Focus Paper on Grand Conversations Essay Example for Free

Focus Paper on Grand Conversations Essay Grand conversations are effective instruments of instructional design and learning, which may be easily integrated into any type of curriculum content. Mark Twain’s Huckleberry Finn is an excellent example of the book that can be used in elementary school grand conversations. To make grand conversations even more effective and interactive, they may also be combined with shared reading. In grand conversations, elementary school learners develop necessary interactions, which lead them to developing extensive reading and comprehension skills. Focus Paper on Grand Conversations Introduction Grand conversations are effective instruments of instructional design and learning, which may be easily integrated into any type of curriculum content. Grand conversations are particularly important for the development of communicative skills in learners. The use of grand conversations is integrally linked to student-centered approaches, providing students with additional opportunities to speak, express their thoughts and opinions, and study the most problematic curriculum topics in depth. In elementary classroom, grand conversations may be used as the means for studying literary texts and developing extensive connections between literature themes and student realities. Elementary school teachers pay special attention to the development of literacy and communicative skills in young learners. By linking reading to discussion and exploration, education specialists are trying to develop more effective approaches that would motivate young learners to read, and communicate their views in classroom. â€Å"Grand conversations are discussions held by the entire class community. What makes grand conversations different from other forms of whole group activities is that the teacher does not direct grand conversations† (Buis, 2004). Thus, the teacher’s task is to choose the content which is the most appropriate for classroom discussion, and to set the tone of the group conversation, which will further be directed by learners and will help them investigate the plot, the theme, the characters, and the setting of the original text in more detail. Unfortunately, teachers tend to use more traditional standardized strategies in text analysis; a short-lived conversation is a widely acceptable teaching technique that may save time during the lesson but does not improve student knowledge in class. However, it is not enough for a teacher to understand the importance of grand conversations in class; it is essential that elementary school teachers develop effective and multifaceted approaches, to give students an opportunity for practicing their communicational skills. As teachers, we cannot guarantee that our small students will be able to understand all literary implications of particular texts. That is why it is important to develop meaningful chains that would help learners understand the content, the context, and the idea of a literary work. The book to be discussed should be written in simple language and should be close to what children feel, see, and do in their daily lives. â€Å"The book should be enjoyable, of superior literary quality, engage student interests, allow for good discussions and invite students to revisit them over and over again† (Buis, 2004). Mark Twain’s Huckleberry Finn is an excellent example of the book that can be used in elementary school grand conversations. To make grand conversations even more effective and interactive, they may also be combined with shared reading of the most interesting passages. A sample grand conversation may start with a simple question: â€Å"Do you think that Huckleberry Finn could live in our society? † This question may further be extended to discussing the similarities between Huckleberry Finn’s realities (clothes, behaviors, thoughts), and those of contemporary learners. It is expected that students’ answers will not be limited to â€Å"yes† or â€Å"no†, but will encourage other students to express their thoughts and develop reliable connections between their personal experiences and those of a literary character. Children will be free to discuss their best impressions, feelings, or their favorite clothes. It is expected that by the end of the discussion session, children will be able to determine, what makes Huckleberry Finn different from them. Choosing a picture book would also facilitate the discussion and drive learners’ imagination, giving elementary students a special feeling of â€Å"reading joy† (Buis, 2004). As teachers, we should also be prepared to the situation when learners’ experiences and opinions differ and are even be opposite to each other; as a result, we will need to use available instruments for turning this opposition into the subject of a detailed discussion. Grand conversations will further engage all learners into a risk-free environment, and expose them to the world of classic literature through the prism of their most pleasant life experiences. It should be noted that â€Å"participation in a discourse community is crucial for the cultivation of deeper levels of vocabulary knowledge. Language learning is fuelled by students’ curiosity and their desire to connect and communicate with others† (Buis, 2004). For grand conversations to be effective, it is important that the teacher does not limit the discussion to one single interpretation of the book. Children should be encouraged to express their ideas about the plot, the meaning, and the importance of particular passages. Although grand conversations are not directed by the teacher, some scaffolding may be appropriate to motivate and encourage young learners. Traditionally, students are not involved into active group discussions in class; they are used to the situation where teacher carries the main load of talking. As a result, students may be prevented from supporting conversation at deep levels. Several grand conversations will be required to ensure that students have fully understood the meaning of Twain’s text and that they are able to formulate their thoughts as applied to the context, structure, and the meaning of the plot. Every new text distracts students from digging deeper into particular literary elements, but attracts their attention to new events within the story; that is why several literary conversations will help young learners concentrate on particular meaningful elements that will gradually lead them to understanding the real or virtual place of Huckleberry Finn in his and in our time. Conclusion Grand conversations reveal the new facets of elementary students’ communicative skills and abilities. This type of instructional methodology helps revisiting the most interesting literary texts and exploring them through the prism of learners’ personal experiences. In grand conversations, elementary school learners develop necessary interactions, which lead them to developing extensive reading and comprehension skills and provide them with unlimited opportunities for sharing their comments and offering new ideas in classroom-wide discussions. References Buis, K. (2004). Making words stick: strategies that build vocabulary and reading comprehension in the elementary grades. Pembroke Publishers Limited.

