Crisis Management unit 2 Complete Case Study Example | Topics and Well Written Essays - 750 words

Emergency Management unit 2 Complete - Case Study Example BP additionally needed appropriate instrument regarding the system and translation of the outcomes for the negative weight tests and consequently in any event, when they distinguished the weight on the drill pipes, they accepted it was bogus negative and the nearness of weight showed there was a hole and the seal had not been all around made sure about. This in the end powered the fire which prompted setbacks and the spill of raw petroleum in the Gulf of Mexico and extreme misfortune to the BP Company, the Cameron International, Transocean and the administration (Crandall, Parnell and Spillan, 2009). The most recent news about the BP blast is that The BP engineer who was regulating the security and every other movement in the oil apparatus will be the first to be arraigned and he will be assuming the fault for the mishap (Thompson and Galofaro, 2013). This is scapegoating as the mishap was made by the disregard of a few people and not just the architect. The administration ought to l ikewise be charged as being exclusively capable also and not accept the designer as a symbol of atonement in the mishap that cause enormous harm as well as passings too. The Deepwater Horizon mishap was connected more with broken procedure wellbeing society than with cost cutting. BP had utilized a ton of cash all the while and because of fall back in the calendar, had brought about an extra $58 million not planned for. This anyway isn't the explanation that caused the mishap. As clarified in the outline above, BP ignored a portion of the security methods required to seal of the BOP so as to guarantee no gas releases that could without much of a stretch be touched off and cause a fire. The BOP had before on (half a month prior) been somewhat harmed however no activity for fix or even unimportant investigation was done once amusing and dubious elastic pieces were found in the oil. They likewise disregarded the way that so as to totally seal the BOP, they needed to utilize 21 centrali zers. They had just six and as opposed to trusting that the rest will show up, they chose to utilize those six. During the negative weight test, when they found weight being discharged, they named it as a bogus negative weight perusing and the weight leaked with the gas through the not totally fixed BOP and it was lighted causing the fire and the total demolition of BOP which was marginally decimated consequently causing the oil slick. The methodology BP embraced of disregarding the wellbeing safety measures and directions norms set and the administration giving guidelines that ignored the risk is the thing that prompted the emergency. On acknowledgment of the approaching emergency whose signs were famous for all to see, BP would have shaped an emergency group to deal with the circumstance yet nothing of the sort was finished. Since the administration had the force, authority and order to settle on official choices concerning the running of the entire procedure, their assertion conc erning the emergency was conclusive and their choice completed. Their careless and surge choices are what significantly added to the mishap. The first of the means is to delegate and engage a security precautionary measure and examination group which would be ordered to complete wellbeing checks as consistently as could be expected under the circumstances. Next is work connected at the hip with the representatives opening up direct correspondence with them so that in the event of any flaws in the apparatus or some other

Managment Accounting Essay Example | Topics and Well Written Essays - 1000 words

Managment Accounting - Essay Example ABW so as to decide the significant cost drivers and for this situation there are a lot more than that utilized in retention costing, along these lines making ABC progressively solid. Table 1 gives counts to the benefit for every product offering. Table 1 demonstrates that there are gigantic contrasts in the benefit of items XY, YZT and ABW. The utilization of retention costing brought about a decrease in benefits by  £46,250 and  £18,000 for items XYI and YZT individually and an expansion of  £64,000 from a misfortune position to a benefit position for item ABW. This situation shows how proper ABC is for settling on increasingly exact choices when contrasted with assimilation costing. ABC dispenses cost based on the exercises required to make an item and this outcomes in the utilization of numerous cost drivers †gathering, machining, set-up, request handling and buying for this situation. Retention costing just utilized two cost drivers †get together and machining along these lines the enormous contrasts in benefits. The figures in Table 2 demonstrate that the distinctions in cost per unit were lower for XYI and YZT â€â £ 0.925 and  £0.45 individually. Be that as it may, the distinction in cost per unit between the two methodologies for ABW was higher ( £2.133) and this clarifies the misfortune versus benefit situation. Over-costing of every unit of items XYI and YZT under the assimilation costing technique by  £0.925 and  £0.450 separately has prompted under-costing of item ABW by  £2.133 another item. For this situation the task of expenses by ABC to every item utilizing increasingly pertinent movement based cost drivers has brought about a progressively precise costing of the items. It is regularly said that cutting edge improvements, for example, ABC are once in a while executed on the grounds that they are in vogue and not on the grounds that they give extra data to the executives. Be that as it may, while this announcement might be valid in a couple of examples it isn't so in most of cases. Costing frameworks don't order high evaluations in many associations, yet the data that they give

Understanding Operating Capital (+Examples)

Understanding Operating Capital (+Examples) THE COMPLETE GUIDE TO UNDERSTANDING OPERATING CAPITALDoes your business have enough cash flow to overcome cash crunch worries? Most businesses fail, simply because they don’t have enough cash flows.While productivity and efficiency are both important, there is nothing like falling behind in terms of cash flows, and something that you would want to avoid.Capital is an important resource in a business setting and enables the firm to continue its operations. Capital can include physical items like raw materials, equipment, plants as well as human resource capital.Anyone with even the slightest idea of how businesses work knows the importance of capital in running an organization.The PWC’s 2018-19 Working Capital Report, for instance, talks about how businesses are finding it harder to convert cash, and how the working capital has only improved minutely for many businesses.Another report, by FTI Consulting, talks about how Australian businesses have seen their working capital decline by as much as 4% in the last five years.Today, we will explore a category of capital that businesses need to meet their daily expenses and maintain their operations.It is called operating capital, and this post will attempt to make you aware of the implications of operating capital.WHAT IS OPERATING CAPITAL?Operating capital is the capital required by a business to run its daily operations.Also known as working capital, it includes the available raw materials and financial resources.All of the resources together is called the operating capital.Operating capital represents the ability of a company to meet its production targets and other short-term obligations.If a company fails to generate adequate operating capital, then the business operations will be affected negatively.For this reason, you can use operating capital to gauge the short-term financial health and operating efficiency of an organization.For example, consider a company which manufactures sports shoes.To continue its production, you need the company to purchase raw materials like rubber, plastic, fabric by paying cash.After the company sources the raw materials, it will need the workers to operate the machines to produce the finished goods.So the company also needs to pay for electricity, oils, lubricants, water, and other resources required for production.The sum of all the expenses above will represent the operating capital of the firm.Did you understand the concept clearly? If not, we are going to make it more simple for you to understand-You can relate to operating capital as your individual cost of living to make it easy to understand. You will need to collect money that people owe you and keep