Project on Employee Motivation - 12522 Words

CHAPTER-1 INTRODUCTION 1.1 GENERAL INTRODUCTION Motivation has two meaning: expanding effort toward the accomplishment of an organizational goal, and the managerial process of getting workers to accomplice organizational goal. Motivation is one of the important contributor two performance and productivity. The most basic way to employee is give them a chance to satisfy needs. People tend to strive for satisfaction of need at one level only after satisfaction has been achieved at the previous level. The way a person behaves in a work situation is largely a function of motivation, that is, his desire to fulfill certain needs. Employee’s motivation is one of the most important factor for increasing performance and productivity.†¦show more content†¦In fact, the level of the performance of an employee is a function of his ailities and motivation. The first determines what he can do; the second determines what he will do. Where there is a strong positive motivation, the employee’s output increases; but where it is negative or a weak positive motivation, his performance level is low. One of the key elements in Personal Management is motivation; â€Å"It is the core of management, which shows that every human being earnestly seeks a secure, friendly and supportive relationship which gives him a sense of worth in face-to face groups, which are most important to him. A supervisor should strive to treat individuals with dignity and a recognitions to their personal worth†. Mc Gregor has stated, â€Å"The task of management is to arrange organizational conditions and methods of operation, so that people can achieve their own goals best by directing their own efforts towards organizational objectives†. Successful supervisors will be those who integrate the goal, oriented actions of individual workers will the pursuit of organizational goals. The goals of the individuals and organization can be achieved through stimulating workers towards productive performance, called motivational process. It is a process of arousing action, sustaining the activity in progress and regulating the pattern of drive. Eating food, drinking water and obtaining friends will tend to restore the homeostaticShow MoreRelatedUnderstanding Employee s Motivation Group Project Essay2159 Words   |  9 Pages Understanding Employee’s Motivation Group Project Thaiana Rodrigues Ahmet Pala Ning Ding Washington University of Virginia Literature review The concept of employee engagement is the extent to which an organization’s employee are psychologically involved in, connected to, and committed to getting one’s job done. Employee engagement is important for business because it drives performance. High levels of engagement were associated with a host of positive outcomes for individualsRead MoreInnovation as a Motivator Essay1724 Words   |  7 PagesMotivation, an important concept in management theory, can be defined as: â€Å"the reasons people do the things that they do† (Zenisek, 2009). A company that effectively motivates its employees will often perform better than one that does not. One motivation technique is innovation time: giving employees the freedom to work on their own projects as a portion of their normal workload. These projects are entirely self-directed, and rely heavily on the employee’s creativity and entrepreneurial spiritRead MoreThe Effect Of Flexible Work Programs On Employee Motivation1145 Words   |  5 PagesThe Effect of Flexible Work Programs on Employee Motivation Overview Since the 1990s, many single parents have entered the workforce and their children are suffering as a result. These working parents are forced to leave their children to raise themselves while they work rigid schedules. Meanwhile, many children are not receiving the guidance and attention they need to flourish in society. This leaves our future in the hands of children without the necessary guidance needed to succeed. RecentlyRead MoreOrganisational Culture and Motivation1496 Words   |  6 PagesIntroduction and Rationale Problem Statement Objectives Introductory Literature Review Proposed Methodology Project Plan Sources of Reading INTRODUCTION AND RATIONALE As Desson and Clouthier (2010) state, culture is an important factor in both attracting and retaining desirable employees. The extent to which an employee’s needs and expectations are fulfilled will determine the motivation, job satisfaction and performance levels (Mullins, 2005, p. 499) which would be influenced by culture. XY LtdRead MoreHow Leaders Motivate Employees And Organizations831 Words   |  4 Pagesissue(s) or specific problem(s) do you want to address in your Advanced Project, and why is that of interest to you? ===================== I’d like to address the problem of how leaders motivate employees in organizations. This is a general topic which can have a wide range of applicability (and that’s part of its appeal to me). But the problem of employee motivation, and how leaders can stimulate and/or make use of that motivation, is critical to the success of any organization. A leader can haveRead MoreThe Importance Of Teams Within Organizations, And The Importance Of Motivation Within The Workplace Essay1329 Words   |  6 Pagespaper of the course we will discuss the importance of teams within organization, and the importance of motivation within the workplace. These two facets of today’s workplace are incredibly important to an organizations success. 