Evaluating the financial performance of Deloitte LLP

Evaluating the financial performance of Deloitte LLP All of the research topics are appealing although challenging but it was apparent that I have to choose the topic that meets the research requirements such as accessibility and quality of information and clear understandability of what is required in a particular topic. After spending a lot of time in selecting the best topic for me, I came to the conclusion that I should go for topic no. 8 The business and financial performance of an organisation over a three year period. The rationales behind choosing this topic are: I have been trained in ACCA studies as how to evaluate an organisations performance using ratio analysis and other techniques. The research on this topic will help me to consolidate my knowledge and put me in a strong position to carry out this study. Accessibility and the quality of the information required for this topic was much easy to obtain as compared to other topics. To carry out the business and financial evaluation I need the audited annual reports and other strategic information of an organization which should be relevant, reliable and readily available thus enhancing the quality of this research project. Part of the accountants role is to help companies in analysing and interpreting the financial performance and position of the organisation and advise the client in which particular areas they are performing well or where they need improvements and to answer such questions as to why the particular ratios are boosting or declining. Without any doubt, this research will help me in my practical life as an accountant. Reasons for choosing the organization: It was clear in my mind from beginning that I should undertake the research on an accounting firm because it is within my profession. I made my mind that I will pick any one of the big four i.e. PwC (PricewaterhouseCoopers), KPMG, Ernst Young and Deloitte Touche Tomatshu. As these firms are LLPs (Limited liability partnerships) I faced the difficulty of the amount of information available because LLPs are not under the same extent of public domain as compared to public listed companies which publish substantial amount of information and are subject to regulations regarding the disclosure of the information. First I thought that I should carry out research on PwC as it ranks number 1 in big 4s but when I started searching on the internet about big 4s then I found much information about Deloitte and even their website and annual reports were much comprehensive so I decided to choose Deloitte LLP. The main reasons for choosing Deloitte LLP were: It is one of the largest professional services firms ranking 3rd (Vault Accounting firm ranking 2008). This ranking is based on the sales revenue generated by the firm and other factors such as working life etc. I wanted to carry out the research on a top ranked firm as there is a lot to learn from successful firms. Deloitte LLP is the market leader in the professional services industry and a very reputable organisation. Undertaking the research on this firm will help me explore why this firm is flourishing. Moreover, after finishing my ACCA qualification I would like to work in an accounting firm and doing the research on Deloitte LLP will help me understand the nature, market, culture and governance of the accounting firms. Project Objective The objective of this research project is to evaluate the business and financial performance of Deloitte LLP with last years and with its competitors PwC for the years ended 31st May 2006, 2007 and 2008. The Research Questions I identified the research questions which will help me achieve the project objective. Focusing on these questions will help me keep the research on track and to the point. These research questions are: What are the firms objectives and what strategy has been adopted to achieve them? How did the firm perform in terms of profitability and what are the main factors affecting its performance? What are the trends in the liquidity position and is the cash management of the firm effective? Is the organisation growing? If so, what sources of finance does it use and how does it impact on their gearing levels? How has the organisation been influenced by the current economic downturn and how will it impact on the next year performance? The Research Design To evaluate the business performance of the firm different modules such as mission analysis, Porters five forces and SWOT analysis have been used to analyse the industry and evaluate firms strength, weaknesses, threats and opportunities. To interpret the financial health of the organization, ratios have been calculated for three years which are then used as a basis for historical and competitor benchmarking. These techniques include comparing the financial performance of the organization with its prior years and those of its competitors. Focusing on financial ratios are not enough to come up with the whole picture so other non-financial performance indicators have been used as well. Trend analysis has been used to identify the changes from year to year. These analytical techniques will assist to analyse, interpret and evaluate the organisations performance and support to come up with the appropriate conclusions. Part 2 Information gathering To evaluate the business and financial performance of Deloitte LLP, I require reliable, qualitative, quantitative and sufficient information that not only focuses on financial and business perspective of the organisation but also industry specific knowledge such as is the market growing or declining, who are the market leaders and what is their strategy. During the information gathering stage, I have not just collected the information about the firm but also kept an eye on its competitors activities. This parallel approach helps me in benchmarking exercise. Types of research methods: Based on this, two key sources of information were used i.e. primary and secondary sources. Both of these methods have their own pros and cons. Primary research is more reliable, relevant and is tailored to the research needs. However, this approach is very time consuming and expensive and usually not available as compared to secondary sources which are readily available and easy to access but may not meet research questions and is less reliable. During the information gathering stage, less field research has been undertaken and contacted the firm only if any particular information is not available from the secondary sources. Primary research was done for one particular issue that arose during the research and that was to understand the legal structure of Deloitte Touche Tohmatsu and its member firms. The only method used for this primary research was emails. However, most of the information required for this research was available from the secondary sources and have been listed below: The firms website: The organizations website www.deloitte.com provided me with much of the information about the firms history, their vision and strategy, leadership, the services in which they are specialized, the industries to which it provides services and the latest news about the firms activities. However, to critically evaluate the organizations performance I need to seek more information outside the companys website as every company is tempted to give a positive image of their organization so I went ahead and used its competitors website as well and other external media. Annual reports: The annual reports of Deloitte LLP are the vital source of information for this research and are easily accessible from the firms website. The information obtained from the annual reports is used in calculating and interpreting the financial ratios. The financial statements also include last year performance which helped me a lot in analyzing the trends in performance and moreover it includes the graphs and charts that assisted me a lot to understand it in less time. However, there is too much