...Case 12-02 To Recognize or Not to Recognize, That Is the Question Shakespeare Inc. (“Shakespeare” or the “Company”) is a privately held book printing and publishing company with a December 31 year-end. The summary balance sheet as of December 31, 2010, included: Current assets Noncurrent assets Total assets Current liabilities Noncurrent liabilities Total liabilities Total shareholder equity $ 6,500,000 28,250,000 $34,750,000 $ 4,500,000 13,750,000 $18,250,000 $16,500,000 The summary results of operations for the year ended December 31, 2010, included revenue of $10.7 million and net income of $1.2 million. Shakespeare is planning to issue its financial statements on March 20, 2011. On March 18, 2011, Shakespeare’s management will evaluate new information about one of its accruals and two subsequent events to determine if this information or events represent items that should be recognized or disclosed in the December 31, 2010, financial statements. Medical Benefits Payable For the past several years, Shakespeare has self-insured medical benefits (health and dental) for its employees. The Company records the costs of medical care in the period in which covered events occur and includes its best estimate of the costs that have been incurred but not yet reported (IBNR) in its estimate of the medical benefits payable. Shakespeare looks to the FASB Accounting Standards Codification, which defines IBNR as “losses incurred by the insured entity that have not yet been reported to...
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...Business Contingency Plan Disaster assessment and recovery plan is a continuity strategy that is outlined in a detailed process that is designed to assist a company in recovering from an event(s) that disrupts the daily functionality of an enterprise. It should include guidelines and procedures initiated to respond successfully to and recover from disaster scenario(s) that can adversely impact business operations. Plans for this type of situation(s) should be well-constructed and implemented in a step by step process that will enable a company to minimize the effects of a disaster and help the resume essential business functions swiftly and efficiently. This process is called “Business Continuity Planning” and should be in force before a disaster occurs. These steps include the following. 1. Identifying the Risk(s) a. “Business Continuity Planning” is a constant process of identifying risks and the impact they have on the significance of business operations. Creating strategies and procedures for extenuating risks and restoring functions as quickly as possible when a disruptive event occurs are critical deliverables of a BCP. 2. Analyzing the impact of the risk on the business b. Perform a “business impact analysis (BIA)” to evaluate the impact of a potential risk. This analysis will help to ascertain the severity and what effects it will have on how long the business could be sustained without its functionality in place. Additionally, it will determine...
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...Fiedler contingency model The Fiedler contingency model is a leadership theory of industrial and organizational psychology developed by Fred Fiedler (born 1922), one of the leading scientists who helped his field move from the research of traits and personal characteristics of leaders to leadership styles and behaviours. 1 Two factors 1.1 Least preferred co-worker (LPC) 1.2 Situational favourableness 2 Leader-situation match and mismatch 2.1 Examples 3 Opposing views 4 Summary Two factors The first management style, Taylorists, assumed there was one best style of leadership. Fiedler’s contingency model postulates that the leader’s effectiveness is based on ‘situational contingency’ which is a result of interaction of two factors: leadership style and situational favorableness (later called situational control). More than 400 studies have since investigated this relationship. Least preferred co-worker (LPC) The leadership style of the leader, thus, fixed and measured by what he calls the least preferred co-worker (LPC) scale, an instrument for measuring an individual’s leadership orientation. The LPC scale asks a leader to think of all the people with whom they have ever worked and then describe the person with whom they have worked least well, using a series of bipolar scales of 1 to 8, such as the following: Unfriendly 1 2 3 4 5 6 7 8 Friendly Uncooperative 1 2 3 4 5 6 7 8 Cooperative Hostile 1 2 3 4 5 6 7 8 Supportive .... 1 2 3 4 5...
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...SLC 92FLW40 11-002 WATER CONTINGENCY OPERATIONS OPERATION IRAQI FREEDOM I 2003-2004 SFC BRIAN HARRIS WATER DAWGS ALL THE WAY!!! SFC Brian Harris Mr. Wahid/ Mr. Verrett SLC 92FLW40 11-002 4 January 2011 In June 2003, I was deployed to Iraq with my unit 82nd Forward Support Battalion, Ft. Bragg, NC. Once operations in Fallujah were underway I was sent to assist the 186th Quartermaster Detachment, Ft. Bragg, NC. I wasn’t with them long just long enough to assist with a few of their set ups, but I moved quickly and ensured every mission that was given was completed with 110% competency. The first mission was to patrol a fuel pipeline and 12 pump stations leading from Kuwait to Iraq with 24 NCOs and Soldiers which I personally didn’t take part of since I was already in country. The mission consisted of three shifts patrolling the pipeline to ensure that it was not tampered with and if anyone was found on the route they were to be detained. Six Iraqi civilians who attempted to sabotage the pipeline were detained during a 30 day period. The next mission we were given was to set up a water purification and distribution site in Talil, Iraq. The Detachment set up five 3000GPH Reverse Osmosis Water Purification Unit’s (ROWPU) purifying over two million gallons of potable water. The Detachment supported the Iraqi civilians, the Italian, Turkish, Korean, and American Armies. This mission was continuous throughout the 2003-2004 deployment. The Detachment was...
