...and systematic approach to the study of decision making The Six Steps in Decision Making 1. Clearly define the problem at hand 2. List the possible alternatives 3. Identify the possible outcomes or states of nature 4. List the payoff or profit of each combination of alternatives and outcomes 5. Select one of the mathematical decision theory models 6. Apply the model and make your decision 1 Thompson Lumber Company Step 1 – Define the problem Expand by manufacturing and marketing a new product, backyard storage sheds Step 2 – List alternatives Construct a large new plant A small plant No plant at all Step 3 – Identify possible outcomes The market could be favorable or unfavorable Possible outcomes are also called “States of Nature” Thompson Lumber Company Step 4 – List the payoffs Identify conditional values for the conditional large, small, and no plants for the two possible market conditions Payoffs or profits are called conditional values 2 Thompson Lumber Company Step 4 – List the payoffs conditional Identify conditional values for the large, small, and no plants for the two possible market conditions STATE OF NATURE FAVORABLE MARKET ($) UNFAVORABLE MARKET ($) Construct a large plant 200,000 Construct a small plant 100,000 -180,000 -20,000 ALTERNATIVE Do Nothing 0 0 Thompson Lumber Company Step 4 – List the payoffs Identify conditional values for the conditional ...
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...How To Formulate Research Problem? Posted in Research Methodology | Email This Post Email This Post Formulating the research problem and hypothesis acts as a major step or phase in the research methodology. In research, the foremost step that comes into play is that of defining the research problem and it becomes almost a necessity to have the basic knowledge and understanding of most of its elements as this would help a lot in making a correct decision. The research problem can be said to be complete only if it is able to specify about the unit of analysis, time and space boundaries, features that are under study, specific environmental conditions that are present in addition to prerequisite of the research process. Research Process Research process is very commonly referred to as the planning process. One important point to be kept in mind here is to understand that the main aim of the research process is that of improving the knowledge of the human beings. The research process consists of the following stages – 1. The Primary stage :– This stage includes – a. Observation – The first step in the research process is that of the observation, research work starts with the observation which can be either unaided visual observation or guided and controlled observation.It can be said that an observation leads to research, the results obtained from research result in final observations which can play a crucial part in carrying out further research. Deliberate and guided...
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...Ten Steps In Auditing Advanced Auditing 606M Jeremy Borden The purpose of this paper is to explain the purpose, goal, and/or outcome of each step in the audit process. The steps included in these pages are essential when conducting any audit of any company. Although specific audit procedures are different from one engagement to the next, the following steps are involved in every engagement. The first step in the audit process for any engagement is to make contact with the potential client. The goal of this step is to obtain new audit business. This is often times is done through the submittal of a general proposal that includes details on the nature of services provided, the qualifications of the firm’s auditors, anticipated fees, and other pertinent information to persuade the client to choose the firm. If the potential client is a publicly held company, arrangements for the audit are made through the audit committee. The proposal and oral presentations are made to provide a basis for selection. If the potential client is a private company, a partnership, or a smaller company, arrangements are made through the owners, a partner, or an executive of the company. This initial contact will often lead to oral discussions, negotiations, and other fact-finding topics before a final formal proposal is written and the audit is accepted. The proposal will also include a mention of contacting the previous auditor of the potential client. This is important because the...
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...robustness of the research | Elements | Questions | Purpose/research problem | Is the purpose of the study/research problem clearly identified? | Logical consistency | Does the research report follow the steps of the research process in a logical manner? Do these steps naturally flow and are the links clear? | Literature Review | Is the review logically organized? Does it offer balanced critical analysis of the literature? Is the majority of the literature of recent origin? Is it mainly from primary sources and of an empirical nature | Theoretical framework | Has the conceptual or theoretical framework been identified? Is the framework adequately described? Is the framework appropriate? | Method and philosophical underpinnings | Has the philosophical approach been identified? Why was this approach/ method chosen? | Research setting | Was the setting properly and completely described? Were the circumstances under which the data was collected described? | Sample | Is the sampling method and sample size described? Is the sampling method appropriate? Were the participants properly and completely described? Were the participants suitable for informing the research purpose as described? | Ethical considerations | Were the participants fully informed about the nature of the research? Was the autonomy/confidentiality of the participants guaranteed?...
