...Home Page » Business and Management Fortune 500 Company In: Business and Management Fortune 500 Company History The Fortune 500 Company chosen for this paper is the Lockheed Martin Corporation. Lockheed Martin is a global securities and information technology company headquartered in Bethesda, MD. Lockheed Martin employs roughly 126,000 people in several facilities throughout the world. The company's main business is in research, design, development, manufacturing, integration and sustainment of advanced technology systems, products and services. Lockheed consists of four operating units, or business areas, which consist of Aeronautics, Electronic Systems, Information Systems and Global Solutions, and Space Systems (LMC, 2011). Lockheed Martin Corporation was created in 1995 from a merger of two major global technology companies, Lockheed Corporation and Martin Marietta Corporation (LMC, 2011). Lockheed Corporation first began in 1912 when two brothers, Allan and Malcolm Loughead, created the Alco Hydro-Aeroplane Company to manufacture a floatplane. In 1916, the brothers used their own profits to buy out the other investors and organized the Loughead Aircraft Manufacturing Company. In 1921, the company was liquidated because of poor sales. Allan Loughead returned in 1926 to create the Lockheed Aircraft Company, which began to be much more successful. Lockheed is the matching pronunciation of Loughead and used instead (Weiss & Amir, 2009). The Martin Marietta...
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...Lockheed Martin: The Employer of choice mission Summary The saying of Robert vice president of strategically planning that usually companies talks about strategic vision but without the right expertise it will not more than the illusion. The whole depends on the quality of its employees that differentiate them from competitor. Ken was the vice president of HR in Lockheed and he was given a report contacting that what will be the best practices that could be initiated in organization to become an employer of choice for the employees and to attract the talent from across the borders. And as Lockheed martin had leading in its technology in 20th century they much contribute like they were there when the first man landed on moon and they also help to explore this universe so if they don’t do their jobs then that will lead to the bad thing were start happening in this world. As Lockheed Martin was the merger of two best leading technology companies both had rich history in their technological field and as Lockheed and martin started innovation by developing boats clipper lighting fighter and missiles and then in 1990 Lockheed’s produce world best and innovative aircrafts F16 fighter. The company also contributed toward defense related products and ranked 32nd among 500 largest industries and the give jobs to 170000 people in their state and about 5500 from international market. And also operated their business in several states. Their business was divided into six categories SPACE...
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...(51.75 m) Height: 55.1 ft (16.8 m) Wing area: 3,800 ft² (353 m²) Empty weight: 282,500 lb (128,100 kg) Max takeoff weight: 585,000 lb (265,350 kg) Power plant: 4× Pratt & Whitney F117-PW-100 turbofans, 40,440 lbf (180 kN) each Fuel capacity: 35,546 US gal (134,556 L) Performance Cruise speed: Mach 0.76 (450 knots, 515 mph, 830 km/h) Range: 2,420 nmi[74] (2,785 mi, 4,482 km) Service ceiling 45,000 ft (13,716 m) Max wing loading: 150 lb/ft² (750 kg/m²).This EVAC ( evacuation) platform is getting a lot of work between theaters, Germany, WRNMMC, and SAMMC. It has In-flight refueling. It has short takeoff and landing makes it a very versatile workhorse. This aircraft was designed as replacement for C141 Starlifter and a supplement to the C 130. It is inability to do point of wounding evacuation would be its only drawback, but it was not designed for that task. *You are required to respond to 1 additional posts made by other...
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...Raytheon is a company that serves the main purpose of being a U.S. defense contractor and industrial corporation that mainly focuses in manufacturing weapons, military, and commercial electronics according to Wikipedia.com (Source 1). It all started on July 1922, when according to “Raytheon.com (Source 2)” it said, “a few passionate visionaries created a high-tech venture in the shadow of a great university and developed a breakthrough product that transformed a nation.” Raytheon was established in Cambridge, Massachusetts, founded by Vannevar Bush, Laurence Marshall, and Charles G. Smith, which they named the company American Appliance Company before Raytheon based on Source 2. According to the text, “fundinguniverse.com (Source 3)” it states, “Raytheon was founded in 1922 when a civil engineer named Laurence Marshall was introduced to an inventor and Harvard physicist names Charles G. Smith by Dr. Vannevar Bush…” During the beginning years of their company, they created the S gas rectifier tube which according to “(Source 2)”, was a “device that eliminated one of the cumbersome expensive batteries that previously powered home radios.” It changed the radio into become an affordable appliance for the Americans that they used in various ways. Raytheon became one of the leading innovation company in the electronics industry according to (Source 2). During World War II, Raytheon tried to assist in the war effort. According to the website, “(Source 2)” it says, “During World War II...
