Scope of Financial Management free essay sample

Financial Management can be defined as:The management of the finances of a business / organisation in order to achieve financial objectives. Taking a commercial business as the most common organisational structure, the key objectives of financial management would be tocreate wealth for the business ,generate cash, andprovide an adequate return on investment bearing in mind the risks that the business is taking and the resources invested. There are three key elements to the process of financial management: Financial Planning Financial Control Financial Decision-making Meaning and Defination Meaning of Financial Management Financial Management is that specialised function of general management which is related to the procurement of finance and its effective utilisation for the achievement of common goal of the organisation. It includes each and every aspect of financial activity in the business. Financial Management has been defined differently by different scholars. A few of the definitions are being reproduced below:- â€Å"Financial Management is an area of financial decision making harmonizing individual motives and enterprise goals. We will write a custom essay sample on Scope of Financial Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page †- Weston and Brigam. Financial Management is the application of the planning and control functions to the finance function. †- Howard and Upton. â€Å"Financial Management is the operational activity of a business that is responsible for obtaining and effectively, utilizing the funds necessary for efficient operations. †- Joseph and Massie. From the above definitions, it is clear that financial management is that specialised activity which is responsible for obtaining and affectively utilizing the funds for the efficient functioning of the business and, therefor, it includes financial planning, financial administration and financial control. According to me, â€Å" Financial Management is a system in which rotate planning , control and decision making. †-chudasama sulochanaba Objectives of Finance Function For optimum financial decisions, the objectives of financial management shall be clearly defined. They should be so laid down that they contribute directly towards the achievement of overall business objectives. Objectives provide a normative framework within which a firm is to take decisions. Financing is the functional area of objective of the business and contribute directly towards it. The main objectives of a business are survival and growth. In order to survive ups and downs in the business, the business must earn sufficient profits and it should also maintain proper relations with shareholders, customers, suppliers and other social groups. The financial management of an organisation must seek to achieve the following objectives: †¢To ensure adequate and regular supply of funds. †¢To provide a fair rate of return to the suppliers of capital viz. shareholders. †¢To ensure effective utilization of funds by maintaining proper balance between profitability, liquidity and safety. to generate and build up sufficient surplus for expansion and growth through ploughing back of profits. †¢To minimize cost of capital by developing a sound capital between various securities issued by the company. †¢To coordinate the activities of the finance department with the activities of other departments in the organisation. Scope of Functions of Financial Manag ement The finance department of an enterprise performs several functions in order to achieve the above objectives. The scope of finance function is very wide. It consists of the following activities: 1. Estimating the Requirement of Funds :- The finance department must estimate the capital requirements of the firm accurately for long term and short term needs. In estimating the capital requirements of the business, the finance department must take help of the budgets of various activities of the business e. g. sales budget, production budget, expenses budget etc. prepared by the concerned departments. In the initial stage, the estimate is done by promoters but in a growing concern, it is done by the finance department. Unless the financial forecast is correct, business is likely to run into difficulties due to excess or shortage of funds. Correct estimates ensure the availability of funds as and when they are needed. In estimating the requirement of funds, nature and size of the business, modernization and expansion plan should be given due consideration. 2. Determining the Capital Structure :- By capital structure we mean the kind and proportion of different securities for raising the required funds. Once the total requirement of funds is etermined, a decision regarding the type of securities to be issued and the relative proportion between them is to be taken. The finance department must determine the proper mix of debt and equity. It should also decide the ratio between long term and short term debts. In determining these ratios, cost of raising finance from different sources, period for which funds are required and several other factors should be considered. A proper balance between risk and re turns should be maintained. Choice of Sources of Finance:- A company can raise funds from different sources e. g. hareholders, debenture holders, banks, financial institutions, public deposits etc. Before raising the funds, it has to decide the source from which the funds are to be raised. The choice of the source of finance should be made very carefully by taking a number of factors into account such as cost of raising funds, conditions attached, charge on assets, burden of fixed charges, dilution of ownership and control etc. For example, if the company does not want to dilute the ownership, it will depend on any source of finance other than investment in shares. 4. Investment of Funds:- The funds raised from different sources should be prudently invested in various assets -short term as well as long term to optimize the return on investment. In taking decisions for the investment of long term funds, a careful assessment of various alternatives should be made through capital budgeting, opportunity cost analysis and many other techniques used to evaluate the investment proposals. A part of the long term funds should be invested in working capital of the company. While taking decision for the investment of funds in long term assets, management should be guided by three basic principles, viz. afety, profitability and liquidity. In taking decisions for the investment of funds in working capital, the finance manager must seek cooperation of marketing and production departments in estimating the funds which are to be involved in carrying of inventories in finished product and credit policy of the marketing department and in raw material and factory supplies of the production department. 5. Management of Cash:- It is the prime responsibility of the finance manager to see that an adequate supply of cash is available at proper time for the smooth running of the business. Cash is needed to purchase raw materials, pay off creditors, to pay to workers and to meet the day to day expenses of the business. Availability of cash is necessary to maintain liquidity and credit- worthiness of the business. Excess cash must be avoided as it costs money. It there is any cash in excess, it should be invested in near cash assets such as investments etc. which may be converted into cash within no time. A cash flow statement should be prepared by the department to know the correct need of cash is essential to achieve the goal of profitability and liquidity. The finance manager should decide in advance how much cash he should retain to meet current obligations of the company. 6. Disposal of Surplus:- One of the prime function of the finance department is to allocate the surplus. After paying all taxes, the available surplus of the business can be allocated for three purposes -(a) for paying dividend to the shareholders as a return on their investment, (b) for distributing bonus to workmen and companys contribution to other profit sharing plans, and (c) for ploughing back of profits for the expansion of business. As far as the second alternative is concerned, the amount to be paid to workers is generally fixed either by statute or by agreement and therefore, there is no problem in allocating surplus for this purpose. But a considerable, attention is to be paid in so far as first and third alternatives are concerned i. e. , how much to be paid to shareholders as dividend and how much to be retained in the business. For this purpose factors like the trend of the earning of the company, trend of the market price of its shares; the requirement of funds for the purpose of expansion and future prospects should be considered. . Financial Controls:- The financial manager is under an obligation to check the financial performance of the funds invested in the business. There are a number of techniques to evaluate the performance viz. Return on Investment (ROI), budgetary control, cost control, internal audit, ratio analysis and break-even point analysis. The financial manager must lay emphasis on financ ial planning as well. Importance of financian management Importance of finance cannot be over-emphasised. It is, indeed, the key to successful business operations. Without proper administration of finance, no business enterprise can reach its full potentials for growth and success. Money is a universal lubricant which keeps the enterprise dynamic-develops product, keeps men and machines at work, encourages management to make progress and creates values. The importance of financial administration can be discussed under the following heads (i) success of Promotion Depends on Financial Administration:- One of the most important reasons of failures of business promotions is a defective financial plan. If the plan adopted fails to provide sufficient capital to meet the requirement of fixed and fluctuating capital an particularly, the latter, or it fails to assume the obligations by the corporations without establishing earning power, the business cannot be carried on successfully. Hence sound financial plan is very necessary for the success of business enterprise. (ii) Smooth Running of an Enterprise:- Sound Financial planning is necessary for the smooth running of an enterprise. Money is to an enterprise, what oil is to an engine. As, Finance is required at each stage f an enterprise, i. e. promotion, incorporation, development, expansion and administration of day-to-day working etc. , proper administration of finance is very necessary. Proper financial administration means the study, analysis and evaluation of all financial problems to be faced by the management and to take proper decision with reference to the present circumstances in regard to the procurement and utilisation of funds. (iii) Financial Administration Co-ordinates Various Functional Activities:- Financial administration provides complete co-ordination between various functional areas such as marketing, production etc. o achieve the organisational goals. If financial management is defective, the efficiency of all other departments can, in no way, be maintained. For example, it is very necessary for the finance-department to provide finance for the purchase of raw materials and meting the other day-to-day expenses for the smooth running of the production unit. If financial department fails in its obligations, the Production and the sales will suffer and consequently, the income of the concern and the rate of profit on investment will also suffer. Thus Financial administration occupies a central place in the business organisation which controls and co-ordinates all other activities in the concern. (iv) Focal Point of Decision Making:- Almost, every decision in the business is take in the light of its profitability. Financial administration provides scientific analysis of all facts and figures through various financial tools, such as different financial statements, budgets etc. , which help in evaluating the profitability of the plan in the given circumstances, so that a proper decision can be taken to minimise the risk involved in the plan. v) Determinant of Business Success:- It has been recognised, even in India that the financial manger splay a very important role in the success of business organisation by advising the top management the solutions of the various financial problems as experts. They present important facts and figures regarding financial position an the performance of various functions of the company in a giv en period before the top management in such a way so as to make it easier for the top management to evaluate the progress of the company to amend suitably the principles and policies of the company. The financial manges assist the top management in its decision making process by suggesting the best possible alternative out of the various alternatives of the problem available. Hence, financial management helps the management at different level in taking financial decisions. (vi) Measure of Performance:- The performance of the firm can be measured by its financial results, i. e, by its size of earnings Riskiness and profitability are two major factors which jointly determine the value of the concern. Financial decisions which increase risks will decrease the value of the firm and on the to the hand, financial decisions which increase the profitability will increase value of the firm. Risk an profitability are two essential ingredients of a business concern. Conclusion:- In short Financial Management is very important for any business. If we want to fully use our money we have to implement financial management in our business . e can see the importance of financial management from success of promotion depends on financial administration, smooth running of an enterprise, focal point of decision making, financial administration co-ordinates various functional activities, determinant of business success, measure of performance.