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...Genesis 12:1-3, where it talks about Israel failing to be a blessing to the nations. It then goes on to explain about how you can be a blessing to your community. Chapters 10-12 go on to talk about Christ Baptism straight to his Temptations. Two chapters that caught my attention were Chapter 7 “As a child” and Chapter 8 “Passover Visit”. Chapter 7 talks about the growth of Jesus Christ. Jesus did not have the privilege of going to school but his mother was his first teacher, he also studied the law of God. He had powers and he never abused the power to ease his work as a carpenter. He glorified God in all circumstances; Jesus lived a holy life even though he dwelt in Nazareth a place filled with temptation and other vices. He learnt from nature. He acknowledge God as his father, he also knew that they was time was everything “he said, "I must work the works of Him that sent me, while it is day: the night cometh, when no man can work.”. He is the perfect example for the youths to follow to get to the father. Chapter 8 talks about the Passover. The Passover indicates the birth of the Hebrew nation. After the feast of Passover was done, his parent decided to return back home but Jesus was not with them. Jesus did not waste the time looking at the temple instead he went to learn more form the teachers of the word of God. He answered question and...
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...CORPORATE SOCIAL RESPONSIBILTY Stakeholder Management Approach is a way of understanding the ethical effects of environmental forces and groups on specific issues that affect real time stakeholders and their welfare. Special interest groups Local community groups Owners Supplier s Custome rs Primary stakeholders Consumer groups FIRM Media Employe es Secondary stakeholders Society at large Environmental groups External Stakeholders, Moral Stakes, and Corporate Responsibilities Suppliers, distributors (fairness, truthfulness in all transactions, contracts; mutual respects; honest info sharing; timely payment) Customers/consum ers (safe, reliable products, services; honest info; fair treatment; protection from product, service harm) Environment (protect & respect; improve & sustain; prevent waste; promote natural growth) Corporations (profits, brandname(s), reputation, trust, collaboration from stockholders, stakeholders Governments (law abiding; cooperation with fair standards; procedures; promote societal and community safety and health) Communities, Society (respects laws, rights, values of ppl, cultures; support and promote economic, physical, social health, human development; be a good citizen) Competitors (promote open markets; follow laws and rights of all stakeholders; act ethically in all business Dr. Truong Thi Nam Thang transactions) Criticism of stakeholder theory Negates and weakens fiduciary duties managers owe to stockholders...
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...Solving Personal Problems: Applying the Five-Step Model Kyla Hill HUM/115 March 7, 2016 Robin Schultz Solving Personal Problems: Applying the Five-Step Model Problems are an occurrence in everyday life. One of the things that we need to know how to do, as critical thinkers, is define problems and solve them. I am going to explain my problem to you and how I came up with a solution to solve it using the “Five-Step Problem Solving Method” (Chaffee, 2015). When using the five-step model, the first step is defining the problem. It asks, “What is the problem?” (Chaffee, 2015). My problem is being overweight. I have never been a “small” girl, but I was never overweight. After having my first child, I lost the twenty pounds I gained while pregnant with no problems. Then, I became pregnant with my daughter. I gained sixty pounds while pregnant with her. Over the years, instead of losing the weight, I have added more to it. I know that I need to lose weight in order to live a longer healthier life. I feel that if I lose weight and get into better physical shape, I can do more physical activities with my children. I know what my problem is now, and I need to do something about it. The next step in the five-step model asks “What are the alternatives?” (Chaffee, 2015). Knowing what my boundaries of the situation are will help me to form a solution for the problem. I work forty hours a week, have two active children, and I am an active full time student. Finding time in my schedule...