a certain amount daily to pay for bills and cover other regular and day-to-day expenses. Operating capital acts in the same way to cover the expenditures a business makes daily. Now that you have an idea what operating capital is, let us see how you can find out the operating capital of a business.HO W TO CALCULATE OPERATING CAPITAL?You dont need to be an accounting Guru to find out the operating capital of a business.Operating capital can be found out using a simple method.You have to find the difference between the current assets and the current liabilities to get your operating capital. Therefore-Operating capital = current assets current liabilitiesExamples of current assets include cash, inventory, marketable securities, accounts receivable, prepaid expenses, short-term advances and so on.Current liabilities include items such as paying taxes, short-term debt, accounts payable, accrued expenses, the current percentage of long-term debt and deferred revenue.Current assets include those assets which the company can convert to cash in a year. In the same way, current liabilities are those liabilities which are payable during the current financial year.Lets take an example to find out operating capital.ABC company finds out that its total current assets sum up to $1,500,000. T he total of all current liabilities comes to $1,000,000. So how do you calculate the operating capital?We know that operating capital is the difference between current assets and current liabilities. So,Operating capital of ABC company is $1,500,000 $1,000,000 = $500,000.It means that ABC company has an operating capital of $500,000 to pay for its operating expenses.Availability of operating capital doesnt necessarily indicate its adequacy or inadequacy to meet operational expenses.Sometimes, a company can also have negative operating capital.This happens when the current liabilities are more than the current assets.For example, lets say ABC company has current assets worth $1,500,000 while current liabilities amount to $2,000,000. Then the operating capital is-$1,500,000 $2,000,000 = -$500,000.You can see that ABC company has a negative operating capital which is certainly a red flag for the company. It means that the company wont be able to meet its operational expenses.In that case, it may need to raise additional capital by borrowing money or selling off some of its stocks.Companies also take help of ratios to evaluate their operating capital. We will find out more in the next section.IMPORTANT WORKING CAPITAL FORMULASHere is a look at some of the important working capital formulas you need to know about.Current RatioThis is a simple ratio that will determine how many times a company can pay off its current liabilities with its current assets.There is not too much use for this ratio outside of a set context, but if the value is greater than 1 then it shows that the company is more liquid and has assets that can be converted into liquid cash soon.This ratio is measured by dividing the current assets from current liabilities.Current Ratio = Current Assets/Current LiabilitiesExample:Current Ratio = $40,000/$20,000 = 2This means that the company can pay off its current liabilities two times over using its current assets.This ratio is mostly used as a general understanding of how the company is doing in the short term.Quick RatioThis ratio is quite similar to the current asset ratio, but in comparison, it separates only those assets that are the most liquid (Debtors and Cash in Hand).The reason for this is to measure the liquidity to a better standard.In the current ratio, all forms of liquid assets were used to measure current assets including inventory, which is not always the most beneficial asset to liquidate for spot cash.It is also not very easy to liquidate the existing stock to gain a high benefit from it.For that reason, the quick ratio eliminates this aspect of the current assets and then measures the liquidity.Quick Ratio â€" (Cash, Debtors and other securities)/Current LiabilitiesExample:Assets = Cash $5,000. Inventory $10,000. Debtors $10,000Liabilities = Creditors $5,000. Loan $5,000Quick Ratio = $15000/$10,000 = 1.5The current ratio value would have been 2.5 if used in the above example, but there is a significant re duction in the value with the inventory being taken away.This gives a more realistic idea of what the financial situation would be like in the time of an emergency when urgent cash would be needed.Inventory Turnover RatioThis ratio is used to measure how many times Inventory turns over (sold and replaced) in the business within a period of time.This will give the business an idea of how fast they can convert their stocks into cash.The ratio is calculated as follows:Inventory Turnover = Cost of Goods Sold/Average InventoryThe cost of goods sold value can be found on the income statement of any business.Average inventory is calculated by adding the starting inventory to the closing inventory and then dividing it by two.Example:Cost of Goods Sold = $20,000Opening Inventory = $7,000Closing Inventory = $5,000Average Inventory = ($7,000 + $5,000)/2 = $6,000Inventory Turnover = $20,000/$6,000 = 3.3 timesA higher value above the industry standard will show that the business is effective in manufacturing their stocks and selling it off to make cash within a period of time.A higher turnover rate would mean that the business has a healthy working capital value.Average Age of DebtorsIf the business has a lot of credit sales where they sell their products off to their customers on a credit basis, then this ratio will be quite useful for them.This will identify the average amount of time it will take a business to collect payments from their debtors and thus how fast the cash flows within the business. The ratio is calculated as follows:Average Age of Debtors = Accounts Receivable/Annual Credit Sales * 365 DaysExample:Debtor Days = $250,000/$2,000,000 = 0.125 * 365 days = 46 DaysTypically, if the average number of days is below 60, then the business should be doing okay as per the industry standard.But, the lower the business can make this, the faster they can get cash into the business, pay off their bills and ultimately have good working capital levels.THE OPERATING CAPIT AL RATIOApart from using the above formula, you can also analyze working capital using the operating capital ratio based on your companys current assets and liabilities.All that you have to do is to divide your current assets by current liabilities to find out the operating capital ratio-Operating capital ratio = current assets / current liabilitiesLets say the current assets of ABC company is $1,500,000 while current liabilities equal to $1,000,000. Therefore, the operating capital ratio is-Operating capital ratio = $1,500,000 / $1,000,000 or, 1.5.The operating capital ratio can be used to find out the liquidity of your company. Liquidity represents the ease of converting your current assets for cash and sometimes used by investors to determine the financial position of a company.An operating capital ratio equal to or greater than one means that the company is more liquid and hold liquid assets which can be converted into cash to meet the operational expenses and liabilities.If you r operating capital ratio is less than 1, it means that your amount of liabilities are more than your assets and you have negative working capital.Consequently, your company can face financial difficulties and even become bankrupt in the worst case scenario.For instance, lets say ABC company has current assets worth $1,500,000 and current liabilities are worth $2,000,000. So operating capital ratio is-Operating capital ratio = $1,500,000 / $2,000,000 or, 0.75.The ratio is less than 1 and indicates that ABC company is not in a very stable financial condition.You should also remember that a high operating capital ratio doesnt always indicate a favorable financial position.It can also mean that you have a surplus of inventory or additional assets which you are not investing in the company.So what should be an ideal operating capital ratio?The answer varies from industry to industry, and an operating capital ratio of 1.2 to 2.0 is considered the optimum range.Another way to determine th e liquidity of your business is to find out the quick ratio which can indicate your short term liquidity.The formula only considers most liquid assets like receivables and cash to find out liquidity. Using the quick ratio makes sense when you dont want to liquidate your inventory or other non-current assets and calculated as-Quick ratio = accounts receivables, marketable securities and cash / current liabilitiesOperating