Answers to Questions About Punctuation

Answers to Questions About Punctuation Answers to Questions About Punctuation Answers to Questions About Punctuation By Mark Nichol Here are a few questions from readers about the use of various forms of punctuation, followed by my responses. 1. In the following sentence, how do you separate the statement from the description, â€Å"A system of aligned chambers supports anaerobic digestion, a biological process that happens naturally when bacteria breaks down organic matter,† or â€Å"A system of aligned chambers supports anaerobic digestion; a biological process that happens naturally when bacteria breaks down organic matter†? The first sentence is correct: A term’s definition is set off from the term by a comma. (The definition is a form of appositive, an alternative way of naming something, just as in â€Å"The boy, a fifth grader at the school, was not injured.†) A semicolon is appropriate only if what follows it could stand on its own as a complete sentence, as in â€Å"A system of aligned chambers supports anaerobic digestion; this is a biological process that happens naturally when bacteria breaks down organic matter.† 2. I avoid the serial comma whenever possible i.e., in cases where there is no ambiguity because I prefer not to have comma-heavy sentences.   However, when it is necessary, I bend my rule and use it to remove any ambiguity. Would this be considered inconsistent style (for writing and editing)? It’s correct, if you generally avoid using serial commas, to omit a serial comma for â€Å"a, b and c† constructions but make an exception to insert one for clarity in â€Å"a, b, and c and d† constructions. That’s consistent usage and it’s approved of by The Associated Press Stylebook and other guides that recommend omitting the serial comma in simple in-line lists as long as you always omit it in the first case and always insert it in the second case. (It would be inconsistent only if you varied between â€Å"a, b and c† and â€Å"a, b, and c.†) But I think it’s better to simply always, always, use a serial comma, as The Chicago Manual of Style and many other guides recommend. 3. In the sentence â€Å"Do you employ a serial comma the final comma in a sentence such as ‘I bought one apple, two bananas, and three oranges’?† you have your punctuation (question mark) outside the quotes. That’s not intentional, right? Question marks and exclamation points are located either within quotation marks or outside them based on whether the quoted material is a question or an exclamation or the framing sentence is a question or an exclamation. In the sentence, â€Å"I bought one apple, two bananas, and three oranges† is not a question; it is positioned within a sentence that is a question: â€Å"Do you employ a serial comma . . . ?† Therefore, the question mark should follow the close quotation mark. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:50 Slang Terms for MoneyCannot or Can Not?Threw and Through

Cancer and Nutrition Research Paper Example | Topics and Well Written Essays - 3500 words

Cancer and Nutrition - Research Paper Example A variety of fruits and vegetables need to be added to once diet and it is good to select these fruits and vegetables based on different color. Different phytonutrients are present in fruits and vegetable with different color and a variety based on this criterion would be easy for identification by a layman. A diet that has high fiber food such as whole wheat, a balanced ratio of omega 3 and omega 6 fats, antioxidants and phytonutrients from fruits and vegetables, such as ? & ?-carotene, ?-cryptoxanthin, vitamin C, vitamin E, selenium, and other nutrients can aid in prevention of different types of cancers. This paper focuses on the role of nutrition in prevention of cancer and recurrence in those undergoing treatment for cancer. Cancer and Nutrition Introduction Cancer has always been a dreaded disease that I have ever come across in my life. There are many who have cancer and unfortunately, in many cases, it is because of ignoring some of the basic aspects of life such as good nutr ition. I have seen people suffer and die of this disease. My grandfather died of bone cancer and my mother has had thyroid cancer. Today, though there are easy methods of detecting and good treatments available, I believe that it is better to prevent cancer rather than look for treatments after having it. Over the years I have been keen to find natural methods to prevent cancer and nutrition is one of the prime subjects that I have come across. This paper highlights the importance of balanced nutrition in preventing cancer and also looks into the role of balanced nutrition in the recovery phase among the survivors of cancer. Hippocrates (460-377 BC) stated that â€Å"†¦.let food be your medicine and medicine be your food†. Today, after several centuries I would like to believe that what goes into the body as food mainly determines the health of a person. Though environment and other exposures may be reasons for a disease, a healthy person will be able to withstand advers e circumstances. Therefore, if nutrition has to take care of us, then what kind of nutrition is best for preventing diseases such as cancer? Researchers suggest that a plant based diet that includes fruits, vegetables, whole grains and legumes are the best for cancer prevention (Mahtani, 2010a, para. 1). It is estimated that about one third of all cancers are due to poor nutrition. The use of tobacco is another major reason for additional one third cancers and if these two factors are controlled many people can be protected from this dreaded disease. Understanding the basic fact that a healthy diet plan together with regular exercise, a check on the body weight and avoiding tobacco and alcohol are some of the most simple techniques to keep one healthy and free from cancer or at least lower the risk of cancer. A plant based diet is rich in chemicals known as phytonutrients. These are healthy nutrients that are very essential for the well being of individuals. Phytonutrients include v itamins, minerals, and other chemicals such as antioxidants necessary for the prevention of cancer. Researchers suggest that the intake of phytonutrients is directly linked with the prevention of cancer. It is important to consume variety of fruits and vegetables rather than the same set of fruits and vegetables on a day-to-day basis. This gives us the benefit of a variety of plant based nutrients maximizing the cancer fighting agents in the body (Mahtani, 2010a). Another important question to be answered is that how will nutrition help cancer survivors? Though there are many researchers who have studied the role of nutrition in prevention of cancers, very less research has gone into role of nutrition for cancer survivors. Today, there are an increasing number of researchers who are contributing to

Evaluation of the strategy of undertaken role-play Essay

Evaluation of the strategy of undertaken role-play - Essay Example As this was the first discipline after the company's introduction of Dignity at Work programme, utmost care was taken not to punish any employee without proper reason. The decision had to be made after considering the situation of such an incident, the character and the employment record of the accused. Role-play decided the existence of the employees in the company and their other increments. As a manager I had to make sure both the employees were given chance to express their opinion and the reason for such incident. The strategy of analyzing the employee's record was a commendable action, since it helped in analyzing the reason for the problem and also to know about the character of the employee. (Dubrin, 2008). The company has been supportive to its employees in all the situations and the decisions were made to suit the needs of the employees. This issue was handled by keeping in mind that it should not happen again. The strategy of examining the employee record helped in knowing that the employee's record is clear and he has not made such mistakes before. The major aim of the strategy was to make a decision depending on the employee's response. The strategy of the role-play was selected after analyzing the employee's future and the company's rules and regulations. The main idea of the strategy was to include the members from the human resource team. ... The strategy was planned in such a way that the employee was given a chance to explain the situation and to satisfy the members in the role-play. If he was found to be innocent the matter would be solved by simply interacting with both the employees. If the employee was found to be rude and does not accept his fault, the action has to be taken according to the discipline at work programme. As a manager I had to ensure that the discipline at work programme and its rules had to be maintained. In any case the company's policies had to be respected and the employees had to be treated according to the company's norms. The strategy included the interaction in the discipline interview. Since the decision was based on the employee's behavior at the time of the interview, the management did not have any idea how to resolve the issue. The interview was conducted according to the planned strategy. The planned strategy included the analyzing of employee's behavior and his approach towards the management's intervention with this problem. The interview was held with the employees, a union member and the important people of the management. According to the strategy, the interaction started with John explaining the reason for such behavior. During the interview the management was able to find that Norman had already been rude to John and this was an outcome of the torture that John experienced for a couple of months. The strategy was planned in such a way that the employees had to interact with the management and explain the reason for the incident.(Dubrin, 2008). The strategy of permitting John to accept his mistake and apologize was a sensible idea, as this will help in resolving the issue immediately. Another important aspect of the strategy was to take

A Reflection on Dads Old Cottage Essay Example | Topics and Well Written Essays - 750 words

A Reflection on Dads Old Cottage - Essay Example The few daffodils at the entrance smile at me. The leaves and the remaining trees, as well as everything in the surrounding, would have probably loved to be heard as to the events that have often taken place. At the same time, I felt it was also the time for everything in the surrounding to listen to me pour out the nostalgic feelings that filled me; how just the other day we lived in the structure with dad, mommy and my sisters and how things have changed beyond the point of no return. At the door, I am welcome by the woodpecker, which takes a flight. As the door opens, it seems to it cannot mince the joy of meeting one of its masters again, as evidenced by the production of screech sounds by the hinges. As I get in, I find the building inclusions smiling at me. The pictures on the wall, the furniture, the falling ceiling seem to be saying ‘son, welcome back. We have never missed you’. It is a place that one would love to stay in. I take a walk around to explore the ful l feelings. I rediscover the other part of this world. I discern that the structure stands isolated at the end of the ranch. The structure is now old seems to be on the final stages of its life. By looking at the structure, one can derive a lot of unpleasant memories. The remaining trees and few stumps do not seem to be moved by the unfolding events. As walk, my feet interact with the dried leaves that seem to give unwelcoming sound. Even the few daffodils at the entrance can only be described as lonely and displaced. The woodpecker has taken over the cottage door and takes a scary flight. As I open the door, it is apparent the hinges were hardly prepared to see me again. As I come to face with what is in the building, everything, including the pictures on the wall, the furniture and the falling ceiling seem to be lamenting on why I had forsaken them. The only smell is that of the decomposing woods and memories.