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However, Ayame’s backgroundRead MoreTeam Work and Motivation1718 Words   |  7 PagesTeamwork and Motivation In just a few years WooWoo manufacture has gained much success by becoming one of the world’s top producer of widgets. Recently sales have been high, but a new report was just released that exposed some defects with our product. This defect issue can quickly turn into a serious problem that will increased our costs and delay deliveries to our customers. During these critical times we must find a way to motivate the 50 employees in our sales, assembly, technology, and administrationRead MoreEssay about Nokia Research1242 Words   |  5 Pagesdifferent situations in which motivation to work would be an independent variable, moderating variable and dependent variable. Solution - Dependent Variable - A manager observes that motivation to work among the Employees is increased if he increases their working environment, Salary and perks. Independent variable- Performance of employees increased if they are motivated. Moderating Variable- For employees having second source of income/salary, the motivation may or may be a drivingRead MoreMotivation, The, Health, And Wellness Company Essay1602 Words   |  7 Pages2.5 motivational internal - Charlotte Cowie Motivation is the will to work. This comes from the enjoyment of the work itself and/or from the desire to achieve certain goals. There are many ways in which a manager goes about increasing motivation to improve many aspects of the business such as efficiency. My chosen business to study is Nestle. Nestle is the world s leading Nutrition, Health and Wellness company. Nestlà © New Zealand is a subsidiary of Nestlà © SA, www.nestle.com. Within the New Zealand

Fahrenheit 451 By Ray Bradbury - 1325 Words

The book Fahrenheit 451 by Ray Bradbury is about a â€Å"hero† Guy Montag that realizes his world isn’t as it seemed before. The main character, Montag is a firefighter but in Montag’s society firefighters set fires and they burn books that people have banned instead of putting out fires since all their houses are fireproof so there is no need to be a normal firefighter that puts out fire. Clarisse, an almost 17 year old girl , helped Montag to stop and look around. Clarisse seems to represents nature and is a strange and mysterious character that tastes the rain, smells like strawberries and apricots, plays with flowers, and stops to look at the billboards when the whole society is busy moving fast. Her uncle is mentioned a lot whenever Montag talks to Clarisse and the uncle is to be inspiring her to be different. Near the end of chapter one Montag learns from his wife Mildred, that Clarisse had died from a car accident. Montag starts to read the books that he had hidden with Mildred and even takes on the subway. When Montag decides he needs help to change the world he goes to a former professor to form a plan to make a stand in the world. One of themes of Fahrenheit 451 is ignorance vs. knowledge which can be seen from the setting, characters, and plot. The setting in the city is dark and very mechanical. Mildred had tried to kill herself and when Montag went to the hospital to see Mildred after they put her in the cobra like machine that drank all the bad water out of her.Show MoreRelatedFahrenheit 451 by Ray Bradbury719 Words   |  3 PagesThe flash point of paper, or the temperature at which paper will burst in flames, is 451 degrees Fahrenheit. In Fahrenheit 451, written by Ray Bradbury, the main character, Guy Montag, is a â€Å"fireman† in a futuristic society where he and his coworkers start fires, rather than put them out. Books are banned and burned, along with the owner of the book’s house and sometimes even the owner of the book, upon discovery. Technology has taken over in a sense that social interaction between the average personRead MoreFahrenheit 451 By Ray Bradbury1952 Words   |  8 Pagesis clearly displayed in the plight of Ray Bradbury’s novel about a dystopian American society, Fahrenheit 451, which contains many ideas and bits of content that some people believed should be censored. In fact, one of the reasons that this novel was censored for displaying the dangers of censorship, which is both extremely ironic, and telling as to where this society is going. Thanks to several distributors and oversensitive parents and teachers, Fahrenheit 451 has been banned in many schools overRead MoreFahrenheit 451 By Ray Bradbury954 Words   |  4 Pages In Fahrenheit 451 by Ray Bradbury, the author uses allegory (often misinterpreted by readers) to show the dangers of mass media consumption and the decline of reading traditional media. Many readers draw incorrect conclusions (lessons learned) from the book due to how generally the book applies its theme. Government censorship, though an important topic, is not the intended focus of the novel Fahrenheit 451. Finally, Bradbury’s original message of the book shows the beauty of traditional media andRead MoreFahrenheit 451 By Ray Bradbury1592 Words   |  