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...LEADERSHIP (kepemimpinan) TEORI KONTINGENSI DARI KEPEMIMPINAN YANG EFEKTIF MODEL KONTINGENSI LPC Model kontingensi LPC dari fiedler menjelaskan bagaimana situasi menengahi hubungan antara efektivitas kepemimpinan dengan ukuran ciri yang disebut “nilai (LPC) rekan kerja yang paling tidak disukai”. Nilai LPC Pemimpin Nilai LPC pemimpin ditentukan dengan meminta seseorang pemimpin untuk memikirkan semua rekan kerja lama dan yang ada saat ini, memilih salah satu yang paling sulit bekerja sama dengan pemimpin, dan memberikan peringkat orang ini pada sekumpulan skala sifat biopolar. Nilai LPC adalah jumlah peringkat pada skala sifat biopolar ini. Seorang pemimpin yang umumnya toleran akan mendapatkan nilai LPC yang tinggi. Variabel Situasional 1. Hubungan pemimpin anggota 2. Kekuasaan posisi 3. Struktur tugas Fiedler telah menjawab kecaman, dan perdebatan mengenai validitas model itu masih berlanjut. Namun, ketertarikan dalam teori itu telah melemah seiring waktu saat teori situasional yang lebih baik telah dikembangkan. Model kontingensi LPC adalah salah satu dari teori kontingensi paling awal dari kepemimpinan dan kontribusi utamanya mungkin untuk mendorong ketertarikan yang lebih besar pada faktor-faktor situasional. Teori Jalur-sasaran dari kepemimpinan telah dikembangkan untuk menjelaskan bagaimana perilaku dari seorang pemimpin mempengaruhi kepuasan dan kinerja dari bawahan. Perilaku Pemimpin : 1. Kepemimpinan suportif 2. Kepemimpinan mengarahkan 3...
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...Ashley Hill HCS/320 Prof. Marina Voronin Contigency plan for emergency crisis Ashley Hill HCS/320 Prof. Marina Voronin Contigency plan for emergency crisis When dealing with a major crisis, there are many steps that need to be taken to ensure everyone’s safety. Throughout the times ways of communication have changed, some for the better, and some for the worse. In the 70’s, there was only news stations and local radio stations to get the word out about a crisis. In the early 2000’s, there was more social media sites and radio stations and news coverage. Now, there are more ways on social media and more news channels to get information out. Also, I think that with the CDC having access to more information and the ability to keep the public calm and not panic with the right and updated information. Although putting information on social media can increase the number of people who will see the notification about whatever the crisis is, you have to be mindful of the hackers that can change anything on that notification and cause an unnecessary panic amongst the public. 42 percent of executives have been subject to government inquiry or investigation while 24 percent have experienced data loss, security breaches and natural disasters (Hospitals & Health News, 2012). Getting the correct information out to the public is the number one priority of the CDC, but making sure they have all the facts and know how they are going to deal with such panic and chaos comes first...
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...to explain distinctive style used by effective leaders to define the nature of their work. Behavioural research focus on finding ways to classify behaviour that facilitate our understanding of leadership. Both behavioural and trait theories attempt to find one best leadership style in all situations. In 1960s, leadership paradigm shifted to contingency leadership theories. Contingency leadership theory attempt to explain the appropriate leadership style based on the leaders, followers, and situations. In mid-to-late 1970s, the paradigm began to shift to the integrative. Integrative leadership theories attempt to combine the trait, behaviour, and contingency theories to explain successful, influencing leader-follower relationship. CONTIGENCY LEADERSHIP THEORIES Fred E. fiedler Contingency leadership model is used to determine if a person is task or relationship- oriented, and if the situation matches the leadership style to maximize performance. Framework: -determine the dominant leadership style(task/relationship) -determine situational favourableness. The degree in which a situation enables the leader to exert influence over the followers. Three variables to determine the favourableness. 1. leader-member relations 2. task structure.(the more structure the jobs are, the more favaourable the situation). 3. position power. Leaders with weak power can try to get more power from their manager. Major criticism of fiedler theory is his view on leaders should not change...