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...Personal Branding Plan Josh Barnett MKT/421 April 21, 2015 Wendy Bullock Personal Branding Plan Work ethic, reliability, and results. These are three of the important character traits that I feel separate me from other candidates when it comes to competing for a job. The time that I spent in the military is what I credit a large part of my work ethic to. From Day one in the military you are required to do everything to the best of your ability and to continue to do so until the task is completed. Even as a child, I was told that that if I say am going to do something or be somewhere, then I am to keep my word and follow through with every commitment. Once again the military further hammered in that mindset and even introduced me to the phrase; “if you are 15 minutes early, you are on time. If you are on time, you are late.” Both of these influences have molded me to value the characteristic of being reliable not only by presence but by carrying my own weight as well. The third trait that I feel solidifies my value as an employee is my ability to produce results. Of course the first two characteristics play a role in my ability to get results but I have always had a competitive nature as well. Coming from an athletic background and excelling at sports my whole life, I developed a hunger to be the best at whatever it was that I was doing. If I were to make a list of dream companies that I would like to work for, the first job that would have to be at the top...
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...Walter B. Peppersack ASCI 611 Embry-Riddle Aeronautical University Professor: Bill Teeple 5 December 2014 Abstract This research is in the Oculus system; a roll-on/roll-off Command and Control unit that attaches to a standard military 463L pallet design that is accommodated by the C-130 Hercules. There are two modules that are mounted to a pallet system that roll on and off just like any other cargo load. The design requirements for this payload are that it will be able to be loaded on any model of C-130 without permanent modifications to any of the airframes. The system safety aspect of Oculus and the way it is designed is well defined without specific hazards outside the parameters of normal operations with any other payload, other than the lift arm mechanism for the sensor pod attached to the aft door, and the operational parameters while it is in use. It is because of the design requirements for not modifying the airframe that has created a safety issue with the way the sensor pod is set in operation. Oculus Sensor Platform System The C-130 Hercules transport aircraft has been around a long time. It has been a proven airframe, has been the work horse for the U.S. military services through the decades, has seen many conflicts, and has provided air and ground support for numerous missions worldwide. With its longevity it has seen numerous problems, has had many up-grades and modifications that each have their own safety issues. The ground support systems themselves...
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...Hercs: Obsolete or Still Strong? Austin Carter ASCI 419 Embry-Riddle Aeronautical University Abstract In this research paper I will discuss the many costs and programs of sustaining an older aircraft. I will also go into detail about what a RAP (Repair Assessment Program) is and how they operate to maintain and keep these aircraft formidable. I will also talk about what the government plans to do with the existing C-130 fleets. The C-130 has been a major part of the U.S. militaries forces for over 57 years. It was manufactured by Lockheed and entered the U.S. military in the 1950’s and has the longest continuous production run of any other aircraft in the U.S. military (Lockheed, 2015). The C-130 has the nickname “Hercules” because it is just that. The C-130 has been retrofitted and dozens upon dozens of modifications have been engineered so that this aircraft can perform just about any type of mission the military needs. Every branch of the military utilizes the C-130 in one way or another. There have also been many different types of models with the most recent being the “J” model. Although Lockheed Martin is still manufacturing these aircraft and the military is still purchasing them, there are still in service many aircraft that were manufactured in the 80’s. Of course the level of technology that was implemented into aircraft then and now are not even comparable. To have an aircraft that is not up to par technologically is unsafe for the crew and cannot be depended...