7 PagesWhen writing the introduction to Fahrenheit 451, author Neil Gaiman stated that â€Å"ideas--written ideas--are special. They are the way we transmit our stories and our thoughts from one generation to the next. If we lose them, we lose our shared history†. Gaiman is absolutely correct; especially because what he is saying heavily applies to books. Books are a critical aspect in shaping humanity as a whole, they create and share a network of creative ideas, history, and overall entertainment; to loseRead MoreFahrenheit 451 By Ray Bradbury918 Words   |  4 Pagesâ€Å"Fahrenheit 451,† written by Ray Bradbury, is a futuristic, dystopian novel based upon a society secluded by technology and ignorance. In this future society, books are outlawed and firemen are presented with the task of burning books that are found in people’s homes. Montag, a fireman, finds himself intrigued with the books, and begins to take them home an d read them. As the story progresses, Montag learns the truth behind why books are outlawed and flees his city to join the last remnants of age-oldRead MoreFahrenheit 451 By Ray Bradbury847 Words   |  4 PagesSet Knowledge On Fire The book Fahrenheit 451 is a postmodern work by Ray Bradbury first published in 1951. In Bradbury’s story, all books are illegal and are subject to be burned by firemen. Furthermore, the two predominant themes of Fahrenheit 451 are censorship and ignorance. The censorship implemented over the years removes all information from society that is necessary to learn, which accomplishes to prevent people from questioning anything. The ignorance of society has been fostered and theRead MoreFahrenheit 451 By Ray Bradbury1661 Words   |  7 Pages1.) In the novel, Fahrenheit 451 by Ray Bradbury, Montag’s view on life reverses. Two characters the influence the main character Guy Montag are the old lady whose house and books were burnt down and Mildred. The old lady was caught preserving books in her home. Firemen including Montag were ordered to burn the books. The old lady refused to leave her books, so she too was burned. She bravely gave an allusion as her last words, â€Å"Play the man,’ she said, ‘Master Ridley.’ Something, somethingRead MoreFahrenheit 451 by Ray Bradbury818 Words   |  4 PagesFAHRENHEIT 451 BY RAY BRADBURY Important People in Montag’s Life In Partical Fulfillment Of English 2 Ms Irina Abramov By Helen Hernandez November 9, 2012 â€Å"There are worse crimes than burning books. One of them is not reading them† -Ray Bradbury. In the past there were events that affected book writers. People will get together to burn books because they thought it was inappropriate or they were against their literature. Montag is a fireman in a futuristic society who would startRead MoreFahrenheit 451 By Ray Bradbury863 Words   |  4 PagesThe novel, Fahrenheit 451 was written by Ray Bradbury and it took place in the dystopian future. Throughout each novel, we are able to see a major theme, which is censorship. In this essay, I will explain how this theme are explored in the story by using the literary devices. To begin with, in this novel, censorship is not given a straight description, but we can see how the author shows it through many literary elements, such as using the setting, tone and symbolisms even foreshadowing. This novelRead MoreFahrenheit 451 By Ray Bradbury1544 Words   |  7 PagesRay Bradbury, the author of Fahrenheit 451, expresses his perspective on life in an interview. His interview contains a common theme: Do what you love, and love what you do (Bradbury). Bradbury sends a message in his interview that people should love life, and live to the fullest because he believes life is a beautiful thing. Although Bradbury no longer can demonstrate his love for life his message still lives in the pages of Fahrenheit 451. The Government of the society in the novel has told their

Risk Tolerance In Financial Decision Making â€Myassignmenthelp.Com

Question: Discuss About The Risk Tolerance In Financial Decision Making? Answer: Introducation Several techniques are used in evaluating whether or not to proceed with financial projects or not especially when risks are involved. Some of such techniques are the Net Present Value (NPV) and the Profitability Index (PI). The two techniques mentioned above consider the profitability of a both a single or mutually exclusive projects. Using the NPV technique, a single project can be accepted if the expected NPV is positive and rejected if the NPV is negative. For mutually exclusive projects with positive NPVs, the one with the higher figure should be accepted ( Horngren , et al., 2011, p. 43). When it comes to the Profitability Index, the law states that a proposed project with profitability ratio that is greater than one should be accepted because it would be profitable. The project should be rejected if the profitability ratio is less than one. For mutually exclusive projects, the one with the higher profitability ratio should be invested in. In the case where the profitability ratio and NPV are zero (0), a company should choose to either accept or reject the project because either way the entity's status quo would remain the same (Drury, 2015, p. 99). In the case of the Zircon Company, the net present value should be