capital is an important aspect and businesses need to ensure they have enough of it to run its operations. We will now take a look at the importance of operating capital.THE IMPORTANCE OF OPERATING CAPITAL FOR A BUSINESSOperating capital or working capital is a necessity for all businesses.You will need a regular amount of cash to purchase raw materials for the production of goods, make routine payments and cover other unexpected costs.Operating capital is also an important metric to gauge the liquidity, efficiency and the overall financial health of your company.Th e capital reflects the outcomes of different business activities such as inventory management, revenue collection, payments to suppliers and debt management.The measure also ropes in accounts payable, inventory, cash, accounts receivable, amount of debt due and other short-term accounts.Operating capital also has other important aspects for your business such as 1. Ensuring Production ActivitiesYou can ensure a smooth production process only when you have adequate operating capital in your hands. There should be adequate accounts receivables, inventory and cash to support your on-going production process and make up for outstanding debt obligations.You can also replenish your inventory and allow credit sales without hampering your financial position when you have adequate operating capital.2. Avail Financial Support or LoansWe have discussed how you can use the operating capital ratio to find out the liquidity of a company.Investors and other interested parties will rely on the oper ating capital or the operating capital ratio to evaluate your company and its performance.They will be able to make out if your business is financially healthy and being managed efficiently as operating capital is a good indicator of the status of your accounts receivable, accounts payable, inventory and cash.If you have a favorable operating capital, then it will be easy for you to convince investors or lenders to get loans or financial support.3. Make Up for Sales FluctuationsYou can stay afloat in fluctuating market conditions by relying on your operating capital.This aspect is more crucial if you are operating in a seasonal industry, as the operating capital ensures the continuity of production even during the low seasons.If you have adequate operating capital, you can bridge the revenue gap resulting out of sales decline in offseasons.Otherwise, you are more likely to default your bills and other short-term debts which will impact the credit profile of your business.4. Helps to Grow Your BusinessHaving sufficient operating capital gives you more flexibility and satisfy the demands of your customers. You can also use the capital to expand your business and exploit new opportunities.The money can be used to invest in new products or services or to enter a new market. The operating capital can act as a cushion when your business needs a bit of extra cash for varied reasons.We are sure now you have realized the importance of operating capital for your business. But do you know it is also essential to manage operating capital effectively?Lets take a look at the reasons so that you are not left in the dark!THE IMPORTANCE OF OPERATING CAPITAL MANAGEMENTIf you own a company, then you need to manage your operating capital properly. In case you fail to have adequate capital, then your business will not be able to cover its obligations.You can also encounter financial insolvency and more likely to run into legal troubles and liquidation of assets.Finally, you may ha ve no choice other than filing for bankruptcy! Surely you dont want that to happen!You have to follow a sound accounting strategy to manage your operating capital.The strategy should ensure that you have sufficient funds between your current assets and current liabilities.With a sound operating capital management strategy, you can meet all your financial obligations and even have the opportunity to boost your earnings!You will need to manage various aspects of your business to manage operating capital effectively.This will include managing cash, inventories, accounts payable, accounts receivable and other related accounts.You can use different key performance ratios to identify the aspects of your business you need to focus on for ensuring profitability and liquidity.Such metrics include collection ratio, operating capital ratio and inventory turnover ratio.You should always monitor the liquidity position of your business because it directly represents your companys credit image.In the next section, we will discuss a few steps you can use to optimize your operating capital.HOW TO OPTIMIZE OPERATING CAPITAL?1. Try to Reduce InventoryYou need to analyze your production planning and orders to find the means to reduce your inventory. Some steps to reduce inventory include-Accurate demand forecastingEliminating non-value adding steps in the production processMaking production process simpler through standardization of products2. Faster Payment CollectionYou can increase your operating capital by paying early and collecting payments late.The cash flow can be increased by-Promptly issuing invoicesSending payment reminders and cutting back on grace periodsRevising payment terms and conditions to enable quicker payments3. Increasing Payable TimelineYou can negotiate with your suppliers to lengthen your payables cycles and enjoy favorable terms.Also, wait till the due date to make your payments after the supplier has fulfilled all his obligations.You can also achieve po sitive cash flow by balancing account receivables and payables.4. Establish Measurement MetricsYou can optimize your operating capital by developing an effective program and communicating it with all stakeholders in your organization.Establishing measurement metrics will help you gauge the fulfillment of goals and act as a feedback mechanism.You can also rely on analytics to optimize operating capital in your organization.Now we will consider a case study to help you give a clear picture of how firms manage their operating capital.CASE STUDY: OPERATING CAPITAL MANAGEMENT BY A PHARMACEUTICAL COMPANYA pharmaceutical company was looking to reduce its operating capital footprint and sought the consultation of Bank of America Merrill Lynch.Following strategic operating capital management, the pharmaceutical company was able to reduce its operating capital footprint by $2 billion.The company focused on multiple aspects to achieve its target.The first step the company took is to go through its trade receivables account to identify potential opportunities to control the credit terms.The organization also focused on accounts receivables to deal with slow payments and appointed a third party who could take the risks of collecting dues by discounting the invoices.The company was able to slow down the consumption of operating capital by adjusting the payable obligations.It followed the present payment terms and even made the payments before due date which directly impacted their operational efficiency.The inventory of the company also went through an overhaul, starting from basic inputs to the finished products.The company wanted to achieve the optimal level of inventory as cash is tied up with maintaining inventory.The firm was able to free up cash by reducing inventory and add the cash to its operating capital.Another important step in managing operating capital was to create an operating capital scorecard and dashboard.The step ensured that both the managers and the co rporate team have greater visibility and increase their focus on operating capital management.The managers were also given an operating capital optimization tool kit to fall back upon whenever required.The success of managing operating capital depended mainly on three aspects-Creating a cross-functional and sustainable enterprise approach that focused on key elementsOptimum utilization of available resources, tools, processes, data and technologyEmpowering a person with accountability, authority and executive support to deliver resultsYou can use the case study as a blueprint to optimize operating capital in your business and boost your profitability.CONCLUSIONOperating capital is required by businesses to run the production process and meet other daily expenses.The amount of operating capital needed varies from industry to industry and company to company so no standard amount can be quoted.As a business owner, it is your responsibility to strike the perfect balance between your cur rent assets and liabilities so that you can have adequate operating capital to carry out your business operations and meet other financial obligations.