How Photographic Depictions of Children have Changed

How Photographic Depictions of Children have Changed Jade Leslie With reference to the work of Higonnet and Holland, show how photographic depictions of children have changed over the last century. What are the strengths of photography as a medium for capturing the essence of childhood? Intro Photographic images provide us with a snapshot of the past and present, they hold past moment’s static for us to view even though they no longer exist. They provide us with visions of places and people we may never meet and fantasies, they are powerful for their seeming reality. Photography offers both reality and illusion. Photographs brings visual delight â€Å"†¦about the dream of childhood and its persistent nightmare† (Holland, 1992: 8). According to Higonnet (1998; 7) â€Å"pictures of children are†¦. the most sacred and the most controversial images of our time†. While they protect the ideal of childhood innocence images can also potential damage this ideal. Imagery is a vital part of social meaning they continuously provide viewers to new versions on subjects such as childhood (Holland, 2004). In this essay I will look at how imagery of children have changed in the last century, focusing on the debates of how innocence and sexuality and the changes and sim Image 1 Millais Cherry Ripe (1879) Julia Margaret Cameron Image 2 ‘I wait’ (1872) http://media.kunst-fuer-alle.de/img/36/g/36_67418~_sir-john-everett-millais_cherry-ripe,-1879.jpg http://thevictorianist.blogspot.co.uk/2010/10/julia-margaret-cameron.html All visual images of childhood innocence was invented and refined by paintings and illustrations from the 18th century to the early 20th century (Higonnet, 1998; 78). They were then transferred into photography. Paintings and illustrations of children allow us to really see perfect innocence, however photographs does this more convincingly (Higonnet, 1998; 86). The notion of the romantic childhood spread into popular painting such as Image 1 by Sir Everett Millais which has since been reprinted and used in advertisements of soap, during the time of production this was associated with cleanliness and purity (Holland, 2004). I included this image as I feel it is important to see how elements of earlier paintings are used in contemporary images of children. In Cherry Ripe the young girl is dressed in typical romantic children’s clothing which has been related to innocence (Higonnet, 1998; 51). All romantic children wear costumes and have connections with nature just like we see i n Cherry Ripe where the painting is set outdoors surrounding by nature and fruit. Julia Margaret Cameron ‘I wait’ displays angelic innocence depicted in early photography. Childhood innocence was viewed as sacred, pure and children are dressed in costumes of angels or cherubs to visualise this notion. Anne Geddes Image 3Image 4Image 5 http://villagewitchblog.files.wordpress.com/2013/10/68079-anne-geddes-baby-wallpapers-prints-desktop-wallpaper.jpg http://www.angusrobertson.com.au/calendar/betsy-cameron-angels/13600025/ We see a continuation of these themes in photographs by Anne Geddes. Her images represent a modern take of today’s idea of childhood innocence (image 3, 4 and 5). These images are what we commonly see on calendars and greeting cards. In these images the children are dressed in costumes, wearing angel wings, dressed in white and have connections with nature. They represent childhood as being pure, vulnerable, close to nature and precious to be nurtured and loved. Just as we see in images 1 and 2 they represent the idyllic childhood and unspoiled innocence. According to Higonnet (1998; 78) â€Å"†¦Geddes make children’s bodies unreal and belong to an unreal world†. Digital photography and new technology has allowed this and images now have no limitations. The children in Geddes images have a magical feel the children seem unreal without making them enticing or available. Higonnet (1998; 78) states that successful commercial images like this make the children s eem there and yet not there. Geddes photographs draw on childhood innocence just as earlier depictions of childhood by Julia Margaret Cameron (image 2) and paintings by Millais’s Cherry Ripe (1879 image 1) as they have similar themes in representing children as sacred in white clothing or dressed as angels and having connections with nature. Many of today’s commercial photographs of children have the same characteristics of those from the 19th century where children are dressed up or are angels, cherubs, fairies and miniature adults They remain similar with their â€Å"†¦romantic precedents†, centred on making children’s bodies look innocent (Higonnet, 1998; 76). They all conform to visual expectations of childhood. â€Å"They show us what we want childhood to be† (Higonnet, 1998; 86), if images go against this idealised romantic notion of children being fragile, innocence and pure it causes discomfort to viewer’s convention of childhood and causes controversy. The early 19th century photographs of cherub and angelic children continues to carry a powerful visual reference as the quintessence of childhood (Holland, 2004; 9). During the late 1980’s Sally Mann began to challenge the earlier ideas of the romantic childhood. Mann used her own children to represent her version of childhood. She captured their most vulnerable and natural moments, many of these photos contained them in the nude or semi-nude. Mann’s pictures displayed childhood in a natural form not the idealised versions from early images. Image 6 â€Å"Candy Cigarette† Sally Mann (1989)Image 7 â€Å"Jessie at five† Sally Mann (1987) http://www.independent.co.uk/arts-entertainment/art/features/art-or-abuse-a-lament-for-lost-innocence-2078397.html http://lamblegs.wordpress.com/2010/05/25/sally-manns-immediate-family/ Image 6 and 7 captures how the children innocently play using simple props such as jewellery and candy cigarettes. On first glance this appears to be innocent however, they can also be a threat to the children in the form of potential sexuality. In image 6 Mann’s daughter balances a candy cigarette in her hand and resembles how an adult would hold it. Her facial expression, posture and the way her hair is parted on the side makes her look older than her years. The background of the photo is dark making Jessie stand out drawing you to focus directly at her. This picture has caused controversy due to the children mimicking adults and smoking. Children do mimic adults in their play. She is not smoking a real cigarette she is pretending. I feel this image displays how children are losing their innocence why also being innocent young girls enjoy trying out adult roles in their play scenarios (Holland, 2004) and are influenced by what they see in their daily lives. This image reflect the reality of how society affects children, they are copying actions what they see through media and their daily lives and are applying it to their play. In image 7 Jessie at five the central girl snakes outwards highlighting her naked torso, her pose has a sexual tone, she lures at the viewer, her shoulders are placed in an inviting way to show off her bare chest as if she is inviting you to go to her. She wears a pearl necklace, is made up with lipstick this makes her look like she is in her teens, or modelling for a fashion magazine. This conveys â€Å"†¦ conflicting messages of childhood innocence and adult sexuality† (Higonnet, 1998; 195), if you were unable to see her pre-pubescent body people could be easily confused to thinking she was older. Due to the posture and lack of clothing of Jessie, it suggests it could be sexually intended rather than children simply playing dress up. Jessie contrasts the two other girls pictured dressed in traditional clothing of childhood innocence. I feel that Mann’s work displays more realistic images of childhood than earlier images, children are not always angels and pure as suggest in the 19th century. Children enjoy experimenting playing adult roles and these images capture children doing precisely this. Mann’s work remains a subject of controversy due to the nude and provocative images of her children which aroused great critical debate as it challenged the romanticised essence of childhood (Scally, 2012). It has also been suggested that Mann is sexualising her own children putting them at risk of sexual exploitation. According to Zurbriggen et al (2003) Mann’s images make young children vulnerable. Savage (2011; 109) argues that Mann’s images has â€Å"†¦the ability to unnerve, to represent without apology, and to suggest the sensuality on childhood play and, perhaps inadvertently shatter the myth of innocence†. Supporter of Mann’s work argue that any sexual thoughts that arise from these images are a â€Å"†¦result of less-than-innocent readings† (Savage, 2011; 107). Mann has defended herself, stating that her work is natural through the eyes of a mother, since she has seen her children in every state: happy, sad, playful, sick, bloodied, angry and even naked. (Independent, 2010). According to Higonnet (1998; 203) Mann’s pictures upset cherished conventions of idyllic childhood. These images do not conform to the idealistic view of childhood they create discomfort as the go against social norms and unsettle traditional representations of childhood (Miller, 2005). In my opinion these two images. Something about child abuse. During the 1980’s childhood was under attack and was being pushed into adulthood by the mass media (Elkind, 1981; Postman, 1982). Many academics note that this was a time when childhood as we once knew it was lost. Postman (1983) argues that television and the use of children in advertising of clothing and adult products has influenced the disappearance of childhood as there has been a tendency to advertise children wearing clothing which resemble adult fashion, this is seen in image ? and ? Reference in hendrick chapter 2. Young girls have been increasing targeted by advertisements and it has been suggested it encouraged young girls to grow up too quickly and become sexually promiscuous (Linn, 2004; Schol, 2004). Boulton (2007) states that advertisements depict the child model as a ‘nascent adult’ Images ? and ? display the current culture of childhood depictions which have become increasing more sexualised. Popular images of little girls as alluring and seductive at once innocent and highly erotic are contained in the most respectable and mundane of locations, broadsheets, women’s magazines and television adverts. http://innewyorkparistomorrow.blogspot.co.uk/2011_01_01_archive.html http://live.drjays.com/index.php/2011/01/06/has-french-vogue-taken-child-models-too-far/ Images ? is from a French edition of Vogue magazine. The young model is photographed high heels, lots of jewellery and heavy makeup. She is placed upon leopard skin. She is dressed in adults clothes her pose is confident and serious she is not smiling. According to Boulton (2007) this is a sign of dominance, when children mimic this powerful look they convey a sense of adult-like self- awareness often associated with precocious sexuality. The most worrying part of this image in the title â€Å"Cadeaux† which is the French word for gifts, suggesting the model is a gift. Images like this with suggestive words have dangerous potential to exploit childhood by introducing adult sexuality into childhood innocence (Walkerdine, 1996; 326). What is seen as a fantasy for a young girl playing dress up can easily been transformed into a different fantasy for predatory adult men (Holland, 2004; 188). Children are increasingly subjected to social and economic forces that exploit them throug h the dynamics of sexualisation, commodification and commercialisation (Giroux, 2000; 44). Their innocence can often mask the sexualisation. The image of childhood innocence is now in jeopardy not just because it is being violated but because it was seriously flawed all along. The ideal of the child as object of adoration has turned too easily into the concept of the child as object and then into the marketing of the child as commodity (Direct quote, Hig, pg 194). Innocence feeds into enticing images of childlike purity as it simultaneously sexualises and markets such images (g, 60). Conclusion The image of childhood which was created in the 18th century has changed and has been replaced with new ideas and ways to picture childhood (Higonnet, 1998). Photographs have the ability to provide visual realism to a The notion of the disappearing child and the myth of childhood innocence often mirror and support each other. Within the myth of innocence children are often portrayed as inhabiting a world that is untainted, magical and utterly protected from the harshness of adult life (Giroux, 2000; 39). Innocence in this instance makes children invisible except as projections of adult fantasies (40). Bib Holland, P (1992) What is a Child? Popular Images of Childhood, London: Virago Press Miller, Andrea. Portrait of Family Values: Transgressions and Controversy in the Work of Sally Mann. Scally, P. (2012). In Context. Ethics and Visual Representation http://fir.ferris.edu:8080/xmlui/bitstream/handle/2323/2498/Phil_Scally_Ethics_2012.pdf?sequence=1 (accessed 15/04/14) Art or abuse?: A lament for lost innocence http://www.independent.co.uk/arts-entertainment/art/features/art-or-abuse-a-lament-for-lost-innocence-2078397.html Tuesday 14 September 2010