determined by different situations as listed in the case study, i.e., make a deal with the Argentinean firms, the Argentinean government, or the Alternative strategy after hedging the Peso revenue. The Zircon Company's net present values under different situations are calculated as shown below; Decides to hedge the maximum amount of revenue that it will receive from the project Hedged maximum amount if the government contract is given ARS 5000,000 x 0.12 = $600,000 Note: Initial Cash Outflow is US$ 3, 00,000 = $ 420,000 The formula for calculating the NPV is as below; Where: Ct= net cash inflow during the time t Co= total original outlay costs r =discount rate, and t = number of time periods If the Company receives the contracts from the Argentinean government, the project will generate a total revenue of $600,000 within a period of one year at an 18 % discounting rate. All the other factors remain constant. The NPV is calculated as follows; NPV= (($ 600,000 / (1+0.18)) -$ 300,000 NPV= ($ 600,000 / 1.18) - $ 300,000 NPV=$508,474.58 - $ 300,000 NPV=$ 208,474.58 If Zircon gets into the contract with the Argentinean government, the project will generate $ 208,474.58 as obtained from the NPV above. The NPV if Zircon does not receive the contract i.e. if it gets order from the Argentinean firms. The formula for calculating the NPV is as below; Where: Ct= net cash inflow during the time t Co= total original outlay costs r =discount rate, and t = number of time periods Revenue converted to $: ARS 3000,000 x 0.12= $360,000 However, if the contract is not awarded by the government, an excess amount would be paid to offset the ARS 2,000,000 due to the change in Peso rate. Calculated as below; Offsetting forward sale= ARS 2,000,000 x $0.13 = $260,000 Excess forward sales proceeds= ARS 2,000,000 x $0.12 = $240,000 Loss from forward sales = $260,000- $ 240,000 =$ 20,000. Cash flows- Loss= $ 360,000- $20,000 = $ 340,000 If the Company does not receive the contracts from the Argentinean government, the project will generate a total revenue of ARS $ 3,000,000 within a period of one year at an 18% discounting rate. All the other factors remain constant. The NPV is calculated as follows; NPV= ($340,000 / (1+0.18)) -$300,000 NPV= ($340,000 / 1.18) -$300,000 NPV= $ 288,135.59-$300,000 NPV=$ -11,864.41. If Zircon does not get into the contract with the Argentinean government and chooses to supply its products to the Argentinean firms, the project will generate a negative NPV of 11,864.41. NPV with the Alternative strategy Government contract is awarded Hedged portion: ARS 3,000,000 x $0.12 = $360,000 Unhedged portion: ARS 2,000,000- $0.13 = $260,000 Total= $620,000 The net present value of the zircon company after pursuing the alternative option after hedging the minimum peso revenue is as shown below. The formula for computing NPV: Where: Ct= net cash inflow during the period t Co= total original asset costs r =discount rate, and t = number of time periods The NPV is calculated as below; NPV= ($ 620,000 / (1+0.18)) - $3300, 000 NPV= ($ 620,000 / 1.18) -$300,000 NPV=$525,423.73- $300,000 NPV= $ 225,423.73 Therefore, the alternative strategy, will generate the net present value of $ 225,423.73 if the Company choose to invest in it. Government contract is not awarded NPV = $360,000/ (1.18) - $300,000 NPV=$305,084.75-$300,000 NPV= $ 5,085. Comparison of the three different options (Ratios) Options NPVs Does not get the government contract $ -11,864.41 Gets the government contract $ 208,474.58 Alternative Strategy (Government Contract) $ 225,423.73 Alternative Strategy (No Government Contract) $ 5,085 After considering the three options, i.e., failure to get the government contract, successfully getting the government contract and alternative strategy, the Zircon Company should choose the best option that would yield the maximum profitability. From the comparison table above it is evident that the alternative strategy option would generate the highest net present value based on the ratios above. The option has the highest NPV of $ 225,423.73. Alternatively, if the company successfully enters into the contract with the government, the NPV would be $ 208,474.58. If the company does not get the contract from the government and chooses to sale the technology to the Argentinean firms, the lowest NPV of $ 5,085 would be realized (Drury, 2004, p. 78). The three options should be treated as mutually exclusive events. The most profitable option should be chosen in this case. To maximize its revenue, the Zircon Company should choose the alternative strategy option. Failure to obtain the government contact would yield the least income because it had the lowest NPV (Blocher, et al., 2009, p. 75) As the financial manager of Zircon, describe the uncertainty that surrounds the estimate of future cash flows from the perspective of the US parent. Several factors should be considered before venturing into a foreign market. There are risks and uncertainties involved in creating a market for any product or services in the foreign market. There is the need to conduct a thorough feasibility study of the market before making an entrant. Even after making an entrant it would be difficult to estimate the products' demand level with certainty. In