Adult Stem Cells Vs. Embryonic Stem Cell Research

Nick Ranelli Mrs. Johnston Honors Biology 4/4/16 Adult Stem Cells vs. Embryonic Stem Cells â€Å"The unspecialized cells are differentiated cells created are known as stem cells† (Miller Ph.D., Levine Ph.D., 2012). Embryonic and Adult stem cells are the only types of stem cells. Stem cell research shows a good deal of promise in the aiding of curing diseases. Both embryonic and adult stem cells show promise in curing diseases, but it is unclear which type of stem cell is more effective. The human embryo for embryonic stem cell research requires the ova from a woman to make this possible. This requires many risks to the woman giving the egg. â€Å"Embryonic stem cells are pluripotent cells positioned in the early embryo† (Miller Ph.D., Levine Ph.D.). Pluripotent means that the cells are capable of developing into most of the body’s cell types and have the ability to aid and cure diseases. (Miller Ph.D., Levine Ph.D.). This pluripotency is what distinguishes between embryonic and adult stem cells. The embryonic stem cells can be generated in every cell type in the body and can indefinitely create themselves making it possible for tissue replacement in addition to finding cures for diseases. â€Å"Embryonic stem cells are human embryos that develop after fertilization into a blastocyst† (Miller Ph.D., Levine Ph.D.). Hundreds of immune system diseases and rare genetic disorders are believed to be among the possible to be aided or cured using embryonic stem cells. Embryonic stem cellsShow MoreRelated Embryonic vs. Adult Stem Cells in Research Essay1615 Words   |  7 PagesEmbryonic vs. Adult Stem Cells in Research    Why is the mainstream media significantly downplaying exciting scientific discoveries with adult stem cells? This essay hopes to adequately answer that question. Heres the scoop: As originally reported late last year in the medical journal Blood, Dr. Catherine M. Verfaillie and other researchers at the Stem Cell Institute, University of Minnesota, have discovered a way to coax an adult cell found in the bone marrow to exhibit many of the attributesRead MoreEmbryonic Of Stem Cell Research Essay1576 Words   |  7 PagesEmbryonic Stem Cell Research Francois Rabelais, the famous Renaissance humanist, once said, â€Å"Science without conscience is the death of the soul† (Rabelais, Francois). Since the late 1960’s, this has been the stance for opponents of embryonic stem cell research. This is saying, if we are willing to take a fertilized embryo and kill it before it has even had time to develop, where is our conscience, our heart? We consider this form of stem cell research to be immoral and unethical. ScientistsRead MoreBiomedical Engineering: Stem Cells Essay1584 Words   |  7 Pagesadvances and research that stem from biomedical engineers can solve problems that would have never have been able to be solved before. 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Once they are damaged or die they cannot regenerate themselves. There is one kind of cell that never specializes during development. They are called stem cells andRead MoreThe Debate Over Embryonic Stem Cell Research1690 Words   |  7 Pageshas been far from reality until the research from embryonic stem cell therapy surfaced. Since former president George W. Bush banned federal funding on embryonic stem cell research in 2001 it has caused a halt in advancements and caused controversy in the public. According to an article by Beau Watts, an accredited physician; embryonic stem cells are pluripotent cells (Beau Watts). This means they have not decided what function they perform yet. Since the cells do not know the function, it can beRead MorePerson Vs Professional Ethics On The Embryonic Stem Cell Study1169 Words   |  5 PagesPerson vs Professional Ethics on the Embryonic stem cell study 2/15/2017 Miller Motte College, NC The study of the Embryonic Stem Cell is a new interactive way of treatment The embryonic stem cell is a great medical study and medical opportunity in the medical society that we live in today. As a medical care provider I know the in the medical world it has its challenges that are associated with different reproductive technology. With the new medical research on the embryonic stem cell it hasRead MoreStem Cell Essay819 Words   |  4 PagesAdult stem cell are difficult to obtain and have a lower growth potential. Although they have a limited capacity to differentiate and they are compatible with adult tissue, you can only obtain a small amount of cells. An alternative would be obtaining stem cell from the umbilical cord, given the fact that are easily to obtain, they are compatible with other body tissue , they may have a limited capacity to differentiate but they are not a treat to the child life. Both these option offer a small amount

Computer Crime - 3446 Words

Computer Crime Computer crimes need to be prevented and halted thought increased computer network security measures as well as tougher laws and enforcement of those laws in cyberspace: Computer crime is generally defined as any crime accomplished through special knowledge of computer technology. All that is required is a personal computer, a modem, and a phone line. Increasing instances of white-collar crime involve computers as more businesses automate and information becomes an important asset. Computers are objects of crime when they or their contents are damaged, as when terrorists attack computer centers with explosives or gasoline, or when a computer virus--a program capable of altering or erasing computer memory--is†¦show more content†¦Todays Techno bandits generally fall one of three groups, listed in the order of the threat they pose: 1. Current or former computer operations employees. 2. Career criminals who use computers to ply their trade. 3. The hacker. Outsiders who break into computer systems are sometimes more of a threat, but employees and ex-employees are usually in a better position to steal. Because we rely more and more on computers, we also depend on those who make them and run them. The U.S. Bureau of Labor Statistics projects that the fastest growing employment opportunities are in the field computers and data- processing. Since money is a common motive for those who use their computing know-how to break the law, losses from computer theft are expected to grow as the number of computer employees rises. The following are examples of how employees that work on computers can gain profit at the employers expense: In 1980, two enterprising ticket agents for TransWorld Airlines (TWA) discovered how to make their employers computer work for them. The scam went like this: When a passenger used cash to pay for a one-way ticket, Vince Giovengo sent in the credit change form, which should have been discarded. He kept the receipt the should have been given to the costumer for paying cash. Samuel Paladina, who helped board passengers, kept the part of the travelers ticket that should have been returned to the costumer. The twoShow MoreRelatedComputer Crimes And Computer