information in the annual reports so its easy to get overwhelmed. Books: To get the initial guide on how to start the project I have read BSc (Hons) in applied accounting published by BBP learning media. The book guided me on how to approach this project in a more formal and organised way and facilitated me in every stage of the research from choosing the research topic to writing the skills and learning statement. Other books that I used for the project are drawn from ACCA syllabus. These books are used with the aim to refresh my mind with what I have learnt in ACCA studies. Electronic researches: A vast majority of information is available in the electronic media which benefited a lot during the research stage. The websites are used to get the latest news and other related information. These websites not only provided me the information about Deloitte LLP but also that of its competitors and market. Regulatory body website: The Professional oversight board is a UK regulatory body which specializes in auditing, accounting and oversights the accounting profession. The website used in this research was www.frc.org.uk. The website contains reports about the accountancy market and key facts and trends. Part 3 The analysis, results conclusions: The firm: Deloitte LLP is the UK member firm of Deloitte Touche Tohmatsu (DTT), a Swiss Vereinwhose member firms are a network of legally separate and independent entities. Swiss Vereinis the structure that is recognised under the current composition of Swiss law where organizations are established as Limited liability business. Swiss Vereinorganisations are characterised with a corporate organisation that is decentralised. (Swiss Verein). DTT does not provide services to clients, or direct, manage or control its member firms. This decentralised structure allows DTT organisation to establish policies; member firms apply these policies in quality assurance processes that comply with the local regulatory, legislative and professional requirements. (Annual report 2008) Business Analysis: The Mission strategy: The firms mission is to be recognised as the best professional service provider and its slogan is To help clients and people excel. The firm achieves this by identifying and focusing on the needs of clients, providing the high standard professional services and by investing in their people. (Mission statement). Our mission makes reference to our people, as management recognises their importance in achieving our vision, (Deloitte Orla Graham, HR manager). Deloitte aims to be the number one firm for career and personal development and they have a clear strategy to achieve this. Its strategy involves providing continuous training and development opportunities to their staff to ensure that the services provided to the clients are up to the highest standard of quality and complies with all the regulations.In the past, Deloitte has focused on scale and global coverage but now it is focusing on the standard of excellence (Deloitte Vision strategy). In 2003, Deloitte was recognised as the UKs fastest growing professional firm and in the last few years the firm was acknowledged because they have broader range of skills and highest quality services showing their proficiency. Their strategy focuses on four elements: Broader range of capabilities than its competitors Focus on quality The environment where people can develop and excel A culture that emphasis teaming and high performance (Annual report 2008) The Services offered by the firm: The firm specialises in four services which are Audit, Consultancy, Tax and Corporate finance. These services are provided in different industries such as non-profit organisations, real estate, sports business group, manufacturing, tourism, hospitality leisure, technology, media communication etc. Porters five forces and market analysis: Porter five forces is the framework for industry analysis that identifies the five factors which influence the performance and position within the given market. Although there are several thousand firms in the market but the audit and consultancy market is highly concentrated and dominated by the big fours in the UK and globally. Deloitte touche, KPMG, PwC and Ernst and young audit all of the FTSE 100 companies and represent 99% of the audit fees in the FTSE 350 showing that the market is much concentrated by the big four accountancy firms.. There are two segments of the market. The first one is FTSE 100 companies and FTSE 250 which are covered by the big four and the other segment is the smaller listed companies which are serviced by both the Big four and mid-tier firms (Oxera Report- April 2006). Threats of new entrants in the market are low because of high costs, long payback period and significant business risk. Threats of substitute within accountancy market are also very low because audit, tax and other accounting services are required by law and regulations. The accountancy market in the UK is still growing, but at a much slower rate than in the late 1990s (PRlog Press release 11 April 2007) The main clients of big four accounting firms are the top ranked companies listed on the stock exchange and the stakeholders (lenders, shareholders etc) of these FTSE companies require them to appoint big four accounting firms for professional services because they have the expertise and technical capability to deal with the complexity of these companies which restricts the buyer power within the audit market. As seen, these companies have effectively no choice of auditors other than Big 4s as large companies do not favor the mid-tier firms There is a strong competition in the market particularly between big 4s. Tendering process is been used to gain new clients. However, these firms may find it difficult to offer clients different services to gain competitive advantage as most of the accountancy services are standardized. Switching rates in the market are low- around 4% per year on average for listed companies. Few companies have an explicit policy of switching auditors at regular intervals and competitive tendering does not occur frequently -nearly 75% of the companies surveyed tender once every five years or less, and more than 70% of the FTSE companies have not held competitive tendering in the last 15 years. Organizing tenders, and then changing auditors are costly to both the accounting firms and companies. (Oxera Report- April 2006) SWOT Analysis: The SWOT analysis of Deloitte has been conducted solely with the aim of understanding and evaluating the strengths, weaknesses, opportunities and threats and is detailed below: Strengths: Reputation Brand of the firm Deloitte has been enjoying good reputation and has brand awareness in the market. This reputation and brand are the intangible unique resources and facilitate the firm to attract multinational clients, this helps them to charge premium for the quality services provided and thus increases revenue and profitability. Skilled staff and effective leadership As the firm is in service industry, keeping an effective management team is a key for its success. The senior management team has been drawn from wide range of sources and helps the firm to have diversity in the skills and this could be evidenced in Sunday times, where Deloitte has been listed in the Best big companies to work and also have been named as the No. 1 graduate employer in finance and professional services in the National Graduate Recruitment Awards, (Award winners) taking the award from PwC which has held top spot for the past three years. These highly qualified and experienced staff flourishes the firm to provide the clients with best quality services in a professional manner. . Quality Culture The firm has a high quality and high performance culture. This is achieved by embedding quality into people via learning, training and awarding employees with high performance through competitive reward strategy. This facilitates the firm to offer quality services to its clients which results in