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...Usefulness of the income statement. F 2. Limitations of the income statement. F 3. Earnings management. T 4. Transaction approach of income measurement. T 5. Single-step income statement. T 6. Revenues and gains. F 7. Multiple-step vs. single-step income statement. F 8. Multiple-step income statement. T 9. Multiple-step vs. single-step income statement. F 10. Current operating performance approach. T 11. Reporting discontinued operations. F 12. Reporting extraordinary items. F 13. Irregular items. T 14. Intraperiod tax allocation. F 15. Reporting earnings per share. F 16. Computation of earnings per share. T 17. Prior period adjustments. F 18. Retained earnings restrictions. F 19. Comprehensive income definition. T 20. Reporting other comprehensive income. Multiple Choice—Conceptual Answer No. Description c 21. Elements of the income statement. d 22. Usefulness of the income statement. b 23. Limitations of the income statement. d S24. Use of an income statement. d S25. Income statement reporting. c 26. Income statement information. b 27. Example of managing earnings down. c 28. Example of managing earnings up. b 29. Improving current net income. a 30. Decreasing current net income. d 31. Single-step income statement advantage. b 32. Single-step income statement. d 33. Methods of preparing income statements. a 34. Income statement presentation. b 35. Event with no income statement effect. c S36. Net income...
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...unlike other religions. Buddhism teaches human existence is imperfect and the four noble truths are a guide to help steer away from suffering. The four noble truths are important to Buddhist ethics in that they are the way to nirvana and enlightenment. The first noble truth is life is suffering. To live means to suffer and since it is human nature, no one is perfect in any shape or form. While we develop, we inevitably have to endure physical and psychological suffering sooner or later. Each of us, no matter how rich or poor, is going to get sick, grow old, and die. Nothing is permanent, nothing can permanently satisfy us. “ Any aspect of life, no matter how seemingly pleasant, already has the seeds of the suffering that is a common denominator of all human experience” (Young 91). This is because things change and pass away; everything and everyone we love will someday pass away. The Buddha also taught the reason behind the suffering that individuals experience. The second noble truth is suffering is caused by craving. “We suffer because our craving leads us to become attached to things or people and deluded as to the real nature of our situation in life (Young).” As long as we are unable to detach of moral pleasures, we will experience suffering. One must learn to overcome these greed, aversion, hatred, jealousy, etc. These conditions are always in hand with society, family, and within one’s self. Recognizing and understanding the second noble truth gives way to the freedom...
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...Form 5 Nature Table of Contents Introduction Synopsis Elements Activities Assessment Answer Key Glossary Panel of writers NATURE POETRY The Poet Flag of Jamaica Map of Jamaica Hugh Doston Carberry, 1921-1989, was educated at Jamaica College before going to Oxford University. He worked as a Barrister of Law and was later appointed a Judge of the Court of Appeal, where he remained until his retirement at the age of 67. Synopsis This poem is about celebration. It is a descriptive poem about the changing scenes. It celebrates the richness of the land’s produce and how alive and plentiful Nature is. However, amidst the harsh rain and lashing wind, things are always bright and glorious when the sun shines again. NATURE POETRY SETTING The poem is set in Jamaica. The poet uses nature and describes the weather being hot and wet. The poet also uses trees, bushes, flowers, and fruits to portray nature as alive and abundant. The...
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...period like Emerson, Hawthorne, Melville, Whitman, Thoreau and Dickinson; they tackle topics from their own perspective specially Whitman and Dickinson with death. Death for these authors does not seem to be something that frighten them but a needed step for rebirth, transcend and to get to eternity. Therefore, death can be seen as an entrance gate to a cyclical process in which nature, self-experience and also death itself are constantly interchanging. Death Death is a topic developed in the pieces of work of Dickinson as well as Whitman. For Whitman life and death are a continuum in which death is the boundary among current life and another one. This idea of cyclical life comes directly from the cycles of nature as for Whitman nature is one of the means by which mankind is able to know, to discover them and also to get to contact with divinity. A child said, What is the grass? fetching it to me with full hands; How could I answer the child? I do not know what it is any more than he. (Section 6 Song of myself) There is a strong connection between living humans and living nature, as all come from nature, we will go back to it when dying to rebirth as a new life. The importance of nature comes from Emerson, as he points “Nature, in its ministry to man, is not only the material, but is also the...