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... General and Administrative expenses are estimated to be 5% of the total of equipment/material and labor $3,991 Overhead total cost $14,928 Total project cost $94,738 2.2 Three Point estimate Problem (A) Expected price = (0.24 + (4 x 0.3) + 0.60/6 $0.34 lbs (B) Expected Steel usage = (49tons + (4 x 40tons) + 37tons) / 6 41 Tons 82000.00 lbs ( C) Expected Steel cost = $0.34 /lb X 41 tons $28,153 Expected cost over life time = $.034/lb X 82000 lbs Contingency Allowance / Contigency Estimates PRODUCT COMPONENT COST TYPE OF ESTIMATE ESTIMATE Buffalo $80.00 $120.00 1.50 Determine Selling Price and Profit Margin from Markup Lettuce...
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...need to write this test in our classroom since it is password protected. Don’t cheat! Anyone using their phone or any other electronic device besides your computer will receive an automatic zero and your college record will reflect this incident. This test has 65 questions. It should take you about an hour to complete (don’t worry, I will allow everyone time to finish - up to two hours). When you finish, quietly pack up and leave the room’. Please don’t stand right outside the door yakking with your buddies – it hinders the concentration of those still writing. Onward to the review: Chapter 1 Approx. 15 questions Know and be able to explain the basic definitions: - Organizational behaviour, manager, management, ethics, contigency etc Know McGregor's Theories Understand Globalization Study the Diversity wheel Chapter 11 Approx. 14 questions Know and be able to explain the basic definitions: - Organizational Culture, Values, Sustainability, mentor etc Know and be able to eplain the competing values Framework `- clan culture, adhocracy etc Know and understand Feldman's Model of Organizational Socialization - anticipatory socialization, encounter etc Understand the four functions of org. culture - identity, committment etc Chapter 12 Approx. 12 questions Know and be able to explain the basic definitions: - Org. Chart, span of control, organization, unity of control, sustainability (meeting the needs of...
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...I. STATEMENT OF THE PROBLEM Body Shop has been so successful while defying industry norms. It is now questionable for the business to survive as it enters the highly competitive market with its different kind of retailing approach. II. STATEMENT OF OBJECTIVES a. To defend itself against the wave of new competitions b. To maintain the growth, as well as the profitability of the business III. AREAS OF CONSIDERATIONS STRENGHT Brand Innovative products High brand loyalty Successful leadership skills Opportunities Growth in men's skin care products Increasing number of online buyers Aging population Weaknesses Declining stage. Lack of advertising. Losing trust from different stakeholders. Threats No marketing department and no advertising department. Environmental management system is not certified to an efficient standard. Improve operational efficiency Reduce inventory holding cost IV. ALTERNATIVE COURSES OF ACTION 1. Improve the brand image of the business • ADVANTAGE: A. Will attract more consumes and investors. B. Will gain the trust of the public. • DISADVANTAGE: A. It will incur cost. B. It will gain more responsibility to the public. 2. Enhance operational efficiency • ADVANTAGE: A. It will reduce product cost B. It will inventory holding cost C. Achieve reduction in overhead cost. • DISADVANTAGE: a. It creates shortage in their inventory b. It could affect the quality of the product. c. Productivity...
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...Strategic Business Plan ukessays.com /essays/business/developing-a-strategic-business-plan.php Developing a Strategic Business Plan Either in the start up process or when re-inventing one's business development, the design of a strategic business plan is an indispensable step towards a successful and viable business. Strategic planning involves setting up a sound and multifaceted plan or strategy to follow over a defined time period.It can involve all aspects of the business, or just a small part of it i.e. a selected department such as the marketing department.However, this does not mean that strategic business planning is only for large scale businesses since it can also benefit the small business, especially at start up, when the business sets its first goals and establishes itself in the business landscape. Writing up a business plan is an important step of a starting business, since most lending bodies will not authorize loans in absense of a detailed business plan.Why is it important? Imagine sailing off for a voyage in the sea and not planning for resources or supplies that you might need. Developing a business plan is the only way to determine the allocation needs, personnel, utilities, marketing goals, outreach and all valuable aspects that make your business useful and unique in the sea of business. However, strategic planning is a process employed in any time period in a formal business administration, since it usually comprises of a long range planning process of...