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...an investment in debt securities exceeds its amortized cost, how should each of the following debt securities be reported at the end of the year? Debt securities classified as Held-to-maturity Available-for-sale a. Amortized cost Amortized cost b. Amortized cost Fair value c. Fair value Fair value d. Fair value Amortized cost CPA-00263 Explanation Choice "b" is correct. According to SFAS 115, debt securities (bonds) classified as held-to-maturity are reported at amortized cost (that is, cost adjusted for amortization of premium or discount; approaches face value). Debt securities classified as available-for-sale are reported at fair value. Note that SFAS 130 changes the treatment of unrealized holding gains and losses from available-for-sale securities. Such gain/loss is excluded from earnings (per SFAS 115), however, per SFAS 130, it is reported as a component of accumulated other comprehensive income. Choice "a" is incorrect. While amortized cost is the appropriate treatment for debt securities classified as held-to-maturity, this is not the correct treatment for securities classified as available-for-sale. Choice "c" is incorrect. Fair value is not the appropriate treatment for debt securities classified as held-to- maturity. Choice "d" is incorrect. Fair value is not the appropriate treatment for debt...
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...rates is conceptually more sound because the reported amount represents either the likely future economic sacrifice (future tax payment) or economic benefit (future reduction in taxes). 3. Deferred taxes may be the result of historical transactions, but, by definition, they are taxes that are postponed and will be paid (or will reduce taxes) in the future at the future tax rates. 4. Estimates are used extensively in accounting. The use of estimated future tax rates for deferred taxes poses no more of a problem regarding verifiability and reliability than using, say, estimated lives for depreciation. 5. Because the tax expense results from changes in balance sheet values, its measurement is consistent with the SFAC No. 6 and SFAS No. 130 definitions of comprehensive income. Others may include: - Under the International Accounting Standards No. 12 “Accounting for Taxes on Income” only the liability method is allowed. - If, after being established, and before reversal, the statutory tax rate for those years change, then the deferred tax account will need to be adjusted to reflect the new rate(s). - Under this...
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... 2. Overview Financial reporting topics Exposure draft, Business Combinations (joint with the IASB) Exposure draft, Consolidated Financial Statements, Including Accounting and Reporting of Noncontrolling Interests in Subsidiaries (a replacement of ARB 51) Fair value measurement Proposals for optional fair value measurements Exposure draft, Accounting for Uncertain Tax Positions, an interpretation of SFAS 109 Performance reporting Share based payment (SFAS 123R) 3. Joint IASB-FASB project on business combinations Intent => replace SFAS 141 and converge with international standards Will include mutual enterprises Will include acquisitions of businesses through means other than a purchase of net assets or equity interests A separate project is addressing business combinations involving not-for-profit organizations General principle: recognize assets acquired and liabilities assumed in a business combination at fair value Exceptions : income taxes, benefit plan obligations, operating leases Departure from the cost-based provisions in APB 16, which also appeared in SFAS 141 as originally issued Joint IASB-FASB Exposure Draft is available at the FASB’s website 4. Joint IASB-FASB project on business combinations Examples of proposed changes, relative to current practice Business combination achieved in stages Sometimes called a step acquisition Purchase consideration...
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...The Cost-Efficiency of French Banks∗ Estelle Brack†and Ramona Jimborean‡ First Draft: September 2008 This Version: April 2009 Abstract The paper addresses the issue of French banks efficiency, compared to their homologous from Europe and the United States. The analysis is realized on a sample formed by the ten biggest banks from France, Germany, Italy, Spain, the United Kingdom and the United States, over the period 1994-2006. The Data Envelopment Analysis (DEA) method is employed. The results show an improvement in cost-efficiency of French and Spanish banks, while in the other countries a decline in cost-efficiency is noted. We proceed to several tests of convergence, showing that inefficient banks have reduced the gap during the period 1994-2006. In a second step analysis, we focus on the factors standing behind the efficiency scores obtained through DEA methodology. These are bank-specific variables, the macro environment, the regulatory regime and the non-bank financial sector development. We use a standard censured Tobit model and show that capitalized, newly established banks, with tighter ratios of Tier 1 capital and operating in a country with a lower GDP per capita record the highest cost-efficiency scores. JEL Classification: C14, C6, D24, G21, L25 Keywords: Cost-efficiency; Banking systems; Data envelopment analysis The authors gratefully acknowledge Serge Oppenchaim, C´line Choulet, Guillaume Guidoni and Julien e Geffroy for their contribution to this work. The views expressed...