Crime1066 Words   |  5 Pagescomputer crimes oc/wcc Introduction Ever since computers and networks were invented there have been hackers and computer crimes have grown with the advancement of technology. As with the advancement of technology and computer crimes there have been many types of computer crimes that have evolved with technology. There have been laws in place to help reduce and regulate computers and computer crimes. History of computer crimes Computers and networks became increasingly known and used inRead MoreComputer Crime And Its Effect On Society932 Words   |  4 PagesComputer crime has been an issue since the 1970s. Computer crimes have been categorized in two ways. First is a physical activity in which criminals steal computers. Second is that in which criminals commit crimes using computers. The recent development of the Internet has created a substantial increase in criminals commit crimes using computers. Thus, an emerging area of criminal behavior is cyber crime. Computer crimes mostly affect to a lot of areas of the society. When we work with computersRead MoreComputer Technology And Its Impact On Computer Crime1296 Words   |  6 Pagesuse of computer technology to disrupt the activities of a state or organization, especially the deliberate attacking of information systems for strategic or military purposes† (Oxford Dictionary, 2016). While this definition may seem fitting on a global basis the idea of cybercrime can encompass any valuable information of an individual, company, government, or military entity. The term hacker came about in the early 80’s defining a coup of people where were proficient at manipulating computers. HoweverRead MoreCybercrime Is Crime That Involves A Computer And A Network2155 Words   |  9 PagesCybercrime is crime that involves a computer and a network. The computer may be used in the commission of a crime, or it may be the target. Debarati Halder and K. Jaishankar (2011) define cyber-crimes as: Offences that are committed against individuals or groups of individuals with a criminal motive to intentionally harm the reputation of the victim or cause physical or mental harm, or loss, to the victim directly or indirectly, using modern telecommunication networks such as Internet. Such crimes may threatenRead MoreComputer Crime Essay846 Words   |  4 PagesRunning head: COMPUTER CRIME Categories of Computer Crime S.R Skolnick Strayer University In todays society computers are used to commit crimes. These crimes are separated into four categories. These categories are as follows, the computer as a target, the computer as an instrument of crime, the computer as incidental to a crime, and crimes associated with the prevalence of computers. In example of the computer as a target, is a case of Kevin Mitnick. Kevin Mitnick was once known as theRead MoreThe Four Major Categories Of Computer Crimes Essay1341 Words   |  6 Pagesassignment, I will discuss the four major categories of computer crimes. I will explain the most common forms of digital crime and why cyber terrorism is the greatest threat. I will also discuss the roles of the U.S. government, court systems, and law enforcement agencies in combating computer crime. First, we will define the four major categories of computer crimes. -The technical definition of computer crimes is an act performed by a knowledgeable computer user, sometimes referred to as a hacker that illegallyRead More Computer Crime Essay1055 Words   |  5 Pagesof the twenty-first century--the computer crime offender. Worst of all, anyone who is computer literate can become a computer criminal. He or she is everyman, everywoman, or even every child. CHAPTER 1 INTRODUCTION To first understand computer crime one must understand first what crime is. According to Diana Kendall, crime is a behavior that violates criminal law and is punishable with fines, jail or other sanctions (Kendall 1999; 161). Yet since computer technology is so new it has reallyRead MoreEssay on Introduction to Computer Crime2441 Words   |  10 Pagesexposed to computers each day are also increasing. Using computers have become part of our daily lives to the extent that the world would not function as it would now without the use of computers. With that, criminals are moving on to using computers for their criminal activities and thus computer crimes are born. Every now and then we will hear news of companies getting hacked, government websites being defaced, customers’ information being leaked out and other various computer crimes all over theRead More Computer Crime Essay1989 Words   |  8 PagesThe introduction of computers in to the modern household has brought with it new moral issues. In the last 10 years computers have become increasingly cheaper to buy, due to huge technological advances and fierce competition, driving prices down. It the wake of the computer revolution the internet has followed quickly, becoming faster, cheaper and more accessible. With these technological advances the world has become increasingly smaller enabling piracy and file sharing to become common practiceRead MoreComputer Crime And Inadequacy Of Computer Laws1769 Words   |  8 PagesComputer Crime and Inadequacy of Computer Laws Introduction On 9 February 2015, Moscow-based security firm, Kaspersky Lab, released a report indicating that a group of international hackers stole an amount summing up to 1 billion from 100 banks. These attacks were carried out in 30 different nations by installing malware, which enabled them to gain control of the banks’ internal operations. Although such hacks have been attempted before, the scale and sophistication of the attacks, which spanned

Cement Sector in Pakistan Free Essays

1. INTRODUCTION 2. 1 Objective and Scope The report will present a holistic overview of the industry; current situation, industry structure, critical revenue and cost drivers, exposure of BOP in the sector and its future outlook. We will write a custom essay sample on Cement Sector in Pakistan or any similar topic only for you Order Now 2. 2 Cement Sector of Pakistan The Cement sector of Pakistan has 23 players, operating 29 units, with a total production capacity of 44. 8 million tons, divided into North and South, as follows: North Zone| South Zone| * Punjab and Khyber Pakhtoon Khwa| * Sindh and Baluchistan| * 19 manufacturing units| * 10 manufacturing units| * 80% of rated capacity, i. . 35. 9 million tons| * 20% of total rated capacity, i. e. 8. 