Postmodernism Essay -- Art History

Postmodernism Postmodernism blends old themes with new contemporary issues to create beautiful artwork that commands, questions, and captivates all viewers to participate in discovering its inner meaning. Along with an inner meaning and beauty, it was used as a form of communication that was directed towards social, political, and cultural problems within the world. An architect Robert Stern states, â€Å" The fundamental shift to post-modernism has to do with the reawakening of artists in every field to public responsibilities of art. Once again art is being regarded as an act of communication.† (Wilkin, Schultz, Linduff, â€Å"Art Past Art Present, p.579) The postmodern era emancipated its artists from old traditional barriers that bounded them. The belief that everything could be used to produce art was used to the fullest. For instance, mediums like photography, computer animations, and movies. Even non-precise metals like steel, aluminum, and iron were used along side w ith gold and silver. Technology was a great medium that was also utilized, as newer and improved technology was developed some one would utilize it to immortalize his/her artwork. One of the well-known artists of the postmodern era was Jean-Pierre Yvaral. Jean utilized technology called digital imaging to manipulate pictures and transform them into his own creative art pieces. A well-known publicized piece Jean created was called â€Å"Mona Lisa Synthetisee.† (Fiero 4th Edition â€Å"The Humanistic Tradition† p.159) Blending the old with a twist of the new, Jean took the Mona Lisa, which was created by Leonardo da Vinci and cropped out only her head and digitized it to produce a perspective like image. This image had four sides, right and left, top and bo... ...sm era produced many more than two fine artists that have been depicted here in this essay. There is one thing that all of them have in common though, each and every piece of work they produce has similar qualities. They all communicate a message that handles social, political, and cultural problems. How they communicate their message is solely up to the artist, because they are not bound by limitations, but there own creativity. As for the next movement it too will be filled with influences of the postmodern era as the influences of previous movements have influence postmodernism. Bibliography 1. Fiero, Gloria K. â€Å"The Humanistic Tradition,† 4th Edition, published by McGraw-Hill  © 2002 2. Wilkins, David G., Schultz Bernard, Linduff, Katheryn M. â€Å"Art Past Art Present,† 3rd Edition, published by Prentice Hall, Inc and Harry N. Abrams, Inc.  © 1997