the case of Zircon Company and its entry in the Argentinean market, factors such as economic factors, political factors, technological advancement, and competition will affect future cash flows of the company not only in the foreign market but also for the parent Company (Coleman, 2011, p. 66). Economic Factors The first factor under the economic factors is the demand and supply. Considering that company would also choose to sell its product to the technological firms, the demand, and supply of the Argentinean technology market would play a major role in the success of the product. Considering that similar products already exist in the market already, the company might be forced to lower its prices further to be accepted by the consumers. In such a scenario, the future cash inflows would be lower than expected (Lindgreen Hingley, 2012, p. 33). The second factors are the fluctuating ARS' exchange rate. The future exchange rate for the ARS is anticipated to be unstable. From the information on the ARS' conversion into US dollar, in the beginning, the spot rate of the peso is US$0.14. One year later, the spot rate is expected to decline to US$0.12 although the company hopes that the conversion rate is US$ 0.13 (Shu, et al., 2016, p. 61). The fluctuating exchange rate of the ARS is caused by the forces of demand and supply in the international finance market. For instance, when the value of importing country's currency becomes volatile over a period it would have an impact on the currency of the exporting country. In this case, the ARS is expected to depreciate against the US dollar for a long time. Therefore, certainty assumption should be taken on the expected future cash inflows. However, the assumptions cannot be made with certainty because of anticipated future risks (Arnold, 2014, p. 55). Political factors There are several factors involved in the political factors. First, some laws applied by the importing countries greatly impact the ability of a foreign company to conduct business. For instance, some countries prohibit a foreign company from owning over 49% of the business shares. Others require the firm to form a partnership with the government or local investors to operate. Such laws affect the future cash inflows. The second factor is the taxes. High taxes on foreign companies makes it difficult to make a considerable profit from selling its products and services. High taxes also make foreign companies less competitive in the market as compared to the local companies (Lucarelli, 2011, p. 101). The Third factor is war and political instability. Wars have a major effect on companies operating in foreign countries. Businesses can be extinct overnight in case war erupts. A good example occurred when the revolution broke in Libya. Likewise, political unrest also affects the ability of a company to succeed in a foreign country. Both wars and political unrests plays have a major impact on revenue generation for any company (Crouhy, et al., 2014, p. 89). Investors also shy away from investing in countries facing political unrest. Likewise, decision-makers cannot form a formidable decision on whether or not to proceed with the project without a clear picture of the market. The confidence of the stakeholders is also affected by political unrest and wars. Stakeholders are motivated when the environment always them to give their maximum. Political unrest and wars reduce the ability to generate maximum revenue which adversely affects a company's profitability (KrÃ… ¾anovi?, et al., 2015, p. 112). Advancement of technology The advancement of technology also has a major effect on the demand for products of a company. The Zircon Company should take advantage of technological advancement to differentiate its products from those of the competitors. The products can easily be differentiated to fit the consumers' tastes and preferences. However, without the required technology infrastructure, any company cannot survive in the in the stiff technological industry. To have a competitive edge, a company need to invest in aggressive promotion to maintain or create a market share. Aggressive sales come with an extra cost which directly leads to an increase in the product price. Subsequently, the demand and sales of the product in question would reduce hence affecting the future cash inflows (Leung, et al., 2014, p. 67). Competition Another factor to consider is the level of competition in the target market. The number of real competitors, the degree of competition and existing products in the market, will help the foreign company in planning its marketing and promotional strategies. Where aggressive competition exists, a new company will have to incur more cost to win over consumers compared to when the level of competition is low. The degree of competition directly impacts the amount of revenue and profitability of any company (Kamiya, et al., 2007, p. 58). As the financial manager for Zircon, explain how you propose to take account of risk in evaluating whether to proceed with this project. Several exposure and risk factors should be taken into account when deciding no whether or not to proceed with the project. The transaction exposure is the first risk for the Company's decision to invest in the