high customer satisfaction rate. Weaknesses: The structure The firm operates as a limited liability partnership. Under this structure, partners have limited liability and are not responsible for the misconduct of the other partners but due to this structure the firm may find it difficult to raise finance other than relying on partners and bank loans. Opportunities: During the current economic downturn, most of the companies are reviewing for cash flow management, risk management policies to ensure there are appropriate procedures in place to avoid any losses, and optimising costs etc. This brings an opportunity for Deloitte to enhance its business and risk management services to advise on the risk practices adopted by the clients. Moreover, during the recession a lot of companies are filing for bankruptcies which may also result in increase in consultancy service demand as clients may be looking for administration and restructuring advice. Deloitte is utilising this opportunity as this could be evidenced when Louise Brittain (UKs leading insolvency practitioner) joined the firm in its reorganisation service practice and will aid the firm in getting high profile appointments. ( Deloitte Press release 12 Feb 2009) Deloitte has been appointed as administrators of Land of leather (furniture store retailer), Woolworth Plc (the high street retailer), Entertainment UK (UKs leading distributor of entertainment products) showing that the firm is well equipped to meet the opportunities. However, these opportunities are short term in nature and the firm needs to identify other long term opportunities from the market that exploit their strengths. Threats: As accountancy is not a recession proof profession, the current economic crisis has brought threats for Deloitte and may have serious consequences. As Deloitte LLP provides audit services to clients that involves giving appropriate opinion on the truth and fairness of the financial statements and on the going concern assumption (whether the clients will be in existence in the foreseeable future). During this financial crisis, accounting firms need to have prudent approach in carrying out the audits of clients as during the recession the clients may be tempted to use dubious accounting practice to retain the shareholders confidence. Also, auditors are under pressure to carry out detailed testing whether the client is able to borrow money from its bank due to insufficient borrowing facilities in the economy. Inappropriate opinion given on the future existence of the client may put auditors in the risk of being sued for negligence and may result in fines and penalties. Moreover, many companies have filed for bankruptcies which will reduce the client base for Deloitte and will impact on the performance. Non financial performance evaluation: Staff satisfaction: One of the critical success factors for Deloitte is the skilled and highly motivated staff. These people are the unique assets and will underpin the performance of the firm. The survey conducted by the The Workplace Engagement Specialist shows high level of pride and job satisfaction among staff with 76% staff proud to work for the firm and 72% find their job stimulating. Deloitte spends about  £12m a year on developing its employees and has a dedicated team of trainers who can help their staff and every staff member has a career development adviser. (The Workplace Engagement Specialist) Quality: Quality is the core competence of Deloitte and a key factor in retaining the existing clients and attracting the new appointments. Deloitte has a high performance culture where providing the high quality service is paramount which helps the firm to gain competitive advantage. Their Quality Agenda focuses on three elements; clients, infrastructure and people. The firm emphasises in understanding the clients expectations and this is achieved by working closely with clients, embedding the quality into their people and infrastructure which focuses on effective leadership, internal training programs, professional standards and review assessments. (Annual report). New partners / talent: Recruiting the required level of staff is as important as maintaining the skilled staff. It is essential for the firm to bring new talent. The firm is seen as continuously investing in people; in 2007, there were 11,000 partners and member staff working across UK. In 2008, this number increased to 12,000. Deloitte has high staff turnover rate of 17% (Sunday times) as compared with its competitor PwC which was 13% (PwC Annual Report 2008) indicating staff is less satisfied with the firm comparatively and leaving at a higher rate than PwC even though PwC has more number of staff than Deloitte still their staff turnover ratio is low. Financial performance evaluation using Ratio analyses: Ratio analysis is the widely used technique in evaluating the organsation`s financial performance because this method helps to summarise the results in a simple way and moreover inter firm comparison helps to conclude how is the organisation performing in relation to industry and other organisations within the market and encourages to think out side the box. The main indicators used to evaluate the firms performance are sales growth, profitability, liquidity measures and financing arrangements and are discussed below. Sales Trend Analysis: The revenue of the firm is constantly increasing. Gross revenue increased by 11.5% in the year ended 31st May 2008 as benchmarked with last year exceeding the  £2000m target to  £2,010m. The competitor PwCs revenue was  £ 2,244m in 2008 which was a 7% increase in revenue as compared to last year showing that Deloitte is growing rapidly as compared to its competitors. The Deloittes revenue and that of its competitor PwC has been shown in the following graph comparing the revenue from year to year. The group is managed by the matrix structure which incorporates both service lines and the nature of the market to which services are supplied (Annual Report 2008).The sales revenue analysed by service line/segment has been shown below. Interpretation: Revenue analysis 2006: Overall, turnover grew by 15% to  £1,559m and 32%, 27%, 24% and 17% of the revenue was contributed by audit, tax, consultancy and corporate finance respectively. The consultancy division performed very well in 2006 as the divisions revenue grew by 22% and this growth has led the Deloitte being recognized as the markets leading business consultancy service provider. In 2006, the audit division contributed the substantial amount of revenue and increased by 17.2% during the year as the audit market share in FTSE 100 and FTSE 250 continues to grow. Revenue analysis 2007: Revenue grew by 15.6% to  £1,802m when PwCs revenue grew by only 6% to  £2,107m indicating that Deloitte is growing at the faster rate than its competitors. The reason for this growth was the strong market, reputation and talented staff which have given Deloitte the opportunity to gain new clients and win many new assignments from existing clients all across business segments and industries according to Chief executive. In 2007, the firms revenue grew by higher rate than its competitors which was 6.1% for PwC LLP and 10.5% for KPMG LLP. Once again, the significant amount of revenue was contributed by the audit division. The consultancy division is also growing but at slow rate as compared to last year. Overall, all the divisions revenue grew and ultimately resulted in a healthy progressive year. Revenue analysis 2008: In 2008, the firm exceeded its  £2b target and reported a strong growth of 11.5% given the complex markets. Deloitte is seen as having a superior performance than its competitors PwC as their revenue only grew by 7%. On this excellent performance, Deloittes CEO claimed that they have surpassed their competitor PwC in terms of standing in the market place but PwCs new chairman, Ian Powell denied Deloittes claims that it has overhauled its rivals in terms of reputation saying it was pretty