Keynesian vs Monetarist Economy

Economics for Hospitality, Tourism and Leisure Keynesians versus Monetarists Faculty responsible: J. Heller Ismail EL HASSANI Humanity has known in its history long periods of growth with the Agrarian Revolution, the Industrial Revolution, the Oil era and now the Information’s one. From the last period of sustained growth is born the myth of continuous and eternal growth. However, the scarcity of natural resources and the awareness of the negative effects of economic activities suggest that humanity may live a long period of stagnation. In fact, it has already experienced long periods of recession.That is the reason why we should prepare ourselves to sustain growth rather than calling it as our ancestors called rain. In order to achieve this goal, we can follow different economic philosophies such as Keynesianism or Monetarist economies. In this work, we will focus more on Keynesianism. Firstly, we will discover the history of this theory and then define it. In addition, we wi ll analyse and describe all the components of this theory. Finally, we will be comparing the two approaches to demonstrate that Keynesianism is much more effective and brings more advantages than Monetarists.John Maynard Keynes was born in England in 1883 until his death in April 1946. Keynes was certainly the greatest economist of the twentieth century (Clark, 2008). Even today he returns often in the foreground: the known subprime financial crisis in late 2009 led a great business newspaper to elect him â€Å"Man of the Year† (Diever, 2010). Keynes’ thinking was very different from the others, this is the main reason his thoughts were terribly combated by anti-Keynesian. However it is still standing until our day while periods of economic crisis have put his theory in the spotlight again (Diever, 2010).Because it was not only an economist but also a philosopher, mathematician, man of letters, arts and culture, John Maynard Keynes was able to equal in the previous cen tury Karl Marx, Francois Quesnay in the eighteenth or William Petty in the seventeenth. He managed to dominate the economics of his time, knead it, model it, then transformed and enhanced it in the hands of the generations following. He has been for a long time in the protective shadow of Alfred Marshall, the great apostle of market equilibrium; But once out of the traditional ideologies, he runs through his own path with an impressive force.He wrote the book known as â€Å"The General Theory of Employment, Interest and Money†, which was published in London in 1936. It is the main work of John Maynard Keynes , The General Theory which contain 24 chapters is primarily a theory of employment. It was very well received in 1936 because it offered a plausible solution to the distressing problem of unemployment (unemployment rate of over 10% in Britain) . The general theory aims to present the operation of the economic system as a whole (also called economic circuit).We can then sa y that Keynes theory is in a macro-economic level (Pettinger , 2008). The principle of his economic approach was based on a logic and circular flow of money; when the expenses increase, revenues increase as well, which will lead to more spending that will result once again for more income. This flow of money is simple to understand, and to Keynes, the key is to spend. Indeed, each person spending causes the benefit of another person; and the person who perceived the money will in her turn spend it, which will go towards the benefit of a third person, and so on †¦After the first signs of the Great Depression in 1929, the nature of people have led them amass their money and let him sleep for fear of being in need. This has lead to a decrease in spending and hence lower flow circulation. In doing so, we maintain the economy at a standstill and depression bursts. Following Keynes’ theory, in order to overcome a critical economic situation, it is necessary for the government to intervene. In fact, his theory advocates of government financial interventions by increasing the money supply or investing in the country (Pettinger , 2008).But unfortunately, during the Great Depression, it was not one of the most popular solutions. Keynes thought about involving the government is very different from the popular economic thought, which preceded it. Basically, Keynesianism is against the practice of excessive savings and not enough spending or consumption in an economy. Today people who are saying they are Keynesians are more or less those who are in favour of the state intervening in the economy while monetarists’ aim set on providing stability to the system by controlling the money supply (DeNardo, 2008).On one hand, Keynes provoked a revolution in economic. His theory became to be very positively received, because it could explain why during the economy of the Great Recession there was still unemployment; a fact that a basic economy could not explain. I t is in this context that Keynes became very popular. In fact, previously in economics the classical argument would have been: while facing economic condition, the salary will drop as well as the cost of work, and people will automatically get employed again. On the other hand, there are two types of Keynesians: fiscal Keynesians and monetarist Keynesians.We believe that fiscal Keynesians are more close to the idea of Keynes, which explain that in a period of a downturn in a recession, the State can take over the investment function by investing itself like an entrepreneur (Jeremy, 2011). The most recent example of such a Keynesian approach to the economy will be the State plans of china during 2008 downturn, in which the State has really employed a lot of people to build bridges airports, roads etc†¦ However, to be effective, the state intervention should not create more risks for the economy than it provokes benefits by employing more people.Meaning that a State, which is alr eady in debt, will not be advised to use such an approach. It will create such a negative outlook for the fiscal side of the economy (Pettinger , 2008). Then the individual local entrepreneurs would stop any investments for their businesses and would definitely not invest on new projects. Indeed, the drawbacks of going more into debt to make the State an employer can very easily out ways the benefits of employing more people in a downturn (Jeremy, 2011). In Western Europe for example, they have lost this capacity of applying this type of Keynesian approach.Most of them have more than 80 % of debt in GDP and already facing a lot of dangers in the financial market (Gerald , 2009). Nevertheless, The monetarist Keynesians type is a useful way to use Keynes theory without government spending; they have lost the fiscal ability to intervene. In fact, this type of approach calls the use of the Central Banks or the Federal Reserve (U. S. A) to buy treasury bunds from the government and print more money to increase the activity. Completely at the opposite Spectrum of Keynesians who wants to intervene within an economy, these are called monetarists.They believe that money is neutral, meaning that it is not because you double the amount of money in an economy that you will be producing more (Cowen, 2012). Each unit of money that you are doubled will be worth for the economy by creating the phenomenon of inflation. Thus the role of authorities is very reduced. Friedman, who is the leader of this ideology, will be advocating the stable growth in the money supply, which means that the Central Banks have to maintain a regular rate (Cowen, 2012). However, we found that Friedman’s assumption is false. First, Professor M.Friedman is most famous for the following equation: MV =PT; where M equal Money, V was representative of the Volacity, P equal Prices and T represented Transactions (DeNardo, 2008). Most people think that this formula was his contribution to the monetary theory and he was very famous for this. However, during our research we discovered that many economics before Friedman used this formula. In addition to that, following his monetary theory, it is possible to control the money supply so that you can affect the performance of the economy; that the instability in the money supply is responsible for recessions and depressions.Today, the events of the 2008 recession have proven that Friedman’s assumption of controlling the money supply is a false one. Indeed, we all know that bank lending is the key to money supply. However, nowadays the banks do not trust each other, and they refuse to lend to each other. Without lending, this is clear that the money supply will decrease indefinitely. The principal consequences of this approach will be the reduction of velocity of money as people do fewer transactions.This decrease in velocity and money supply will lead consumers to do fewer purchases and businessmen fewer investments. It was pro ven in the 1930s in America, which was called liquidity trap. To conclude, we can say that both economies have their advantages and disadvantages. However, the Keynesian one seems more applicable nowadays in some countries in order to overcome this recession and sustain a growth. Few decades before, it was said that most economic theories, including Monetarists, were preaching individualism, competition and non-intervention of the State.The sovereign functions (Police, Army, Justice), the construction of public edifices, the respect of competition’s rules were their principal matters at that time. The historical reality is however different: back in the days during the Industrial Revolution, the State intervened in many countries to ensure the â€Å"takeoff† of their economy. In France, the State intervened in the development of railways and agriculture (tariffs Meline 1896). England adopted the Act Enclosures for agricultural land. The U. S. intervened in the developm ent of the railway.Germany established protectionist measures with Frederic List (1789-1846). Finally in Japan, during the Meiji era (1868), the State created the first companies in order to sell them to families after, â€Å"Zaibatsus† (Gerald , 2009). Moreover, after the crisis of 1929, the New Deal was an important ideological impact in the United States with a significant change in the conception of the role of the state: the state becomes interventionnist. (Gerald , 2009) We can consider that Keynesians’ believes and thoughts were always adopted in some of the rude moments of our economic history.Despite some difficulties, it have always brought positive results to the evolution of the economy; and we all remember John Maynard Keynes as the most remarkable economists of the history. As far as we are concerned, we strongly believe that the Keynesian theory, depiste its disadvantages, brings more benefits to the society and to people’s lives. After his death, Keynes’ ideas were preached by his disciples; the mistake was to carry on the same methods during the post war situation and not try to adapt these methods in order to meat with the current circumstances and avoid another recession.REFERENCES  : Gerald, M. (2009, 04 27). Les politiques economiques. Retrieved from http://www. skyminds. net/economie-et-sociologie/la-regulation-des-activites-sociales/les-politiques-economiques/ Clark, J. M. (2008, 12 09). John maynard keynes. Retrieved from http://www. newworldencyclopedia. org/entry/John_Maynard_Keynes DeNardo, G. (2008, 12 07). Mv=pt a classic equation and monetary policy. Retrieved from http://www. nolanchart. com/article5583-mvpt-a-classic-equation-and-monetary-policy. tml Cowen, T. (2012, 07 30). Business cycles explained: Monetarist theory. Retrieved from http://learnliberty. org/videos/business-cycles-explained-monetarist-theory Pettinger , T. (2008, 12 30). Keynesianism vs monetarism. Retrieved from http://www. econom icshelp. org/blog/1113/concepts/keynesianism-vs-monetarism/ Diever, M. (2010). Les principaux courants de pensee economique. Retrieved from http://www. oeconomia. net/private/cours/economiegenerale/CAPET/01. theorieseconomiques. pdf