Argentinean market. Transaction exposure is defined as those risks faced by those companies involved in the international trade. It arises from the fluctuating currency exchange rates after a company has engaged in financial commitment. Transaction exposures can result in adverse losses for companies. The exposure can be managed by hedging both the upside and downside risks. The strategy is aimed at reducing revenue variability and eliminating the impacts of risks associated with exchange rates by using the forward contracts (Lind, et al., 2013, p. 80). The economic exposure should also be considered. This type of exposure arises from the un-anticipated fluctuation of a currency value which affects an entity's future cash flows. Economic exposure has a substantial influence an entity's market value. The exposure has a long-term effect making it so impossible to be hedged easily because it is time-consuming and costly. In the case of Zircon, the exposure arises from the unexpected fluctuation of the exchange rates in the Argentinean market which affects the contract value during the execution (Newton, 2013, p. 77). Apart from hedging both sides of the risks, the following strategies can be applied as well in managing the exposure risks; Risk Shifting: The strategy is meant to eliminate any risk exposures. The company would make all its transactions in the home (US$) currency to avoid the transaction exposure. However, the transaction exposure must be met by either the government or the firms. Either way, the currency risk arising from the transaction would affect the final price of the agreement. Sharing the Currency risk: The strategy is meant to reduce the impact of transaction exposure on one party. Thus Zircon and the government should agree to a written document to split any arising transaction cost between themselves. Lagging and Leading: The strategy assists in reducing the transactional losses and gains. If the foreign currency under an existing contract appreciates after denomination, a company can pay off its liabilities earlier and take the receivables later. Conversely, when the foreign currency depreciates after denomination, then the receivables are taken, and liabilities are met later (Rejda McNamara, 2013, p. 61). Considering that the both the currencies, i.e., the US dollar and the ARS are likely to depreciate in the future, the Pricing policy should be used. For instance, the International Fisher Effect (IFE) Theory is applied in establishing a nation's nominal by considering the inflation and interest rates. Nominal is recognized by deducting the inflation rate from the normal interest rate. The nominal interest rate should be adjusted by the changes in the expected inflation rate if the real interest rate remains constant over time. When applying the IFE theory, first, the fisher's effect should be used to calculate the expected rate of inflation for the respective country. Second, Purchasing Power Parity (PPP) theory is used in estimating the variation in the anticipated inflation will influence the exchange rate (Rejda McNamara, 2013, p. 73). Considering inconsistency of the real interest and nominal interest, the Fisher theory is affected by the error. Zircon Company should rely on the market share and the expected profit margin by choosing the price likely to maximize the profits. Diversification of the operations would assist in minimizing the effect of exchange rate risks on the future cash flows. Diversifying activities ensure that the risk associated with exchange rate exposure is reduced symmetrically. Diversification of the operations would generate a natural hedge technique that maintains a steady cash flow of the dollar even if the exchange rate fluctuates. Moreover, with flexible operations, the company will have the ability to choose favourable currency movement paths to ensure that the profit is maximised. Flexibility also ensures that the unfavourable movement of currencies is minimized. The strategy would lead to increased protection as well as adding option value. To assess Zircon's exchange rate and economic exposure's the regression analysis should be used in analyzing the historical exchange rate and cash flows data's (Beullens Janssens, 2014, p. 78) The third kind of the exposure is contingent. Zircon is exposed to contingent risk when negotiating or bidding for contract or projects in the foreign markets. Contingent exposure arises from the economic exchange and transaction risks before getting the contract with the government. The translation exposure would also affect the company when it comes to translating the financial reports, arising from the contract transaction into the consolidated report, at the parent company. While the translation exposure does not affect cash flows directly, it influences the reporting of the assets, liabilities, earnings and the stock price obtained from the foreign market (Kamiya, et al., 2007, p. 90). The translation exposure can be managed by conducting hedge on the balance sheet. The hedge will help in iron the differences on the balance sheet arising from the net assets and liabilities as a result of the movement of the exchange rate. Therefore, the company should establish an appropriate amount to balance the assets