difficult to prove. (Accountancy age -14 Aug 2008) The reason for this growth is the Deloitte brand, the experienced professional staff and managements efforts to identify and capture high growth opportunities. All the divisions are growing but at slower rate as compared to last year. The reason for this could be the UK economy shrinking which has restricted many business opportunities for organisations which certainty impacts consultancy and corporate finance divisions. Moreover, in this economic crisis, clients are forced to reduce costs so they may have appointed mid-tier firms which may have influenced Deloitte`s performance. However, audit division grew by 11% and is now the co-leader in the share of FTSE 250 audits. (Annual report 2008). Profitability ratios: Profitability ratios measure the performance of the management and the return they are generating from the assets invested in the business by the partners. Gross profit margin: Gross profit margin measures the firms profitability from its operations and represents the relationship between sales revenue and directly related costs in providing services to clients and is calculated as: Gross profit margin = Gross profit / Sales revenue x 100 The gross profit margin of year ended 2006, 2007 and 2008 are 49%, 49% and 50% respectively showing that the firms gross profit is increasing. As Deloitte is in service industry, the only directly related costs are staff costs and expenses disbursements on client assignments and gross profit is calculated as the difference between the sales revenue and these directly related costs. The firm gross margin is nearly constant in the last three years. This shows that the firm is very efficient in controlling its costs in relation to its sales and in a better position to cover its other costs such as interest, tax etc. The staff costs are the major cost in providing services and represent 36.3%, 36.8% and 35.5% of sales revenue in the last three years, which are nearly constant. Net profit margin: It is the ratio that measures the overall performance of the firm after all the expenses have been deducted such as interest and tax and is calculated as: Net profit margin = Profit after interest and tax / Sales revenue x 100 There was an upward trend in the net profit margin in the last three years and net profit margin was 29%, 31% and 32% in 2006, 2007 and 2008 respectively. As seen in the chart, where PwCs net profit margin is declining from 35% in 2006 to 33.3% in 2007 and 30% in 2008 Deloittes net profit margin is increasing. However, where the sales revenue increased by 12% in 2008 net profit margin only increased by 3% which shows that although the firm is growing in terms of revenue and profitability but not in a consistent way i.e. if sales are growing then net profits should also increase by the same proportion (although it is very ideal situation) but it is not the case with the firm. Overall, the firms net profit margin is increasing. The net profit margin of Deloitte was higher as compared to competitors net profit margin which was 30% for PwC and 20.40% for KPMG in 2008. Even though the competitors revenue and net profit was higher but the net profit margin ratio was low as compared to Delo ittes indicating that the firm is earning high profitability rate than its competitors. Profit per partner: The profit per partner of Deloitte and PwC LLP is shown below: The profit per partner calculated above represents an average figure but partners share profits based upon the evaluation and the contribution of each individual partner to achieve the strategic objectives of the firm. Although the firms average number of partners also increased from 641 to 672 members in 2008 but it didnt deteriorate the average profit per partner because of rising profits. As seen in the chart, where Deloittes average profit per partner is increasing PwCs profit per partner is decreasing. The profit per partner is consistently increasing which will ultimately results in partners more confidence in the firms performance. Liquidity ratios and Cash flow management: For a successful firm, making a healthy profit is not enough; the firm must be effective in cash management because cash is considered as the lifeblood of the organisation. Profitability measures are subject to criticism of manipulation and short termism but cash/liquidity measures are hard to manipulate and gives an indication of the firms solvency position. The liquidity ratios with their interpretation are given below: Current ratio Current ratio measures the firms ability to cover its current liabilities (short term debts and obligations) by its current assets. Higher current ratio indicates that the firm is liquid. The ideal ratio is considered to be 2:1 i.e. the organization has twice assets to cover its current liabilities but it differs from industry to industry. Current ratio is calculated as = Current assets / Current liabilities The firms liquidity position is steadily improving. In 2006, the firm has a cash balance of  £10m and an overdraft of  £22m showing a net deficit of  £12m but the firm has other liquid assets to cover its current liabilities thus a current ratio of 1.7. This overdraft had been repaid in the next year with the cash cash equivalents of  £51m showing a healthy cash position with a current ratio of 1.9. In 2008, the company has a strong liquidity position when it accomplished the ultimate benchmark level of 2:1 which was in line with PwCs current ratio of 2:1 and was higher than KPMGs which was 1.5:1. The reason for this is that the firms current assets grew by 19% while current liabilities increased by just 6% in 2008 and is moving towards more stable position. Receivables Day Ratio: Receivables day measures the average number of days the receivables take to pay for the services provided. The firm has an effective working capital management if the receivables pay within the credit period given to them as the firm will also be able to meet its short term obligations as they fall due. Receivables day ratio = Receivables / Credit sales x 365 The receivables day ratio has been constantly improving from 116 days in 2006 to 104 days in 2007 and 101 days in 2008 showing that the firm is recovering its money back from receivables more efficiently. However, the receivables collection period of the firm is very high as the competitors collection period which is in the range of 80-90 days indicating that Deloitte is offering its clients extended credit terms to boost revenue. Although the firms sales revenue is increasing with an increase in receivables yet the firm managed to keeps the receivables collection period improving. Operating cash flow ratio (OCF): OCF ratio measures the liquidity position. Using cash flow as opposed to income or profit is a better measure as it expresses the firms ability to pay its short term debt from the cash generated from its operations. If the ratio is less than 1, it indicates that the firm is not raising enough cash from its operations to meet its short term obligations and may indicate the need to raise additional funds from other sources to pay its debts on time

Mycenaean Civilization Essay -- World History

