...2014 Differences between Master and Flexible Budgets There are two main differences between the master and the flexible budgets. The two budgets have different uses and they treat volume changes in different manners. The master budget is the official budget that management has decided to go with. It is their planned volumes, expenses, and revenues that were determined for the upcoming year. It is used as the starting point by which benchmarks are measured. It is the best estimate that the business has decided to go with based on the current facts at the time the budget was made. The master budget does not change after it has been put into place so it does not account for changes in volume. Flexible budgets change as estimates in volume change. It takes different levels of volumes and determines what the expected costs and revenues would be based on the rates budgeted in the master budget. Variable costs would remain the same per unit cost as in the master budget. This is important as a manager might think he is coming under budget when compared to the master budget but when compared to a flexible budget based on the new volume, he might be over budget. Fixed costs would also remain the same so the per unit cost for these would change as volume changed. This allows companies to say what their budgeted costs should be based on the new volume. Using spreadsheets, the company can make changes to the flexible budget by only having to change the volume...
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...beginning an individual business. Small work has been seen urgent to explore the influences of society on improvement of entrepreneurial intentions of citizens in the nation. Society incorporates uncertainty avoidance, power separation, and individualism versus collectivism, gender differences and long term orientation versus short term orientation Our study will note that social components for example uncertainty avoidance, power distance, individualism & collectivism and male dominancy are effecting unfavorably on the development of entrepreneurial intentions in Pakistan. BACKGROUND: The force of progress has sway all business substances from little to extensive. Each substance needs to handle with gigantic innovative, geological, political, economical, legitimate and social change. Despite the fact that the dynamic environment has come about as most amazing test for the countries, they have some way or another figured out how to support the chances with clear dreams, dedicated workers, durable organizational society, group introduction and unwavering strategies. In this way it has been checked through examines that countries attain focused focal point by constantly battling with the change which influences distinctive parts of life. Countries can advance intense advantage through instilling society of enhancement, dynamism, sex the earth, group and long haul introductions and freedom of singular in regards to political, investment and social life. Few individuals have...
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...ABSTRACT This article provides an overview of recent developments in historical institutionalism. First, it reviews some distinctions that are commonly drawn between the “historical” and the “rational choice” variants of institutionalism and shows that there are more points of tangency than typically assumed. However, differences remain in how scholars in the two traditions approach empirical problems. The contrast of rational choice’s emphasis on institutions as coordination mechanisms that generate or sustain equilibria versus historical institutionalism’s emphasis on how institutions emerge from and are embedded in concrete temporal processes serves as the foundation for the second half of the essay, which assesses our progress in understanding institutional formation and change. Drawing on insights from recent historical institutional work on “critical junctures” and on “policy feedbacks,” the article proposes a way of thinking about institutional evolution and path dependency that provides an alternative to equilibrium and other approaches that separate the analysis of institutional stability from that of institutional change. INTRODUCTION Institutional analysis has a distinguished pedigree in comparative politics, and the “new” institutionalist literature of the past two decades has both sustained this venerable tradition and deepened our understanding of the role of institutions in political life. At the same time, recent work has given rise to new debates. It is now conventional...
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...JÖNKÖPING INTERNATIONAL BUSINESS SCHOOL JÖNKÖPING UNIVERSITY St r at egi c Under standi ng A Qualitative Study on Similarities and Differences in Perceptions of Strategy Bachelor Thesis within Business Administration Author: Florance Batamuriza Tobias Berg Tony Hatami Tutor: Jönköping Jens Hultman & Anna Jenkins June 2006 Strategic Understanding - A Qualitative Study On Similarities and Differences in Perceptions of Strategy A Bachelor Thesis in Business Administration by Batamuriza, Berg & Hatami - JIBS 2006 Acknowledgements Since the begging of the year of 2006 we have worked hard to complete this paper. It has been both fun and challenging. We would not have reached this far without the help of our tutors, Jens Hultman and Anna Jenkins, therefore we want to give them a special thanks for helping and guiding us through this struggle. At the same time we would also like to thank the other groups for their constructive criticism and ideas for improvements. In connection to this, another thanks to our anonymous proofreaders without whom this thesis would not look anything like it does. We also want to give big thanks to the company that offered their time, effort and their thoughts during the interviews; without it this paper would have been impossible to complete and for this we will be ever grateful. Last but certainly not least, we would like to thank our families and friends that put up with our never ending discussions about the paper, and for your ever lasting...