and liabilities. Foreign exchange can also be used to hedge existing derivatives arising from the exposure (Kamiya, et al., 2007, p. 91). Operational Risk Management The Operational Risk Management refers to activities that involve risk evaluation which is addressed in a cycle. The activities within the cycle comprise of risk assessment, decision-making and implementing the risk control mechanisms. In most cases, risk management entails failed internal systems or processes, external events, and human errors (Newton, 2013, p. 102). The management of financial risks comprises of four steps; Context establishment Risk assessment: identification, analysis, and evaluation Risk treatment Risk monitoring and reviewing The ORM model is acceptable due to the numerous benefits associated with it. For instance, business is likely to reduce its operational loss, detect and rectify unlawful operation, reduce the auditing and compliance costs, and reduce the exposures likely to generate risks in the future. According to the net present value technique, the contract is justified, and the company should proceed with investing in the contract with the government. The decision is based on the positive NPV to would be realized. However, being a financial investment other forms of risks are likely to arise. For instance, if the Argentinean government changes its law and regulations governing its business relationship with foreign companies, operations of the Zircon Company would be affected. Likewise, the operations might be tempered with if the Parent Company in the U.S. changes its opinion on the contract (Newton, 2013, p. 105). Standard deviation or variance technique is used in assessing the financial risk. In foreign currency exchange, companies have interested the rate of change that exists between different currencies. Greater currency/ financial risk occur when the variance or standard deviation is high. To determine the outcome on returns and distribution of returns associated with financial risks, the Value at Risk (VaR) is used. Using the VaR technique, the probable amount that is likely be lost from an investment over time is determined and used for mitigation purposes. From the anticipated loss, the Zircon should insure itself from the financial risks listed above. The insurer will have the best opportunity to effectively evaluate the risks associated with the proposed investment. The insurance option will also provide safety measures to the company. However, seeking the services of the insurer to increase operating cost for the company reducing its earnings (Rejda McNamara, 2013, p. 111). Conclusion The Zircon Company have already obtained substantial financial information showing the project is viable from the positive financial outcome posted by the NPV. However, the company should also evaluate and analyze the operational and financial exposures and risks associated with the project. A detailed risk analysis will provide the company with adequate information on whether or not to proceed with the project. References Horngren , C. T., Datar, S. M. Rajan, M. V., 2011. Cost Accounting: A Managerial Emphasis. New Jersey: Prentice Hall. Arnold, G., 2014. Corporate financial management. 1 ed. New Jersey: Pearson Higher Ed. Beullens, P. Janssens, G. K., 2014. Adapting inventory models for handling various payment structures using net present value equivalence analysis. International Journal of Production Economics, Volume 157, pp. 190-200. Blocher, E., Stout , D. Cokins, G., 2009. Cost Management: A Strategic Emphasis. New York: McGraw-Hill/Irwin. Coleman, T. S., 2011. A Practical Guide to Risk Management. New York: Research Foundation of CFA Institute. Crouhy, M., Galai, D. Mark, R., 2014. he Essentials of Risk Management. New York: McGraw-Hill Education. Drury, C., 2004. Management and cost accounting. Singapore: seng les press . Drury, C., 2015. Management and Cost Accounting, New York: Cengage Learning EMEA. Kamiya, S., Shi, P., Schmit, J. Rosenberg, M., 2007. Risk Management Terms. University of Wisconsin-Madison: Actuarial Science, Risk Management and Insurance Department. KrÃ… ¾anovi?, D., Kolonja, B. Stevanovi?, D., 2015. Maximizing the net present value by applying an optimal cut-off grade for long-term planning of the copper open pits. Acta Montanistica Slovaca, 20(1), pp. pp.49-61. Leung, B., Springborn, M. R., Turner, J. A. Brockerhoff, E. G., 2014. Pathway?level risk analysis: the net present value of an invasive species policy in the US. Frontiers in Ecology and the Environment, 12(5), pp. 273-279. Lindgreen, A. Hingley, M. K., 2012. Value in business and industrial marketing: Past, present, and future. Industrial Marketing Management, 41(1), pp. 207-214. Lind, R. C. et al., 2013. Discounting for time and risk in energy policy, New York: Routledge. Lucarelli, C., 2011. Risk Tolerance in Financial Decision Making. Washington: Palgrave Macmillan Studies . Newton, P., 2013. Managing Project Risk. New Jersey: Bookboon.com. Rejda, G. E. McNamara, M., 2013. Principles of Risk Management and Insurance. Paris: Pearson Series. Shu, S. B., Zeithammer, R. Payne, J. W., 2016. Consumer Preferences for Annuity Attributes: Beyond Net Present Value. Journal of Marketing Research, 53(2), pp. 240-262.