Mycenaean Civilization The Mycenaean civilization flourished for four hundred years in the late Bronze Age before collapsing in to small bands of subsistence farmers. Some historians attribute this decline to ‘the Sea People’ who terrorized the Egyptians, Anatolians and the Hittites. But could a mysterious people who left no archeological proof of their existence really bring about the collapse of entire civilizations? Mycenaean civilization is characterized by the large palace-like buildings that they created. These huge structures contained dozens of rooms used for a variety of purposes. The rooms were used for everything from industry to meeting places and even sleeping quarters. The main function of these palatial buildings seemed to be economical. From clay tablets that have been accidentally preserved through fire historians know that the Mycenaean employed a ‘palace economy.’ The tablets, written in an ancient script called Linear B, are mostly records of good coming in and out of the palace. A palace economy was maintained by trading the surplus of goods produced by farmers and craftsmen with other cities around the eastern Mediterranean. Mycenaean pottery has been found in ancient sites in Palestine and Syria as well as Miletus, Rhodes and Egypt and it is a testament to the extent of trade that Mycenaean had with other cultures . It was essential that the trade routes be kept safe in order to maintain the flow of goods. By about 1300bce Mycenaean wares had been so standardized that regional differences were impossible to detect . This suggests tha t during the late Bronze Age, Mycenaean culture had become increasingly unified economically. The tablets found at Pylos suggest that Mycenaean must have used slaves to d... ...at fragile. A collapse in trade due in part to overspecialization and increasing aggression by the ‘Sea People’ and others, catalyzed by natural disasters eventually led to the economic collapse of the eastern Mediterranean market. After this the large palaces with their complex administration were no longer needed and could no longer be sustained. People simply abandoned to cities and went back to subsistence farming until they slowly rekindled an empire. REFERENCES Huxley, G.L.. Achaeans and Hittites. Oxford, The Queen’s University. 1965. Palmer, Leonard R.. Mycenaeans and Minoans. London, Faber and Faber. 1961. Sanders, N.K.. The Sea Peoples. London, Thames and Hudson. 1978. Velikovsky, Immanuel. Peoples of the Sea. Garden City, Doubleday & Company. 1977. Wood, Michael. In Search of the Trojan War. London, British Broadcasting Corporation. 1985. Mycenaean Civilization Essay -- World History Mycenaean Civilization The Mycenaean civilization flourished for four hundred years in the late Bronze Age before collapsing in to small bands of subsistence farmers. Some historians attribute this decline to ‘the Sea People’ who terrorized the Egyptians, Anatolians and the Hittites. But could a mysterious people who left no archeological proof of their existence really bring about the collapse of entire civilizations? Mycenaean civilization is characterized by the large palace-like buildings that they created. These huge structures contained dozens of rooms used for a variety of purposes. The rooms were used for everything from industry to meeting places and even sleeping quarters. The main function of these palatial buildings seemed to be economical. From clay tablets that have been accidentally preserved through fire historians know that the Mycenaean employed a ‘palace economy.’ The tablets, written in an ancient script called Linear B, are mostly records of good coming in and out of the palace. A palace economy was maintained by trading the surplus of goods produced by farmers and craftsmen with other cities around the eastern Mediterranean. Mycenaean pottery has been found in ancient sites in Palestine and Syria as well as Miletus, Rhodes and Egypt and it is a testament to the extent of trade that Mycenaean had with other cultures . It was essential that the trade routes be kept safe in order to maintain the flow of goods. By about 1300bce Mycenaean wares had been so standardized that regional differences were impossible to detect . This suggests tha t during the late Bronze Age, Mycenaean culture had become increasingly unified economically. The tablets found at Pylos suggest that Mycenaean must have used slaves to d... ...at fragile. A collapse in trade due in part to overspecialization and increasing aggression by the ‘Sea People’ and others, catalyzed by natural disasters eventually led to the economic collapse of the eastern Mediterranean market. After this the large palaces with their complex administration were no longer needed and could no longer be sustained. People simply abandoned to cities and went back to subsistence farming until they slowly rekindled an empire. REFERENCES Huxley, G.L.. Achaeans and Hittites. Oxford, The Queen’s University. 1965. Palmer, Leonard R.. Mycenaeans and Minoans. London, Faber and Faber. 1961. Sanders, N.K.. The Sea Peoples. London, Thames and Hudson. 1978. Velikovsky, Immanuel. Peoples of the Sea. Garden City, Doubleday & Company. 1977. Wood, Michael. In Search of the Trojan War. London, British Broadcasting Corporation. 1985.

National Westminster Bank Essay -- Business and Management Studies:

National Westminster Bank 1. Introduction The purpose of this report is to analyse the case â€Å"National Westminster Bank† (David Woodgate and Nigel Slack, 1992), in order to identify any existing and potential problems, then after careful consideration recommend possible courses of action to rectify them. During the review of the organisation described in the case, the key issues will be identified and then related to relevant theory. Analysis will then be made of all relevant factors and recommendations will be made after consideration of all factors. Overview of the Case The case study to be analysed focuses on the St James’s Square branch of the National Westminster Bank in London’s West End. The case gives a clear and concise representation of the bank’s structure giving detailed descriptions of the all the employees roles and functions and an organisation chart. The focus is then applied to the Records Section and account opening procedure, which is where the problems are found and complaints have been registered. The results of a survey are summarised in the case to show the apparent level of customer dissatisfaction with the account opening procedure, the importance of such factors are then highlighted with a brief description of the level of competition within the banking industry. The views of are also considered and suggest areas where current systems may be failing the organisation. 2. Problem Key Issues The location of the bank in St James’s square is both a blessing and a burden to the organisation. The sophisticated clientele resulted in the bank being the most profitable in its region, yet they also expected an extremely high level of customer service. This high level of expectation from the customers resulted in any lapses in service being highly scrutinised. The key issues to be addressed within this branch occur in or around the process of opening accounts which is the responsibility of the Records Section, they are as follows:  · Customers joining the wrong queue and requiring redirection because the enquiries desk was â€Å"neither well positioned or signposted†.  · Competition is â€Å"tough† within the banking industry, particularly in this branch’s immediate vicinity.  · 36 per cent of customers felt formalities were not properly explained.  · 76 per cent had not received the sta... ...nt a new system in the Records Section. After consideration of alternatives it is apparent that it would be possible and practical for the organisation to do this without major disruption to the organisational structure. 5. Recommendations The main recommendation from the findings in this report is for the St James's Square branch to implement a cell layout in order for the Records Section to handle its workload. This would enable them to carry out all their tasks much more efficiently and fulfil its duties while maintaining customer satisfaction. To implement such a system the bank will need to employ a process of windows in which customers are able to come in and open accounts or to arrange appointments on the phone. Possible drawbacks with such a service would be that customers would not be able to open accounts at their convenience and may become dissatisfied with this process but the quality of product they would receive is likely to be much improved. --------------------------------------------------------------------- [1] Statistics derived from a survey the branch carried out in 1989 on customer's views of their account opening procedures.