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...Christian Worldview Paper 1 Kathy Butler COUN 503: Research and Program Evaluation June 1, 2013 Indiana-Wesleyan Steps in Scientific Method According to Uthe, 2000, the procedure of the scientific method involves a process of steps, such as forming a problem, collecting information, hypothesizing, experimenting, and drawing conclusions. This sequence often is modified in practice, resulting in a wide variety of methods to suit the situation (Uthe, R., 2000). The first step is finding a problem or a question that needs research. The second step of collecting information through the variables of the research, or from past experimentation. Hypothesizing, is predicting the outcomes of the study involving the potential relationship between at least two variables (Jackson, 2012). Experimenting is the actual research that allows the researcher to establish the information of the study and to finally be able to draw conclusions about the main problem or reason for the experimentation. Scientific Method in Seeking Knowledge and Truth When using the scientific method in seeking knowledge and truth, researchers set the stage for their experiments. Usually, their research is founded from past experiments or studies, and past findings. The findings are based on subjective and objective material. According to Jackson, 2012, the scientific method involves invoking an attitude of skepticism; this is a person who questions validity, authenticity, or truth of...
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...Describe the five steps in the marketing research process. Step 1-Locating and Defining issues or problems: This step focus on uncovering the nature and boundaries of a situation or question related to marketing strategy or implementation. In defining the issues or problems, the researcher should take into account the purpose of the study, the relevant background information is needed, and how it will be used in decision making. Step 2-Designing the Research Project: This step is focused on created a research plan or overall approach on how you are going to solve the issue or problem identified. A research plan or approach is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypothesis of interest, determine possible answers to the research questions, and provide the information needed for decision making. Research Design Involves the Following steps : [2] Secondary data analysis Qualitative research Methods of collecting quantitative data {survey, observation, and experimentation}. Definition of the information needed Measurement and scaling procedure Questionnaire design Sample process and sample size Plan of data analysis Step 3. Collecting Data: This step revolved around...
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...‘ Nature of Thougt PHL/251 August 8, 2013 Instructor Nature of Thought Thought plays a significant role in our day to day lives. From the time we wake up, to the time we go to sleep, we are thinking. Thinking, sensing, memory, perceptions, personal barriers, and thoughts are key influences to the nature of thought process. In this paper, I will describe my nature of thoughts and how it impacts my views of the thoughts process. Thinking is the practice of using one’s awareness to contemplate or reason about something. In order to think, one must use their senses. The sensing process allows us to use our senses to process our thoughts. There are five senses that everyone has, and they are sight, hearing, smell, touch, and taste. Memory is another vital feature of thinking. Memory is the processes that one uses to gain, collect, recollect and eventually recover information. The medium of thinking it the final part of thinking. The medium is considered the most dynamic part of thinking. It medium is transmitted into the brain. Language is a part of the thinking medium. If a person is without language, they will be incapable of expressing or interpreting information to recall or to think. When I was 19 years old, I joined the United States Army. I was so nervous when it was time to leave my loved ones and go to basic training. I had heard so many horror stories about basic training. Even though I was nervous, I knew that God would give me the strength to make it through...
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...Yanxia Sang Basic English Department, Dezhou University, Dezhou City, Shandong Province, China Email: dz_syx@126.com Abstract—Huckleberry Finn is one of Mark Twain’s outstanding masterpieces. Superficially, it tells a story about a 13 or 14 year old boy’s adventures with Negro Jim on the Mississippi river. In fact, it reflects the growth process of Huck through adventures. His growth is embodied by his choice on independence, his change of attitude towards Jim, his moral growth, and the different social roles he plays. Huck’s growth is influenced by the inner and outer factors. On the one hand, friendship, nature and society make up the outer environment for Huck’s growth. They have great effect on the development of his growth. On the other hand, his own instinct and his sound heart finally decide the direction of his growth. Index Terms—growth, the influence of Jim, nature and society, instinct, sound heart I. INTRODUCTION Mark Twain is a giant in American literature. He is a great realist and satirist in late 19th century. His delicate familiarity with children’s psychology, his thorough understanding of Americans and American society, his great contribution to American English and his immense witty humor have won great respect and reputation among the people around the world. Of all the works Mark Twain accomplished in his life, the Adventure of Huckleberry Finn is the most successful. This remarkable masterpiece brings the world prestige to him. It is the combination of...
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