Keynesian vs Monetarist Economy Economics for Hospitality, Tourism and Leisure Keynesians versus Monetarists Faculty responsible: J. Heller Ismail EL HASSANI Humanity has known in its history long periods of growth with the Agrarian Revolution, the Industrial Revolution, the Oil era and now the Information’s one. From the last period of sustained growth is born the myth of continuous and eternal growth. However, the scarcity of natural resources and the awareness of the negative effects of economic activities suggest that humanity may live a long period of stagnation. In fact, it has already experienced long periods of recession.That is the reason why we should prepare ourselves to sustain growth rather than calling it as our ancestors called rain. In order to achieve this goal, we can follow different economic philosophies such as Keynesianism or Monetarist economies. In this work, we will focus more on Keynesianism. Firstly, we will discover the history of this theory and then define it. In addition, we wi ll analyse and describe all the components of this theory. Finally, we will be comparing the two approaches to demonstrate that Keynesianism is much more effective and brings more advantages than Monetarists.John Maynard Keynes was born in England in 1883 until his death in April 1946. Keynes was certainly the greatest economist of the twentieth century (Clark, 2008). Even today he returns often in the foreground: the known subprime financial crisis in late 2009 led a great business newspaper to elect him â€Å"Man of the Year† (Diever, 2010). Keynes’ thinking was very different from the others, this is the main reason his thoughts were terribly combated by anti-Keynesian. However it is still standing until our day while periods of economic crisis have put his theory in the spotlight again (Diever, 2010).Because it was not only an economist but also a philosopher, mathematician, man of letters, arts and culture, John Maynard Keynes was able to equal in the previous cen tury Karl Marx, Francois Quesnay in the eighteenth or William Petty in the seventeenth. He managed to dominate the economics of his time, knead it, model it, then transformed and enhanced it in the hands of the generations following. He has been for a long time in the protective shadow of Alfred Marshall, the great apostle of market equilibrium; But once out of the traditional ideologies, he runs through his own path with an impressive force.He wrote the book known as â€Å"The General Theory of Employment, Interest and Money†, which was published in London in 1936. It is the main work of John Maynard Keynes , The General Theory which contain 24 chapters is primarily a theory of employment. It was very well received in 1936 because it offered a plausible solution to the distressing problem of unemployment (unemployment rate of over 10% in Britain) . The general theory aims to present the operation of the economic system as a whole (also called economic circuit).We can then sa y that Keynes theory is in a macro-economic level (Pettinger , 2008). The principle of his economic approach was based on a logic and circular flow of money; when the expenses increase, revenues increase as well, which will lead to more spending that will result once again for more income. This flow of money is simple to understand, and to Keynes, the key is to spend. Indeed, each person spending causes the benefit of another person; and the person who perceived the money will in her turn spend it, which will go towards the benefit of a third person, and so on †¦After the first signs of the Great Depression in 1929, the nature of people have led them amass their money and let him sleep for fear of being in need. This has lead to a decrease in spending and hence lower flow circulation. In doing so, we maintain the economy at a standstill and depression bursts. Following Keynes’ theory, in order to overcome a critical economic situation, it is necessary for the government to intervene. In fact, his theory advocates of government financial interventions by increasing the money supply or investing in the country (Pettinger , 2008).But unfortunately, during the Great Depression, it was not one of the most popular solutions. Keynes thought about involving the government is very different from the popular economic thought, which preceded it. Basically, Keynesianism is against the practice of excessive savings and not enough spending or consumption in an economy. Today people who are saying they are Keynesians are more or less those who are in favour of the state intervening in the economy while monetarists’ aim set on providing stability to the system by controlling the money supply (DeNardo, 2008).On one hand, Keynes provoked a revolution in economic. His theory became to be very positively received, because it could explain why during the economy of the Great Recession there was still unemployment; a fact that a basic economy could not explain. I t is in this context that Keynes became very popular. In fact, previously in economics the classical argument would have been: while facing economic condition, the salary will drop as well as the cost of work, and people will automatically get employed again. On the other hand, there are two types of Keynesians: fiscal Keynesians and monetarist Keynesians.We believe that fiscal Keynesians are more close to the idea of Keynes, which explain that in a period of a downturn in a recession, the State can take over the investment function by investing itself like an entrepreneur (Jeremy, 2011). The most recent example of such a Keynesian approach to the economy will be the State plans of china during 2008 downturn, in which the State has really employed a lot of people to build bridges airports, roads etc†¦ However, to be effective, the state intervention should not create more risks for the economy than it provokes benefits by employing more people.Meaning that a State, which is alr eady in debt, will not be advised to use such an approach. It will create such a negative outlook for the fiscal side of the economy (Pettinger , 2008). Then the individual local entrepreneurs would stop any investments for their businesses and would definitely not invest on new projects. Indeed, the drawbacks of going more into debt to make the State an employer can very easily out ways the benefits of employing more people in a downturn (Jeremy, 2011). In Western Europe for example, they have lost this capacity of applying this type of Keynesian approach.Most of them have more than 80 % of debt in GDP and already facing a lot of dangers in the financial market (Gerald , 2009). Nevertheless, The monetarist Keynesians type is a useful way to use Keynes theory without government spending; they have lost the fiscal ability to intervene. In fact, this type of approach calls the use of the Central Banks or the Federal Reserve (U. S. A) to buy treasury bunds from the government and print more money to increase the activity. Completely at the opposite Spectrum of Keynesians who wants to intervene within an economy, these are called monetarists.They believe that money is neutral, meaning that it is not because you double the amount of money in an economy that you will be producing more (Cowen, 2012). Each unit of money that you are doubled will be worth for the economy by creating the phenomenon of inflation. Thus the role of authorities is very reduced. Friedman, who is the leader of this ideology, will be advocating the stable growth in the money supply, which means that the Central Banks have to maintain a regular rate (Cowen, 2012). However, we found that Friedman’s assumption is false. First, Professor M.Friedman is most famous for the following equation: MV =PT; where M equal Money, V was representative of the Volacity, P equal Prices and T represented Transactions (DeNardo, 2008). Most people think that this formula was his contribution to the monetary theory and he was very famous for this. However, during our research we discovered that many economics before Friedman used this formula. In addition to that, following his monetary theory, it is possible to control the money supply so that you can affect the performance of the economy; that the instability in the money supply is responsible for recessions and depressions.Today, the events of the 2008 recession have proven that Friedman’s assumption of controlling the money supply is a false one. Indeed, we all know that bank lending is the key to money supply. However, nowadays the banks do not trust each other, and they refuse to lend to each other. Without lending, this is clear that the money supply will decrease indefinitely. The principal consequences of this approach will be the reduction of velocity of money as people do fewer transactions.This decrease in velocity and money supply will lead consumers to do fewer purchases and businessmen fewer investments. It was pro ven in the 1930s in America, which was called liquidity trap. To conclude, we can say that both economies have their advantages and disadvantages. However, the Keynesian one seems more applicable nowadays in some countries in order to overcome this recession and sustain a growth. Few decades before, it was said that most economic theories, including Monetarists, were preaching individualism, competition and non-intervention of the State.The sovereign functions (Police, Army, Justice), the construction of public edifices, the respect of competition’s rules were their principal matters at that time. The historical reality is however different: back in the days during the Industrial Revolution, the State intervened in many countries to ensure the â€Å"takeoff† of their economy. In France, the State intervened in the development of railways and agriculture (tariffs Meline 1896). England adopted the Act Enclosures for agricultural land. The U. S. intervened in the developm ent of the railway.Germany established protectionist measures with Frederic List (1789-1846). Finally in Japan, during the Meiji era (1868), the State created the first companies in order to sell them to families after, â€Å"Zaibatsus† (Gerald , 2009). Moreover, after the crisis of 1929, the New Deal was an important ideological impact in the United States with a significant change in the conception of the role of the state: the state becomes interventionnist. (Gerald , 2009) We can consider that Keynesians’ believes and thoughts were always adopted in some of the rude moments of our economic history.Despite some difficulties, it have always brought positive results to the evolution of the economy; and we all remember John Maynard Keynes as the most remarkable economists of the history. As far as we are concerned, we strongly believe that the Keynesian theory, depiste its disadvantages, brings more benefits to the society and to people’s lives. After his death, Keynes’ ideas were preached by his disciples; the mistake was to carry on the same methods during the post war situation and not try to adapt these methods in order to meat with the current circumstances and avoid another recession.REFERENCES  : Gerald, M. (2009, 04 27). Les politiques economiques. Retrieved from http://www. skyminds. net/economie-et-sociologie/la-regulation-des-activites-sociales/les-politiques-economiques/ Clark, J. M. (2008, 12 09). John maynard keynes. Retrieved from http://www. newworldencyclopedia. org/entry/John_Maynard_Keynes DeNardo, G. (2008, 12 07). Mv=pt a classic equation and monetary policy. Retrieved from http://www. nolanchart. com/article5583-mvpt-a-classic-equation-and-monetary-policy. tml Cowen, T. (2012, 07 30). Business cycles explained: Monetarist theory. Retrieved from http://learnliberty. org/videos/business-cycles-explained-monetarist-theory Pettinger , T. (2008, 12 30). Keynesianism vs monetarism. Retrieved from http://www. econom icshelp. org/blog/1113/concepts/keynesianism-vs-monetarism/ Diever, M. (2010). Les principaux courants de pensee economique. Retrieved from http://www. oeconomia. net/private/cours/economiegenerale/CAPET/01. theorieseconomiques. pdf