Cloning :: essays research papers fc

This article, â€Å"Cloning Noah’s Ark,† is about the cloning of endangered species to prevent some animals from disappearing from the planet.   Ã‚  Ã‚  Ã‚  Ã‚  The three authors of this article were Robert P. Lanza, Betsy L. Dresser and Philip Damiani. According to Scientific American, they all share an interest in reproductive biology and animals. Lanza, the vice president of medical and scientific development at Advanced Cell Technology (ACT) in Worcester, Massachusetts, founded the South Meadow Pond and Wildlife Association in Worcester County. Dresser is senior vice president for research at the Audubon Institute and director of the Audubon Institute Center for Research of Endangered Species and the Freeport-McMoRan Audubon Species Survival Center. Damiani, a research scientist at ACT, is also a member of the International Embryo Transfer Society’s committee on cryopreservation. II. Explain the major concepts and points made.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Research done, results, his/her conclusions III. Your Summation   Ã‚  Ã‚  Ã‚  Ã‚  From this article, I learned a number of different things. I learned how the actual cloning process occurs. I also became aware of many different Endangered Species and other animals that have already become extinct. I also learned that a clone could have been born from an animal other than their own species. For example, a regular house cat gave birth to a cloned tiger. I learned that cloning is very difficult and a long process.....   Ã‚  Ã‚  Ã‚  Ã‚  I feel that the cloning of Endangered Species could be a excellent idea. Human beings have carelessly killed off many innocent living creatures on this planet by hunting them and by creating pollution that end their lives. If the we could prevent the extinction of healthy, harmless animals, we should do it. Cloning is a way to prevent the extinction

Life of a Teenager

The life of a teenager is wild, and young and free. You can do whatever you want. You can have your crushes if you want or either a boyfriend, a good and understanding boyfriend. But take note, that you must know your limitations. You can happy as happy as you want and you can be as sad as you want. You can decide what can of life you want to live in. Being a teenager is the happiest part of your life. This is the stage of your life, which is exciting and fun. You can also have many experiences in this stage. Also, beware because temptations might happen here. You must choose a good friend, to avoid dilequenc y and problems. Choose a boyfriend who is good, and not a sex addict, because if he is a sex addict you might have a chance to be pregnant. And if that would happen your future might be broken. There is also a case that you will undergo or commit abortion, without thinking the baby’s good. You are thinking y your self. It might also happen that the person who made you pregnant will go to other places, just to hide from you, because he is not ready for the responsibility. Being a mother or father in young age is a great challenge, because you are not yet ready to take that responsibility. But you can’t give your back on it. Remember responsibility is always been a responsibility. Be aware, temptations might be at your back, following you.

Richard Nixon’s Pardon Rhetorical Analysis

President Gerald Ford’s Pardon of Richard Nixon Former President of the United States, Gerald R. Ford gave a speech pardoning his predecessor, former President Richard Nixon, of all offenses against the United States that he may have committed during his presidency. The announcement was made live on September 8, 1974. The speech was written to persuade the country to agree with the pardoning of Nixon and forgive him for the crimes he had committed against his country.Ford states that â€Å"Theirs (Nixon’s Family) is an American tragedy in which we all have played a part. It could go on and on and on, or someone must write the end to it. I have concluded that only I can do that, and if I can, I must. † President Ford argued that the pardoning of Richard Nixon isn’t only for Nixon and his family’s fate but for the country’s well-being. Throughout Ford’s speech he makes evident the use of Logos, Ethos and Pathos appeals. He uses the appea ls evenly, convincing his audience while still being well-supported and reasonable.Ford opens up his speech with many reasons why he, as the President and as a person, should be trusted, and that he thinks that what he is doing is the right thing to do in the situation. He proceeds to admit that his job is a difficult one and that he has made mistakes in the past. Doing so helps him bond with his audience and let them know that he, too, is a person, just like them; and they can count on him, also known as the ethos appeal. He states â€Å"My customary policy is to try and get all the facts and consider the opinions of my countrymen and to take council with my most valued friends.But these seldom agree, and in the end, the decision is mine. † This statement subtly creates the idea that the decision he had to make was a hard one, and it ultimately came down to Ford having to take the responsibility. He proceeds to tell his country all of the options that he had, as if to make t hem feel like they were a part of the process; â€Å"To procrastinate, to agonize, and to wait for a more favorable turn of events that may never come†¦ † President Ford then makes himself seem very credible by promising to uphold the constitution, to do what God has asked him, and to do â€Å"the very best for America. In making himself credible, Ford establishes trust with his audience therefor making his argument easier to agree with. When he establishes his credibility, he moves to the pathos appeal to introduce his thesis. He plays to the audience’s emotions by referring to Nixon’s situation as â€Å"an American tragedy in which we have all played a part†¦ someone must write the end to it. † Thus making the audience feel bad for Nixon and his family, making his audience feel like they are at fault for their â€Å"tragedy. He makes his thesis statement in a powerful way, saying â€Å"I have concluded that only I can do that, and if I can, I must. † Imperceptibly making the audience thankful for taking away their burden and making things right, so they don’t have to. He again uses the listeners’ emotions and morals to support his opinion in order to create empathy for Nixon by referring to how the allegations have â€Å"threatened his health† and that he is now â€Å"trying to reshape his life. † He also makes it obvious that Nixon spent most of his life â€Å"in the service of this country,† making Nixon a hero, not a criminal.This statement