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...technologies to increase their selling productivity and efficiency. Given this trend, many researchers have begun to explore the question of sales force adoption of technology. However, little work has been done to consider what happens once this technology is adopted. The purpose of this paper is to report two studies that investigated if and why salespeople had different technology usage and if the extent of usage had an impact on their performance. Design/methodology/approach – First, a qualitative study was performed to gain insights about extent of technology usage and the reasons that may explain differences. In order to test some of the research propositions that emerged from the qualitative study, an empirical study was conducted with 130 salespeople. Findings – Innovativeness was found to be helpful in distinguishing between different technology usage levels across various technologies (internet, e-mail, intranet, etc.). Results also suggest three potential antecedents of technology use, as well as a potential moderator of the usage to performance relationship. Originality/value – This paper provides a research agenda for studying this important area. Further, the practicing manager will gain insight into some variables that help predict usage extent, and may provide better ideas on implementing and managing the use of technology by their sales force. Keywords Sales force, Communications technology, Product technology, User studies, Sales performance, Innovation Paper type...
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...Abstract There are many issues surrounding fair value accounting, this assignment concerns about the discussion of fair value measurement under both the International Accounting Standard Board (IASB) and US national standard-setter, the Financial Accounting Standards Accounting (FASB). So far, IASB and FASB have created a uniform framework for how to measure fair value for entities around the world. By publishing IFRS 13 Fair Value Measurement, the IASB established a single source of guidance under IFRS for all fair value measurements. After searching relevant sources from financial books and economic websites, some of the issues about fair value accounting have been clarified and analysed. This assignment provides a better understanding of the joint work between IASB and FASB, the definition of fair value under both standards, the relevant issue about IFRS 13 and why accounting differences exist. A. Explain the purpose of the Memorandum of Understanding between the IASB and the US national standard-setter, the Financial Accounting Standards Board (FASB). Theoretically, A Memorandum of Understanding is a document that involved a bilateral or multilateral agreement between parties (Wikipedia 2011). In this particular research essay, the Memorandum of Understanding is a convergence process that both the International Accounting Standard Board (IASB) and US national standard-setter, the Financial Accounting Standards Accounting (FASB) would take steps to balanced the reciprocal...
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...Case A Overview Neil, Inc. engaged Lifeson and Lee, CPAs to audit its 2010 financial statement. Neil, Inc. has never been audited in prior years. Neil, Inc. is a manufacturing company that uses the periodic inventory system and has no controls in its purchasing process. Neil, Inc. is not a public company. Lifeson and Lee conclude the audit of Neil, Inc.’s financial statements and found no material deviations from GAAP and no other scope limitations. The subsequent discussion will be regarding the opinion that Lifeson and Lee should issue based upon the facts of the case. Issues Examined Upon examining the facts and circumstances of the case several issues arose: - First Year Audits - Not a Public Company - Internal Controls Each issue can greatly influence the appropriate opinion that should be issued by Lifeson and Lee. First Year Audits Neil, Inc. has never been audited. This presents a difficult situation for Lifeson and Lee since they are relying on past financial statements to determine the validity of 2010 financials. According to AU section 420.24, “When the independent auditor has not audited the financial statements of a company for the preceding year, he should adopt procedures that are practicable and reasonable in the circumstances to assure himself that the accounting principles employed are consistent between the current and the preceding.” In order for Lifeson and Lee to gain confidence of consistency and accuracy they would have...
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...Stochastic frontier analysis of the efficiency of Nigerian banks Abstract Using the Stochastic Frontier Analysis (SFA) the efficiency of Nigerian banks was analysed. The result of the study proved that there is inefficiency in the Nigerian banking system and that the level of inefficiency ranged from 0 to 19 per cent of total cost. The study was able to derive the individual bank's level of inefficiency. Put differently, the study was able to derive the individual bank's level of efficiency. I. INTRODUCTION In the last three decades, as bank regulators open their financial Industries for competition and liberalisation, many banks operated at a level that is less efficient and profitable leading to unsoundness or distress in the industry; thus generating concerns and worries among the bank stakeholders. There are a large number of studies which employ models to explain inter-bank differences in earnings, bank efficiency and continuous existence (failure) in the United States of America and other developed countries of the world. Similar studies have not been carried out using data from emerging markets like Nigeria especially when viewed against the background of the statement of Barltrop and McNaughton (1992) that financial analysis should be done within the context of the particular country and economic environment as each country has a different economic environment, different regulatory and legal environment, different commercial practices, different accounting...
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