monitored on a frequent basis. This is because there is still a chance of a loss or that the it actually was a wrong investment. Results of the monitoring activities also need to be communicated to the higher management so that they can intervene if necessary.The decision to intervene needs to be made by someone that is independent of the investment department, so that this decision will not be influenced. Than the auditor needs to check if there are risk assessment reports for the investments which Olympus decided to invest in and also that the higher management approved of these investments. Further the auditor needs to check if monitoring is done frequently and have to look at the decisions made by higher management on the basis of the monitoring activities.So for instance if these decisions are made by a independent person. We also like to advise Olympus to have strict procedures for when to abandon an inve stment, so that it will not be possible that after a loss incurred the investment stays in the portfolio in the hope that this investment will become profitable in the future and actually becomes more loss making. Furthermore it is important that Olympus only has employees in the investment department that are capable of making the right decisions and have the right knowledge of how to monitor and when to intervene.In order to do so, Olympus must have strict recruiting policies and offer education and training to their personnel. Only then they can be sure, to a certain level, that their investors are capable of investing, know what they are doing and what risk they can take. With the continuous stream of new, complex financial products it is very important that the employees of Olympus are highly educated and have up to date knowledge. Apart from the investment department, every employee of Olympus should be aware of the Code of Ethics, including the management.Finally, it is impor tant that there is an effectively working control IT system. A proper working system should be able to detect extraordinary high fees paid to e. g. consultants, extreme impairments on recently acquired companies and the transfer of money or losses to recently set up funds in dubious places (one has to admit that funds on the Cayman Islands should have raised some questions immediately). Once a proper IT control system is implemented it should be very hard for the directors to act as secretive as they did during the scandal. Chapter 3 3. 1ConclusionThe Olympus scandal became one of the largest loss-concealment schemes in Japan, routed back in the 1990’s. We conducted our research regarding this scandal starting from the company's history and organizational issues. Then we gave insight into the scandal itself, followed by the investigation and statements of recommendations for control environment and control activities. The control environment in the Olympus company was forming and developing throughout the years of the company's existence and various control activities were established. Nevertheless, it was not enough to prevent fraudulent actions.Therefore based on our research the following procedures can be recommended regarding the control environment: revision of the company’s organizational structure to guarantee auditor’s independence, reassignment of all board members involved in the scandal, implementation of procedures to ensure â€Å"real† compliance with corporate policies at all levels, enhancement of HRM policies and practices to ensure high qualification and commitment of personnel. Moreover, strict procedures, control activities and regular monitoring over investments should be developed within the company, to eliminate chances of such fraudulent situation in the future.A good ethics lesson can be learnt from the Olympus case. Collusion within the company's top officers could hardly be prevented by internal control me chanisms. Therefore the Olympus scandal is a very representative example for the regulators to direct their efforts. Also it is a great confirmation of the fact that integrity and high ethical values should be followed and embodied by all the employees of the company, from the workers and engineers to the president and chairman. Literature Used Bacani, C. (2011, October 24). The Olympus Scandal: When a Foreign CEO Rebels.Retrieved May 9, 2012, from CFOInnovationAsia: http://www. cfoinnovation. com Board of Governors of the Federal Reserve System. (2012, May 1). Japan / U. S. Foreign Exchange Rate. Retrieved May 9, 2012, from Federal Reserve Bank of St. Louis: http://research. stlouisfed. org Buerk, R. (2012, February 16). Former Olympus Chairman Arrested in Accounting Probe. Retrieved May 9, 2012, from BBC News: http://www. bbc. co. uk COSO. (2004). Enterprise Risk Management – Integrated Framework. New York: AICPA. COSO. (1992). Internal Control – Integrated Framework . New York: AICPA. Dymski, G. , & Isenberg, D. 2002). 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Retrieved May 9, 2012, from Bloomberg: http://www. bloomberg. com Appendix Appendix IOlympus Timeline Appendix IIOlympus Corporate Governance Facts Main facts about the Boards of Directors (BD): †¢ 15 members (incl uding 3 outside directors) Meets once per month to make decisions about the business strategy and other current management issues and to control over the fulfillment of decisions made and strategies established †¢ Outside directors taking part in the BD meetings as members of the Special Committee[1] †¢ Executive Management Committee is formed at the company to facilitate President and COO decision making (meets 3 times per month) †¢ The term of office of directors has been set to 1 year to enhance their accountability (their performance is assessed annually) †¢ To enhance eligibility and expertise inside directors participate in seminars outside the company Main facts about the Board of Auditors: 4 auditors (including 2 outside auditors) †¢ meets 1 time per month †¢ audit management’s daily activities (for instance, director performance) †¢ participate in important company meetings (including BD meetings), they share their opinion concernin g the questions under the discussion with executive officers, subsidiary’s auditors, Internal Audit Department and accounting auditors †¢ The Board of Auditors shares its views with the President four times per year and with all other directors (excluding outside directors) and executive officers once a year. †¢ Outside auditors participate in the Board of Directors meetings as members of Special Committee.They give the company advices concerning the questions of large-scale acquisition of shares (over 20 %). Outside auditors have possibilities to visit the plants and research centers to deepen their knowledge about the company. ———————– [1] Japanese Corporate Law does not require companies with auditor have outside director within the Board of Directors. Olympus appointed Rikiya Fujita (doctor of medicine), Masanobu Chiba (career as a director of Nikkei Inc. and its group companies) and Junichi Hayashi (career as director of investment consulting company) ———————– Figure 5: Zaitech Bubble Figure 7: CSR Educational Cube (Source: Olympus CSR Report 2011)