9 million tons| The overall capacity utilization of the sector, as per FY-10 dispatches is at 76%. The basic raw materials for cement include limestone (upto 80%), clay (upto 15%) and gypsum (5%), all of which are abundant in Pakistan making basic raw material very cheaply available to cement manufacturers. None of the cement producers in Pakistan enjoys any material product differentiation because of the highly standardized nature of product therefore consumers usually regard ‘price’ as a key determinant. Major constituents of the cost are energy power – over 60% of cost of production of cement – and transportation costs. In addition to these elements efficiency of production process is critical in keeping the overall cost structure competitive. In this regard, size of the plant, its age, and origin – European or Chinese – are of importance. Until recent years, almost all the plants operating in the country were based on furnace oil, but the increasing furnace oil prices forced the cement industry to switch over to Coal-powered/dual-fuel plants. However, the price of coal has shown significant volatility over the recent periods therefore, some producers, having dual-fuel plants, use a mixture of coal and gas, alternating between the two as per changes in prices and availability. 2. 3 Cement Sales during FY-10 Compared To FY-09 Source: All Pakistan Cement Manufacturers’ Association As per All Pakistan Cement Manufacturer’s Association (APCMA), the cement sales in FY-10 totaled 34. 20 million tons, registering a decent Year-on-Year (YoY) growth of 9. 30% compared to 31. 29 million tons in FY-09. The local dispatches remained at 23. 54 million tons, up YoY 14. 63% compared to 20. 53 million tons in FY-09 whereas export sales in FY-10 remained almost flat with a minor decline at 10. 66 million tons, down YoY 0. 89% compared to 10. 75 million tons in the previous year. As shown in the table, the local sales were the primary driver behind the growth. It is pertinent to note that the growth on the local front was mainly private-sector driven rather than Government’s infrastructure spending, showing signs of recovery in the construction sector. 2. INDUSTRY STRUCTURE 3. 4 Industry Characteristics Cement industry is highly cyclical in nature and its performance depends largely upon the economic growth of the country. There is a high degree of correlation between the GDP growth and the growth in local cement consumption. Source: State Bank of Pakistan All Pakistan Cement Manufacturers’ Association Cement exports depend largely upon the demand/supply situation, price levels and economic situation in the export regions. Cement, being a voluminous product, is a regional commodity. 3. 5 Critical Factors The cyclical nature of the sector along with excess supply situation, whenever it persists, makes cement price a very critical factor. Some level of industry ‘co-opetition’, i. e. cooperative competition, is evident in cement industries globally such as consensual pricing. In the absence of such an arrangement, along with a supply glut, cement industries have witnessed intense price wars. * Power Energy costs con stitute over 60% – 65% of the total cost of cement production. Therefore, smart inventory management of coal, along with hedging techniques etc. lead to significant savings in energy costs. * Plants closer to the port have cheaper access to exports and can maintain higher profit margins. Therefore, distance to port is an important consideration. * Leverage, both financial and operating, is a major concern owing to the price-sensitivity of the sector. Pakistan’s cement sector is highly leveraged. Cautious capital structure management and utilization of relaxations / incentives provided by the government, whenever possible, such as Export Refinance facility offered by the State Bank of Pakistan, create a significant difference. . 6 Industry Concentration Concentration refers to the number of major competitors in a given industry. This has important implications for the inherent profitability of a sector. We have applied the Eight-Firm concentration ratio to determine con centration in the cement sector. Concentration ratios can generally be categorized into low, medium, and high concentration being 0% – 50%, 50% – 80% and 80% and above, respectively. An eight-firm concentration ratio over 90% is a good indication of oligopoly, i. e. an industry dominated by a small number of sellers. Based on FY10 market shares, the Eight-Firm concentration ratio in cement sector is 80% which show clear signs of high industry concentration. Therefore, cement sector has an oligopolistic structure. However, given the excess capacity situation cement industry has been behaving like a ‘low concentration industry’ from time to time such as the intense price war in the recent past, spanning nearly a year, with participants vying for higher volumes. 3. 7 Market Share The following pie-charts show the local, export and total market shares of top 8 players in the sector for FY-10. The charts show that D. G. Khan Cement is the leading player in the local market (17% market share) closely followed by Bestway (16. 7%) and Lucky Cement (13. 3%). In the export market, Lucky cement leads with its roaring 32. 8% share, followed by D. G. Khan and Bestway cement’s 9. 3% share each. Overall, Lucky Cement appears to hold the highest market share (19. 4%), followed by D. G. Khan (14. 6%) and Bestway (14. 4%). Maple Leaf Cement ranks fourth in all three categories with 9%, 11. 1% and 9. 7% market share in the local, export and overall market. Source: Fortune Securities . SECTOR OVERVIEW – FY10 Cement Sector in FY-10 witnessed low prices, rising energy costs, slowdown in construction activities locally and regionally and a large amount of new supply availability in regional markets resulting in drying out of certain lucrative export avenues especially the Middle East. However, exports to African countries, Iraq, Sri Lanka etc. mitigated the effect and exports remained flat at 10. 66 million tones (YoY down 0. 89%). As expected by market participants and analysts local sales picked up to close the year at 24. 53 million tons (YoY up 14. 63%). Overall, the sector closed the year at 34. 20 million tones, registering a decent YoY increase of 9. 30%. Cement prices and energy costs remained the key issues in FY-10. Since the dismantling of the alleged cement cartel, after Competition Commission of Pakistan imposed a fine in the colossal sum of Rs. 6. 35 billion on 20 cement manufacturers (equivalent to 7. 5pc of each company’s FY08 net revenue), in August 2009, cement prices plunged and went down to Rs. 249/bag in North and Rs. 280/bag in the South zone, compared to Rs. 335/bag and Rs. 370/bag in FY09 in North and South, respectively. CCP’s decision has been challenged by the cement manufacturers on a number of grounds in the Lahore High Court, the Sindh High Court and the Supreme Court of Pakistan. In all these cases stay orders have been granted by the Courts and the matter awaits court’s verdict. Given the increased overall supply in the regional markets, the cement export price hovered around $47-$52 per tone, compared to average export price of $60-$62 in FY09. On the other hand, energy costs remained on the rising trend and coal prices averaged around $88 (FoB) per ton compared to 2nd half FY-09 average of $70. Australian (Newcastle) coal price made its 18-month high of $108 (FOB) per ton on April 27, 2010, after making a low of around $61 (FoB) per ton in Mar-09 last year. Thus, as a result of subdued prices and increasing energy costs a sub-breakeven scenario prevailed in the industry for the most part of FY-10. In 9 months FY10, cement companies posted cumulative losses of Rs. 3. 