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...| TRAIT APPROACH | STYLE APPROACH | CONTIGENCY APPROACH | Description | * Trait Approach: one of the first systematic attempts to study leadership * “Great Man” Theories (early 1900s)Focused on identifying innate qualities and characteristics possessed by great social, political, & military leaders | * Emphasizes the behavior of the leader * Focuses exclusively on what leaders do and how they actPurpose: explain how leaders combine two kinds of behaviors to influence subordinates in their efforts to reach a goal. * Task Behaviors - help group members to achieve objectives * Relationship Behaviors - help subordinates feel comfortable | * Effective leadership is contingent on matching a leader’s style to the right setting * Assessment based on: * Leadership Styles * Situational Variables * Leadership styles are described as: * Task-motivated (Low LPCs) Leaders are concerned primarily with reaching a goal * Relationship-motivated (High LPCs)Leaders are concerned with developing close interpersonal relationships * Leader Style Measurement Scale (Fiedler)High LPCs = Relationship-motivated Low LPCs = Task-motivated | Strengths | * In the leadership process, the traits approach highlights the leader component * The trait approach is that it has a credibility due to a century of research support * Deeper level understanding of how leader/personality related to leadership process * The trait approach provides benchmarks for what...
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...APPROACHES TO MANAGEMENT Dr.M. Thenmozhi Professor Department of Management Studies Indian Institute of Technology Madras Chennai 600 036 E-mail: mtm@iitm.ac.in APPROACHES TO MANAGEMENT 1) 2) 3) 4) 5) 6) 7) 8) 9) Empirical Approach Human Behaviour Approach Social System Approach Decision Theory Approach Mathematical Approach Socio-Technical Systems Approach Systems Approach Contingency Approach Operational Approach REASONS & PROBLEMS 1) Semantic problems in management literature. 2) Contributions from different disciplines. 3) Misunderstanding of principles. EMPIRICAL APPROACH • • • – – – – Study of managerial experiences and cases(mgt) Contributors: Earnest Dale, Mooney & Reiley, urwick. Features Study of Managerial Experiences Managerial experience passed from participationer to students for continuity in knowledge management. Study of Successful & failure cases help practicising managers. Theoretical research combined with practical experiences. • – Uses Learning through experience of others • – – Limitations No Contribution for the development of management as a discipline Situations of past not the same as present. HUMAN BEHAVIOUR APPROACH • – – Organisation as people a) Interpersonal Behaviour Approach - Individual Psychology b) Group Behaviour Approach - Organisation Behaviour • – – – – Features Draws heavily from psychology & sociology. Understand human relations. Emphasis on greater productivity through motivation...
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...After reading the exposure draft and the first ten comment letters from the FASB website, I argued that the exposure draft should be adopted. Before the exposure draft were issued, FASB received some respondents criticized the original dislosure requirements of loss contingencies: “a.The initial disclosure of specific information about a loss contingency often does not occur until a material accrual is recognized for that loss contingency, sometimes taking investors by surprise. b. The at least reasonably possible threshold for disclosing loss contingencies has not resulted in the disclosure of the full population of an entity’s existing loss contingencies that would be of interest to financial statement users. c. The amounts recognized in the financial statements related to loss contingencies are not transparent to users. In order to improve the disclosures about certain loss contingencies, such change of standards is necessary.” In response to this concern, the Board made two roundable discussions and got some feedback from respondents and finally issued an exposure draft stating that “An entity shall disclose qualitative and quantitative information about loss contingencies to enable financial statement users to understand all of the following: a. The nature of the loss contingencies. b.Their potential magnitude. c.Their potential timeing (if known).” It is reasonable the Board revised some proposal in insponse to the comment letters from respondents. For example, respondents...
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...of compelling diversity. Followers have been known to influence the process of leadership. In the same vein that leadership is complex, leadership situations can also be complex.. The external and organisational environment have continued to chang and influence leadership context. The potency of situation in leadership effectiveness and business succes is also underscored by the observation that the success of a leader in a context is not a guaurantee for the success of the same leader in a different context.or situation (Lorsh:2008 ). LEADEERSHIP MODELS Several models have been developed not only to understand the nature of leadership but also predict and prescribes leadership style and effectivenss.. These include Fieldler’s contigency model and situation leadership theory. Lawlwer’s virtous-spiral model ( 2004 ) has espoused the need to design and kick-start a spiral phenomenon...
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