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...1 Introduction: What Is Economics? Chapter Summary Economics is about making choices when options are limited. Options in an economy are limited because the factors of production are limited. We can use economic analysis to understand the consequences of our choices as individuals, organizations, and society as a whole. Here are the main points of the chapter: • Most of modern economics is based on positive analysis, which answers the question “What is?” or “What will be?” Economists contribute to policy debates by conducting positive analyses about the consequences of alternative actions. • Normative analysis answers the question “What ought to be?” • The choices made by individuals, firms, and governments answer three questions: What products do we produce? How do we produce the products? Who consumes the products? • To think like economists, we (a) use assumptions to simplify, (b) use the notion of ceteris paribus to focus on the relationship between two variables, (c) think in marginal terms, and (d) assume that rational people respond to incentives. • We use macroeconomics to understand why economies grow, to understand economic fluctuations, and to make informed business decisions. • We use microeconomics to understand how markets work, to make personal and managerial decisions, and to evaluate the merits of public policies. Learning Objectives 1. 2. 3. 4. 5. List the three key economic questions. Discuss the insights from economics for a real-world problem such as...
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...Inferential Statistics Data Analysis: Analyzing Data - Inferential Statistics Inferential statistics deal with drawing conclusions and, in some cases, making predictions about the properties of a population based on information obtained from a sample. While descriptive statistics provide information about the central tendency, dispersion, skew, and kurtosis of data, inferential statistics allow making broader statements about the relationships between data. Inferential statistics are frequently used to answer cause-and-effect questions and make predictions. They are also used to investigate differences between and among groups. However, one must understand that inferential statistics by themselves do not prove causality. Such proof is always a function of a given theory, and it is vital that such theory be clearly stated prior to using inferential statistics. Otherwise, their use is little more than a fishing expedition. For example, suppose that statistical methods suggest that on average, men are paid significantly more than women for full-time work. Several competing explanations may exist for this discrepancy. Inferential statistics can provide evidence to prove one theory more accurate than the other. However, any ultimate conclusions about actual causality must come from a theory supported by both the data and sound logic. WHEN TO USE IT HOW TO PREPARE IT The following briefly introduces some common techniques of inferential statistics and is intended as a guide...
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...calculated? An accounting contribution margin refers the revenues less variable expenses. This implies that it reveals how much a company's revenues contribute strictly to the company's fixed expenses . The total amount for the company, the amount for each product line, the amount for a single unit of product, and as a ratio or percentage of net sales are the most important concepts in the presentation of the contribution margin. The contribution margin can be presented as 1) the total amount for the company, 2) the amount for each product line, 3) the amount for a single unit of product, and 4) as a ratio or percentage of net sales (Libby, Libby and Short, 2011). There is a form of management accounting known as cost-volume-profit analysis. It, the contribution margin, that is, the marginal profit per unit sale, is a very vital quantity in determining various calculations. For this reason, it also applies in the measurement of the operating leverage. Typically, contribution margins on a lower scale are normally evident in the labor-intensive tertiary sectors. On the other hand, it is in the capital-intensive industrial sector that we witness high contribution margins being prevalent (Kaplan and Atkinson, 2005.). In the case of a manufacturer, the contribution margin is the total amount of excess net sales in the excess of the variable manufacturing costs and the other expenses like the variable SG&A ones. To illustrate this issue further, we assume the manufacturer...
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...family incomes assess their health as fair or poor. Since the Pearson’s Chi-Square value of 143.81 is statistically significant, we can reject the null hypothesis and assume that there is too much difference of perceived health conditions among respondents with various family income values to have occurred by chance. Therefore, family income is a statistically significant predictor of perceived health...