3 billion compared to profits of Rs. 3. 7 billion in the corresponding period last year, YoY down 189%. Cement prices hiked by Rs. 40 per bag in North in June 2010. With no price moves in South – a region that was already enjoying higher prices due to lower intensity of price war largely for its geographical advantages – prices in the two regions finally came at par. FY-10 also saw the announcement of 35% inland freight subsidy, during March 2010, on cement exports. It is likely to make Pakistan’s cement exports more competitive in the regional market, as cement manufacturers will be able to reduce their export prices by almost 10% going forward, if needed, without hurting their margins. However, the government needs to make timely payments to the manufacturers for the subsidy to be of much use. Source: Invisor Securities Source: Federal Bureau of Statistics Invisor Securities 4. SECTOR OUTLOOK 5. 8 Local market * Short Term Cement prices have risen by Rs. 24 per bag since the beginning of ongoing financial year to Rs. 312 and Rs. 325 per bag in North and South, respectively. This bodes substantially well for the sector after bleeding profusely in a price war and indicates a price consensus among the manufacturers. Also, we believe there is limited appetite for price wars going forward especially as seasonal 1Q demand slowdown kicks in (Monsoons, floods, Ramadan etc. ). The recent floods have severely affected the roads and the distribution network which will inevitably hurt the local cement sales as well as export sales to some extent. We expect cement demand from local market to remain subdued during first half of FY11, due to monsoons, flood related issues, slowdown in construction during winters etc. , and start picking up from 3Q FY-11, in the wake of reconstruction activities. Overall, we expect local dispatches to remain flat during FY-11 and believe that the real impact of the increased demand from reconstruction activities will materialize during FY-12. We believe the cement prices have hit the ceiling for now and do not expect further increase in them and expect the recent price hikes to sustain for a relatively longer time than the one-step ahead, two steps back situation that prevailed throughout FY-10. Going forward, Fauji Cement’s capacity expansion, due in FY-11, of 2. 27 million tons, would create downward pressure on utilization levels. However, we expect capacity utilization levels to remain between 70% to 75% range. * Medium to Long Term We have a positive outlook for the local market on a medium to long-term basis. The rehabilitation work along with construction of dams will boost demand and possibly push prices upwards as cement manufacturers operate on higher and higher capacity utilization levels. Construction of dams seems inevitable given the power crisis and the recent flood. The Council of Common Interests (CCI) unanimously approved the construction of Diamer Bhasha dam on July 18, 2010, leading the way for the release of funds from the Asian Development Bank (ADB). The projected timeline for completion is stated till the end of 2019. Manufacturers estimate a total requirement of 9. 0 to 11. million tons cement for the project with annual demand in between 1. 0 to 1. 5 mn tons. While all northern manufacturers would directly or indirectly benefit from the project, we believe the big players such as Askari and Bestway would be the key beneficiaries with proximity to the project. 5. 9 Export Market We are pessimistic about the export dispatches during FY-11 owing to i) increased availabili ty of cement in the regional markets, especially after lifting of export ban in Saudi Arabia, ii) slowdown in construction in the Middle East and iii) local transportation problems ensuing from the flood. Therefore, we expect a decline of 10-15% in exports during FY-11. Our export price outlook remains flat around $45, keeping in view the competitive environment in the export market. During FY-10 exports to Qatar, Oman, UAE and Kuwait declined whereas exports to Afghanistan, Djibouti, Sudan, Sri Lanka and other African Countries increased, as shown in the chart. We expect the trend to continue going forward as cement producers penetrate further into the African markets. Source: TDAP 5. FINANCIAL ANALYSIS – CEMENT MAJORS 6. 10 Financial Analysis 6. 11. 1 Liquidity On 9M-FY10 basis, the top-7 cement players face a tight liquidity situation with Current ratio at 0. 71x, Quick ratio at 0. 63x, Cash Ratio at 0. 05x and an Operating Cash Flow ratio at 0. 16x. Among the Top-7, Attock Cement is most liquid with Current ratio at 2. 67x, Quick ratio at 2. 33x, Cash ratio at 0. 66x and Operating Cash Flow ratio at 1. 02x. Overall, the Top-7 Average liquidity ratios show a low ability to settle short-term financial obligations as well as finance additional sales without incurring further debt. 6. 11. 2 Financial Leverage Financial leverage (average) among the top-7 cement players is at 0. 1x, which seems moderate. Bestway, Maple Leaf and Pioneer Cement have financial leverage at 2. 32x, 3. 56x and 1. 64x, respectively, which is high. Lucky and Attock Cement have financial leverage in control, at 0. 35x and 0. 25x, whereas D. G. Khan Cement’s financial leverage stands at 0. 67x. The average Interest Coverage ratio is at 1. 04x, which means, on aver age, the cement players barely have enough earnings to meet their financial charges. Given the high financial leverage and low Interest Cover, we believe cement companies’ ability to take on further financing is highly subdued, with the exception of Lucky and Attock Cement. 6. 1. 3 Asset Utilization We have adjusted the Asset Utilization ratios to reflect the full year (extrapolated) sales by a 4/3 adjustment factor. The resulting ratios, fixed asset turnover at 0. 65x and total assets turnover ratio at 0. 45x, suggesting overall low asset utilization, point towards the capital intensive nature of the industry marred with low capacity utilization levels. Among the top-7 players, Lucky Cement seems to have the most efficient asset utilization with fixed assets turnover at 0. 90x and total assets turnover at 0. 75x levels. Lafarge Pakistan cement’s asset utilization ratios rank lowest among the Top-7, being 0. 3x and 0. 11x on a fixed and total assets turnover basis, res pectively. Lafarge’s extremely low asset utilization levels call for further investigation into the causes. 6. 11. 4 Profitability We have adjusted the Return on Assets (ROA) and Return on Equity (ROE) ratios to reflect the full year (extrapolated) sales by a 4/3 adjustment factor. The resulting ratios suggest moderate gross profitability and basic earnings power, at 21. 26% and 9. 68%, respectively. However the final profitability is extremely low at 0. 03% reflecting the sky-rocketing financial charges. Bestway, Maple Leaf, Lafarge and Pioneer have negative net margins at -6. 7%, -18. 33%, -24. 86% and -14. 38%. Attock Cement appears most profitable during the period under review, with Net margins at 13. 