What is art Essay Example For Students

What is art ? Essay Without knowing first what art is, we will not be able to tell what good is art. Having studied several different definitions of art, I am most satisfied with Tolstoys definition of art from his essay What is Art? (pckt pg.21). According to Tolstoy, art is a form of communication, a vehicle which the artist can use to communicate his feelings and emotion; it is a means of intercourse between man and man (pckt pg. 23). Tolstoys definition of art is hardly based on the beauty of the work, rather he focuses on the communicative qualities of the work namely, infectiousness, clarity and sincerity. Thus, any piece of work displaying all the three conditions in any varying degree, is considered a work of art. The quality of a work of art is determined by the degree to which it is sincere, clear and infectious. Using Tolstoys given definition of art my essay attempts to discuss what art is good for, mainly with respect to ethics. We will write a custom essay on What is art ? specifically for you for only $16.38 $13.9/page Order now My stand on art is that it can be both for good and for bad when it comes to the question of ethics. For example, literature as art can act in both ways, which way it goes depends on both the writer and reader. Literature, since its inception has always been a form of communication, and good literature be it the prose of Trollope, poems of Blake, the plays of Shakespeare or even political propaganda has always had the sincerity of its creator. Throughout history, literature has been able to bring a social, or moral message to the people. And good literature has always been infectious, at times even igniting reform and revolution. Without a doubt, literature brings to the reader or audience a circumstance we are unable to experience in real life and thus raise moral or social concerns. From Swifts satirical Gullivers Travels which poked fun at the social mores of his time, to the fiction of Dickens whose plea for reform did not go unheard and pushed a program for reformation into acti on. Yet literature with its power to move masses can also go bad, for instance, the misinterpretation of Marxist theories led to the regime of suffering and terror we know as Communism. Art, as Tolstoy has described, is infectious, sincere and clear, qualities that make it extremely accessible to the masses, and given its infectious nature, art as a form of expression and communication can fuel changes or destroy whole societies. The experience of art is more easily degraded (book pg.199) says Murdoch in her essay The Sovereignty of Good. Murdoch substantiates Tolstoys claim that art is communicative when she describes it as a human product that is easily comprehended or degraded. Murdochs main argument is that moral ethics and virtues are in fact connected to Beauty in Art, or in Nature.(book pg. 198) Her argument is based on two assumptions; namely, that humans are all selfish and that there is no external reason for human life. In view of her assumptions, it follows that whatever makes us less selfish or more objective is virtuous. And beauty be it in Nature or Art, has the ability to make us indulge in self-forgetful pleasure (book pg. 198) thus making us less selfish and more objective. Beauty in Art is more edifying (book pg.199) since it is a human product; and even more so when we are talking about representational art like literature or paintings. (book pg.199) She claims art to be concerned with mor ality, and that it presents to us what we would be too timid or selfish to discover on our own. Good art is a demonstration of the difficulty of being objective and is a place in which the nature of morality can be seen. (book pg.200) In other words, art is where the artist sheds his individualistic veil of perception and creates a work where others can share in his objectivity. This is an act of virtue. In appreciating art, we become less selfish and can see the reality of the world presented. I agree very much that objectivity is introduced to the spectator, and I can think of no more fitting example than when Dickens