Bata Shoes Organization Essay

BRIEF HISTORY OF THE COMPANY The business that became the Bata Shoe Organization was established on August 24, 1894 in Zlin, Czechoslovakia by Tomas Bata, and included his brother Antonin and sister Anna. Although this business was new, the Bata name had been part of a tradition of shoemaking for eight generations, spanning three hundred years. It was one of the first modern day shoe ‘manufacturers’ , a team of snitchers and shoemakers creating footwear not just for the local town , but also for the distant retail merchants. This departure from the centuries old tradition of the one man cobbler’s workshop was a brand new  concept, creating an entirely new industry. The Bata enterprise revolutionized the treatment of employees and labor conditions. Tomas consistently maintained a human focus, creating opportunities for development and advancement, and added compensation for employees based on achievement. In late 1985. Antonin was drafted into the army for compulsory military service and lift family shoe business. Also that year, Anna left the company to marry, leaving a young Tomas to build the business on his own. By 1905 Tomas had taken the new enterprise to 2200 pairs of shoes per day , produced by 250 employees – utilizing resourceful imaginations , skilled hands and modern machinery to keep up with demand. Under this ‘manufacturing’ system, productivity was greater than even before. Bata shoes were excellent quality and available in more styles than had been offered before. Demand grew rapidly in the early 1900s. Despite material and manpower shortages, cartel and the outbreak of World War 1, sales continued to increase , reaching two million pairs per year by 1917. As the enterprise prospered, so did the communities where it operated, Tomas believed that a focus on people and public service was critical for business success. The enterprise built housing, schools and a hospital near the shoemaking plant in Zlin. It provided food and inexpensive rent during very difficult times; when there was no help to be found. Bata companies alter provided rail services, construction, insurance, publishing and tannery in Zlin. Following World War 1, consumer purchasing power was very low; Tomas and his employees devised a plan to adjust to post-war economic difficulties and reduced their shoe prices. Bata stores were flooded with buyers and industry cynics were forced to follow their lead. Already exporting to other European countries, Northern Africa and the USA, the enterprise began establishing new sales organizations in these markets during the 1920s. Companies were opened in Poland, Yugoslavia, Holland, Denmark, United Kingdom and the USA. By the early 1930s, the Bata enterprise and Czechoslovakia were the world’s leading footwear exporters. â€Å"The Bata System† devised by the Zlin team, and later applied in other Bata Show Organization companies, organized operations into autonomous workshops and departments, allowing employees to contribute ideas and stimulate production, and contributed significant breakthroughs in footwear technology. BATA INDIA Bata India Limited Bata India managing director Marcelo Villagran. Incorporated as Bata Shoe Company Private Limited in 1931, the company was set up initially as a small operation in Konnagar (near Calcutta) in1932. In January 1934, the foundation stone for the first building of Bata’s operation – now called the Bata. In the years that followed, the overall site was doubled in area. This township is popularly known as Batanagar. It was also the first manufacturing facility in the Indian shoe industry to receive the ISO: 9001 certification.The Company went public in 1973 when it changed its name to BataIndia Limited. Today, Bata India has established itself as India’s largest footwear retailer. Its retail network of 1250 stores gives it a reach/ coverage that no other footwear company can match. Thestores are present in good locations and can be found in all the metros, mini-metros and towns Bata’s smart looking new stores supported by a range of better quality products are aimed at offering a superior shopping experience to its customers. And the new face of Bata India is now visible to the industry as well as its customers. Today, backed by a brand perception of experience, the company is working towards positioning itself as a vibrant and contemporary young brand. It has significantly transformed its retail formats to become more lifestyle-oriented, which has helped change consumer perceptions to a large extent. Bata India – Today ï‚ ·Ã¯â‚¬  Sells over 45 million pairs of footwear every year ï‚ ·Ã¯â‚¬  Serves over 120,000 customers every day ï‚ ·Ã¯â‚¬  Sells through over 1200 retail stores ï‚ ·Ã¯â‚¬  Operates 5 manufacturing facilities ï‚ ·Ã¯â‚¬  Employs more than 6800 people BATA’S BUSINESS UNITS * Bata Europe, Lausanne * Bata Asia Pacific-Africa, Singapore * Bata Latin America, Mexico * Bata North America, Toronto Bata is one of the world leading footwear retailer and manufacturer with operations across 5 continents managed by 4 regional meaningful business units (MBUs). The MBU approach provides quality resources and support in key areas to the companies operating in similar markets such as product development, sourcing or marketing support. Each MBU is entrepreneurial in nature, and can quickly adapt to changes in the market place and seize potential growth opportunities. Bata’s strength lies in its worldwide presence. While local companies are self-governing, each one benefits from its link to the international organization for back-office systems, product innovations and sourcing. Although Bata operates in a wide variety of markets, climates and buying power Bata companies share the same leadership points. Two important ones are product concept development and constant improvement of business processes in order to offer customers great value and the best possible service. VISION To grow as a dynamic, innovative and market driven domestic manufacturer and distributor, with footwear as our core business, while maintaining a commitment to the country, culture and environment in which we operate MISSION To be successful as the most dynamic, flexible and market responsive organization, with footwear as its core business BATA BUSINESS Bata shoe Organization companies are involved in every face of the business of shoes. Throughout the world, Bata companies service customers from the store sales floor to the factory floor. PRODUCT RANGE Marie Claire * Hush Puppies * Power * Bubble Gummers * North Star * Scholl * Weinbrenner Product range starts of Bata 299-2499. Bata start range 299 to lowest range of school shoe and highest brands of power & other product. Bata product lowest to highest range available to market. Hush Puppies – Now in India Hush Puppies are a famous shoe brand of the USA. It is so famous and pioneering that it’s sometimes referred to as a legend. This brand is owned and operated as a division by the Wolverine†¦ Bata is worst shoe maker Bata is the people who make shoes for high prices but with low quality. i bought a pair of slippers from bata named â€Å"comfit† for Rs. 749/- on may 2007. it is not compfortable at all. The slipper is made†¦ Poor quality shoes I bought one pair of leather shoes from Bata, Cochin dealer near Padma junction one year before. The product was formal shoes with laces. The shoes cost INR 1499 for me. Bata is worst shoe maker Bata is the people who make shoes for high prices but with low quality. i bought a pair of slippers from bata named â€Å"comfit† for Rs. 749/- on may 2007. High Price Poorest Quality I just happened to buy Bata shoes a week back. The item I bought was obviously overpriced, but going by the name bata I bought it at 499. Within a weeks’ usage, the shoe sole was partially ripped off! .TRANSFORMATIONAL PROCESS VIZ INPUTS OUTPUTS AND PROCESS FOLLOWED IN CONVERSION. In order to handle the increasing complexity of distributed industrial manufacturing systems, there is a strong demand for methods and tools that  support the designer in the analysis and optimisation of flexible infrastructures for the automation of production processes. We are currently investigating how emerging standards and advanced simulation techniques can be exploited successfully in the production of custom made shoes. Nowadays, many different approaches, methodologies and computer aided design tools can be employed in the analysis and optimization of complex industrial systems. As a consequence, the selection of the most appropriate techniques and tools for a particular system is critical. Before making any final decision, it is necessary to investigate the functionalities offered, compliancy with existing standards, and capacity for interoperability with non-proprietary instruments. We are currently working on a methodological approach to the structured design and simulation-based analysis and optimisation of manufacturing plants. The methods and tools used during the different phases of the design are illustrated with reference to an application in the shoe manufacturing sector. In particular, we describe an innovative plant for the production of customized shoes. This plant is located at the ITIA-CNR laboratory in Vigevano (Italy) and constitutes the pilot plant of a large European research project called EUROShoe, which began in March 2001 and is scheduled to finish in June 2004. | Figure 1: The Innovative Shoe Manufacturing Plant | EURO Shoe is a complex and ambitious project with thirty-five academic and industrial partners from ten different European countries. It aims at a dramatic renovation of the concept of shoes as products and of their production, based on a transformation from mass-produced to mass-customised goods. This product evolution goes in parallel with a transformation of footwear companies into distributed and flexible enterprises capable of handling the complexity that such a radical change in the nature of the product implies and of mastering the associated new technological challenges. This implies a complete revision not only of the entire manufacturing process but also of the tools used to analyse and optimize the resulting innovative industrial system. For the sake of brevity, the methods and tools used for the design, analysis and optimization of the plant automation system are outlined with reference to the control and supervision  of the transport line. In the shoe manufacturing plant that we consider (Figure 1), an innovative transport line is used to move the semi-finished shoes from one machining station to another according to a predefined operating schedule. In particular, the innovative molecular structure of the transport line (Figure 2) strongly enhances the modularity, scalability, integrability and reconfigurability of the production system, thus increasing the overall flexibility of the plant. | | Figure 2: Layout of the Shoe Plant (left) and ISaGRAF Simulation Graphical Interface (right).| At the beginning of the design life cycle, the control and supervision system of the transport line was specified by means of UML (Unified Modelling Language) diagrams; in particular use-case, class, sequence and state diagrams were used to specify the systems modules, their relationships and their dynamic behaviour. The system architecture and functions were designed using the Function Block formalism defined by the IEC 61499 standard, which integrates object-oriented concepts and discrete event models to suitably support control software design. The functional model obtained was analysed and optimized by means of closed-loop discrete event simulations performed in the Simulink/Stateflow environment, where both the controller and the controlled process were modeled and simulated through state charts, as was the behaviour of the overall system. In this way, the correctness and performance o f the solution proposed could be evaluated. In particular, a bottom up methodology was defined and exploited to study the system according to a modular approach. This enabled us to simplify the overall analysis process, to verify the correctness of the automation functionalities easily and to optimize the system performance from the very first phases of the design life cycle. Once the functional modules had been verified, the control and supervision algorithms were developed using the SFC (Sequential Functional Chart) formalism, which is an advanced discrete event modelling graphical language, directly derived from Petri nets, and included in the IEC 61131 part 3 standard, which defines programming languages for industrial PLCs (Programmable Logic Controllers). The SFC algorithms were analysed through closed loop discrete simulations in the ISaGRAF environment in order to verify their correctness and to optimize their performance. ISaGRAF is a CACSD (Computer Aided Control System Design)  tool that allows the automation soft ware to be structured using all five IEC 61131 languages and supports simulation functionalities for testing purposes, as well as automatic code generation facilities for different industrial systems. In order to perform the closed loop simulations, simplified models of the plant devices have been represented in ISaGRAF by means of suitable SFC modules and data structures. Moreover, to simplify the analysis of the simulation results, a simple 2D graphic animation was realized in ISaGRAF (Figure 2). Simulations have been performed by considering typical operating conditions, ie, typical production orders, and the results obtained show that the system is deadlock free and that the plant is well balanced, ie its resources are all used effectively. After verification and optimization of the automation functions and algorithms, the corresponding code was generated and implemented on the target industrial devices. We found that the simulation-based analysis techniques reduced the plant rump-up times and costs and improved overall system performance. Future work will concern the exploitation of the standards, methods and tools proposed for other industrial plants and their integration within an advanced CACSD tool for manufacturing systems MANUFACTURING Tomas Bata’s revolutionary business concept was to industrialize the shoemaking process of that day. That type of thinking has been the driving force behind the Bata Shoe Organization success. The Bata Shoe Organization has been as innovator in the manufacturing of shoes over the years. Bata personnel have made important advances in DVP (Direct Vulcanization Process), PVC, athletic footwear production and slush – molded footwear production. 1. Raw Material Stock The raw material which includes the chemicals used for making cement adhesive,rubber latex and sole (both inner and outer),cloth(bought from Bombay Dyeing) used for making upper, material used for making binding,thread and the packing cartons etc. are stocked in the warehouse. Inventory of all the above items is properly maintained with the help of a ‘Material stock position’ chart made on the walls of the warehouse and a  computerized inventory Database. Every department has been allocated a maximum stock limit beyond which they cannot store the raw materials for themselves. It has to be used as frequently as possible. Every fortnight, the stock and usage is reviewed. The transmission of raw material from stock warehouse to respective departments is recorded and same is done with the transmission between various departments. All this data is readily available for review to all departments and can be checked anytime. Cement And Latex Manufacturing: The cement adhesive and rubber latex are the main chemicals used to paste together the different part of a shoe, are manufactured in the plant itself. Both these materials are produced keeping in mind the exact requirements and also the correct specification, which is the right mix of chemicals to make it the best pasting element and get the desired quality. 1. Sole Pull Manufacturing: The inner and outer shoe required in the shoe are also produced in-house. Huge rubber sheets measuring 3ft.x2ft. having a thickness of approx. 2 cms. are first heated to high temperature and then placed in a curing chamber for 8 minutes where they are again processed at high temperature of around 170oC. At such a high temperature the sheets expand and then sent for vulcanization where it is processed for 3 hrs. to set the shrinking limit of rubber. These sheets can be cut only after two weeks of vulcanization. This is known as seating process. 2. Making Binding: A binding is required on the outer of the shoe to bind the edges of cloth upper. This binding material is also made within the plant, using cloth. It is machne stitched onto the cloth upper. 3. Folding, Cutting And Stamping: The cloth that forms the shoe upper is produced from Bombay Dyeing. It is first folded into huge lots and then cut into pieces of uniform sizes according to the different size lots.These cloth pieces are then stamped with what may be called a batch number and the shoe size. An example of a  batch number may be â€Å"F-3218422†. In this code, F represents plant code of the Faridabad factory, 321 is the code of the particular workstation and assembly line, 8 represents the year of manufacturing, 42 the week and 2 signifies the day of the week in which production has been done.This stamping particularly helps if there is a defect found out in the shoe after sale. After stamping is done ,the upper is sent for stitiching. 