32% followed by Lucky Cement at 12. 02%. Both these players have managed to post decent net profitability partially due to higher retention prices in South, compared to North, and higher export contribution margins. During 9M-FY10, Maple Leaf, Lafarge and Pioneer Cement pos ted negative Basic earnings power at -3. 14%, -13. 94% and -10. 95%, respectively, which points towards the intense price war, especially in North, throughout the period under review. D. G. Khan cement has managed to post a decent EBIT margin, at 16. 91%, however, the financial charges, which amount to Rs. 1. 5 billion for 9M-FY10, have left only 3. 79% in net margin. 6. 11. 5 DuPont Analysis DuPont analysis is an expression which breaks Return on Equity (ROE) into three parts, profit margin, asset turnover and equity multiplier representing, the operating efficiency, asset utilization efficiency and financial leverage, respectively. Our DuPont analysis of the top-7 players suggests that the main reason behind the low industry ROE during the period under review has been low profitability. The price wars during the period under review, along with high financial charges have severely affected the ROE. Asset utilization is not too healthy either, but is moderate. 6. 11. 6 Conclusion Based on our financial analysis, we have a liking for Lucky and Attock Cement and feel that these are safe companies to lend to. D. G. Khan Cement seems to be under stress at the moment due to its current maturity of long-term debts, worth Rs. 4 billion (approx. ), and an O/S Forex loan of US$ 40 million (FY-09 carrying value Rs. 3. 5 bn), payments commencing June, 2011, therefore it is expected to go for re-financing arrangements with banks. However, strong sponsors’ support, good reputation, largest local and 2nd largest total market share, large portfolio of liquid investments worth Rs. 17 billion (approx. ), and Income from investments serve as strong mitigating factors. Bestway, Maple Leaf and Pioneer Cement have financial leverage ratios at 2. 32x, 3. 56x and 1. 64x levels which are certainly not sustainable. The DuPont suggests both profitability and leverage are a cause of concern for these companies. Lafarge Pakistan’s low profitability and poor asset utilization have greatly affected its financial results. Overall, we recommend caution for the above three players. How to cite Cement Sector in Pakistan, Papers

Making Research Decisions free essay sample

One of the problems in developing rating scales is the choice of response terms to use. Below are samples of some widely used scaling codes. Do you see any problems with them? a Yes—Depends—No b Excellent—Good—Fair—Poor c Excellent—Good—Average—Fair—Poor d Strongly Approve—Approve—Uncertain—Disapprove— Strongly Disapprove A, because Yes – Depends – No is too vague. Particularly the word ‘depends’ is too vague and you are not able to get a good idea of what the true result is. You need a scale with more degrees and stronger choices to gain a full idea of circumstances. Terms in Review, 1 Explain how each of the five evaluation factors for a secondary source influences its management decision-making value. a Purpose b Scope c Authority d Audience e Format 1. Purpose – the reason that you are doing the project in question. Are the time resources and money going to be effective for what you need to accomplish. We will write a custom essay sample on Making Research Decisions or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Scope – to find the subject in check to determine if there is enough information or ways to do what you need to do (funding, people, resources, extent, etc. ) Authority – who’s going to be in charge of the program and what type of subject is it? Will there need to be one or two people in charge other than you? Are teams necessary? Audience – who’s being affected by it? Who are you trying to persuade to buy or use your product, etc. Format- review everything including the steps and progress you’ve made so far, and how you’re going to put it together at the end for packaging. 2. Primary – would be the first steps of creating the product with patching all the pitfalls. Secondary- would be evaluating the outcome of the primary, getting feedback from people who have used to the product in order to better the product. Teritary – would include the decisions made in order to alter or fix the product or otherwise mass produce. . Secondary data quality will provide information to researchers of what you can alter or change in order to make the product function better after first time use of a product. State Farm article, 1-5 1. Identify the various constructs and concepts involved in the study. State Farm is trying to create a study in order to prevent as ma ny recurring accidents while making areas safer. The new data will be used to identify patterns of problems. 2. What hypothesis might drive the research of one of the cities on the top 10 dangerous intersection list? Of the top 10 listed dangerous intersections, I believe one has had the most frequent similarities when compared to each documented accident. 3. Evaluate the methodology for State Farm’s research. I think State Farm’s methodology for research is awesome. By evaluating cities and their listed accidents, they are helping create a list of the top 10 most dangerous intersections. This is helping these specific cities by allowing them to qualify for a $20,000 grant â€Å"to defray the cost of a comprehensive traffic engineering study of the intersection. † (Cooper, Schindler) 4. If you were State Farm, how would you address the concerns of transportation engineers? As the transportation engineers calculate data for accidents, they also go out and see how adequate the roadways and intersections are for travel to ensure safety while proposing implementation of improvements. First, I would have them look at the different areas and population, what kind of transportation is being used to transport through them (capacity and volume for vehicles to travel through). Also, I would ask them to research what landmarks are on that road (food places, shopping malls). These would help gain a greater understanding and rating for local accidents which would cause the results of the city to fix them to become a larger percentage, hence in return growing the budget allowed for such incidents. 5. If you were State Farm, would you use traffic volume counts as part of the 2003 study? What concerns, other than those expressed by Nepomuceno, do you have? Even though, Nepomuceno says he wouldn’t use traffic reports because not all jurisdictions file police reports when an accident occurs, I would use traffic volume counts as part of the study. Because they would help give a greater understanding to the ratio of accidents and what caused them. It would also help grow your understanding of the possible incidents which could occur in a certain area. If you become on the good side of transportation engineers, they’re going to help your company and improve traffic ordinances and laws.