also institutes reliability for Nixon, correspondingly benefiting Ford’s argument. He continues to get sympathy from his audience by conveying that the situation they were dealing with was uncharted territory and they didn’t know how to resolve it. â€Å"There are no historic or legal precedents to which I can turn in this matter, none that precisely fit the circumstances of a private citizen who has resigned the Presidency of the United States. † By saying this, he lets the audience know that the circumstances are fairly new, and he is the first to resolve them.This makes the audience feel more sympathetic for Gerald Ford and by admitting his faults; the listeners would feel like they can trust him more. The President goes on to say â€Å"But it is common knowledge that serious allegations and accusations hang like a sword over our former President’s head†¦ † After Ford had established sympathy for himself, he makes this statement to show the audience that Nixon is also dealing with guilt and regret for what he did to his country.By referring to Richard Nixon as â€Å"former President† it brings attention to the fact that Nixon was once a President of The United States, and that he should be respected and possibly even forgiven; because he was once in charge of the country and was once trusted by the entire country. Gerald Ford uses  the logic of his reasons, and the effectiveness of its supporting evidence to convey why it is so important that he pardons Nixon now, rather than let the Supreme Court deal with the matter.He announces, â€Å"†¦many months and perhaps more years will have to pass before Richard Nixon could obtain a fair trial by jury in any jurisdiction of the United States under governing decisions of the Supreme Court. † He uses the Supreme Court, the highest of all courts, to support his claim that pardoning Nixon was the best decision; and he does this by affirming that the Supreme Court would take too long and if they couldn’t make a decision, no other court in the United States would be able to make a decision. Making it palpable that he is the best option and nothing else would suffice.Later in the speech President Ford also brings forward the idea that, if the process of fair trial were to be brought out, the wait would only open old wounds and the people would â€Å"only be polarized in their own opini ons. † This statement was said to make the listeners feel as if their negative opinions, if any, of Richard Nixon were strong and unnecessary. It also makes the audience know that Gerald Ford is watching out for them and he realizes they are hurt, and doesn’t want the situation to continue to hurt him. By saying these things, the people’s feelings of trust and faith in the president are confirmed. I deeply believe in equal justice for all Americans, whatever their station or former station. † After possibly differing with the audience in the previous statement, Ford uses this to restore his credibility with the people and prepare them for more facts and reasons why he formed his opinion. Gerald Ford influences the audience again by using emotion to guilt-trip them into feeling sorrow for Nixon by saying â€Å"†¦ it is not the ultimate fate of Richard Nixon that most concerns me, though surely it deeply troubles every decent and every compassionate per son. Saying that a decent and compassionate person should care about what happens to Nixon makes the audience feel like they, too, should care about his fate. And doing so would restore the need for them to feel that they are a compassionate and decent human being. â€Å"In this, I dare do not depend upon my personal sympathy as a long-time friend of the former President, nor my professional judgment as a lawyer, and I do not. † This statement tells the audience that he sees both sides of the argument.Because of his background, as a lawyer and as a friend of former President Nixon, he is forced to see the logical side and the emotional side. Therefore, it seems as if the decision President Ford has to make is going to be made in a thoughtful and well-rounded way. â€Å"As President, my primary concern must always be the greatest good of all the people of the United States who servant I am. † Saying that he is a servant to his country seems as if he is saying that the d ecision isn’t only his, and he is trying to do what is best for his country, and what his country would think is best in the situation.The statement implies that he wouldn’t do any harm to his country and if he is an honorable man, like he has already convinced the audience, then he should be trusted with this decision also. President Gerald Ford proceeds to talk about how his conscience is telling him to make this choice and that it is his duty, as President of the United States, to â€Å"firmly shut and seal this book. † This statement made the audience feel like the pardoning of Richard Nixon is an honorable thing, and that Gerald Ford is brave to do it.It also implies, by bringing up his conscience, that he listens to his inner thoughts and always tries to do the right thing; and this is something he does regularly. By doing this he once again makes the audience see that he is a credible and honest man. Gerald Ford felt that â€Å"†¦Richard Nixon and h is loved ones have suffered enough†¦Ã¢â‚¬  The use of the phrase â€Å"loved ones† instead of the word â€Å"family† makes a strong connection with the audience and makes Nixon look more vulnerable and innocent. Ford then takes advantage of the warmth towards Nixon and says â€Å"we, as a great and good nation, can come together and make his goal of peace come true. The reflection of the people as a â€Å"great and good nation† brings the audience together and brings forth the idea that â€Å"we are all in this together†, making Ford’s opinion seem like it was the entire audience’s, too. Also, pointing out that Nixon had a goal of â€Å"peace† makes him, again, look like a very respectable man, which reflects well on President Ford. Gerald Ford uses the right amount of emotions, facts and credibility to endorse his opinion, and he does it very well without fault. He plays on the audiences emotions through making them sympatheti c for Nixon by pointing out his losses.Ford uses the facts of Richard Nixon’s trial to make his decision more reasonable. He also uses his credibility to establish trust. He influences the viewer’s opinions very discreetly, so the audience conform their opinion to his without realizing it. Overall, Gerald Ford does a really good job talking to his audience and making them feel like a part of his decision. He uses the appeals to his advantage and wins the audience over; making it easier for them to believe that he is making the right decision.