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...Professor Teri Ziegler From: Group P2 Subject: Year 4 and 5 Analysis for BLG Date: October 21, 2011 The purpose of this memorandum is to compare the income summaries from the first 3 years of operation for comparison and analysis and to make predictions for year 5. Attached are supporting materials for further analysis. * BLG Year 4 Income Summary, page * Growth Comparison Chart, page * Target Profit Analysis, page * Sensitivity Analysis, page * Flexible Budget for Year 5, page * Returns on Hours and Investments, page The Target Profit Analysis (pg. XX), provides the number of containers that BLG would have needed to sell to meet a target profit of $40,000. Actual sales of small, medium, and large containers in year 4 were 109, 122, and 35, respectively. Based on calculations from the Analysis (pg. XXX) Sales necessary to meet the goal were 140, 157, 44. Even though this goal was not met, BLG was capable of achieving the target profit of $40,000 in year 4. The Growth Comparison Chart (pg. XX) displays that from year 2 to year 3 BLG increased container sales by 156%. Growth was only 45% from years 3 to 4, while the target profit required 85% growth. Because the growth necessary was less than the historical growth rate, BLG could have feasibly reached a target profit of $40,000. A Sensitivity Analysis (pg. XX) was prepared to examine how sensitive net income is to changes in cost of goods and price for services. If BLG purchases containers...
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...are your capabilities, how do you measure? 5. What is the nested choice cascade? You ask these at the senior level but they cascade down Corporate level, business level, functional level strategies 6. Describe the strategic-management process. External Analysis (Opportunity, Threat PEST, 5 forces) Direction-> Strategies -> Implementation Internal (Capabilities, VIRO) 7. What are the three perspectives on strategic management? 8. Is strategy the same as operational effectiveness? No- operational effectiveness is doing the same thing better 9. What is competitive convergence? What is the productivity frontier? When all rivals get better and simultaneously become more similar, all better but lose unique point of difference. Productivity frontier- graph everyone trying to get better but doing the same things. 10. Know the various definitions of strategy (choice, plan, ploy, pattern, position, & perspective) 5 definitions in lecture Plan, Ploy, Perspective, Pattern, Position- Doing the same thing differently or doing different things Entrepreneurs have a perspective as opposed to a detail plan 11. Why is strategy needed? Gives consistency, stability, makes constant to move forward without going sideways 12. What are the types of strategies intended- what you plan, deliberate0 planned things that you hold on to, emergent- emerge...
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...Analysis of Research Report Results Analysis of Research Report Results In a nation where over two-thirds of adults are overweight and over one-third are obese, many Americans turn to commercial diet and weight loss programs in an attempt to shed the extra pounds and incorporate a healthy lifestyle (National Institute of Diabetes and Kidney Diseases, 2011). According to Gardner, Kiazand, Alhassan, Kim, Stafford, Balise, Kraemer, and King, (2007) the health benefits of weight loss, have been well established. However, the debate regarding the effectiveness of low-fat, high-carbohydrate diets versus low-carbohydrate diets continues and very limited evidence is available to evaluate other diets (Gardner, et. al 2007). In a study published in JAMA in 2007, 4 weight loss diets ranging from low to high carbohydrate intake were compared for their effects on weight loss and metabolic variables (Gardner, et.al, 2007). The study was conducted for a period of twelve months and consisted of over 300 premenopausal women 40 years old on average who were either overweight or obese. The women were randomly assigned to one of the following diets, Atkins, Zone, LEARN, or Ornish and participants received instructions weekly for 2 months and then again at a 10-month follow-up. When analyzing data, statistical procedures are used to make inferences about the population being studied. In the A to Z weight loss study the following statistical procedures were used, analysis of variance...