4. Stitching : The cloth received after stamping is set for stitching and making it into a proper upper of the shoe. The stitching process starts with folding of the piece and stitching it in a particular fashion to give the shape of an upper. Next, it is sent for stitching the binding onto the edges of the sgoe. After the binding on the edges has been done, the shoe is transferred further where lace holes and flips used under that are stitched onto the upper. The last step in the stitching process is to put laces into the shoe, which is done by hands. The upper of the shoe is now ready to sent for assembling process. 5. Assembly: The assembly process uses a dual level conveyor belt as can be seen in the picture. A fact worth noting is that the conveyer does not have a linear arrangement of workstations; rather it is an ellipsoidal conveyer with different workstations positioned all around it. At first glance, it is not easy to comprehend as to wherefrom where the process begins. However ,a closer look reveals that fully assembled shoes are hand picked away from the conveyer at one particular point on the conveyer. Despite it unconventional designe, it is a very well organized and systematic assembly line configuration where none of the employee sit idle at any point of time , thus minimizing idle time losses. There is a parallel conveyer which basically consists of many metal shoe moulds onto which the entire shoe assembly is built. The shoe building process starts at one when one person applies cement on the inner sole and places it on the conveyer belt. The next person then applies  cement of edges of the upper of the shoe and again puts back the piece onto the conveyer, next,the inner sole is put on the upper part of the Mould and the cloth is pasted on the sole to get the exact shape of the shoe. Now ,when the shape is achieved ,the shoe is dipped into latex so that the latex covers the lower side of the shoe. It is then placed in a drying chamber to dry the latex where in the temperature is around 70oC. Once latex is dried and the shoe is taken out of chamber . It is again placed on the conveyor and the next person puts the outer sole(coated with cement) on the conveyor as well. The sole is then pasted on to the shoe tightly and pressed by a large bag containing water. This water filled bag is a part of the conveyor only and water is used to prevent the formation of air bubbles, which may leads to manufacturing defects. The person sitting next checks once again that there is no gap in the pasting. The side fixing is then pasted on the dried latex and the shoe moves on. The next employee pastes the Bata logo on the back of the shoe and also press the side foxing. On the next station, the toe guards, both side strips as well as circular one, are available to the employee. Coated with cement . Both of these are pasted on the shoe. The shoe is now prepared to be vulcanized and hence is transferred by the last worker on the conveyor , from the conveyor to the conveyor trolly. Introduction : Facility Layout means planning: a.For the location of all machine, utilities, employee work stations customer. service areas, material storage areas, aisles, restrooms, lunchrooms, internet walls, offices and computer rooms. b. For the flow of patterns of materials and people around, into, and within building. C .Infrastructure services such as the delivery of line communications, energy and water and the removal of waste water all make up basic utilities. Characteristic of facility layout decision: a.Location of these various areas impacts the flow through the system. b.The layout can affect productivity and costs generated by the system. c.Layout alternatives are limited by d.the amount and type of space required for the various areas. e.the amount and type of space available. F.the operations strategy. Objective of layout Strategy: Develop an economic layout which will meet the requirements of: a.Product design and volume (product strategy) b.Process equipment and capacity (process strategy) c.Quality of work life (human resource strategy) d.Building and site constraints (location strategy) Basic layout forms: a.Process Layout b.Product Layout c.Combination Layout d.Fixed position Layout Fixed-Position layout In fixed-position layouts, the item being worked on remains stationary, and workers, materials, and equipment are moved as needed. Fixed-position layouts are widely used for farming, firefighting, road building, home building, remodeling and repair, and drilling for oil,buildings, ships, aircrafts. Factors in Determining Layout and Design: Small business owners need to consider many operational factors when building or renovating a facility for maximum layout effectiveness. These criteria include the following: 1.Ease of future expansion or change Facilities should be designed so that can be easily expanded or adjusted to meet changing production needs. â€Å"Although redesigning a facility is a major, expensive undertaking not to be done lightly, there is always the possibility that a redesign will be necessary. Therefore, any design should be flexible. « Flexible manufacturing systems most often are highly automated facilities having intermediate-volume production of a variety of products. Their goal is to minimize change over or setup times for producing the different products while still achieving close to assembly line (single-product) production rates.† 2.Flow of movement The facility design should reflect a recognition of the importance of smooth process flow. In the case of factory facilities, the plan will show the raw materials entering your plant at one end and the finished product emerging at the other. The flow need not be a straight line. Parallel flows, U-shaped patterns, or even a zig-zag that ends up with the finished product back at the shipping and receiving bays can be functional. However, backtracking is to be avoided in whatever pattern is chosen. When parts and materials move against or across the overall flow, personnel and paper work become confused, parts become lost, and the attainment of coordination becomes complicated.† 3.Materials handling Small business owners should make certain that the facility layout makes it possible to handle materials (products, equipment, containers, etc.) In an orderly, efficient ²and preferably simple manner. FACILITY LOCATION Contact Person. Address, Bata House – 418/02, Gurgaon Mahrauli Road, Sector 17. Gurgaon 122002. Haryana. City, Gurgaon. State, Haryana. Phone, 124 4120100 1.Bata Nagar Factory Batanagar, WestBengal 2. Rubber Purchasing Dept. Kottayam, Kerala Rubber purchase and processing. 3. Bataganj Factory Bataganj,Patna Bihar Complete Manufacturing 4. Bata Tannery Mokamehghat, Bihar Leather Processing 5 . Faridabad Factory NIT, Faridabad UP Complete Manufacturing 6. Sandak Division Shivaji Marg, Sandak Sandak Footware. PRODUCTION PLAANING SYSTEM VIZ CAPASITY PLANNING, OPERATION MANAGEMENT SHEDULING ETC. PRODUCT PLANNING SYSTEM. They select their product designs according to their customer needs. And they are continuously bringing changes as the customers’ demands for new products. They are using the latest equipment and machinery to meet the customers demand and to provide them the product they need. | | Bata Production Division is going extra miles to meet ever growing production requirements of PU direct pouring and other footwear to cater the needs of our worthy customers. During the current season, the overall production is going 120% against estimates and 130% against last year. Similarly in the area of PU direct pouring, 123% production has been achieved against the estimates and 204% against last year. This milestone in production has been a result of restructuring of Maraka and Rubber Factories. A better production planning, maximum utilization of human resources and teamwork – all have been put together strategically to achieve competitive advantage in â€Å"Bata† products over the competition in the area of quality, prices and sales appeal PROCESS OF PLANING OPERATION SYSTEM, Their process consists of three parts. * Manufacturing In manufacturing are, all the raw materials are brought together and the raw material is cut into the shapes of the required products. All the pieces are cut here for the specific products. * Stitching The cut pieces of raw material are stitched here together to give the shape of the shoe. The sole is also attached to the upper portion of the shoe and all the pieces are joined together to give it the shape of shoe. * Finishing The product is then moved to finishing department where the rough look of shoe is converted in to a finished product. The shoe is polished, cleaned and all the unwanted materials are removed from it to give it a proper shape. The color and shine of the shoes are finalized here and the product coming out of this department is ready for use. * Retrenchment (Firing) As we know that Bata is a biggest firm around us and they hire the person who have the skills and ability to do work for a long time .They mainly fire people on the serious reach of agreement, misconduct, punctuality and upon not achieving their given targets and once the management has decided to fire a person they give one month prior notice to the respective employee and once the employee is fired can never be hired again. Moreover they do not conduct any exit interview. They do not believe in extending the outplacement facility to their employees. QUALITY SYSTEM, An important choice A choice of more than 3,000 items: footwear, clothing, bags and accessories, for men, women, children and sports. A very personal service Their professional specialized staff is there to help you make the best choice Product presentation All the items are clearly marked with the price, size and description of the materials used to make the product, thus saving you time and making your choice easier. Your purchase is guaranteed You have the guarantee to replace the purchased item if it is still intact and accompanied by the till receipt. INVENTORY MANAGEMENT Subject matter expert and course leader, Jean-Paul Waisman from the European Group with the support of Vladimir Spelda from Central Europe and Alain Groelly from Switzerland facilitated the Euro Fast Track Merchandising module in Italy from June 3rd to 15th. 14 European participants took part in the training. The course objectives were as follows: ~To learn the â€Å"Best Merchandising Practices† in the Bata Europe Group ~To better understand the role and function of the Merchandising Department in the company ~To develop and improve skills in shoe line building ~To understand, create and utilize the Consumer Lifestyles Segmentations ~To introduce analytical tools and techniques to perform in-season and end-season analysis in order to better manage inventory ~To introduce a disciplined, standardized methodology and process to the Bata Europe’s merchandising function in order to align business performance to benchmarks The participants worked through various major business areas including: ~Analyzing the market place and all the competition ~Understanding the need for market segmentation to better identify customers’ requirements ~Building a shoeline with core and additional collections to better meet store portfolio requirements ~Planning the merchandise allocation to the stores in such a manner that stores can achieve their sales objectives ~Using various analytical techniques to optimize sales and inventory management, and to maximize profitability A professor from the Ars Sutoria University in Milan explained in detail the various shoe construction types and material including tips to recognize a â€Å"quality shoe†. The group visited stores in Venice and made a competitive market place analysis including business cases as to how to improve Bata store performance, visual display and other areas of the business. The Euro Fast Track – Merchandising Module was very successful and participants were very enthusiastic as they participated in many practical exercises including a negotiation workshop. They also had the opportunity to share their experiences with many colleagues from other BSO companies across Europe. SUPPLY CHAIN MANAGEMENT Bata is using its raw materials from his different suppliers. Some of the suppliers are local while some are from Indonesia. Along with their own production, they are also out sourcing for some of their products. They are keeping a check on the quality of the products from outsourcing and using their own brand name. The raw material coming from their suppliers are stored in the warehouses. These raw materials are then moved to the production area, where the production is being done and the finished good are moved towards warehouse again for storage after proper quality inspection. They are their own distributers and they have their own stores all over INDIA. They have four types of store concepts. * City Store The Bata City Store gives you unique shopping experience as it showcases the latest collections for footwear of local and international brands. The store ambience is designed to create a lifestyle store that reflects and responds to your needs and expectations. The Bata City stores are located in top shopping malls in big city centers. * Family store Bata is the world’s leading family chain thanks to the wide assortment of every fashion footwear available in our stores. The products are primarily  the Bata brand, with a carefully selected assortment of articles from both local and international brands. * Superstore Bata Superstore offers a wide assortment of fashion, casual and athletic for the entire family. Located primarily in urban and suburban shopping center, these spacious stores offer the best value by providing good quality shoes at great prices. Service is fast thanks to a self-selection shopping environment with qualified staff to serve and assist. * Factory store Factory stores are the largest and the most value-oriented stores of our retail chain. They are ideally located in power centers, commercial parks and outlet centers with easy parking facilities. The product selection offers more than 1,000 styles of ladies, men, children and sport shoes with related accessories and apparel sold at attractive price points. It is based on a self-service concept with helpful staff available for service at any time. It appears to me that Bata was very far in the direction of micro managing. I do not believe he would have been much fun to work for. But it would have been a rewarding experience, not just from the point of view of finances, but rather like having a very demanding teacher. You do not enjoy the experience at the time but you look back on the experience with a certain fondness. You realize that you grew under the stress; that you were stretched and it was good for you. Bata tried to make the need for such micro-management less by the way he developed his system for setting pay and rewards. He said: â€Å"I was seeking a method which would work automatically as the sun rises and the sun sets.† He wanted to wind the company up and then let it run without his attention. In this system, every work unit was engaged in ‘buying’ and ‘selling’ goods and services to and from other work units. The prices were established by a central accounting office and were not negotiable. The ‘customer’ for the  product or service dictated the quality and schedule. Naturally the setting of these prices was subjected to considerable discussion and debate. However, all of the facts and figures used in setting the prices were available to the work unit so they had a basis for their side of the debate. The prices were set with due regard for prices of similar products which might be available on the open market. Work units were not constrained to buy only from within the company. What made the Bata system different from other methods of cost accounting was the agreement that if the workers could devise an improved method, which reduced waste, improved times of delivery and produced a profit beyond expectations, the workers could share in this profit. In other words, Bata produced a system which encouraged each work unit to become more entrepreneurial. Bata had a larger purpose. He intended for each worker to become much more conscious of the economics of the factory, to relate the results of the enterprise to his own fortunes and to become a more responsible guardian of wealth. For Bata the system of internal transacting was more than a way to run the company; it was a way to train people to become fiscally responsible in their own lives. BIBLOGRAPHY http://www. Bata.com www.product range.com http://www.bata manufacturing process. www.consumercomplaints.in/ MORE FREE TERM PAPERS ON SITE: www.BesplatniSeminarskiRadovi.com