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...Probability and statistics are two related but separate academic disciplines. Statistical analysis often uses probability distributions, and the two topics are often studied together. However, probability theory contains much that is of mostly of mathematical interest and not directly relevant to statistics. Moreover, many topics in statistics are independent of probability theory. Probability (or likelihood) is a measure or estimation of how likely it is that something will happen or that a statement is true. Probabilities are given a value between 0 (0% chance or will not happen) and 1 (100% chance or will happen). The higher the degree of probability, the more likely the event is to happen, or, in a longer series of samples, the greater the number of times such event is expected to happen. These concepts have been given an axiomatic mathematical derivation in probability theory (see probability axioms), which is used widely in such areas of study as mathematics, statistics, finance, gambling, science, artificial intelligence/machine learning and philosophy to, for example, draw inferences about the expected frequency of events. Probability theory is also used to describe the underlying mechanics and regularities of complex systems. Statistics is the study of the collection, organization, analysis, interpretation and presentation of data. It deals with all aspects of data, including the planning of data collection in terms of the design of surveys and experiments. The word statistics...
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...Internal Analysis Earlier we explained differences in firm performance as being a function of their external environment. However, this is only part of the story. Obviously, each firm has some unique aspects. How can these be analyzed to understand differences in firm performance? Resources and Capabilities. Economics generally models firms as generic black boxes that transform inputs into outputs in an efficient manner. Edith Penrose (1950) is generally credited with being the first person to model firms as unique bundles of resources. Some individuals like to make distinctions between resources, what companies have, versus capabilities, things companies can do. A classic example might be my personal computer. As a resource it is more powerful than the original computer on the Space Shuttle, however, I could not land the Space Shuttle with it. So in this case I have a superior resource but an inferior capability. Resources and capabilities can take many different forms. Literally anything an organization possesses can be considered a resource. Examples include financial resources, plants, equipment, technology, reputation, brands, and organizational expertise. In short there is no potential constraint on what can be considered a firm's resources or capabilities. VRIO Analysis Given that almost anything a firm possesses can be considered a resource or capability how should you attempt to narrow down the ones that explain why firm performance differs? In order to lead to a sustainable...
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...8A1 This assignment lets you explore a quasi-experimental model using ANCOVA data analytical approach. By doing this data analysis project, you will understand a new quantitative research model when randomized sampling is not a choice. Specifically, you will develop analytical skills to use covariate to control for or partial out effects of pre-existing differences carried by sampling. To complete the assessment, answer each question, providing IBM SPSS analysis when necessary to support your answer. For this assignment, use the small batch of data provided by Warner's textbook on page 724. These are hypothetical data. We will imagine that a three-group quasi-experimental study was done to compare the effects of three treatments on the aggressive behavior of male children. Xc, the covariate, is a pretest measure of aggressiveness: the number of aggressive behaviors emitted by each child when the child is first placed in a neutral playroom situation. This measure was done prior to exposure to the treatment. Children could not be randomly assigned to treatment groups, so the groups did not start out exactly equivalent on aggressiveness. The dependent variable, Y, is a posttest measure: the number of aggressive behaviors emitted by each child after exposure to one of the three treatments. Treatment A consisted of three different films. The A1 group saw a cartoon animal behaving aggressively. The A2 group saw a human female model behaving aggressively. The A3group saw a human male...
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...Assessment? We need to consider the benefits of any Human Resource Development (HRD) intervention before we just go and do it: * What learning will be accomplished? * What changes in behavior and performance are expected? * Will we get them? * What are the expected economic costs and benefits of any projected solutions? We are often in too much of a hurry. We implement a solution, sometimes but not always the correct intervention. But we plan, very carefully and cautiously, before making most other investments in process changes and in capital and operating expenditures. We need to do the same for Human Resource Development. The largest expense for HRD programs, by far, is attributable to the time spent by the participants in training programs, career development, and/or organization development activities. ==================================================================== METHODS OF TRAINING NEEDS IDENTIFICATION In addition to -PERFORMANACE APPRAISAL there are other methods like -ONE TO ONE INTERVIEWS [ in person / by telephone] [ one to one information gathering] -FOCUS GROUPS [meetings of individuals who share an interest in the subject exchange ] -USING QUESTIONNAIRE [ information gathering on paper] -DOCUMENT ANALYSIS [reviewing the existing documents/ analysing] -OBSERVATION [observing / reviewing people performing on the job] -SEEKING INPUTS FROM LINE MANAGERS [ assessment of ...
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